<SEC-DOCUMENT>0000950103-23-006937.txt : 20230505
<SEC-HEADER>0000950103-23-006937.hdr.sgml : 20230505
<ACCEPTANCE-DATETIME>20230505160904
ACCESSION NUMBER:		0000950103-23-006937
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20230505
DATE AS OF CHANGE:		20230505
EFFECTIVENESS DATE:		20230505

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:	333-271687
		FILM NUMBER:		23893879

	BUSINESS ADDRESS:	
		STREET 1:		1 WINDSOR DIALS, ARTHUR ROAD, WINDSOR
		CITY:			BERKSHIRE
		STATE:			X0
		ZIP:			SL4 1RS
		BUSINESS PHONE:		4045513500

	MAIL ADDRESS:	
		STREET 1:		1 WINDSOR DIALS, ARTHUR ROAD, WINDSOR
		CITY:			BERKSHIRE
		STATE:			X0
		ZIP:			SL4 1RS

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIX CONTINENTS PLC
		DATE OF NAME CHANGE:	19950531
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>dp193303_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<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 May 5, 2023</B></P>

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 30%; text-align: center"><B>England and Wales</B></TD>
    <TD STYLE="vertical-align: bottom; width: 40%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 30%; text-align: center"><B>Not Applicable</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of <BR>
incorporation or organization)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer <BR>
Identification No.)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1 Windsor Dials</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Arthur Road, Windsor, SL4 1RS</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 1753 972000</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">(Address of principal executive offices, including zip code)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
  </TABLE>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>InterContinental Hotels Group PLC Deferred
Award Plan</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></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">&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: 30%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 40%">
    <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: 30%; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">(Name, address and telephone number, including area code, of agent for service)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>
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<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-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="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%"><B>Large accelerated filer </B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9746;</FONT></TD>
    <TD STYLE="width: 36%"><B>Accelerated filer </B><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Non-accelerated filer&nbsp;&nbsp;</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9744;</FONT><B>&nbsp;(Do not check if a smaller reporting company)</B></TD>
    <TD><B>Smaller reporting company </B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>Emerging growth company </B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9744;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</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-align: justify; text-indent: 0.25in">InterContinental Hotels Group
PLC, a company organized under the laws of England and Wales (the &ldquo;Registrant&rdquo; or the &ldquo;Company&rdquo;), is filing this
Registration Statement on Form S-8 (the &ldquo;Registration Statement&rdquo;) with the U.S. Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
to register 4,500,000 ordinary shares of the Registrant, par value 20<FONT STYLE="font-size: 12pt"><SUP>340</SUP></FONT>/<FONT STYLE="font-size: 12pt"><SUB>399</SUB></FONT>&nbsp;pence
per share (&ldquo;Ordinary Shares&rdquo;), available for issuance pursuant to the InterContinental Hotels Group PLC Deferred Award Plan
(as amended from time to time, the &ldquo;Plan&rdquo;). In addition, pursuant to Rule 416(a) under the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;), this Registration Statement covers any additional Ordinary Shares that may become issuable under the
Plan by reason of any share dividend, share split or other similar transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I</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-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</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; 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; text-indent: 0.25in; background-color: white">&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; text-indent: 0.25in; background-color: white">&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; text-indent: 0.25in; background-color: white">&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; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II<BR>
<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</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"><B>Item 3. Incorporation of Documents by Reference.</B></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">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;<A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/858446/000119312523057355/d371620d20f.htm">The InterContinental Hotels Group PLC Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Commission on March 2, 2023 (the &ldquo;Form 20-F&rdquo;)</A>;</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, 2022; 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;<A HREF="https://www.sec.gov/Archives/edgar/data/858446/000119312523057355/d371620dex2d.htm">The description of the Registrant&rsquo;s Ordinary Shares and American Depositary Shares, each representing one Ordinary Share, evidenced by American Depositary Receipts,</A>  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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 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 such documents or
reports.</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">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. The Registrant is not incorporating
by reference any documents or portions thereof, whether specifically listed above or filed in the future, that are not deemed &ldquo;filed&rdquo;
with the Commission.</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"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4. Description of Securities.</B></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">Not applicable.</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"><B>Item 5. Interests of Named Experts and Counsel.</B></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">Not applicable.</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"><B>Item 6. Indemnification of Directors and Officers.</B></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 156.1 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"></P>

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<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">&nbsp;</TD>
    <TD STYLE="width: 36px">(1)</TD>
    <TD>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.</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">(2)</TD>
    <TD>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;</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"></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"></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>

<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">(3)</TD>
    <TD>This section applies to any provision, whether contained in a company's articles or in any contract with the company or otherwise.</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">(4)</TD>
    <TD>Nothing in this section prevents a company's articles from making such provision as has previously been lawful for dealing with conflicts of interest.</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">(1)</TD>
    <TD>Section 232(2) (voidness of provisions for indemnifying directors) does not apply to qualifying third party indemnity provision.</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">(2)</TD>
    <TD>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.</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">(3)</TD>
    <TD>The provision must not provide any indemnity against&mdash;</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">(a)</TD>
    <TD>any liability of the director to pay&mdash;</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">(i)</TD>
    <TD>a fine imposed in criminal proceedings, or</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">(ii)</TD>
    <TD>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</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">(b)</TD>
    <TD>an appeal is disposed of&mdash;</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">(i)</TD>
    <TD>if it is determined and the period for bringing any further appeal has ended, or</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">(ii)</TD>
    <TD>if it is abandoned or otherwise ceases to have effect.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">(4)</TD>
    <TD>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).</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 -->

<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">(1)</TD>
    <TD>Section 232(2) (voidness of provisions for indemnifying directors) does not apply to qualifying pension scheme indemnity provision.</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">(2)</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"></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">(3)</TD>
    <TD>The provision must not provide any indemnity against&mdash;</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">(a)</TD>
    <TD>any&nbsp;liability&nbsp;of the director to pay&mdash;</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">(i)</TD>
    <TD>a fine imposed in criminal proceedings, or</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">(ii)</TD>
    <TD>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</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">(b)</TD>
    <TD>any&nbsp;liability&nbsp;incurred by the director in defending criminal proceedings in which he is convicted.</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">(4)</TD>
    <TD>The reference in subsection (3)(b) to a conviction is to the final decision in the proceedings.</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">(5)</TD>
    <TD>For this purpose&mdash;</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">(a)</TD>
    <TD>a&nbsp;conviction&nbsp;becomes final&mdash;</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">(i)</TD>
    <TD>if not appealed against, at the end of the period for bringing an appeal, or</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">(ii)</TD>
    <TD>if appealed against, at the time when the appeal (or any further appeal) is disposed of; and</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">(b)</TD>
    <TD>an appeal is disposed of&mdash;</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">(i)</TD>
    <TD>if it is determined and the period for bringing any further appeal has ended, or</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">(ii)</TD>
    <TD>if it is abandoned or otherwise ceases to have effect.</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">(6)</TD>
    <TD>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.</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">&nbsp;</TD>
    <TD STYLE="width: 36px">(1)</TD>
    <TD>This section requires disclosure in the directors' report of&mdash;</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">(a)</TD>
    <TD>qualifying&nbsp;third party indemnity provision, and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD>qualifying&nbsp;pension&nbsp;scheme indemnity provision.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&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">(2)</TD>
    <TD>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.</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">(3)</TD>
    <TD>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.</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">(4)</TD>
    <TD>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.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">(5)</TD>
    <TD>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.</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>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">(1)</TD>
    <TD>If in proceedings for negligence, default, breach of duty or breach of trust against&mdash;</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">(a)</TD>
    <TD>an&nbsp;officer&nbsp;of a company, or</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD>a&nbsp;person&nbsp;employed by a company as auditor (whether he is or is not an officer of the company),</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">(2)</TD>
    <TD>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;</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">(a)</TD>
    <TD>he may apply to the court for relief, and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD>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.</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">(3)</TD>
    <TD>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.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7. Exemption from Registration Claimed.</B></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">Not applicable.</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"><B>Item 8. Exhibits.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-align: center"><B>Exhibit Number</B></TD>
    <TD STYLE="width: 87%; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">3.1</TD>
    <TD>Articles of Association of the Registrant (incorporated by reference to <A HREF="https://www.sec.gov/Archives/edgar/data/858446/000119312521068584/d52499dex1.htm">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</A>).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="dp193303_ex0501.htm">5.1*</A></TD>
    <TD><A HREF="dp193303_ex0501.htm">Opinion of Davis Polk &amp; Wardwell London LLP, as to the validity of the securities being registered.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="dp193303_ex2301.htm">23.1*</A></TD>
    <TD><A HREF="dp193303_ex2301.htm">Consent of PricewaterhouseCoopers LLP</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="dp193303_ex2302.htm">23.2*</A></TD>
    <TD><A HREF="dp193303_ex2302.htm">Consent of Ernst &amp; Young LLP</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="dp193303_ex0501.htm">23.3*</A></TD>
    <TD><A HREF="dp193303_ex0501.htm">Consent of Davis Polk &amp; Wardwell London LLP (included in Exhibit 5.1)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="#poa">24*</A></TD>
    <TD><A HREF="#poa">Power of Attorney (included on signature page).&nbsp;</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="dp193303_ex99.htm">99*</A></TD>
    <TD><A HREF="dp193303_ex99.htm"><FONT STYLE="background-color: white">Rules of the InterContinental Hotels Group PLC Deferred Award Plan.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="dp193303_exfilingfees.htm">107.1*</A></TD>
    <TD><A HREF="dp193303_exfilingfees.htm"><FONT STYLE="background-color: white">Filing Fee Table</FONT></A></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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9. Undertakings.</B></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">(a)&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;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;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;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;To
include any material information with respect to the Plan 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"><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">&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;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;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;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.&nbsp;</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;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>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</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">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 May 5, 2023.</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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>InterContinental Hotels Group PLC </B></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>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">/s/ Michael Glover</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify">Name: </TD>
    <TD STYLE="width: 30%">Michael Glover</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:&nbsp;&nbsp;&nbsp;</TD>
    <TD>Chief Financial Officer</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>

