<SEC-DOCUMENT>0000950103-21-003771.txt : 20210310
<SEC-HEADER>0000950103-21-003771.hdr.sgml : 20210310
<ACCEPTANCE-DATETIME>20210310155059
ACCESSION NUMBER:		0000950103-21-003771
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20210310
DATE AS OF CHANGE:		20210310
EFFECTIVENESS DATE:		20210310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERCONTINENTAL HOTELS GROUP PLC /NEW/
		CENTRAL INDEX KEY:			0000858446
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		IRS NUMBER:				250420260
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-254081
		FILM NUMBER:		21729606

	BUSINESS ADDRESS:	
		STREET 1:		BROADWATER PARK
		STREET 2:		DENHAM
		CITY:			BUCKINGHAMSHIRE
		STATE:			X0
		ZIP:			UB9 5HJ
		BUSINESS PHONE:		4045513500

	MAIL ADDRESS:	
		STREET 1:		BROADWATER PARK
		STREET 2:		DENHAM
		CITY:			BUCKINGHAMSHIRE
		STATE:			X0
		ZIP:			UB9 5HJ

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIX CONTINENTS PLC
		DATE OF NAME CHANGE:	19950531
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>dp147487_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on March 10, 2021</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-__________</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0pt"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0pt"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0pt"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0pt"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>InterContinental Hotels Group PLC </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 29%; font-size: 10pt; text-align: center"><B>England and Wales</B></TD>
    <TD STYLE="vertical-align: bottom; width: 44%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 27%; font-size: 10pt; text-align: center"><B>Not Applicable</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of <BR>
    incorporation or organization)</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer <BR>
    Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Broadwater Park</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Denham, Buckinghamshire UB9
        5HR</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United Kingdom</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+44 0 1895 5120000</B></P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive
    offices, including zip code)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>InterContinental Hotels Group
        PLC Colleague Share Plan</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 48%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Nimesh Patel</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>InterContinental Hotels Group
        PLC</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Three Ravinia Drive, Suite 100</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Atlanta, Georgia 30346-2149</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel:&nbsp;(770) 604-2930</B></P></TD>
    <TD STYLE="width: 25%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name, address and telephone number,
    including area code, of agent for service)</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Indicate by check mark whether the
registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging
growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller
reporting company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Large accelerated filer </B></FONT>&#9746;</TD>
    <TD STYLE="width: 37%; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Accelerated filer </B>&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Non-accelerated filer&nbsp;&nbsp;</B></FONT>&#9744;<FONT STYLE="font-size: 10pt"><B>&nbsp;(Do
    not check if a smaller reporting company)</B></FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Smaller reporting company </B></FONT>&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Emerging growth company </B></FONT>&#9744;</TD></TR>
</TABLE>

<P STYLE="margin: 0pt">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border-bottom: Black 1.5pt double; text-align: center; font-weight: bold"><P STYLE="margin-top: 0; margin-bottom: 0">CALCULATION
                                         OF REGISTRATION FEE</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold">Title
    of Each Class of Securities to be Registered</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold">Amount
    to be Registered (1)</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold">Proposed
    Maximum Offering Price per Share (2)</TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold">Proposed
    Maximum Aggregate Offering Price (2)</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount of <BR>
    Registration Fee (3)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 9.35pt; text-indent: -9.35pt">Ordinary
    Shares, par value 20<SUP>340</SUP>/<SUB>399</SUB>&nbsp;pence per share</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 9.35pt; text-align: center; text-indent: -9.35pt">250,000</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$68.14</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$17,035,000.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$1,858.52</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>This Registration Statement on Form S-8 (this &ldquo;Registration
                                         Statement&rdquo;) covers Ordinary Shares, 20<SUP>340</SUP>/<SUB>399</SUB>&nbsp;pence
                                         par value per share of InterContinental Hotels Group PLC (the &ldquo;Company&rdquo; or
                                         &ldquo;Registrant&rdquo;) (i) authorized for issuance under the InterContinental Hotels
                                         Group PLC Colleague Share Plan (the &ldquo;Plan&rdquo;) and (ii) pursuant to Rule 416(a)
                                         under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), any
                                         additional Ordinary Shares that may become issuable under the Plan by reason of any stock
                                         dividend, stock split, or other similar transaction.</TD></TR>                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Estimated pursuant to Rule 457(c) and Rule 457(h) under the Securities
                                         Act, solely for the purpose of computing the registration fee, based on the average of
                                         the high and low prices reported for an Ordinary Share on the London Stock Exchange on
                                         March 5, 2021 (&pound;49.25), converted to U.S. Dollars at the currency cross rate at
                                         the close of the New York Stock Exchange on March 5, 2021, as reported in the Wall Street
                                         Journal (&pound;1 =&nbsp;$1.3836).</TD></TR>                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Rounded up to the nearest penny.</TD></TR></TABLE>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt">&nbsp;</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION REQUIRED IN THE SECTION
10(a) PROSPECTUS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Item&nbsp;1. Plan Information</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omitted
pursuant to the instructions and provisions of Form S-8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Item&nbsp;2. Registrant Information
and Employee Plan Annual Information</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omitted
pursuant to the instructions and provisions of Form S-8.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II<BR>
<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 3. Incorporation of Documents by Reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following documents are incorporated
herein by reference:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
InterContinental Hotels Group PLC Annual Report and Form 20-F for the year ended December 31, 2020, filed with the Commission
on March 4, 2021 (the &ldquo;Form 20-F&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;)
since December 31, 2020; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
description of the Registrant&rsquo;s Ordinary Shares of 20<SUP>340</SUP>/<SUB>399</SUB>&nbsp;pence per share (&ldquo;Ordinary
Shares&rdquo;) and American Depositary Shares, each representing one Ordinary Share, evidenced by American Depositary Receipts,
contained in the Registrant&rsquo;s Registration Statement on Form F-6, as filed with the Commission on April 15, 2015 and on
the Form 20-F (as applicable).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#9;<FONT STYLE="font-size: 10pt">In addition,
all filings on Form 20-F filed by the Registrant pursuant to the Exchange Act 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></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All documents subsequently filed by the
Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the&nbsp;Exchange Act, 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.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 4. Description of Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5. Interests of Named Experts and Counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 6. Indemnification of Directors and Officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Article 156.1 of the Registrant&rsquo;s
Articles of Association provides:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Subject to the provisions of, and so far as may be permitted
by and consistent with, the Statutes and rules made by the UK Listing Authority, every Director and officer of the Company and
of each of the Associated Companies of the Company shall be indemnified by the Company out of its own funds against:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">156.1.1 any liability incurred by or attaching
to him in connection with any negligence, default, breach of duty or breach of trust by him in relation to the Company or any
Associated Company of the Company in the actual or purported execution and/or discharge of his duties and/or the exercise or purported
exercise of his powers other than:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
liability to the Company or any Associated Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
liability of the kind referred to in Section&nbsp;234(3) of the Companies Act 2006; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">156.1.2 any other liability incurred by
or attaching to him in the 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Such indemnity shall extend to liabilities
arising after a person ceases to be a Director or an officer of the Company in respect of acts or omissions while he was a Director
or an officer if such acts or omissions would have been indemnified had the relevant person remained a Director or officer, as
the case may be.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Article 156.2 of the Registrant&rsquo;s
Articles of Association provides:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Subject to the Companies Acts and rules made by the
UK Listing Authority the Company may indemnify a Director of the Company and any Associated Company of the Company if it is the
trustee of an occupational pension scheme (within the meaning of Section&nbsp;235(6) of the Companies Act 2006).&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Article 156.3 of the Registrant&rsquo;s
Articles of Association provides:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Where a Director or officer is indemnified against any
liability in accordance with this Article&nbsp;156, such indemnity shall extend to all costs, charges, losses, expenses and liabilities
incurred by him in relation thereto.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Article 156.4 of the Registrant&rsquo;s
Articles of Association provides:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;In this Article&nbsp;156<B>&nbsp;</B>&ldquo;Associated
Company&rdquo; shall have the meaning given thereto by Section&nbsp;256 of the Companies Act 2006.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 232 of the Companies Act 2006 provides:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 36px; font-size: 11pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">Any provision that purports to exempt a director of a company (to
    any extent) from any liability that would otherwise attach to him in connection with any negligence, default, breach of duty
    or breach of trust in relation to the company is void.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Any provision by which a company directly or indirectly provides an indemnity (to any extent)
    for a director of the company, or of an associated company, against any liability attaching to him in connection with any
    negligence, default, breach of duty or breach of trust in relation to the company of which he is a director is void, except
    as permitted by&mdash;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(a) section 233 (provision of insurance),&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(b) section 234 (qualifying third party indemnity provision),
or&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(c) section 235 (qualifying pension scheme indemnity
provision).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">This section applies to any provision, whether contained in a company's articles or in any
    contract with the company or otherwise.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Nothing in this section prevents a company's articles from making such provision as has
    previously been lawful for dealing with conflicts of interest.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 233 of the Companies Act 2006 provides:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 232(2) (voidness of provisions
for indemnifying directors) does not prevent a company from purchasing and maintaining for a director of the company, or of an
associated company, insurance against any such liability as is mentioned in that subsection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 234 of the Companies Act 2006 provides:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Section 232(2) (voidness of provisions for indemnifying directors) does not apply to qualifying
    third party indemnity provision.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Third party indemnity provision means provision for indemnity against liability incurred
    by the director to a person other than the company or an associated company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Such provision is qualifying third party
indemnity provision if the following requirements are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The provision must not provide any indemnity against&mdash;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 36px; font-size: 11pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">any liability of the director to pay&mdash;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 36px; font-size: 11pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">a fine imposed in criminal proceedings, or</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a sum payable to a regulatory authority by way of a penalty in respect of non-compliance
    with any requirement of a regulatory nature (however arising); or</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 36px; font-size: 11pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">an appeal is disposed of&mdash;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 36px; font-size: 11pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">if it is determined and the period for bringing any further appeal
    has ended, or</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 36px; font-size: 11pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">if it is abandoned or otherwise ceases to have effect.</FONT></TD></TR>
</TABLE>

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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The reference in subsection (3)(b)(iii) to an application for relief is to an application
    for relief under&mdash;section 661(3) or (4) (power of court to grant relief in case of acquisition of shares by innocent
