UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 


 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 


 

Date of Report (Date of earliest event reported): November 20, 2018

 

BOSTON SCIENTIFIC CORPORATION

(Exact name of registrant as specified in charter)

 

Delaware

 

1-11083

 

04-2695240

(State or other

 

(Commission

 

(IRS employer

jurisdiction of

 

file number)

 

identification no.)

incorporation)

 

 

 

 

 

300 Boston Scientific Way, Marlborough,
Massachusetts

 

01752-1234

(Address of principal executive offices)

 

(Zip code)

 

Registrant’s telephone number, including area code:    (508) 683-4000

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o   Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 

 

 


 

Item 1.01                                            Entry into a Material Definitive Agreement

 

On November 20, 2018, Bravo Bidco Limited, a private limited company incorporated under the laws of England and Wales and a wholly owned indirect subsidiary of Boston Scientific Corporation (the “ Company ”) (“ Bidco ”) and BTG plc, a public company organized under the laws of England and Wales (“ BTG ”), issued an announcement (the “ Rule 2.7 Announcement ”) under Rule 2.7 of the United Kingdom City Code on Takeovers and Mergers (the “ Code ”) disclosing the terms of a recommended cash offer by Bidco for the entire issued and to be issued share capital of BTG (the “ Acquisition ”). In connection with the Acquisition, (i) the Company, Bidco and BTG entered into a co-operation agreement (the “ Co-operation Agreement ”), (ii) certain shareholders and directors owning shares of BTG delivered to the Company, Bidco and BTG deeds of irrevocable undertaking, and (iii) the Company, the lenders party thereto and Barclays Bank PLC (“ Barclays ”), as administrative agent, bookrunner and lead arranger, entered into a Bridge Credit Agreement, dated as of November 20, 2018 (the “ Bridge Facility ”).

 

Rule 2.7 Announcement

 

On November 20, 2018, Bidco and BTG issued the Rule 2.7 Announcement disclosing the terms of the Acquisition. Under the terms of the Acquisition, BTG shareholders will receive 840 pence in cash for each BTG share, which values BTG’s existing issued and to be issued share capital at approximately £3.3 billion (or approximately $4.2 billion based on the exchange rate of U.S. $1.29:£1 on November 19, 2018). The Company intends to implement the Acquisition by way of a court-sanctioned scheme of arrangement (“ Scheme ”) under Part 26 of the United Kingdom Companies Act 2006, as amended (the “ Companies Act ”).

 

The Acquisition will be subject to conditions and certain further terms, including, among others (i) the approval of the Scheme by a majority in number of BTG shareholders also representing not less than 75% in value of the BTG shares, in each case present and voting, either in person or by proxy, at the BTG shareholders’ meeting; (ii) the sanction of the Scheme by the High Court of Justice in England and Wales; (iii) the Scheme becoming effective no later than August 20, 2019; and (iv) the receipt of regulatory approvals. The conditions to the Acquisition are set out in full in the Rule 2.7 Announcement. Subject to the satisfaction or waiver of all relevant conditions, it is expected that the Acquisition will be completed in the first half of 2019.

 

The Company is entitled to implement the Acquisition by way of a takeover offer (as defined in Part 28 of the Companies Act) in certain circumstances, subject to the terms of the Co-operation Agreement and the consent of the Panel on Takeovers and Mergers in the United Kingdom (the “ Panel ”).

 

Co-operation Agreement

 

On November 20, 2018, the Company, Bidco and BTG entered into the Co-operation Agreement, pursuant to which the Company and Bidco have undertaken, among other things, to use commercially reasonable efforts to secure the required regulatory clearances in respect of the Acquisition as soon as reasonably practicable. The parties have also undertaken to provide each other with such information and assistance as may reasonably be required for the purpose of making any filing, notification or submission to relevant antitrust and regulatory authorities. In addition, Bidco has agreed to provide BTG with information required for the preparation of Scheme documentation. The Co-operation Agreement addresses certain other matters, as set forth therein.

 

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Irrevocable Undertakings

 

On November 20, 2018, Invesco Asset Management Limited, Novo Holdings A/S and Woodford Investment Management Limited (together, the “ Shareholders ”) each delivered to the Company, Bidco and BTG a deed of irrevocable undertaking (collectively, the “ Shareholder Undertakings ”) under which each such Shareholder agrees, among other things, to vote its BTG shares in favor of the Scheme and against any proposal that would impede or frustrate the Acquisition. The Shareholder Undertakings represent an aggregate of 127,062,586 BTG shares, or approximately 32.8% of BTG’s outstanding shares as of November 19, 2018.

 

In addition, on November 20, 2018, each member of the board of directors of BTG that holds BTG shares delivered to the Company, Bidco and BTG a deed of irrevocable undertaking (collectively, the “ Director Undertakings ”) under which each such director agrees, among other things, to vote his or her BTG shares in favor of the Scheme and against any proposal that would impede or frustrate the Acquisition. The Director Undertakings represent an aggregate of 969,032 BTG shares, or approximately 0.3% of BTG’s outstanding shares as of November 19, 2018.

 

The Shareholder Undertakings and the Director Undertakings will remain in effect if the Company and Bidco elect to effect the Acquisition by way of a takeover offer and will cease to be binding in certain circumstances, in each case as further described therein.

 

Bridge Facility

 

To finance the Acquisition, on November 20, 2018, the Company, as borrower, entered into the Bridge Facility with the lenders from time to time party thereto (the “ Lenders ”) and Barclays as administrative agent, pursuant to which the Lenders made available to the Company a debt bridge facility in a principal amount of £3.115 billion (“ Tranche 1 ”) and a cash bridge facility in a principal amount of £200 million (“ Tranche 2” ), in each case available in Pounds Sterling or US Dollars. Loans made under Tranche 1 will mature on the date that is 364 days from the date of the first borrowing under the Bridge Facility. Loans made under Tranche 2 will mature on the date that is 90 days from the date of the first borrowing under the Bridge Facility.

 

The borrowing under the Bridge Facility bears interest at (a) the London Interbank Offered Rate for Pounds Sterling or US Dollars, as applicable, or (b) the base rate for US Dollars, in each case plus an applicable margin based on the Company’s public debt ratings. The Bridge Facility also provides for customary unused commitment fees based on the Company’s public debt ratings and duration fees.

 

The Bridge Facility contains customary representations and covenants which, among other things, require that the Company maintain a maximum leverage ratio of 3.75x (subject to a step-up for two consecutive fiscal quarters ended immediately following the consummation of the Acquisition to 4.75x, and a step-down for each succeeding fiscal quarter to 4.50x, 4.25x, 4.00x and then back to 3.75x respectively). The ratio is calculated based on earnings before interest, taxes, depreciation and amortization, as adjusted pursuant to the Bridge Facility. The Bridge Facility contains customary events of default, which may result in the acceleration of any outstanding commitments.

 

The Bridge Facility also contains customary UK certain funds provisions.

 

The Company expects to obtain permanent financing for the Acquisition prior to the closing of the Acquisition to replace in full or in part the commitments or the loans then outstanding under the Bridge Facility.

 

General

 

The foregoing summary of the Acquisition, the Rule 2.7 Announcement, the Co-operation Agreement, the Shareholder Undertakings and the Director Undertakings do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the Rule 2.7 Announcement, which is attached as Exhibit 2.1 hereto and incorporated by reference herein, the full text of the Co-operation

 

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Agreement, which is attached as Exhibit 2.2 hereto and incorporated by reference herein, the full text of the Shareholder Undertakings, which are attached as Exhibits 10.1, 10.2 and 10.3 hereto and incorporated by reference herein, and the full text of the form of Director Undertaking, which is attached as Exhibit 10.4 hereto and incorporated by reference herein. The foregoing summary of the Bridge Facility is only a summary and is subject to, and qualified in its entirety by, the full text of the Bridge Facility, which is attached as Exhibit 10.5 hereto and incorporated by reference herein.

 

Item 2.03                                            Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

On November 20, 2018, the Company entered into the Bridge Facility as described under Item 1.01 above. The description of the Bridge Facility set forth in Item 1.01 above is incorporated into this Item 2.03 by reference.

 

Item 8.01                                            Other Events.

 

On November 20, 2018, the Company issued a press release announcing the Rule 2.7 Announcement. The press release, filed as Exhibit 99.1 to this Current Report on Form 8-K, is incorporated herein by reference.

 

Item 9.01                                            Financial Statements and Exhibits

 

(d)  Exhibits

 

Exhibit No.

 

Description

 

 

 

Exhibit 2.1

 

Rule 2.7 Announcement, dated November 20, 2018.

 

 

 

Exhibit 2.2

 

Co-operation Agreement, dated November 20, 2018, by and among Boston Scientific Corporation, Bravo Bidco Limited and BTG plc.

 

 

 

Exhibit 10.1

 

Shareholder Undertaking of Invesco Asset Management Limited, dated November 20, 2018.

 

 

 

Exhibit 10.2

 

Shareholder Undertaking of Novo Holdings A/S, dated November 20, 2018.

 

 

 

Exhibit 10.3

 

Shareholder Undertaking of Woodford Asset Management Limited, dated November 20, 2018.

 

 

 

Exhibit 10.4

 

Form of Director Undertaking.

 

 

 

Exhibit 10.5

 

Bridge Credit Agreement, dated as of November 20, 2018 by and among Boston Scientific Corporation, the lenders party thereto and Barclays Bank PLC, as administrative agent, bookrunner and lead arranger.

 

 

 

Exhibit 99.1

 

Press Release issued by Boston Scientific Corporation, dated November 20, 2018.

 

Further Information

 

This Form 8-K (this “ Current Report ”) is not intended to and does not constitute or form part of any offer to sell or subscribe for or any invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Acquisition or otherwise nor will there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable laws. The Acquisition will be implemented pursuant to the terms of the document to be sent to shareholders of BTG setting out the full details of the Scheme (the “ Scheme Document ”), which will contain the full terms and conditions of the Acquisition, including details of how to vote in respect of the Acquisition. Any decision in respect of, or other response to, the Acquisition should be made only on the basis of the information contained in the Scheme Document.

 

Cautionary Statement Regarding Forward-Looking Statements

 

This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

 

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Forward-looking statements may be identified by words like “anticipate”, “expect,” “project,” “believe,” “plan,” “estimate,” “intend,” “aiming” and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations expressed or implied by our forward-looking statements. These risks and uncertainties, in some cases, have affected and in the future could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.

 

Factors that may cause such differences include, among other things, future economic, political, competitive, reimbursement and regulatory conditions, new product introductions and the market acceptance of those products, markets for our products, expected pricing environment, expected procedural volumes, the closing and integration of acquisitions (including the Acquisition), clinical trial results, demographic trends, intellectual property rights, litigation, financial market conditions, the execution and effect of our restructuring program, the execution and effect of our business strategy, including our cost-savings and growth initiatives and future business decisions made by us and our competitors. New risks and uncertainties may arise from time to time and are difficult to predict. All of these factors are difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of other important risks and uncertainties that may affect our future operations, see Part I, Item 1A - Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A - Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. This cautionary statement is applicable to all forward-looking statements contained in this document.

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

November 23, 2018

BOSTON SCIENTIFIC CORPORATION

 

 

 

 

 

By:

/s/ Vance R. Brown

 

 

Vance R. Brown

 

 

Vice President and Chief Corporate Counsel

 

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Exhibit 2.1

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION FOR IMMEDIATE RELEASE THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 20 November 2018 RECOMMENDED CASH OFFER for BTG plc (“BTG”) by Bravo Bidco Limited (“Bravo Bidco”) a newly incorporated entity indirectly wholly-owned by Boston Scientific Corporation (“Boston Scientific”) intended to be effected by means of a scheme of arrangement under Part 26 of the Companies Act Summary  The Boards of Boston Scientific, Bravo Bidco and BTG are pleased to announce that they have reached agreement on the terms of a recommended cash offer by Bravo Bidco for the acquisition of the entire issued and to be issued ordinary share capital of BTG (the “Acquisition”). The Acquisition is intended to be effected by means of a scheme of arrangement under Part 26 of the Companies Act (the “Scheme”). Under the terms of the Acquisition, BTG Shareholders will be entitled to receive: for each BTG Share: 840 pence in cash (the “Offer Price”) The Offer Price values the entire issued and to be issued ordinary share capital of BTG at approximately £3.3 billion and represents a premium of approximately: o 36.6 per cent. to the closing price of 615 pence per BTG Share on 19 November 2018 (being the last Business Day before this Announcement); and o 51.0 per cent. to the BTG 90 trading day volume-weighted average share price for the period ended 19 November 2018 (being the last Business Day before this Announcement).  If any dividend or other distribution is authorised, declared, made or paid in respect of the BTG Shares on or after the date of this Announcement and prior to the Effective Date, Bravo Bidco reserves the right to reduce the Offer Price by the amount of all or part of any such dividend or other distribution. Recommendation  The BTG Directors, who have been so advised by Goldman Sachs International, J.P. Morgan Cazenove and Rothschild & Co as to the financial terms of the Acquisition, each consider the terms of the Acquisition to be fair and reasonable. In providing their financial advice to the BTG Directors, each of 1

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Goldman Sachs International, J.P. Morgan Cazenove and Rothschild & Co has taken into account the commercial assessments of the BTG Directors.  Accordingly, the BTG Directors intend to recommend unanimously that BTG Shareholders vote (or procure the voting) in favour of the Scheme at the Court Meeting and the Resolution to be proposed at the General Meeting (or, in the event that the Acquisition is implemented by way of a Takeover Offer, to accept or procure acceptance of the Takeover Offer), as each BTG Director holding BTG Shares has irrevocably undertaken to do in respect of their entire beneficial holdings of 969,032 BTG Shares, representing in aggregate approximately 0.3 per cent. of the issued ordinary share capital of BTG on the Last Practicable Date. Irrevocable Undertakings and Support for the Acquisition  In addition to the irrevocable undertakings received from BTG Directors holding BTG Shares referred to above, Bravo Bidco has received irrevocable undertakings to vote (or to procure the voting) in favour of the Scheme at the Court Meeting and the Resolution to be proposed at the General Meeting (or, in the event that the Acquisition is implemented by way of a Takeover Offer, to accept or procure acceptance of the Takeover Offer) from Invesco Asset Management Limited, Novo Holdings A/S and Woodford Investment Management Limited in respect of a total of 127,062,586 BTG Shares, representing, in aggregate, approximately 32.8 per cent. of the share capital of BTG in issue on the Last Practicable Date.  In aggregate, therefore, Bravo Bidco has received irrevocable undertakings in respect of 128,031,618 BTG Shares, representing approximately 33.1 per cent. of the share capital of BTG in issue on the Last Practicable Date.  Further details of these irrevocable undertakings are set out in Appendix III to this Announcement. Comments on the Acquisition Commenting on the Acquisition, Michael F. Mahoney, the Chairman and Chief Executive Officer of Boston Scientific said: “The acquisition of BTG and its rapidly growing peripheral interventional portfolio is an exciting extension of our category leadership strategy that will augment our capabilities in important areas of unmet need such as cancer and pulmonary embolism. We are confident that the addition of these therapies to our portfolio will ultimately advance patient care in ways that could not be realised by either company alone, while also allowing us to realise substantial synergies and provide a strong return for investors.” Commenting on the Acquisition, Garry Watts, the Chairman of BTG said: “Under the leadership of Louise Makin and the broader management team, BTG has developed into a global healthcare company with a leading Interventional Medicine platform. We believe Boston Scientific’s offer represents an attractive proposition for BTG Shareholders with a significant premium in cash and recognises the value created by the support of our long term large shareholders. We are proud of what BTG has become and of all BTG employees for their contributions.” Commenting on the Acquisition, Louise Makin, the Chief Executive Officer of BTG said: “I would like to thank and acknowledge all BTG colleagues for building a leading global healthcare company. Our Interventional Medicine portfolio delivers value to patients and is a significant growth driver for the business, and we’re also proud of our highly profitable pharmaceuticals business focused on critical care products. 2

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We remain committed to transforming patient care through our passion for people, relentless curiosity, and ambition to lead the way. Boston Scientific shares that vision, and their comprehensive clinical and commercial expertise will accelerate the delivery of our strategy and expand the global reach of our Interventional Medicine portfolio. The strong strategic and cultural fit between the companies gives me confidence that our business will continue to make a real difference for our patients, customers, employees and wider stakeholders.” General It is intended that the Acquisition will be implemented by means of the Scheme, further details of which are contained in the full text of this Announcement and will be set out in the Scheme Document. However, Bravo Bidco reserves the right, with the consent of the Panel and BTG (or, in certain circumstances, without the consent of BTG), in each case subject to the terms of the Co-operation Agreement, to implement the Acquisition by way of a Takeover Offer.  The Acquisition will be subject to the Conditions and certain further terms set out in Appendix I to this Announcement, including, amongst other things: the approval by a majority in number of Scheme Shareholders representing at least 75 per cent. in value of Scheme Shares present, entitled to vote and voting, either in person or by proxy, at the Court Meeting; o the approval of the Resolution in connection with the implementation of the Scheme by the requisite majority of BTG Shareholders at the General Meeting; o the sanction of the Scheme by the Court; o o the Scheme becoming Effective by no later than the Long Stop Date; o the receipt of competition clearance (or the expiration or termination of any waiting period, as applicable) in the US under the HSR Act; o either a CMA decision not to make a CMA Phase 2 Reference or the absence of a CMA request to submit a Merger Notice or an indication from the CMA that the Initial Period has begun when all other Conditions are met; and the receipt of merger control clearance (or the expiration or termination of any waiting period, as applicable) in Germany under the German Act Against Restraints of Competition, in Spain under the Spanish Competition Act, or alternatively, in case of a referral under Article 22 of EU Merger Regulation from a member state to the European Commission in the EU. o The Scheme Document will include further information about the Acquisition and the Scheme, together with notices of the Court Meeting and the General Meeting and the expected timetable of the Scheme, and will specify the actions to be taken by BTG Shareholders. The Scheme Document will be sent to BTG Shareholders as soon as reasonably practicable and, in any event (save with the consent of the Panel), within 28 days of this Announcement and will be made available on BTG’s website at www.btgplc.com and Boston Scientific’s website at http://investors.bostonscientific.com/ (subject to certain restrictions in relation to persons in Restricted Jurisdictions). The Scheme is expected to be Effective around mid-2019, subject to the satisfaction or (where applicable) waiver of the Conditions. This summary should be read in conjunction with, and is subject to, the full text of this Announcement (including its Appendices). 3

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The Acquisition will be subject to the Conditions and certain further terms set out in Appendix I and the full terms and conditions which will be set out in the Scheme Document. Appendix II contains the sources of information and bases of calculation of certain information contained in this Announcement. Appendix III contains a summary of the irrevocable undertakings received in relation to the Acquisition, and Appendix IV contains definitions of certain terms and expressions used in this Announcement. Enquiries: Bravo Bidco / Boston Scientific +1 (508) 683-5565 Susie Lisa (Investor Relations) Barclays (financial adviser to Bravo Bidco and Boston Scientific) Doug Solomon Jed Brody Derek Shakespeare +44 20 7623 2323 BTG Andy Burrows (Vice President, Corporate & Investor Relations) +44 20 7575 1741 Goldman Sachs International (joint financial adviser to BTG) Anthony Gutman Nimesh Khiroya Søren Moller-Rasmussen +44 20 7774 1000 J.P. Morgan Cazenove (joint financial adviser and joint corporate broker to BTG) James Mitford Dwayne Lysaght Alex Bruce +44 20 7742 4000 Rothschild & Co (joint financial adviser to BTG) Richard Murley Dominic Hollamby Julian Hudson +44 20 7280 5000 Deutsche Bank AG (joint corporate broker to BTG) Neil Collingridge Seth Damergy +44 20 7545 8000 FTI Consulting (PR adviser to BTG) Ben Atwell +44 20 3727 1000 Allen & Overy LLP is retained as legal adviser to BTG. Shearman & Sterling LLP, Arnold & Porter Kaye Scholer LLP and Travers Smith LLP are retained as legal advisers to Boston Scientific. Important Notices Relating to Financial Advisers Barclays Bank PLC, acting through its investment bank (“Barclays”), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively for Boston Scientific and Bravo Bidco and no one else 4

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in connection with the matters referred to in this Announcement and will not be responsible to anyone other than Boston Scientific and Bravo Bidco for providing the protections afforded to clients of Barclays nor for providing advice in relation to the Acquisition or any other matter referred to in this Announcement. Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively for BTG and no one else in connection with the matters referred to in this Announcement and will not be responsible to anyone other than BTG for providing the protections afforded to clients of Goldman Sachs International, or for providing advice in connection with the contents of this Announcement or any other matter referred to in this Announcement. J. P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove (“J.P. Morgan Cazenove”), is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom. J.P. Morgan Cazenove is acting exclusively for BTG and no one else in connection with the Acquisition and any other matters referred to in this Announcement and will not be responsible to anyone other than BTG for providing the protections afforded to clients of J.P. Morgan Cazenove, or for providing advice in relation to the Acquisition or any matter referred to in this Announcement. N M Rothschild & Sons Limited (“Rothschild & Co”), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for BTG and no one else in connection with the matters set out in this Announcement and will not regard any other person as its client in relation to the matters set out in this Announcement and will not be responsible to anyone other than BTG for providing the protections afforded to clients of Rothschild & Co, nor for providing advice in relation to the Acquisition or any other matter referred to in this Announcement. Neither Rothschild & Co nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Rothschild & Co in connection with the matters referred to in this Announcement, or otherwise. Deutsche Bank AG is authorised under German Banking Law (competent authority: European Central Bank) and, in the United Kingdom, by the Prudential Regulation Authority. It is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority, and is subject to limited regulation in the United Kingdom by the Prudential Regulation Authority and Financial Conduct Authority. Details about the extent of its authorisation and regulation by the Prudential Regulation Authority, and regulation by the FCA, are available on request or from www.db.com/en/content/eu_disclosures.htm. Deutsche Bank AG, acting through its London branch ("Deutsche Bank") is acting as Corporate Broker to BTG plc and no other person in connection with this Announcement or any of its contents. Deutsche Bank will not be responsible to any person other than BTG plc for providing any of the protections afforded to clients of Deutsche Bank, nor for providing any advice in relation to the matters set out in this Announcement. Neither Deutsche Bank nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Deutsche Bank in connection with the matters set out in this Announcement, any statement contained herein or otherwise. Further Information This Announcement is for information purposes only and is not intended to, and does not, constitute or form part of any offer, invitation, inducement or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of or exercise rights in respect of any securities, or the solicitation of any vote or approval of an offer to buy securities in any jurisdiction, pursuant to the Acquisition or 5

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otherwise nor shall there be any sale, issuance or transfer of any securities pursuant to the Acquisition in any jurisdiction in contravention of any applicable laws. The Acquisition will be implemented solely pursuant to the terms of the Scheme Document (or in the event that the Acquisition is to be implemented by means of a Takeover Offer, the Offer Document), which will contain the full terms and conditions of the Acquisition, including details of how to vote in respect of the Scheme. Any decision, vote or other response in respect of the Acquisition should be made only on the basis of information contained in the Scheme Document. BTG Shareholders are advised to read the formal documentation in relation to the Acquisition carefully once it has been dispatched. This Announcement does not constitute a prospectus or prospectus-equivalent document. This Announcement has been prepared for the purpose of complying with English law and the Code and the information disclosed may not be the same as that which would have been disclosed if this Announcement had been prepared in accordance with the laws of jurisdictions outside the United Kingdom. In accordance with the Code, normal United Kingdom market practice and Rule 14e-5(b) of the Exchange Act, Barclays and its affiliates will continue to act as an exempt principal trader in BTG securities on the London Stock Exchange. The purchases and activities by exempt principal traders which are required to be made public in the United Kingdom pursuant to the Code will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com. This information will also be publicly disclosed in the US to the extent that such information is made public in the United Kingdom. Overseas jurisdictions The release, publication or distribution of this Announcement in, and the availability of the Acquisition to persons who are residents, citizens or nationals of jurisdictions other than the United Kingdom may be restricted by laws and/or regulations of those jurisdictions. In particular, the ability of persons who are not resident in the United Kingdom or who are subject to the laws of another jurisdiction to vote their Scheme Shares with respect to the Scheme at the Court Meeting, or to execute and deliver Forms of Proxy appointing another to vote at the Court Meeting on their behalf, may be affected by the laws of the relevant jurisdictions in which they are located. Therefore, any persons not resident in the United Kingdom and/or who are subject to the laws and regulations of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable legal and regulatory requirements. Any failure to comply with the applicable requirements may constitute a violation of the laws and/or regulations of any such jurisdiction. The Acquisition will not be made, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would violate the laws of that jurisdiction and no person may vote in favour of the Acquisition by any use, means, instrumentality or form within a Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Accordingly, copies of this Announcement and any formal documentation relating to the Acquisition are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction and persons receiving such documents (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send them in or into or from any Restricted Jurisdiction. The receipt of cash pursuant to the Acquisition by BTG Shareholders may be a taxable transaction under applicable national, state and local, as well as foreign and other tax laws. Each BTG Shareholder is urged to consult their independent professional adviser regarding the tax consequences of the Acquisition applicable to him. 6

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If the Acquisition is implemented by way of a Takeover Offer (unless otherwise permitted by applicable law and regulation), the Takeover Offer may not be made, directly or indirectly, in, into or by use of the mails or any other means of instrumentality (including, without limitation, facsimile, e-mail or other electronic transmission, telex or telephone) of interstate or foreign commerce of, or any facility of a national, state or other securities exchange of any Restricted Jurisdiction and the Takeover Offer will not be capable of acceptance by any such use, means, instrumentality or facilities or from within any Restricted Jurisdiction where to do so would violate the laws of that jurisdiction and shall not be capable of acceptance by any such use, means, instrumentality or facility or from within such Restricted Jurisdiction. This Announcement has been prepared for the purpose of complying with English law, the rules of the London Stock Exchange and the Code and the information disclosed may not be the same as that which would have been disclosed if this Announcement has been prepared in accordance with the laws of jurisdictions outside England and Wales. Further details in relation to BTG Shareholders in overseas jurisdictions will be contained in the Scheme Document. Notice to US Investors in BTG The Acquisition relates to the shares of a company organised under the laws of England and Wales and is proposed to be effected by means of a scheme of arrangement under the laws of England and Wales (Part 26 of the Companies Act). This Announcement, the Scheme Document and certain other documents relating to the Acquisition have been or will be prepared in accordance with English law, the Code and UK disclosure requirements, format and style, all of which differ from those in the United States. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules or the proxy solicitation rules under the US Securities Exchange Act of 1934, as amended (the “US Exchange Act”). Accordingly, the Acquisition is subject to the disclosure requirements of and practices applicable in the United Kingdom to schemes of arrangement involving a target company in England listed on the London Stock Exchange, which differ from the disclosure requirements of the United States tender offer and proxy solicitation rules. Bravo Bidco reserves the right, subject to the prior consent of the Panel, to elect to implement the Acquisition by way of a Takeover Offer. If, in the future, Bravo Bidco exercises its right to implement the Acquisition by way of a Takeover Offer and determines to extend the Takeover Offer into the United States, such offer and the Acquisition will be made in compliance with applicable US tender offer regulations. If the Acquisition is implemented by way of a Takeover Offer, pursuant to Rule 14e-5(b) under the US Exchange Act, Bravo Bidco, certain affiliated companies or their nominees or brokers (acting as agents) may from time to time make certain purchases of, or arrangements to purchase, shares in BTG outside such a Takeover Offer during the period in which such a Takeover Offer would remain open for acceptance. If such purchases or arrangements to purchase were to be made, they would be made outside the US and would apply in accordance with applicable law, including the US Exchange Act and the Code. Such purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in the United Kingdom, will be reported to the Regulatory News Service of the London Stock Exchange and will be available on the London Stock Exchange website at: http://www.londonstockexchange.com/prices-and-news/prices-news/home.htm. BTG’s financial statements, and all financial information that is included in this Announcement or that may be included in the Scheme Document, or any other documents relating to the Acquisition, have been or will be prepared in accordance with non-US accounting standards that may not be comparable to financial information of companies in the United States or other companies whose financial statements are prepared in accordance with US generally accepted accounting principles. 7

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Neither the United States Securities and Exchange Commission nor any US state securities commission has approved or disapproved the Acquisition, passed upon the merits or fairness of the Acquisition or passed any opinion upon the accuracy, adequacy or completeness of this Announcement or the Scheme Document. Any representation to the contrary is a criminal offence in the United States. BTG is incorporated under the laws of England and Wales. In addition, some of its officers and directors reside outside the United States, and some or all of its assets are or may be located in jurisdictions outside the United States. Therefore, investors may have difficulty effecting service of process within the United States upon those persons or recovering against BTG or its officers or directors on judgments of United States courts, including judgments based upon the civil liability provisions of the United States federal securities laws. It may not be possible to sue BTG or its officers or directors in a non-U.S. court for violations of the U.S. securities laws. The receipt of cash pursuant to the Acquisition by US holders of BTG Shares as consideration for the transfer of its Scheme Shares pursuant to the Scheme may be a taxable transaction for US federal income tax purposes and under applicable US state and local, as well as foreign and other, tax laws. Each US holder of BTG Shares is urged to consult his or her independent professional adviser immediately regarding the tax consequences of the Acquisition applicable to him or her. Forward Looking Statements This Announcement contains certain statements which are, or may be deemed to be, “forward-looking statements” which are prospective in nature. All statements other than statements of current or historical fact, are or may be deemed to be, forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are therefore subject to known and unknown risks and uncertainties which could cause actual results, performance or events to differ materially from the future results, performance or events expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as “plans”, “expects”, “is expected”, “is subject to”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “targets”, “aims”, “projects”, “goal”, “objective”, “outlook”, “risks”, “seeks” or words or terms of similar substance or the negative thereof, as well as variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might”, “probably” or “will” be taken, occur or be achieved. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements involve risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this Announcement. Any forward-looking statements made in this Announcement on behalf of BTG, Bravo Bidco or Boston Scientific are made as of the date of this Announcement based on the opinions and estimates of directors of BTG, Bravo Bidco or Boston Scientific, respectively and no assurance can be given that such opinions or estimates will prove to have been correct. Each of BTG, Bravo Bidco, Boston Scientific and their respective members, directors, officers, employees, advisers and any person acting on behalf of one or more of them, expressly disclaims any intention or obligation to update or revise any forward-looking or other statements contained in this Announcement, whether as a result of new information, future events or otherwise, except as required by applicable law. Neither BTG, Bravo Bidco, Boston Scientific or their respective members, directors, officers or employees, advisers or any person 8

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acting on their behalf, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this Announcement will actually occur. No forward-looking or other statements have been reviewed by the auditors of BTG, Bravo Bidco or Boston Scientific. All subsequent oral or written forward-looking statements attributable to BTG, Bravo Bidco or Boston Scientific of their respective members, directors, officers, advisers or employees or any person acting on their behalf are expressly qualified in their entirety by the cautionary statement above. Rounding Certain figures included in this Announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them. No profit forecasts or estimates Nothing in this Announcement is intended or shall be deemed to be a forecast, projection or estimate of the future financial performance of BTG, Boston Scientific or Bravo Bidco for any period and no statement in this Announcement should be interpreted to mean that cash flow from operations, earnings, or earnings per share or income of those persons (where relevant) for the current or future financial years would necessarily match or exceed the historical published cash flow from operations, earnings, earnings per share or income of those persons (as appropriate). Disclosure requirements of the Code Under Rule 8.3(a) of the Code, any person who is interested in 1 per cent. or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the Offer Period and, if later, following the Announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3:30 pm (London time) on the 10th Business Day following the commencement of the Offer Period and, if appropriate, by no later than 3:30 pm (London time) on the 10th Business Day following the Announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure. Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the Business Day following the date of the relevant dealing. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will normally be deemed to be a single person for the purpose of Rule 8.3. 9

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Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4). Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel’s website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the Offer Period commenced and when any offeror was first identified. You should contact the Panel’s Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure. Information relating to BTG Shareholders Please note that addresses, electronic addresses (if any) and certain other information provided by BTG Shareholders, persons with information rights and other relevant persons for the receipt of communications from BTG may be provided to Bravo Bidco during the Offer Period as required under Section 4 of Appendix 4 of the Code. Publication on website and availability of hard copies This Announcement and the display documents required to be published pursuant to Rule 26.1 of the Code will be made available, free of charge and subject to certain restrictions relating to persons in Restricted Jurisdictions, on BTG’s website at www.btgplc.com and Boston Scientific’s website at http://investors.bostonscientific.com/ by no later than 12 noon (London time) on the Business Day following the date of this Announcement. For the avoidance of doubt, neither the content of such website nor the content of any other website accessible from hyperlinks on such websites is incorporated into, nor forms part of, this Announcement. In accordance with Rule 30.3 of the Code, a person so entitled may request a copy of this A nnouncement (and any information incorporated into it by reference to another source) in hard copy form by writing to Link Asset Services, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU or by calling them on 0871 664 0300 from within the UK or on +44 3716640300 from outside the UK. Such person may also request that all future documents announcements and information sent to that person in relation to the Acquisition should be in hard copy form. Save as otherwise referred to above, a hard copy of this Announcement will not be sent unless requested. Relevant securities in issue In accordance with Rule 2.9 of the Code, BTG confirms that, as at the close of business on 19 November 2018, it has 387,150,467 ordinary shares of 10 pence each in issue admitted to trading on the London Stock Exchange’s market for listed securities. The International Securities Identification Number for BTG Shares is GB0001001592. General If you are in any doubt about the contents of this Announcement or the action you should take, you are recommended to seek your own independent financial advice immediately from your stockbroker, bank manager, solicitor or independent financial adviser duly authorised under the Financial Services and Markets Act 2000 (as amended) if you are resident in the United Kingdom or, if not, from another appropriate authorised independent financial adviser. 10

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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION FOR IMMEDIATE RELEASE THE ANNOUNCEMENT CONTAINS INSIDE INFORMATION 20 November 2018 RECOMMENDED CASH OFFER for BTG plc (“BTG”) by Bravo Bidco Limited (“Bravo Bidco”) a newly incorporated entity indirectly wholly-owned by Boston Scientific Corporation (“Boston Scientific”) intended to be effected by means of a scheme of arrangement under Part 26 of the Companies Act 1. Introduction The Boards of Boston Scientific, Bravo Bidco and BTG are pleased to announce that they have reached agreement on the terms of a recommended cash offer by Bravo Bidco for the acquisition of the entire issued and to be issued ordinary share capital of BTG (the “Acquisition”). The Acquisition is intended to be effected by means of a scheme of arrangement under Part 26 of the Companies Act (the “Scheme”). 2. The Acquisition Under the terms of the Acquisition, which will be subject to the Conditions and further terms set out in Appendix I to this Announcement and to be set out in the Scheme Document, BTG Shareholders will be entitled to receive: for each BTG Share: 840 pence in cash (the “Offer Price”) The Offer Price values the entire issued and to be issued ordinary share capital of BTG at approximately £3.3 billion and represents a premium of approximately:  36.6 per cent. to the closing price of 615 pence per BTG Share on 19 November 2018 (being the last Business Day before this Announcement); and  51.0 per cent. to the BTG 90 trading day volume-weighted average share price for the period ended 19 November 2018 (being the last Business Day before this Announcement). The BTG Shares to be acquired under the Acquisition will be acquired fully paid and free from all liens, charges, equitable interests, encumbrances, rights of pre-emption and any other rights and interests of any nature whatsoever and together with all rights now and hereafter attaching thereto. If any dividend or other distribution is authorised, declared, made or paid in respect of BTG Shares on or after the date of this Announcement and prior to the Effective Date, Bravo Bidco reserves the 11