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

<!-- Field: Page; Sequence: 8 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below, constitutes and appoints Keith Barr, Michael Glover 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;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 31%">
    <P STYLE="border-bottom: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Signature</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 43%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in; border-bottom: black 0.5pt solid"><B>Title</B></P></TD>
    <TD STYLE="vertical-align: top; width: 26%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in; border-bottom: black 0.5pt solid"><B>Date</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid">/s/ Keith Barr</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director and Chief Executive Officer</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">May 5, 2023</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Keith Barr</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">(principal executive officer)</TD>
    <TD STYLE="vertical-align: top; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid">/s/ Michael Glover</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">Director and Chief Financial Officer</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">May 5, 2023</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Michael Glover</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">(principal financial and accounting officer)</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid">/s/ Deanna Oppenheimer</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">May 5, 2023</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deanna Oppenheimer</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Non-Executive Chair</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid">/s/ Graham Allan</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">May 5, 2023</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Graham Allan </TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid">/s/ Daniela Barone Soares</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">May 5, 2023</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Daniela Barone Soares</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid">
    <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">/s/ Duriya Farooqui</P>
    <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">May 5, 2023</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Duriya Farooqui </TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid">/s/ Byron Grote</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">May 5, 2023</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Byron Grote </TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid">/s/ Arthur de Haast</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">May 5, 2023</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Arthur de Haast </TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid">/s/ Jo Harlow</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">May 5, 2023</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Jo Harlow </TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid">/s/ Elie Maalouf</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">May 5, 2023</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Elie Maalouf </TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid">/s/ Sharon Rothstein</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">May 5, 2023</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Sharon Rothstein</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid">/s/ Nimesh Patel</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; text-indent: 0.25in">May 5, 2023</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Nimesh Patel</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0.25in">U.S. Duly Authorized Representative</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>dp193303_ex0501.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exhibit 5.1</B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 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: 20%; color: #140B7F">&nbsp;</TD>
    <TD STYLE="width: 28%; color: #140BE3"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 44%; color: #140BE3; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right; font-size: 14pt; color: white; text-transform: uppercase; font-weight: bold">DRAFT</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="color: #140B7F"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 19px; width: 104px"></TD>
    <TD><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Davis Polk &amp; Wardwell
    London <FONT STYLE="font-variant: small-caps">llp</FONT></FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"></FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">5 Aldermanbury Square<BR>
    London EC2V 7HR</FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">davispolk.com</FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="color: #140BE3; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold">&nbsp;</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"></P>

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

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

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5 May 2023</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>

<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"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">1 Windsor Dials</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">SL4 1RS</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">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&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"><FONT STYLE="font-size: 10pt"><B>InterContinental Hotels Group PLC - Registration Statement on Form S-8</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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 5 May 2023 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 4,500,000 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 Deferred Award 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. We have at no time been involved in the preparation of the Plan and our connection
with it has been limited to the writing of 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"><B>Nature of Opinion and Observations</B></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">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>

<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">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-top: #140BE3 0.5pt solid"><FONT STYLE="font-size: 8pt">Davis
Polk &amp; Wardwell London LLP is a limited liability partnership formed under the laws of the State of New York, USA and is authorised
and regulated by the Solicitors Regulation Authority with registration number 566321.<BR>
Davis Polk includes Davis Polk &amp; Wardwell LLP and its associated entities</FONT></P>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 100%"><FONT STYLE="font-size: 9pt">

</TD></TR>
  </TABLE>

<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"></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: 17%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #140B7F"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 19px; width: 104px"></FONT></TD>
    <TD STYLE="width: 83%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #140BE3">InterContinental
    Hotels Group PLC</FONT></TD></TR>
  </TABLE>

<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">&nbsp;</P>

<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"><B>Opinion</B></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">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"><B>General</B></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">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>

<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%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yours faithfully</FONT></TD></TR>
  </TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Davis Polk &amp;
Wardwell London LLP</FONT></P>

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

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

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

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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"><FONT STYLE="font-size: 10pt">a copy of the Registration Statement to be filed under the Act;</FONT></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"><FONT STYLE="font-size: 10pt">a copy of the Plan; and</FONT></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"><FONT STYLE="font-size: 10pt">a certificate from the secretary of the Company dated 5 May 2023 and the
documents annexed thereto (the &ldquo;<B>Certificate</B>&rdquo;).</FONT></TD></TR></TABLE>

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


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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 was validly adopted by the Company and 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">the provisions of section 682 of the Companies Act 2006 will apply to the allotment and issue of Ordinary
Shares, or the grant of rights to subscribe for, or convert any security into, Ordinary Shares, pursuant to the Plan;</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">no dividend or distribution which constitutes an unlawful distribution pursuant to common law or the Companies
Act 2006 has been or will be made by the Company;</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">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">10.</TD><TD STYLE="text-align: justify">the information revealed by our search of the entries shown on the Companies House Direct online service
on 4 May 2023 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">11.</TD><TD STYLE="text-align: justify">the information revealed by the results of a telephone search with the Insolvency and Companies List (formerly
known as the Companies Court) in London of the Central Registry of Winding Up Petitions on 4 May 2023 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</TD></TR></TABLE>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">such enquiry been altered;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; 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">12.</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>

<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">13.</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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<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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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>dp193303_ex2301.htm
<DESCRIPTION>EXHIBIT 23.1
<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; font-size: 10pt"><B>Exhibit 23.1</B></FONT></P>

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

<P STYLE="text-align: center; font: 14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of InterContinental Hotels Group PLC of our
report dated 20 February 2023 relating to the financial statements and the effectiveness of internal control over financial reporting,
which appears in InterContinental Hotels Group PLC's Annual Report on Form 20-F for the year ended 31 December 2022.</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/
PricewaterhouseCoopers LLP</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">London,
England</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">
5 May 2023</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>dp193303_ex2302.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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</HEAD>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exhibit 23.2</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consent
of Independent Registered Public Accounting Firm</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We consent
to the incorporation by reference in the Registration Statement on Form S-8 pertaining to the InterContinental Hotels Group PLC Deferred
Award Plan, of our report dated February 22, 2021, with respect to the consolidated financial statements of InterContinental Hotels Group
PLC, included in its Annual Report (Form 20-F) for the year ended December 31, 2022, filed with the Securities and Exchange Commission.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Ernst &amp;
Young LLP</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>London,
England </B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">5<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> May 2023</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">&nbsp;</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">&nbsp;</P>

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

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

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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>5
<FILENAME>dp193303_ex99.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99</B></P>

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

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 44.25pt; width: 269.25pt"></P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal">Rules</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">of the</P>

<P STYLE="font: small-caps 12pt 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"><FONT STYLE="font-weight: normal">intercontinental
hotels group plc</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal">deferred
award plan</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&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: 53%; padding-left: 28.35pt; text-indent: -28.35pt; font-size: 10pt">Board Adoption:</TD>
    <TD STYLE="width: 47%; padding-left: 28.35pt; text-indent: -28.35pt; font-size: 10pt">23rd March 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 28.35pt; text-indent: -28.35pt; font-size: 10pt">Shareholders&rsquo; Approval:</TD>
    <TD STYLE="padding-left: 28.35pt; text-indent: -28.35pt; font-size: 10pt">5th May 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 28.35pt; text-indent: -28.35pt; font-size: 10pt">Effective Date</TD>
    <TD STYLE="padding-left: 28.35pt; text-indent: -28.35pt; font-size: 10pt">5th May 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 28.35pt; text-indent: -28.35pt; font-size: 10pt">Expiry Date:</TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-indent: -28.35pt">5th May 2033</P></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Table of Contents</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 5%; text-align: left">1.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 89%; text-align: left">Meaning of words used</TD>
    <TD STYLE="width: 6%; text-align: right">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">2.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Granting Awards</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">3.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Participant limits</TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">4.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Share dilution limits</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">5.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Vesting and exercise of Awards</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">6.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Lapsing</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">7.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Settlement of Awards</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">8.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Investigations</TD>
    <TD STYLE="text-align: right">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">9.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Dealing Restrictions</TD>
    <TD STYLE="text-align: right">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">10.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Holding Period</TD>
    <TD STYLE="text-align: right">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">11.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Leaving</TD>
    <TD STYLE="text-align: right">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">12.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Mobile Participants</TD>
    <TD STYLE="text-align: right">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">13.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Takeovers and other corporate events</TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">14.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Exchange of Awards</TD>
    <TD STYLE="text-align: right">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">15.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Variations in share capital</TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">16.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Tax</TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">17.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Terms of employment</TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">18.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">General</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">19.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Administration</TD>
    <TD STYLE="text-align: right">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">20.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Changing the Plan and termination</TD>
    <TD STYLE="text-align: right">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left">21.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Governing law and jurisdiction</TD>
    <TD STYLE="text-align: right">21</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-weight: normal">&nbsp;&nbsp;</FONT></P>

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

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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">InterContinental Hotels Group PLC Deferred
Award Plan</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</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">1.</TD><TD STYLE="text-align: justify">Meaning of words used</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.1</FONT></TD><TD STYLE="text-align: justify">General</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In these rules:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&ldquo;Award&rdquo;</B> means a
Conditional Award, a Forfeitable Award, an Option or a Phantom Award;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&ldquo;Award Date&rdquo;</B> means
the date specified under rule 2.4 (Terms of Awards);</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&ldquo;Committee&rdquo; </B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">means
the board of directors of the Company or another committee duly authorised by it;</FONT> <B></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&ldquo;Conditional Award&rdquo;</B>
means a conditional right to acquire Shares granted under the Plan;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&ldquo;Conditions&rdquo; </B>means
any performance or other conditions imposed under rule 2.4 (Terms of Awards);</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&ldquo;Dealing Restrictions&rdquo;</B>
means any internal or external restrictions on dealings or transactions in securities;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&ldquo;Dividend Equivalent&rdquo;</B>
means a right to receive an additional amount, as set out in rule 7.3 (Dividend Equivalents);</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&ldquo;Employee&rdquo;</B> means
any person directly employed by the Company (including an employed executive director) or any Member of the Group and, for the purposes
of rule 17 (Terms of employment), it includes a former employee;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&ldquo;<B>Executive Director</B>&rdquo;
means an executive director of the Company;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&ldquo;Exercise Period&rdquo;</B>
means the period during which an Option may be exercised, starting when the Option Vests and ending on the 10<SUP>th</SUP> anniversary
of the Award Date unless the Committee decides that a shorter period will apply under rule 2.4 (Terms of Awards);</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&ldquo;<B>Forfeitable Award</B>&rdquo;
means an award of Shares subject to forfeiture provisions under the Plan;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">(i)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">death;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">(ii)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">injury,
                                            ill health or disability (evidenced to the satisfaction of the Committee);</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">(iii)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">the
                                            Participant&rsquo;s employing company ceasing to be a Member of the Group;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">(iv)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">the
                                            business or part of the business that employs the Participant being transferred outside of
                                            the Group; or</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">&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-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">any
                                            other reason, at the discretion of the Committee;</FONT></TD></TR></TABLE>