    nominee), or section 1157 (general power of court to grant relief in case of honest and reasonable conduct).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 235 of the Companies Act 2006 provides:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Section 232(2) (voidness of provisions for indemnifying directors) does not apply to qualifying
    pension scheme indemnity provision.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pension scheme indemnity provision means provision
        indemnifying a director of a company that is a trustee of an occupational pension scheme against liability incurred in
        connection with the company's activities as trustee of the scheme.&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Such provision is qualifying pension scheme indemnity
        provision if the following requirements are met.</P></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The provision must not provide any indemnity against&mdash;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 36px; font-size: 11pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">any&nbsp;liability&nbsp;of the director to pay&mdash;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 36px; font-size: 11pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">a fine imposed in criminal proceedings, or</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a sum payable to a regulatory authority by way of a penalty in respect of non-compliance
    with any requirement of a regulatory nature (however arising); or</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 36px; font-size: 11pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">any&nbsp;liability&nbsp;incurred by the director in defending criminal
    proceedings in which he is convicted.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 36px; font-size: 11pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">The reference in subsection (3)(b) to a conviction is to the final
    decision in the proceedings.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">For this purpose&mdash;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 36px; font-size: 11pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">a&nbsp;conviction&nbsp;becomes final&mdash;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 36px; font-size: 11pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">if not appealed against, at the end of the period for bringing an
    appeal, or</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">if appealed against, at the time when the appeal (or any further appeal) is disposed of;
    and</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 36px; font-size: 11pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">an appeal is disposed of&mdash;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 36px; font-size: 11pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">if it is determined and the period for bringing any further appeal
    has ended, or</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">if it is abandoned or otherwise ceases to have effect.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 36px; font-size: 11pt"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">In this section &ldquo;occupational pension scheme&rdquo; means
    an occupational pension scheme as defined in section 150(5) of the Finance Act 2004 (c. 12) that is established under a trust.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 236 of the Companies Act 2006 provides:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 36px; font-size: 11pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">This section requires disclosure in the directors' report of&mdash;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">qualifying&nbsp;third party indemnity provision, and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">qualifying&nbsp;pension&nbsp;scheme indemnity provision.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left">&nbsp;&nbsp;&nbsp;Such provision
is referred to in this section as &ldquo;qualifying indemnity provision&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">If when a directors' report is approved any qualifying indemnity provision (whether made
    by the company or otherwise) is in force for the benefit of one or more directors of the company, the report must state that
    such provision is in force.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">If at any time during the financial year to which a directors' report relates any such provision
    was in force for the benefit of one or more persons who were then directors of the company, the report must state that such
    provision was in force.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">If when a directors' report is approved and a qualifying indemnity provision made by the
    company is in force for the benefit of one or more directors of an associated company, the report must state that such
    provision is in force.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">If at any time during the financial year to which a directors' report relates any such provision
    was in force for the benefit of one or more persons who were then directors of an associated company, the report must state
    that such provision was in force.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 1157 of the Companies Act 2006 provides:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">If in proceedings for negligence, default, breach of duty or breach of trust against&mdash;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">an&nbsp;officer&nbsp;of a company, or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a&nbsp;person&nbsp;employed by a company as auditor (whether he is or is not an officer
    of the company),</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt">it appears to the court hearing the case that the
officer or person is or may be liable but that he 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, the court may relieve him, either
wholly or in part, from his liability on such terms as it thinks fit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">If any such officer or person has reason to apprehend that a claim will or might be made
    against him in respect of negligence, default, breach of duty or breach of trust&mdash;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">he may apply to the court for relief, and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the court has the same power to relieve him as it would have had if it had been a court
    before which proceedings against him for negligence, default, breach of duty or breach of trust had been brought.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">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 (in Scotland, the 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 from the jury and forthwith direct judgment to be entered for the defendant (in Scotland, grant decree of absolvitor)
    on such terms as to costs (in Scotland, expenses) or otherwise as the judge may think proper.</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 7. Exemption from Registration Claimed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#9;Not applicable.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Exhibits.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit
    Number</B></FONT></TD>
    <TD STYLE="width: 86%; font-size: 12pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/858446/000119312521068584/d52499dex1.htm"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="font-size: 12pt"><A HREF="https://www.sec.gov/Archives/edgar/data/858446/000119312521068584/d52499dex1.htm"><FONT STYLE="font-size: 10pt">Articles of Association of the Company (incorporated by reference
    to Exhibit 1 of the InterContinental Hotels Group PLC Annual Report on Form 20-F for the year ended December 31, 2020 (File
    No. 001-10409) filed on March 4, 2021.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><A HREF="dp147487_ex0501.htm"><FONT STYLE="font-size: 10pt">5.1*</FONT></A></TD>
    <TD STYLE="font-size: 12pt"><A HREF="dp147487_ex0501.htm"><FONT STYLE="font-size: 10pt">Opinion of Davis Polk &amp; Wardwell London LLP, as to the validity
    of the securities being registered.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><A HREF="dp147487_ex2301.htm"><FONT STYLE="font-size: 10pt">23.1*</FONT></A></TD>
    <TD STYLE="font-size: 12pt"><A HREF="dp147487_ex2301.htm"><FONT STYLE="font-size: 10pt">Consent of Ernst &amp; Young LLP</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><A HREF="dp147487_ex0501.htm"><FONT STYLE="font-size: 10pt">23.2*</FONT></A></TD>
    <TD STYLE="font-size: 12pt"><A HREF="dp147487_ex0501.htm"><FONT STYLE="font-size: 10pt">Consent of Davis Polk &amp; Wardwell London LLP (included in Exhibit
    5.1)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><A HREF="#poa">24*</A></FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="#poa">Power of Attorney (included on signature page).&nbsp;</A></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="dp147487_ex99.htm">99*</A></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="dp147487_ex99.htm">Rules of the InterContinental Hotels Group PLC Colleague Share Plan.&nbsp;</A></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9. Undertakings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of this 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 this 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 % change in the maximum
aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in this registration statement;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the Plans not previously disclosed in this Registration Statement or any material
change to such information in this Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><I>provided</I>, <I>however</I>,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if 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 Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act, 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable,
each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated
by reference in this 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.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the provisions referenced in Item&nbsp;6 of this Registration Statement, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange 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 hereunder, the Registrant will, unless in the opinion of its counsel the matter has 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.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for 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 March 10, 2021.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>InterContinental Hotels Group PLC </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Paul Edgecliffe-Johnson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">Paul Edgecliffe-Johnson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="poa"></A><B>POWER OF ATTORNEY </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#9;KNOW ALL MEN BY THESE PRESENTS, that
each person whose signature appears below, constitutes and appoints Keith Barr, Paul Edgecliffe-Johnson and Nicolette Henfrey,
and each of them, our true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, to do
any and all acts and things and execute, in the name of the undersigned, any and all instruments which said attorneys-in-fact
and agents may deem necessary or advisable in order to enable InterContinental Hotels Group PLC to comply with the Securities
Act of 1933, as amended, and any requirements of the Securities and Exchange Commission in respect thereof, in connection with
the filing with the Securities and Exchange Commission of one or more registration statements on Form S-8 under the Securities
Act of 1933, as amended, including, specifically, but without limitation, power and authority to sign the name of the undersigned
to any such registration statement, and any amendments to any such registration statement (including post-effective amendments),
and to file the same with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission,
to sign any and all applications, registration statements, notices or other documents necessary or advisable to comply with applicable
state securities laws, and to file the same, together with other documents in connection therewith with the appropriate state
securities authorities, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and
to perform each and every act and thing requisite or necessary to be done in and about the premises, as fully and to all intents
and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, and any of them, or their substitutes, may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates
indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 31%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Signature</P></TD>
    <TD STYLE="vertical-align: bottom; width: 42%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Title</P></TD>
    <TD STYLE="vertical-align: top; width: 27%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Date</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt">/s/ Keith Barr</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Director and Chief Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: top">
March 10, 2021</TD></TR>
<TR>
    <TD STYLE="text-align: center; font-size: 10pt">Keith Barr</TD>
    <TD STYLE="text-align: center; vertical-align: top">(principal executive officer)</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt">/s/ Paul Edgecliffe-Johnson</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">Director and Chief Financial Officer</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font-size: 10pt; text-align: center">March 10, 2021</TD></TR>
<TR>
    <TD STYLE="text-align: center; font-size: 10pt">Paul Edgecliffe-Johnson</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(principal financial and accounting officer)</P></TD>
    <TD STYLE="vertical-align: top">
</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt">/s/ Elie Maalouf</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font-size: 10pt; text-align: center">March 10, 2021</TD></TR>
<TR>
    <TD STYLE="text-align: center; font-size: 10pt">Elie Maalouf</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">
</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt">/s/ Ian Dyson</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font-size: 10pt; text-align: center">March 10, 2021</TD></TR>
<TR>
    <TD STYLE="text-align: center; font-size: 10pt">Ian Dyson</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">
</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt">/s/ Jo Harlow</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font-size: 10pt; text-align: center">March 10, 2021</TD></TR>
<TR>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Jo Harlow</P></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">
</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt">/s/ Jill McDonald</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font-size: 10pt; text-align: center">March 10, 2021</TD></TR>
<TR>
    <TD STYLE="text-align: center; font-size: 10pt">Jill McDonald</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">
</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt">/s/ Graham Allan</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font-size: 10pt; text-align: center">March 10, 2021</TD></TR>
<TR>
    <TD STYLE="text-align: center; font-size: 10pt">Graham Allan</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">
</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt">/s/ Arthur de Haast</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font-size: 10pt; text-align: center">March 10, 2021</TD></TR>
<TR>
    <TD STYLE="text-align: center; font-size: 10pt">Arthur de Haast</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">
</TD></TR>
<TR>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt">/s/ Nimesh Patel</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: top">March 10, 2021</TD></TR>
<TR>
    <TD>