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right to reduce the Offer Price by the amount of all or part of any such dividend or other distribution. 3. Background to and reasons for the Acquisition Boston Scientific is one of the largest independent medical technology companies in the world with a wide range of product offerings that address unmet patient needs across multiple medical conditions. Boston Scientific possesses a long history of growth through internal innovation complemented by selective acquisitions and regularly reviews opportunities for its diverse set of businesses. Boston Scientific believes that the Acquisition represents a compelling opportunity to build upon the strengths of Boston Scientific’s $1.2 billion Peripheral Interventions Division with the addition of BTG’s high growth and complementary interventional medicine platform. In addition, BTG’s pharmaceutical business adds a profitable portfolio of lifesaving acute care drugs, and its licensing business adds a portfolio of profitable licensed pharmaceutical products that generate a stream of royalties with minimal infrastructure requirements. Boston Scientific’s comprehensive and global research and development, clinical and commercial expertise combined with BTG’s strong positions in growing areas of interventional oncology and interventional vascular will position the combined entity to better serve patients, payors and providers around the world. In particular, Boston Scientific expects the Acquisition to deliver short and long-term benefits, including:  strengthening Boston Scientific’s offerings in the area of cancer treatment with the addition of BTG’s highly differentiated interventional oncology segment that will enable Boston Scientific to expand treatment options for cancer patients worldwide;  advancing Boston Scientific’s category leadership strategy in the Peripheral Interventions segment by adding high growth revenues ($341 million for the 12 month period ending September 30, 2018) to Boston Scientific’s existing Peripheral Interventions Division;  expanding Boston Scientific’s venous portfolio offering by adding BTG’s pulmonary embolism franchise in addition to other highly differentiated vascular products;  providing a strong return to Boston Scientific’s investors, including by adding two to three cents of accretion to Boston Scientific’s adjusted earnings per share in 2019, and increasing levels of accretion thereafter; and  delivering significant revenue and cost synergies through Boston Scientific’s enhanced global manufacturing capabilities and Boston Scientific’s and BTG’s combined geographic footprint. Boston Scientific is confident in its ability to deliver on its strategy for the Acquisition, having demonstrated a strong track record of integrating acquisitions into its organisation and driving both revenue growth and operating improvements through more than 20 acquisitions in the past five years. 4. Background to and reasons for the BTG Directors’ Recommendation Since its floatation in 1995, BTG has developed into a global specialist healthcare company. Under the leadership of Louise Makin and the management team, a key element of BTG’s strategy in the 12

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past decade has been to develop a leading and scalable Interventional Medicine portfolio to bring patients a set of innovative medical technologies enabling minimally invasive, often image guided, procedures. Today BTG’s Interventional Medicine portfolio represents a significant growth driver for the business and one of the few well-developed scale platforms in the market. Alongside Interventional Medicine, BTG also benefits from its highly profitable pharmaceuticals business focused on critical care products, as well as royalties from legacy intellectual property licencing arrangements. BTG has delivered a compelling financial performance with revenue, operating profit and adjusted earnings per share growth of 9 per cent., 18 per cent., and 42 per cent., respectively, for the financial year ended 31 March 2018. This strong growth was reinforced in the results for the six month period ended 30 September 2018, which were announced on 13 November 2018. When combined with the continued scaling of the Interventional Medicine business and its strong financial profile, the BTG Directors remain highly confident that the ongoing successful execution of its strategy would provide long-term growth and create significant value for shareholders. The BTG Directors believe that BTG has a clear strategy and strong independent future. However, following the approach from Boston Scientific, the BTG Directors have held detailed discussions regarding the terms of the potential Acquisition. These discussions resulted in the Offer Price of 840 pence in cash for each Ordinary Share. In assessing the terms of the Acquisition, the BTG Directors considered the all-cash nature of the consideration, which would provide BTG Shareholders with the opportunity to receive an immediate and certain value in cash, that would otherwise potentially be unlocked over a longer period of time as BTG executes its strategy and realises its longer term potential, whilst taking into account the inherent execution risks. These risks include an uncertain macro and regulatory and reimbursement environment, patent challenges or expiries, potential novel or generic competition on products, potential failure of clinical trials, commercialisation risk on innovation, competition from larger players in various markets and ongoing integration of M&A. In addition, the BTG Directors note:  the terms of the Acquisition represents a premium of: approximately 36.6 per cent. to the Closing Price per BTG Share of 615 pence on 19 November 2018 (being the Business Day before this Announcement); and o approximately 51.0 per cent. to the 90 trading day volume-weighted average price per BTG Share of 556 pence for the period ended 19 November 2018 (being the Business Day before this Announcement); o  the terms of the Acquisition provide a vehicle for BTG Shareholders to monetise their shares in BTG without suffering an illiquidity discount; and  the BTG Directors believe that the terms of the Acquisition provide fair value for BTG Shareholders relative to the standalone prospects of BTG or alternative strategies for realising value from the BTG Group’s assets. In addition, the BTG Directors have also considered the interests of its shareholders, employees, customers and patients. The BTG Directors believe that under Boston Scientific’s ownership, BTG would be able to accelerate the delivery of its strategy and further enhance its growth profile through combining the Interventional Medicine business with Boston Scientific’s Peripheral 13

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Interventions business and leveraging Boston Scientific’s comprehensive and global clinical and commercial expertise, allowing for the global roll-out of BTG’s Interventional Medicine portfolio. As part of Boston Scientific, BTG would have the opportunity to benefit from enhanced scale and financial resources, which should enable further innovation to address unmet needs for patients. BTG is also aware of Boston Scientific’s track record of successfully integrating businesses and it therefore believes there is a strong strategic and cultural fit with Boston Scientific for its customers, employees and wider stakeholders. 5. Recommendation by BTG Directors The BTG Directors, who have been so advised by Goldman Sachs International, J.P. Morgan Cazenove and Rothschild & Co as to the financial terms of the Acquisition, each consider the terms of the Acquisition to be fair and reasonable. In providing their financial advice to the BTG Directors, each of Goldman Sachs International, J.P. Morgan Cazenove and Rothschild & Co has taken into account the commercial assessments of the BTG Directors. Accordingly, the BTG Directors intend to recommend unanimously that BTG Shareholders vote (or procure the voting) in favour of the Scheme at the Court Meeting and the Resolution to be proposed at the General Meeting (or in the event that the Acquisition is implemented by way of a Takeover Offer, to accept or procure acceptance of the Takeover Offer), as each BTG Director holding BTG Shares has irrevocably undertaken to do in respect of their entire beneficial holdings of 969,032 BTG Shares, in aggregate, representing approximately 0.3 per cent. of the issued ordinary share capital of BTG on the Last Practicable Date. Further details of these irrevocable undertakings are set out in Appendix III to this Announcement. 6. Irrevocable Undertakings and Support for the Acquisition from other BTG Shareholders In addition to the irrevocable undertakings received from BTG Directors referred to above, Bravo Bidco has received irrevocable undertakings to vote (or to procure the voting) in favour of the Scheme at the Court Meeting and the Resolution to be proposed at the General Meeting (or, in the event that the Acquisition is implemented by way of a Takeover Offer, to accept or procure acceptance of the Takeover Offer) from Invesco Asset Management Limited, Novo Holdings A/S and Woodford Investment Management Limited in respect of a total of 127,062,586 BTG Shares, representing, in aggregate, approximately 32.8 per cent. of the share capital of BTG in issue on the Last Practicable Date. In aggregate, therefore, Bravo Bidco has received irrevocable undertakings in respect of 128,031,618 BTG Shares, representing approximately 33.1 per cent. of the share capital of BTG in issue on the Last Practicable Date. Further details of these irrevocable undertakings are set out in Appendix III to this Announcement. 7. Conditions to the Acquisition The Acquisition will be subject to the Conditions and certain further terms set out in Appendix I to this Announcement, including:  the approval by a majority in number of Scheme Shareholders representing at least 75 per cent. in value of Scheme Shares present, entitled to vote and voting, either in person or by proxy, at the Court Meeting; 14

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 the approval of the Resolution in connection with the implementation of the Scheme by the requisite majority of BTG Shareholders at the General Meeting;  the sanction of the Scheme by the Court;  the Scheme becoming Effective by no later than the Long Stop Date;  the receipt of competition clearance (or the expiration or termination of any waiting period, as applicable) in the US under the HSR Act;  either a CMA decision not to make a CMA Phase 2 Reference or the absence of a CMA request to submit a Merger Notice or an indication from the CMA that the Initial Period has begun when all other Conditions are met; and  the receipt of merger control clearance (or the expiration or termination of any waiting period, as applicable) in Germany under the German Act Against Restraints of Competition, in Spain under the Spanish Competition Act, or alternatively, in case of a referral under Article 22 of EU Merger Regulation from a member state to the European Commission in the EU. 8. Information on Boston Scientific and Bravo Bidco Boston Scientific, based in Marlborough, Massachusetts, transforms lives through innovative solutions that improve the health of patients around the world. For nearly 40 years, Boston Scientific has advanced science for life by providing a broad range of high performance solutions that address unmet patient needs and reduce the cost of healthcare. With annual sales approaching $10 billion, a market capitalisation around $50 billion and a strong investment grade credit rating, Boston Scientific is one of the largest independent medical technology companies in the world. It carries on its business through three operating segments that comprise seven franchises; MedSurg (Endoscopy, Urology & Pelvic Health), Rhythm & Neuro (CRM, Electrophysiology and Neuromodulation) and Cardiovascular (Interventional Cardiology and Peripheral Interventions). Boston Scientific has a long history of growth through internal innovation and successful acquisitions. Bravo Bidco is a newly incorporated indirectly wholly-owned subsidiary of Boston Scientific formed for the purpose of implementing the Acquisition. 9. Information on BTG BTG, headquartered in London, United Kingdom, is a global healthcare company focused on Interventional Medicine, with a fast-growing Oncology and Vascular portfolio to advance the treatment of cancer, blood clots and varicose veins through minimally invasive procedures. Alongside Interventional Medicine, BTG has a cash-generative Pharmaceuticals business that provides life-saving products to treat patients overexposed to certain medications or toxins. Inspired by patient and physician needs, BTG is expanding its portfolio to address some of today’s most complex healthcare challenges. BTG was formed in 1981 from the merger of the UK government’s National Research & Development Council and National Enterprise Board. Since its flotation on the London Stock Exchange in 1995, the group has built the capabilities and infrastructure to support ongoing business growth globally. BTG has a significant direct commercial presence in Europe and the US, supporting the group’s growth and geographic expansion. BTG continues to develop its product portfolio through investments in pipeline innovation and clinical studies, as well as through a 15

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focused acquisition strategy. BTG operates two businesses: Interventional Medicine and Pharmaceuticals. It also receives royalties from legacy Licensing activities. Interventional Medicine: BTG is a leader in Interventional Medicine therapies, the fast growing field of minimally invasive, often image-guided procedures used to treat a range of conditions, focused on Oncology and Vascular segments. Interventional Oncology offers treatments for a variety of cancers and tumours. Key products include TheraSphere®, glass microspheres that deliver internal radiation therapy; LC Bead® and DC Bead®, embolization and chemoebolization polymer beads; and BTG cryoablation systems. This unique portfolio gives BTG the ability to offer customers minimally invasive treatment alternatives to systemic radiotherapy, chemotherapy or open surgery. The Vascular portfolio focuses on the treatment of blood clots and varicose veins. Key products include EKOS®, an ultrasonic device to help dissolve blood clots, BTG crossing devices, anchoring catheters used to cross complex lesions, and venous filters, as well as Varithena®, an injectable microfoam for the treatment of varicose veins. Pharmaceuticals: BTG’s products are used in hospital emergency rooms and intensive care units. The products typically address conditions with small patient populations for which there are limited or no existing treatment options. Key products within the pharmaceuticals portfolio include CroFab®, DigiFab® and Voraxaze® that are used respectively for the treatment of envenomation by certain snakes and overexposure to particular heart and cancer medications. Licensing: in addition to generating revenues from its own products, BTG earns royalties on products sold by its licensees. Licensed products include Zytiga®, licensed to Johnson & Johnson and used for the treatment of prostate cancer, and the Two-Part Hip Cup, a prosthetic hip joint replacement. For the six months ended 30 September 2018 (the “1H 2018/19 Fiscal Year”), BTG generated sales of $495.7m (+12% vs six months ended 30 September 2017 (the “1H 2017/18 Fiscal Year”)) of which $340.2m was from product sales (+10% vs 1H 2017/18 Fiscal Year) and $155.5m from licensing revenues (+18% vs 1H 2017/18 Fiscal Year). Group adjusted profit was $178.5m (+39% vs 1H 2017/18 Fiscal Year) representing a 36% adjusted profit margin. For 1H 2018/19 Fiscal Year Interventional Medicine generated $172.3m (+12% vs 1H 2018 Fiscal Year), of which $110.9m was from Oncology (+12% vs 1H 2017/18 Fiscal Year) and $59.2m from Vascular (+20% vs 1H 2017/18 Fiscal year) while Pharmaceuticals generated $167.9m (+7% vs 1H 20/1718 Fiscal Year). Net cash and cash equivalents was $285.2m as at 30 September 2018. On 4 October 2018, BTG announced that Garry Watts had informed the BTG Board that he wished to retire as Chairman and as a non-executive director of BTG at the end of 2018. Given the Acquisition, it is now expected that he will remain as Chairman and as a non-executive director until the Effective Date. 10. Post-Offer Intentions with regard to the Business, Employees and Pension Schemes Boston Scientific values BTG’s culture, reputation with customers, its commitment to quality and its focus on addressing unmet patient needs through innovation and product excellence. Boston Scientific and BTG have highly complementary businesses in the area of interventional medicine. Boston Scientific plans to apply the combined group’s expertise across therapeutic areas, research and development capabilities, and all employee talents to provide innovative solutions for patients, benefits for stakeholders and growth for shareholders. 16

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Boston Scientific’s due diligence review of BTG has primarily consisted of a detailed review of publicly available information regarding BTG, since it signed a Confidentiality Agreement with BTG on 31 October 2018, limited interactions with a narrow group of BTG’s senior management, and review of the limited materials provided to it by BTG. Boston Scientific, because of its own Peripheral Interventions business and its track record of acquiring and integrating other businesses, also is familiar with businesses similar to BTG’s and the integration process. Based on this review, its industry and transactional experience, and its own Peripheral Interventions business, Boston Scientific believes there will be meaningful duplication of operational infrastructure between the two businesses, primarily in the area of Interventional Medicine. Boston Scientific has not yet received sufficiently detailed information to formulate comprehensive plans or intentions regarding the impact of the Acquisition on BTG and, accordingly, intends to take a ‘best of both’ approach in optimising the operating structure of the combined Peripheral Interventions business. Boston Scientific possesses extensive operations around the world, including its global headquarters in Marlborough, Massachusetts, which it will retain following the completion of the Acquisition, and a significant operational presence in Maple Grove, Minnesota. It expects to realise synergies from the Acquisition by eliminating duplication across functions, including eliminating BTG’s public company infrastructure and listing costs. Boston Scientific also expects to eliminate other duplicative general and administrative costs, including by reducing headcount and by combining or relocating BTG’s remaining head office functions with or to Boston Scientific facilities. Boston Scientific also expects to realise synergies by increasing manufacturing and supply chain efficiencies, which are expected to include reduction of manufacturing footprint by re-deploying or disposing of fixed assets. Whether these fixed assets will be re-deployed or disposed of will depend on the nature of these assets, including how efficient they are. As part of its post-closing evaluation, Boston Scientific will also review BTG’s research and development activities. Boston Scientific expects to conduct this review promptly after completion of the Acquisition with the goal of identifying BTG’s promising pipeline projects and duplicative facilities and headcount. Following completion of this review, Boston Scientific expects to preserve and enhance the development of BTG’s promising pipeline products and to eliminate less promising pipeline products, as well as duplicative facilities and headcount. Boston Scientific expects to implement expense reductions across a range of operating functions in the combined Peripheral Interventions business. Based on its limited due diligence to date, it does not yet have sufficient information to be able to estimate with specificity the extent or location of these reductions. Based on its experience integrating other acquired businesses, subject to complying with applicable laws, Boston Scientific expects to be able to begin to develop detailed steps for the integration of the Boston Scientific and BTG businesses in the period prior to the completion of the Acquisition, and to finalise its integration plan within six to nine months after completion of the Acquisition. Boston Scientific also expects to realise revenue synergies in its Peripheral Interventions and BTG’s Interventional Medicine businesses by driving incremental top-line growth through a larger combined, global commercial team and by leveraging Boston Scientific’s significant presence outside the United States. Based on the limited information it has received to date and its experience integrating other acquired companies and operating similar businesses, Boston Scientific expects to realise annual 17

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cost and revenue synergies of approximately US $175 million by the end of 2021, largely consisting of cost synergies, a significant portion of which are expected to come from headcount reductions. Because of the limited due diligence Boston Scientific has been permitted to conduct to date, and its intention to take a “best of both” approach to integration, Boston Scientific cannot yet say what the total number of headcount reduction will be or the proportion of the expected headcount reductions that will come from BTG or from Boston Scientific. If a large portion of the headcount reductions were to come from BTG, they would be material to BTG. Boston Scientific has yet to formulate its long-term plans with respect to BTG’s Pharmaceuticals business. In the meantime, Boston Scientific intends to operate this business in substantially the same manner as it is currently operated. The finalisation and implementation of any workforce reductions will be subject to comp rehensive planning and engagement with employees and consultation with employee representatives as required by applicable local law. Any affected employees will be treated in a fair and equitable manner consistent with Boston Scientific’s high standards and culture of respect. Boston Scientific has agreed that, in implementing any headcount reductions, it would enhance that part of BTG’s existing US severance policy that relates to minimum severance payments and make it applicable to both US and non-US employees so that BTG’s general employees (i.e. employees below management other than professional and sales employees) would receive a minimum of ten weeks' pay (including pay for any notice period), and BTG’s professional and sales employees would receive a minimum of 14 weeks' pay (including pay for any notice period). Severance payments would be paid in a lump sum rather than as salary continuation as is currently provided under BTG's US severance policy. Boston Scientific intends to approach employee integration with the aim of retaining and motivating the best talent across the combined company to further enhance a high performance organisation. Boston Scientific intends to inform all BTG employees as to whether they will have permanent positions going forward as soon as reasonably practicable following completion of the Acquisition. Boston Scientific confirms that it has given assurances to the BTG Directors that upon and following completion of the Acquisition, it intends to fully observe the existing contractual employment rights, including pension rights, of all BTG management and employees. In addition, Boston Scientific has committed that, for the first twelve months after completion of the Acquisition, the terms and conditions of employment of BTG employees will be no less favourable (taking into account salary and benefits) than their existing terms and conditions of employment, except that Boston Scientific will provide incentive compensation arrangements to BTG employees that are consistent with Boston Scientific’s compensation schemes, having regard to BTG’s current incentive arrangements and Boston Scientific’s desire to attract and retain BTG’s talented employees. BTG has also stated its intention to put in place retention arrangements for certain of its employees, under which it is expected that it will make additional cash retention awards in an aggregate amount of up to £18 million to employees whose retention is considered by BTG, following consultation with Boston Scientific in certain cases, to be critical for achieving the successful completion of the Acquisition and business continuity through and following the completion of the Acquisition. Subject to the assurances Boston Scientific has provided to BTG as described above, following the completion of the Acquisition, Boston Scientific expects to migrate all BTG’s management and employees on to the standard terms, conditions and benefits offered to Boston Scientific’s 18

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management and employees, such that Boston Scientific’s and BTG’s management and employees are treated equally. However, except as otherwise required by applicable law, Boston Scientific does not provide pension benefits to its employees. Boston Scientific has not yet had sufficient access to BTG’s benefit plans to be able to determine whether this migration will commence within the first 12 months after completion of the Acquisition or after this 12-month period. Pending this migration, Boston Scientific does not intend to make any changes with regard to employer contributions to BTG’s existing pension schemes or the accrual of benefits to existing members or the admission of new members to such pension schemes. Subject to the potential headcount reductions described herein, Boston Scientific does not intend to make any material changes to the balance of the skills and functions of the employees and management of BTG. No statements in this Paragraph 10 constitute “post-offer undertakings” for the purposes of Rule 19.5 of the Code. 11. Financing arrangements Boston Scientific will provide Bravo Bidco with the cash consideration to be paid to BTG Shareholders pursuant to the Acquisition from new third party borrowing by Boston Scientific to be entered into prior to the Effective Date. For cash confirmation purposes, Boston Scientific has obtained a bridge facility from Barclays Bank PLC for the full amount of the cash consideration required. Boston Scientific has committed to Barclays to provide Bravo Bidco with the cash consideration to be paid to the BTG Shareholders pursuant to the Acquisition. Under the terms of such bridge facility, Boston Scientific has agreed that it will not amend, treat as satisfied or waive any term or condition without the consent of Barclays Bank PLC as lead arranger (such consent not to be unreasonably withheld, conditioned or delayed) if to do so would be materially adverse to the interests of the lenders under the relevant credit agreement, save as required pursuant to the City Code, the Panel, a competent regulatory authority or by the Court. Barclays, in its capacity as financial adviser to Bravo Bidco and Boston Scientific, is satisfied that resources available to Bravo Bidco are sufficient to satisfy, in full, the cash consideration payable to BTG Shareholders under the terms of the Acquisition. 12. Structure of the Acquisition and the Scheme Document Scheme It is intended that the Acquisition will be effected by a Court-sanctioned scheme of arrangement between BTG and the Scheme Shareholders under Part 26 of the Companies Act. The intention of the Scheme is to enable Bravo Bidco to become the owner of the whole of the issued and to be issued share capital of BTG. Under the Scheme, the Scheme Shares will be transferred to Bravo Bidco and in consideration the Scheme Shareholders will receive the consideration on the basis set out in paragraph 2 of this Announcement. The Scheme will be subject to the Conditions and further terms and conditions referred to in Appendix I to this Announcement and to be set out in the Scheme Document. The Acquisition will lapse if the Scheme does not become Effective by the Long Stop Date. 19

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Approval by the Court Meeting and the General Meeting In order to become Effective, the Scheme requires the approval of the Scheme Shareholders by the passing of a resolution at the Court Meeting. The resolution must be approved by a majority in number of the Scheme Shareholders present and voting and entitled to vote, either in person or by proxy, representing not less than 75 per cent. in value of the Scheme Shares held by such Scheme Shareholders. At the Court Meeting, voting will be by poll and not on a show of hands. In addition, a special resolution must be passed at the General Meeting to approve amendments to BTG’s articles of association to ensure that any BTG Shares issued after the approval of the Scheme at the Court Meeting and the Scheme Record Time will be: (i) subject to the Scheme; and (ii) automatically acquired by Bravo Bidco on the same terms as under the Scheme), which requires the approval of BTG Shareholders representing at least 75 per cent. of the votes cast at the General Meeting (either in person or by proxy). The General Meeting will be held immediately after the Court Meeting. Application to the Court to sanction the Scheme Once the necessar y approvals have been obtained at the BTG Meetings, and the other Conditions (save for the Conditions set out at paragraphs 1(c) and (d) of Part A of Appendix I to this Announcement) have been satisfied or (where applicable) waived, in order for the Scheme to be capable of becoming Effective, it must be sanctioned by the Court at the Scheme Court Hearing. The Scheme will only become Effective on delivery of the Scheme Court Order to the Registrar of Companies. Scheme becoming Effective Subject to the satisfaction or (where applicable) waiver of the Conditions, the Scheme is expected to become Effective around mid-2019. Upon the Scheme becoming Effective, it will be binding on all Scheme Shareholders, irrespective of whether or not they attended or voted at the Court Meeting or General Meeting, or whether they voted in favour of or against the Scheme. The Offer Price will be despatched by Bravo Bidco to Scheme Shareholders no later than 14 days after the Effective Date. Share certificates in respect of BTG Shares will cease to be valid and entitlements to BTG Shares held within the CREST system will be cancelled. Scheme Document The Scheme Document will include full details of the Scheme, together with notices of the Court Meeting and the General Meeting and the expected timetable for the Scheme, and will specify the action to be taken by BTG Shareholders. It is expected that the Scheme Document, together with the Forms of Proxy, will be despatched to BTG Shareholders and, for information only, to participants in the BTG Share Plans as soon as reasonably practicable. General The Scheme will be governed by the laws of England and Wales. The Scheme will be also subject to the applicable requirements of the Code, the Panel, the London Stock Exchange and the Financial Conduct Authority. 20

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13. Disclosure of interests in BTG Shares As at close of business on the Last Practicable Date, save for the irrevocable undertakings referred to in Sections 5 and 6 of this Announcement, none of Bravo Bidco, Boston Scientific or any of their respective directors, or, so far as Boston Scientific is aware, any persons acting in concert (as such term is defined in the Code) with Boston Scientific had:  any interest in, or right to subscribe for, any relevant securities of BTG;  any short position in (whether conditional or absolute and whether in the money or otherwise), including any short position under a derivative, any agreement to sell or any delivery obligation or right to require another person to purchase or take delivery of, relevant securities of BTG;  procured an irrevocable commitment or letter of intent to accept the terms of the Acquisition in respect of relevant securities of BTG; or  borrowed or lent any such securities. Furthermore, save for the irrevocable undertakings described in Sections 5 and 6 of this Announcement, no arrangement exists between Boston Scientific, Bravo Bidco or any person acting in concert (as such term is defined in the Code) with Boston Scientific or Bravo Bidco and any other person in relation to BTG Shares. For these purposes, an arrangement includes any indemnity or option arrangement, any agreement or understanding, formal or informal, of whatever nature, relating to BTG Shares which may be an inducement to deal or refrain from dealing in such securities. In the interests of maintaining confidentiality, it has not been possible for Bravo Bidco to complete its enquiries in respect of the interests in BTG Shares (if any) of all of Bravo Bidco’s concert parties in advance of the release of this Announcement. Enquiries of such parties will be completed as soon as practicable following the date of this Announcement. In accordance with Note 2(a)(i) on Rule 8 of the Code, further disclosures, if any, required in respect of such parties will be made as soon as possible and in any event by no later than 12 noon (London time) on the date falling 10 Business Days after the date of this Announcement. 14. BTG Share Plans Participants in the BTG Share Plans will be contacted regarding the effect of the Acquisition on their rights under the BTG Share Plans and appropriate proposals will be made to such participants in due course. Further details of the terms of such proposals will be included in the Scheme Document and separate proposal documentation. 15. Acquisition-related Arrangements Confidentiality agreement On 31 October 2018, Boston Scientific and BTG entered into a confidentiality agreement in relation to the Acquisition, pursuant to which Boston Scientific undertook to keep information related to BTG confidential and to not disclose it to third parties (other than to permitted persons) unless required by law or regulation. Unless terminated earlier, the confidentiality obligations will remain in force for five years from the date of the agreement. 21

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The confidentiality agreement also contains undertakings from Boston Scientific that, for a period of 12 months from the date of the confidentiality agreement and subject to customary carve outs, neither Boston Scientific nor BTG shall employ or seek to employ certain employees of the other. Co-operation Agreement Boston Scientific, Bravo Bidco and BTG have entered into the Co-operation Agreement pursuant to which:  Boston Scientific and Bravo Bidco have each agreed to use commercially reasonable efforts to secure certain regulatory clearances and to satisfy certain regulatory conditions as promptly as possible following the date of the Co-operation Agreement and, in any event, by the Long Stop Date. Commercially reasonable efforts: (a) shall include divestiture of either the Boston Scientific Bead Business or the BTG Bead Business, provided that Boston Scientific has up to three months following Boston Scientific submitting a filing pursuant to the HSR Act to make the case to the US Federal Trade Commission or US Department of Justice prior to offering such divestiture; and (b) shall preclude Boston Scientific or Bravo Bidco from committing to effect any transaction that would be reasonably likely to preclude or materially impede or prejudice the effectiveness of any application for any such regulatory clearance;  Boston Scientific, Bravo Bidco and BTG have each undertaken to, among other things, provide information and assistance in relation to filings, notifications or submissions to be made in connection with implementing the Acquisition and obtaining certain regulatory clearances; and  Boston Scientific and Bravo Bidco have each undertaken to provide information and assistance in connection with the preparation of the Scheme Document and implementation of the Scheme. The Co-operation Agreement records Bravo Bidco’s and BTG’s intention to implement the Acquisition by way of a Scheme, subject to the ability of Bravo Bidco to implement the Acquisition by way of a Takeover Offer in the circumstances described in the Co-operation Agreement. The parties have agreed that where BTG consents to Bravo Bidco implementing the Acquisition by way of a Takeover Offer, the acceptance condition to the Takeover Offer shall be set at not more than 75 per cent. of the BTG Shares to which the Takeover Offer Relates. The Co-operation Agreement contains provisions in relation to the BTG Share Schemes and to the treatment of employees as summarised in Section 0 above. The Co-operation Agreement will terminate if:  agreed in writing between Boston Scientific, Bravo Bidco and BTG;  upon service of written notice from Bravo Bidco to BTG if: (a) the Scheme Document does not contain the BTG Recommendation; (b) the BTG Board withdraws or adversely modifies or qualifies the BTG Recommendation; (c) BTG makes an announcement before publication of the Scheme Document that it will not convene the Court Meeting or the General Meeting or that it intends not to post the Scheme Document (otherwise than as a result of the Acquisition being implemented by way of a Takeover Offer); or (d) a competing transaction is announced and such competing transaction is recommended by the BTG Board; 22

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 upon service of written notice from Bravo Bidco to BTG or BTG to Bravo Bidco, the Effective Date has not occurred on or prior to the Long Stop Date; or  a competing transaction completes, becomes effective or unconditional in all respects; or  any Condition has been invoked, with the consent of the Panel, and the Scheme has been withdrawn, or if the Acquisition is to be implemented by way of a Takeover Offer, the Takeover Offer lapses. 16. Delisting and cancellation of trading and re-registration It is intended that dealings in BTG Shares will be suspended shortly before the Effective Date at a time to be set out in the Scheme Document. It is further intended that applications will be made to: (a) the London Stock Exchange to cancel trading in BTG Shares on the London Stock Exchange’s main market for listed securities; and (b) the UK Listing Authority to cancel the listing of the BTG Shares on the Daily Official List, in each case with effect from or shortly after the Effective Date. The last day of dealing in BTG Shares on the London Stock Exchange is currently expected to be the Business Day immediately prior to the Effective Date and it is currently intended that no transfers will be registered after 6:00 pm on that date. Share certificates in respect of the BTG Shares will cease to be valid and should be destroyed on the Effective Date. In addition, entitlements held within CREST to BTG Shares will be cancelled on the Effective Date. It is Bravo Bidco’s intention that in due course, following a delisting, BTG will be re-registered as a private limited company. 17. Overseas shareholders The distribution of this Announcement to persons not resident in the United Kingdom and/or the ability of such persons to vote on the Acquisition at the BTG Meetings (or, if the Acquisition is implemented by way of a Takeover Offer, to accept such Takeover Offer) may be prohibited or affected by the laws of the relevant jurisdictions in which such persons are resident. Such persons should inform themselves about, and observe, any applicable requirements. Further details in relation to overseas BTG Shareholders will be contained in the Scheme Document. BTG Shareholders who are in any doubt about such matters should consult an appropriate independent professional adviser in the relevant jurisdiction without delay. 18. BTG ADRs The BTG Shares underlying the BTG ADRs will be included in the Acquisition. BTG ADR holders should contact the depositary for their BTG ADRs for information regarding their rights. 19. Documents on display The following documents will be published on Boston Scientific’s website (http://investors.bostonscientific.com/) and BTG’s website (www.btgplc.com) by no later than 12 noon on the Business Day following the date of this Announcement until the end of the Offer Period:  this Announcement;  the irrevocable undertakings described in paragraphs 5 and 6 above; 23

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 certain financing documents referred to in paragraph 0 above;  the confidentiality agreement described in paragraph 15 above; and  the co-operation agreement described in paragraph 15 above. 20. Right to Switch to a Takeover Offer Bravo Bidco reserves the right, subject to the prior consent of the Panel and to the terms of the Co-operation Agreement, to implement the Acquisition by way of a Takeover Offer for the entire issued and to be issued share capital of BTG as an alternative to the Scheme. In such an event, a Takeover Offer will be implemented on the same terms and conditions as those which would apply to the Scheme, subject to appropriate amendments, including, save as otherwise set out in the Co-operation Agreement, an Approval Condition set at 90 per cent. in nominal value and of the voting rights attaching to such shares of the shares to which the Takeover Offer relates or such lesser percentage as Bravo Bidco may determine (subject to the consent of the Panel, if necessary), being in any case more than 50 per cent. of the voting rights normally exercisable at a general meeting of BTG, including for this purpose, any such voting rights attaching to BTG Shares that are unconditionally allotted or issued before the Takeover Offer becomes or is declared unconditional as to acceptances, whether pursuant to the exercise of any outstanding subscription or conversion rights or otherwise. If the Acquisition is effected by way of a Takeover Offer, there can be no certainty as to the level of the Approval Condition, or of Bravo Bidco’s willingness to waive or lower such Approval Condition. If such Takeover Offer becomes or is declared unconditional in all respects, where:  acceptances are received from BTG Shareholders such that, together with any other BTG Shares unconditionally acquired, owned or controlled by Bravo Bidco and/or Boston Scientific will hold at least 75 per cent. of the voting rights attaching to the BTG Shares, Bravo Bidco intends to request that the then appointed BTG Board (subject to its fiduciary duties) will apply to the London Stock Exchange and the UK Listing Authority respectively to cancel trading in BTG Shares on the London Stock Exchange’s main market for listed securities and cancel the listing of the BTG Shares on the Daily Official List, which cancellations would eliminate the liquidity of BTG Shares for any remaining BTG Shareholders; and  Bravo Bidco receives acceptances under the Takeover Offer in respect of, or otherwise acquires, 90 per cent. or more of the BTG Shares to which the Takeover Offer relates by nominal value and voting rights attaching to such shares, Bravo Bidco intends to exercise its rights pursuant to sections 974 to 991 of the Companies Act to acquire compulsorily the remaining BTG Shares in respect of which the Takeover Offer has not been accepted on the same terms as the Takeover Offer. 21. General This Announcement does not constitute an offer or an invitation to purchase or subscribe for any securities. In deciding whether or not to vote or procure votes in favour of the resolutions relating to the Scheme at the BTG Meetings in respect of their BTG Shares, BTG Shareholders should rely on the information contained, and follow the procedures described, in the Scheme Document. 24

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The Scheme will be subject to the Conditions and certain further terms set out in Appendix I to this Announcement and to the full terms and conditions to be set out in the Scheme Document. Appendix II to this Announcement contains the sources and bases of certain information contained in this Announcement. Appendix III to this Announcement contains a summary of the irrevocable undertakings received in relation to the Acquisition. Appendix IV to this Announcement contains the definitions of certain expressions used in this Announcement. 22. Consents Barclays has given and has not withdrawn its written consent to the issue of this Announcement with the inclusion therein of the references to its name in the form and context in which it appears. Goldman Sachs International has given and has not withdrawn its written consent to the issue of this Announcement with the inclusion therein of the references to its name in the form and context in which it appears. J.P. Morgan Cazenove has given and has not withdrawn its written consent to the issue of this Announcement with the inclusion therein of the references to its name in the form and context in which it appears. Rothschild & Co has given and has not withdrawn its written consent to the issue of this Announcement with the inclusion therein of the references to its name in the form and context in which it appears. Enquiries: Bravo Bidco / Boston Scientific +1 (508) 683-5565 Susie Lisa (Investor Relations) Barclays (financial adviser to Bravo Bidco and Boston Scientific) Doug Solomon Jed Brody Derek Shakespeare +44 20 7623 2323 BTG Andy Burrows (Vice President, Corporate & Investor Relations) +44 20 7575 1741 Goldman Sachs International (joint financial adviser to BTG) Anthony Gutman Nimesh Khiroya Søren Moller-Rasmussen +44 20 7774 1000 J.P. Morgan Cazenove (joint financial adviser and joint corporate broker to BTG) James Mitford Dwayne Lysaght Alex Bruce +44 20 7742 4000 Rothschild & Co (joint financial adviser to BTG) Richard Murley Dominic Hollamby +44 20 7280 5000 25

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Julian Hudson Deutsche Bank AG (joint corporate broker to BTG) Neil Collingridge Seth Damergy +44 20 7545 8000 FTI Consulting (PR adviser to BTG) Ben Atwell +44 20 3727 1000 Allen & Overy LLP is retained as legal adviser to BTG. Shearman & Sterling LLP, Arnold & Porter Kaye Scholer LLP and Travers Smith LLP are retained as legal advisers to Boston Scientific. Important Notices Relating to Financial Advisers Barclays Bank PLC, acting through its investment bank (“Barclays”), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively for Boston Scientific and Bravo Bidco and no one else in connection with the matters referred to in this Announcement and will not be responsible to anyone other than Boston Scientific and Bravo Bidco for providing the protections afforded to clients of Barclays nor for providing advice in relation to the Acquisition or any other matter referred to in this Announcement. Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively for BTG and no one else in connection with the matters referred to in this Announcement and will not be responsible to anyone other than BTG for providing the protections afforded to clients of Goldman Sachs International, or for providing advice in connection with the contents of this Announcement or any other matter referred to in this Announcement. J. P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove (“J.P. Morgan Cazenove”), is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom. J.P. Morgan Cazenove is acting exclusively for BTG and no one else in connection with the Acquisition and any other matters referred to in this Announcement and will not be responsible to anyone other than BTG for providing the protections afforded to clients of J.P. Morgan Cazenove, or for providing advice in relation to the Acquisition or any matter referred to in this Announcement. N M Rothschild & Sons Limited (“Rothschild & Co”), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for BTG and no one else in connection with the matters set out in this Announcement and will not regard any other person as its client in relation to the matters set out in this Announcement and will not be responsible to anyone other than BTG for providing the protections afforded to clients of Rothschild & Co, nor for providing advice in relation to the Acquisition or any other matter referred to in this Announcement. Neither Rothschild & Co nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Rothschild & Co in connection with the matters referred to in this Announcement, or otherwise. Deutsche Bank AG is authorised under German Banking Law (competent authority: European Central Bank) and, in the United Kingdom, by the Prudential Regulation Authority. It is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority, and is subject to limited regulation in the United Kingdom by the Prudential Regulation Authority and Financial Conduct Authority. Details about the extent of its authorisation and regulation by the Prudential Regulation 26