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

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&ldquo;<B>Group</B>&rdquo; means the
Company and any company that is a subsidiary of the Company (within the meaning of section 1159 of the Companies Act 2006) and, for the
purposes of rule 11 (Leaving), it includes associated companies nominated for this purpose by the Committee, and &ldquo;<B>Member of the
Group</B>&rdquo; will be understood accordingly;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&ldquo;<B>Holding Period&rdquo;</B>
will be as described in rule 10 (Holding Period);</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&ldquo;<B>Leaves</B>&rdquo; means ceasing
to be an employee (and ceasing to be a director) of all Members of the Group and &ldquo;<B>Leaving</B>&rdquo; will be understood accordingly;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&ldquo;Malus and Clawback Policy&rdquo;
</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">means the InterContinental
Hotels Group PLC Malus and Clawback Policy (as amended from time to time) and</FONT> <B>&ldquo;Malus&rdquo; </B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">and
</FONT><B>&ldquo;Clawback&rdquo; </B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">will
have the meanings given in the Malus and Clawback Policy;</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">&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-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">when
                                            Shares are listed on the London Stock Exchange (or, if the Committee decides, any other stock
                                            exchange on which the Shares are traded):</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">&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: 56.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">the
                                            price 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-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">&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: 56.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">if
                                            the Committee decides, the average of the price determined under (a) above over up to 5 consecutive
                                            Business Days, or up to such number of consecutive Business Days as determined by the Committee,
                                            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-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">&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-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">otherwise,
                                            the market value of a Share as determined in accordance with Part VIII of the 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-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">&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-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">such
                                            value as the Committee may decide; </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&ldquo;Option&rdquo;</B> means a
right in the form of an option to acquire Shares granted under, and exercisable in accordance with, the Plan;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&ldquo;Participant&rdquo;</B> means
a person holding or who has held an Award or, after death, that person&rsquo;s personal representatives;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&ldquo;<B>Performance Conditions</B>&rdquo;
means any performance conditions imposed under rule 2.4 (Terms of Awards);</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&ldquo;<B>Performance Period</B>&rdquo;
means the period in respect of which any Performance Conditions are to be satisfied;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&ldquo;<B>Phantom Award</B>&rdquo;
means a conditional right granted under the Plan to receive a cash sum linked to the value of a number of notional Shares;&#9;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><B>&ldquo;Plan&rdquo;</B> means the
plan constituted by these rules and its schedules known as the InterContinental Hotels Group PLC Deferred Award Plan, as amended from
time to time;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&ldquo;<B>Remuneration Policy</B>&rdquo;
means the Company&rsquo;s prevailing Directors&rsquo; Remuneration Policy;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&ldquo;<B>Share&rdquo;</B> means a
fully paid ordinary share in the capital of the Company;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&ldquo;<B>Tax</B>&rdquo; means any
tax and social security charges (and/or any similar charges or levies, including, interest), wherever arising, in respect of a Participant&rsquo;s
Award or otherwise arising in connection with that Participant&rsquo;s participation in the Plan;</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 21.25pt">(i)</TD><TD STYLE="text-align: justify">in relation to a Conditional Award, a Participant becoming entitled to the 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: 28.35pt"></TD><TD STYLE="width: 21.25pt">(ii)</TD><TD STYLE="text-align: justify">in relation to a Forfeitable Award, the forfeiture provisions (in the form of Performance Conditions and/or
other Conditions) applicable to the Shares ceasing to apply other than in connection with the Malus and Clawback Policy and rule 5.4 (Overriding
discretion);</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: 28.35pt"></TD><TD STYLE="width: 21.25pt">(iii)</TD><TD STYLE="text-align: justify">in relation to an Option, the Option becoming exercisable; 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: 28.35pt"></TD><TD STYLE="width: 21.25pt">(iv)</TD><TD STYLE="text-align: justify">in relation to a Phantom Award, a Participant becoming entitled to the cash sum,</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&ldquo;<B>Vesting Date&rdquo; </B>means
the date specified at the Award Date on which an Award is expected to Vest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.2</FONT></TD><TD STYLE="text-align: justify">Interpretation</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In this Plan, the singular includes
the plural and the plural includes the singular. References to any enactment or statutory requirement will be understood as references
to that enactment or requirement as amended or re-enacted and they include any subordinate legislation made under it.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.3</FONT></TD><TD STYLE="text-align: justify">Award tranches</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Where an Award is made up of different
tranches with different Vesting Dates, each tranche will be considered a separate Award for the purposes of interpreting and administering
this Plan, except for the purposes of rule 5.6 (Option tranches).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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">2.</TD><TD STYLE="text-align: justify">Granting Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.1</FONT></TD><TD STYLE="text-align: justify">Eligibility</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee may only grant an Award
to someone who is an Employee at the Award Date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.2</FONT></TD><TD STYLE="text-align: justify">Timing of grant</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Awards may only be granted within 42
days starting on any of the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.2.1</TD><TD STYLE="text-align: justify">the day on which the Company&rsquo;s shareholders approve the Plan;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.2.2</TD><TD STYLE="text-align: justify">the Business Day following the day on which the Company&rsquo;s results are announced or, where not announced,
are published for any period;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.2.3</TD><TD STYLE="text-align: justify">any day on which changes to the legislation or regulations affecting share plans are announced or take
effect;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.2.4</TD><TD STYLE="text-align: justify">any day on which the Committee resolves that exceptional circumstances exist which justify the grant of
Awards; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.2.5</TD><TD STYLE="text-align: justify">the day Dealing Restrictions, which prevented the granting of Awards during the periods specified above,
are lifted.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">No Awards may be granted after the
termination of the Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.3</FONT></TD><TD STYLE="text-align: justify">Making an Award</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Awards will be granted by deed or in
any way which ensures the Awards are contractually enforceable.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Participants will be notified of the
terms of their Awards as soon as practicable.</P>