        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt; text-align: center; text-indent: -9.35pt">Nimesh Patel</P></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">U.S. Duly Authorized Representative</P></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">
</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 22.4pt 0pt 0; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 22.4pt 0pt 0; text-align: left"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 22.4pt 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 22.4pt 0pt 0; text-align: left">&nbsp;</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>dp147487_ex0501.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exhibit 5.1</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">New
    York<BR>
    Menlo Park<BR>
    Washington DC<BR>
    S&atilde;o Paulo<BR>
    London</FONT></TD>
    <TD STYLE="width: 11%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Paris<BR>
    Madrid<BR>
    Tokyo<BR>
    Beijing<BR>
    Hong Kong</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;<IMG SRC="image_001.jpg" ALT=""></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Davis
        Polk &amp; Wardwell London <FONT STYLE="font-size: 10pt">LLP</FONT></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5
        Aldermanbury Square<BR>
        London EC2V 7HR</FONT></P></TD>
    <TD STYLE="width: 58%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">020
        7418 1300 tel</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">020
        7418 1400 fax</FONT></P></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: justify; font-size: 10pt"> 10 March 2021</TD></TR>
</TABLE>
<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">InterContinental Hotels Group PLC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Broadwater Park</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Denham</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Buckinghamshire</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">UB9 5HR</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen</P>
<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: justify; font-size: 10pt"><B>InterContinental Hotels Group PLC - Registration Statement on Form S-8</B></TD></TR>
</TABLE>
<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We are acting as advisers as to
English law to InterContinental Hotels Group PLC, a public company limited by shares incorporated under the laws of England
and Wales with company number 5134420 (the &ldquo;<B>Company</B>&rdquo;), in connection with its preparation and filing of a
Registration Statement on Form S-8 (the &ldquo;<B>Registration Statement</B>&rdquo;) to be filed on 10 March 2021 with the
Securities and Exchange Commission under the Securities Act of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;) with respect
to up to 250,000 ordinary shares of 20<SUP>340/399</SUP> pence each of the Company (the &ldquo;<B>Ordinary Shares</B>&rdquo;)
which may be issued from time to time pursuant to equity awards granted under the InterContinental Hotels Group PLC Colleague
Share Plan (the &ldquo;<B>Plan</B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Documents Reviewed</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the purposes of giving this opinion,
we have examined the documents listed in Schedule 1 to this opinion. Terms defined in the Schedules have the same meaning where
used in this opinion (including, for the avoidance of doubt, the Schedules).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Nature of Opinion and Observations</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This opinion is confined to matters of English
law as at the date of this opinion and this opinion and any non-contractual obligations arising out of or in relation to it are
governed by and shall be construed in accordance with English law. Accordingly, we express no opinion with regard to any system
of law other than English law as currently applied by the English courts. To the extent that the laws of any other jurisdiction
(including, without limitation, the federal laws of the United States of America or the laws of the State of New York) may be relevant,
we have made no independent investigation thereof, and our opinion is subject to the effect of such laws. By accepting this opinion
you irrevocably agree and accept that the courts of England shall have exclusive jurisdiction to hear and determine any dispute
or claim arising out of or in connection with this opinion or its formation, including, without limitation, (i) the creation, effect
or interpretation of, or the legal relationships established by, this opinion and (ii) any non-contractual obligations arising
out of or in connection with this opinion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; width: 34%; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0">InterContinental Hotels</P><P STYLE="margin-top: 0; margin-bottom: 0">Group PLC</P></TD><TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: right">10 March 2021</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We assume no obligation to notify you of
any future changes in law (including any changes occurring as a result of the United Kingdom withdrawing from the European Union),
which may affect the opinions expressed herein, or otherwise to update this opinion in any respect.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We have not been responsible for verifying
whether statements of fact (including foreign law), opinion or intention in any documents referred to in this opinion or in any
related documents are accurate, complete or reasonable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Opinion</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On the basis of our examination of the documents
listed in Schedule 1 to this opinion and the other matters referred to above, and subject to the assumptions in Schedule 2 to this
opinion, the qualifications in Schedule 3 to this opinion and any matters not disclosed to us, we are of the opinion that following:
(a) compliance by the Company with its obligations under the rules of the Plan; and (b) the due allotment and issue by the Company
of such of the Ordinary Shares as will be issued as new shares pursuant to and in accordance with the rules of the Plan and against
payment in full of the agreed &ldquo;cash consideration&rdquo; (as such term is defined in section 583(3) of the Companies Act
2006) of not less than the nominal value of each such Ordinary Share, and subject to the Company&rsquo;s articles of association
not being materially altered prior to the allotment and issue of any such Ordinary Shares, those new Ordinary Shares will be validly
issued, fully paid and no further contribution in respect of such Ordinary Shares will be required to be made to the Company by
the holders of such shares by reason solely of them being such holders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This opinion is addressed to you in relation
to the Registration Statement to be filed under the Act and may not be used or relied upon for any other purpose.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 come within the category of
persons whose consent is required under Section 7 of the Act or the rules and regulations of the SEC thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: justify; font-size: 10pt">Yours faithfully</TD></TR>
</TABLE>

<P STYLE="margin-top: 3pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Davis Polk &amp; Wardwell
London LLP</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; width: 34%; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0">InterContinental Hotels</P><P STYLE="margin-top: 0; margin-bottom: 0">Group PLC</P></TD><TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: right">10 March 2021</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 1<BR>
<BR>
DOCUMENTS EXAMINED</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the purposes of this opinion, we have
examined the following documents:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">a copy of the Registration Statement to be filed under the Act;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">a copy of the Plan; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">a certificate from the secretary of the Company dated 10 March 2021 and the documents annexed
                                                          thereto (the &ldquo;<B>Certificate</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; width: 34%; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0">InterContinental Hotels</P><P STYLE="margin-top: 0; margin-bottom: 0">Group PLC</P></TD><TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: right">10 March 2021</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">SCHEDULE 2</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">ASSUMPTIONS</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the purposes of this opinion, we have
(with your consent and without further enquiry) assumed:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">all documents submitted to us as originals are authentic and complete;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">all documents submitted to us as copies, whether in physical or electronic form, conform to authentic,
complete originals and, where a document has been examined by us in draft or specimen form, it will be or has been executed in
the form of that draft or specimen;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">all signatures (whether in physical or electronic form), stamps and seals on all documents that
we reviewed are genuine and the person who affixed any signature (whether in physical or electronic form) to any document is the
person whose signature it purports to be or a person who had the authority of the person whose signature it purports to be to do
so;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">each of the statements contained in the Certificate is true and correct as at the date of the Certificate
and as at the date hereof and will be as at the time of the allotment and issue of any Ordinary Shares or grant of rights to subscribe
for, or convert any security into, Ordinary Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">that the directors of the Company, in authorising any allotment of Ordinary Shares or grant of
rights to subscribe for, or convert any security into, Ordinary Shares, have exercised and will exercise their powers in accordance
with their duties under all applicable laws and the articles of association of the Company in force at the relevant time, and that
all such further meetings of the board of directors of the Company or any duly authorised and constituted committee of the board
of directors of the Company which may be required in order validly to allot and issue any Ordinary Shares or to grant any rights
to subscribe for, or convert any security into, Ordinary Shares will be duly convened and held and the requisite resolutions to
give effect to each such allotment, issue or grant will be duly passed;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">that the Plan is, and will at all times be, an &ldquo;employees&rsquo; share scheme&rdquo; within
the meaning of section 1166 of the Companies Act 2006;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">that there are no facts or circumstances which are not apparent from the face of the documents
listed in Schedule 1, and no documents other than those referred to in this opinion or other arrangements, that could affect the
opinions expressed in this opinion;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">the information revealed by our search of the entries shown on the Companies House Direct online
service on 8 March 2021 with respect to the Company (the &ldquo;<B>Company Search</B>&rdquo;) (i) was accurate in all respects
and has not since the time of such search been altered, and (ii) was complete and included all relevant information which should
properly have been submitted to the Registrar of Companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">the information revealed by the results of a telephone search with the Companies Court in London
of the Central Registry of Winding Up Petitions on 8 March 2021 with respect to the Company (the &ldquo;<B>Central Registry Search</B>&rdquo;)
was accurate in all respects and has not since the time of such enquiry been altered;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">that insofar as any obligation under the Plan is performed in, or is otherwise subject to, any
jurisdiction other than England and Wales, its performance will not be illegal or ineffective by virtue of the law of that jurisdiction;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">that the name of each relevant allottee and the Ordinary Shares allotted are duly entered in the
register of members of the Company and all filings required to be filed with the Registrar of Companies or otherwise in connection
therewith or in connection with any grant of rights to subscribe for, or convert any security into, Ordinary Shares will be filed
within, in each such case, the relevant time limits.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; width: 34%; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0">InterContinental Hotels</P><P STYLE="margin-top: 0; margin-bottom: 0">Group PLC</P></TD><TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="vertical-align: bottom; width: 33%; font-size: 10pt; text-align: right">10 March 2021</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">SCHEDULE 3</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">QUALIFICATIONS</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Our opinion is subject to the following
qualifications:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">the Company Search is not capable of revealing conclusively whether or not, inter alia, (i) a winding-up
order has been made or a resolution passed for the winding up of a company; or (ii) an administration order has been made; or (iii)
a receiver, administrative receiver, administrator or liquidator has been appointed; or (iv) a court order has been made under
the Cross-Border Insolvency Regulations 2006, since notice of these matters may not be filed with the Registrar of Companies immediately
and, when filed, may not be entered on the electronic records of the relevant company immediately. In addition, the Company Search
is not capable of revealing, prior to the making of the relevant order or the appointment of an administrator otherwise taking
effect, whether or not a winding-up petition or an application for an administration order has been presented or notice of intention
to appoint an administrator under paragraphs 14 or 22 of Schedule B1 to the Insolvency Act 1986 has been filed with the Court;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">the Central Registry Search relates only to the presentation of (i) a petition for the making of
a winding-up order or the making of a winding-up order by the Court; (ii) an application to the High Court of Justice in London
for the making of an administration order and the making by such Court of an administration order; and (iii) a notice of intention
to appoint an administrator or a notice of appointment of an administrator filed at the High Court of Justice in London. It is
not capable of revealing conclusively whether or not such a winding-up petition, application for an administration order, notice
of intention or notice of appointment has been presented or winding-up or administration order granted; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">this opinion is subject to all applicable laws relating to bankruptcy, insolvency, liquidation,
administration, voluntary arrangement, scheme of arrangement, moratorium, reorganisation, rescheduling, fraudulent transfer, preference,
transactions at undervalue or other laws of general application relating to or affecting the rights of creditors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>dp147487_ex2301.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit 23.1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Consent&nbsp;of
Independent Registered Public Accounting Firm</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We&nbsp;consent&nbsp;to the incorporation
by reference in the Registration Statement on Form S-8 pertaining to the InterContinental Hotels Group PLC Colleague Share Plan