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Authority, and regulation by the FCA, are available on request or from www.db.com/en/content/eu_disclosures.htm. Deutsche Bank AG, acting through its London branch ("Deutsche Bank") is acting as Corporate Broker to BTG plc and no other person in connection with this Announcement or any of its contents. Deutsche Bank will not be responsible to any person other than BTG plc for providing any of the protections afforded to clients of Deutsche Bank, nor for providing any advice in relation to the matters set out in this Announcement. Neither Deutsche Bank nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Deutsche Bank in connection with the matters set out in this Announcement, any statement contained herein or otherwise. Further Information This Announcement is for information purposes only and is not intended to, and does not, constitute or form part of any offer, invitation, inducement or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of or exercise rights in respect of any securities, or the solicitation of any vote or approval of an offer to buy securities in any jurisdiction, pursuant to the Acquisition or otherwise nor shall there be any sale, issuance or transfer of any securities pursuant to the Acquisition in any jurisdiction in contravention of any applicable laws. The Acquisition will be implemented solely pursuant to the terms of the Scheme Document (or in the event that the Acquisition is to be implemented by means of a Takeover Offer, the Offer Document), which will contain the full terms and conditions of the Acquisition, including details of how to vote in respect of the Scheme. Any decision, vote or other response in respect of the Acquisition should be made only on the basis of information contained in the Scheme Document. BTG Shareholders are advised to read the formal documentation in relation to the Acquisition carefully once it has been dispatched. This Announcement does not constitute a prospectus or prospectus-equivalent document. This Announcement has been prepared for the purpose of complying with English law and the Code and the information disclosed may not be the same as that which would have been disclosed if this Announcement had been prepared in accordance with the laws of jurisdictions outside the United Kingdom. In accordance with the Code, normal United Kingdom market practice and Rule 14e-5(b) of the Exchange Act, Barclays and its affiliates will continue to act as an exempt principal trader in BTG securities on the London Stock Exchange. The purchases and activities by exempt principal traders which are required to be made public in the United Kingdom pursuant to the Code will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com. This information will also be publicly disclosed in the US to the extent that such information is made public in the United Kingdom. Overseas jurisdictions The release, publication or distribution of this Announcement in, and the availability of the Acquisition to persons who are residents, citizens or nationals of jurisdictions other than the United Kingdom may be restricted by laws and/or regulations of those jurisdictions. In particular, the ability of persons who are not resident in the United Kingdom or who are subject to the laws of another jurisdiction to vote their Scheme Shares with respect to the Scheme at the Court Meeting, or to execute and deliver Forms of Proxy appointing another to vote at the Court Meeting on their behalf, may be affected by the laws of the relevant jurisdictions in which they are located. Therefore, any persons not resident in the United Kingdom and/or who are subject to the laws and regulations of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable legal and regulatory requirements. Any failure to comply 27

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with the applicable requirements may constitute a violation of the laws and/or regulations of any such jurisdiction. The Acquisition will not be made, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would violate the laws of that jurisdiction and no person may vote in favour of the Acquisition by any use, means, instrumentality or form within a Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Accordingly, copies of this Announcement and any formal documentation relating to the Acquisition are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction and persons receiving such documents (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send them in or into or from any Restricted Jurisdiction. The receipt of cash pursuant to the Acquisition by BTG Shareholders may be a taxable transaction under applicable national, state and local, as well as foreign and other tax laws. Each BTG Shareholder is urged to consult their independent professional adviser regarding the tax consequences of the Acquisition applicable to him. If the Acquisition is implemented by way of a Takeover Offer (unless otherwise permitted by applicable law and regulation), the Takeover Offer may not be made, directly or indirectly, in, into or by use of the mails or any other means of instrumentality (including, without limitation, facsimile, e-mail or other electronic transmission, telex or telephone) of interstate or foreign commerce of, or any facility of a national, state or other securities exchange of any Restricted Jurisdiction and the Takeover Offer will not be capable of acceptance by any such use, means, instrumentality or facilities or from within any Restricted Jurisdiction where to do so would violate the laws of that jurisdiction and shall not be capable of acceptance by any such use, means, instrumentality or facility or from within such Restricted Jurisdiction. This Announcement has been prepared for the purpose of complying with English law, the rules of the London Stock Exchange and the Code and the information disclosed may not be the same as that which would have been disclosed if this Announcement has been prepared in accordance with the laws of jurisdictions outside England and Wales. Further details in relation to BTG Shareholders in overseas jurisdictions will be contained in the Scheme Document. Notice to US Investors in BTG The Acquisition relates to the shares of a company organised under the laws of England and Wales and is proposed to be effected by means of a scheme of arrangement under the laws of England and Wales (Part 26 of the Companies Act). This Announcement, the Scheme Document and certain other documents relating to the Acquisition have been or will be prepared in accordance with English law, the Code and UK disclosure requirements, format and style, all of which differ from those in the United States. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules or the proxy solicitation rules under the US Securities Exchange Act of 1934, as amended (the “US Exchange Act”). Accordingly, the Acquisition is subject to the disclosure requirements of and practices applicable in the United Kingdom to schemes of arrangement involving a target company in England listed on the London Stock Exchange, which differ from the disclosure requirements of the United States tender offer and proxy solicitation rules. Bravo Bidco reserves the right, subject to the prior consent of the Panel, to elect to implement the Acquisition by way of a Takeover Offer. If, in the future, Bravo Bidco exercises its right to implement the Acquisition by way of a Takeover Offer and determines to extend the Takeover Offer into the United States, such offer and the Acquisition will be made in compliance with applicable US tender offer regulations. 28

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If the Acquisition is implemented by way of a Takeover Offer, pursuant to Rule 14e-5(b) under the US Exchange Act, Bravo Bidco, certain affiliated companies or their nominees or brokers (acting as agents) may from time to time make certain purchases of, or arrangements to purchase, shares in BTG outside such a Takeover Offer during the period in which such a Takeover Offer would remain open for acceptance. If such purchases or arrangements to purchase were to be made, they would be made outside the US and would apply in accordance with applicable law, including the US Exchange Act and the Code. Such purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in the United Kingdom, will be reported to the Regulatory News Service of the London Stock Exchange and will be available on the London Stock Exchange website at: http://www.londonstockexchange.com/prices-and-news/prices-news/home.htm. BTG’s financial statements, and all financial information that is included in this Announcement or that may be included in the Scheme Document, or any other documents relating to the Acquisition, have been or will be prepared in accordance with non-US accounting standards that may not be comparable to financial information of companies in the United States or other companies whose financial statements are prepared in accordance with US generally accepted accounting principles. Neither the United States Securities and Exchange Commission nor any US state securities commission has approved or disapproved the Acquisition, passed upon the merits or fairness of the Acquisition or passed any opinion upon the accuracy, adequacy or completeness of this Announcement or the Scheme Document. Any representation to the contrary is a criminal offence in the United States. BTG is incorporated under the laws of England and Wales. In addition, some of its officers and directors reside outside the United States, and some or all of its assets are or may be located in jurisdictions outside the United States. Therefore, investors may have difficulty effecting service of process within the United States upon those persons or recovering against BTG or its officers or directors on judgments of United States courts, including judgments based upon the civil liability provisions of the United States federal securities laws. It may not be possible to sue BTG or its officers or directors in a non-U.S. court for violations of the U.S. securities laws. The receipt of cash pursuant to the Acquisition by US holders of BTG Shares as consideration for the transfer of its Scheme Shares pursuant to the Scheme may be a taxable transaction for US federal income tax purposes and under applicable US state and local, as well as foreign and other, tax laws. Each US holder of BTG Shares is urged to consult his or her independent professional adviser immediately regarding the tax consequences of the Acquisition applicable to him or her. Forward Looking Statements This Announcement contains certain statements which are, or may be deemed to be, “forward-looking statements” which are prospective in nature. All statements other than statements of current or historical fact, are or may be deemed to be, forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are therefore subject to known and unknown risks and uncertainties which could cause actual results, performance or events to differ materially from the future results, performance or events expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as “plans”, “expects”, “is expected”, “is subject to”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “targets”, “aims”, “projects”, “goal”, “objective”, “outlook”, “risks”, “seeks” or words or terms of similar substance or the negative thereof, as well as variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might”, 29

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“probably” or “will” be taken, occur or be achieved. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements involve risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this Announcement. Any forward-looking statements made in this Announcement on behalf of BTG, Bravo Bidco or Boston Scientific are made as of the date of this Announcement based on the opinions and estimates of directors of BTG, Bravo Bidco or Boston Scientific, respectively and no assurance can be given that such opinions or estimates will prove to have been correct. Each of BTG, Bravo Bidco, Boston Scientific and their respective members, directors, officers, employees, advisers and any person acting on behalf of one or more of them, expressly disclaims any intention or obligation to update or revise any forward-looking or other statements contained in this Announcement, whether as a result of new information, future events or otherwise, except as required by applicable law. Neither BTG, Bravo Bidco, Boston Scientific or their respective members, directors, officers or employees, advisers or any person acting on their behalf, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this Announcement will actually occur. No forward-looking or other statements have been reviewed by the auditors of BTG, Bravo Bidco or Boston Scientific. All subsequent oral or written forward-looking statements attributable to BTG, Bravo Bidco or Boston Scientific of their respective members, directors, officers, advisers or employees or any person acting on their behalf are expressly qualified in their entirety by the cautionary statement above. Rounding Certain figures included in this Announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them. No profit forecasts or estimates Nothing in this Announcement is intended or shall be deemed to be a forecast, projection or estimate of the future financial performance of BTG, Boston Scientific or Bravo Bidco for any period and no statement in this Announcement should be interpreted to mean that cash flow from operations, earnings, or earnings per share or income of those persons (where relevant) for the current or future financial years would necessarily match or exceed the historical published cash flow from operations, earnings, earnings per share or income of those persons (as appropriate). Disclosure requirements of the Code Under Rule 8.3(a) of the Code, any person who is interested in 1 per cent. or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the Offer Period and, if later, following the Announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3:30 pm (London time) on the 10th Business Day following the commencement of the Offer Period and, if appropriate, by no later than 3:30 pm (London time) on the 10th Business Day following the Announcement in which any securities 30

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exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure. Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person ’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the Business Day following the date of the relevant dealing. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will normally be deemed to be a single person for the purpose of Rule 8.3. Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4). Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel’s website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the Offer Period commenced and when any offeror was first identified. You should contact the Panel’s Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure. Information relating to BTG Shareholders Please note that addresses, electronic addresses (if any) and certain other information provided by BTG Shareholders, persons with information rights and other relevant persons for the receipt of communications from BTG may be provided to Bravo Bidco during the Offer Period as required under Section 4 of Appendix 4 of the Code. Publication on website and availability of hard copies This Announcement and the display documents required to be published pursuant to Rule 26.1 of the Code will be made available, free of charge and subject to certain restrictions relating to persons in Restricted Jurisdictions, on BTG’s website at www.btgplc.com and Boston Scientific’s website at http://investors.bostonscientific.com/ by no later than 12 noon (London time) on the Business Day following the date of this Announcement. For the avoidance of doubt, neither the content of such website nor the content of any other website accessible from hyperlinks on such websites is incorporated into, nor forms part of, this Announcement. In accordance with Rule 30.3 of the Code, a person so entitled may request a copy of this A nnouncement (and any information incorporated into it by reference to another source) in hard copy form by writing to Link Asset Services, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU or by calling them on 0871 664 0300 from within the UK or on +44 3716640300 from outside the UK. Such person may also request that all future documents announcements and information sent to that person in relation to the Acquisition should be in hard copy form. Save as otherwise referred to above, a hard copy of this Announcement will not be sent unless requested. 31

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Relevant securities in issue In accordance with Rule 2.9 of the Code, BTG confirms that, as at the close of business on 19 November 2018, it has 387,150,467 ordinary shares of 10 pence each in issue admitted to trading on the London Stock Exchange’s market for listed securities. The International Securities Identification Number for BTG Shares is GB0001001592. General If you are in any doubt about the contents of this Announcement or the action you should take, you are recommended to seek your own independent financial advice immediately from your stockbroker, bank manager, solicitor or independent financial adviser duly authorised under the Financial Services and Markets Act 2000 (as amended) if you are resident appropriate authorised independent financial adviser. in the United Kingdom or, if not, from another 32

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Appendix I Conditions and Further Terms of the Acquisition and the Scheme Part A: Conditions of the Acquisition The Acquisition is conditional upon the Scheme becoming Effective by no later than the Long Stop Date. 1. The Scheme is conditional on the following Conditions: Scheme Approval (a) the approval of the Scheme at the Court Meeting by a majority in number representing 75 per cent. or more in value of the Scheme Shareholders (or the relevant class or classes thereof, if applicable) present, entitled to vote and voting, either in person or by proxy, provided that the Court Meeting may not be adjourned beyond the 22nd day after the expected date of the Court Meeting to be set out in the Scheme Document in due course (or such later date (if any) as Bravo Bidco and BTG may agree and the Court may allow); (b) all resolutions required to approve and implement the Scheme as set out in the notice of the General Meeting (including, without limitation, to amend BTG’s articles of association) being duly passed by the requisite majority or majorities required to pass such resolution at the General Meeting, provided that the General Meeting may not be adjourned beyond the 22nd day after the expected date of the General Meeting to be set out in the Scheme Document in due course (or such later date (if any) as Bravo Bidco and BTG may agree); (c) the sanction of the Scheme by the Court (without modification or with modification on terms acceptable to Bravo Bidco and BTG) on or before the 22nd day after the expected day of the Scheme Court Hearing to be set out in the Scheme Document in due course (or such later date, if any, as Bravo Bidco and BTG may agree and the Court may allow); and (d) the delivery of an office copy of the Scheme Court Order to the Registrar of Companies. 2. In addition, subject to Part B of this Appendix 1 and to the requirements of the Panel in accordance with the Code, the Acquisition will be conditional upon the following Conditions and, accordingly, the necessary actions to make the Scheme Effective will not be taken unless such Conditions (as amended, if applicable) have been satisfied (where capable of satisfaction) or, where relevant, waived prior to the Scheme being sanctioned by the Court: Competition clearances (a) all required notifications and filings having been made and all applicable waiting periods (including any extensions thereof) under the HSR Act and the rules and regulations made thereunder having expired or been terminated (as appropriate in each case) and any agreement with the US Federal Trade Commission or US Department of Justice not to close the transaction shall have expired, lapsed or been terminated (as appropriate in each case), in each case in respect of the Acquisition and the acquisition or the proposed acquisition of any BTG Shares or other securities in, or control of management of, BTG, by Bravo Bidco or any member of the Wider Boston Scientific Group and no order, decree or ruling enjoining, restraining or preventing the consummation of the Acquisition shall have been issued, and no legal proceeding shall have been commenced, by or before any governmental body (and remain pending) under any antitrust law of the US seeking to 33

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temporarily or permanently enjoin, restrain or prevent the consummation of the Acquisition; (b) all required notifications and filings having been made under the German Act Against Restraints of Competition, and the required merger control clearances thereunder having been obtained, either as a result of applicable waiting periods (including any extensions thereof) having been terminated or having expired without a prohibition order having been issued by the German Federal Cartel Office, or as a result of the Federal Cartel Office issuing a clearance decision, in either case unconditionally or subject to the fulfilment of conditions on terms reasonably satisfactory to Bravo Bidco, in each case in respect of the Acquisition; (c) all required notifications and filings having been made under the Spanish Competition Act, and the required merger control clearances thereunder have been obtained from the Council of the Spanish Competition Authority (Comisión Nacional de los Mercados y de la Competencia or “CNMC”), or where applicable the Council of Ministers, either as a result of applicable waiting periods (including any extensions thereof) having been terminated or having expired without a prohibition order having been issued by the Council of the CNMC, or as a result of the Council of the CNMC, or where applicable the Council of Ministers, issuing a clearance decision, in either case unconditionally or subject to the fulfilment of conditions on terms reasonably satisfactory to Bravo Bidco, in each case in respect of the Acquisition; (d) the CMA either: (a) deciding, on terms reasonably satisfactory to Bravo Bidco, not to make a CMA Phase 2 Reference; or (b) as at the date on which all other Conditions (with the exception of sanction of the Scheme by the Court pursuant to Condition 1 above) of the Offer are satisfied or waived, not having requested submission of a Merger Notice or commenced a CMA Phase 1 review by indicating that the Initial Period has begun. (e) the Acquisition having been referred to the European Commission, in whole or in part, under Article 22 of the EU Merger Regulation, and the European Commission having decided not to oppose the Acquisition (including as a result of applicable waiting periods (including any extensions thereof) having been terminated or having expired without a prohibition decision having been issued) or having decided to declare the Acquisition compatible with the internal market, either unconditionally or subject to the fulfilment of conditions on terms reasonably satisfactory to Bravo Bidco; (f) all mandatory, notifications, filings or applications having been made in connection with the Acquisition and all mandatory waiting periods (including any extensions thereof) under any applicable legislation or regulation of any material jurisdiction having expired, lapsed or been terminated (as appropriate) and all statutory and material regulatory obligations in any materials jurisdictions having been complied with in each case in respect to the Acquisition and all Authorisations mandatory in any material jurisdiction for or in respect to the Acquisitions having been obtained from all appropriate Governmental Authorities and remaining in full force and effect at the time at which the Acquisition becomes otherwise wholly unconditional and there being no notice or intimation of an intention to revoke, suspend, restrict, modify or not renew such Authorisations; Other Third Party clearances 34

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(g) other than in relation to the competition law approvals referred to in paragraphs 2(a) to 2(f) above, no Third Party having taken, instituted or threatened in writing any action, proceeding, suit, investigation, enquiry or reference (and, in each case, not having withdrawn the same in writing) or enacted, made or proposed and there not continuing to be outstanding any statute, regulation, order or decision that would, in any case to an extent or in a manner which is material in the context of the Acquisition, the Wider Boston Scientific Group or the Wider BTG Group, as the case may be, in each case, taken as a whole: (i) make the Acquisition or acquisition control of BTG by Bravo Bidco, its direct holding company, any of its indirect holding companies or Boston Scientific void, unenforceable or illegal in any jurisdiction or directly or indirectly prohibit or otherwise materially restrict, materially delay or materially interfere with the implementation of, or impose material additional conditions or obligations with respect to, or otherwise materially challenge or require any material amendment to the terms of, the Scheme or the Acquisition or acquisition of control of BTG by Bravo Bidco, its direct holding company, any of its indirect holding companies or Boston Scientific; (ii) require, prevent or materially delay the divestiture (or materially alter the terms of any proposed divestiture) by the Wider Boston Scientific Group or the Wider BTG Group of all or any material part of their respective businesses; (iii) impose any limitation on, or result in any material delay in, the ability of any member of the Wider Boston Scientific Group to acquire or hold or to exercise effectively, directly or indirectly, all or any rights of ownership of shares or other securities (or the equivalent) in, or to exercise management control over, any member of the Wider BTG Group or on the ability of any member of the Wider BTG Group to hold or to exercise effectively, directly or indirectly, all or any rights of ownership of shares or other securities (or the equivalent) in, or to exercise management or control over, any other member of the Wider BTG Group in each case to an extent which is material in the context of the Wider BTG Group taken as a whole; (iv) including, without limitation, pursuant to Chapter 3 of Part 28 of the Companies Act, require any member of the Wider Boston Scientific Group or of the Wider BTG Group to acquire or offer to acquire any shares or other securities (or the equivalent) or interest in any member of the Wider BTG Group or any member of the Wider Boston Scientific Group owned by a Third Party (other than in the implementation of the Acquisition); (v) require, prevent or delay the divestiture by any member of the Wider Boston Scientific Group of any shares, securities or other interests in any member of the Wider BTG Group or in any member of the Wider Boston Scientific Group, to an extent which is material in the context of the Wider BTG Group taken as a whole; (vi) impose any material limitation on the ability of any member of the Wider Boston Scientific Group or the Wider BTG Group to integrate or co-ordinate 35

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its business, or any part of it, with the businesses or any part of the businesses of any other member of the Wider Boston Scientific Group and/or the Wider BTG Group which is adverse to and material in the context of the Wider BTG Group taken as a whole; (vii) result in any member of the Wider BTG Group ceasing to be able to carry on business under any name under which it presently does so, to an extent which is material in the context of the Wider BTG Group taken as a whole; (viii) require any member of the Wider BTG Group to relinquish, terminate or amend in any materially adverse way any material contract to which any member of the Wider BTG Group is a party; (ix) otherwise materially and adversely affect the business, assets, financial or trading position or profits of any member of the Wider BTG Group, and all applicable waiting and other time periods (including extensions thereof) during which any such Third Party could decide to take, institute or threaten (in writing) any such action, proceeding, suit, investigation, enquiry or reference having expired, lapsed or been terminated; provided that, for the avoidance of doubt, this paragraph 2(g) shall not apply to any action taken by a Third Party in relation to a contract or arrangement with a member of the Wider BTG Group entered into in the ordinary course of its business; (h) other than in relation to the competition law approvals referred to in paragraphs 2(a) to 2(f) above, all material filings, applications and/or notifications which are necessary under applicable legislation or regulation of any relevant jurisdiction to allow the Acquisition to become Effective having been made and all relevant waiting periods and other time periods (including any extensions thereof) under any applicable legislation or regulation of any relevant jurisdiction having expired, lapsed or been terminated (as appropriate) and all applicable statutory or regulatory obligations in any relevant jurisdiction having been complied with in each case in respect of the Scheme and the Acquisition or, except pursuant to Chapter 3 of Part 28 of the Companies Act (as applicable to the Acquisition), other acquisition of control of BTG by Bravo Bidco, its direct holding company, any of its indirect holding companies or Boston Scientific; (i) other than in relation to the competition law approvals referred to in paragraphs 2(a) to 2(f) above, all material Authorisations which are necessary in any jurisdiction for or in respect of the Acquisition and other acquisition of control of BTG by Bravo Bidco, its direct holding company, any of its indirect holding companies or Boston Scientific being obtained on terms and in a form reasonably satisfactory to Bravo Bidco from appropriate Third Parties, or from any persons or bodies with whom any member of the Wider Boston Scientific Group or the Wider BTG Group has entered into material contractual arrangements or material business relationships, and such Authorisations necessary for any member of the Wider BTG Group to carry on its business (where the absence of any such Authorisations would be material and adverse in the context of the Acquisition) remaining in full force and effect and all filings necessary for such purpose having been made and no written notice or intimation of any intention to revoke, suspend, restrict or materially and adversely modify or not to renew any of the same having been given. 36

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Confirmation of absence of adverse circumstances (j) except as Disclosed, there being no provision of any agreement, arrangement, regulatory authorisation, licence or other instrument to which any member of the Wider BTG Group is a party or by or to which any such member or any of its assets is bound or subject which, as a result of the implementation of the Acquisition or the acquisition of control of BTG by Bravo Bidco, its direct holding company, any of its indirect holding companies or Boston Scientific, would or would reasonably be expected to result in (in each case to an extent which is material in the context of the Wider BTG Group taken as a whole): (i) any monies borrowed by or any other indebtedness (actual or contingent) of, or any grant available to, any such member of the Wider BTG Group becoming repayable, or capable of being declared repayable, immediately or earlier than the stated repayment date; (ii) the creation or enforcement of any mortgage, charge or other security interest over the whole or any material part of the business, property or assets of any such member of the Wider BTG Group or any such mortgage, charge or other security interest (whenever arising or having arisen) becoming enforceable; (iii) any rights, assets or interests of any such member of the Wider BTG Group being or falling to be disposed of or ceasing to be available to any member of the Wider BTG Group or any right arising under which any such asset or interest would be required to be disposed of or would cease to be available to any member of the Wider BTG Group; (iv) the interest or business of any such member of the Wider BTG Group in or with any other person, firm or company (or any agreements or arrangements relating to such interest or business) being terminated or materially adversely modified or affected; (v) any such member of the Wider BTG Group ceasing to be able to carry on business under any name under which it presently does so; (vi) the value of any such member of the Wider BTG Group or its financial or trading position or prospects being materially prejudiced or materially adversely affected; (vii) any such material agreement, arrangement, regulatory authorisation, licence or other instrument being terminated or materially adversely modified or any onerous obligation arising or any material adverse action being taken or arising thereunder; (viii) the creation or acceleration of any material liability (actual or contingent) by any member of the Wider BTG Group, other than trade creditors or other liabilities incurred in the ordinary course of business; or (ix) any requirement on any member of the Wider BTG Group to acquire, subscribe, pay up or repay any shares or other securities (or the equivalent), and no event having occurred which, under any provision of any agreement, arrangement, licence or other instrument to which any member of the Wider BTG Group is a party or by or to which any such member or any of its assets is bound or subject, would or would reasonably be expected to 37

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result in any events or circumstances as are referred to in this paragraph 2(j) (in each case to an extent which is material in the context of the Wider BTG Group taken as a whole); No material transactions, claims or changes in the conduct of the business of the BTG Group (k) except as Disclosed, no member of the Wider BTG Group having since 31 March 2018: (i) issued or agreed to issue or authorised or proposed the issue of additional shares of any class, or securities convertible into, or exchangeable for, or rights, warrants or options to subscribe for or acquire, any such shares or convertible or exchangeable securities or transferred or sold (or agreed to transfer or sell) any shares out of treasury (except where relevant, (a) as between BTG and its wholly owned subsidiaries or between its wholly owned subsidiaries, or (b) upon, pursuant to or in respect of the exercise of any options or vesting of any awards granted under the BTG Share Plans), save as provided in the Co-operation Agreement; (ii) other than to another member of the Wider BTG Group recommended, declared, paid or made or resolved to recommend, declare, pay or make any bonus, dividend or other distribution, whether payable in cash or otherwise other than dividends (or other distributions whether payable in cash or otherwise) lawfully paid or made by any wholly owned subsidiary of BTG to BTG or any of its wholly owned subsidiaries; (iii) other than pursuant to the Acquisition (except for transactions between BTG and its wholly-owned subsidiaries, or between its wholly-owned subsidiaries or transactions in the ordinary course of business) implemented or authorised any merger or demerger acquired or disposed of or transferred, mortgaged or charged, or created any other security interest over, any asset or any right, title or interest in any asset (in each case to an extent which is material in the context of the Wider BTG Group taken as a whole); (iv) except for transactions between members of the Wider BTG Group and transactions entered into the ordinary and usual course of business, entered into, or authorised the entry into, any joint venture, asset or profit sharing arrangement, partnership or merger of businesses or corporate entities (in each case to an extent which is material in the context of the Wider BTG Group taken as a whole); (v) other than pursuant to the Acquisition and except for transactions between BTG and its wholly owned subsidiaries or between wholly owned subsidiaries of BTG or carried out in the ordinary and usual course of business, implemented or authorised any reconstruction, amalgamation, scheme or other transaction or arrangement with a substantially equivalent effect in respect of itself or another member of the Wider BTG Group (in each case to an extent which is material in the context of the Wider BTG Group taken as a whole); (vi) purchased, redeemed or repaid any of its own shares or other securities or reduced or, save in respect of the matters referred to in (a) and (b) of sub-paragraph (i) above, made or authorised any other change in its share capital; 38

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(vii) made or authorised any change in its loan capital or issued or authorised the issue of any debentures or incurred or increased any indebtedness or contingent liability (except, in each case, where relevant, as between BTG and wholly owned subsidiaries of BTG or between the wholly owned subsidiaries of BTG, or in the ordinary and usual course of business); (viii) entered into, varied or terminated, or authorised the entry into, variation or termination of, any material contract, transaction, commitment or arrangement (whether in respect of capital expenditure, real estate or otherwise) which is outside the ordinary and usual course of business or which is of a long term, onerous or unusual nature or magnitude or which involves an obligation of a nature or magnitude which is materially restrictive on the business of any member of the Wider BTG Group (in each case to an extent which is materially adverse in the context of the Wider BTG Group taken as a whole); (ix) been unable or deemed (in writing) unable, or admitted in writing that it is unable, to pay its debts as they fall due or having stopped or suspended (or threatened to stop or suspend) payment of its debts generally or ceased or threatened to cease carrying on all or a substantial part of its business (in each case to an extent which is material in the context of the Wider BTG Group taken as a whole); (x) commenced negotiations with any of its creditors or taken any step with a view to rescheduling or restructuring any of its indebtedness or entered into a composition, compromise, assignment or arrangement with any of its creditors whether by way of a voluntary arrangement, scheme of arrangement, deed of compromise or otherwise (in each case to an extent which is material in the context of the Wider BTG Group taken as a whole); (xi) (other than in respect of a member of the Wider BTG Group which is dormant and solvent at the relevant time) taken any corporate action or had any legal proceedings started, served or threatened in writing against it or any documents filed or faxed in court for its winding-up (voluntary or otherwise), dissolution or reorganisation (or for any analogous proceedings or steps in any jurisdiction) or for the appointment of a liquidator, provisional liquidator, receiver, administrator, administrative receiver, trustee or similar officer (or for the appointment of any analogous person in any jurisdiction) of all or any of its assets and revenues or had written notice given of the intention to appoint any of the foregoing to it (in each case to an extent which is material in the context of the Wider BTG Group taken as a whole); (xii) except in the ordinary and usual course of business, waived, compromised, settled, abandoned or admitted any dispute, claim or counter-claim whether made or potential and whether by or against any member of the Wider BTG Group (in each case to an extent which is material in the context of the Wider BTG Group taken as a whole); (xiii) except in the ordinary and usual course of business, terminated or adversely modified the terms of any agreement between any member of the Wider BTG 39

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Group and any other person (in each case to an extent which is material in the context of the Wider BTG Group taken as a whole); (xiv) made any material alteration to its constitutional documents (other than amendments to BTG’s articles of association as required in connection with the Acquisition); (xv) entered into, or materially varied the terms of, or terminated or given notice of termination of, any service agreement or arrangement with any director or senior executive of any member of the Wider BTG Group otherwise than as agreed to by Bravo Bidco; (xvi) proposed, agreed to provide, or modified the terms of, any share option scheme, incentive scheme or other benefit relating to the employment or termination of employment of any person employed by any member of the Wider BTG Group which are material in the context of the Wider BTG Group taken as a whole, save as provided for in the Co-operation Agreement or as otherwise agreed to by Bravo Bidco and, as applicable, the Panel; or (xvii) made or consented to any change to the terms of the trust deeds constituting the pension schemes established by any member of the Wider BTG Group for its directors and/or employees and/or their dependants or to the contributions payable to any such schemes or to the benefits which accrue, or to the pensions which are payable thereunder, or to the basis on which qualification for or accrual or entitlement to such benefits or pensions are calculated or determined, or to the basis upon which the liabilities (including pensions) of such pension schemes are funded or made, or agreed or consented to, any change to the trustees, other than in accordance with applicable law, in each case where such change is material in the context of the Wider BTG Group, taken as a whole; (xviii) other than with the agreement of Bravo Bidco, taken (or agreed to or proposed to take) any action which requires, or would require, the consent of the Panel and the approval of BTG Shareholders in general meeting in accordance with, or as contemplated by, Rule 21.1 of the Code; or (xix) entered into any contract, commitment or arrangement or passed any resolution or made any offer (which remains open for acceptance) with respect to, or proposed or announced any intention to effect, any of the transactions, matters or events referred to in this paragraph 2(k) (otherwise than where permitted or referred to in this paragraph 2(k)); (l) except as Disclosed, since 31 March 2018: (i) no adverse change having occurred, and no circumstances having arisen which might reasonably be expected to result in any adverse change, in the business, assets, financial or trading position or profits of any member of the Wider BTG Group (in each case to an extent which is material in the context of the Wider BTG Group taken as a whole); 40

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(ii) no litigation, arbitration proceedings, prosecution or other legal proceedings in any jurisdiction having been threatened in writing, announced, instituted or remaining outstanding by, against or in respect of any member of the Wider BTG Group or to which any member of the Wider BTG Group is a party (whether as claimant or defendant or otherwise) and, save for any approvals pursuant to paragraphs 2(a) to 2(f) of this Appendix I, no investigation by any Third Party or other investigative body against or in respect of any member of the Wider BTG Group having been threatened in writing, announced, instituted or remaining outstanding by, against or in respect of any member of the Wider BTG Group (in each case to an extent which is materially adverse in the context of the Wider BTG Group taken as a whole); (iii) no contingent or other liability of any member of the Wider BTG Group having arisen outside the ordinary and usual course of business, which in either case would or would reasonably be expected to adversely affect any member of the Wider BTG Group to an extent which is material in the context of the Wider BTG Group taken as a whole; (iv) save for in respect of any approvals pursuant to paragraphs 2(a) to 2(f) of this Appendix I, no enquiry, review or investigation by, or complaint or reference to, any Third Party against or in respect of any member of the Wider BTG Group having been threatened in writing, announced or instituted or remaining outstanding by, against or in respect of any member of the Wider BTG Group, in each case to an extent which is material in the context of the Wider BTG Group taken as a whole; (v) save for in respect of any approvals pursuant to paragraphs 2(a) to 2(f) of this Appendix I, no steps having been taken and no omissions having been made which would or would be reasonably likely to result in the withdrawal, cancellation, termination or modification of any licence held by any member of the Wider BTG Group which is necessary for the proper carrying on of its business, and the withdrawal, cancellation, termination or modification of which has had, or would reasonably be expected to have, a material adverse effect on the Wider BTG Group taken as a whole; (vi) no circumstance having arisen or event having occurred in relation to any intellectual property owned, used or licensed by the Wider BTG Group including: (A) any member of the Wider BTG Group losing its title to any intellectual property which is necessary for the carrying on of its business or any intellectual property owned by the Wider BTG Group which is necessary for the carrying on of its business being revoked, cancelled or declared invalid, or (B) any agreement regarding the use of any intellectual property licensed to or by any member of the Wider BTG Group which is necessary for the carrying on of its business being terminated or varied, or (C) any member of the Wider BTG Group being found to have infringed the intellectual property rights of a Third Party, in each case which is material in the context of the Wider BTG Group taken as a whole; and 41

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(vii) no contingent or other liability having arisen outside the ordinary course of business which would or would reasonably be expected to adversely affect any member of the Wider BTG Group (in each case to an extent which is material in the context of the Wider BTG Group taken as a whole); and (m) except as Disclosed, Bravo Bidco not having discovered that: (i) any financial, business or other information concerning the Wider BTG Group publicly announced prior to the date of this Announcement by any member of the Wider BTG Group is misleading, contains a material misrepresentation of fact or omits to state a fact necessary to make the information contained therein not misleading (in each case to an extent which is material in the context of the Wider BTG Group taken as a whole); there is any information which affects the import of any information publicly announced prior to the date of this Announcement by or on behalf of any member of the Wider BTG Group (in each case to an extent which is material in the context of the Wider BTG Group taken as a whole); (ii) (iii) any member of the Wider BTG Group is subject to any liability, contingent or otherwise, other than in the ordinary course of business (in each case to an extent which is material in the context of the Wider BTG Group taken as a whole); (iv) any past or present director, officer or employee of the BTG Group is or has at any time whilst employed by or acting on behalf of a member of the Wider BTG Group engaged in any activity, practice or conduct which would constitute an offence under the Bribery Act 2010, the US Foreign Corrupt Practices Act of 1977 or any other applicable anti-corruption legislation; or any person that performs or has performed services for or on behalf of the Wider BTG Group is or has at any time whilst employed by or acting on behalf of a member of the Wider BTG Group engaged in any activity, practice or conduct in connection with the performance of such services which would constitute an offence under the Bribery Act 2010, the US Foreign Corrupt Practices Act 1977 or any other applicable anti-corruption legislation; (v) any asset of any member of the Wider BTG Group constitutes criminal property as defined by section 340(3) of the Proceeds of Crime Act 2002 (but disregarding paragraph (b) of that definition); (vi) any past or present director, officer or employee of the Wider BTG Group (or any other person for whom any such person is liable or responsible) has engaged in any business with or made any investments in, or made any payments, funds or assets available, to or received any funds or assets from: (i) any government, entity or individual in respect of which US or European Union persons, or persons operating in those territories, are prohibited from engaging in activities or doing business, or from receiving or making available funds or economic resources, by US or European Union laws or regulations, including the economic sanctions administered by the United States Office of Foreign Assets Control or HM Treasury & Customs; or (ii) any government, 42