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

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee may require Participants
to accept Awards or specific terms and may provide for Awards to lapse if they are not accepted within the time specified.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee may allow Participants
to disclaim all or part of an Award within a specified period. If an Award is disclaimed, it will be deemed never to have been granted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.4</FONT></TD><TD STYLE="text-align: justify">Terms of Awards</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Awards are subject to the rules of
the Plan.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee will approve the terms
of an Award, including:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.4.1</TD><TD STYLE="text-align: justify">the Award Date;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.4.2</TD><TD STYLE="text-align: justify">the Award type;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.4.3</TD><TD STYLE="text-align: justify">the number of Shares subject to the Award or the basis for calculating the number of 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.4.4</TD><TD STYLE="text-align: justify">the Vesting Date;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.4.5</TD><TD STYLE="text-align: justify">in the case of an Option, the Exercise Period, any amount payable to exercise the Option and any Conditions
on exercise;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.4.6</TD><TD STYLE="text-align: justify">if the Award is subject to any Performance Conditions, details of those Performance Conditions and the
applicable Performance Period;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.4.7</TD><TD STYLE="text-align: justify">details of any other Conditions;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.4.8</TD><TD STYLE="text-align: justify">whether Dividend Equivalents will apply (other than in relation to a Forfeitable Award);</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.4.9</TD><TD STYLE="text-align: justify">in the case of a Forfeitable Award, whether the Participant is required to waive their rights to dividends
and/or vote in respect of the Shares subject to the Award;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.4.10</TD><TD STYLE="text-align: justify">whether the Malus and Clawback Policy will apply;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.4.11</TD><TD STYLE="text-align: justify">details of any Holding Period; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.4.12</TD><TD STYLE="text-align: justify">whether the Participant may be required to enter into any election for a particular tax and/or social
security treatment in respect of an Award and/or any Shares and any consequences of failing to make the election.</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: 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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.5</FONT></TD><TD STYLE="text-align: justify">Forfeitable Awards</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">A Forfeitable Award will be subject
to forfeiture provisions in the form of Performance Conditions and/or other Conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.6</FONT></TD><TD STYLE="text-align: justify">Performance Conditions</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee may make Vesting conditional
on the satisfaction of one or more performance conditions.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">For Executive Directors, the application
of Performance Conditions and the Performance Period will be consistent with the Remuneration Policy.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee may change a Performance
Condition in accordance with its terms or if anything happens that causes the Committee to reasonably consider it appropriate to do so.
A changed Performance Condition will not be materially less or more difficult to satisfy than the original condition was intended to be
at the Award Date.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee will notify any relevant
Participant as soon as practicable after any change.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.7</FONT></TD><TD STYLE="text-align: justify">Other Conditions</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee may impose other Conditions
on Vesting or exercise. The Committee may change those Conditions in accordance with their terms or if anything happens which causes the
Committee to reasonably consider it appropriate to do so.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">For Executive Directors, the requirement
for Conditions on Vesting, and the period over which they will be measured, will be consistent with the Remuneration Policy.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee will notify any relevant
Participant as soon as practicable after any change.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.8</FONT></TD><TD STYLE="text-align: justify">Malus and Clawback</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If there is any discrepancy between
the Malus and Clawback Policy and the Plan, the Malus and Clawback Policy will prevail.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.9</FONT></TD><TD STYLE="text-align: justify">Administrative errors</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If the Committee grants an Award:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.9.1</TD><TD STYLE="text-align: justify">in error, or with error, it will be deemed never to have been granted and/or will immediately lapse; and/or</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">2.9.2</TD><TD STYLE="text-align: justify">which is inconsistent with any provisions in this Plan, it will take effect only to the extent permissible
under the Plan and will otherwise be deemed never to have been granted and/or will immediately lapse.</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: 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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.10</FONT></TD><TD STYLE="text-align: justify">Phantom Awards</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">A Phantom Award will not confer any
right to receive Shares or any interest in Shares. The Plan will be interpreted and applied to reflect the fact that Phantom Awards are
granted in respect of notional Shares only and are settled in cash rather than Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.11</FONT></TD><TD STYLE="text-align: justify">Shareholding Policy</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Where a Participant is subject to the
Shareholding Policy, the Shareholding Policy will apply to the Participant&rsquo;s Awards and any Shares acquired pursuant to those Awards.
For these purposes, &ldquo;<B>Shareholding Policy</B>&rdquo; means any policy of InterContinental Hotels Group PLC in relation to shareholding
that requires a minimum shareholding by certain individuals, as in force from time to time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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">3.</TD><TD STYLE="text-align: justify">Participant limits</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Awards
to Executive Directors may only be granted in accordance with the limits set out in the Remuneration Policy. </FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Awards to any other Employees may not
be granted in excess of the limits which apply to Executive Directors, unless otherwise determined by the Committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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">4.</TD><TD STYLE="text-align: justify">Share dilution limits</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.1</FONT></TD><TD STYLE="text-align: justify">Share limits</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">An Award may not be granted that would
cause:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">4.1.1</TD><TD STYLE="text-align: justify">the total number of Shares that have been Allocated in the previous 10 years (or could still be Allocated
by virtue of rights granted) under the Plan and under any other employee share plans operated by the Company to exceed 10% of the ordinary
share capital of the Company in issue; or</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">4.1.2</TD><TD STYLE="text-align: justify">the total number of Shares that have been Allocated in the previous 10 years (or could still be Allocated
by virtue of rights granted) under the Plan and under any other discretionary employee share plans operated by the Company to exceed 5%
of the ordinary share capital of the Company in issue.</TD></TR></TABLE>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.2</FONT></TD><TD STYLE="text-align: justify">Calculating the number of Shares</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">For the purposes of this rule 4 (Share
dilution limits):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">4.2.1</TD><TD STYLE="text-align: justify">Shares are considered to be &quot;<B>Allocated</B>&quot; when allotted and issued as new shares, or transferred
from treasury. However, if relevant institutional investor guidelines cease to require treasury shares to be taken into account for these
purposes, then treasury Shares will not count towards these Share limits;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">4.2.2</TD><TD STYLE="text-align: justify">where there has been a variation in the share capital of the Company as described in rule 15 (Variations
in share capital), the number of Shares taken into account for the purposes of the Share limits will be adjusted as the Committee considers
appropriate to take account of the variation.</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: 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">5.</TD><TD STYLE="text-align: justify">Vesting and exercise of Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.1</FONT></TD><TD STYLE="text-align: justify">Timing of Vesting</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">An Award will Vest on the latest of:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">5.1.1</TD><TD STYLE="text-align: justify">the Vesting Date; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">5.1.2</TD><TD STYLE="text-align: justify">the date it is decided that any Performance Conditions and/or other Conditions are satisfied,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">unless otherwise
determined by the Committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.2</FONT></TD><TD STYLE="text-align: justify">Extent of Vesting</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">An Award will Vest to the extent that
the Committee decides that any Performance Conditions and/or other Conditions are satisfied.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.3</FONT></TD><TD STYLE="text-align: justify">Fractions</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Where an Award would otherwise Vest
over a fraction of a Share, the Shares that will Vest will be rounded down to the nearest whole Share, unless otherwise determined by
the Committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.4</FONT></TD><TD STYLE="text-align: justify">Overriding discretion</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee may adjust the extent
to which an Award will Vest if it considers the extent of Vesting would otherwise not be appropriate, including when considering:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">5.4.1</TD><TD STYLE="text-align: justify">the wider performance of the Group;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">5.4.2</TD><TD STYLE="text-align: justify">the conduct, capability or performance of the Participant;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">5.4.3</TD><TD STYLE="text-align: justify">the experience of stakeholders;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">5.4.4</TD><TD STYLE="text-align: justify">any windfall gains;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">5.4.5</TD><TD STYLE="text-align: justify">the total value that would otherwise be received by the Participant compared to the maximum value that
the Award was intended to deliver; or</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">5.4.6</TD><TD STYLE="text-align: justify">any other reason at the discretion of the Committee.</TD></TR></TABLE>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.5</FONT></TD><TD STYLE="text-align: justify">Process for exercise of Options</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">A Participant may exercise an Option
by giving notice at any time during the Exercise Period in the manner decided by the Committee.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The exercise of an Option is effective
on the date of receipt of the notice (and the exercise price, if required).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If notice to exercise is given but
any Exercise Conditions are not met at the time of receipt of notice, such exercise will be processed as soon as practicable following
determination by the Committee that such Exercise Conditions have been met.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">An Option may be exercised in full
or in part.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.6</FONT></TD><TD STYLE="text-align: justify">Option tranches</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee may decide that if</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">5.6.1</TD><TD STYLE="text-align: justify">an Option is made up of different tranches; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">5.6.2</TD><TD STYLE="text-align: justify">the Option is exercised,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">all tranches of that
Option that are then capable of exercise will be exercised on that occasion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</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">6.</TD><TD STYLE="text-align: justify">Lapsing</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">An Award will lapse to the extent any
part of it is no longer capable of Vesting (or of being exercised).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">To the extent an Award lapses, it cannot
Vest, or be exercised, under any other provision of the Plan. This means that, to the extent the Award lapses, the Participant has no
right to receive the Shares or cash comprised in the Award.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In the case of a Forfeitable Award,
the beneficial and legal title to the Shares will immediately transfer to the Company or such other person and on such terms as the Committee
specifies, and the Participant will enter into such documents and take all actions that the Company requires to effect or facilitate the
transfer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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">7.</TD><TD STYLE="text-align: justify">Settlement of Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.1</FONT></TD><TD STYLE="text-align: justify">Delivery of Shares or cash</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If an Award Vests, the Committee will
arrange for the delivery of Shares or cash to the Participant as soon as practicable after Vesting or, in the case of an Option, exercise.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In the case of a Forfeitable Award,
if it is not already held by the Participant, the legal interest in the Shares will be transferred to the Participant or otherwise in
accordance with the Participant&rsquo;s instructions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.2</FONT></TD><TD STYLE="text-align: justify">Phantom Award payment</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In the case of a Phantom Award, the
cash sum will be equal to the aggregate Market Value of the notional Shares which have Vested.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.3</FONT></TD><TD STYLE="text-align: justify">Dividend Equivalents</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Where a Conditional Award, an Option
or a Phantom Award includes Dividend Equivalents, the Participant will receive:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 49.65pt">7.3.1</TD><TD STYLE="text-align: justify">an amount equal to the dividends, the record date for which falls between the Award Date and Vesting,
multiplied by the number of Shares in respect of which the Award Vests; or</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: 28.35pt"></TD><TD STYLE="width: 49.65pt">7.3.2</TD><TD STYLE="text-align: justify">if the Committee so decides in the case of Options, an amount equal to the dividends, the record date
for which falls between the Award Date and exercise, multiplied by the number of shares of Shares in respect of which the Award is exercised.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Dividend Equivalents will be calculated
on such basis as the Committee decides. Special dividends will not be included, unless the Committee decides otherwise.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Any Dividend Equivalents may be paid
in cash or in such whole number of shares of Shares (rounded down) that have an aggregate Market Value at Vesting (or where rule 7.3.2
applies, exercise), which is closest to that amount.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Dividend Equivalents will be paid as
soon as reasonably practicable following Vesting or, in the case of Options, exercise, as applicable, of the related Award and on the
same terms as the related Award.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.4</FONT></TD><TD STYLE="text-align: justify">Nominee</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Shares may be delivered to and held
by a nominee on behalf of the Participant and on such terms as the Committee may determine at the Award Date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.5</FONT></TD><TD STYLE="text-align: justify">Shareholder rights</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Shares issued in connection with this
Plan will rank equally in all respects with the Shares in issue on that date.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Participants will only be entitled
to rights attaching to Shares from the date of the allotment or transfer to them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.6</FONT></TD><TD STYLE="text-align: justify">Cash alternative</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee may choose to settle
any Award partly or fully in cash. The Participant will have no right to acquire the Shares in respect of which an Award has been settled
in cash.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.7</FONT></TD><TD STYLE="text-align: justify">Share transfer tax</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee will arrange payment
of any share transfer taxes that arise on grant or settlement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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">8.</TD><TD STYLE="text-align: justify">Investigations</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.1</FONT></TD><TD STYLE="text-align: justify">Relevant investigation</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">This rule applies where an investigation
is ongoing that might lead to Malus and/or Clawback being triggered in relation to a Participant&rsquo;s Award.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.2</FONT></TD><TD STYLE="text-align: justify">Impact of investigation</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If an investigation is ongoing then,
unless the Committee decides otherwise:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">8.2.1</TD><TD STYLE="text-align: justify">the Participant&rsquo;s Award will not Vest;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">8.2.2</TD><TD STYLE="text-align: justify">if it is an Option, exercise will be suspended; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">8.2.3</TD><TD STYLE="text-align: justify">where relevant, the Participant&rsquo;s Award will not be settled,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">until the investigation
is concluded and then any Award will only Vest, be exercisable or be settled as determined by the Committee. If the Exercise Period of
an Option would otherwise have ended, the Committee can decide to extend the period and &ldquo;Exercise Period&rdquo; will be understood
accordingly.</P>

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

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    <!-- Field: /Page -->

<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">9.</TD><TD STYLE="text-align: justify">Dealing Restrictions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9.1</FONT></TD><TD STYLE="text-align: justify">Application of rule</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">This rule 9 (Dealing Restrictions)
applies if Dealing Restrictions would prohibit the exercise of an Option, delivering or arranging delivery of Shares or cash to settle
an Award, and/or the Participant from selling Shares, including if required to discharge Tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9.2</FONT></TD><TD STYLE="text-align: justify">Impact of Dealing Restrictions</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If Dealing Restrictions apply, then:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">9.2.1</TD><TD STYLE="text-align: justify">an Unvested Award will not Vest until the Dealing Restrictions cease to apply;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">9.2.2</TD><TD STYLE="text-align: justify">any exercise will take effect as soon as practicable after the Dealing Restrictions cease to apply;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">9.2.3</TD><TD STYLE="text-align: justify">if an Exercise Period would otherwise end before the Dealing Restrictions cease to apply, it will be extended
to end 30 days after the Dealing Restrictions cease to apply and &ldquo;Exercise Period&rdquo; will be understood accordingly; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">9.2.4</TD><TD STYLE="text-align: justify">the delivery of Shares or cash to settle an Award will not occur until the Dealing Restrictions cease
to apply,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">unless the Committee decides otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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">10.</TD><TD STYLE="text-align: justify">Holding Period</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10.1</FONT></TD><TD STYLE="text-align: justify">Application of rule</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">An Award granted to an Executive Director
will be subject to a Holding Period if required under the Remuneration Policy or any other policy approved by the Committee.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">An Award granted to any other Employee
may be subject to a Holding Period, as set out in rule 2.4 (Terms of Awards), unless the Committee decides otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10.2</FONT></TD><TD STYLE="text-align: justify">Impact of Holding Period</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If a Holding Period applies, the Shares
acquired on Vesting or exercise may not be transferred, assigned or otherwise disposed of during the Holding Period other than a transfer:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">10.2.1</TD><TD STYLE="text-align: justify">to the Participant&rsquo;s personal representatives on death;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">10.2.2</TD><TD STYLE="text-align: justify">to a nominee in accordance with rule 10.3 (Nominee);</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">10.2.3</TD><TD STYLE="text-align: justify">in accordance with rule 16.1 (Withholding);</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">10.2.4</TD><TD STYLE="text-align: justify">under the Malus and Clawback Policy;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">10.2.5</TD><TD STYLE="text-align: justify">in connection with an event described in rule 13 (Takeovers and other corporate events) or rule 15.1 (Adjustments
to Awards); or</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">10.2.6</TD><TD STYLE="text-align: justify">otherwise with the agreement of the Committee,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">and any such attempted action will
be invalid and ineffective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10.3</FONT></TD><TD STYLE="text-align: justify">Nominee</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Following Vest, or exercise, as applicable,
the Committee may decide that Shares will be delivered to and held by a nominee on behalf of the Participant until the expiry of the Holding
Period on such terms as the Committee may decide.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">At the end of the Holding Period, the
Participant may direct that the Shares are transferred from the nominee arrangement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10.4</FONT></TD><TD STYLE="text-align: justify">Phantom and cash-settled Awards</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee will decide if and how
any Holding Period will operate in relation to cash and will communicate this to the Participant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10.5</FONT></TD><TD STYLE="text-align: justify">Proof of ownership</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If the Committee requires, a Participant
must provide proof of continued beneficial ownership of the Shares during and at the end of the Holding Period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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">11.</TD><TD STYLE="text-align: justify">Leaving</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11.1</FONT></TD><TD STYLE="text-align: justify">Leaving &ndash; before Vesting</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Where a Participant Leaves before Vesting,
the Award will lapse on the date the Participant Leaves, unless other provisions of this rule 11 (Leaving) apply.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If a Participant Leaves for a Good
Leaver Reason before Vesting, the Award will:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">11.1.1</TD><TD STYLE="text-align: justify">if the reason is death, Vest on the date of death, or as soon as practicable following such date;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">11.1.2</TD><TD STYLE="text-align: justify">otherwise continue until the normal date of Vesting, unless the Committee determines otherwise; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">11.1.3</TD><TD STYLE="text-align: justify">Vest, and, for an Option, become exercisable only to the extent prescribed by rule 11.4 (Good leavers
&ndash; Vesting and exercise).</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: 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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11.2</FONT></TD><TD STYLE="text-align: justify">Leaving &ndash; after Vesting</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If a Participant Leaves after Vesting,
the Award will:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">11.2.1</TD><TD STYLE="text-align: justify">continue in accordance with 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">11.2.2</TD><TD STYLE="text-align: justify">in the case of an Option, be exercisable for a period of 6 months (12 months in the case of the Participant&rsquo;s
death) from the date the Participant Leaves (or such longer period as the Committee decides) and will then lapse, unless otherwise determined
by the Committee.</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: 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: 31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11.3</FONT></TD><TD STYLE="text-align: justify">Summary dismissal</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If, at any time, a Participant is summarily
dismissed or Leaves in circumstances where the Participant&rsquo;s employer would have been entitled to summarily dismiss the Participant
(in the opinion of the Committee) then that Participant&rsquo;s Awards will immediately lapse.</P>