of our reports dated 22 February 2021, with respect to the Consolidated Financial Statements of InterContinental Hotels Group PLC
and the effectiveness of internal control over financial reporting of InterContinental Hotels Group PLC, included in its Annual
Report (Form 20-F) for the year ended 31 December 2020, filed with the Securities and Exchange Commission.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Ernst &amp; Young LLP</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">05 March 2021</P>

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

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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>dp147487_ex99.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 100%; text-align: center; font-size: 14pt; text-transform: uppercase">intercontinental hotels group PLC</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 100%">
        <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">RULES</P>
        <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">OF THE</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Colleague
Share plan&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 40%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; text-align: justify; font-size: 10pt">Shareholder Approval:</TD>
    <TD STYLE="width: 57%; text-align: justify; font-size: 10pt">3 May 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Expiry Date:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">3 May 2029</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-indent: 0in"><B>Contents</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-indent: 0in">1.</TD>
    <TD STYLE="width: 91%; text-indent: 0in">Meaning of words used</TD>
    <TD STYLE="width: 5%; text-align: right; text-indent: 0in">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">2.</TD>
    <TD STYLE="text-indent: 0in">Operation of the Plan</TD>
    <TD STYLE="text-align: right; text-indent: 0in">5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">3.</TD>
    <TD STYLE="text-indent: 0in">Purchased Shares</TD>
    <TD STYLE="text-align: right; text-indent: 0in">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">4.</TD>
    <TD STYLE="text-indent: 0in">Awards</TD>
    <TD STYLE="text-align: right; text-indent: 0in">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">5.</TD>
    <TD STYLE="text-indent: 0in">Dividends</TD>
    <TD STYLE="text-align: right; text-indent: 0in">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">6.</TD>
    <TD STYLE="text-indent: 0in">Vesting of an Award</TD>
    <TD STYLE="text-align: right; text-indent: 0in">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">7.</TD>
    <TD STYLE="text-indent: 0in">Satisfaction of Awards</TD>
    <TD STYLE="text-align: right; text-indent: 0in">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">8.</TD>
    <TD STYLE="text-indent: 0in">Leaving</TD>
    <TD STYLE="text-align: right; text-indent: 0in">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">9.</TD>
    <TD STYLE="text-indent: 0in">Mobile employees</TD>
    <TD STYLE="text-align: right; text-indent: 0in">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">10.</TD>
    <TD STYLE="text-indent: 0in">Takeovers and restructurings</TD>
    <TD STYLE="text-align: right; text-indent: 0in">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">11.</TD>
    <TD STYLE="text-indent: 0in">Exchange of Awards</TD>
    <TD STYLE="text-align: right; text-indent: 0in">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">12.</TD>
    <TD STYLE="text-indent: 0in">Variations in share capital, demergers and special distributions</TD>
    <TD STYLE="text-align: right; text-indent: 0in">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">13.</TD>
    <TD STYLE="text-indent: 0in">Lapsing</TD>
    <TD STYLE="text-align: right; text-indent: 0in">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">14.</TD>
    <TD STYLE="text-indent: 0in">Plan limits</TD>
    <TD STYLE="text-align: right; text-indent: 0in">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">15.</TD>
    <TD STYLE="text-indent: 0in">General</TD>
    <TD STYLE="text-align: right; text-indent: 0in">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">16.</TD>
    <TD STYLE="text-indent: 0in">Changing the Plan and termination</TD>
    <TD STYLE="text-align: right; text-indent: 0in">18</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">17.</TD>
    <TD STYLE="text-indent: 0in">Governing law and jurisdiction</TD>
    <TD STYLE="text-align: right; text-indent: 0in">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0in">Schedule 1 Provisions Applicable to Awards Granted to US Taxpayers</TD>
    <TD STYLE="text-align: right; text-indent: 0in">20</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">1.</TD>
    <TD STYLE="text-indent: 0in">General</TD>
    <TD STYLE="text-align: right; text-indent: 0in">20</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">2.</TD>
    <TD STYLE="text-indent: 0in">Meaning of words used</TD>
    <TD STYLE="text-align: right; text-indent: 0in">20</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">3.</TD>
    <TD STYLE="text-indent: 0in">Satisfaction of Awards</TD>
    <TD STYLE="text-align: right; text-indent: 0in">21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">4.</TD>
    <TD STYLE="text-indent: 0in">Dividends</TD>
    <TD STYLE="text-align: right; text-indent: 0in">21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">5.</TD>
    <TD STYLE="text-indent: 0in">Holding Period</TD>
    <TD STYLE="text-align: right; text-indent: 0in">21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">6.</TD>
    <TD STYLE="text-indent: 0in">Changes to Awards</TD>
    <TD STYLE="text-align: right; text-indent: 0in">22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">7.</TD>
    <TD STYLE="text-indent: 0in">Exchange of Awards</TD>
    <TD STYLE="text-align: right; text-indent: 0in">22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">8.</TD>
    <TD STYLE="text-indent: 0in">Lapse of Awards</TD>
    <TD STYLE="text-align: right; text-indent: 0in">22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">9.</TD>
    <TD STYLE="text-indent: 0in">Variations in share capital, demergers and special distributions</TD>
    <TD STYLE="text-align: right; text-indent: 0in">22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">10.</TD>
    <TD STYLE="text-indent: 0in">Section 409A</TD>
    <TD STYLE="text-align: right; text-indent: 0in">22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">11.</TD>
    <TD STYLE="text-indent: 0in">No Member of the Group liability</TD>
    <TD STYLE="text-align: right; text-indent: 0in">22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-indent: 0in">Schedule 2 Provisions Applicable to Awards Granted to Chinese Residents</TD>
    <TD STYLE="text-align: right; text-indent: 0in">24</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">1.</TD>
    <TD STYLE="text-indent: 0in">General</TD>
    <TD STYLE="text-align: right; text-indent: 0in">24</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">2.</TD>
    <TD STYLE="text-indent: 0in">Good leavers</TD>
    <TD STYLE="text-align: right; text-indent: 0in">24</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="text-indent: 0in; width: 4%">3.</TD>
    <TD STYLE="text-indent: 0in; width: 91%">Changing the Plan and this Schedule 2</TD>
    <TD STYLE="text-align: right; text-indent: 0in; width: 5%">25</TD></TR>
</TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">InterContinental
Hotels Group Colleague Share Plan Rules</FONT></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Meaning
                                         of words used</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In
                                         these rules:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Adoption
Date&rdquo; </B>means the date the Plan is first approved by the shareholders of the Company in general meeting;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Acquiring
Company&rdquo; </B>means a person who obtains Control of the Company;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Allocation
Date&rdquo;</B> means the date on which the Company allocates Shares to the Participant which shall be on approximately the same
day each month, unless the Board determine otherwise;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Associated
Company&rdquo;</B> means any company, nominated by the Board from time to time, in which the Company directly or indirectly holds
shares;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Award&rdquo;
</B>means a conditional right to acquire Shares in connection with Purchased Shares;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Award
Certificate&rdquo; </B>means an award certificate issued to Participants in accordance with rule 4.3 (Award Certificate);</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Award
Date&rdquo;</B> means the date on which an Award is granted to a Participant under the Plan;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Board&rdquo;
</B>means, subject to rule 10.5 (Board), the board of directors of the Company or, as appropriate, a duly authorised committee
or individual;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Business
Day&rdquo;</B> means a day on which the London Stock Exchange (or, if relevant and if the Board determines, any stock exchange
nominated by the Board on which the Shares are traded) is open for the transaction of business;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Company&rdquo;
</B>means InterContinental Hotels Group PLC;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Contributions&rdquo;
</B>means contributions from a Participant&rsquo;s Salary, or other savings made by the Participant for the purpose of buying
Purchased Shares;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Control&rdquo;
</B>means the power of a person to secure by means of the holding of shares or the possession of voting power in, or by virtue
of any powers conferred by any articles of association (or other document), that the affairs of a body corporate are conducted
in accordance with the wishes of that person;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Dealing
Restrictions&rdquo;</B> means restrictions on dealings in securities imposed by law, regulation, requirement or any other code
adopted by the Company or any relevant Member of the Group from time to time;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Dividend
Equivalents&rdquo; </B>means an amount equal to the ordinary dividends payable on the number of Shares subject to an Award between
the Award Date and Vesting Date, as determined by the Board;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Dividend
Shares&rdquo; </B>means Shares that are purchased using dividends that are paid on Plan Shares;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Eligible
Employee&rdquo; </B>means those employees who meet the requirements set out in rule 2.1 (Eligible Employees);</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Expiry
Date&rdquo;</B> means the 10<SUP>th</SUP> anniversary of the Adoption Date;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Good
Leaver Reason</B>&rdquo; means:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ill-health,
                                         injury, disability;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">redundancy;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">retirement
                                         by agreement with the Participant's employer;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Participant's employing company being transferred to a person which is not a Member of
                                         the Group;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                         transfer of the undertaking, or part of the undertaking, in which the Participant works
                                         to a person which is not a Member of the Group;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">death;
                                         or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                         other reason determined by the Board;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;London
Stock Exchange&rdquo;</B> means London Stock Exchange plc;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Market
Value&rdquo; </B><FONT STYLE="font-weight: normal">on any day means</FONT><B>:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">when
                                         Shares are listed on the London Stock Exchange (or, if the Board determines, any other
                                         stock exchange on which the Shares are traded), the Market Price;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">otherwise
                                         the market Value of a Share as determined in accordance with Part VIII of the UK Taxation
                                         of Chargeable Gains Act 1992; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in
                                         either case, such value as the Board may determine;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Market
Price</B>&rdquo; means:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         price of a Share shown in the Stock Exchange Daily Official List (or the relevant foreign
                                         exchange list that performs a similar function) for the previous Business Day as the
                                         closing price for the Shares on that day (or, if two closing prices are shown, the lower
                                         price plus one-half of the difference between those two figures); or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if
                                         so determined by the Board, the average of the price determined under (i) above over
                                         up to 5 consecutive Business Days determined by the Board ending on the previous Business
                                         Day;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Matching
Ratio&rdquo;</B> means the number of Shares granted under an Award in proportion to the number of Purchased Shares bought by the
Participant;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Matching
Shares&rdquo; </B>means Shares which the Participant acquires in accordance with the Award;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Member
of the Group&rdquo;</B> means:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Company;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">its
                                         Subsidiaries from time to time; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                         Associated Company,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">and
<B>&ldquo;Group&rdquo;</B> will be construed accordingly;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Nominee&rdquo;
</B>means the registered holder(s) of the Plan Shares appointed by the Company for the purpose of the Plan;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Participant&rdquo;
</B>means any person who holds an Award and/or Purchased Shares or is making Contributions under the Plan or, where that person
has died, any person acquiring his beneficial interest by operation of law;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Participating
Company&rdquo;</B> means the Company and any Subsidiary which the Board has determined should participate in the Plan in accordance
with rule 2.2 (Participating Companies);</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Plan&rdquo;
</B>means the plan constituted by these rules known as &ldquo;The Colleague Share Plan&rdquo;, including any schedules, as amended
from time to time;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Plan
Shares&rdquo; </B>means Purchased Shares, Matching Shares and/or Dividend Shares acquired by the Participant;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Plan