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entity or individual named by any of the economic sanctions of the United Nations or the European Union or any of their respective member states; (vii) a member of the Wider BTG Group has engaged in any transaction which would cause Bravo Bidco to be in breach of any law or regulation upon its acquisition of BTG, including but not limited to the economic sanctions of the United States Office of Foreign Assets Control, or HM Treasury & Customs, or any government, entity or individual targeted by any of the economic sanctions of the United Nations, the United States, the European Union or any of its member states; or (viii) there is or is reasonably likely to be any obligation or liability (whether actual or contingent) to make good, repair, re-instate or clean up any property now or previously owned, occupied, operated or made use of or controlled by any past or present member of the Wider BTG Group under any environmental legislation, regulation, notice, circular or order of any Third Party in any jurisdiction (in each case to an extent which is material in the context of the Wider BTG Group taken as a whole). 43

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Part B: Waiver and invocation of the Conditions 1. Bravo Bidco reserves the right (subject to the requirements of the Code and the Panel) to waive, in whole or in part, any of the Conditions set out in paragraph 2 above. The Conditions set out in paragraph 1 above cannot be waived. 2. The Acquisition shall lapse unless all the Conditions set out in paragraphs 1 and 2 above have been fulfilled or, where permitted, waived by 11:59 pm on the date immediately preceding the date of the Scheme Court Hearing. Such date may not be further extended, other than with the agreement of Bravo Bidco, BTG and the Panel. 3. Bravo Bidco shall be under no obligation to waive (if capable of waiver), to treat as fulfilled any of the Conditions in paragraph 2 by a date earlier than the latest date for the fulfilment of that Condition notwithstanding that the other Conditions of the Acquisition may at such earlier date have been waived or fulfilled and that there are at such earlier date no circumstances indicating that any of such conditions may not be capable of fulfilment. Part C: Implementation by way of a Takeover Offer 1. Bravo Bidco reserves the right, subject to the prior consent of the Panel and to the terms of the Co-operation Agreement, to implement the Acquisition by way of a Takeover Offer as an alternative to the Scheme. In such an event, a Takeover Offer will be implemented on the same terms and conditions as those which would apply to the Scheme, subject to appropriate amendments, including, save as otherwise set out in the Co-operation Agreement, an Approval Condition set at 90 per cent. in nominal value and of the voting rights attaching to such shares of the shares to which the Takeover Offer relates or such lesser percentage as Bravo Bidco may determine (subject to the consent of the Panel, if necessary), being in any case more than 50 per cent. of the voting rights normally exercisable at a general meeting of BTG, including for this purpose, any such voting rights attaching to BTG Shares that are unconditionally allotted or issued before the Takeover Offer becomes or is declared unconditional as to acceptances, whether pursuant to the exercise of any outstanding subscription or conversion rights or otherwise. Part D: Certain further terms of the Acquisition 1. If Bravo Bidco is required by the Panel to make an offer for BTG Shares under the provisions of Rule 9 of the Code, Bravo Bidco may make such alterations to any of the above Conditions and terms of the Acquisition as are necessary to comply with the provisions of that Rule. 2. Under Rule 13.5 of the Code, Bravo Bidco may not invoke a Condition so as to cause the Acquisition not to proceed, to lapse or to be withdrawn unless the circumstances which give rise to the right to invoke the Condition are of material significance to Bravo Bidco in the context of the Acquisition. The Conditions contained in paragraph 1 are not subject to this provision of the Code. 3. The Acquisition shall lapse if: (a) in so far as the Acquisition constitutes, or is deemed to constitute, a concentration with an EU dimension within the scope of the EU Merger Regulation, the European Commission either initiating proceedings under Article 6(1)(c) of the EU Merger Regulation or making a referral to the CMA under Article 4(4) or Article 9(1) of the EU Merger Regulation and then the Acquisition or matter arising from or relating to it becomes subject to a CMA Phase 2 Reference; or 44

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(b) in so far as the Acquisition does not constitute, or is not deemed to constitute, a concentration with an EU dimension within the scope of the EU Merger Regulation, the Acquisition or any matter arising from or relating to it becomes subject to a CMA Phase 2 Reference, in each case before 11:59 pm (London time) on the date immediately preceding the date of the Court Meeting. 4. The BTG Shares to be acquired under the Acquisition shall be acquired fully paid and free from all liens, charges, equitable interests, encumbrances, rights of pre-emption and any other rights and interests of any nature whatsoever and together with all rights now and hereafter attaching thereto, including voting rights and the right to receive and retain in full all dividends and other distributions (if any) declared, made or paid on or after the date of this Announcement. If any dividend or other distribution is authorised, declared, made or paid in respect of Scheme Shares on or after the date of this Announcement and prior to the Effective Date, Bravo Bidco reserves the right to reduce the Offer Price by the amount of all or part of any such dividend or other distribution except where the Scheme Shares are or will be acquired pursuant to the Scheme on a basis which entitles Bravo Bidco to receive the dividend or distribution and to retain it. 5. The availability of the Acquisition to persons not resident in the United Kingdom and/or who are subject to the laws and regulations of any jurisdiction other than the United Kingdom should inform themselves about and observe any applicable legal and regulatory requirements. Any failure to comply with the applicable requirements may constitute a violation of the laws and/or regulations of any such jurisdiction. 6. Bravo Bidco reserves the right for any other entity directly or indirectly o wned by Bravo Bidco or Boston Scientific from time to time to implement the Acquisition. 7. Unless otherwise determined by Bravo Bidco or required by the Code, the Acquisition is not being made, directly or indirectly, in, into or from, or by use of the mails of, or by any means of instrumentality (including, but not limited to, facsimile, e-mail or other electronic transmission, telex or telephone) of interstate or foreign commerce of, or of any facility of a national, state or other securities exchange of, any Restricted Jurisdiction where to do so would violate the laws of that jurisdiction and shall not be capable of acceptance by any such use, means, instrumentality or facility or from within such Restricted Jurisdiction. 8. The Acquisition will be governed by English law and will be subject to the jurisdiction of the English courts and to the Conditions and further terms set out in this Appendix I to this Announcement and those terms which will be set out in the Scheme Document. The Acquisition shall be subject to the applicable requirements of the Code, the Panel, the London Stock Exchange and the Financial Conduct Authority. 9. Each of the Conditions shall be regarded as a separate Condition and shall not be limited by reference to any other Condition. 45

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Appendix II Sources of information and bases of calculation In this Announcement, unless otherwise stated, or the context otherwise requires, the bases and sources used are set out below: 1. As at the close of business on the Last Practicable Date, BTG had in issue 387,150,467 ordinary shares of 10 pence each. The International Securities Identification Number for the BTG Shares is GB0001001592. 2. The value attributed to BTG’s existing issued and to be issued ordinary share capital by the Acquisition is based on the 387,150,467 BTG Shares in issue as at the close of business on the Last Practicable Date and an additional 7,051,049 BTG Shares that may be issued on or after the date of this Announcement to satisfy the vesting of awards and the exercise of options granted under the BTG Share Plans. 3. All percentages of BTG’s issued share capital are stated as at close of business on the Last Practicable Date and are based on the 387,150,467 BTG Shares in issue as at the close of business on the Last Practicable Date. 4. Unless otherwise stated, the financial information on BTG has been extracted from BTG’s Annual Report and Accounts for the year ended 31 March 2018 and BTG’s results for the six month period ended 30 September 2018. 5. The market prices of BTG Shares are the reported closing price as quoted on the London Stock Exchange for the relevant date(s). 6. The 90 trading day volume weighted average closing prices of BTG Shares have been derived from data provided by Bloomberg on the Last Practicable Date. 46

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Appendix III Irrevocable Undertakings BTG Shareholders’ Irrevocable Undertakings The following parties have given an irrevocable undertaking to vote (or procure the voting) in favour of the Scheme at the Court Meeting and the Resolution to be proposed at the General Meeting (or in the event that the Acquisition is implemented by way of a Takeover Offer, to accept, or procure the acceptance of, the Takeover Offer) in relation to the following BTG Shares: The irrevocable undertaking from Invesco Asset Management will cease to be binding if: (a) the Scheme Document or the Offer Document (as the case may be) has not been published within 28 days after the date of this Announcement (or such later date as Bravo Bidco, with the consent of the Panel, determines); (b) the Acquisition, if made, lapses or is withdrawn as the case may be, or, if applicable, the Scheme does not become effective in accordance with its terms; or (c) any third party announces a firm intention to make an offer for all BTG Shares (not already owned by such third party), which provides for an amount or value of consideration of not less than 10 per cent. greater than the amount or value of consideration offered under the Acquisition as at 5 p.m. on the last dealing day prior to the date of such announcement (a “Superior Proposal”), and Bravo Bidco does not, within five Business Days of the date of the announcement of the Superior Proposal, revise the Acquisition such that the cash consideration offered under the Acquisition equals or exceeds the amount or value of consideration offered under the Superior Proposal as at 5 p.m. on the last dealing day prior to the date of any such revision. The irrevocable undertaking from Novo Holdings A/S will cease to be binding if: (a) the Scheme Document or the Offer Document (as the case may be) has not been published within 28 days after the date of this Announcement (or such later date as Bravo Bidco, with the consent of the Panel, determines); (b) the Scheme or an Offer announced in implementation of the Acquisition has not become Effective prior to the date first set as the Long Stop Date; (c) the Acquisition, if made, lapses or is withdrawn; or 47 Name Number of BTG Shares in respect of which undertaking is given Percentage of BTG’s issued share capital Invesco Asset Management Limited 61,635,838 15.9 Novo Holdings A/S 44,173,492 11.4 Woodford Investment Management Limited 21,253,256 5.5 Total 127,062,586 32.8

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(d) any third party announces a firm intention to make an offer for all BTG Shares (not already owned by such third party), which provides for an amount or value of consideration of not less than 10 per cent. greater than the Offer Price. The irrevocable undertakings given by the above-named parties will prevent them from: (i) exercising any right of withdrawal of any acceptance of the Acquisition where such a right is otherwise exercisable under the Code; or (ii) otherwise selling all or any part of their respective BTG Shares into the market. The irrevocable undertaking from Woodford Investment Management Limited will cease to be binding if: (a) the Scheme Document or the Offer Document (as the case may be) has not been published within 28 days after the date of this Announcement (or such later date as Bravo Bidco, with the consent of the Panel, determines); (b) the Scheme or an Offer announced in implementation of the Acquisition has not become Effective prior to the date first set as the Long Stop Date; (c) the Acquisition, if made, lapses or is withdrawn as the case may be, or, if applicable, the Scheme does not become Effective in accordance with its terms; or (d) any third party announces a firm intention to make a Superior Proposal, and Bravo Bidco does not, within five Business Days of the date of the announcement of the Superior Proposal, revise the Acquisition such that the cash consideration offered under the Acquisition equals or exceeds the amount or value of consideration offered under the Superior Proposal. The irrevocable undertaking given by Woodford Investment Management Limited will prevent it from: (i) exercising any right of withdrawal of any acceptance of the Acquisition where such a right is otherwise exercisable under the Code; or (ii) subject to certain exceptions, otherwise selling the number of shares in respect of which the irrevocable undertaking is given into the market. BTG Directors’ Irrevocable Undertakings The following BTG Directors have each given an irrevocable undertaking to vote (or procure the voting) in favour of the Scheme at the Court Meeting and the Resolution to be proposed at the General Meeting (or in the event that the Acquisition is implemented by way of a Takeover Offer, to accept, or procure the acceptance of, the Takeover Offer) in relation to the following BTG Shares, in which they or their family members are beneficially interested: These irrevocable undertakings will cease to be binding if: 48 Name Number of BTG Shares in respect of which undertaking is given Percentage of BTG’s issued share capital Garry Watts 10,000 0.0 Dame Louise Makin 888,298 0.2 Duncan Kennedy 29,234 0.0 Anne Thorburn 15,000 0.0 Richard Wohanka 26,500 0.0 Total 969,032 0.3

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(a) the Scheme Document or the Offer Document (as the case may be) has not been published within 28 days after the date of this Announcement (or such later date as Bravo Bidco and BTG may agree and the Panel may allow); (b) on the earlier of (i) the Long Stop Date; and (ii) the date on which the Acquisition, lapses, is withdrawn or otherwise terminates in accordance with its terms; (c) Bravo Bidco publicly announces, with the consent of any relevant authority (if required) and before the Scheme Document or Offer Document is posted, that it does not intend to proceed with the Acquisition; (d) if the Transaction is implemented by way of a Scheme, the Scheme or any resolution proposed which is required to implement the Scheme is not approved by the requisite majority of BTG Shareholders at the General Meeting or the Court Meeting; or if any competing offer for the issued and to be issued ordinary share capital of BTG is declared unconditional in all respects (if implemented by way of a takeover offer) or otherwise becomes effective (if implemented by way of a scheme of arrangement). (e) Each irrevocable undertaking given by a BTG Director will prevent that BTG Director from: (i) exercising any right of withdrawal of any acceptance of the Acquisition where such a right is otherwise exercisable under the Code; or (ii) subject to customary exceptions for income tax and social security contributions, otherwise selling all or any part of their respective BTG Shares into the market. 49

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Appendix IV Definitions “Acquisition” the proposed recommended all-cash acquisition by Bravo Bidco of the entire issued and to be issued share capital of BTG, to be implemented by means of the Scheme, on the terms and subject to the conditions set out in this Announcement and to be set out in the Scheme Document (or by a Takeover Offer, under certain circumstances as described in this Announcement) “Announcement” this Announcement made pursuant to Rule 2.7 of the Code “Approval Condition” the condition set out in paragraph 1(a) of Part A of Appendix I to this Announcement regulatory authorisations, orders, recognitions, grants, consents, clearances, confirmations, certificates, licences, permissions or approvals “Authorisations” “Barclays” Barclays Bank PLC, acting through its investment bank “Board” the board of directors of the relevant company “Boston Scientific Bead Business” Boston Scientific’s global beads and flakes/particles business operated under the brands Embozene™, Embozene TANDEM™, Oncozene™, and Contour™ (and the various SKUs thereof) “Boston Scientific” Boston Scientific Corporation, a company incorporated in Delaware with its registered office at 300 Boston Scientific Way, Marlborough, Massachusetts 01752-1234 “Bravo Bidco” Bravo Bidco Limited, a company incorporated in England and Wales with registered number 11682272 “BTG” BTG plc, a company incorporated in England and Wales with registered number 02670500 “BTG ADRs” the American Depositary Receipts trading with CUSIP 05581D107 and ticker symbol BTGYY “BTG Bead Business” BTG’s global beads and flakes/particles business operated under the brands DC Bead®, DC Bead LUMI™, Bead Block®, LC Bead®, and LC Bead LUMI™ (and the various SKUs thereof) (but does not include any radioembolization or Y90 product, e.g. Therasphere) the board of directors of BTG “BTG Board” “BTG Directors” the directors of BTG at the date of this Announcement BTG and its subsidiaries, subsidiary undertakings and associated undertakings “BTG Group” “BTG Meetings” the Court Meeting and the General Meeting 50

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“BTG Recommendation” the unanimous recommendation of the BTG Directors that BTG Shareholders vote (or procure the voting) in favour of the Scheme at the Court Meeting and the Resolution to be proposed at the General Meeting (or, in the event that the Acquisition is implemented by way of a Takeover Offer, to accept or procure acceptance of the Takeover Offer) “BTG Share” an ordinary share of 10 pence in the capital of BTG “BTG Shareholders” the holders of BTG Shares from time to time “BTG Share Plans” the BTG Performance Share Plan 2016, the BTG Senior Management Performance Share Plan 2012, the BTG Executive Share Option Plan 2009, the BTG Sharesave Plan 2009, the BTG USA Stock Purchase Plan 2009 and the BTG Deferred Share Bonus Plan 2006 “Business Day” a day (other than Saturdays, Sundays and public or bank holidays in the UK) on which banks are generally open for business in the City of London “CMA” the UK Competition and Markets Authority (or any successor body or bodies carrying out the same functions in the United Kingdom from time to time) “CMA Phase 2 Reference” a reference pursuant to sections 22, 33, 45 or 62 of the Enterprise Act 2002 (as amended) of the Acquisition to the chair of the CMA for the constitution of a group under Schedule 4 to the Enterprise and Regulatory Reform Act 2013 “Code” the City Code on Takeovers and Mergers issued from time to time by the Panel on Takeovers and Mergers “Companies Act” the Companies Act 2006, as amended “Conditions” the conditions of the Acquisition (including the Scheme) set out in Part A of Appendix I to this Announcement and to be set out in the Scheme Document “Co-operation Agreement” the Co-operation Agreement between Bravo Bidco, Boston Scientific and BTG dated 20 November 2019 “Court” the High Court of Justice of England and Wales “Court Meeting” the meeting(s) of the Scheme Shareholders to be convened by order of the Court pursuant to section 896 of the Companies Act for the purpose of considering, and if thought fit, approving the Scheme (with or without amendment as approved by the Court and agreed by Bravo Bidco and BTG) and any adjournment thereof “CREST” the relevant system (as defined in the Uncertificated Securities Regulations 2001 (SI 2001/3755)) in respect of which Euroclear UK & Ireland Limited is the Operator (as defined in such 51

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Regulations) for the paperless settlement of trades in securities and the holding of uncertificated securities “Daily Official List” the daily official list of the London Stock Exchange “Dealing Disclosure” has the same meaning as in Rule 8 of the Code “Disclosed” information which has been fairly disclosed: (i) by, or on behalf of, BTG to Boston Scientific, Bravo Bidco (or their financial, accounting, tax or legal advisers) in the data room established by BTG for the purposes of the Acquisition, on or before 19 November 2018 or at the management meetings (including formal breakout sessions) held on 1 November 2018; (ii) in BTG’s published annual and/or half year report and accounts for the relevant financial period or periods referred to in the relevant Condition; (iii) in any public announcement by BTG before the date of this Announcement by way of any Regulatory Information Service (including information the availability of which has been announced by way of any Regulatory Information Service; or (iv) in this Announcement “Effective” (a) if the Acquisition is implemented by way of the Scheme, having become effective in accordance with its terms, upon delivery of the Scheme Court Order to the Registrar of Companies; and (b) if the Acquisition is implemented by way of a Takeover Offer, the Takeover Offer having been declared or become unconditional in all respects in accordance with the requirements of the Code “Effective Date” the date upon which the Acquisition becomes Effective “EU” the European Union “EU Merger Regulation” the EU Merger Regulation (Council Regulation (EC) No 139/2004) “Forms of Proxy” the forms of proxy for use at the Court Meeting and at the General Meeting which will accompany the Scheme Document “General Meeting” the general meeting of BTG Shareholders (including any adjournment thereof) to be convened in connection with the Scheme for the purpose of considering and if thought fit approving the Resolution, notice of which will be set out in the Scheme Document the German Act against Restraints of Competition (as amended) “German Act Against Restraints of Competition” “HSR Act” the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976 (as amended) “Initial Period” the statutory review period in which the CMA has to decide whether to make a CMA Phase 2 Reference under section 34ZA Enterprise Act 2002 52

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“J.P. Morgan Cazenove” J.P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove “Last Practicable Date” 19 November 2018, being the last practicable date prior to the publication of this Announcement “London Stock Exchange” The London Stock Exchange plc “Long Stop Date” means 20 August 2019 or such later date (if any) as may be agreed in writing by BTG and Bravo Bidco (with the Panel’s consent) and as the Court may approve (if such approval is required) “Merger Notice” A notice to the CMA in the prescribed form as contemplated by section 96 of the Enterprise Act 2002 “Offer Document” should the Acquisition be implemented by means of a Takeover Offer, the document to be sent to BTG Shareholders which will contain, inter alia, the terms and conditions of the Takeover Offer “Offer Period” the period commencing on 20 November 2018 and ending on: (i) the earlier of the date on which the Scheme becomes Effective and/or the date on which the Scheme lapses or is withdrawn (or such other date as the Panel may decide); or (ii) the earlier of the date on which the Takeover Offer has become or has been declared unconditional as to acceptances and/or the date on which the Takeover Offer lapses or is withdrawn (or such other date as the Panel may decide), in each case other than where such lapsing or withdrawal is a result of Bravo Bidco exercising its right to implement the Acquisition by way of a Takeover Offer or a Scheme “Offer Price” 840 pence per BTG Share “Opening Position Disclosure” has the meaning given to it in Rule 8 of the Code “Panel” the UK Panel on Takeovers and Mergers, or any successor thereto “Registrar of Companies” the Registrar of Companies in England and Wales “Restricted Jurisdiction” any jurisdiction where local laws or regulations may result in a significant risk of civil, regulatory or criminal exposure if the information concerning the Acquisition is sent or made available to BTG Shareholders in that jurisdiction “Resolution” a shareholder resolution in connection with the implementation of the Scheme to be proposed at the General Meeting and voted on by BTG Shareholders “Rothschild & Co” N M Rothschild & Sons Limited “Scheme” the proposed scheme of arrangement under Part 26 of the Companies Act between BTG and the Scheme Shareholders to implement the Acquisition with or subject to any modification, addition or condition approved or imposed by the Court 53

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“Scheme Court Hearing” the hearing of the Court to sanction the Scheme under section 899 of the Companies Act “Scheme Court Order” the order of the Court sanctioning the Scheme under section 899 of the Companies Act “Scheme Document” the document to be dispatched to (among others) BTG Shareholders including, among other things, details of the Scheme required by section 897 of the Companies Act, the full terms and conditions of the Scheme and the notices of the BTG Meetings “Scheme Record Time” the time and date to be specified as such in the Scheme Document or such later time and/or date as BTG and Bravo Bidco may agree “Scheme Shareholders” “Scheme Shares” holders of Scheme Shares means together: (a) the BTG Shares in issue at the date of the Document and which remain in issue at the Record Time; any BTG Shares issued after the date of the Scheme Scheme (b) Scheme Document and before the Voting Record Time and which remain in issue at the Scheme Record Time; and any BTG Shares issued at or after the Voting Record Time and before the Scheme Record Time in respect of which the original or any subsequent holders thereof are, or shall have agreed in writing to be, bound by the Scheme and, in each case, which remain in issue at the Scheme Record Time, (c) excluding, in any case, any BTG Shares held in treasury or by or on behalf of Boston Scientific, Bravo Bidco and their subsidiaries, subsidiary undertakings, associated undertakings at the Scheme Record Time “Significant Interest” in relation to an undertaking, a direct or indirect interest of 20 per cent. or more of (i) the total voting rights conferred by the equity share capital (as defined in section 548 of the Companies Act) of such undertaking or (ii) the relevant partnership interest Spanish Law No. 15/2007 on the Defence of Competition (as amended), including Royal Decree No. 261/2008, implementing the Act “Spanish Competition Act” “Takeover Offer” should the Acquisition be implemented by way of a takeover offer as defined in Chapter 3 of Part 28 of the Companies Act, the offer to be made by or on behalf of Bravo Bidco to acquire the entire issued and to be issued share capital of BTG and, where the context requires, any subsequent revision, variation, extension or renewal of such offer and includes any election available thereunder 54

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“Third Party” each of a central bank, government or governmental (including municipal or local governmental), quasi-governmental, supranational, statutory, regulatory, environmental, administrative, fiscal or investigative body, court, court tribunal, trade or professional agency, association, institution, environmental body, employee representative body, or any sub-division, agency, commission or other authority of any of the foregoing or any other equivalent body or person whatsoever in any jurisdiction “UK” or “United Kingdom” the United Kingdom of Great Britain and Northern Ireland “US” the United States of America “US Exchange Act” “Voting Record Time” the US Securities Exchange Act of 1934, as amended the date and time specified in the Scheme Document by reference to which entitlement to vote at the Court Meeting or the General Meeting will be determined, expected to be 6:00 p.m. on the day which is two days before the date of the Court Meeting or, if the Court Meeting is adjourned, 6:00 p.m. on the day which is two days before the date of such adjourned meeting “Wider BTG Group” BTG and its subsidiaries, subsidiary undertakings, associated undertakings and any other body corporate, partnership, joint venture or person in which BTG and all such undertakings (aggregating their interests) have a Significant Interest (but excluding the Wider Boston Scientific Group) “Wider Boston Scientific Group” Boston Scientific, Bravo Bidco and their subsidiaries, subsidiary undertakings, associated undertakings and any other body corporate, partnership, joint venture or person in which Boston Scientific, Bravo Bidco and all such undertakings (aggregating their interests) have a Significant Interest (but excluding the Wider BTG Group) For the purposes of this Announcement, “subsidiary”, “subsidiary undertaking”, “undertaking” and “associated undertaking” have the respective meanings given thereto by the Companies Act. All references to “pounds”, “pounds Sterling”, “Sterling”, “£”, “pence”, “penny” and “p” are to the lawful currency of the United Kingdom and all references to “USD” and “$” are to the lawful currency of the United States of America. All the times and/or dates (other than references to Business Days) referred to in this Announcement are to those times and/or dates as determined by Greenwich Mean Time, unless otherwise stated. References to the singular include the plural and vice versa. 55

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Exhibit 2.2

 

EXECUTION VERSION CO-OPERATION AGREEMENT DATED 20 NOVEMBER 2018 BTG PLC AND BOSTON SCIENTIFIC CORPORATION AND BRAVO BIDCO LIMITED Allen & Overy LLP

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CONTENTS Clause Page 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. Interpretation .........................................................................................................................................3 Effectiveness and the terms of the Transaction .....................................................................................3 Regulatory Conditions...........................................................................................................................4 Scheme Document.................................................................................................................................7 Implementation of the Scheme ..............................................................................................................7 Switching to an Offer ............................................................................................................................8 Employee Related Matters ....................................................................................................................9 Directors’ and Officers’ Insurance ........................................................................................................9 Communication with Employees ..........................................................................................................9 Code.....................................................................................................................................................10 Termination .........................................................................................................................................10 Announcements ...................................................................................................................................11 Boston Scientific Guarantee ................................................................................................................11 Warranties ...........................................................................................................................................12 Further Assurance................................................................................................................................12 Notices.................................................................................................................................................12 Assignments ........................................................................................................................................14 Remedies and Waivers ........................................................................................................................14 General ................................................................................................................................................14 Whole Agreement................................................................................................................................15 Governing Law and Jurisdiction .........................................................................................................15 Schedule 1. 2. 3. BTG Employee Arrangements and Share Plans ..................................................................................17 Interpretation .......................................................................................................................................22 Announcement.....................................................................................................................................29 Signatories ........................................................................................................................................................30

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THIS AGREEMENT is made on 20 November 2018 BETWEEN: (1) BTG PLC a company incorporated in England and Wales (registered number 02670500) whose registered office is at 5 Fleet Place, London, EC4M 7RD (BTG); and (2) BOSTON SCIENTIFIC CORPORATION, a Delaware corporation whose principal place of business is at 300 Boston Scientific Way, Marlborough, Massachusetts 01752-1234 (Boston Scientific); and (3) BRAVO BIDCO LIMITED, a company incorporated in England and Wales (registered number 11682272) whose registered office is at Suite 1, 3rd Floor 11 - 12 St. James's Square, London SW1Y 4LB (Bidco). BACKGROUND: (A) Boston Scientific and Bidco, an indirect wholly owned subsidiary of Boston Scientific, propose to announce a firm intention to make an offer for the entire issued and to be issued ordinary share capital of BTG on the terms and subject to the conditions set out in the Announcement (as defined below) and to be set out in the Scheme Document (as defined below). (B) It is intended that the Transaction (as defined below) will be effected by way of a court-sanctioned scheme of arrangement pursuant to Part 26 of the Act (as defined below). Bidco has, however, reserved the right as described in clause 6 to elect to implement the Transaction by way of a takeover offer (as defined in Part 28 of the Act) in certain circumstances, subject to the terms of this agreement. (C) The parties have agreed to take certain steps to facilitate completion of the Transaction and are entering into this agreement to record their respective obligations relating to such matters. IT IS AGREED as follows: 1. INTERPRETATION 1.1 In addition to terms defined elsewhere in this agreement, the definitions and other provisions in Schedule 2 apply throughout this agreement, unless the contrary intention appears. 1.2 In this agreement, unless the contrary intention appears, a reference to a clause, subclause or schedule is a reference to a clause, subclause or schedule of or to this agreement. The schedules form part of this agreement. 1.3 The headings in this agreement do not affect its interpretation. 2. EFFECTIVENESS AND THE TERMS OF THE TRANSACTION 2.1 The obligations of the parties under this agreement (other than this clause 2.1, clauses 16 to 21 and Schedule 2) shall be conditional on the release of the Announcement via a Regulatory Information Service at or before 8 a.m. on the date of this agreement, or such later time and date as the parties may agree. This clause 2.1, clauses 16 to 21 and Schedule 2 take effect on and from the date of this agreement. 2.2 The terms of the Transaction shall be as set out in the Announcement, together with such other terms as may be agreed by the parties in writing (sae in the case of an improvement to the terms of the 3

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Transaction, which shall be at the absolute discretion of Bidco) and, where required by the Code, approved by the Panel. The terms of the Transaction at the date of posting of the Scheme Document or following an Agreed Switch any Offer Document shall be set out in the Scheme Document or the Offer Document (as applicable). 3. REGULATORY CONDITIONS 3.1 BTG, Boston Scientific and Bidco, acting jointly and taking due account of their obligations with respect to the Clearances, shall be responsible for determining the strategy to be pursued for obtaining the Clearances, satisfying the Regulatory Conditions, ensuring that the Transaction does not lapse pursuant to Rule 12 of the Code and ensuring that the Effective Date occurs as soon as reasonably practicable before the Long Stop Date. 3.2 Each of Boston Scientific and Bidco shall use commercially reasonable efforts to secure the Clearances and the satisfaction of the Regulatory Conditions as soon as reasonably practicable following the date of this agreement and to ensure that the Effective Date occurs as soon as reasonably practicable before the Long Stop Date and to prosecute the Transaction with a view to achieving Clearances and the satisfaction of the Regulatory Conditions as promptly as reasonably practicable, with the limited exception that Boston Scientific and Bidco shall not be required to propose any divestments to the U.S. Federal Trade Commission or U.S. Department of Justice in order to secure the Clearances and the satisfaction of the Regulatory Conditions for three (3) months following the date of the filing of the notification under the HSR Act. 3.3 BTG, Boston Scientific and Bidco shall submit to the Relevant Authorities all necessary filings and notifications in connection with the Clearances as soon as reasonably practicable following the date of this agreement and in any event within 15 Business Days of the date of this agreement. 3.4 Notwithstanding any other provision of this agreement to the contrary, Boston Scientific acknowledges that its obligation to use commercially reasonable efforts under subclause 3.2 requires: (a) Boston Scientific and Bidco to take or cause to be taken all steps necessary to divest or otherwise hold separate assets, properties or businesses (including any related tangible or intangible properties and customer or other third-party contracts): (i) in relation to Boston Scientific’s global beads and flakes/particles business operated under the brands EmbozeneTM, Embozene TANDEMTM, OncozeneTM, and ContourTM (and the various SKUs thereof), and to enter into such other arrangements (including offering, agreeing and implementing any undertaking or remedy) in relation to that business as may be necessary; or (ii) if in the reasonable judgment of BTG the divestiture under subclause 3.4(a)(i) is unlikely to satisfy the Relevant Authorities, BTG’s global beads and flakes/particles business operated under the brands DC Bead®, DC Bead LUMITM, Bead Block®, LC Bead® and LC Bead LUMITM (and the various SKUs thereof), and to enter into such other arrangements (including offering, agreeing and implementing any undertaking or remedy) in relation to that business as may be necessary; for the avoidance of doubt, nothing in this clause 3 shall require a divestiture of any applications, approvals, assets, contracts, inventories, materials, records, rights, pipeline products, patents, know-how, or any other intellectual property, or any other real, tangible, or other assets or rights regarding any radioembolization or Y90 product (e.g. Therasphere), 4

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in order to obtain the Clearances and satisfy the Regulatory Conditions as promptly as reasonably practicable, to ensure that the Transaction does not lapse pursuant to Rule 12 of the Code and to ensure that the Effective Date occurs as soon as reasonably practicable before the Long Stop Date, with the limited exception that Boston Scientific and Bidco shall not be required to propose any divestments to the U.S. Federal Trade Commission or U.S. Department of Justice in order to secure the Clearances and the satisfaction of the Regulatory Conditions for three (3) months following the date of the filing of the notification under the HSR Act; and (b) no member of the Boston Scientific Group shall effect or commit to effect any transaction which would be reasonably likely to preclude, impede, materially delay or otherwise prejudice the effectiveness of any steps referred to in this clause 3 or any application for the Clearances, but nothing in this agreement shall require any party or its Affiliates to take any action with respect to the divestiture of any of its assets, properties or businesses that is not conditional on completion of the Transaction. 3.5 Each of Boston Scientific and BTG undertakes to the other until termination of this agreement in accordance with its terms: (a) to provide to the other, as promptly as reasonably practicable, and in any event before any applicable deadline or due date, all such information as may reasonably be requested by the other in order to determine in which jurisdictions any regulatory, merger control or other filing with a Relevant Authority may be necessary or desirable with respect to the Transaction; (b) to provide, or procure the provision of, to the other party (or its advisers) draft copies of all filings, notifications, submissions and written communications (including any attachments to any of the foregoing) to be made to any Relevant Authority by or on behalf of that party in relation to the Transaction, at such time as will allow the other party a reasonable opportunity to provide comments on such filings, notifications, submissions and communications before they are submitted or sent, provided that it is reasonably practicable to do so; (c) where permitted by the Relevant Authority, to give the other party (and/or its legal advisers) reasonable notice of any meetings, hearings or telephone calls with any Relevant Authority in connection with the Transaction and allow the other party (and/or its legal advisers) to attend and make reasonable oral submissions during any such material meetings, hearings or telephone calls (provided such oral submissions have been discussed by the parties in advance). (d) to take into account such comments provided by the other in accordance with subclause 3.5(b) as are reasonable, where it is reasonably practicable to do so within the applicable deadline or due date; (e) to provide to the other, as promptly as reasonably practicable and in any event before any applicable deadline or due date, all such information as may reasonably be requested by the other for inclusion in any initial or subsequent submission to be made to any Relevant Authority in relation to the Transaction; (f) as promptly as reasonably practicable, to co-operate with the other and provide all reasonable assistance in applying for the Clearances; 5

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(g) subject to Law and clause 3.6, as promptly as reasonably practicable, to respond to any request for information by any Relevant Authority in connection with its examination of the Transaction; (h) subject to Law and clause 3.6, promptly to notify the other party and provide copies of any material communications (including any attachment) with any Relevant Authority in connection with the Transaction; (i) subject to Law and clause 3.6, to use all reasonable endeavours to procure that each party and its advisers are able to attend any significant meetings or hearings and participate in any substantive discussions with any Relevant Authority in connection with the Transaction; (j) subject to clause 3.6, to keep the other party informed reasonably promptly of developments which are material or potentially material to any Regulatory Authority’s investigation with respect to the Transaction; (k) to keep the other party reasonably informed of: (i) the progress towards satisfaction (or otherwise) of the Regulatory Conditions and towards obtaining the Clearances: and (ii) any material communication with a Relevant Authority in connection with the Transaction; and, if one party is or becomes aware of any matter which might reasonably be considered to be material in the context of the Transaction, that party will as soon as reasonably practicable make the substance of such matter known to the other parties and, so far as it is aware of the same, provide such details and further information as that other party may reasonably request; and (l) not to withdraw a filing, submission or notification made to a Relevant Authority in connection with the Clearances without the prior written consent of the other party. 3.6 Nothing in this agreement shall require a party to disclose to or receive from the other any information: (a) which the disclosing party reasonably considers to be competitively sensitive information or which contains business secrets; (b) which the disclosing party is prohibited from disclosing by Law or the terms of any contract; or (c) where disclosure would result in the loss of any privilege that subsists in relation to such information. 3.7 In order to comply with their respective obligations under clause 3.5, the disclosure of any of the information referred to above, including such information referred to in clause 3.6(a), shall be made: (i) pursuant to arrangements agreed between the parties for information to be shared between each party's external counsel on an external counsel only basis; or (ii) pursuant to any Clean Team Agreement. 3.8 Notwithstanding clause 19.1, Boston Scientific shall pay any filing fees payable in relation to obtaining the Clearances and shall be solely responsible and liable for such fees. 3.9 Neither Boston Scientific nor Bidco shall proactively engage with any Relevant Authority with regard to any non-mandatory approval, consent, clearance, permission, confirmation, comfort letter or waiver in respect of the Transaction without the prior written consent of BTG, other than to submit a briefing paper to the UK Competition and Markets Authority as agreed with BTG. 6