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

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    <!-- Field: /Page -->

<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 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11.4</FONT></TD><TD STYLE="text-align: justify">Good leavers &ndash; Vesting and exercise</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If this rule 11.4 (Good leavers &ndash;
Vesting and exercise) applies:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">11.4.1</TD><TD STYLE="text-align: justify">An Award will only Vest:</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: 134.7pt"></TD><TD STYLE="width: 42.55pt">11.4.2</TD><TD STYLE="text-align: justify">to the extent that the Committee decides any Performance Conditions and/or other Conditions have been
satisfied, unless the Committee decides otherwise;</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: 70.9pt"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD STYLE="text-align: justify">in accordance with any adjustment under rule 5.4 (Overriding discretion); 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: 70.9pt"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify">pro-rata to reflect the period from the Award Date until the date the Participant Leaves, as a proportion
of the period from the Award Date until the Vesting Date unless the Committee decides otherwise,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">and, to the extent the Participant&rsquo;s
Award does not Vest, it will then lapse; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">11.4.3</TD><TD STYLE="text-align: justify">Options will be exercisable for a period of 6 months (12 months in the case of the Participant&rsquo;s
death) from Vesting (or such longer period as the Committee decides) and will then lapse. This will not extend any Exercise Period that
would otherwise apply to an Award.</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: 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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11.5</FONT></TD><TD STYLE="text-align: justify">Leaving - Holding Period</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Where a Participant Leaves, any Holding
Period will continue to apply unless the Committee decides otherwise, except on death, where any Holding Period will cease to apply.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11.6</FONT></TD><TD STYLE="text-align: justify">Changing role and/or responsibilities</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Where a Participant&rsquo;s role and/or
responsibilities within the Group significantly change, but the Participant does not Leave, the Committee may decide to treat that Participant
as Leaving for the purposes of any Awards which have not Vested, in which case the Participant will be treated in respect of those Awards
as Leaving for a Good Leaver Reason, unless the Committee decides otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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">12.</TD><TD STYLE="text-align: justify">Mobile Participants</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12.1</FONT></TD><TD STYLE="text-align: justify">Application of rule</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If a Participant moves from one jurisdiction
to another or becomes tax resident in a different jurisdiction and, as a result, there may be adverse legal, regulatory, tax or administrative
consequences for the Participant and/or a Member of the Group in connection with an Award then the Committee may adjust that Participant&rsquo;s
Award so that the Award is on such terms, subject to such conditions and over such Shares (or other type of securities or cash) as the
Committee may consider appropriate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12.2</FONT></TD><TD STYLE="text-align: justify">Cancellation</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If the Committee decides that the adjustment
of an Award under rule 12.1 (Application of rule) is not practicable or appropriate, the Committee may decide that the Award will lapse.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12.3</FONT></TD><TD STYLE="text-align: justify">Notifying Participants</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee will notify affected
Participants of any adjustment or decision made under this rule 12 (Mobile Participants) as soon as practicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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">13.</TD><TD STYLE="text-align: justify">Takeovers and other corporate events</TD></TR></TABLE>

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

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13.1</FONT></TD><TD STYLE="text-align: justify">Takeovers</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">For the purposes of this rule 13 (Takeovers
and other corporate events), a takeover occurs when:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">13.1.1</TD><TD STYLE="text-align: justify">a general offer to acquire Shares made by a person (or a group of persons acting in concert) becomes wholly
unconditional;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">13.1.2</TD><TD STYLE="text-align: justify">under Section 895 of the Companies Act 2006 or equivalent procedure under local legislation, a court sanctions
a compromise or arrangement in connection with the acquisition of Shares; or</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">13.1.3</TD><TD STYLE="text-align: justify">a person (or a group of persons acting in concert) obtains Control of the Company in any other way.</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: 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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13.2</FONT></TD><TD STYLE="text-align: justify">Other corporate events</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If the Company is or may be affected
by:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">13.2.1</TD><TD STYLE="text-align: justify">any demerger, delisting, distribution (other than an ordinary dividend) or other transaction which, in
the opinion of the Committee, might affect the current or future value of any Award; or</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">13.2.2</TD><TD STYLE="text-align: justify">any reverse takeover (not within rule 13.2.1 above), merger by way of a dual listed company or other significant
corporate event, as determined by the Committee,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">the Committee may decide that, for
the purposes of this this rule 13 (Takeovers and other corporate events), such event should be treated as if it were a takeover event
within rule 13.1 (Takeovers).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13.3</FONT></TD><TD STYLE="text-align: justify">Time of Vesting</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Where one of the events set out in
rule 13.1 (Takeovers) occurs or the Committee decides pursuant to rule 13.2 (Other corporate events) that an event should be treated in
the same way as a takeover, Awards will Vest to the extent provided in rule 13.5 (Extent of Vesting) on the date of such event, unless
rule 14 (Exchange of Awards) applies or the Committee decides otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13.4</FONT></TD><TD STYLE="text-align: justify">Winding up</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If notice is given of a resolution
for the voluntary winding up of the Company, Awards will Vest on the date the notice is given in accordance with rule 13.5 (Extent of
Vesting).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13.5</FONT></TD><TD STYLE="text-align: justify">Extent of Vesting</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If this rule 13.5 (Extent of Vesting)
applies:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">13.5.1</TD><TD STYLE="text-align: justify">an Award will Vest:</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: 134.7pt"></TD><TD STYLE="width: 42.55pt">13.5.2</TD><TD STYLE="text-align: justify">to the extent that the Committee decides any Performance Conditions and/or other Conditions have been
satisfied, unless the Committee determines otherwise;</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: 70.9pt"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD STYLE="text-align: justify">pro-rata to reflect the period from the Award Date until the date of Vesting, as a proportion of the period
from the Award Date until the Vesting Date unless the Committee decides otherwise; 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: 70.9pt"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify">in accordance with any adjustment under rule 5.4 (Overriding discretion),</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 99.25pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">and
to the extent the Participant&rsquo;s Award does not Vest, it will then lapse.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 99.25pt; text-align: justify; text-indent: 0in">&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: 28.35pt"></TD><TD STYLE="width: 42.55pt">13.5.3</TD><TD STYLE="text-align: justify">Where an Option Vests pursuant to this rule 13 (Takeovers and other corporate events) or was already Vested,
it will be exercisable for a period of 1 month from the date of the relevant event, or within such other period as the Committee decides,
and then will lapse. This will not extend any Exercise Period that would otherwise apply to an Award.</TD></TR></TABLE>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13.6</FONT></TD><TD STYLE="text-align: justify">Malus and Clawback</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If this rule 13 (Takeovers and other
corporate events) applies to an Award, the Committee may determine that Malus and Clawback will no longer apply to the Award or will be
varied in its application to the Award.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In relation to any cash or Shares acquired
prior to the relevant event, Malus and Clawback will continue to apply, with such amendments as the Committee determines.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13.7</FONT></TD><TD STYLE="text-align: justify">Holding Period</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If this rule 13 (Takeovers and other
corporate events) applies to an Award, any applicable Holding Period will cease to apply to an Award unless the Committee determines that
it should continue to apply until its expiry in accordance with the Plan and the terms of the Award.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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">14.</TD><TD STYLE="text-align: justify">Exchange of Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14.1</FONT></TD><TD STYLE="text-align: justify">Meaning of &ldquo;Acquirer&rdquo;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">For the purposes of this rule 14 (Exchange
of Awards), <B>&ldquo;Acquirer&rdquo;</B> means a person that obtains Control of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14.2</FONT></TD><TD STYLE="text-align: justify">Application of rule</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Where any event within rule 13.1 (Takeovers),
is expected to or does apply, including where the Committee decides pursuant to rule 13.2 (Other corporate events) that an event should
be treated in the same way as a takeover:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">14.2.1</TD><TD STYLE="text-align: justify">if the relevant event constitutes a <B>corporate reorganisation of the Company where substantially all
the shareholders of the Company immediately before the reorganisation will continue to have Control immediately afterwards</B>, Awards
will not Vest under rule 13 (Takeovers and other corporate events) but will instead, along with Vested Awards, be exchanged for new awards,
unless the Committee decides otherwise; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">14.2.2</TD><TD STYLE="text-align: justify">in any other case, the Committee may, with the consent of the Acquirer, decide that Awards will not Vest
under rule 13 (Takeovers and other corporate events) but will instead, along with Vested Awards, be exchanged for new awards.</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: 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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14.3</FONT></TD><TD STYLE="text-align: justify">Timing of exchange</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Any such exchange will take place on
(or as soon as practicable after) the relevant event under rule 13 (Takeovers and other corporate events).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14.4</FONT></TD><TD STYLE="text-align: justify">Exchange terms</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Any new award will be granted on such
terms and over such shares (or other types of securities) as the Committee decides. Participants will enter into such arrangements and/or
documents as the Committee requires in order to give effect to the terms of the new award.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14.5</FONT></TD><TD STYLE="text-align: justify">Interpretation following exchange</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Unless the Committee decides otherwise,
any new award that is subject to the Plan will be interpreted as if references to Shares are references to the shares (or other securities)
over which the new award is granted and references to the Company are to such company as the Committee decides.</P>