Year&rdquo;</B> means any 12-month period for the operation of the Plan commencing on such date as determined by the Board;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Purchased
Shares&rdquo;</B> means shares allocated to the Participant in respect of Contributions;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Salary&rdquo;
</B>means basic salary or any such remuneration paid or made available by an employing company as determined by the Board generally
for each Participating Company;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Shares&rdquo;
</B>means fully paid ordinary shares in the capital of the Company or, where the context permits, in the event of a change of
Control, any security which forms part of any new holding;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Subsidiary&rdquo;
</B>means a company which is a subsidiary of the Company within the meaning of section 1159 of the UK Companies Act 2006;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Vesting&rdquo;
</B>means the Participant becoming entitled to have the Shares subject to an Award transferred to him subject to the Plan, and
<B>&ldquo;Vest&rdquo;, &ldquo;Vested&rdquo;</B> and <B>&ldquo;Unvested&rdquo;</B> will be construed accordingly; and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&ldquo;Vesting
Date&rdquo;</B> means, in relation to an Award, the first anniversary of the end of the Plan Year in which the relevant Contributions
are made, or as soon as reasonably practicable after that.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Interpretation</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
this Plan, the singular includes the plural and words imparting a gender include every gender, references to any enactment or
statutory requirement will be construed as references to that enactment or requirement as from time to time amended, modified
or re-enacted and includes any subordinate legislation made under it.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Operation
                                         of the Plan</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Eligible
                                         Employees</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Board may, from time to time, determine which employees of the Company and Participating Companies will be invited to participate
in the Plan. The employee must be employed within the Group at the applicable Award Date.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Participating
                                         Companies</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Board has absolute discretion to determine which Subsidiaries can participate in the Plan at any point during the life of the
Plan. If, at any time, a Participating Company ceases to be a Subsidiary, it shall automatically cease to be a Participating Company.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">2.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Source
                                         of Shares</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Plan may operate using newly issued Shares, treasury Shares and/or market purchase Shares.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">2.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Timing
                                         and manner of operation</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Board can operate the Plan at any time subject to any applicable Dealing Restrictions. Awards may only be made to Eligible Employees.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">2.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Invitation</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
Board may issue invitations and corresponding applications to join the Plan both prior to the commencement of each Plan Year and
at any time during the Plan Year.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
invitations will only be made to Eligible Employees and will be made in such form as the Board determines.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
invitation will include details (as applicable) on:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">2.5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         dates of the relevant Plan Year;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">2.5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">maximum
                                         and minimum Contributions determined under rule 3.2 (Amount of Contributions) and the
                                         date on which the Contributions are to start;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">2.5.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                         Matching Ratio determined under rule 4.2 (Matching Ratio);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">2.5.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                         provision of Dividend Equivalents determined under rule 5.2 (Dividend Equivalents); and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">2.5.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         procedure required for the Participant to accept his Award; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">2.5.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         relevant Vesting Dates.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">2.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Application</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">2.6.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         application form will:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">specify
                                         the level of Contributions the Participant wishes to make, which will operate as authority
                                         for Contributions to be deducted from his Salary on a monthly basis (or such other payment
                                         period as the Board determines) ; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">specify
                                         any other way in which the Participant may pay his Contributions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">2.6.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         completed application must be submitted as specified in the invitation or application.
                                         An Eligible Employee who has not submitted a properly completed application will not
                                         be able to participate in the Plan, unless the Board determines otherwise.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">2.6.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         completed application will take effect from the date specified in the application and
                                         will continue to apply in respect of any subsequent Plan Years until such time as:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Plan is no longer offered on those terms or at all; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Participant ceases to be employed by a Member of the Group in accordance with rule 8
                                         (Leaving); and/or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Participant notifies the Company that he wishes to stop making Contributions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">2.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Disclaimer
                                         of Award</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">A
Participant may disclaim all of his Award within 30 days after the Award Date by notice in writing to any person nominated by
the Company.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">2.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Administration
                                         errors</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
the Company grants an Award which is inconsistent with rule 14 (Plan Limits), the Award will only take effect to the extent permissible
under that rule.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Purchased
                                         Shares</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">3.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Limit</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Board may from time to time set a limit on the number of Shares which may be bought as Purchased Shares. If there is such a limit,
it will be set out in the invitation or application or otherwise notified to the Participant.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">3.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Amount
                                         of Contributions</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
Board will determine the maximum and minimum Contribution limits which will apply in relation to any Plan Year and such maximum
and minimum will be notified to the Participant.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
Board may, prior to the start of any Plan Year, and to take effect from the start of that Plan Year, permit the Participant to
reduce or increase the amount of his Contributions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
Board may, at any time, change the equivalent maximum and minimum Contribution limits in a particular jurisdiction due to currency
exchange reasons, and such change will be notified to the relevant Participants.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Contributions
will be converted into the applicable currency on such date(s) and by such method as determined by the Board. Any currency risk
under the Plan is borne by the Participants.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">3.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Making
                                         Contributions</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">If
local rules prohibit contributions from Salary, the Participant may be permitted to make regular cash or other payments on such
terms as the Board determines at its discretion.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">3.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Varying
                                         Contributions</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Once
per Plan Year, a Participant may vary the amount of his Contributions by giving notice to the Board in the form determined by
it. No variation may make the amount of the Contributions exceed the maximum, or fall below the minimum monthly Contribution limits
specified by the Board in relation to that Plan Year. Any variation will take effect as soon as practicable following receipt
of the notice.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">3.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Stopping
                                         Contributions</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">A
Participant may, at any time, withdraw his consent (in the form determined by the Board) to Contributions being deducted from
Salary, and this will take effect as soon as practicable.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">If
a Participant withdraws his consent, the Company will use existing Contributions to acquire Purchased Shares on the next Allocation
Date or, the Company may return the Contributions to the Participant at the Board&rsquo;s discretion subject to any local law
which requires Contributions to be returned to the Participant.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
Board may permit the Participant to restart Contributions from the start at any subsequent Plan Year. Any missed Contributions
may not be made up by the Participant.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">3.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Holding
                                         Contributions</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Contributions will be held by or on behalf of the Nominee, the Company or any relevant Participating Company in a non-interest
bearing account until they are used to acquire Purchased Shares on the Participant&rsquo;s behalf.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">3.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Excess
                                         Contributions</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Company may carry forward and add to the amount of the next Contribution any excess Contributions not used to buy Purchased Shares
on the most recent Allocation Date. Alternatively, the Company may pay the excess to the Participant as soon as reasonably practicable.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">3.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Scaling
                                         down</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
there is a limit on the number of Shares which may be bought as Purchased Shares and the aggregate value of Contributions set
out in the applications submitted by Eligible Employees exceeds the amount necessary to buy that number of Purchased Shares, the
Company may scale down applications by taking one or more of the following steps:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">3.8.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reducing
                                         the excess of Contributions over any set minimum amount for Contributions proportionately;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">3.8.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reducing
                                         all monthly Contributions to any set amount for Contributions; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">3.8.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">choosing
                                         any other method which the Board deems appropriate.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Company will notify the Participants of scaling down and their applications will be deemed changed or withdrawn accordingly.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">3.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Allocation
                                         of Purchased Shares</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
Contributions will be used on the next Allocation Date to acquire Purchased Shares.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
Company will make available to the Participant a statement (by email or other electronic means) showing the number of Purchased
Shares allocated to him and their cost.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
number of Purchased Shares allocated to each Participant will be calculated using the Market Value of the Shares on the Allocation
Date.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">3.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Accessing
                                         Purchased Shares</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">A
Participant may direct the Company (including any third party the Company may otherwise direct) or the Nominee to sell his Purchased
Shares or transfer legal title to his nominee at any time. However, if this is done before the Vesting Date, the Participant will
lose any related Award.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">3.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Contributions
                                         in error</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">If,
for any reason, the amount of any Contribution deducted is more than is permitted pursuant to the rules of the Plan, the Company,
any Member of the Group and/or the Nominee may take such action as the Board, in its absolute discretion, may determine is necessary
or desirable in order to correct the error.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Awards</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">4.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Award</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">A
Participant may be entitled to an Award, which will be awarded on the basis set out in the invitation or application or as otherwise
notified to the Participant.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">4.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Matching