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4. SCHEME DOCUMENT 4.1 If the Transaction is being implemented by means of the Scheme, Bidco and, where applicable, Boston Scientific, each undertake: (a) subject to clause 3.6, to provide to BTG, as promptly as reasonably practicable, for the purposes of inclusion in the Scheme Document or any other document required by Law and/or the Code to be published by BTG in connection with the Transaction, all such information about Boston Scientific, Bidco, other members of the Boston Scientific Group and their respective Personnel as may be reasonably requested or which is required by BTG (having regard to the Code and Law) for inclusion in such document; (b) provide all such other assistance as may be reasonably required for the preparation of the Scheme Document (having regard to the Code and Law), including access to, and procuring that reasonable assistance is provided by, Boston Scientific’s relevant professional advisers; and (c) to procure that the directors of the Board of Boston Scientific and the Board of Bidco (as applicable) accept responsibility for all information in the Scheme Document relating to Boston Scientific and Bidco (as applicable), other members of the Boston Scientific Group and their respective Personnel, the Transaction, financing of the Transaction, any statement of intention or belief of the directors of the Board of Boston Scientific or the Board of Bidco in relation to the Transaction or the enlarged Boston Scientific Group following the Effective Date and any other information in the Scheme Document for which a bidder is required to accept responsibility, in each case to the extent and in the terms required by the Code. 4.2 Subject to clause 3.6, if any supplementary circular is required to be published by BTG in connection with the Scheme, Boston Scientific and Bidco shall, as soon as reasonably practicable, provide such co-operation and information as is necessary for such supplementary circular or document to comply with the Code and Law as BTG may reasonably request. 4.3 Boston Scientific agrees to correct any information provided by it for use in the Scheme Document or any supplementary circular to the extent that such information has become false or misleading in any material respect, as promptly as reasonably practicable after it becomes aware that such information has become false or misleading in any material respect. 4.4 Each of Boston Scientific and Bidco consents to the posting of the Scheme Document in accordance with the timetable agreed between the parties. 5. IMPLEMENTATION OF THE SCHEME 5.1 Subject to clause 3.2 above and save in relation to the steps contemplated by clause 3 above, for so long as the Transaction is being implemented by means of the Scheme, each of Boston Scientific and Bidco undertakes to BTG: (a) save in relation to the steps contemplated by clause 3 above, to co-operate with BTG and its advisers and to take or cause to be taken all such steps as are permissible by Law and are within its power that are necessary or reasonably requested by BTG to implement the Transaction in accordance with, and subject to the terms and conditions set out in, the Announcement and the Scheme Document; (b) that before the Sanction Hearing, Boston Scientific and/or Bidco (as applicable) shall deliver a notice in writing to BTG either: 7

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(i) confirming the satisfaction or waiver of all Conditions (other than the Scheme Conditions); or (ii) if applicable, confirming Bidco’s intention to invoke one or more of the Conditions (if permitted by the Panel) and, subject to clause 3.6, providing BTG with details of the event which has occurred, or circumstances which have arisen, which Bidco reasonably considers to be sufficiently material for the Panel to permit it to invoke the Condition(s); and (c) to the extent that all the Conditions (other than the Scheme Conditions) have been satisfied or waived on or before the date of the Sanction Hearing, Boston Scientific and/or Bidco shall instruct counsel to appear on Boston Scientific’s and/or Bidco’s behalf (as applicable) at the Sanction Hearing and to undertake to the Court to be bound by the terms of the Scheme in so far as it relates to Boston Scientific and/or Bidco. 5.2 As soon as reasonably practicable following the occurrence of an event or circumstances having arisen which Boston Scientific considers to be sufficiently material for the Panel to permit it to invoke a Condition and, to the extent reasonably practicable and provided always that this shall not restrict the ability of Boston Scientific to consult with the Panel in relation to any matter as and when it sees fit, before the Panel is approached with regard to invoking the relevant Condition, Boston Scientific and Bidco each undertake to provide reasonable details of such event or circumstance to BTG and shall provide BTG with reasonable opportunity to remedy such matter, in each case to the extent permitted by Law. 6. SWITCHING TO AN OFFER 6.1 Subject to the consent of the Panel, Boston Scientific and/or Bidco may elect to implement the Transaction by way of an Offer rather than the Scheme where: (a) BTG provides its prior written consent (an Agreed Switch); (b) the Board of BTG withdraws or adversely modifies or qualifies the BTG Recommendation; or (c) a third party announces a firm intention to make an offer for the entire issued and to be issued ordinary share capital of BTG and the Board of BTG recommends the BTG Shareholders to accept such offer (or, if it is to be implemented by way of a scheme of arrangement pursuant to Part 26 of the Act, to vote in favour of such scheme) or fails to publicly reaffirm the BTG Recommendation within five Business Days of being requested in writing by Bidco to do so. 6.2 In the event of an Agreed Switch, unless otherwise agreed between BTG and Bidco: (a) the acceptance condition to the Offer (the Acceptance Condition) shall be set at not more than 75 per cent. of the BTG Shares to which the Offer relates; (b) Boston Scientific and Bidco shall not take any action which would cause the Offer not to proceed, to lapse or to be withdrawn in each case for non-fulfilment of the Acceptance Condition prior to the 60th day after publication of the Offer Document and Boston Scientific and Bidco shall ensure that the Offer remains open until such time; (c) the parties agree that the Offer shall include conditions to the implementation of the Transaction that, in the aggregate, are not more onerous to fulfil than the Conditions, subject 8

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to any modifications or amendments which may be required by the Panel or which are necessary as a result of such switch; (d) Boston Scientific shall keep BTG informed, on a regular basis and in any event by the next Business Day following a request from BTG of the number of BTG Shareholders that have validly returned their acceptance or withdrawal forms or incorrectly completed their acceptance or withdrawal forms and the identity of such shareholders; and (e) Boston Scientific and Bidco shall: (i) prepare the Offer Document and shall consult BTG in relation to it; (ii) submit, or procure the submission of drafts and revised drafts of the Offer Document to BTG for review and comment and shall take into account any reasonable comments from BTG for the purposes of preparing revised drafts; and (iii) seek to obtain BTG’s approval for the contents of the BTG Information in the Offer Document before it is posted or published and afford BTG sufficient time to consider such documents in order to give its approval. 7. EMPLOYEE RELATED MATTERS The parties agree that the provisions of Schedule 1 shall apply in respect of certain employee and share scheme related matters. 8. DIRECTORS’ AND OFFICERS’ INSURANCE 8.1 If and to the extent such obligations are permitted by Law, for six years after the Effective Date, Boston Scientific shall procure that the members of the BTG Group honour and fulfil their respective obligations (if any) existing as at the date of this agreement, and following expiry of any such obligations after the date of this agreement maintain equivalent arrangements on terms at least as favourable as those existing as at the date of this agreement for the remainder of the period of six years after the Effective Date, to indemnify their respective directors, officers and Indemnified Executives, and to advance their costs and expenses, in each case with respect to matters existing or occurring before the Effective Date. 8.2 With effect from the Effective Date, Boston Scientific shall procure the provision of directors’ and officers’ liability insurance cover for both current and former directors, officers and Indemnified Executives of the BTG Group, including directors, officers and Indemnified Executives who retire or whose employment is terminated as a result of the Transaction, for acts and omissions up to and including the Effective Date, in the form of runoff cover for a period of six years following the Effective Date. Such insurance cover shall be with reputable insurers and provide cover, in terms of amount and breadth, substantially equivalent to that provided under the BTG Group’s directors’ and officers’ liability insurance as at the date of this agreement. 8.3 Each of the directors and officers of the BTG Group to which this clause 8 applies shall have the right to enforce his or her rights against Boston Scientific under this clause 8 under the Contracts (Rights of Third Parties) Act 1999. 9. COMMUNICATION WITH EMPLOYEES 9.1 Boston Scientific and Bidco each agree that, before the Effective Date and save to the extent any announcement is consistent with any previous public announcement agreed between the parties, it 9

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will not publish any announcement which refers or relates to any employee of BTG, without the prior written consent of BTG. 10. CODE 10.1 Nothing in this agreement shall in any way limit the parties’ obligations (or the obligations of the parties’ respective Boards or other members of their respective groups) under the Code and any other Law, and any uncontested rulings of the Panel as to the application of the Code in conflict with the terms of this agreement shall take precedence over the terms of this agreement. 10.2 The parties agree that, if the Panel determines that any provision of this agreement that requires BTG to take or not to take action, whether as a direct obligation or as a condition to any other person’s obligation (however expressed), is not permitted by Rule 21.2 of the Code, that provision shall have no effect and shall be disregarded. 10.3 Nothing in this agreement shall oblige BTG or the BTG Directors to recommend a Scheme or an Offer proposed by Boston Scientific, Bidco or any other member of the Boston Scientific Group. 10.4 Nothing in this agreement shall be taken to restrict or limit either party or members of their respective Boards or any other member of either party’s Group from complying with all relevant Law, orders of court or regulations, including the Code, the Listing Rules or the rules and regulations of the Panel, the UK Listing Authority, the SEC or any other applicable regulatory body. 11. TERMINATION 11.1 Subject to clauses 11.2 and 11.3, all rights and obligations of the parties under this agreement shall terminate as follows: (a) if agreed in writing between Boston Scientific and BTG; (b) upon service of written notice by Boston Scientific to BTG: (i) if the Scheme Document does not include the BTG Recommendation or, following an Agreed Switch, the Offer Document does not include the BTG Recommendation; (ii) if the Board of BTG withdraws or adversely modifies or qualifies the BTG Recommendation; or (iii) if BTG makes an announcement before publication of the Scheme Document that it will not convene the Court Meeting or the General Meeting or that it intends not to post the Scheme Document (otherwise than as a result of an Agreed Switch); (c) upon service of written notice by: (i) BTG to Boston Scientific; or (ii) Boston Scientific to BTG if the Effective Date has not occurred on or prior to the Long Stop Date; (d) if a Competing Transaction completes, becomes effective or becomes unconditional in all respects; (e) upon service of written notice by Boston Scientific to BTG if a Competing Transaction is announced and such Competing Transaction is recommended by the Board of BTG; and (f) if any Condition has been invoked, with the consent of the Panel, and the Scheme has been withdrawn (otherwise than as a result of an Agreed Switch) or, following an Agreed Switch, the Offer lapses. 10

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11.2 Termination of this agreement shall be without prejudice to any rights of any of the parties which have arisen at or before termination. 11.3 This clause 11 and clauses 1 and 16 to 21 and Schedule 2 shall survive termination of this agreement. 12. ANNOUNCEMENTS 12.1 Subject to clause 12.2, before satisfaction or waiver (as the case may be) of the Conditions, other than the Announcement, no announcement or statement, save to the extent any statement is consistent with any previous public announcement agreed between the parties, shall be made by Boston Scientific or any member of its Group in connection with the Transaction, except on a joint basis or on terms agreed in advance with BTG. 12.2 The restriction in clause 12.1 shall not apply to: (a) any announcement or statement required by Law, the Panel, the UK Listing Authority, the SEC or the rules of any relevant stock exchange, provided that Boston Scientific will, if practicable, consult in good faith with BTG as to the content and timing of such announcement or statement and the extent of the required disclosure, giving BTG a reasonable opportunity to provide comments on the form and content of such announcement; or (b) any announcement or statement made by Boston Scientific (i) in relation to the announcement of an Offer in the circumstances set out in subclause 6.1(b) to 6.1(c) (inclusive); or (ii) in response to a Competing Transaction. 13. BOSTON SCIENTIFIC GUARANTEE 13.1 Boston Scientific irrevocably and unconditionally guarantees to BTG the performance and observance by Bidco of all its obligations under this agreement (the Guarantee). 13.2 The Guarantee is to be a continuing security which shall remain in full force and effect until the obligations of Bidco under this agreement have been fulfilled or shall have expired in accordance with the terms of this agreement and the Guarantee is to be, in addition and without prejudice to, and shall not merge with, any other right, remedy, guarantee or security which BTG may now or hereafter hold in respect of all or any of the obligations of Bidco under this agreement, provided that in no circumstances shall the Guarantee entitle BTG to recover more than once with respect to the same loss, including to the extent the loss is recovered in whole or in part other than pursuant to the Guarantee. 13.3 The liability of Boston Scientific under the Guarantee shall not be affected, impaired or discharged by reason of any act, omission, matter or thing which, but for this provision, might operate to release or otherwise exonerate Bidco from its obligations under this agreement including: (a) any amendment, variation or modification to, or replacement of this agreement; (b) the taking, variation, compromise, renewal, release, refusal or neglect to perfect or enforce any rights, remedies or securities against Bidco or any other person; (c) any time or indulgence or waiver given to, or composition made with, Bidco or any other person; 11

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(d)Bidco becoming insolvent, going into receivership or liquidation or having an administrator appointed. 13.4 The Guarantee shall constitute primary obligations of Boston Scientific, and BTG shall not be obliged to make any demand on Bidco or any other person before enforcing its rights against Boston Scientific under the Guarantee. 13.5 If at any time any one or more of the provisions of the Guarantee is or becomes invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions hereof shall not be in any way affected if impaired thereby. 14. WARRANTIES 14.1 Each party warrants to each other party on the date of this agreement that: (a) it has the power to execute and deliver this agreement and to perform its obligations under it and has taken all action necessary to authorise such execution and delivery and the performance of such obligations; (b) this agreement constitutes its legal, valid and binding obligations; and (c) the execution and delivery by it of this agreement and the performance of its obligations under it do not and will not conflict with, result in a breach of or constitute a default under any provision of: (i) its constitutional documents; or (ii) any law, lien, lease, order, judgment, award, injunction, decree, ordinance or regulation or any other restriction of any kind or character by which it is bound. 14.2 No party shall have any claim against any other party pursuant to clause 14.1 for breach of warranty or misrepresentation after the Effective Date (without prejudice to any liability for fraudulent misrepresentation or fraudulent misstatement). 15. FURTHER ASSURANCE Each party shall use reasonable endeavours to do and execute and perform all such further deeds, documents, assurances, acts and things as may reasonably be required to give effect to this agreement, and procure the doing of all such acts by any relevant third party. 16. NOTICES 16.1 Any notice or other communication to be given under this agreement (a Notice) must be in writing (which includes fax and e-mail but not any other form of Electronic Communication) and must be delivered or sent by post or fax to the party to whom it is to be given as follows: (a) to BTG at: Address: 5 Fleet Place, London, EC4M 7RD, United Kingdom marked for the attention of General Counsel, with a copy (which shall not constitute notice) to Paul.Mussenden@btgplc.com, and to Allen & Overy LLP 12

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Address: One Bishops Square, London, E1 6AD, United Kingdom Fax: +44 203 088 0088 Email: Richard.Browne@AllenOvery.com marked for the attention of Richard Browne, (b) to Boston Scientific / Bidco at: Address: 300 Boston Scientific Way, Marlborough MA 01752 Email: desiree.ralls-morrison@bsci.com marked for the attention of General Counsel, with a copy (which shall not constitute notice) to Shearman & Sterling LLP Address: 599 Lexington Avenue, New York, NY 10022 Fax: +1 646-848-8966 Email: cobrien@Shearman.com marked for the attention of Clare O’Brien, and Address: 9 Appold Street, London, EC2A 2AP Email: Laurence.Levy@Shearman.com marked for the attention of Laurence Levy, or at any such other address, email address or fax number of which it shall have given notice for this purpose to the other parties under this clause. Any notice or other communication sent by post shall be sent by an internationally recognised courier company to the party due to receive the notice. Where the Notice is given by email, the Notice must also be sent by hand or recorded delivery to the relevant party as set out in this clause 16 by 5.30pm on the first Business Day after the day on which the email was sent (local time to the sender). 16.2 Any notice or other communication shall be deemed to have been given: (a) if delivered, on the date of delivery; or (b) if sent by courier, on signature of delivery receipt; or (c) if sent by email, at the time the email containing or attaching the Notice was sent, as recorded on the email of the sender’s mail server, provided that receipt shall not occur if the sender receives an automated message indicating that the message has not been delivered to the recipient; or (d) if sent by fax, on the date of transmission, if transmitted before 3.00 p.m. on any Business Day, and in any other case on the Business Day following the date of transmission. 13

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16.3 In proving the giving of a notice or other communication, it shall be sufficient to prove that delivery was made or that the envelope containing the communication was properly addressed and delivered to or collected by the relevant courier company or that the fax was properly addressed and transmitted, as the case may be. 16.4 This clause shall not apply in relation to the service of any claim form, notice, order, judgment or other document relating to or in connection with any proceedings, suit or action arising out of or in connection with this agreement. 17. ASSIGNMENTS No party may, without the prior written consent of each other party, assign, grant any security interest over, hold on trust or otherwise transfer or dispose of the benefit of this agreement (or any part of it). 18. REMEDIES AND WAIVERS 18.1 The rights of each party under this agreement: (a) may be exercised as often as necessary; (b) except as otherwise expressly provided by this agreement, are cumulative and not exclusive of rights and remedies provided by law; and (c) may be waived only in writing and specifically. Delay in exercising or non-exercise of any such right is not a waiver of that right, nor shall it affect such right. 18.2 The single or partial exercise of any right, power or remedy provided by Law or under this agreement shall not preclude any other or further exercise of it or the exercise of any other right, power or remedy. 18.3 The rights, powers and remedies provided in this agreement are cumulative and not exclusive of any rights, powers and remedies provided by Law. 19. GENERAL 19.1 Except as otherwise expressly provided in this agreement, each party shall pay the costs and expenses incurred by it in connection with the entering into and completion of this agreement. 19.2 This agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement, and any party (including any duly authorised representative of a party) may enter into this agreement by executing a counterpart. Delivery of an executed counterpart by email (pdf) or facsimile shall be effective as delivery of a manually executed counterpart of this agreement. 19.3 Unless otherwise expressly provided for in this agreement, a person who is not a party to this agreement may not enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999. 19.4 Any variation of this agreement shall not be binding on the parties unless such variation is set out in writing, expressed to vary this agreement, and signed by or on behalf of each party. 19.5 If at any time any provision of this agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair: 14

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(a) the legality, validity or enforceability in that jurisdiction of any other provision of this agreement; or (b) the legality, validity or enforceability under the law of any other jurisdiction of that or any other provision of this agreement. 19.6 Nothing in this agreement shall be deemed to neither constitute a partnership between any of the parties nor constitute any party the agent of any other party for any purpose. 19.7 Each notice or other communication under or in connection with this agreement shall be in English. 20. WHOLE AGREEMENT 20.1 This agreement contains the whole agreement between the parties relating to the transactions contemplated by this agreement and supersedes all previous agreements, whether oral or in writing, between the parties relating to these transactions except the Confidentiality Agreement and any Clean Team Agreement (each of which remains in force). Except as required by statute, no terms shall be implied (whether by custom, usage or otherwise) into this agreement. 20.2 Each party: (a) acknowledges that in agreeing to enter into this agreement it has not relied on any express or implied representation, warranty, collateral contract or other assurance made by or on behalf of any other party before the entering into of this agreement; (b) waives all rights and remedies which, but for this clause 20.2, might otherwise be available to it in respect of any such express or implied representation, warranty, collateral contract or other assurance; and (c) acknowledges and agrees that no such express or implied representation, warranty, collateral contract or other assurance may form the basis of, or be pleaded in connection with, any claim made by it under or in connection with this agreement. 20.3 Nothing in this clause limits or excludes any liability for fraud. 21. GOVERNING LAW AND JURISDICTION 21.1 This agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law. 21.2 The English courts have exclusive jurisdiction to settle any dispute arising out of or in connection with this agreement (including a dispute relating to any non-contractual obligations arising out of or in connection with this agreement) and the parties submit to the exclusive jurisdiction of the English courts. 21.3 Boston Scientific irrevocably appoints Law Debenture Corporate Services Limited of Fifth Floor, 100 Wood Street, London EC2V 7EX as its agent in England for service of process. 21.4 The parties waive any objection to the English courts on grounds that they are an inconvenient or inappropriate forum to settle any such dispute. AS WITNESS this agreement has been signed by the parties (or their duly authorised representatives) on the date stated at the beginning of this agreement. 15

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SCHEDULE 1 BTG EMPLOYEE ARRANGEMENTS AND SHARE PLANS 1. BTG Share Plans 1.1 Subject to applicable confidentiality, legal and regulatory requirements, BTG agrees to co-operate with and provide such details to Boston Scientific in relation to the BTG Share Plans as Boston Scientific may reasonably require in order for the parties to make appropriate proposals to the participants in the BTG Share Plans, as required under Rule 15 of the Code (the Proposals), including the proposals as set out in paragraphs 2.5 to 2.9 below. The Proposals will take the form of a joint proposal from BTG and Boston Scientific to participants in the BTG Share Plans, prepared by BTG and agreed with Boston Scientific. BTG will send the Proposals to the participants at the time agreed with Boston Scientific. 1.2 BTG and Boston Scientific agree that BTG will propose an amendment to the BTG articles of association by the adoption and inclusion of a new article (to be set out in the notice of the BTG General Meeting) under which BTG Shares which are issued after the record date in respect of the Scheme as a result of the vesting of awards or the exercise of options under the BTG Share Plans will, to the extent not otherwise acquired under the Scheme, be transferred to Boston Scientific for the same consideration as is payable to BTG Shareholders under the Scheme. 1.3 Subject always to BTG’s ability to make recommendations to the trustee (the Trustee) of the BTG Employee Benefit Trust (the Trust) to use any unallocated BTG Shares held in the Trust to satisfy awards vesting or options being exercised in the normal course, BTG agrees to recommend to the Trustee that it will, to the maximum extent possible, in priority to the issue of BTG Shares by BTG, use the BTG Shares held in the Trust to satisfy the vesting of any awards or exercise of any options which occurs in connection with the Transaction. 1.4 BTG agrees to recommend to the Trustee to sell any assets held in the Trust not comprising BTG Shares, and not otherwise allocated by the Trustee, and to use any net cash proceeds from such sale, along with any other surplus cash in the Trust following the Effective Date, to repay, to the maximum extent possible, any loans outstanding between the BTG Group and the Trustee. 1.5 Boston Scientific will provide such incentive arrangements for BTG employees as it reasonably considers are consistent with Boston Scientific’s compensation schemes and having regard to BTG’s current incentive arrangements and its desire to attract and retain talent at BTG. 1.6 For the avoidance of doubt, the treatment of specific BTG Share Plans as set out in paragraph 2 applies to any options or awards (including phantom options or awards) that may be granted between the date of this Agreement and the Effective Date as part of BTG’s normal annual grant cycle and consistent with customary practice. 1.7 If the Transaction is implemented by way of an Offer, references to Sanction Hearing in this Schedule will be read as if they refer to the date on which the Offer becomes or is declared unconditional in all respects. 1.8 Participants who have ceased to be BTG employees as at the date of this Agreement, but who have been permitted to retain their options or awards under the BTG Share Plans in accordance with the respective plan rules, will be treated in accordance with the terms of this Schedule 1 in respect of those awards (as applicable). Participants who cease to be BTG employees between the date of this Agreement and the Effective Date will be treated in accordance with the cessation of employment provisions in the applicable BTG Share Plan rules, and, subject to the foregoing, if they are 17

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permitted to retain all or a proportion of their options or awards following the cessation of their employment, they will also be treated in accordance with the terms of this Schedule 1 (unless otherwise agreed between BTG and Boston Scientific) (as applicable). 1.9 Any cash payments to be made to participants pursuant to the Proposals will, where practicable or appropriate, be paid through the applicable BTG Group payroll to enable the correct amounts of any income tax, social security contributions (and/or similar liabilities in any jurisdiction) to be accounted for to any tax authority, as appropriate. 2. Treatment of specific BTG Share Plans 2.1 Boston Scientific agrees that where any of the BTG Share Plans provides for the exercise of discretion (including in respect of performance measures and time pro rating), the exercise of that discretion will be a matter solely for the BTG Remuneration Committee. 2.2 Boston Scientific agrees that, from the date of this Agreement, BTG may satisfy the vesting of any awards or the exercise of any options granted under the BTG Share Plans with newly issued BTG Shares. Boston Scientific acknowledges and agrees that before completion of the Transaction, the Board of BTG (and, where appropriate the BTG Remuneration Committee) may operate the BTG Share Plans as they consider appropriate, provided that it is consistent with historic and customary BTG practice and subject to Rule 21.1 of the Code. 2.3 Boston Scientific agrees that BTG may amend the rules of any of the BTG Share Plans in relation to the time at which awards vest or options may be exercised if, in the opinion of the BTG Board or the BTG Remuneration Committee, the amendments are necessary or desirable to implement the Scheme, facilitate the administration of any BTG Share Plan or to obtain or maintain favourable tax treatment for any participants in the BTG Share Plans or BTG. 2.4 BTG and Boston Scientific agree that the treatment of options and awards under the BTG Share Plans will be as set out in paragraphs 2.5 to 2.9 below. BTG and Boston Scientific agree that participants in the BTG Share Plans who hold options will be permitted to exercise their options in a cashless manner. BTG Sharesave Plan 2009 and the BTG USA Stock Purchase Plan 2009 2.5 The Proposals to participants in the BTG Sharesave Plan 2009 (the UK Sharesave) and the BTG USA Stock Purchase Plan 2009 (the USA Sharesave) will take the form of participants' options becoming exercisable immediately on conclusion of the Sanction Hearing (or, in the case of the UK Sharesave only, 20 days before the Sanction Hearing) but conditionally on Court sanction to the extent of the participants' accrued savings and interest (if any) under the linked savings arrangements at the date of exercise, with options under the UK Sharesave remaining exercisable for six months from the date of the Sanction Hearing and options under the USA Sharesave remaining exercisable for three months from the date of the Sanction Hearing. 2.6 Boston Scientific agrees that BTG may make an additional payment to each participant in the UK Sharesave and the USA Sharesave (provided that the participant exercises their option to the fullest extent possible so as to participate in the Scheme, with the result that the remainder of their option lapses) equal to: (i) the difference between the consideration per BTG Share and the exercise price per BTG Share of the participant's option; multiplied by (ii) the number of BTG Shares under the part of the option which lapses. The payment will be made subject to deduction and withholding for income tax and National Insurance contributions arising in respect of the payment. BTG Executive Share Option Plan 2009 18

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2.7 The Proposals to participants in the BTG Executive Share Option Plan 2009 will take the form of participants' options that are not already exercisable becoming exercisable to the extent determined by the Remuneration Committee. The Remuneration Committee shall apply any applicable performance conditions (and for the avoidance of doubt any option will only become exercisable to the extent that any such performance condition has been satisfied) on the date they are notified of the change of control of the Company or 20 days before the anticipated change of control but conditionally on a change of control of the Company, with the options remaining exercisable for one month following the change of control. BTG Deferred Share Bonus Plan 2006 2.8 The Proposals to participants in the BTG Deferred Share Bonus Plan 2006 will take the form of participants' awards vesting in full immediately on the date they are notified of the change of control of the Company. BTG Performance Share Plan 2016 and the BTG Senior Management Performance Share Plan 2012 2.9 The Proposals to participants in the BTG Performance Share Plan 2016 and the BTG Senior Management Performance Share Plan 2012 (together the PSPs) will, in accordance with the terms of the applicable plan, take the form of their awards vesting and options that are not already exercisable becoming exercisable to the extent determined by the BTG Remuneration Committee. The Remuneration Committee shall apply any applicable performance conditions (and for the avoidance of doubt any option or award will only vest or become exercisable to the extent that any such performance condition has been satisfied), immediately on conclusion of the Sanction Hearing, with any options remaining exercisable for one month. 3. Ordinary Course Employment Matters, Retention Payments and Changes to Terms and Conditions 3.1 Boston Scientific and Bidco each acknowledge that at any time before the Effective Date, BTG is entitled to continue with any remuneration review, bonus arrangements (including the granting of bonuses) and promotion processes, provided that any such remuneration reviews, bonus arrangements and promotion processes shall be in the ordinary course and in line with historic practice. Boston Scientific and Bidco have each acknowledged that, for the purpose of protecting the business to be acquired pursuant to the Transaction, BTG may, acting in its absolute discretion, make additional cash retention awards (over and above bonuses granted in line with historic practice) of up to £18 million in aggregate to employees whose recruitment and/or retention is considered to be critical for: (a) achieving the successful completion of the Transaction; and/or (b) business continuity throughout the period up to the Effective Date (the Retention Bonuses). The determination of which employees shall be awarded Retention Bonuses shall be at the absolute discretion of BTG, provided that, in relation to any employee to whom it is proposed to award a Retention Bonus that exceeds £200,000, BTG shall first consult with Boston Scientific. The Retention Bonuses shall prescribe that in order to be eligible to receive an amount under a Retention Bonus, the relevant employee must, save as set out at paragraph 3.2 below, remain in the employment of BTG (or, following the Effective Date, an alternative employer within the Boston Scientific Group) until the date falling three months from the Effective Date (the Retention Date). Where due, such awards will, subject to paragraph 3.2 below, be payable within 30 days after the Retention Date. 3.2 In circumstances where the employment of an employee who has been awarded a Retention Bonus: (a) is terminated without Cause by BTG (or the relevant employer within the BTG Group or, following the Effective Date, the Boston Scientific Group); 19

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(b) terminates by reason of death, long term illness or disability; or (c) is terminated by the employee for a Good Reason after the Effective Date, (each an Acceleration Event) in any which case prior to the Retention Date, then the applicable award shall instead be payable in full within 30 days after the Acceleration Event. 3.3 Boston Scientific and Bidco each acknowledge that, in respect of bonuses granted in respect of the financial year ended 31 March 2019, if the Effective Date occurs before the normal payment date of such bonuses, BTG may determine that the relevant bonus will vest in full on or before the Effective Date. 3.4 Except as otherwise provided in paragraph 4, in the 12 months following the Effective Date, Boston Scientific and Bidco each agree to provide each BTG employee with terms and conditions of employment that are no less favourable, in the aggregate, to the terms and conditions of employment relating to remuneration, bonus, pension benefits, healthcare or other insured benefits, severance (including notice periods) and other benefits provided to such employee immediately prior to the Effective Date. 4. Severance and contractual arrangements 4.1 To the extent permitted by applicable Law, Boston Scientific and Bidco each agree that for a period of 12 months from the Effective Date, Synergy Good Leavers will continue to benefit from terms relating to redundancy and severance which apply as at the date of this agreement (which in the case of terms applicable in the US have been disclosed to Boston Scientific before the date of this agreement), provided that any future options or awards (including phantom options or awards) held by BTG employees over (or in respect of) Boston Scientific Stock, will be governed by and subject to the terms of the applicable options or awards and their respective plan rules from time to time, and as amended by Sections 1 and 2 of this Schedule where applicable. 4.2 In circumstances where the employment of a BTG employee who is a Synergy Good Leaver is terminated in the 12 months following the Effective Date, Boston Scientific and Bidco each agree that, notwithstanding any contractual or legal ability to do otherwise: (a) the minimum total severance payment (including payment in lieu of any applicable notice period) that such employee shall receive (where the performance of the employee is not the reason for the termination) shall be 10 weeks' pay (for employees in BTG's General employee category) or 14 weeks' pay (for employees in BTG's Executive, Management, Professional and Sales categories). To the extent that the minimum total severance payment (including payment in lieu of any applicable notice period) specified in this clause with respect to any employee exceeds his current entitlement or eligibility to a severance payment under any existing policy of BTG, the severance payment payable to such employee (rather than any notice period or payment), will be increased in order provide the employee the minimum total severance payment specified under this clause (b) that employee shall not be required to serve any period of his notice period; (c) that employee shall continue to receive the same healthcare benefits as applied immediately before the termination of his employment for the duration of what would have otherwise been his notice period under his contract of employment as at the date of this agreement (and, for the avoidance of doubt, such healthcare shall not be continued during any period beyond such notice period); and 20

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(d) all payments in respect of severance or payment in lieu of notice payable to such BTG employee shall be paid in a single lump sum on the date on which such employee’s employment terminates. For the avoidance of doubt, the payment shall not be reduced by reason of the accelerated receipt or to take account of any duty to mitigate which may apply to the BTG employee. 5. Notification of Ongoing Employment 5.1 Boston Scientific and Bidco each acknowledge that BTG employees will want to understand their future and prospects within the combined group. Boston Scientific and Bidco therefore each agree that they will, as soon as reasonably practicable following the Effective Date (and subject to consultation with employee representatives as required by applicable local law), notify all BTG employees whether or not a permanent role has been identified for them following the Effective Date. 21

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SCHEDULE 2 INTERPRETATION 1. In this agreement: Acceptance Condition has the meaning given in subclause 6.2(a); Act means the Companies Act 2006; Affiliate means in relation to a party, any person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the party, and for these purposes a party shall be deemed to control a person if such party possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of the person, whether through the ownership of over 50 per cent. of the voting securities or the right to appoint over 50 per cent. of the relevant board of directors by contract or otherwise; Agreed Switch has the meaning given in clause 6.1; Announcement means the announcement of a firm intention to proceed with the Transaction issued pursuant to Rule 2.7 of the Code, substantially in the form set out in Schedule 3; Board means the board of directors of the relevant party; Boston Scientific Group means Boston Scientific and its Group; Boston Scientific Stock means the shares of common stock of Boston Scientific issued and outstanding; BTG Directors means the directors of BTG from time to time; BTG Group means BTG and its Group; BTG Information means the information solely relating to BTG to be included in the Offer Document and for which BTG and the BTG Directors are required to take responsibility under the Code; BTG Recommendation means a unanimous and unconditional recommendation of the Board of BTG to the BTG Shareholders to vote in favour of the Scheme and the BTG Resolution (or, following an Agreed Switch, accept the Offer); BTG Resolution means the shareholder resolution in connection with the implementation of the Scheme to be proposed at the General Meeting and voted on by BTG Shareholders; BTG Share Plans means the BTG Performance Share Plan 2016, the BTG Senior Management Performance Share Plan 2012, the BTG Executive Share Option Plan 2009, the BTG Sharesave Plan 2009, the BTG USA Stock Purchase Plan 2009 and the BTG Deferred Share Bonus Plan 2006; BTG Shareholders means the holders of BTG Shares from time to time; BTG Shares means ordinary shares of 10 pence each in the capital of BTG from time to time; Business Day means a day (other than a Saturday or Sunday) on which banks are generally open in London for normal business; 22

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Cause means any reason (whether under the terms of any applicable employment contract, terms and conditions of employment and/or applicable local law) which entitles the employing entity to terminate the employment of an employee immediately without notice or further compensation (other than in respect of salary, benefits and vacation accrued to the date of termination), including but not limited to for reasons of gross misconduct; Clean Team Agreement means any clean team agreement entered into between BTG, Boston Scientific and/or Bidco and/or any clean team arrangement agreed with the Panel, in each case in connection with the Transaction; Clearance means any approval, consent, clearance, permission, confirmation, comfort letter and waiver that may need to be obtained and any waiting period that may need to have expired, from or under applicable Laws, regulations or practices applied by any Relevant Authority (or under any agreement or arrangement to which any Relevant Authority is a party) in each case that are necessary and/or expedient to satisfy one or more of the Regulatory Conditions, and any reference to a Clearance having been “satisfied” shall be construed as meaning that the foregoing have been obtained, or, where appropriate, made or expired; Code means the City Code on Takeovers and Mergers, as issued from time to time by or on behalf of the Panel; Competing Transaction means an offer, scheme of arrangement, merger, demerger, acquisition or business combination involving BTG, the purpose of which is to acquire all or a majority of the issued and to be issued ordinary share capital of BTG or all or a substantially all of its business and assets, whether implemented in a single transaction or a series of transactions; Conditions means the conditions to implementation of the Transaction which are set out in Appendix I to the Announcement, and any other conditions as may be required by the Panel or agreed in writing by the parties, with such consequential amendments as may be reasonably necessary as a result of any Agreed Switch; Confidentiality Agreement means the agreement dated 31 October 2018 between Boston Scientific and BTG regulating the disclosure of confidential information between them before the date of this agreement; Court means the High Court of Justice of England and Wales; Court Meeting means the meeting or meetings of the Scheme Shareholders to be convened by the Court pursuant to section 896 of Part 26 of the Act for the purpose of considering, and if thought fit approving, the Scheme, including any adjournment, postponement or reconvention of any such meeting, notice of which shall be contained in the Scheme Document; Effective means: (a) if the Transaction is implemented by way of the Scheme, the Scheme becoming effective in accordance with its terms; or (b) if Bidco elects, in accordance with clause 6.1, to implement the Transaction by way of the Offer, the Offer becoming or being declared unconditional in all respects; Effective Date means: (a) if the Transaction is implemented by way of the Scheme, the date on which the Scheme becomes effective in accordance with its terms; or 23