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

<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">15.</TD><TD STYLE="text-align: justify">Variations in share capital</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15.1</FONT></TD><TD STYLE="text-align: justify">Adjustments to Awards</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt">If there is:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt">&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: 28.35pt"></TD><TD STYLE="width: 42.55pt">15.1.1</TD><TD STYLE="text-align: justify">a variation in the issued share capital of the Company, including a capitalisation or rights issue, open
offer, sub-division, consolidation or reduction of share capital;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">15.1.2</TD><TD STYLE="text-align: justify">a demerger (in whatever form);</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">15.1.3</TD><TD STYLE="text-align: justify">a special dividend or distribution; or</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">15.1.4</TD><TD STYLE="text-align: justify">any other transaction which the Committee decides will materially affect the value of the Shares,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">and where the Committee has not decided
pursuant to rule 13.2 (Other corporate events) that such event will be treated as a takeover, the Committee may adjust the Award so that
the Award is on such terms and over such number or class of Shares as the Committee considers appropriate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15.2</FONT></TD><TD STYLE="text-align: justify">Notice of Adjustments</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee will notify Participants
of any adjustment made under rule 15.1 (Adjustments to Awards) as soon as practicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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">16.</TD><TD STYLE="text-align: justify">Tax</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16.1</FONT></TD><TD STYLE="text-align: justify">Withholding</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Any Member of the Group, any employing
company, the trustee of any relevant employee benefit trust or any third-party provider nominated by the Committee may:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">16.1.1</TD><TD STYLE="text-align: justify">withhold such amounts from a Participant (including deducting such amounts from any cash payment owed
to the Participant) and retain some or all of it;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">16.1.2</TD><TD STYLE="text-align: justify">sell some or all of the Shares to which the Participant is entitled under the Plan on behalf of the Participant;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">16.1.3</TD><TD STYLE="text-align: justify">reduce some of the Shares to which the Participant is entitled under the Plan on behalf of the Participant
(in accordance with rule 7.6 (Cash alternative)); or</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">16.1.4</TD><TD STYLE="text-align: justify">make such other withholding arrangements as it considers necessary or desirable,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">to meet any liability for Taxation,
collect any outstanding exercise price and to meet any applicable dealing and/or currency exchange costs and other associated costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16.2</FONT></TD><TD STYLE="text-align: justify">Participant indemnity</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">A Participant indemnifies the Group
for that Participant&rsquo;s liability for Tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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">17.</TD><TD STYLE="text-align: justify">Terms of employment</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17.1</FONT></TD><TD STYLE="text-align: justify">Application</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">This rule 17 (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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17.2</FONT></TD><TD STYLE="text-align: justify">Not part of employment contract</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Nothing in the rules of the Plan or
the operation of the Plan forms part of an Employee&rsquo;s contract of employment or alters it. The rights and obligations arising from
the employment or former 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, employment (continued or otherwise).</P>

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

<!-- Field: Page; Sequence: 16 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17.3</FONT></TD><TD STYLE="text-align: justify">No future expectation</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">No Employee has a right to participate
in the Plan. Participation in the Plan or the grant of an Award on a particular basis in any year does not create any right to or expectation
of participation in the Plan or the grant of an Award on the same, or any other, basis (or at all) in the future.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17.4</FONT></TD><TD STYLE="text-align: justify">Decisions and discretion</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The terms of the Plan do not entitle
the Employee to the exercise of any discretion in the Employee&rsquo;s favour. 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17.5</FONT></TD><TD STYLE="text-align: justify">No compensation</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">No Employee has any right to compensation
or damages for any loss (actual or potential) in relation to the Plan, including any loss in relation to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">17.5.1</TD><TD STYLE="text-align: justify">any loss or reduction of rights or expectations under the Plan in any circumstances (including lawful
or unlawful termination of employment);</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">17.5.2</TD><TD STYLE="text-align: justify">any exercise of a discretion or a decision taken in relation to an Award or to the Plan, or any failure
or delay to exercise a discretion or take a decision; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">17.5.3</TD><TD STYLE="text-align: justify">the operation, suspension, termination or amendment of the Plan.</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: 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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17.6</FONT></TD><TD STYLE="text-align: justify">Waiver</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">By participating in the Plan, an Employee
agrees to waive all rights which might otherwise arise under the Plan, other than the right to acquire Shares or cash (as appropriate)
subject to and in accordance with the explicit rules of the Plan, in consideration for and as a condition of the grant of an Award.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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">18.</TD><TD STYLE="text-align: justify">General</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18.1</FONT></TD><TD STYLE="text-align: justify">Data protection</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Participation in the Plan will be subject
to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">18.1.1</TD><TD STYLE="text-align: justify">any data protection policies applicable to any relevant Member of the Group;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">18.1.2</TD><TD STYLE="text-align: justify">any applicable privacy notices; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">18.1.3</TD><TD STYLE="text-align: justify">where requested, any applicable consents.</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: 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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18.2</FONT></TD><TD STYLE="text-align: justify">Cons<FONT STYLE="font-weight: normal">e</FONT>nts and filings</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">All allotments, issues and transfers
of Shares or cash payments will be subject to the Company&rsquo;s articles of association and any necessary consents or filings required
in any relevant jurisdiction. The Participant will be responsible for complying with any requirements needed in order to obtain, or to
avoid the necessity for, any such consents or filings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18.3</FONT></TD><TD STYLE="text-align: justify">Source of Shares</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Awards may be settled using newly issued
Shares, Shares transferred from treasury and Shares purchased in the market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18.4</FONT></TD><TD STYLE="text-align: justify">Listing</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If, and for as long as the Shares are
listed on the London Stock Exchange (or, if the Committee decides, 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.</P>

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

<!-- Field: Page; Sequence: 17 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18.5</FONT></TD><TD STYLE="text-align: justify">Notices</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Any notice or other communication required
under this Plan will be given in writing, which may include electronic means.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Any notice or other communication to
be given to an Employee or Participant may be delivered by electronic means (including by email, through the Group&rsquo;s intranet or
a share plan portal), personally delivered or sent by ordinary post to such address as the Committee reasonably considers appropriate.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">Any notice or other
communication to be given to the Company or its agents may be delivered or sent to its registered office or such other place and by such
means as the Committee or the Company&rsquo;s agents may specify and notify to Employees and/or Participants, as relevant.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Notices or other communications:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">18.5.1</TD><TD STYLE="text-align: justify">sent electronically will be deemed to have been received immediately (if sent during usual business hours)
or at the opening of business on the next Business Day (if sent outside usual business hours);</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">18.5.2</TD><TD STYLE="text-align: justify">that are personally delivered will be deemed to have been received when left at the relevant address (if
left during usual business hours) or at the opening of business on the next Business Day (if left outside usual business hours); 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">18.5.3</TD><TD STYLE="text-align: justify">sent by post will be deemed to have been received 24 hours after posting to a UK address or 3 days after
posting to an address outside the UK,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">unless there is evidence to the contrary.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">All notices or communications to be
given to Employees or Participants are given and sent at the risk of the addressee. No Member of the Group has any liability in respect
of any notice or communication given or sent, nor need they be concerned to see that the addressee actually receives it.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18.6</FONT></TD><TD STYLE="text-align: justify">Third party rights</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Except as otherwise expressly stated
to the contrary, nothing in the Plan confers any benefit, right or expectation on any person other than an Employee, Participant or Member
of the Group. No third party has any rights under the Contracts (Rights of Third Parties) Act 1999 (or any similar legislation in an overseas
jurisdiction) to enforce any rule of this Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18.7</FONT></TD><TD STYLE="text-align: justify">Bankruptcy</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">A Participant&rsquo;s Award will lapse
if the Participant becomes bankrupt or enters into a compromise (or any overseas equivalent) with the Participant&rsquo;s creditors generally,
other than where the compromise (or overseas equivalent) is entered into by the Participant voluntarily and at the Participant&rsquo;s
complete discretion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18.8</FONT></TD><TD STYLE="text-align: justify">Not pensionable</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">None of the benefits that may be received
under the Plan are pensionable.</P>

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

<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 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18.9</FONT></TD><TD STYLE="text-align: justify">Not transferable</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">A Participant&rsquo;s Award will lapse
if the Participant transfers, assigns, charges or otherwise disposes of the Award or any of the rights in respect of it, whether voluntarily
or involuntarily (other than to that Participant&rsquo;s personal representatives on death).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18.10</FONT></TD><TD STYLE="text-align: justify">Currency conversions</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Any conversion of money into different
currencies (whether notional or actual) will be done at a time and rate of exchange that the Committee decides.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">No Member of the Group will be liable
for any loss due to movements in currency exchange rates or conversion or money transfer charges.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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">19.</TD><TD STYLE="text-align: justify">Administration</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19.1</FONT></TD><TD STYLE="text-align: justify">Administration of the Plan</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Plan will be administered by the
Committee, which has authority to make such rules and regulations for the administration of the Plan as it considers necessary or desirable.
The Committee may delegate any and all of its rights and powers under the Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19.2</FONT></TD><TD STYLE="text-align: justify">Committee decisions</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">All decisions of the Committee in connection
with the Plan and its interpretation and the terms of any Awards (including in any dispute) will be final and conclusive.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee will decide whether and
how to exercise any discretion in the Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19.3</FONT></TD><TD STYLE="text-align: justify">Severance of rules</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If any provision of the Plan is held
to be invalid, illegal or unenforceable for any reason by any court with jurisdiction then, for the purposes of that jurisdiction only:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">19.3.1</TD><TD STYLE="text-align: justify">such provision will be deleted; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">19.3.2</TD><TD STYLE="text-align: justify">the remaining provisions will continue in full force and effect,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">unless the Committee decides otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19.4</FONT></TD><TD STYLE="text-align: justify">Language</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Where there is any conflict between
the terms of the English version of the Plan, the Awards and/or any ancillary documents and a version in any other language, the English
language version will prevail.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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">20.</TD><TD STYLE="text-align: justify">Changing the Plan and termination</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20.1</FONT></TD><TD STYLE="text-align: justify">General power</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Except as otherwise provided by rule
20.2 (Shareholder approval), the Committee may change the Plan in any way and at any time.</P>

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

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    <!-- Field: /Page -->

<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 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20.2</FONT></TD><TD STYLE="text-align: justify">Shareholder approval</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee will obtain prior approval
of shareholders by ordinary resolution for any change to the Plan which is to the advantage of present or future Participants and which
relates to any of the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">20.2.1</TD><TD STYLE="text-align: justify">the persons who may receive Shares or cash under the Plan;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">20.2.2</TD><TD STYLE="text-align: justify">the total number or amount of Shares or cash which may be delivered or paid under the Plan;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">20.2.3</TD><TD STYLE="text-align: justify">the maximum entitlement for any Participant;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">20.2.4</TD><TD STYLE="text-align: justify">the basis for determining a Participant&rsquo;s entitlement to, and the terms of, Shares or cash provided
under the Plan and the rights of a Participant in the event of a variation made under rule 15.1.1; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">20.2.5</TD><TD STYLE="text-align: justify">this rule 20.2 (Shareholder approval).</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: 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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20.3</FONT></TD><TD STYLE="text-align: justify">Shareholder approval &ndash; minor changes exception</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee need not obtain shareholder
approval for any minor changes to the Plan which are to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">20.3.1</TD><TD STYLE="text-align: justify">benefit the administration of the Plan;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">20.3.2</TD><TD STYLE="text-align: justify">comply with or take account of a change in legislation; and/or</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">20.3.3</TD><TD STYLE="text-align: justify">obtain or maintain favourable tax, exchange control or regulatory treatment of any Member of the Group
or any present or future Participant.</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: 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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20.4</FONT></TD><TD STYLE="text-align: justify">Participant consent</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If a proposed change would be to the
material disadvantage of one or more Participants in respect of existing rights under the Plan, then the Committee must obtain the written
consent of the affected Participant(s).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee need not obtain Participant
consent for any minor changes which are to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">20.4.1</TD><TD STYLE="text-align: justify">benefit the administration of the Plan;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">20.4.2</TD><TD STYLE="text-align: justify">comply with or take account of a change in legislation; and/or</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">20.4.3</TD><TD STYLE="text-align: justify">obtain or maintain favourable tax, exchange control or regulatory treatment of any Member of the Group
or any present or future Participant.</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: 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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20.5</FONT></TD><TD STYLE="text-align: justify">Notice of change</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee will give written notice
of changes to Participants whose Awards are materially affected.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20.6</FONT></TD><TD STYLE="text-align: justify">International variations</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Committee may establish plans or
schedules based on the Plan, but modified to take account of any local tax, exchange control or securities laws in other jurisdictions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20.7</FONT></TD><TD STYLE="text-align: justify">Termination of the Plan</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Plan will terminate on 5th
May 2033 (or on such earlier date as the Committee decides). Termination will not affect existing rights under the Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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">21.</TD><TD STYLE="text-align: justify">Governing law and jurisdiction</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The laws of England and Wales govern
the Plan and all Awards. The courts of England and Wales have exclusive jurisdiction in respect of any disputes arising in connection
with the Plan or any Award.</P>