                                         Ratio</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
Board will set the Matching Ratio for the Plan for each Plan Year.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
Matching Ratio will not exceed one Matching Share for each Purchased Share or such other ratio as determined by the Board in its
discretion from time to time.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">4.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Award
                                         Certificate</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">At
the time of, or as soon as reasonably practicable after an Award is awarded, the Board will determine and make available to the
Participant an Award Certificate (by email or other electronic means) showing:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">4.3.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Contributions being made;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">4.3.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Matching Ratio;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">4.3.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Vesting Date;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">4.3.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">whether
                                         dividends paid on Plan Shares will be reinvested in the acquisition of Dividend Shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">4.3.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">whether
                                         any Dividend Equivalents will be payable; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">4.3.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         terms of the Award.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Dividends</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Reinvestment
                                         of dividends</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Any
dividends paid in respect of Plan Shares will be re-invested by the Company or the Nominee unless the Board in its discretion
decides otherwise.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
number of Dividend Shares to be allocated to the Participant will be determined in accordance with the Market Value of the Shares
on the Allocation Date.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">When
the Company or the Nominee has allocated Dividend Shares to a Participant, a statement (by email or other electronic means) showing
the number of Shares that have been allocated to him will be made available.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">If
the Board has determined that dividends should not be reinvested (or should only be re-invested in part), all (or, as the case
may be, the relevant part of) the dividends will be paid in cash to the Nominee on behalf of the Participant.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Any
special dividend or distribution made by the Company will not be included in the reinvestment of dividends under this rule 5.1
(Reinvestment of dividends), unless the Board determines otherwise.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Dividend
                                         Equivalents</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
Participant will not have the right to receive Dividend Equivalents unless the Board in its discretion decides otherwise.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Any
Dividend Equivalents may be paid in Shares or in cash.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
Board will determine whether Dividend Equivalents will be calculated on the basis of full dividend reinvestment.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Any
special dividend or distribution made by the Company will not be taken into account in the calculation of Dividend Equivalents
under this rule 5.1 (Reinvestment of dividends).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Vesting
                                         of an Award</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">6.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Timing
                                         of Vesting</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subject
to rule 8 (Leaving) and rule 10 (Takeovers and restructurings), an Award will Vest on the Vesting Date.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">6.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consequences
                                         of Vesting</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subject
to rule 7.3 (Withholding) and obtaining any necessary consents, if an Award Vests, the Company will arrange for the delivery of
the number of Shares in respect of which the Award has Vested. The Shares will be delivered to the Nominee.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Satisfaction
                                         of Awards</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">7.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shareholder
                                         rights</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Shares
delivered on the Vesting of an Award will rank equally in all respects with the Shares in issue on the Vesting Date. They will
not rank for any voting, dividend or other rights attaching to Shares by reference to a record date preceding the Vesting Date.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">7.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Alternative
                                         ways to satisfy Awards</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
Board may decide to satisfy an Award (or a part of it) by paying an equivalent amount in cash.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
Board may, in its absolute discretion, determine that Awards will be satisfied in cash at the Award Date or at any time subsequently.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">7.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Withholding</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
Company (including any third party the Company may otherwise direct), the Nominee, any employing company or the trustee of any
employee benefit trust may make such arrangements as it considers necessary to meet any liability to taxation, duties, social
security contributions or other amounts (wherever arising), in respect of Awards or otherwise in connection with a Participant&rsquo;s
participation in the Plan, whether the liability is a liability of, or is payable by, the Participant, the Company (including
any third party the Company may otherwise direct), the Nominee, the employing company or a trustee.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">These
arrangements may include a reduction in the number of Shares subject to an Award, the sale on behalf of the Participant of any
of the Plan Shares and the retention of the sale proceeds to meet the liability. References to social security contributions include
anything in a jurisdiction outside the UK which, in the opinion of the Board, is reasonably comparable to social security contributions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Leaving</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">8.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Non-Good
                                         Leaver Reason</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
a Participant ceases employment within the Group for any reason other than a Good Leaver Reason:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">8.1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">his
                                         Contributions will cease and he will have no right to acquire further Purchased Shares
                                         and the Company may return any Contributions held on behalf of the Participant but not
                                         yet used to acquire Purchased Shares to the Participant or it may use those Contributions
                                         to purchase Shares on the next Allocation Date;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">8.1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">his
                                         Awards will lapse within the meaning of rule 13 (Lapsing); and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">8.1.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Plan Shares which he has acquired must come out of the Plan in accordance with rule 8.5
                                         (Treatment of Plan Shares on ceasing employment) before the end of the period of 6 months
                                         after ceasing employment.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">8.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Good
                                         Leaver Reason</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
a Participant ceases employment within the Group for a Good Leaver Reason (except death):</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">8.2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">his
                                         Awards will continue to Vest on the original Vesting Date to the extent that there are
                                         Purchased Shares to which the Award relates;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">8.2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">his
                                         Awards will lapse as to the balance within the meaning of rule 13 (Lapsing);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">8.2.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">his
                                         Contributions will cease and he will have no right to acquire further Purchased Shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">8.2.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                         Contributions already held on behalf of the Participant will be used to acquire Purchased
                                         Shares on the next Allocation Date or, the Company may return the Contributions to the
                                         Participant at the Board&rsquo;s discretion subject to any local law which requires Contributions
                                         to be returned to the Participant; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">8.2.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Plan Shares which he has acquired must come out of the Plan in accordance with rule 8.5
                                         (Treatment of Plan Shares on ceasing employment) before the end of the period of 6 months
                                         after the last Vesting Date of his Awards.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">8.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Death</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">If
a Participant dies before the Vesting Date, his Awards will Vest on death to the extent there are Purchased Shares to which the
Award relates.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
Award will lapse within the meaning of rule 13 (Lapsing) as to the balance. The delivery date will be as soon as practicable after
Vesting, subject to the provision of appropriate authorisations by the deceased Participant&rsquo;s personal representatives.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">8.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Meaning
                                         of &ldquo;ceasing to be employed within the Group&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">For
the purposes of this rule 8 (Leaving) and rule 13 (Lapsing):</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">8.4.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                         Participant will not be treated as ceasing to be employed within the Group until he ceases
                                         to be an employee of all Members of the Group; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">8.4.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if
                                         a Participant ceases to be an employee of the Group but remains a director of a Member
                                         of the Group, the Board may determine that the Participant will not be treated as ceasing
                                         to be employed within the Group until he also ceases to be a director of the Group.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">8.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Treatment
                                         of Plan Shares on ceasing employment</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
Plan Shares are due to come out of the Plan in accordance with rules 8.1.3 or 8.2.5 the Company will notify the Participant before
the end of the relevant deadline for the withdrawal of the Plan Shares and seek his instructions as to whether the Shares should
be:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">8.5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">transferred
                                         to the Participant or his nominee; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">8.5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">sold
                                         and the cash proceeds transferred to the Participant, subject to any required deductions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Participant must provide his instructions within such period of receiving the notification as the Board decides. If the Participant
does not do this, the Company (including any third party the Company may otherwise direct) or the Nominee will transfer the Participant&rsquo;s
Shares to the Participant, unless the Board determines that a transfer of the Shares is not feasible. If this is the case, the
Company (including any third party the Company may otherwise direct) or the Nominee will procure that the Participant&rsquo;s
Shares are sold and will transfer the cash proceeds to the Participant, subject to any required deductions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Mobile
                                         employees</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">9.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Transfer
                                         to different country</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">If
a Participant remains employed by a Participating Company but transfers location to a different country from the country where
he was resident when he was invited to join the Plan, the Board will notify the Participant whether Contributions can continue
to be made. If Contributions can continue, the Board will determine whether it is necessary to change the currency in which the
Contributions are made and/or the maximum and minimum monthly Contributions limits.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">9.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Transfer
                                         to a Participating Company</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
an Eligible Employee transfers employment from a non-Participating Company to a Participating Company, unless the Board in its
absolute discretion determines otherwise, the Board will make available to the transferring Eligible Employee an invitation and
application, and the transferring Eligible Employee may enrol in the Plan from the start of the next Plan Year.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">9.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Transfer
                                         to a non-Participating Company</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
a Participant transfers employment from a Participating Company to a non-Participating Company (other than an Associated Company),
unless the Board in its absolute discretion determines otherwise, the Participant will not be permitted to make any further Contributions.