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(b) if Bidco elects, in accordance with clause 6.1, to implement the Transaction by way of the Offer, the date on which such Offer becomes or is declared unconditional in all respects; Electronic Communication means an electronic communication as defined in the Electronic Communications Act 2000; FCA means the UK Financial Conduct Authority; FCA Handbook means the FCA's handbook of rules and guidance as amended from time to time; FSMA means the Financial Services and Markets Act 2000, as amended from time to time; General Meeting means the general meeting of the BTG Shareholders to be convened for the purpose of considering, and if thought fit approving, the BTG Resolution, notice of which shall be contained in the Scheme Document, including any adjournment, postponement or reconvention of any such meeting; Good Reason means a resignation in response to: (a) a repudiatory breach of contract by the employee's employer; (b) a change that amounts to a material diminution in that employee's overall responsibilities or status (provided that such material diminution shall not include (i) a change of title; (ii) a change in reporting lines; or (iii) the refusal of a suitable alternative assignment with commensurate responsibilities; (c) a material diminution in an employee's base salary or (if applicable) target bonus opportunity; or (e) a relocation of the employee's principal place of work of more than 30 miles; Group means, in relation to any person, its subsidiaries, subsidiary undertakings, associated undertakings and any other body corporate, partnership, joint venture or person in which such person and all such undertakings (aggregating their interests) have a Significant Interest; HSR Act means the United States Hart-Scott Rodino Antitrust Improvements Act of 1976 (as amended); Indemnified Executives means such executives of BTG who, as at the date of this agreement, have a right to be indemnified or are insured in a substantially equivalent manner to the directors and officers of any member of the BTG Group; Law means any applicable statutes, common law, rules, ordinances, regulations, codes, orders, judgements, injunctions, writs, decrees, directives, governmental guidelines or interpretations having the force of law or bylaws, in each case of a Relevant Authority; Listing Rules means the listing rules made by the FCA under section 73A of FSMA, as amended from time to time; London Stock Exchange means London Stock Exchange plc; Long Stop Date means 20 August 2019 (or such later date (if any) as may be agreed in writing by BTG and Bidco (with the Panel’s consent) and as the Court may approve (if such approval is required)); Notice has the meaning given to it in clause 16.1; Offer means, should the Transaction be effected by way of a takeover offer (as that term is defined in section 974 of the Act) in accordance with clause 6.1, the offer to be made by Boston Scientific or Bidco, for all of the BTG Shares not already owned by Boston Scientific or any associate (as that term is defined in section 988 of the Act) of Boston Scientific, on the terms and subject to the 24

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conditions to be set out in the related Offer Document and form of acceptance including, where the context requires, any subsequent revision, variation, extension or renewal of such offer; Offer Document means the document despatched to (among others) the BTG Shareholders under which any Offer would be made; Panel means the UK Panel on Takeovers and Mergers; Personnel in relation to any person, means its board of directors, members of their immediate families, related trusts and persons acting in concert with them, as such expressions are construed in accordance with the Code; Proposals has the meaning given to it in paragraph 1.1 of Schedule 1; Registrar of Companies means the Registrar of Companies in England and Wales; Regulatory Conditions means the conditions to Scheme (or the Offer, as the case may be) which are set out in in paragraphs 2(a) to 2(f) of Part A of Appendix I to the Announcement; Regulatory Information Service means a regulatory information service as defined in the FCA Handbook; Relevant Authority means any central bank, ministry, governmental, quasigovernmental, supranational (including the European Union), statutory, regulatory or investigative body, authority or tribunal (including any national or supranational antitrust, competition or merger control authority, any sectoral ministry or regulator and any foreign investment review body), national, state, municipal or local government (including any subdivision, court, tribunal, administrative agency or commission or other authority thereof), any entity owned or controlled by them, any private body exercising any regulatory, taxing, importing or other authority, trade agency, association, institution or professional or environmental body in any jurisdiction; Sanction Hearing means the Court hearing at which BTG will seek an order sanctioning the Scheme pursuant to section 899 of the Act; Scheme means a court-sanctioned scheme of arrangement pursuant to Part 26 of the Act to implement the Transaction; Scheme Conditions means the conditions to implementation of the Transaction which are set out in Part A of Appendix I to the Announcement; Scheme Court Order means the order of the Court sanctioning the Scheme under section 899 of the Act; Scheme Document means the circular to be addressed to the BTG Shareholders setting out, among other things, the details of the Transaction, the terms and conditions of the Scheme and the particulars required pursuant to section 897 of the Act, and includes any revised or supplementary scheme document; Scheme Record Time means the time and date specified as such in the Scheme Document or such later time as BTG and Bidco may agree; Scheme Shareholders means holders of Scheme Shares; Scheme Shares means together: 25

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(a) the BTG Shares in issue at the date of the Scheme Document and which remain in issue at the Scheme Record Time; (b) any BTG Shares issued after the date of the Scheme Document and before the Voting Record Time and which remain in issue at the Scheme Record Time; and (c) any BTG Shares issued at or after the Voting Record Time and before the Scheme Record Time in respect of which the original or any subsequent holders thereof are, or shall have agreed in writing to be, bound by the Scheme and, in each case, which remain in issue at the Scheme Record Time, excluding, in any case, any BTG Shares held in treasury or by or on behalf of Bidco or the Boston Scientific Group at the Scheme Record Time; SEC means the US Securities and Exchange Commission; Significant Interest means in relation to an undertaking, a direct or indirect interest of 20 per cent. or more of (i) the total voting rights conferred by the equity share capital (as defined in section 548 of the Act) of such undertaking; or (ii) the relevant partnership interest; Synergy Good Leaver means an employee who is dismissed by reason of redundancy (as defined in Section 139(1) Employment Rights Act 1996 or any equivalent reason in any non-UK jurisdiction) or who resigns for Good Reason in each case within 12 months of the Effective Date; Transaction means the proposed acquisition by Boston Scientific and/or Bidco of the entire issued and to be issued ordinary share capital of BTG, to be implemented by means of the Scheme or, should Boston Scientific and/or Bidco so elect in accordance with the terms of this agreement and with the consent of the Panel, by means of the Offer; and Voting Record Time means the date and time specified in the Scheme Document by reference to which entitlement to vote at the Court Meeting or the General Meeting will be determined, expected to be 6:00 p.m. on the day which is two days before the date of the Court Meeting or, if the Court Meeting is adjourned, 6:00 p.m. on the day which is two days before the date of such adjourned meeting. 2. In this agreement: (a) associated undertaking has the meaning given in section 1151 of the Act; (b) holding company has the meaning given in section 1159 of the Act; (c) subsidiary has the meaning given in section 1159 of the Act; (d) subsidiary undertaking has the meaning given in sections 1161 and 1162 of the Act; (e) any reference to a person includes a body corporate, unincorporated association of persons (including a partnership), government, state, agency, organisation and any other entity whether or not having separate legal personality, and an individual, his estate and personal representatives; (f) subject to clause 17, any reference to a party to this agreement includes the successors and assigns (immediate or otherwise) of that party; (g) a person shall be deemed connected with another if that person is connected with that other within the meaning of section 1122 of the Corporation Tax Act 2010; 26

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(h) the words including and include shall mean including without limitation and include without limitation, respectively; (i) any reference importing a gender includes the other genders; (j) any reference to a time of day is to London time; (k) any reference to £ or pounds sterling is to the lawful currency of the United Kingdom and any reference to $ or USD is to the lawful currency of the United States of America, in each case, from time to time; (l) any reference to writing includes typing, printing, lithography and photography but excludes any form of Electronic Communication; (m) any reference to a document is to that document as amended, varied or novated from time to time otherwise than in breach of this agreement or that document; (n) any reference to a clause, subclause or schedule is to a clause, subclause or schedule of or to this agreement; (o) the schedules form part of this agreement; (p) the headings do not affect the interpretation of this agreement; (q) any reference to a company includes any company, corporation or other body corporate wheresoever incorporated; and (r) any reference to a company or firm includes any company or firm in succession to all, or substantially all, of the business of that company or firm. 3. In this agreement any reference, express or implied, to an enactment (which includes any legislation in any jurisdiction) includes: (a) that enactment as amended, extended or applied by or under any other enactment (before, on or after execution of this agreement); (b) any enactment which that enactment re-enacts (with or without modification); and (c) any subordinate legislation made (before, on or after execution of this agreement) under that enactment, including (where applicable) that enactment as amended, extended or applied as described in paragraph (a) above, or under any enactment which it re-enacts as described in paragraph (b) above. 4. If there is any conflict or inconsistency between a term in the body of this agreement and a term in any of the schedules or other documents referred to or otherwise incorporated into this agreement, the term in the body of this agreement shall take precedence. 5. The eiusdem generis rule does not apply to this agreement. Accordingly, specific words indicating a type, class or category of thing do not restrict the meaning of general words following such specific words, such as general words introduced by the word other or a similar expression. Similarly, general words followed by specific words shall not be restricted in meaning to the type, class or category of thing indicated by such specific words. 6. A reference in this agreement to any English legal term for any action, remedy, method or form of judicial proceeding, legal document, court or any other legal concept or matter will be deemed to 27

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include a reference to the corresponding or most similar legal term in any jurisdiction other than England, to the extent that such jurisdiction is relevant to the transactions contemplated by this agreement or the terms of this agreement. 7. Paragraphs 1 to 6 above apply unless the contrary intention appears. 28

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SCHEDULE 3 ANNOUNCEMENT 29

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SIGNATORIES BTGPLC By: PAvL. M._v.JfE fl/t)£ f\1 Name: Title: G-eNE L CovNSEL

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By:

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[LOGO]

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Exhibit 10.1

 

Irrevocable undertaking

 

From:                Invesco Asset Management Limited

Perpetual Park

Perpetual Park Drive

Henley-On-Thames

 

To:                              Bravo Bidco Limited (the “ Offeror ”)

Suite 1, 3rd Floor

11 - 12 St. James’s Square

London SW1Y 4LB

 

20 November, 2018

 

Dear Sirs,

 

Offer for BTG plc (the “ Offeree ”)

 

We understand that the Offeror intends to make an offer to acquire all of the issued and to be issued ordinary share capital of the Offeree substantially on the terms and subject to the conditions of the draft announcement proposed to be made under Rule 2.7 of the Code and set out in Schedule 1 to this undertaking (the “ Announcement ”) together with such additional terms and conditions as may be required to comply with the Applicable Requirements,  provided such additional terms and conditions do not result in a diminution of value of the consideration being offered, or terms which are less favourable to the acceptors than those set out, in the Announcement (the “ Transaction ”), such Transaction, subject as set out below, to be implemented by way of a scheme of arrangement pursuant to Part 26 of the Companies Act 2006 (the “ Scheme ”). This undertaking sets out the terms and conditions on which we will vote in favour of the Scheme or, if applicable, accept the Offer when it is made.

 

1.                                       Shareholdings

 

We represent and warrant to the Offeror that:

 

(a)                                  we are able to control the exercise of all rights attaching to the number of ordinary shares of 10 pence each in the capital of the Offeree (the “ Offeree Shares ”) set out in the second column of the table in Part A of Schedule 2 to this undertaking and that such shares are free of any lien, charge, option, equity, encumbrance or third party rights of any kind whatsoever;

 

(b)                                  Part B of Schedule 2 to this undertaking contains complete and accurate details of all options, warrants and other rights we may have to purchase or otherwise acquire any securities of the Offeree;

 

(c)                                   save as set out in Schedule 2 to this undertaking, we do not, and nor do any of our group undertakings (as defined in section 1161 of the Companies Act 2006), have any interest (as defined in the Code) in any securities of the

 


 

Offeree or any rights to purchase or otherwise acquire any securities of the Offeree;

 

(d)                                  the details of our holdings in interests in securities of the Offeree set out in Schedule 2 to this undertaking are complete and accurate; and

 

(e)                                   we have full power and authority to enter into this undertaking, to perform the obligations under it and to vote in favour of the Scheme or accept the Offer in accordance with, and to perform my obligations resulting from, its terms or that acceptance.

 

2.                                       Dealings and undertakings

 

2.1                                We have not accepted any offer to dispose of any Committed Shares and,          save as may be otherwise provided herein, we undertake to the Offeror that before the Transaction closes, lapses or is withdrawn (whichever is earlier), we shall not:

 

(a)                                  sell, transfer, charge, encumber, grant any option over or otherwise dispose of any interest in any Committed Shares other than pursuant to our acceptance of the Transaction;

 

(b)                                  accept any other offer in respect of the Committed Shares or vote in favour of any resolution to approve any scheme of arrangement of the Offeree which is proposed in competition with the Transaction, or express public support for any proposed competing offer, scheme of arrangement or other transaction which might otherwise frustrate the Transaction or any part thereof; or

 

(c)                                   (other than pursuant to the Transaction) enter into any agreement or arrangement, or permit any agreement or arrangement to be entered into, or incur any obligation or permit any obligation to arise or give any indication of intent:

 

(i)                                      to do any of the acts referred to in paragraphs 2.1(a) to 2.1(b) ; or

 

(ii)                                   in relation to, or operating by reference to, the Committed Shares; or

 

(iii)                                which, in relation to the Committed Shares, would or might be reasonably likely to restrict or impede us from voting in favour of the Scheme or accepting the Offer,

 

and, for the avoidance of doubt, references in this paragraph 2.1(c) to any agreement, arrangement, obligation or indication of interest includes any agreement, arrangement, obligation or indication of interest whether or not legally binding or subject to any condition or which is to take effect if the Transaction closes or lapses, if this undertaking ceases to be binding or upon or following any other event.

 

2.2                                We further undertake not to until the earlier of:

 

(a)                                  this undertaking lapsing in accordance with paragraph 10; or

 


 

(b)                                  the Scheme becoming effective or the Offer becoming unconditional as to acceptances,

 

acquire any interest (as defined in the Code) or otherwise deal or undertake any dealing (as defined in the Code) in any relevant securities (as defined in the Code) of the Offeree (including, for the avoidance of doubt, exercising any of the options set out in Schedule 2 to this undertaking) unless the Panel determines, and confirms to you, that, in respect of such acquisition or dealing, we are not acting in concert with you pursuant to Note 9 on the definition of “Acting in concert” set out in the Code.

 

2.3                                We further undertake to cause the registered holder of any Committed Shares to comply with the undertakings in paragraphs 2.1 and 2.2 in respect of the relevant Committed Shares.

 

3.                                       Undertakings in relation to the Scheme

 

In consideration of the Offeror’s agreement to make the offer pursuant to the Scheme and subject to this undertaking not having lapsed in accordance with the terms set out in paragraph 10, we undertake to the Offeror that:

 

(a)                                  we shall exercise, or, where applicable, procure the exercise of, all voting rights attaching to the Committed Shares to vote in favour of all resolutions (whether or not amended) to approve the Scheme and any related matters proposed at any general meeting or class meeting of the Offeree for the purposes of implementing the Transaction (including any adjournment thereof) (“ General Meeting ”) and at any meeting of holders of shares in the Offeree convened by the Court (including any adjournment thereof) (“ Court Meeting ”) to be convened and held in connection with the Transaction;

 

(b)                                  we shall exercise, or, where applicable, procure the exercise of, all rights attaching to the Committed Shares to join in the requisitioning of any general meeting of the Offeree for the purposes of voting on any resolution referred to under paragraph 3(a) above, or to require the Offeree to give notice of any such meeting, only in accordance with the Offeror’s instructions;

 

(c)                                   for the purpose of voting on any resolution referred to under paragraph 3(a) above, we shall (if required by the Offeror), execute (or procure the execution of) any form of proxy, or where applicable, a CREST proxy voting instruction or web proxy voting instruction (each, a “ proxy voting instruction ”), in respect of the Committed Shares required by the Offeror appointing any person nominated by the Offeror to attend and vote at the General Meeting or Court Meeting and we shall not amend, revoke or withdraw any such form of proxy or, where applicable, proxy voting instruction;

 

(d)                                  without prejudice to paragraph 3(c) above, and in the absence of any such requirement by the Offeror, we shall after the posting of the circular to be sent to shareholders of the Offeree containing an explanatory statement in respect of the Scheme (the “ Scheme Circular ”) (and without prejudice to any right we have to attend and vote in person at the Court Meeting and the General Meeting (each as defined in the Announcement) to implement the

 


 

Transaction), return, or procure the return of, if applicable, the signed forms of proxy enclosed with the Scheme Circular in respect of the Committed Shares (completed and signed and voting in favour of the resolutions to implement the Transaction) in accordance with the instructions printed on those forms of proxy and, if applicable, in respect of any Committed Shares held in uncertificated form, take or procure the taking of any action which may be required by the Offeree or its nominated representative in order to make a valid proxy appointment and give valid proxy instructions (voting in favour of the resolutions to implement the Transaction), as soon as possible and in any event by not later than the relevant proxy cut-off date as set out in Scheme Circular and we shall not amend, revoke or withdraw any such form of proxy or proxy voting instruction;

 

(e)                                   we shall cause the registered holder of any Committed to comply with the undertaking in this paragraph 3 in respect of the relevant Committed Shares as if they were a party to this undertaking and so obliged;

 

(f)                                    the Offeror shall acquire the Committed Shares free of any lien, charge, option, equity or encumbrance of any nature whatsoever and together with all rights of any nature attaching to those shares;

 

(g)                                   in the event the Scheme is modified or amended, we confirm and agree that this undertaking shall continue to be binding mutatis mutandis in respect of the Committed Shares provided such modification does not result in a diminution of value of the consideration being offered, or terms that are less favourable to the acceptors than those set out, in the Scheme Circular; and

 

(h)                                  we further undertake, if so required by the Offeror, to execute or procure the execution of all such other documents as may be necessary to give the Offeror the full benefit of this undertaking.

 

4.                                       Undertaking to accept the Offer

 

We undertake to the Offeror that, in the event the Transaction is implemented by way of an Offer and subject to this undertaking not having lapsed in accordance with the terms set out in paragraph 10, in consideration of the Offeror’s agreement to make the Offer we undertake to the Offeror that:

 

(a)                                  we shall accept the Offer in respect of the Committed Shares we may hold as at the date of the Offer in accordance with the procedure for acceptance set out in the formal document containing the Offer (the “ Offer Document ”) as soon as reasonably practicable after, and in any event no later than 5 p.m. on the date falling twenty one (21) days after, the publication of the Offer Document save for those Committed Shares allotted to us on or after the date of the Offer in which case we shall accept, or procure the acceptance by the registered holder of, the Offer in respect of the relevant Committed Shares in accordance with the procedure for acceptance set out in the Offer Document no later than ten (10) Business Days after the date we become the registered holder and/or beneficial holder of the relevant Committed Shares;

 


 

(b)                                  we shall cause the registered holder of any Committed Shares to accept the Offer in accordance with the procedure for acceptance set out in the Offer Document not later than 5 p.m. on the date falling twenty one (21) days after the Offeror sends the Offer Document;

 

(c)                                   we shall not, without the prior written consent of the Offeror, withdraw any such acceptances of the Offer and will cause any registered holder of any Committed Shares not to do so for so long as the Offer remains open for acceptance;

 

(d)                                  on completion of the Offer, the Offeror shall acquire the Committed Shares from us free of any lien, charge, option, equity or encumbrance of any nature whatsoever and together with all rights of any nature attaching to those shares; and

 

(e)                                   in the event that the Offer is modified or amended, we confirm and agree that this undertaking shall continue to be binding mutatis mutandis in respect of the Committed Shares.

 

5.                                       Voting Rights

 

5.1                                From the time the Announcement is released to the time this undertaking lapses in accordance with paragraph 10:

 

(a)                                  we shall (insofar as entitled to do so taking account of the Code) exercise or procure the exercise of the votes attaching to the Committed Shares on a Relevant Resolution only in accordance with the Offeror’s directions;

 

(b)                                  we shall exercise or procure the exercise of the rights attaching to the Committed Shares to join in requisitioning any general or class meeting of the Offeree pursuant to section 303 of the Companies Act 2006 for the purposes of considering a Relevant Resolution and to require the Offeree pursuant to section 338 of the Companies Act 2006 to give notice of such a resolution only in accordance with the Offeror’s directions;

 

(c)                                   for the purposes of voting on a Relevant Resolution, we shall complete, execute and deliver (or procure the completion, execution and delivery of) any form of proxy or proxy voting instruction required by the Offeror appointing any person nominated by the Offeror to attend and vote at the relevant general or class meeting of the Offeree, provided that the undertaking in this paragraph 5.1(c) shall not apply if and to the extent that the Panel deems it to have the effect of the Offeror acquiring an interest (as defined in the Code) in any securities of the Offeree;

 

(d)                                  we shall not, save as otherwise permitted by this undertaking, requisition any shareholder meeting of the Offeree without the Offeror’s prior consent; and

 

(e)                                   we shall cause the registered holder of any Committed Shares to comply with paragraphs 5.1(a) to 5.1(d) in respect of the relevant Committed Shares.

 


 

6.                                       Documentation and Information

 

6.1                                We consent to:

 

(a)                                  this undertaking being disclosed to the Panel;

 

(b)                                  references to us and the registered holder of any Committed Shares, and particulars of this undertaking and our holdings of relevant securities of the Offeree, being included in the Announcement and the Scheme Circular (or the Offer Document, if applicable), and any other announcement made, or related or ancillary document issued, by or on behalf of the Offeror in connection with the Transaction; and

 

(c)                                   this undertaking being published as required by Applicable Requirements.

 

6.2                                We shall, within a reasonable time, provide you on request with all information and assistance as you may reasonably require for the preparation of the Announcement, the Scheme Circular and any other announcement to be made, or document to be issued, by or on behalf of the Offeror in connection with the Transaction in order to comply with the Applicable Requirements. We shall notify you as soon as reasonably practicable in writing of any change in the accuracy or impact of any information previously given to you pursuant to this paragraph 6.2.

 

7.                                       Secrecy

 

7.1                                We shall keep secret:

 

(a)                                  to the extent not already publicly available, the possibility, terms and conditions of Transaction and the existence of this undertaking until the Announcement is released; and

 

(b)                                  other than those terms details in the Announcement, the terms of this undertaking until the Scheme Circular or Offer Document is published,

 

provided that we may disclose the same to the Offeree and its advisers if it is necessary to do so (and to the extent not already done so before the date hereof) and in which case we shall procure that they observe secrecy in the same terms. The obligations in this paragraph 7.1 shall survive termination of this undertaking.

 

7.2                                To the extent any of the information you have given to us in relation to the Transaction is inside information for the purposes of the Market Abuse Regulation, Criminal Justice Act 1993 or the Financial Services and Markets Act 2000 we will comply with the applicable restrictions in those enactments on dealing in securities and disclosing inside information.

 

8.                                       Time of the Essence

 

Any time, date or period mentioned in this undertaking may be extended by mutual agreement but as regards any time, date or period originally fixed or as extended, time shall be of the essence.

 


 

9.                                       Unconditional and Irrevocable Obligations

 

Except to the extent otherwise specified, the undertakings, agreements, warranties, appointments, consents and waivers set out in this undertaking are unconditional and irrevocable.

 

10.                                Lapse of undertaking

 

10.1                         This undertaking, and the warranties, consents, waivers, agreements and obligations set out herein, shall lapse and automatically cease to have any effect if:

 

(a)                                  the Announcement has not been issued by 5 p.m. on 20 November 2018 or such later time and/or date as the Offeror and the Offeree may agree, being no later, in any event, than 5 p.m. on 27 November 2018;

 

(b)                                  the Scheme Circular or Offer Document is not published within 28 days of the date of release of the Announcement (or within such longer period as the Offeror, with the consent of the Panel, determines);

 

(c)                                   the Transaction, if made, lapses or is withdrawn as the case may be, or, if applicable, the Scheme does not become effective in accordance with its terms; or

 

(d)                                  any third party in accordance with the Code announces a firm intention to make an offer (whether made by way of an offer or a scheme of arrangement) for all shares in Offeree (not already owned by such third party), which offer provides for an amount or value of consideration of not less than 10% greater than the amount or value of consideration offered under the Transaction as at 5 p.m. (London time) on the last dealing day prior to the date of any such announcement (a “ Superior Proposal ”), and the Offeror does not, within five (5) Business Days of the date of the announcement of the Superior Proposal, revise the Transaction such that the cash consideration offered under the Transaction equals or exceeds the amount or value of consideration offered under the Superior Proposal as at 5 p.m. (London time) on the last dealing day prior to the date of any such revision.

 

10.2                         If this undertaking lapses we shall have no claim against the Offeror save that any rights or liabilities under this undertaking in respect of our prior breaches shall not be affected.

 

11.                                Interpretation

 

All references in this undertaking to:

 

(a)                                  Applicable Requirements ” means the Code, any decision, ruling or requirement of the Panel, any applicable law, any decision of the High Court of Justice in England and Wales, the Companies Act 2006, the rules of the Main Market of the London Stock Exchange plc, the Listing Rules, the Disclosure and Transparency Rules and Prospectus Rules made by the Financial Conduct Authority in exercise of its functions under the Financial Services and Markets Act 2000 or any decision, ruling or requirement of the

 


 

Financial Conduct Authority or the requirements of the London Stock Exchange plc or any other relevant regulatory authority;

 

(b)                                  Business Day ” means a day (other than Saturday or Sunday or public or bank holiday) on which banks in the City of London are generally open for business;

 

(c)                                   Code ” means the City Code on Takeovers and Mergers issued by the Panel;

 

(d)                                  Committed Shares ” means the Offeree Shares held in the manner referred to in paragraph 2 of this undertaking together with any other securities in Offeree issued or unconditionally allotted to us, or otherwise acquired by us and/or in relation to which we become registered holder and/or beneficial owner on or after the date of this undertaking;

 

(e)                                   Offer ” means, if the Transaction is to be implemented by way of a takeover offer as defined in Chapter 3 of Part 28 of the Companies Act 2006, the recommended offer to be made by or on behalf of the Offeror to acquire the entire issued and to be issued share capital of the Offeree and, where the context requires, any subsequent revision, variation, extension or renewal of such offer and includes any election available thereunder;

 

(f)                                    Offeror’s Financial Advisers ” means Barclays Bank PLC, acting through its investment bank;

 

(g)                                   Panel ” means the Panel on Takeovers and Mergers; and

 

(h)                                  Relevant Resolution ” means:

 

(i)                                      a resolution (whether or not amended) proposed at a general or class meeting of the Offeree, or at an adjourned meeting, the passing of which is necessary to implement the Transaction or which, if passed, might reasonably be expected to result in any condition of the Transaction not being fulfilled or which might impede or frustrate the Transaction in any way (including for the avoidance of doubt, any resolution to approve any scheme of arrangement in relation to the Offeree which is proposed in competition with the Transaction);

 

(ii)                                   a resolution to adjourn a general or class meeting of the Offeree whose business includes the consideration of a resolution falling within paragraph 11(h)(i); and

 

(iii)                                a resolution to amend a resolution falling within paragraph 11(h)(i) or paragraph 11(h)(ii).

 

12.                                Miscellaneous

 

12.1                         Without prejudice to any other rights or remedies you may have, we agree that, if we fail to comply with any of the undertakings in paragraphs 3 or 4 or breach any of our obligations under this undertaking, damages alone would not be an adequate remedy and accordingly that an order for specific performance would be an essential element of any adequate remedy for such failure or breach.

 


 

12.2                         (a) Subject to 12.2(b), a person who is not a party to this undertaking shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this undertaking but this does not affect any right or remedy of a third party that exists or is available apart from that Act.

 

(b) The parties agree and acknowledge that Invesco Asset Management Limited is acting for and on behalf of its discretionary managed clients that are the beneficial owners of the Offeree Shares.

 

12.3                         We confirm that the Offeror’s Financial Advisers are not acting for us in relation to the Transaction and will not be responsible to us for providing protections afforded to their clients or advising us on any matter relating to the Transaction.

 

12.4                         References in this undertaking to times of day are to London time.

 

12.5                         This undertaking may be executed in any number of counterparts, each of which is an original but all of which together shall constitute the same instrument.

 

12.6                         Nothing in this undertaking shall oblige the Offeror to make or proceed with the Transaction.

 

12.7                         The invalidity, illegality or unenforceability of any provision of this undertaking shall not affect the continuation in force of the remainder of this undertaking.

 

13.                                Governing Law and Jurisdiction

 

13.1                         This undertaking and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law and we submit to the exclusive jurisdiction of the English courts for all purposes in connection with this undertaking and we waive any objection to any proceedings on the ground of venue or on the ground that the proceedings have been brought in an inconvenient forum.

 


 

IN WITNESS WHEREOF this undertaking has been executed and delivered as a deed on the date stated at the beginning of it.

 

 

EXECUTED and DELIVERED as a DEED by Invesco Asset Management Limited as agent for and on behalf of its discretionary managed clients

 

)

 

)

 

)

 

 

)

 

 

 

 

 

 

 

 

 

 

 

 

In the presence of:

 

 

 

 

 

/s/ Frederick Bouverat

 

 

 

 

 

Name of Witness

 

 

 

 

 

Frederick Bouverat

 

 

 

 

 

Address

 

 

 

 

 

Invesco

 

 

 

 

 

Perpetual Park Drive

 

 

 

 

 

Henley-on-Thames OXON RG9 1HH

 

 

 


 

SCHEDULE 1

 

ANNOUNCEMENT

 

11


 

SCHEDULE 2

 

EXISTING SHARES

 

PART A —Holdings of Offeree Shares

 

1. Number of
Shares

 

2. Number of
Shares under
option/warrants

 

3. Registered holder

 

4. Beneficial owner

37,511

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INV GTR TRUST LLC INCOME FD

9,909

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INV GTR TRUST LLC UK GROWTH

5,712,684

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

EDINBURGH INVESTMENT TRUST

802,258

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INVESCO GTR INCOME FUND

215,950

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INVESCO GTR UK GROWTH FUND

11,587

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INVESCO GTR FD US INCOME FD

3,078

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INVESCO GTR FD US UK GROWTH

105,967

 

0

 

THE BANK OF NEW YORK

 

INVESCO GTRS INCOME

 

12


 

 

 

 

 

MELLON (NOMINEES) LIMITED

 

 

28,090

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INVESCO GTRS UK GROWTH

14,586

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INV GTI FD (UK) — UK EQTY IN

1,913,498

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INV GTI FD (UK) — INCOME FD

496,603

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INV GTI FD (UK) — UK GROWTH

1,867,163

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INVESCO UK GROWTH FUND (UK)

32,001,630

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INVESCO HIGH INCOME FD (UK)

12,718,016

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INVESCO INCOME FUND (UK)

179,490

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INV UK COMPANIES FUND (UK)

3,505,724

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

PERPETUAL INC & GR INV TST

966,816

 

0

 

THE BANK OF NEW YORK

 

INV UK EQUITY

 

13


 

 

 

 

 

MELLON (NOMINEES) LIMITED

 

PENSION FUND

52,219

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INVESCO GTR TST INCOME FD

14,543

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INVESCO GTR TST INCOME FD

44,505

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INVESCO GTRS II INCOME

10,332

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

INVESCO GTRS II UK GROWTH

569,268

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

THE SHIPBUILDING IND PENS

279,776

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

SJP MA INCOME FUND

74,635

 

0

 

THE BANK OF NEW YORK MELLON (NOMINEES) LIMITED

 

SJP MA UK GROWTH

Total: 61,635,838

 

Total: 0

 

 

 

 

 

PART B — Rights to acquire Offeree securities (including options)

 

N/A

 

14


 

Exhibit 10.2

 

Irrevocable undertaking

 

From:      Novo Holdings A/S

 

To:           Bravo Bidco Limited (the “ Offeror ”)

Suite 1, 3rd Floor

11 - 12 St. James’s Square

London SW1Y 4LB

 

20 November, 2018

 

Dear Sirs,

 

Offer for BTG plc (the “ Offeree ”)

 

We understand that the Offeror intends to make an offer to acquire all of the issued and to be issued ordinary share capital of the Offeree by way of a scheme of arrangement pursuant to Part 26 of the Companies Act 2006 (the “ Scheme ”), substantially on the terms and subject to the conditions set out or referred to in the draft announcement set out in Schedule 1 to this undertaking (the “ Announcement ”) together with such additional terms and conditions as may be required to comply with the Applicable Requirements (the “ Transaction ”). We also understand that the Offeror may at any time elect, with the consent of the Panel, to implement the acquisition by means of an Offer. This undertaking sets out the terms and conditions on which we will vote in favour of the Scheme or, if applicable, accept the Offer when it is made.

 

1.              Shareholdings

 

We represent and warrant to the Offeror that:

 

(a)            we are the beneficial owner of the number of ordinary shares of 10 pence each in the capital of the Offeree (the “ Beneficial Offeree Shares ”) set out in the second column of the table in Schedule 2 to this undertaking;

 

(b)            save as set out in Schedule 2 to this undertaking, we do not, and nor do any of our group undertakings (as defined in section 1161 of the Companies Act 2006), have any interest (as defined in the Code) in any securities of the Offeree or any rights to purchase or otherwise acquire any securities of the Offeree;

 

(c)            the details of our holdings in interests in securities of the Offeree set out in Schedule 2 to this undertaking are complete and accurate; and

 

(d)            we have full power and authority to enter into this undertaking and to perform the obligations under it in accordance with its terms.

 


 

2.              Dealings and undertakings

 

2.1           We undertake to the Offeror that before the Transaction closes, lapses or is withdrawn (whichever is earlier), we shall not:

 

(a)            sell, transfer or otherwise dispose of any interest in any Committed Shares other than pursuant to our acceptance of the Transaction;

 

(b)            accept any other offer in respect of the Committed Shares or vote in favour of any resolution to approve any scheme of arrangement of the Offeree which is proposed in competition with the Transaction; or

 

(c)            (other than pursuant to the Transaction) enter into any agreement or arrangement, or permit any agreement or arrangement to be entered into, or incur any obligation or permit any obligation to arise or give any indication of intent:

 

(i)             to do any of the acts referred to in paragraphs 2.1(a) to 2.1(b) ; or

 

(ii)            in relation to, or operating by reference to, the Committed Shares; or

 

(iii)           which, in relation to the Committed Shares, would or might be reasonably likely to restrict or impede us from voting in favour of the Scheme or accepting the Offer,

 

and, for the avoidance of doubt, references in this paragraph 2.1(c) to any agreement, arrangement, obligation or indication of interest includes any agreement, arrangement, obligation or indication of interest whether or not legally binding or subject to any condition or which is to take effect if the Transaction closes or lapses, if this undertaking ceases to be binding or upon or following any other event.

 

2.2           Other than pursuant to the Transaction or to enable registered ownership of Beneficial Offeree Shares to be held directly by us, we further undertake to take all reasonable steps to cause the registered holder of any Committed Shares in relation to which we are not the registered holder (including the Beneficial Offeree Shares) to comply with the undertaking in paragraph 2.1 in respect of the relevant Committed Shares.

 

3.              Undertakings in relation to the Scheme

 

In consideration of the Offeror’s agreement to make the offer pursuant to the Scheme, we undertake to the Offeror that:

 

(a)            we shall exercise, or, where applicable, take all reasonable steps to procure the exercise of, all voting rights attaching to the Committed Shares to vote in favour of all resolutions (whether or not amended) to approve the Scheme and any related matters proposed at any general meeting or class meeting of the Offeree for the purposes of implementing the Transaction (including any adjournment thereof) (“ General Meeting ”) and at any meeting of holders of shares in the Offeree convened by the Court (including any adjournment thereof) (“ Court Meeting ”) to be convened and held in connection with the Transaction;

 


 

(b)            we shall exercise, or, where applicable, take all reasonable steps to procure the exercise of, all rights attaching to the Committed Shares to requisition or join in the requisitioning of any general meeting of the Offeree for the purposes of voting on any resolution referred to under paragraph 3(a) above, or to require the Offeree to give notice of any such meeting, only in accordance with the Offeror’s instructions;

 

(c)            for the purpose of voting on any resolution referred to under paragraph 3(a) above, we shall (if required by the Offeror), execute (or take all reasonable steps to procure the execution of) any form of proxy, or where applicable, a CREST proxy voting instruction or web proxy voting instruction (each, a “ proxy voting instruction ”), in respect of the Committed Shares required by the Offeror and we shall not amend, revoke or withdraw any such form of proxy or, where applicable, proxy voting instruction;

 

(d)            without prejudice to paragraph 3(c) above, and in the absence of any such requirement by the Offeror, we shall after the posting of the circular to be sent to shareholders of the Offeree containing an explanatory statement in respect of the Scheme (the “ Scheme Circular ”) (and without prejudice to any right we have to attend and vote in person at the Court Meeting and the General Meeting to implement the Transaction), return, or take all reasonable steps to procure the return of, if applicable, the signed forms of proxy enclosed with the Scheme Circular in respect of the Committed Shares (completed and signed and voting in favour of the resolutions to implement the Transaction) in accordance with the instructions printed on those forms of proxy and, if applicable, in respect of any Committed Shares held in uncertificated form, take or take all reasonable steps to procure the taking of any action which may be required by the Offeree or its nominated representative in order to make a valid proxy appointment and give valid proxy instructions (voting in favour of the resolutions to implement the Transaction), as soon as possible and in any event by not later than the relevant proxy cut-off date as set out in Scheme Circular and we shall not amend, revoke or withdraw any such form of proxy or proxy voting instruction;

 

(e)            the Offeror shall acquire the Committed Shares free of any lien, charge, option, equity or encumbrance of any nature whatsoever and together with all rights of any nature attaching to those shares; and

 

(f)             we further undertake, if so required by the Offeror, to execute or take all reasonable steps to procure the execution of all such other documents as may be necessary to give the Offeror the full benefit of this undertaking.