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

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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Appendix 1<BR>
Awards granted to US taxpayers (409A exempt)</P>

<P STYLE="font: bold 12pt 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">The purpose of this Appendix is to make certain
variations to the terms of the Plan in the case of its operation for Participants who are US Taxpayers. In the event that a Participant
becomes a US Taxpayer after the Award Date, then the Participant&rsquo;s Awards will immediately be modified in a manner consistent with
the provisions of this Appendix 1, if the Committee so determines. References in this Appendix to Awards granted to US Taxpayers shall
include Awards held by a Participant who becomes a US Taxpayer subsequent to the Award Date.</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: 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-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify">Meaning of words used</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&ldquo;Award
Short-Term Deferral Period&rdquo; <FONT STYLE="font-weight: normal">means the period commencing on the date that a Conditional Award is
no longer subject to a &ldquo;substantial risk of forfeiture&rdquo; for the purposes of Section&nbsp;409A and ending upon the 15th day
of the third month following the end of the Taxable Year in which such Award first is no longer subject to the substantial risk of forfeiture;</FONT></P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&ldquo;Section
409A&rdquo; <FONT STYLE="font-weight: normal">means Section 409A of the US Internal Revenue Code of 1986, as amended, and the Treasury
Regulations promulgated and other official guidance issued under it, collectively, and &ldquo;Treasury Regulations&rdquo; will be understood
accordingly;</FONT></P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&ldquo;Short-Term
Deferral Period&rdquo; <FONT STYLE="font-weight: normal">means the Award Short-Term Deferral Period;</FONT></P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&ldquo;Taxable
Year&rdquo; <FONT STYLE="font-weight: normal">means the calendar year or, if later, the end of the taxable year of the Member of the Group
that employs the US Taxpayer; and</FONT></P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&ldquo;US Taxpayer&rdquo;
<FONT STYLE="font-weight: normal">means a Participant who is subject to US federal income taxation on the Award Date, or who is expected
to become subject to US federal income taxation following the Award Date, or who becomes subject to US federal income taxation following
the Award Date but prior to the date upon which the Award Vests.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD STYLE="text-align: justify">Grant of Awards</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If a Participant becomes subject to
any US tax or social security contributions liability in connection with an Award after the Award Date, any Unvested Option that they
hold at that time will be treated as if it had been granted as a Conditional Award without any further action on the part of the Participant
or the Company. Such Conditional Award, if determined by the Company, will be governed by the terms of this Appendix 1.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD STYLE="text-align: justify">Settlement of Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">3.1</FONT></TD><TD STYLE="text-align: justify">Timing for payment</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Notwithstanding any of the rules of
the Plan and except as otherwise permitted by paragraph 2.2 (Permissible delay) of this Appendix, an Award granted to a US Taxpayer must
be settled under rule 7 (Settlement of Awards) no later than the end of the Award Short-Term Deferral Period</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">3.2</FONT></TD><TD STYLE="text-align: justify">Permissible delay</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In the event that an Award granted
to a US Taxpayer has not been settled by the end of the Award Short-Term Deferral Period because settlement would have violated applicable
law, then to the extent permissible under Section&nbsp;1.409A-1(b)(4)(ii) of the proposed Treasury Regulations, such settlement may be
delayed so long as the Award is then settled at the earliest date at which it is reasonably anticipated that such law no longer prevents
such settlement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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 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-family: Arial, Helvetica, Sans-Serif">3.3</FONT></TD><TD STYLE="text-align: justify">Leavers</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If a US Taxpayer Leaves and, in accordance
with paragraph 2.1 (Timing for payment) above and an Award is satisfied before the Vesting Date, then the Shares or cash (as applicable)
acquired by the US Taxpayer may not be transferred, assigned or otherwise disposed of by or on behalf of the US Taxpayer before the Vesting
Date other than:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">3.3.1</TD><TD STYLE="text-align: justify">to the US Taxpayer&rsquo;s personal representatives in the event of the US Taxpayer&rsquo;s subsequent
death;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">3.3.2</TD><TD STYLE="text-align: justify">to a nominee on behalf of the US Taxpayer;</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">3.3.3</TD><TD STYLE="text-align: justify">in accordance with rule 16.1 (Withholding) to fund any liability for Tax (as well as any applicable dealing
and/or currency exchange costs and other associated costs);</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">3.3.4</TD><TD STYLE="text-align: justify">due to any Malus and/or Clawback being triggered; or</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">3.3.5</TD><TD STYLE="text-align: justify">if the Committee decides otherwise.</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: 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-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD STYLE="text-align: justify">Dividend Equivalents</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Any Dividend Equivalents in respect
of an Award granted to a US Taxpayer shall be paid under rule 7.3 (Dividend Equivalents) no later than the end of the Award Short-Term
Deferral Period (for Dividend Equivalents on Awards other than Options), or such later date permitted by paragraph 3 (Settlement of Awards)
of this Appendix.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">5.</FONT></TD><TD STYLE="text-align: justify">No extension of Short-Term Deferral Period</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">5.1</FONT></TD><TD STYLE="text-align: justify">Delay for investigations</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The application of rule 8 (Investigations)
to an Award granted to a US Taxpayer will not impose an additional, or extend the existing, substantial risk of forfeiture applicable
to the Award for the purposes of Section 409A, and will not extend the deadline for settlement under paragraph 3 (Settlement of Awards)
or payment under paragraph 4 (Dividend Equivalents) of this Appendix.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">5.2</FONT></TD><TD STYLE="text-align: justify">Dealing Restrictions</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The application of Dealing Restrictions
to an Award granted to a US Taxpayer will not impose an additional, or extend the existing, substantial risk of forfeiture applicable
to the Award for the purposes of Section 409A, and will not extend the deadline for settlement under paragraph 3 (Settlement of Awards)
or payment under paragraph 4 (Dividend Equivalents) of this Appendix.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">5.3</FONT></TD><TD STYLE="text-align: justify">Holding Period</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">For the avoidance of doubt, any Holding
Period imposed by the Company with respect to an Award granted to a US Taxpayer will not impose an additional or extend the existing substantial
risk of forfeiture applicable to such Award for the purposes of Section 409A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">6.</FONT></TD><TD STYLE="text-align: justify">Changes to Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">6.1</FONT></TD><TD STYLE="text-align: justify">Conditions</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Any Performance Conditions or other
Conditions applicable to an outstanding Award granted to a US Taxpayer may not be altered if and to the extent that the alteration would
result in the Short-Term Deferral Period ending earlier, except where the condition is waived.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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 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-family: Arial, Helvetica, Sans-Serif">6.2</FONT></TD><TD STYLE="text-align: justify">Adjustments</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Where there is to be an adjustment
of an Award granted to a US Taxpayer pursuant to rule 12 (Mobile Participants), the Committee will attempt to structure the terms of the
adjustment so that it does not violate Section 409A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">6.3</FONT></TD><TD STYLE="text-align: justify">Takeovers and restructurings</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Where there is to be an adjustment
of an Award granted to a US Taxpayer pursuant to rule 13 (Takeovers and other corporate events), the Committee shall attempt to structure
the terms of the adjustment of the Award such that the adjustment does not violate Section 409A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">6.4</FONT></TD><TD STYLE="text-align: justify">Exchange of Awards</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Where there is to be an exchange of
an Award granted to a US Taxpayer pursuant to rule 14 (Exchange of Awards), the Committee shall attempt to structure the terms of the
exchange and the new award under rule&nbsp;14 (Exchange of Awards) such that neither the exchange nor the new award violate Section 409A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">6.5</FONT></TD><TD STYLE="text-align: justify">Changing the Plan or Awards</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Notwithstanding rule 20 (Changing the
Plan and termination), any amendment to the Plan (including any Appendix to the Plan) or an Award will only be effective with respect
to an Award granted to a US Taxpayer to the extent that it does not cause the Award to violate Section 409A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">7.</FONT></TD><TD STYLE="text-align: justify">General</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">7.1</FONT></TD><TD STYLE="text-align: justify">Intention</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Awards granted to US Taxpayers, and
any Dividend Equivalents in respect of such Awards, under this Appendix are intended to be exempt from the requirements of Section 409A
under the short-term deferral exception described in Section 1.409A-1(b)(4) of the Treasury Regulations, and the Plan (including this
Appendix) will be interpreted and administered consistent with this intention with respect to Awards granted to US Taxpayers and any Dividend
Equivalents in respect of such Awards.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">7.2</FONT></TD><TD STYLE="text-align: justify">No guarantee</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Notwithstanding any other provision
of the Plan (including any Appendix to the Plan) or any Award, no Member of the Group guarantees or warrants to any person that an Award
granted to a US Taxpayer is exempt from Section&nbsp;409A. Each US Taxpayer is solely responsible and liable for the satisfaction of all
taxes, penalties and interest that may be imposed on the US Taxpayer in connection with the Plan (including any Appendix to the Plan)
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 a US Taxpayer harmless from any or all of such taxes, penalty or interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">7.3</FONT></TD><TD STYLE="text-align: justify">Conflict</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In the event of any conflict between
a provision of the main rules of the Plan and a provision of this Appendix, with respect to an Award granted to a US Taxpayer under this
Appendix, the provisions of this Appendix will take precedence.</P>

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


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Appendix 2<BR>
Awards granted to US taxpayers (409A compliant)</P>