The Vesting of his Awards and the original Vesting Dates will still apply and the Purchased Shares acquired pursuant to the Plan
will be matched in accordance with rule 7 (Satisfaction of Awards) on Vesting.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Takeovers
                                         and restructurings</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">10.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Takeovers</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Unless
the Awards are to be exchanged in accordance with rule 10.3 (Exchange), where a person (or a group of persons acting in concert)
obtains Control <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">of the Company</FONT> as a result of making an offer to
acquire Shares, the Awards Vest immediately prior to, and conditional upon, the person obtaining Control.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">10.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Scheme
                                         of arrangement</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Unless
the Awards are to be exchanged in accordance with rule 10.3 (Exchange), when a court sanctions a compromise or arrangement in
connection with the acquisition of Shares, the Awards Vest immediately.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">10.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exchange</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
the Board and the Acquiring Company agree, then the Awards will not Vest under rule 10.1 (Takeovers), rule 10.2 (Scheme of arrangement)
or rule&nbsp;12 (Variations in share capital, demergers and special distributions) and, instead, will be exchanged under rule
11 (Exchange of Awards). In the case of an internal reorganisation, the Awards will not Vest under rule 10.1 (Takeovers) or rule&nbsp;10.2
(Scheme of arrangement) and will be exchanged under rule 11 (Exchange of Awards) unless the Board determines otherwise.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">10.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Winding
                                         up</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Awards
will Vest immediately prior to any winding up.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">10.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Board</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
this rule 10 (Takeovers and restructurings), &ldquo;<B>Board</B>&rdquo; means those people who were members of the Board immediately
before the change of Control.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exchange
                                         of Awards</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">11.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Timing
                                         of exchange</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Where
an Award is to be exchanged pursuant to rule 10.3 (Exchange), the exchange will take place on or as soon as practicable after
the occurrence of the relevant event.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">11.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exchange
                                         terms</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Where
a Participant is granted a new Award in exchange for an existing Award, the new Award:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">11.2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">must
                                         confer a right to acquire shares in the Acquiring Company or another body corporate determined
                                         by the Acquiring Company;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">11.2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">must
                                         be substantially equivalent to the existing Award;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">11.2.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">is
                                         treated as having been acquired at the same time as the existing Award and, Vests and
                                         lapses with the meaning of rule 13 (Lapsing) in the same manner and at the same time;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">11.2.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">is
                                         governed by the Plan as if references to Shares were references to the shares over which
                                         the new Award is granted and references to the Company were references to the Acquiring
                                         Company or other body corporate determined by the Acquiring Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Variations
                                         in share capital, demergers and special distributions</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">12.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Adjustments
                                         to Awards</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
there is:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">12.1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">12.1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                         demerger (in whatever form) or exempt distribution by virtue of section 1075 of the UK
                                         Corporation Tax Act 2010;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">12.1.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                         special dividend or distribution; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">12.1.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                         other transaction which will materially affect the value of Shares,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">the
Board may adjust the number or class of Shares or securities comprised in an Award in such manner as the Board considers appropriate
to preserve the value of the Award. The Board will notify Participants of any adjustment made under this rule 12.1 (Adjustments
to Awards).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">12.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Early
                                         Vesting</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
the adjustment of an Award is not practicable or appropriate as determined by the Board, the Board may allow an Award to Vest
immediately prior to, and conditional on, the occurrence of the relevant event set out in rule 12.1 (Adjustments to Awards).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
extent to which an Award Vests will be reduced pro rata to reflect the period from the date of the occurrence of the event until
the original Vesting Date, as a proportion of the period from the Award Date until the original Vesting Date, unless the Board
decides otherwise.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Award will lapse within the meaning of rule 13 (Lapsing) as to the balance. The delivery date will be as soon as practicable after
Vesting, unless the Board determines that the original delivery date should apply.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">13.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Lapsing</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">13.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Timing
                                         of Lapsing</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">An
Award will Lapse to the extent that it has not Vested on the earliest of:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">13.1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Vesting Date;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">13.1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         date on which the Participant ceases to be employed within the Group unless the Participant
                                         is a Good Leaver in which case rule 8.2.1 applies;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">13.1.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         date of the Participant&rsquo;s death;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">13.1.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         date of the event which gives rise to a Vesting under rule 10 (Takeovers and restructurings),
                                         unless and except to the extent that an exchange occurs in accordance with rule 11 (Exchange
                                         of Awards); and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">13.1.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         date of the event which gives rise to a Vesting under rule 12 (Variations in share capital,
                                         demergers and special distributions).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">13.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consequences
                                         of Lapsing</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">If
an Award lapses under the Plan, it cannot Vest and a Participant has no rights in respect of it.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">14.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Plan
                                         limits</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">14.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">10
                                         per cent 10-year limit</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">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 all other employee share plans operated by the Company.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">14.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exclusions</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Where
the right to acquire Shares is released or lapses, the Shares concerned are ignored when calculating these limits.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">14.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Meaning
                                         of Allocate</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
this rule 14 (Plan limits), &quot;<B>Allocate</B>&quot; means granting a right to acquire unissued Shares or to acquire Shares
which are held by the Company in treasury or, if there is no such grant, the issue and allotment of Shares or the transfer of
Shares from treasury. (However, if at any time the relevant institutional investor guidelines cease to require treasury shares
to be taken into account for this purpose, then &ldquo;Allocate&rdquo; will not include such treasury shares.)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">15.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">General</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">15.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Terms
                                         of employment</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">15.1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For
                                         the purposes of this rule 15.1 (Terms of employment), &ldquo;Employee&rdquo; means any
                                         employee of a Member of the Group.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">15.1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This
                                         rule 15.1 (Terms of employment) applies during an Employee&rsquo;s employment and after
                                         the termination of an Employee&rsquo;s employment, whether or not the termination is
                                         lawful.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">15.1.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Nothing
                                         in the rules or the operation of the Plan forms part of the contract of employment of
                                         an Employee. The rights and obligations arising from the employment relationship between
                                         the Employee and the relevant Member of the Group 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">15.1.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No
                                         Employee has a right to participate in the Plan. Participation in the Plan or the grant
                                         of Awards on a particular basis in any year does not create any right to or expectation
                                         of participation in the Plan or the grant of Awards on the same basis, or at all, in
                                         any future year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">15.1.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         terms of the Plan do not entitle the Employee to the exercise of any discretion in his
                                         favour.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">15.1.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Employee will have no claim or right of action in respect of any decision, omission or
                                         discretion, which may operate to the disadvantage of the Employee even if it is unreasonable,
                                         irrational or might otherwise be regarded as being in breach of the duty of trust and
                                         confidence (and/or any other implied duty) between the Employee and his employer.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">15.1.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No
                                         Employee has any right to compensation for any loss in relation to the Plan, including
                                         any loss in relation to:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                         loss or reduction of rights or expectations under the Plan in any circumstances (including
                                         lawful or unlawful termination of employment);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         operation, suspension, termination or amendment of the Plan.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">15.1.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Participation
                                         in the Plan is permitted only on the basis that the Participant accepts all the provisions
                                         of the rules, including this rule 15.1 (Terms of employment) and agrees to any shareholding
                                         terms and conditions of the Nominee or such other third party as the Company may otherwise
                                         direct. By participating in the Plan, an Employee waives all rights which might otherwise
                                         arise under the Plan, other than the right to acquire Shares subject to and in accordance
                                         with the express terms of the Plan, in consideration for, and as a condition of, the
                                         grant of an Award under the Plan.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">15.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No
                                         transfer</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">A
Participant may not transfer, assign, change or otherwise dispose of an Award or any rights in respect of it. If he does, whether
voluntarily or involuntarily, then it will immediately lapse. This rule 15.2 (No transfer) does not apply to the transmission
of an Award on the death of a Participant to his personal representatives.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">15.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Not
                                         pensionable</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">None
of the benefits received under the Plan are pensionable.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">15.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Documents
                                         sent to shareholders</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Company may (but is not obliged to) make available to Participants copies of any documents or notices normally sent to the holders
of its Shares.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">15.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Data
                                         protection</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Any
data protection policy or data privacy notice of the Group that is applicable to the Eligible Employee or Participant will apply
to their personal data.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">15.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consents</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">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 UK or elsewhere. The Participant 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></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">15.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No
                                         liability for loss</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Neither
the Nominee nor any Member of the Group will be liable for any loss:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">15.7.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">suffered
                                         by a Participant due to movements in currency exchange rates or due to any charges imposed
                                         by a bank in relation to the conversion or transfer of monies; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">15.7.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">occasioned
                                         by delay on the part of any Member of the Group or the Nominee in giving effect to a
                                         Participant&rsquo;s instructions in relation to his Plan Shares or procuring a sale or
                                         transfer of any Participant&rsquo;s Plan Shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">15.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Listing</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">If,
and for as long as the Shares are listed on the London Stock Exchange (or, if the Board determines, any other stock exchange on
which the Shares are traded), the Company will apply as soon as practicable for the listing and admission to trading on such exchange
of any Shares issued in connection with the Plan.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">15.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notices</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Any
notice or communication to be given to any person who is or will be eligible to be a Participant may be delivered by electronic
mail, including on an intranet, or personally delivered or sent by ordinary post to such address as the Company considers appropriate.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Any
notice to be given to the Company or its duly appointed agent, may be delivered or sent to its registered office or such other
place and by such means as the Board or its appointed agent may specify and notify Participants.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Notices
sent electronically will be deemed to have been received on the day after posting unless there is evidence to the contrary. Notices
sent by post will be deemed to have been received 48 hours after posting within the UK, and 5 days after posting internationally.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">15.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Third
                                         party rights</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Nothing
in the Plan confers any benefit, right or expectation on a person who is not a Participant or a Member of the Group. No such third
party has any rights under the Contracts (Rights of Third Parties) Act 1999 or any equivalent local legislation, to enforce any
term of this Plan.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
does not affect any other right or remedy of a third party.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">15.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Administration
                                         of the Plan</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Plan will be administered by the Board, which has authority to make rules and regulations for the administration of the Plan.