 

4.              Undertaking to accept the Offer

 

We undertake to the Offeror that, in the event the Transaction is implemented by way of an Offer on the same terms as set out in the Announcement, in consideration of the Offeror’s agreement to make the Offer we undertake to the Offeror that:

 

(a)            we shall accept the Offer in respect of the Committed Shares we may hold as at the date of the Offer in accordance with the procedure for acceptance set out

 


 

in the formal document containing the Offer (the “ Offer Document ”) as soon as reasonably practicable after, and in any event no later than the date falling five (5) Business Days after, the publication of the Offer Document save for those Committed Shares in respect of which we become the registered holder and/or beneficial owner on or after the date of the Offer in which case we shall accept, or take all reasonable steps to procure the acceptance by the registered holder of, the Offer in respect of the relevant Committed Shares in accordance with the procedure for acceptance set out in the Offer Document no later than five (5) Business Days after the date we become the registered holder and/or beneficial holder of the relevant Committed Shares;

 

(b)            we shall cause the registered holder of any Committed Shares in relation to which we are not the registered holder (including the Beneficial Offeree Shares) to accept the Offer in accordance with the procedure for acceptance set out in the Offer Document not later than five (5) Business Days after the Offeror sends the Offer Document;

 

(c)            we shall not, without the prior written consent of the Offeror, withdraw any such acceptances of the Offer and will cause any registered holder of any Committed Shares not to do so for so long as the Offer remains open for acceptance; and

 

(d)            on completion of the Offer, the Offeror shall acquire the Committed Shares from us free of any lien, charge, option, equity or encumbrance of any nature whatsoever and together with all rights of any nature attaching to those shares.

 

5.              Voting Rights

 

5.1           From the time the Announcement is released to the time this undertaking lapses in accordance with paragraph 10:

 

(a)            we shall (insofar as entitled to do so taking account of the Code) exercise or take all reasonable steps to procure the exercise of the votes attaching to the Committed Shares on a Relevant Resolution only in accordance with the Offeror’s directions;

 

(b)            we shall exercise or take all reasonable steps to procure the exercise of the rights attaching to the Committed Shares to requisition or join in requisitioning any general or class meeting of the Offeree pursuant to section 303 of the Companies Act 2006 for the purposes of considering a Relevant Resolution and to require the Offeree pursuant to section 338 of the Companies Act 2006 to give notice of such a resolution only in accordance with the Offeror’s directions; and

 

(c)            we shall take all reasonable steps to procure the registered holder of any Committed Shares in relation to which we are not the registered holder (including the Beneficial Offeree Shares) to comply with paragraphs 5.1(a) to 5.1(b) in respect of the relevant Committed Shares.

 


 

6.              Documentation and Information

 

6.1           We consent to:

 

(a)            this undertaking being disclosed to the Panel;

 

(b)            references to us and the registered holder of any Committed Shares in relation to which we are not the registered holder (including the Beneficial Offeree Shares), and particulars of this undertaking and our holdings of relevant securities of the Offeree, being included in the Announcement and the Scheme Circular (or the Offer Document, if applicable), and any other announcement made, or related or ancillary document issued, by or on behalf of the Offeror in connection with the Transaction; and

 

(c)            this undertaking being published as required by Applicable Requirements.

 

6.2           We shall promptly provide you on request with all information and assistance as you may reasonably require for the preparation of the Announcement, the Scheme Circular and any other announcement to be made, or document to be issued, by or on behalf of the Offeror in connection with the Transaction in order to comply with the Applicable Requirements. We shall notify you as soon as reasonably practicable in writing of any change in the accuracy or impact of any information previously given to you pursuant to this paragraph 6.2.

 

7.              Secrecy

 

7.1           We shall keep secret:

 

(a)            to the extent not already publicly available, the possibility, terms and conditions of Transaction and the existence of this undertaking until the Announcement is released; and

 

(b)            other than those terms details in the Announcement, the terms of this undertaking until the Scheme Circular or Offer Document is published,

 

provided that we may disclose the same to the Offeree and its advisers if it is necessary to do so (and to the extent not already done so before the date hereof) and in which case we shall procure that they observe secrecy in the same terms. The obligations in this paragraph 7.1 shall survive termination of this undertaking.

 

7.2           To the extent that you inform us that any of the information you have given to us in relation to the Transaction is inside information for the purposes of the Market Abuse Regulation, Criminal Justice Act 1993 or the Financial Services and Markets Act 2000 we will comply with the applicable restrictions in those enactments on dealing in securities and disclosing inside information.

 

8.              Time of the Essence

 

Any time, date or period mentioned in this undertaking may be extended by mutual agreement but as regards any time, date or period originally fixed or as extended, time shall be of the essence.

 


 

9.              Unconditional and Irrevocable Obligations

 

Except to the extent otherwise specified, the undertakings, agreements, warranties, appointments, consents and waivers set out in this undertaking are unconditional and irrevocable.

 

10.           Lapse of undertaking

 

10.1         This undertaking, and the warranties, consents, waivers, agreements and obligations set out herein, shall lapse and automatically cease to have any effect if:

 

(a)            the Announcement has not been issued by 5 p.m. on 20 November 2018 or such later time and/or date as the Offeror and the Offeree may agree, being no later, in any event, than 5 p.m. on 23 November 2018;

 

(b)            the Scheme Circular or Offer Document is not published within 28 days of the date of release of the Announcement (or within such longer period as the Offeror, with the consent of the Panel, determines);

 

(c)            the Scheme or an Offer announced in implementation of the Transaction has not become effective or been declared unconditional in all respects in accordance with the requirements of the Code (as the case may be) prior to the date first set as the Long Stop Date in the Announcement;

 

(d)            the Transaction, if made, lapses or is withdrawn; or

 

(e)            any third party in accordance with the Code announces a firm intention to make an offer (whether made by way of an offer or a scheme of arrangement) for all shares in Offeree (not already owned by such third party), which offer provides for an amount or value of consideration of not less than 10% greater than the amount or value of consideration offered as set out in the Announcement.

 

11.           Power of Attorney

 

11.1         In order to secure the performance of our obligations under this undertaking, we hereby unconditionally and irrevocably appoint any director of Offeror as our attorney if we fail to comply with or to procure compliance with any of the undertakings in paragraphs 2, 3 and 4, in our name and on our behalf to do all things and to execute and deliver all deeds and other documents as may be necessary or desirable to ensure compliance with such undertakings in respect of the Committed Shares for which we are the registered holder and beneficial owner (as appropriate).

 

11.2         We agree that this power of attorney is given by way of security and is irrevocable in accordance with section 4 of the Powers of Attorney Act 1971 until this undertaking lapses in accordance with paragraph 10.1, or (if earlier) the Scheme becomes effective.

 

12.           Interpretation

 

All references in this undertaking to:

 


 

(a)            Applicable Requirements ” means the Code, any decision, ruling or requirement of the Panel, any applicable law, any decision of the High Court of Justice in England and Wales, the Companies Act 2006, the rules of the Main Market of the London Stock Exchange plc, the Listing Rules, the Disclosure and Transparency Rules and Prospectus Rules made by the Financial Conduct Authority in exercise of its functions under the Financial Services and Markets Act 2000 or any decision, ruling or requirement of the Financial Conduct Authority or the requirements of the London Stock Exchange plc or any other relevant regulatory authority;

 

(b)            Business Day ” means a day (other than Saturday or Sunday or public or bank holiday) on which banks in the City of London and the City of Copenhagen are generally open for business;

 

(c)            Code ” means the City Code on Takeovers and Mergers issued by the Panel;

 

(d)            Committed Shares ” means the Beneficial Offeree Shares held in the manner referred to in paragraph 2 of this undertaking together with any other securities in Offeree issued or unconditionally allotted to us, or otherwise acquired by us and/or in relation to which we become registered holder and/or beneficial owner on or after the date of this undertaking;

 

(e)            Offer ” means, if the Transaction is to be implemented by way of a takeover offer as defined in Chapter 3 of Part 28 of the Companies Act 2006, the recommended offer to be made by or on behalf of the Offeror to acquire the entire issued and to be issued share capital of the Offeree and, where the context requires, any subsequent revision, variation, extension or renewal of such offer and includes any election available thereunder;

 

(f)             Offeror’s Financial Advisers ” means Barclays Bank PLC, acting through its investment bank;

 

(g)            Panel ” means the Panel on Takeovers and Mergers; and

 

(h)            Relevant Resolution ” means:

 

(i)             a resolution (whether or not amended) proposed at a general or class meeting of the Offeree, or at an adjourned meeting, the passing of which is necessary to implement the Transaction or which, if passed, might reasonably be expected to result in any condition of the Transaction not being fulfilled or which might impede or frustrate the Transaction in any way (including for the avoidance of doubt, any resolution to approve any scheme of arrangement in relation to the Offeree which is proposed in competition with the Transaction);

 

(ii)            a resolution to adjourn a general or class meeting of the Offeree whose business includes the consideration of a resolution falling within paragraph 12(h)(i); and

 

(iii)           a resolution to amend a resolution falling within paragraph 12(h)(i) or paragraph 12(h)(ii).

 


 

13.           Miscellaneous

 

13.1         Without prejudice to any other rights or remedies you may have, we agree that, if we fail to comply with any of the undertakings in paragraphs 3 or 4 or breach any of our obligations under this undertaking, damages alone would not be an adequate remedy and accordingly that an order for specific performance would be an essential element of any adequate remedy for such failure or breach.

 

13.2         A person who is not a party to this undertaking shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this undertaking but this does not affect any right or remedy of a third party that exists or is available apart from that Act.

 

13.3         We confirm that the Offeror’s Financial Advisers are not acting for us in relation to the Transaction and will not be responsible to us for providing protections afforded to their clients or advising us on any matter relating to the Transaction.

 

13.4         References in this undertaking to times of day are to London time.

 

13.5         This undertaking may be executed in any number of counterparts, each of which is an original but all of which together shall constitute the same instrument.

 

13.6         Nothing in this undertaking shall oblige the Offeror to make or proceed with the Transaction.

 

13.7         The invalidity, illegality or unenforceability of any provision of this undertaking shall not affect the continuation in force of the remainder of this undertaking.

 

13.8         This undertaking contains the whole agreement between the Offeror and us relating to the subject matter of this undertaking at the date hereof to the exclusion of any terms implied by law which may be excluded by contract.

 

14.           Governing Law and Jurisdiction

 

14.1         This undertaking and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law and we submit to the exclusive jurisdiction of the English courts for all purposes in connection with this undertaking and we waive any objection to any proceedings on the ground of venue or on the ground that the proceedings have been brought in an inconvenient forum.

 

14.2         We shall at all times maintain an agent for service of process and any other documents in proceedings in England or any other proceedings in connection with this undertaking. Such agent shall be Kromann Reumert currently of Paternoster House, 2nd Floor, 65 St. Paul’s Churchyard, London EC4M 8AB, United Kingdom and any writ, judgment or other notice of legal process shall be sufficiently served on us if delivered to such agent at its address, for the time being. We irrevocably undertake not to revoke the authority of the above agent and, if for any reason, the Offeror requests us to do so we shall promptly appoint another such agent with an address in England and advise the Offeror. If following such a request we fail to appoint another agent, the Offeror shall be entitled to appoint one on our behalf.

 


 

IN WITNESS WHEREOF this undertaking has been executed and delivered as a deed on the date stated at the beginning of it.

 

 

EXECUTED and DELIVERED as a DEED

)

by Novo Holdings A/S

)

 

)

 

)

 

 

 

 

/s/ Henrik Kjaer Hansen

 

Henrik Kjaer Hansen

 

 

 

In the presence of:

 

 

 

/s/ Jonas D. Gram

 

 

 

Name of Witness:

 

 

 

Jonas D. Gram

 

 

 

Address:

 

 

 

Tuborg Havnevej 19

 

 

 

2900 Hellerup

 

 

 

Denmark

 

 


 

SCHEDULE 1

 

ANNOUNCEMENT

 


 

SCHEDULE 2

 

EXISTING SHARES

 

Beneficial Offeree Shares

 

Beneficial Owner

 

Ordinary Shares of 10
pence each

 

Novo Holdings A/S

 

34,173,492

 

Novo Holdings A/S

 

10,000,000

 

 


Exhibit 10.3

 

Irrevocable undertaking

 

From:     Woodford Investment Management Limited

9400 Garsington Road

Oxford

OX4 2HN

 

To:           Bravo Bidco Limited (the “ Offeror ”)

Suite 1, 3rd Floor

11 - 12 St. James’s Square

London SW1Y 4LB

 

20 November, 2018

 

Dear Sirs,

 

Offer for BTG plc (the “ Offeree ”)

 

We understand that the Offeror intends to make an offer to acquire all of the issued and to be issued ordinary share capital of the Offeree at a price of 840 pence per ordinary share, substantially on the terms and subject to the conditions of the draft announcement set out in Schedule 1 to this undertaking (the “ Announcement ”) together with such additional terms and conditions as may be required to comply with the Applicable Requirements (the “ Transaction ”), such Transaction, subject as set out below, to be implemented by way of a scheme of arrangement pursuant to Part 26 of the Companies Act 2006 (the “ Scheme ”). This undertaking sets out the terms and conditions on which we, acting as discretionary investment manager with powers to direct the voting on shares held by certain of our investment fund clients, will vote in favour of the Scheme or, if applicable, accept the Offer when it is made.

 

1.              Shareholdings

 

We warrant to the Offeror that:

 

(a)            We act as discretionary investment manager on behalf of those persons named in  the second column of the table in Schedule 2 to this undertaking, and we have discretionary control in respect on investment decisions and voting over the ordinary shares of 10 pence each in the capital of the Offeree ;

 

(b)            the persons set out in the first column of the table in Schedule 2 to this undertaking are the registered holders and the persons set out in the second column of the table in Schedule 2 to this undertaking are the beneficial owners of  the number of ordinary shares of 10 pence each in the capital of the Offeree (the “ Committed Shares ”) set out in the corresponding third column of the table in Schedule 2 to this undertaking and that, save as referenced in paragraph 2.1 (a), the registered holders and beneficial holders respectively hold the shares and the beneficial interest in the shares free of any lien, charge, option, equity, encumbrance or third party rights of any kind whatsoever;

 


 

(c)            we have full power and authority to enter into this undertaking as discretionary manager, to procure the performance of the obligations under it and to control the exercise of voting rights or where applicable, procure the exercise of all votes,  in favour of the Scheme or accept the Offer in accordance with, and shall procure that any person holding Committed Shares, perform their obligations resulting from, its terms or that acceptance.

 

2.              Dealings and undertakings

 

2.1           At the date of this undertaking, we have not accepted any offer to dispose of any Committed Shares and we undertake to the Offeror that before the Transaction closes, lapses or is withdrawn (whichever is earlier), we, and any person holding the Committed Shares, shall not:

 

(a)            save that the Committed Shares may be subject to a security interest in favour of a lender to the beneficial owners as security for the payment and discharge of their respective obligations to such lender, sell, transfer, charge, encumber, grant any option over or otherwise dispose of any interest in any Committed Shares other than pursuant to our acceptance of the Transaction or in accordance with paragraph 2.2;

 

(b)            save in accordance with paragraph 2.2, accept any other offer in respect of the Committed Shares or vote in favour of any resolution to approve any scheme of arrangement of the Offeree which is proposed in competition with the Transaction, or express public support for any proposed competing offer, scheme of arrangement or other transaction which might otherwise frustrate the Transaction or any part thereof; or

 

(c)            (other than pursuant to the Transaction or in accordance with paragraph 2.2) enter into any agreement or arrangement, or permit any agreement or arrangement to be entered into, or incur any obligation or permit any obligation to arise or give any indication of intent:

 

(i)             to do any of the acts referred to in paragraphs 2.1(a) to 2.1(b) ; or

 

(ii)            in relation to, or operating by reference to, the Committed Shares; or

 

(iii)           which, in relation to the Committed Shares, would or might be reasonably likely to restrict or impede us from voting in favour of the Scheme or accepting the Offer,

 

and, for the avoidance of doubt, references in this paragraph 2.1(c) to any agreement, arrangement, obligation or indication of interest includes any agreement, arrangement, obligation or indication of interest whether or not legally binding or subject to any condition or which is to take effect if the Transaction closes or lapses, if this undertaking ceases to be binding or upon or following any other event.

 

2.2           Notwithstanding any other provision in this undertaking, we shall be permitted to sell, or procure the sale of, the Committed Shares provided that the counterparty or buyer is:

 


 

(a)            the Offeror;

 

(b)            any person named in Schedule 2;

 

(c)            any person who has executed, and delivered to the Offeror, an irrevocable undertaking in favour of Offeror in respect of the Transaction on either the same terms as, or terms which the Offeror, acting reasonably and promptly, considers to be substantially similar to and no less favourable to the Offeror than, those contained in this undertaking; or

 

(d)            for the purposes of rule 5.2.7(3) of the Financial Conduct Authority’s Collective Investment Sourcebook, with the prior consent of the Offeree.

 

2.3           We further undertake, in our capacity as discretionary investment fund manager, to ensure  that the  registered holders and beneficial owners of any Committed Shares  comply with the undertakings in paragraphs 2.1 and 2.2 in respect of the relevant Committed Shares.

 

2.4           Notwithstanding any other provision in this undertaking, we shall be permitted to sell, or procure the sale of the Committed Shares to the extent required by law, or to ensure compliance with rule 5.7.2 of the Financial Conduct Authority’s Collective Investment Sourcebook or any fund limits as set out in any constitutional or compliance documentation or otherwise pursuant to any order or ruling by a court or competent judicial body, or by any competent authority (under Part Vi of the Financial Services and Markets Act 2000), or any other Applicable Requirements.

 

3.              Undertakings in relation to the Scheme

 

In consideration of the Offeror’s agreement to make the offer pursuant to the Scheme, we undertake to the Offeror that:

 

(a)            we shall exercise, or, where applicable, procure the exercise of, all voting rights attaching to the Committed Shares to vote in favour of all resolutions  to approve the Scheme and any necessary and relevant related matters proposed at any general meeting or class meeting of the Offeree for the purposes of implementing the Transaction (including any adjournment thereof) (“ General Meeting ”) and at any meeting of holders of shares in the Offeree convened by the Court (including any adjournment thereof) (“ Court Meeting ”) to be convened and held in connection with the Transaction;

 

(b)            we shall exercise, or, where applicable, procure the exercise of, all rights attaching to the Committed Shares to requisition or join in the requisitioning of any general meeting of the Offeree for the purposes of voting on any resolution referred to under paragraph 3(a) above, or to require the Offeree to give notice of any such meeting, only in accordance with the Offeror’s instructions;

 

(c)            we shall after the posting of the circular to be sent to shareholders of the Offeree containing an explanatory statement in respect of the Scheme (the “ Scheme Circular ”) (and without prejudice to any right we have to attend and vote in person at the Court Meeting and the General Meeting to

 


 

implement the Transaction), return, or procure the return of, if applicable, the signed forms of proxy enclosed with the Scheme Circular in respect of the Committed Shares (completed and signed and voting in favour of the resolutions to implement the Transaction) in accordance with the instructions printed on those forms of proxy and, if applicable, in respect of any Committed Shares held in uncertificated form, take or procure the taking of any action which may reasonably be required by the Offeree or its nominated representative in order to make a valid proxy appointment and give valid proxy instructions (voting in favour of the resolutions to implement the Transaction), as soon as possible and in any event by not later than the relevant proxy cut-off date as set out in Scheme Circular and we shall not amend, revoke or withdraw any such form of proxy or proxy voting instruction;

 

(d)            in our capacity as discretionary investment fund manager, we shall  ensure  that the registered holder of any Committed Shares comply with the undertaking in this paragraph 3 in respect of the relevant Committed Shares as if they were a party to this undertaking and so obliged;

 

(e)            the Offeror shall acquire the Committed Shares free of any lien, charge, option, equity or encumbrance of any nature whatsoever and together with all rights of any nature attaching to those shares;

 

(f)             we further undertake, if so required by the Offeror, to execute or procure the execution of all such other documents as may be necessary to give the Offeror the full benefit of this undertaking.

 

4.              Undertaking to accept the Offer

 

We undertake to the Offeror that, in the event the Transaction is implemented by way of an Offer, in consideration of the Offeror’s agreement to make the Offer we undertake to the Offeror that:

 

(a)            we shall procure the acceptance of the Offer in respect of the Committed Shares held as at the date of the Offer in accordance with the procedure for acceptance set out in the formal document containing the Offer (the “ Offer Document ”) as soon as reasonably practicable after, and in any event no later than the date falling five (5) Business Days after, the publication of the Offer Document;

 

(b)            we shall, in our capacity as discretionary investment fund manager,  ensure that the registered holder of any Committed Shares accept the Offer in accordance with the procedure for acceptance set out in the Offer Document not later than five (5) Business Days after the Offeror sends the Offer Document;

 

(c)            we shall not, without the prior written consent of the Offeror, withdraw any such acceptances of the Offer and will cause any registered holder of the Committed Shares not to do so for so long as the Offer remains open for acceptance;

 


 

(d)            on completion of the Offer, the Offeror shall acquire the Committed Shares from us free of any lien, charge, option, equity or encumbrance of any nature whatsoever and together with all rights of any nature attaching to those shares; and

 

(e)            in the event that the Offer is immaterially and non-substantially modified or amended, we confirm and agree that this undertaking shall continue to be binding mutatis mutandis in respect of the Committed Shares.

 

5.              Voting Rights

 

5.1           From the time the Announcement is released to the time this undertaking lapses in accordance with paragraph 10:

 

(a)            we shall (insofar as entitled to do so taking account of the Code) exercise or procure the exercise of the votes attaching to the Committed Shares on a Relevant Resolution only in accordance with the Offeror’s directions;

 

(b)            we shall exercise or procure the exercise of the rights attaching to the Committed Shares to requisition or join in requisitioning any general or class meeting of the Offeree pursuant to section 303 of the Companies Act 2006 for the purposes of considering a Relevant Resolution and to require the Offeree pursuant to section 338 of the Companies Act 2006 to give notice of such a resolution only in accordance with the Offeror’s directions;

 

(c)            we shall not, save as otherwise permitted by this undertaking, requisition any shareholder meeting of the Offeree without the Offeror’s prior consent; and

 

(d)            we shall, in our capacity as discretionary investment fund manager,  ensure that the registered holder or beneficial owner of any Committed Shares  comply with paragraphs 5.1(a) to 5.1(c) in respect of the relevant Committed Shares.

 

6.              Documentation and Information

 

6.1           We consent to:

 

(a)            this undertaking being disclosed to the Panel;

 

(b)            references to us,  the registered holder and beneficial owners (set out respectively in the first and second columns of the table Schedule 2) of any Committed Shares,  the Committed Shares held, and the particulars of this undertaking, being included in the Announcement and the Scheme Circular (or the Offer Document, if applicable), and any other announcement made, or related or ancillary document issued, by or on behalf of the Offeror in connection with the Transaction; and

 

(c)            this undertaking being published as required by Applicable Requirements.

 

6.2           We shall as soon as reasonably practicable provide you on request with all information and assistance as you may reasonably require for the preparation of the Announcement, the Scheme Circular and any other announcement to be made, or

 


 

document to be issued, by or on behalf of the Offeror in connection with the Transaction in order to comply with the Applicable Requirements. We shall notify you as soon as reasonably practicable in writing of any change in the accuracy or impact of any information previously given to you pursuant to this paragraph 6.2.

 

7.              Secrecy

 

7.1           We shall keep secret:

 

(a)            to the extent not already publicly available, the possibility, terms and conditions of Transaction and the existence of this undertaking until the Announcement is released; and

 

(b)            other than those terms details in the Announcement, the terms of this undertaking until the Scheme Circular or Offer Document is published,

 

provided that we may disclose the same to the Offeree and its advisers if it is necessary to do so (and to the extent not already done so before the date hereof) and in which case we shall procure that they observe secrecy in the same terms. The obligations in this paragraph 7.1 shall survive termination of this undertaking.

 

7.2           To the extent any of the information you have given to us in relation to the Transaction is inside information for the purposes of the Market Abuse Regulation, Criminal Justice Act 1993 or the Financial Services and Markets Act 2000 we will comply with the applicable restrictions in those enactments on dealing in securities and disclosing inside information.

 

8.              Time of the Essence

 

Any time, date or period mentioned in this undertaking may be extended by mutual agreement but as regards any time, date or period originally fixed or as extended, time shall be of the essence.

 

9.              Unconditional and Irrevocable Obligations

 

Except to the extent otherwise specified, the undertakings, agreements, warranties, consents and waivers set out in this undertaking are unconditional and irrevocable.

 

10.           Lapse of undertaking

 

10.1         This undertaking, and the warranties, consents, waivers, agreements and obligations set out herein, shall lapse and automatically cease to have any effect if:

 

(a)            the Announcement has not been issued by 5 p.m. on 20 November 2018 or such later time and/or date as the Offeror and the Offeree may agree, being no later, in any event, than 5 p.m. on 27 November 2018;

 

(b)            the Scheme Circular or Offer Document is not published within 28 days of the date of release of the Announcement (or within such longer period as the Offeror, with the consent of the Panel, determines);

 


 

(c)            the Scheme or an Offer announced in implementation of the Acquisition has not become effective or been declared unconditional in all respects in accordance with the requirements of the Code (as the case may be) prior to the date first set as the Long Stop Date;

 

(d)            the Transaction, if made, lapses or is withdrawn as the case may be, or, if applicable, the Scheme does not become effective in accordance with its terms; or

 

(e)            any third party in accordance with the Code announces a firm intention to make an offer (whether made by way of an offer or a scheme of arrangement) for all shares in Offeree (not already owned by such third party), which offer provides for an amount or value of consideration of not less than 10% greater than the amount or value of consideration offered under the Transaction as at 5 p.m. (London time) on the last dealing day prior to the date of any such announcement (a “ Superior Proposal ”), and the Offeror does not, within five (5) Business Days of the date of the announcement of the Superior Proposal, revise the Transaction such that the cash consideration offered under the Transaction equals or exceeds the amount or value of consideration offered under the Superior Proposal as at 5 p.m. (London time) on the last dealing day prior to the date of any such revision.

 

10.2         If this undertaking lapses we shall have no claim against the Offeror save that any rights or liabilities under this undertaking in respect of our prior breaches shall not be affected.

 

11.           Interpretation

 

All references in this undertaking to:

 

(a)            Applicable Requirements ” means the Code, any decision, ruling or requirement of the Panel, any applicable law, any decision of the High Court of Justice in England and Wales, the Companies Act 2006, the rules of the Main Market of the London Stock Exchange plc, the Listing Rules, the Disclosure and Transparency Rules and Prospectus Rules made by the Financial Conduct Authority in exercise of its functions under the Financial Services and Markets Act 2000 or any decision, ruling or requirement of the Financial Conduct Authority or the requirements of the London Stock Exchange plc or any other relevant regulatory authority;

 

(b)            Business Day ” means a day (other than Saturday or Sunday or public or bank holiday) on which banks in the City of London are generally open for business;

 

(c)            Code ” means the City Code on Takeovers and Mergers issued by the Panel;

 

(d)            Committed Shares ” shall have the meaning given in paragraph 1(b) of this Letter. For the avoidance of doubt, Committed Shares shall include any shares beneficially held in the Offeror by any other investment fund client discretionary managed by Woodford Investment Management Limited at and from the date of this letter;

 


 

(e)            Long Stop Date” shall have the meaning given in the Announcement;

 

(f)             Offer ” means, if the Transaction is to be implemented by way of a takeover offer as defined in Chapter 3 of Part 28 of the Companies Act 2006, the recommended offer to be made by or on behalf of the Offeror to acquire the entire issued and to be issued share capital of the Offeree and, where the context requires, any subsequent revision, variation, extension or renewal of such offer and includes any election available thereunder;

 

(g)            Offeror’s Financial Advisers ” means Barclays Bank PLC, acting through its investment bank;

 

(h)            Panel ” means the Panel on Takeovers and Mergers; and

 

(i)             Relevant Resolution ” means:

 

(i)             a resolution (whether or not amended) proposed at a general or class meeting of the Offeree, or at an adjourned meeting, the passing of which is necessary to implement the Transaction or which, if passed, might reasonably be expected to result in any condition of the Transaction not being fulfilled or which might impede or frustrate the Transaction in any way (including for the avoidance of doubt, any resolution to approve any scheme of arrangement in relation to the Offeree which is proposed in competition with the Transaction);

 

(ii)            a resolution to adjourn a general or class meeting of the Offeree whose business includes the consideration of a resolution falling within paragraph 12(h)(i); and

 

(iii)           a resolution to amend a resolution falling within paragraph 12(h)(i) or paragraph 12(h)(ii).

 

12.           Miscellaneous

 

12.1         Without prejudice to any other rights or remedies you may have, we agree that, if we fail to comply with any of the undertakings in paragraphs 3 or 4 or breach any of our obligations under this undertaking, damages alone would not be an adequate remedy and accordingly that an order for specific performance would be an essential element of any adequate remedy for such failure or breach.

 

12.2         A person who is not a party to this undertaking shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this undertaking but this does not affect any right or remedy of a third party that exists or is available apart from that Act.

 

12.3         We confirm that the Offeror’s Financial Advisers are not acting for us in relation to the Transaction and will not be responsible to us for providing protections afforded to their clients or advising us on any matter relating to the Transaction.

 

12.4         References in this undertaking to times of day are to London time.

 


 

12.5         This undertaking may be executed in any number of counterparts, each of which is an original but all of which together shall constitute the same instrument.

 

12.6         Nothing in this undertaking shall oblige the Offeror to make or proceed with the Transaction.

 

12.7         The invalidity, illegality or unenforceability of any provision of this undertaking shall not affect the continuation in force of the remainder of this undertaking.

 

13.           Governing Law and Jurisdiction

 

13.1         This undertaking and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law and we submit to the exclusive jurisdiction of the English courts for all purposes in connection with this undertaking and we waive any objection to any proceedings on the ground of venue or on the ground that the proceedings have been brought in an inconvenient forum.

 


 

IN WITNESS WHEREOF this undertaking has been executed and delivered as a deed on the date stated at the beginning of it.

 

 

EXECUTED and DELIVERED as a DEED by WOODFORD INVESTMENT MANAGEMENT LIMITED, acting as agent for and on behalf of its discretionary managed clients set out in second column of the table in Schedule 2 acting by

 

)
)
)
)

 

 

 

 

 

 

                                                                                                            ,

 

 

 

 

 

 

 

 

/s/ Chris Martin

 

 

 

 

 

 

 

 

In the presence of:

 

 

 

 

 

/s/ Charles Fox

 

 

 

 

 

Name of Witness

 

 

 

 

 

Charles Fox

 

 

 

 

 

Address

 

 

 

 

 

9400 Garsington Road

 

 

 

 

 

Oxford Ox4 2HN

 

 

 


 

SCHEDULE 1

 

ANNOUNCEMENT

 

11


 

SCHEDULE 2

 

EXISTING SHARES

 

Registered and Beneficial Holdings of Offeree Shares

 

Registered Holder

 

Beneficial Owner

 

Ordinary Shares of 10
pence each

 

 

 

 

 

 

 

State Street Nominees Limited

 

Omnis Income & Growth Fund

 

1,252,441

 

Vidacos Nominees Limited

 

Quilter Investors Uk Equity Income II Fund

 

709,834

 

State Street Nominees Limited

 

SJP UK High Income Unit Trust

 

7,531,357

 

State Street Nominees Limited

 

SJP Net Distribution

 

6,686,407

 

State Street Nominees Limited

 

SJP Ex UK Equity

 

3,629,617

 

State Street Nominees Limited

 

SJP UK Equity

 

1,443,600

 

Total Committed Shares

 

 

 

21,253,256

 

 

12


Exhibit 10.4

 

AGREED FORM

 

Irrevocable undertaking

 

From:

[ insert name of director ]

 

To:                              Bravo Bidco Limited (the “ Offeror ”)

Suite 1, 3rd Floor

11 - 12 St. James’s Square

London SW1Y 4LB

 

November 2018

 

Dear Sirs,

 

Offer for BTG plc (the “ Offeree ”)

 

I understand that the Offeror intends to make an offer to acquire all of the issued and to be issued ordinary share capital of the Offeree substantially in the form of and on the terms and subject to the conditions of the draft announcement to be made under Rule 2.7 of the Code set out in Schedule 1 to this undertaking (the “ Announcement ”) together with such additional terms and conditions as may be required to comply with the Applicable Requirements (the “ Transaction ”), such Transaction, subject as set out below, to be implemented by way of a scheme of arrangement pursuant to Part 26 of the Companies Act 2006 (the “ Scheme ”). This undertaking sets out the terms and conditions on which I will vote in favour of the Scheme or, if applicable, accept the Offer when it is made.

 

1.                                       Condition of undertaking

 

The terms of this undertaking are conditional on the Announcement being released not later than 8.00a.m. (London time) on 20 November 2018 or such later date as the Offeror and the Offeree may agree.

 

2.                                       Shareholdings

 

I warrant to the Offeror that:

 

(a)                                  I am the registered holder and beneficial owner of (or am otherwise able to control the exercise of all rights, including voting rights, attaching to) the number of ordinary shares of 10 pence each in the capital of the Offeree (the “ Offeree Shares ”) set out in the second column of the table in Part A of Schedule 2 to this undertaking and that I am able to procure the transfer of such Offeree Shares free of any lien, charge, option, equity, encumbrance or third party rights of any kind whatsoever;

 

(b)                                  [I am the beneficial owner of the number of Offeree Shares (the “ Beneficial Offeree Shares ”) set out in the third column of the table in Part B of Schedule 2 to this undertaking and that I am able to procure the transfer of the beneficial

 


 

interest in such shares free of any lien, charge, option, equity, encumbrance or third party rights of any kind whatsoever;]

 

(c)                                   [I am the holder of options and/or awards over the number of securities of the Offeree specified in Part C of Schedule 2 to this undertaking;]

 

(d)                                  save as set out in Schedule 2 to this undertaking, I do not have any interest (as defined in the Code) in any securities of the Offeree or any rights to subscribe for, purchase or otherwise acquire any securities of the Offeree; and

 

(e)                                   I have full power and authority to enter into this undertaking and to perform my obligations under it.

 

3.                                       Dealings and undertakings

 

3.1                                I have not accepted any offer to dispose of any Committed Shares and in my capacity as a shareholder of the Offeree I undertake to the Offeror that before the Transaction closes, lapses or is withdrawn (whichever is earlier), I shall not:

 

(a)                                  sell, transfer, charge, encumber, grant any option over or otherwise dispose of any interest in any Committed Shares other than pursuant to my acceptance of the Transaction, except that:

 

(i)                                      I may sell (or procure the sale of) the number of Offeree Shares necessary to cover any liability to income tax and social security contributions arising on any acquisition by me of any Offeree Shares as a result of the exercise of any options or awards held by me in respect of Offeree Shares; and

 

(ii)                                   I may transfer (or procure the transfer of) some or all of my interest in any Committed Shares (in one or more transactions) to one or more of my close relatives and/or related trusts (as defined in the Code) provided that:

 

(A)                                such transfer is undertaken as part of my bona fide tax planning; and

 

(B)                                on or before such transfer, the transferee or beneficiary enters into, and delivers to the Offeror, an undertaking in favour of the Offeror on terms no less favourable to the Offeror than those set out in this undertaking;

 

(b)                                  accept any other offer in respect of the Committed Shares or (in my capacity as a shareholder of the Offeree) vote in favour of any resolution at a meeting of shareholders to approve any scheme of arrangement of the Offeree which is proposed in competition with the Transaction; or

 

(c)                                   (other than pursuant to the Transaction) enter into any agreement or arrangement or incur any obligation:

 

(i)                                      to do any of the acts referred to in paragraphs 3.1(a) to 3.1(b); or

 


 

(ii)                                   which, in relation to the Committed Shares, would restrict or impede me from voting in favour of the Scheme at a meeting of shareholders or accepting the Offer,

 

and, for the avoidance of doubt, references in this paragraph 3.1(c) to any agreement, arrangement or obligation includes any agreement, arrangement or obligation whether or not subject to any condition or which is to take effect if: (i) the Transaction closes or lapses; (ii) this undertaking ceases to be binding; or (iii) upon or following any other event.