<P STYLE="font: bold 12pt 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">The purpose of this Appendix is to make certain
variations to the terms of the Plan in the case of its operation for Participants who are US Taxpayers. In the event that a Participant
becomes a US Taxpayer after the Award Date, then the Participant&rsquo;s Conditional Awards will immediately be modified in a manner consistent
with the provisions of this Appendix 2, if the Committee so determines. Conditional Awards subject to this Appendix are intended to comply
with Section 409A. Where there is any conflict between the rules of the Plan and this Appendix, the terms of this Appendix will prevail.</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: 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-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify">Meaning of words used</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&ldquo;<B>Change in Control Event</B>&rdquo;
means an event described in rule 13 (Takeovers and other corporate events) that also qualifies as a change in the ownership or effective
control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, in accordance with Section&nbsp;1.409A-3(i)(5)
of the Treasury Regulations;</P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&ldquo;Section
409A&rdquo; <FONT STYLE="font-weight: normal">means Section 409A of the US Internal Revenue Code of 1986, as amended, and the Treasury
Regulations promulgated and other official guidance issued under it, collectively, and &ldquo;Treasury Regulations&rdquo; will be understood
accordingly; and</FONT></P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&ldquo;US Taxpayer&rdquo;
<FONT STYLE="font-weight: normal">means a Participant who is subject to US federal income taxation on the Award Date, or who is expected
to become subject to US federal income taxation following the Award Date, or who becomes subject to US federal income taxation following
the Award Date but prior to the date upon which the Award Vests.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD STYLE="text-align: justify">Grant of Awards</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">If
a Participant becomes subject to any US tax or social security contributions liability in connection with an Award after the Award Date,
any Unvested Option that they hold at that time will be treated as if it had been granted as a Conditional Award without any further action
on the part of the Participant or the Company. Such Conditional Award, if determined by the Company, will be governed by the terms of
this Appendix 2. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD STYLE="text-align: justify">Conditions</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.1pt; text-align: justify">Any Performance Conditions and/or other
Conditions imposed on an Award may only be imposed to such extent they are consistent with Section 409A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.1pt; text-align: justify">&nbsp;</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: 28.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD STYLE="text-align: justify">Dividend Equivalents</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.1pt; text-align: justify">Any Dividend Equivalents in respect
of an Award granted to a US Taxpayer shall be paid under rule 7.3 (Dividend Equivalents) in accordance with Section 409A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.1pt; text-align: justify">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">5.</FONT></TD><TD STYLE="text-align: justify">Vesting of Award</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">The Vesting of an
Award, and the delivery of the Shares or cash, may only be delayed beyond the Vesting Date as a result of Dealing Restrictions, Investigations
or otherwise to the extent permissible under Section 1.409A-2(b)(7)(ii) of the Treasury Regulations where the delivery of Shares or cash
in respect of the Award would violate applicable law, in which event, the Award will Vest at the earliest date at which it is reasonably
anticipated that such law no longer prevents such delivery of Shares or cash.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">6.</FONT></TD><TD STYLE="text-align: justify">Settlement of Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">6.1</FONT></TD><TD STYLE="text-align: justify">Delivery of Shares or cash</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">Except as otherwise
provided by rule 13 (Takeovers and other corporate events), where a Conditional Award has Vested, the number of Shares in respect of which
the Conditional Award has Vested, or cash where applicable, together with any additional Shares or cash to which a Participant becomes
entitled under rule 7.3 (Dividend Equivalents) will be delivered or paid (as applicable) to the Participant or the Participant&rsquo;s
nominee as soon as practicable after the Vesting Date (but in any event no later than 31 December of the calendar year of the Normal Release
Date, or if later, the 15 day of the third month following the Vesting Date).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">6.2</FONT></TD><TD STYLE="text-align: justify">Delivery - Nominee</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">Shares may be delivered
to and held by a nominee on behalf of the Participant and on such terms as the Committee may determine at the Award Date to the extent
it would not result in a violation of Section 409A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">7.</FONT></TD><TD STYLE="text-align: justify">Leaving</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If a Participant Leaves for a Good
Leaver Reason before Vesting, the Award will:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">7.1.1</TD><TD STYLE="text-align: justify">if the reason is death, Vest on the date of death, or as soon as practicable following such date (but
in any event no later than 31 December of the calendar year following the calendar year of the date of death);</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: 28.35pt"></TD><TD STYLE="width: 42.55pt">7.1.2</TD><TD STYLE="text-align: justify">otherwise continue until the normal date of Vesting; 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: 28.35pt"></TD><TD STYLE="width: 42.55pt">7.1.3</TD><TD STYLE="text-align: justify">Vest only to the extent prescribed by rule 11.4 (Good leavers &ndash; Vesting and exercise).</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: 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-family: Arial, Helvetica, Sans-Serif">8.</FONT></TD><TD STYLE="text-align: justify">Takeovers and other corporate events</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">8.1</FONT></TD><TD STYLE="text-align: justify">Corporate events</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Where one of the events set out in
rule 13 (Takeovers and other corporate events) occurs, the Awards will Vest on the date such event occurs, unless the relevant event does
not qualify as a Change in Control Event and to the extent that the Committee determines that rule 14 (Exchange of Awards) should apply.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">8.2</FONT></TD><TD STYLE="text-align: justify">Timing of Vesting</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If the relevant event qualifies as
a Change in Control Event, then the Award will Vest and the number of Shares in respect of which the Award has been Released together
with any additional Shares or cash to which a Participant becomes entitled under rule 7.3 (Dividend Equivalents) will be, delivered or
paid (as applicable) to the Participant or the Participant&rsquo;s nominee as soon as practicable after the relevant event (but in any
event no later than 31 December of the calendar year of the relevant event, or if later, the 15 day of the third month following the relevant
event).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">If the relevant event
does not qualify as a Change in Control Event, then the Award will Vest and the number of Shares in respect of which the Award has been
Released together with any additional Shares or cash to which a Participant becomes entitled under rule 7.3 (Dividend Equivalents) will
be, delivered or paid (as applicable) to the Participant or the Participant&rsquo;s nominee as soon as practicable after the Vesting Date
(but in any event no later than 31 December of the calendar year of the Vesting Date, or if later, the 15 day of the third month following
the Vesting Date) or such earlier date permitted by Section 409A.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">9.</FONT></TD><TD STYLE="text-align: justify">Exchange of Awards</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Where
any event within rule 13.1 (Takeovers) or 13.2 (Other corporate events), is expected to or does apply, and the relevant event does not
qualify as a Change in Control Event, the Committee may decide that Awards will be exchanged for new awards on (or as soon as practicable
after) the relevant event. Any new award will be granted on such terms and over such shares as the Committee decides, providing the exchange
and the new award does not violate Section 409A. </FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">Where any event within
15.1 occurs, the Committee may adjust the Award so that the Award is on such terms and over such number or class of Shares as the Committee
considers appropriate, provided such adjustment does not violate Section 409A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">11.</FONT></TD><TD STYLE="text-align: justify">Tax</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">In the event that
a Participant becomes subject to tax on an Award (or a portion of an Award) prior to the Vesting Date, then to the extent permissible
under Section&nbsp;1.409A-3(j)(4)(vi) or Section 1.409A-3(j)(4)(xi) of the Treasury Regulations, the Committee may to the extent so permitted
accelerate the Vest of a portion of the Award and the delivery of the Shares or cash in respect of which the Award has Vested and any
additional Shares or cash to which a Participant becomes entitled under rule 7.3 (Dividend Equivalents).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">12.</FONT></TD><TD STYLE="text-align: justify">Changing the Plan and termination</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">12.1</FONT></TD><TD STYLE="text-align: justify">Participant consent</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If, at any time, the Company determines
that the terms of an Award may violate Section&nbsp;409A, the Company shall have the authority, but shall not be required, to enter into
an amendment of such Award without the consent of the Participant that is designed to avoid the imposition of any additional tax, interest
or penalties on the Participant under Section 409A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">12.2</FONT></TD><TD STYLE="text-align: justify">Section 409A</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Any amendment will only be effective
to the extent that it complies with Section 409A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</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-family: Arial, Helvetica, Sans-Serif">13.</FONT></TD><TD STYLE="text-align: justify">General</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt 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: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>13.1</B></FONT></TD><TD STYLE="text-align: justify"><B>Intention</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">Conditional Awards
granted to US Taxpayers, under this Appendix, and any additional Shares or cash to which a Participant becomes entitled under rule 7.3
(Dividend Equivalents) are intended to comply with the requirements of Section 409A, and the Plan (including this Appendix) will be interpreted
and administered consistent with this intention with respect to such Conditional Awards.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&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: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>13.2</B></FONT></TD><TD STYLE="text-align: justify"><B>No guarantee</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">Notwithstanding any
other provision of the Plan (including this Appendix) or any Conditional Award, no Member of the Group guarantees or warrants to any person
that a Conditional Award complies with Section 409A. Each US Taxpayer is solely responsible and liable for the satisfaction of all taxes,
penalties and interest that may be imposed on the US Taxpayer in connection with the Plan and/or this Appendix or any Conditional Award,
including any taxes, penalties or interest under Section&nbsp;409A. No Member of the Group shall have any obligation to indemnify or otherwise
hold a US Taxpayer harmless from any or all of such taxes, penalties or interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&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: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>13.3</B></FONT></TD><TD STYLE="text-align: justify"><B>Conflict</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">In
the event of any conflict between a provision of the main rules of the Plan and a provision of this Appendix, with respect to an Award
granted to a US Taxpayer under this Appendix, the provisions of this Appendix will take precedence.</FONT></P>

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

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

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>dp193303_exfilingfees.htm
<DESCRIPTION>EXHIBIT 107.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit 107.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Calculation
of Filing Fee Tables</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Form
S-8</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Form
Type)</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">InterContinental
Hotels Group PLC</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Exact
Name of Registrant as Specified in its Charter)</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Newly
Registered Securities</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; border: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
    Type</FONT></TD>
    <TD STYLE="width: 27%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
    Class Title</FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee
    Calculation Rule</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    Registered (1)</FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed
    Maximum Offering Price Per Unit(2)(3)</FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum
    Aggregate Offering Price(2)(3)</FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee
    Rate</FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    of Registration Fee(2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equity</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    Shares, par value 20</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>340</SUP><FONT STYLE="font-size: 10pt">/</FONT><SUB>399</SUB><FONT STYLE="font-size: 10pt">&nbsp;pence
    per share</FONT></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule
    457(c) and Rule 457(h)</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,500,000</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$68.59</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$308,655,000
    &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.0001102</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$34,013.78</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    Offering Amounts</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">$308,655,000</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$34,013.78</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    Fees Previously Paid</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    Fee Offsets</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net
    Fee Due</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$34,013.78</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">This
Registration Statement on Form S-8 (this &ldquo;Registration Statement&rdquo;) covers 4,500,000 ordinary shares, par value 20<SUP>340</SUP>/<SUB>399</SUB>&nbsp;pence
per share (the &ldquo;Ordinary Shares&rdquo;), of InterContinental Hotels Group PLC (the &ldquo;Registrant&rdquo;) available for issuance
pursuant to the InterContinental Hotels Group PLC Deferred Award Plan (the &ldquo;Plan&rdquo;). In addition, pursuant to Rule 416(a)
under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this Registration Statement covers any additional Ordinary
Shares that may become issuable under the Plan by reason of any share dividend, share split or other similar transaction.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Rounded
up to the nearest penny.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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 May 2, 2023 (&pound;55.02), converted
to U.S. Dollars at the exchange rate at the close of the New York Stock Exchange on May 2, 2023, as reported in the Wall Street Journal
(&pound;1 = $1.2467).</FONT></TD>
</TR></TABLE>

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