The Board may delegate all or any of its powers under the Plan.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">15.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Board&rsquo;s
                                         decisions final and binding</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
decision of the Board on the interpretation of the Plan or in any dispute relating to an Award or any matter relating to the Plan
will be final and conclusive.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">16.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changing
                                         the Plan and termination</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">16.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Board&rsquo;s
                                         powers</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Except
as described in the rest of this rule 16.1 (Board&rsquo;s powers), the Board may at any time change the Plan in any way, including
to add a schedule amending the terms of the Plan as they apply to employees in one or more jurisdictions to take account of local
laws or requirements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">16.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shareholder
                                         approval</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">16.2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Except
                                         as described in this rule 16.2 (Shareholder approval), the Company must, in general meeting,
                                         approve in advance by ordinary resolution any proposed change to the Plan to the advantage
                                         of present or future Participants, which relates to the following:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         persons to or for whom Shares may be provided under the Plan;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         limitations on the number of Shares which may be issued under the Plan;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         maximum entitlement for each Participant under the Plan;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         basis for determining a Participant&rsquo;s entitlement to Shares or cash provided under
                                         the Plan;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                         rights attached to the Shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         rights of a Participant in the event of a capitalisation issue, rights issue or open
                                         offer, sub-division or consolidation of shares or reduction of capital or any other variation
                                         of capital of the Company; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         terms of this rule 16.2 (Shareholder approval).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">16.2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Board can change the Plan and need not obtain the approval of the Company in general
                                         meeting for any minor changes:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to
                                         benefit the administration of the Plan;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to
                                         comply with or take account of the provisions of any proposed or existing legislation;
                                         or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to
                                         obtain or maintain favourable tax, exchange control or regulatory treatment for the Company,
                                         any Subsidiary or any present or future Participant.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">16.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notice</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Board may (but is not obliged to) give written notice of any changes made to any Participant affected.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">16.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Termination</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">No
Award may be granted after the Expiry Date (or such earlier date on which the Board may determine the Plan will terminate). Termination
will not affect subsisting rights under the Plan.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">17.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Governing
                                         law and jurisdiction</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The laws
of England and Wales govern the Plan and all Awards and their construction. The courts of England and Wales have non-exclusive
jurisdiction in respect of disputes arising under or in connection with the Plan or any Award.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Schedule
1<BR>
Provisions Applicable to Awards Granted to US Taxpayers</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">General</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Purpose</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
Schedule 1 includes special terms and conditions applicable to Awards granted to Eligible Employees who are subject to US federal
income taxation on the Award Date, or who are expected to become subject to US federal income taxation following the Award Date,
or who does become (prior to the date on which any Award Vests) subject to US federal income taxation (&ldquo;<B>Eligible US Employees</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
purpose of this Schedule 1 is to ensure that Awards made under the Plan meet the requirements of the short-term deferral exemption
to Section 409A described under Section 1.409A-1(b)(4) of the US Treasury Regulations and should be interpreted in a matter consistent
with such requirements. References to the Plan, or to the rules of the Plan, in the main rules of the Plan (or any Schedule thereto)
shall be interpreted to include this Schedule 1 in relation to Eligible US Employees.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Application
                                         of the rules of the Plan</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
rules of the Plan apply to this Schedule 1, except as otherwise provided for below.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
the event that a Participant becomes an Eligible US Employee after the Award Date, that Award will automatically be modified so
that its terms are consistent with this Schedule 1. References in this Schedule 1 to Awards granted to Eligible US Employees shall
include Awards held by a Participant who becomes an Eligible US Employee subsequent to the Award Date.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Meaning
                                         of words used</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">In
                                         this Schedule 1</FONT><FONT STYLE="font-size: 10pt">:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Code</B>&rdquo;
means the US Internal Revenue Code of 1986, as amended;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Section
409A</B>&rdquo; means Section 409A of the Code and the US Treasury Regulations promulgated and other official guidance issued
thereunder, collectively;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Short-Term
Deferral Period</B>&rdquo; means the period commencing on the date that an Award first is no longer subject to a &ldquo;substantial
risk of forfeiture&rdquo; for purposes of Section 409A and ending upon the 15th day of the third month following the end of the
Taxable Year in which such Award (or portion thereof) first is no longer subject to the substantial risk of forfeiture;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Taxable
Year</B>&rdquo; means the calendar year, or if later, the end of the taxable year of the Company or Participating Company that
employs the Eligible US Employee;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>US</B>&rdquo;
means the United States of America; and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>US
Treasury Regulations</B>&rdquo; mean the regulations promulgated under the Code, and &ldquo;<B>US Proposed Treasury Regulations</B>&rdquo;
mean the proposed regulations promulgated under the Code.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Interpretation</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">2.2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any
                                         capitalised term not specifically defined or amended in this Schedule 1 will be interpreted
                                         in accordance with the meaning given in the rules of the Plan.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">2.2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">References
                                         to rules are to the main rules of the Plan and references to paragraphs are to paragraphs
                                         of this Schedule 1 (unless expressed otherwise).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">2.2.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Where
                                         a rule of the Plan is amended or deleted under this Schedule 1, cross references to such
                                         rules are deemed to be amended, updated or deleted accordingly.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Satisfaction
                                         of Awards</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
any of the rules of the Plan, an Award granted to an Eligible US Employee must be satisfied no later than the end of the applicable
Short-Term Deferral Period.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
the event that the satisfaction of an Award (or a portion thereof) granted to an Eligible US Employee has not been made by the
end of the Short-Term Deferral Period due to the fact such satisfaction would have violated applicable law, then to the extent
permissible under Section 1.409A-1(b)(4)(ii) of the US Proposed Treasury Regulations, such settlement may be delayed so long as
the relevant Award (or portion thereof) is then satisfied at the earliest date at which it is reasonably anticipated that such
law no longer prevents such satisfaction.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
an Eligible US Employee ceases to be employed by the Company or a Participating Company for a Good Leaver Reason and the applicable
Short-Term Deferral Period (or such later date permitted by this paragraph 3 (Satisfaction of Awards)) ends before the original
Vesting Date, then unless the Company or a Participating Company provides otherwise, the net Shares or cash (as the case may be)
acquired by the Eligible US Employee before the end of the applicable Short-Term Deferral Period (or such later date permitted
by this paragraph 3 (Satisfaction of Awards)) may not be transferred, assigned or otherwise disposed of by or on behalf of the
Eligible US Employee before the original Vesting Date other than:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                         transfer to the Eligible US Employee&rsquo;s personal representatives in the event of
                                         the Eligible US Employee&rsquo;s death;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                         transfer to a nominee on behalf of the Eligible US Employee; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                         sale in accordance with rule 7.3 to fund any liability for taxation (and any related
                                         sale expenses);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">and
any such purported action will be invalid and ineffective, unless the Board determines otherwise.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Dividends</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any
Dividend Shares or Dividend Equivalents in respect of an Award granted to an Eligible US Employee shall be paid no later than
the end of the Short-Term Deferral Period, or such later date permitted by paragraph 3 (Satisfaction of Awards).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Holding
                                         Period</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">For
the avoidance of doubt, any holding period imposed by the Company with respect to an Award granted to an Eligible US Employee
will not impose an additional or extend the existing substantial risk of forfeiture applicable to such Award for purposes of Section
409A.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes
                                         to Awards</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
the provisions of rule 16.2 (Shareholder approval), any amendment to the Plan (including this Schedule&nbsp;1) or an Award shall
only be effective with respect to an Award granted to an Eligible US Employee to the extent that it does not cause the Award to
violate Section 409A.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exchange
                                         of Awards</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Where
there is to be an exchange of an Award granted to an Eligible US Employee pursuant to rule 10.3 (Exchange) and rule 11 (Exchange
of awards), the Board shall attempt to structure the terms of the exchange and the new award under rule 11 (Exchange of Awards)
such that neither the exchange nor the new award violate Section 409A.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Lapse
                                         of Awards</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
addition to the times and events set forth in the Plan, an Award granted to an Eligible US Employee will also lapse upon the end
of the applicable Short-Term Deferral Period (or, if applicable, on the later date permitted by paragraph 3 (Satisfaction of Awards).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Variations
                                         in share capital, demergers and special distributions</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Where
there is to be an adjustment of an Award granted to an Eligible US Employee pursuant to rule 12 (Variations in share capital,
demergers and special distributions), the Board shall attempt to structure the terms of the adjustment of the Award such that
the adjustment does not violate Section 409A.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Section
                                         409A</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Awards
granted to Eligible US Employees, and any Dividend Shares or Dividend Equivalents in respect of such Awards, are intended to be
exempt from the requirements of Section 409A under the short-term deferral exemption described in Section 1.409A-1(b)(4) of the
US Treasury Regulations, and the Plan (including this Schedule 1) shall be interpreted and administered consistent with such intention
with respect to the Awards granted to Eligible US Employees and any Dividend Shares or Dividend Equivalents in respect of such
Awards. If any provision, term or condition of an Award granted to an Eligible US Employee would otherwise frustrate or conflict
with such intention, such provision, term or condition will be interpreted and deemed amended so as to avoid such conflict to
the fullest extent possible. In the event of any conflict between an applicable provision of the Plan and an applicable provision
of this Schedule 1 with respect to an Award granted to an Eligible US Employee, the provision of this Schedule 1 shall apply.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">If,
at any time, the Company determines that the terms of an Award granted to an Eligible US Employee may violate Section 409A, the
Company shall have the authority, but shall not be required, to enter into an amendment of such Award that is designed to avoid
the imposition of any additional tax, interest or penalties on the Eligible US Employee under Section 409A. Notwithstanding any
other provision of any Award, no Member of the Group guarantees or warrants to any person that an Award granted to an Eligible
US Employee is exempt from Section 409A.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No
                                         Member of the Group liability</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Each
Eligible US Employee is solely responsible and liable for the satisfaction of all taxes, penalties and interest that may be imposed
on the Eligible US Employee in connection with the Plan and/or this Schedule 1 or any Award, including any taxes, penalty or interest
under Section 409A. No Member of the Group shall have any obligation to indemnify or otherwise hold an Eligible US Employee harmless
from any or all of such taxes, penalty or interest.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Schedule
2<BR>
Provisions Applicable to Awards Granted to Chinese Residents</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">General</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Purpose</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
Schedule 2 includes special terms and conditions applicable to Awards granted to Eligible Employees:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">1.1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">who
                                         are resident in China on the Award Date;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">1.1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">who
                                         are expected to become resident in China following the Award Date; and/or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">1.1.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">who
                                         do become resident in China after the Award Date, where such Award will be administered
                                         through the regulated China State Administration of Foreign Exchange (&ldquo;<B>SAFE</B>&rdquo;)
                                         account (the &ldquo;Designated SAFE Account&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 29.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">(the
&ldquo;<B>Eligible Chinese Employees</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 29.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
purpose of this Schedule 2 is to ensure that Awards made under the Plan meet the requirements of SAFE, particularly in relation
to leavers.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">References
to the Plan, or to the rules of the Plan, in the main rules of the Plan (or any Schedule thereto) shall be interpreted to include
this Schedule 2 in relation to Eligible Chinese Employees.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Application
                                         of the rules of the Plan</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
rules of the Plan apply to this Schedule 2, except as otherwise provided for below.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
the event that a Participant becomes an Eligible Chinese Employee after the Award Date, that Award will automatically be modified
so that its terms are consistent with this Schedule 2. References in this Schedule 2 to Awards granted to Eligible Chinese Employees
shall include Awards held by a Participant who becomes an Eligible Chinese Employee subsequent to the Award Date.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">1.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Interpretation</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">1.3.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any
                                         capitalised term not specifically defined or amended in this Schedule 2 will be interpreted
                                         in accordance with the meaning given in the rules of the Plan.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">1.3.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">References
                                         to rules are to the main rules of the Plan and references to paragraphs are to paragraphs
                                         of this Schedule 2 (unless expressed otherwise).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.45pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-size: 10pt">1.3.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Where
                                         a rule of the Plan is amended or deleted under this Schedule 2, cross references to such
                                         rules are deemed to be amended, updated or deleted accordingly.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Good
                                         leavers</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
an Eligible Chinese Employee ceases employment within the Group for a Good Leaver Reason, pursuant to rule 8.2 (Good Leaver Reason)
(&ldquo;<B>China Good Leaver</B>&rdquo;), their Awards will Vest on the date of cessation unless otherwise determined by the Board
and rule 8.2.1 will be interpreted accordingly.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Plan Shares that the China Good Leaver has acquired must be sold, at the instruction of the Board, through the Designated SAFE
Account. The proceeds of sale and any cash dividends paid on such Plan Shares must be repatriated to China within six months of
the China Good Leaver ceasing employment within the Group. Rules 8.2.5 and 8.5 will be interpreted accordingly.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changing
                                         the Plan and this Schedule 2</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
any of the rules of the Plan the Board may at any time change the Plan and/or this Schedule 2 in any way, including amending the
terms of the Plan as they apply to Eligible Chinese Employees, to ensure compliance with SAFE and any other laws, practice and
regulations in China.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">IHG &ndash; Colleague Share Plan Rules</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --> of 25</FONT></P></DIV>
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