 

4.                                       Undertakings in relation to the Scheme

 

In consideration of the Offeror’s agreement to make the offer pursuant to the Scheme, I undertake to the Offeror that, if the Transaction is implemented by way of a Scheme:

 

(a)                                  I shall, unless the Offeror otherwise requests in writing, exercise, or, where applicable, procure the exercise of, all voting rights attaching to the Committed Shares to vote in favour of all resolutions necessary (whether or not amended) to approve the Scheme and any related matters proposed at any general meeting or class meeting of the Offeree for the purposes of implementing the Transaction (including any adjournment thereof) (“ General Meeting ”) and at any meeting of holders of shares in the Offeree convened by the Court (including any adjournment thereof) (“ Court Meeting ”) to be convened and held in connection with the Transaction;

 

(b)                                  I shall exercise, or, where applicable, procure the exercise of, all rights attaching to the Committed Shares to requisition or join in the requisitioning of any general meeting of the Offeree for the purposes of voting on any resolution referred to under paragraph 4(a) above, or to require the Offeree to give notice of any such meeting, only in accordance with the Offeror’s instructions;

 

(c)                                   for the purpose of voting on any resolution referred to under paragraph 4(a) above, I shall (if required by the Offeror), execute (or procure the execution of) any form of proxy, or where applicable, a CREST proxy voting instruction or web proxy voting instruction (each, a “ proxy voting instruction ”), in respect of the Committed Shares required by the Offeror appointing any person nominated by the Offeror to attend and vote at the General Meeting or Court Meeting and I shall not amend, revoke or withdraw any such form of proxy or, where applicable, proxy voting instruction;

 

(d)                                  without prejudice to paragraph 4(c) above, and in the absence of any such requirement by the Offeror, I shall after the posting of the circular to be sent to shareholders of the Offeree containing an explanatory statement in respect of the Scheme (the “ Scheme Circular ”) (and without prejudice to any right I have to attend and vote in person at the Court Meeting and the General Meeting to implement the Transaction), return, or procure the return of, if applicable, the signed forms of proxy enclosed with the Scheme Circular in respect of the Committed Shares (completed and signed and voting in favour of the resolutions to implement the Transaction) in accordance with the

 


 

instructions printed on those forms of proxy and, if applicable, in respect of any Committed Shares held in uncertificated form, take or procure the taking of any action which may be required by the Offeree or its nominated representative in order to make a valid proxy appointment and give valid proxy instructions (voting in favour of the resolutions to implement the Transaction) by not later than the relevant proxy cut-off date as set out in Scheme Circular and I shall not amend, revoke or withdraw any such form of proxy or proxy voting instruction;

 

(e)                                   in the event the Scheme is modified or amended, I confirm and agree that, provided such modification or amendment does not make the Scheme less favourable to me, this undertaking shall continue to be binding mutatis mutandis in respect of the Committed Shares; and

 

(f)                                    I further undertake, if so required by the Offeror, to execute or procure the execution of all such other documents as may be necessary to give the Offeror the full benefit of this undertaking.

 

5.                                       Undertaking to accept the Offer

 

I undertake to the Offeror that, in the event the Transaction is implemented by way of an Offer, in consideration of the Offeror’s agreement to make the Offer we undertake to the Offeror that:

 

(a)                                  I shall accept, or procure the acceptance of, the Offer in respect of the Committed Shares I hold as at the date of the Offer in accordance with the procedure for acceptance set out in the formal document containing the Offer (the “ Offer Document ”) no later than the first closing date specified in the Offer Document, save for those Committed Shares in respect of which I become the registered holder and/or beneficial owner after the date of the Offer in which case I shall accept, or procure the acceptance by the registered holder of, the Offer in respect of the relevant Committed Shares in accordance with the procedure for acceptance set out in the Offer Document no later than the later of the next closing date or ten (10) Business Days after the date I become the registered holder and/or beneficial holder of the relevant Committed Shares;

 

(b)                                  I shall not, without the prior written consent of the Offeror, withdraw any such acceptances of the Offer and will procure any registered holder of any Committed Shares does not do so for so long as the Offer remains open for acceptance; and

 

(c)                                   in the event that the Offer is modified or amended, I confirm and agree that, provided such modification or amendment does not make the Offer less favourable to me, this undertaking shall continue to be binding mutatis mutandis in respect of the Committed Shares.

 

6.                                       Voting Rights

 

6.1                                From the time the Announcement is released to the time this undertaking terminates in accordance with paragraph 10:

 


 

(a)                                  I shall (insofar as entitled to do so taking account of the Code) not exercise or procure the exercise of the votes attaching to the Committed Shares on a Relevant Resolution;

 

(b)                                  I shall not exercise or procure the exercise of the rights attaching to the Committed Shares to requisition or join in requisitioning any general or class meeting of the Offeree pursuant to section 303 of the Companies Act 2006 for the purposes of considering a Relevant Resolution and to require the Offeree pursuant to section 338 of the Companies Act 2006 to give notice of such a resolution;

 

(c)                                   I shall not, save as otherwise permitted by this undertaking, requisition any shareholder meeting of the Offeree without the Offeror’s prior consent; and

 

(d)                                  I shall procure that the registered holder of any Committed Shares in relation to which I am not the registered holder [(including the Beneficial Offeree Shares)] complies with paragraphs 6.1(a) to 6.1(c) in respect of the relevant Committed Shares.

 

7.                                       Documentation and Information

 

7.1                                I consent to:

 

(a)                                  this undertaking being disclosed to the Panel;

 

(b)                                  references to the particulars of this undertaking (including to my name and my holdings of relevant securities of the Offeree being included) in the Announcement and the Scheme Circular (or the Offer Document, if applicable), and any other announcement made, or related or ancillary document issued, by or on behalf of the Offeror in connection with the Transaction; and

 

(c)                                   this undertaking being published as required by Applicable Requirements, subject to the redaction of any personal details in this undertaking save for my name.

 

7.2                                If the Transaction is prosecuted by way of an Offer, I shall promptly provide you on written request with all information in relation to my interests in the share capital of the Offeree as you may reasonably require for the preparation the Offer Document in order to comply with the Applicable Requirements. I shall notify you as soon as reasonably practicable in writing of any change in the accuracy of any information previously given to you pursuant to this paragraph 7.2.

 

8.                                       Time of the Essence

 

Any time, date or period mentioned in this undertaking may be extended by mutual agreement but as regards any time, date or period originally fixed or as extended, time shall be of the essence.

 


 

9.                                       Unconditional and Irrevocable Obligations

 

Except to the extent otherwise specified, the undertakings set out in this undertaking are unconditional and irrevocable.

 

10.                                Lapse of undertaking

 

10.1                         This undertaking, and the warranties, consents, waivers, agreements and obligations set out herein, shall terminate and automatically cease to have any effect:

 

(a)                                  if the Scheme Circular or Offer Document is not published within 28 days of the date of release of the Announcement (or within such longer period as the Offeror and Offeree, with the consent of the Panel, agree);  or

 

(b)                                  on the earlier of:

 

(i)                                      the Long Stop Date; and

 

(ii)                                   the time and date on which the Transaction lapses, is withdrawn or otherwise terminates in accordance with its terms;

 

(c)                                   if the Offeror publicly announces, with the consent of any relevant authority (if required) and before the Scheme Document or Offer Document is posted, that it does not intend to proceed with the Transaction;

 

(d)                                  if the Transaction is implemented by way of a Scheme, the Scheme or any resolution proposed which is required to implement the Scheme is not approved by the requisite majority of shareholders of the Offeree at the General Meeting or the Court Meeting; and

 

(e)                                   if any competing offer for the issued and to be issued ordinary share capital of the Offeror is declared unconditional in all respects (if implemented by way of a takeover offer) or otherwise becomes effective (if implemented by way of a scheme of arrangement).

 

10.2                         If this undertaking terminates I shall have no claim against the Offeror and the Offeror shall have no claim against me, save that any rights or liabilities under this undertaking in respect of prior breaches shall not be affected.

 

11.                                Interpretation

 

All references in this undertaking to:

 

(a)                                  Applicable Requirements ” means the Code, any decision, ruling or requirement of the Panel, any applicable law, any decision of the High Court of Justice in England and Wales, the Companies Act 2006, the rules of the Main Market of the London Stock Exchange plc, the Listing Rules, the Disclosure Guidance and Transparency Rules and Prospectus Rules made by the Financial Conduct Authority in exercise of its functions under the Financial Services and Markets Act 2000 or any decision, ruling or

 


 

requirement of the Financial Conduct Authority or the requirements of the London Stock Exchange plc or any other relevant regulatory authority;

 

(b)                                  Barclays ” means Barclays Bank PLC, acting through its investment bank;

 

(c)                                   Business Day ” means a day (other than Saturday or Sunday or public or bank holiday) on which banks in the City of London are generally open for business;

 

(d)                                  Co-operation Agreement ” means the co-operation agreement entered into among Boston Scientific Corporation, the Offeror and the Offeree on or about the date of this undertaking;

 

(e)                                   Code ” means the City Code on Takeovers and Mergers issued by the Panel;

 

(f)                                    Committed Shares ” means the Offeree Shares [and the Beneficial Offeree Shares] held in the manner referred to in paragraph 2 of this undertaking, together with any other securities in Offeree issued or unconditionally allotted to me, or otherwise acquired by me and/or in relation to which I become registered holder and/or beneficial owner on or after the date of this undertaking;

 

(g)                                   Long Stop Date ” means 20 August 2019, or such later date (if any) as may be agreed in writing by the Offeree and the Offeror (with the consent of the Panel) and as the High Court of Justice of England and Wales may allow;

 

(h)                                  Offer ” means, if, with the consent of the Panel and subject to the terms of the Co-operation Agreement,  the Transaction is to be implemented by way of a takeover offer as defined in Chapter 3 of Part 28 of the Companies Act 2006, the recommended offer to be made by or on behalf of the Offeror to acquire the entire issued and to be issued share capital of the Offeree and, where the context requires, any subsequent revision, variation, extension or renewal of such offer and includes any election available thereunder;

 

(i)                                      Panel ” means the Panel on Takeovers and Mergers; and

 

(j)                                     Relevant Resolution ” means:

 

(i)                                      a resolution (whether or not amended) proposed at a general or class meeting of the Offeree, or at an adjourned meeting, the passing of which might reasonably be expected to result in any condition of the Transaction not being fulfilled or which might reasonably be expected to impede or frustrate the Transaction in any way (including for the avoidance of doubt, any resolution to approve any scheme of arrangement in relation to the Offeree which is proposed in competition with the Transaction);

 

(ii)                                   a resolution to adjourn a general or class meeting of the Offeree whose business includes the consideration of a resolution falling within paragraph 11(j)(i); and

 


 

(iii)                                a resolution to amend a resolution falling within paragraph 11(j)(i) or paragraph 11(j)(ii).

 

12.                                Miscellaneous

 

12.1                         Without prejudice to any other rights or remedies you may have, I agree that, if I fail to comply with any of the undertakings in paragraphs 4 or 5 or breach any of my obligations under this undertaking, damages alone may not be an adequate remedy and accordingly that an order for specific performance would be an essential element of any adequate remedy for such failure or breach.

 

12.2                         A person who is not a party to this undertaking shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this undertaking but this does not affect any right or remedy of a third party that exists or is available apart from that Act.

 

12.3                         References in this undertaking to times of day are to London time.

 

12.4                         This undertaking may be executed in any number of counterparts, each of which is an original but all of which together shall constitute the same instrument.

 

12.5                         Nothing in this undertaking shall oblige the Offeror to make or proceed with the Transaction.

 

12.6                         The invalidity, illegality or unenforceability of any provision of this undertaking shall not affect the continuation in force of the remainder of this undertaking.

 

12.7                         Nothing in this undertaking shall oblige the Offeree to do or omit to do anything or constitute an obligation for me, in my capacity as a director of the Offeree, to take any action which is not permitted by Practice Statement No 29 issued by the Panel with respect to Rule 21.2 of the Code, nor should anything in this undertaking impose any obligations on me in my capacity as a director of the Offeree which would in any way impede or prejudice my obligations and duties, or fetter my discretion, as a director of the Offeree. This undertaking is given by me solely in my capacity as a shareholder of the Offeree.

 

12.8                         Barclays is acting exclusively for the Offeror and no one else in connection with the Transaction and will not be responsible to anyone other than the Offeror for providing the protections afforded to the clients of Barclays.

 

13.                                Governing Law and Jurisdiction

 

13.1                         This undertaking and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law and I submit to the exclusive jurisdiction of the English courts for all purposes in connection with this undertaking and I waive any objection to any proceedings on the ground of venue or on the ground that the proceedings have been brought in an inconvenient forum.

 


 

IN WITNESS WHEREOF this undertaking has been executed and delivered as a deed on the date stated at the beginning of it.

 

EXECUTED and DELIVERED as a DEED

 

)

by [ · ]

 

)

 

 

)

 

 

)

 

 

 

 

 

 

 

 

 

In the presence of:

 

 

 

 

 

 

 

 

 

 

 

Name of Witness

 

 

 

 

 

 

 

 

 

 

 

Address

 

 

 

 

 

 


 

SCHEDULE 1

 

ANNOUNCEMENT

 


 

SCHEDULE 2

 

EXISTING SHARES

 

PART A - Registered Holdings of Offeree Shares

 

Registered Holder

 

 

 

Ordinary Shares of 10
pence each

 

[ · ]

 

 

 

[ · ]

 

 

[PART B — Beneficial Offeree Shares)]

 

Registered Holder

 

Beneficial Owner

 

Ordinary Shares of 10
pence each

 

[ · ]

 

 

 

[ · ]

 

 

[PART C — Rights to acquire Offeree securities (including options)]

 

[ · ]

 

 

 

[ · ]

 

 


Exhibit 10.5

 

Execution Version £3,315,000,000 BRIDGE CREDIT AGREEMENT among BOSTON SCIENTIFIC CORPORATION, as Borrower, The Several Lenders from Time to Time Parties Hereto, BARCLAYS BANK PLC, as Administrative Agent Dated as of November 20, 2018 BARCLAYS BANK PLC, as Sole Lead Arranger and Sole Bookrunner, Active.28128860.17

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TABLE OF CONTENTS Page SECTION 1 DEFINITIONS............................................................................................................1 1.1. 1.2. Defined Terms .........................................................................................................1 Other Definitional Provisions ................................................................................27 SECTION 2 AMOUNT AND TERMS OF COMMITMENTS ....................................................27 2.1. 2.2. 2.3. 2.4. 2.5. 2.6. Commitments .........................................................................................................27 Procedure for Borrowing .......................................................................................28 Fees ........................................................................................................................29 Termination or Reduction of Commitments ..........................................................29 Repayment of Loans ..............................................................................................30 Defaulting Lenders.................................................................................................30 SECTION 3 CERTAIN PROVISIONS APPLICABLE TO THE LOANS ..................................32 3.1. 3.2. 3.3. 3.4. 3.5. 3.6. 3.7. 3.8. 3.9. 3.10. 3.11. 3.12. 3.13. Optional and Mandatory Reductions in Commitments and Prepayments .............32 Conversion and Continuation Options...................................................................34 Minimum Amounts and Maximum Number of Tranches .....................................35 Interest Rates and Payment Dates..........................................................................35 Computation of Interest and Fees ..........................................................................35 Inability to Determine Interest Rate.......................................................................36 Pro Rata Treatment and Payments .........................................................................37 Illegality .................................................................................................................38 Requirements of Law .............................................................................................38 Taxes ......................................................................................................................39 Indemnity ...............................................................................................................44 Change of Lending Office; Removal of Lender ....................................................44 Evidence of Debt....................................................................................................44 SECTION 4 REPRESENTATIONS AND WARRANTIES.........................................................45 4.1. 4.2. 4.3. 4.4. 4.5. 4.6. 4.7. 4.8. 4.9. Financial Condition................................................................................................45 Corporate Existence; Compliance with Law .........................................................46 Corporate Power; Consents and Authorization; Enforceable Obligations ............46 No Legal Bar ..........................................................................................................46 No Default..............................................................................................................47 Taxes ......................................................................................................................47 Federal Regulations ...............................................................................................47 ERISA ....................................................................................................................47 Investment Company Act; Other Regulations .......................................................47 - i - Active.28128860.17

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TABLE OF CONTENTS (continued) Page 4.10. 4.11. 4.12. 4.13. 4.14. 4.15. 4.16. Purpose of Loans....................................................................................................48 Environmental Matters...........................................................................................48 Disclosure ..............................................................................................................49 No Change .............................................................................................................49 No Material Litigation ...........................................................................................49 Anti-Corruption Laws and Sanctions.....................................................................49 Scheme Documents and Related Documents ........................................................49 SECTION 5 CONDITIONS PRECEDENT ..................................................................................50 5.1. 5.2. 5.3. 5.4. Conditions to Effective Date..................................................................................50 Closing Date...........................................................................................................51 Borrowing Date......................................................................................................53 Actions by Lenders During Certain Funds Period .................................................54 SECTION 6 AFFIRMATIVE COVENANTS...............................................................................55 6.1. 6.2. 6.3. 6.4. 6.5. 6.6. 6.7. 6.8. 6.9. Financial Statements ..............................................................................................55 Certificates; Other Information..............................................................................56 Payment of Obligations..........................................................................................57 Conduct of Business and Maintenance of Existence .............................................57 Maintenance of Property; Insurance ......................................................................57 Inspection of Property; Books and Records; Discussions .....................................57 Notices ...................................................................................................................57 The Scheme, Takeover Offer and Related Matters................................................58 Beneficial Ownership Regulation ..........................................................................61 SECTION 7 NEGATIVE COVENANTS .....................................................................................61 7.1. 7.2. 7.3. 7.4. 7.5. Financial Covenant ................................................................................................61 Limitation on Liens ................................................................................................61 Limitation on Indebtedness pursuant to Receivables Transactions .......................62 Limitation on Fundamental Changes .....................................................................62 Limitation on Indebtedness of Subsidiaries ...........................................................63 SECTION 8 EVENTS OF DEFAULT ..........................................................................................63 SECTION 9 THE AGENTS ..........................................................................................................66 9.1. 9.2. 9.3. 9.4. Appointment ..........................................................................................................66 Delegation of Duties ..............................................................................................66 Exculpatory Provisions ..........................................................................................66 Reliance by Administrative Agent .........................................................................67 - ii - Active.28128860.17

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TABLE OF CONTENTS (continued) Page 9.5. 9.6. 9.7. 9.8. 9.9. 9.10. 9.11. Notice of Default....................................................................................................67 Non-Reliance on Administrative Agent and Other Lenders ..................................67 Indemnification ......................................................................................................68 Administrative Agent in Its Individual Capacity ...................................................68 Successor Administrative Agent ............................................................................69 The Lead Arranger .................................................................................................69 Certain ERISA Matters ..........................................................................................69 SECTION 10 Reserved ..................................................................................................................70 SECTION 11 MISCELLANEOUS ...............................................................................................70 11.1. 11.2. 11.3. 11.4. 11.5. 11.6. 11.7. 11.8. 11.9. 11.10. 11.11. 11.12. 11.13. 11.14. 11.15. 11.16. 11.17. 11.18. 11.19. 11.20. Amendments and Waivers .....................................................................................70 Notices ...................................................................................................................72 No Waiver; Cumulative Remedies ........................................................................74 Survival of Representations and Warranties ..........................................................74 Payment of Expenses and Taxes............................................................................74 Successors and Assigns; Participations and Assignments .....................................75 Adjustments; Set-off ..............................................................................................78 Counterparts ...........................................................................................................79 Severability ............................................................................................................79 Integration ..............................................................................................................80 GOVERNING LAW..............................................................................................80 Submission To Jurisdiction and Waivers...............................................................80 Acknowledgements................................................................................................80 Confidentiality .......................................................................................................81 Reserved.................................................................................................................82 Judgment ................................................................................................................82 WAIVERS OF JURY TRIAL ...............................................................................82 USA Patriot Act Notice .........................................................................................82 No Advisory or Fiduciary Responsibility ..............................................................82 Acknowledgement and Consent to Bail-In of EEA Financial Institutions ............83 SCHEDULES Schedule I Schedule 7.2 Schedule 7.5 Names and Commitments of Lenders Existing Liens Existing Subsidiary Indebtedness - iii - Active.28128860.17

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TABLE OF CONTENTS (continued) Page EXHIBITS Exhibit A Exhibit B Exhibit C Exhibit D Form of Note Form of Closing Certificate Form of Opinion of Counsel to Borrower Form of Assignment and Assumption Exhibit E-1 – E-4 U.S. Tax Compliance Certificate Exhibit F Exhibit G [Reserved] Form of Prepayment Notice - iv - Active.28128860.17

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BRIDGE CREDIT AGREEMENT, dated as of November 20, 2018, among (i) BOSTON SCIENTIFIC CORPORATION, a Delaware corporation (the “Borrower”), (ii) the several banks and other financial institutions or entities from time to time parties hereto (the “Lenders”), and (iii) BARCLAYS BANK PLC, as administrative agent for the Lenders hereunder (in such capacity, the “Administrative Agent”). W I T N E S S E T H: WHEREAS, the Borrower has requested that the Lenders make Loans (as defined below) to the Borrower on the terms and conditions set forth herein; and WHEREAS, the Lenders have agreed to make the Loans available upon the terms and subject to the conditions set forth herein; NOW, THEREFORE, in consideration of the premises, and of the mutual covenants and agreements herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto hereby agree as follows: SECTION 1 DEFINITIONS 1.1. Defined Terms. As used in this Agreement, the following terms shall have the following meanings: “ABR”: for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1% per annum and (c) the Eurocurrency Base Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1% per annum. For purposes hereof: “Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Any change in the ABR due to a change in the Prime Rate, the Federal Funds Effective Rate or the Eurocurrency Base Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate, the Federal Funds Effective Rate or the Eurocurrency Base Rate, respectively. “ABR Loans”: Loans bearing interest based upon the ABR. “Acceptance Condition”: in respect of a Takeover Offer, the condition to the Takeover Offer with respect to the number of acceptances to the Takeover Offer which must be secured to declare the Takeover Offer unconditional as to acceptances. - 1 - Active.28128860.17

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“Accrued Legal Liabilities”: any cash litigation costs, including judgments, orders, awards, settlements and related legal costs, that are accrued prior to, and unpaid as of, August 4, 2017. “Acquisition Co”: any wholly-owned direct or indirect Subsidiary or Subsidiaries of the Borrower used to effectuate the Target Acquisition. “Administrative Agent”: as defined in the preamble hereto. “Affiliate”: as to any Person, any other Person (other than a Subsidiary) which, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of directors of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. “Agent Parties”: as defined in subsection 11.2(c). “Agents”: the collective reference to the Administrative Agent, the Lead Arranger and the Bookrunner. “Aggregate Exposure Percentage”: as defined in the definition of “Majority Lenders.” “Agreement”: this Credit Agreement, as amended, amended and restated, supplemented or otherwise modified from time to time. “Agreement Currency”: as defined in subsection 11.16(b). “Alternative Offer”: as defined in subsection 6.8(i). “Anti-Corruption Laws”: the United States Foreign Corrupt Practices Act of 1977, as amended, and all similar laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries prohibiting bribery or corruption. “Applicable Margin”: with respect to each day for each Type of Loan, the rate per annum based on the Ratings in effect on such day, as set forth under the relevant column heading below: Rating Eurodollar Loans ABR Loans Rating I Rating II Rating III Rating IV Rating V 0.875% 1.000% 1.125% 1.250% 1.625% 0.0% 0.0% 0.125% 0.250% 0.625% provided, that, with respect to Tranche 1 Loans, the Applicable Margin of each of the levels set forth above shall increase by 0.25% on the date that is - 2 - Active.28128860.17

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90 days following the Closing Date and by an additional 0.25% at the end of each 90-day period thereafter. “Applicable Screen Rate”: as defined in the definition of “Impacted Interest Period”. “Asset Sale”: the sale or Disposition of assets (including the sale of equity interests of any Subsidiary of the Borrower or any Casualty Event) by the Borrower or any of its Subsidiaries to any other Person. “Assignee”: as defined in subsection 11.6(c). “Bail-In Action”: the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. “Bail-In Legislation”: with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. “Bankruptcy Code”: the Bankruptcy Code in Title 11 of the United States Code, as amended, modified, succeeded or replaced from time to time. “Barclays”: Barclays Bank PLC. “Beneficial Ownership Certification”: a certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation. “Beneficial Ownership Regulation”: 31 C.F.R. § 1010.230. “Benefit Plan”: any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies and (c) any Person whose assets include (for the purposes of the Plan Asset Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. “Benefited Lender”: as defined in subsection 11.7. “Board”: the Board of Governors of the Federal Reserve System. “Bookrunner”: Barclays, as Sole Lead Arranger and Sole Bookrunner for this Agreement. “Borrower”: as defined in the preamble hereto. “Borrower Materials”: as defined in subsection 6.2. “Borrowing”: Loans of the same Type and Class made, converted or continued on the same date and, with respect to Eurodollar Loans, as to which a single Interest Period is in effect. - 3 - Active.28128860.17

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“Borrowing Date”: any Business Day specified in a notice pursuant to subsection 2.2, as a date on which the Borrower requests the Lenders to make Loans hereunder and a Borrowing is made, subject to the satisfaction or waiver (in accordance with subsection 11.1) of the conditions set forth in subsection 5.3. “Business”: as defined in subsection 4.11(b). “Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks in New York are authorized or required by law to close; provided that if such day relates to any interest rate settings as to a Eurodollar Loan, any fundings, disbursements, settlements and payments in respect of any such Eurodollar Loan, or any other dealings to be carried out pursuant to this Agreement in respect of any such Eurodollar Loan, then “Business Day” means any such day that is also a London Banking Day. “Capital Lease Obligations”: as to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. “Capital Stock”: any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants or options to purchase any of the foregoing. “Casualty Event”: (a) any damage to, destruction of, or other casualty or loss involving, or (b) any seizure, condemnation, confiscation or taking under the power of eminent domain of, or any requisition of title or use of or relating to, or any similar event in respect of, in each case, any property or any asset of the Borrower or its Subsidiaries. “Certain Funds Default”: an Event of Default arising from any of the following, with respect to the Borrower or any Acquisition Co (if any) only, and not, for the avoidance of doubt (i) any member of the Target Group or any Subsidiary of the Borrower (other than any Acquisition Co (if any) or Material Subsidiary) or (ii) in respect of any obligation to procure any action by any member of the Target Group: (a) subsection 8(a) as it relates to the payment of principal, interest or other fees under this Agreement; (b) subsection 8(b) as it relates to a Certain Funds Representation; (c) subsection 8(c) as it relates to a failure to perform the covenants set forth in subsection 6.4(b), subsection 6.8 (other than paragraphs (g), (h) and (l) thereof), subsection 7.2 or subsection 7.4; - 4 - Active.28128860.17

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(d) subsection 8(d) as it relates to the failure of the Borrower to deposit the Net Proceeds to be applied to the reduction of Commitments pursuant to clauses (i), (ii) and (iii) of subsection 3.1(b) in a Segregated Account during the Certain Funds Period; or (e) subsection 8(f), but excluding, in relation to involuntary proceedings, any Event of Default caused by a frivolous or vexatious action, proceeding or petition in respect of which no order or decree in respect of such involuntary proceeding shall have been entered. “Certain Funds Period”: the period commencing on the Effective Date and ending at the Certain Funds Termination Time. “Certain Funds Purpose”: (a) where the Target Acquisition proceeds by way of a Scheme: (i) payment (directly or indirectly) of the cash price payable by the Borrower or any Acquisition Co (if any) to the holders of the Scheme Shares in consideration of such Scheme Shares being acquired by the Borrower or any Acquisition Co (if any); (ii) repayment (directly or indirectly) of any loan notes issued by the Borrower or any Acquisition Co (if any) to the holders of the Scheme Shares in consideration for such Scheme Shares being acquired pursuant to the Scheme; (iii) financing (directly or indirectly) the consideration payable to holders of options to acquire Target Shares pursuant to any proposal in respect of those options as required by the City Code; (iv) financing (directly or indirectly) the repayment of any existing indebtedness of any member of the Target Group; (v) financing (directly or indirectly) the making of any close-out amount or other amount payable on termination of any hedging arrangements of any member of the Target Group; and (vi) financing (directly or indirectly) the fees, costs and expenses in respect of the Transactions and any stamp duty and any other taxes payable in connection with the Target Acquisition; or (b) where the Target Acquisition proceeds by way of a Takeover Offer: (i) payment (directly or indirectly) of all or part of the cash price payable by the Borrower or any Acquisition Co (if any) to the holders of the Target Shares subject to the Takeover Offer in consideration of the acquisition of such Target Shares pursuant to the Takeover Offer; - 5 - Active.28128860.17

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(ii) financing (directly or indirectly) Squeeze-Out Payments; (iii) financing (directly or indirectly) the consideration payable to holders of options to acquire Target Shares pursuant to any proposal in respect of those options as required by the City Code; (iv) financing (directly or indirectly) the repayment of any existing indebtedness of any member of the Target Group; (v) financing (directly or indirectly) the making of any close-out amount or other amount payable on termination of any hedging arrangements of any member of the Target Group; and (vi) financing (directly or indirectly) the fees, costs and expenses in respect of the Transactions and any stamp duty and any other taxes payable in connection with the Target Acquisition. “Certain Funds Representations”: each of the representations set out in subsections 4.2, 4.3, 4.4, 4.9, 4.10, 4.15 and 4.16, in each case only insofar as such representations apply to the Borrower or any Acquisition Co (if any). “Certain Funds Termination Time”: 11:59 p.m. (London Time) on the first date on which a Mandatory Cancellation Event occurs or exists; provided that in respect of clauses (a)(i) through (vi) (inclusive) and (b)(1) of the definition of “Mandatory Cancellation Event”, if for the purposes of switching from a Scheme to a Takeover (or vice versa), within ten Business Days of such event the Borrower has notified the Administrative Agent it intends to issue, and then within ten Business Days after delivery of such notice does issue, an Offer Press Announcement or a Press Release (as the case may be), no Mandatory Cancellation Event shall have occurred pursuant to any such clause. “City Code”: the City Code on Takeovers and Mergers, as amended. “Class”: when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Tranche 1 Loans or Tranche 2 Loans. When used in reference to any Commitment, “Class” refers to whether such Commitment is a Tranche 1 Commitment or a Tranche 2 Commitment. “Clean-Up Date”: as defined in subsection 8(j). “Closing Date”: the first date on which the conditions set forth in subsection 5.2 have been satisfied (or waived in accordance with subsection 11.1). “Code”: the Internal Revenue Code of 1986, as amended from time to time. “Commitment”: the Tranche 1 Commitments and the Tranche 2 Commitments. “Commitment Percentage”: as to any Lender at any time, the percentage which such Lender’s Tranche 1 Commitment or Tranche 2 Commitment, as applicable, at such time - 6 - Active.28128860.17

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constitutes of the aggregate Tranche 1 Commitments or Tranche 2 Commitments, as applicable, at such time, subject to adjustment as provided in subsection 2.6. “Commitment Period”: with respect to each Class, the period from and including the Effective Date and ending on the earliest of (a) in the case of Tranche 1 Commitments, the date that is 188 days after the Closing Date (if there is a Borrowing on such 188th day, immediately after the making of such Borrowing), (b) in the case of Tranche 2 Commitments, the date that is 120 days after the Closing Date, and (c) the Certain Funds Termination Time. “Commonly Controlled Entity”: an entity, whether or not incorporated, which is under common control with the Borrower within the meaning of Section 4001(a)(14)(A)-(B) of ERISA or is part of a group which includes the Borrower and which is treated as a single employer under Sections 414(b), 414(c), 414(m) and 414(o) of the Code. “Companies Act 2006”: the Companies Act 2006 of the United Kingdom. “Consolidated EBITDA”: of any Person for any period, without duplication, Consolidated Net Income of such Person and its Subsidiaries for such period plus, to the extent reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of (a) income tax expense, including any expenses resulting from income tax disputes with a Governmental Authority, (b) Consolidated Interest Expense of such Person and its Subsidiaries, amortization or writeoff of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness, (c) depreciation expense, (d) amortization or write-down of intangibles (including, but not limited to, goodwill) and organization costs, (e) any extraordinary, unusual or nonrecurring expenses or losses (to the extent any of the foregoing are non-cash items) (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, losses on sales of assets outside of the ordinary course of business (including as a result of write downs of goodwill or net intangible assets) and including special charges and purchased research and development charges in connection with acquisitions and other strategic alliances, inventory step-up charges, fair value adjustments, and unrealized investment impairments), (f) any non-cash stock compensation expense in accordance with GAAP, (g) any cash litigation costs (other than Accrued Legal Liabilities), including judgments, orders, awards, settlements and related legal costs paid during such period (net of any cash litigation or settlement payments received during such period) (“Cash Litigation Payments”), provided that, solely for the purposes of this definition, the - 7 - Active.28128860.17

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aggregate amount of Cash Litigation Payments under this clause (g) shall not exceed $1,000,000,000 since August 4, 2017, (h) any cash or non-cash charges in respect of restructurings, plant closings, staff reductions, distributor network optimization initiatives, distribution technology optimization initiatives or other similar charges, provided that, solely for the purposes of this definition, the aggregate amount of all charges under this clause (h) shall not exceed $500,000,000 since August 4, 2017, (i) any income or expense associated with business combinations following the adoption of FASB Statement No. 141(R), “Business Combinations - a replacement of FASB Statement No. 141”, which would have been treated as a cost of the acquisition (e.g., as goodwill) under FASB Statement No. 141, “Business Combinations” including income or expense relating to contingent consideration, (j) any Non-Cash Charges, including those attributable to litigation, intangible asset impairment, intellectual property research and development charges, and (k) any cash payment of Accrued Legal Liabilities, provided that, solely for the purposes of this definition, since August 4, 2017 the aggregate amount of Accrued Legal Liabilities added back to Consolidated EBITDA pursuant to this clause (k) shall not exceed $1,624,000,000; and minus, to the extent included in the statement of such Consolidated Net Income for such period, the sum of (a) interest income (except to the extent deducted in determining Consolidated Interest Expense), and (b) any extraordinary, unusual or nonrecurring income or gains (to the extent any of the foregoing are non-cash items) (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, gains on the sales of assets outside of the ordinary course of business, inventory step-up charges, fair value adjustments, and unrealized investment impairments). “Non-Cash Charges”: (a) losses on asset sales, disposals or abandonments, (b) any impairment charge or asset write-off related to intangible assets, long-lived assets, and investments in debt and equity securities pursuant to GAAP, (c) all losses from investments recorded using the equity method, (d) stock-based awards compensation expense, and (e) other non-cash charges (provided that if any non-cash charges referred to in this clause (e) represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period). “Consolidated Interest Expense”: of any Person for any period, total interest expense of such Person and its Subsidiaries for such period with respect to all outstanding Indebtedness of such Person and its Subsidiaries determined in accordance with GAAP (including, all net costs that are allocable to such period in accordance with GAAP). - 8 - Active.28128860.17

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“Consolidated Leverage Ratio”: as at the last day of any period of four consecutive fiscal quarters of the Borrower, the ratio of (a) Consolidated Total Debt on such day to (b) Consolidated EBITDA of the Borrower and its Subsidiaries for such period. “Consolidated Net Income”: of any Person for any period, the consolidated net income (or loss) of such Person and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP plus cash receipts received in connection with litigation related Non-Cash Charges and minus cash payments made in connection with such litigation related Non-Cash Charges. “Consolidated Tangible Assets”: at any date, Consolidated Total Assets minus (without duplication) the net book value of all assets which would be treated as intangible assets, as determined on a consolidated basis in accordance with GAAP. “Consolidated Total Assets”: at any date, the net book value of all assets of the Borrower and its Subsidiaries as determined on a consolidated basis in accordance with GAAP. “Consolidated Total Debt”: at any date, an amount equal to the aggregate principal amount of all Indebtedness (excluding, for the avoidance of doubt, any operating leases) of the Borrower and its Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP as in effect on the date of this Agreement and with subsection 1.2(e). “Continuing Directors”: as defined in subsection 8(i). “Contractual Obligation”: as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. “Court”: the Companies Court in the Chancery Division of the High Court of Justice of England and Wales. “Court Meeting”: the meeting or meetings of Scheme Shareholders (or any adjournment thereof) to be convened at the direction of the Court for purposes of considering and, if thought fit, approving the Scheme. “Court Order”: the order(s) of the Court sanctioning the Scheme. “Debtor Relief Laws”: the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. “Default”: any of the events specified in Section 8, whether or not any requirement for the giving of notice, the lapse of time, or both, or any other condition, has been satisfied. “Defaulting Lender”: subject to subsection 2.6(b), any Lender that, as reasonably determined by the Administrative Agent, (a) has failed to perform any of its funding obligations hereunder, including in respect of its Loans, within two Business Days of the date required to be - 9 - Active.28128860.17

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funded by it hereunder (other than as a result of a good faith dispute with respect to amount), (b) has notified the Borrower, the Administrative Agent or any Lender that it does not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by the Administrative Agent, to provide a certification in writing from an authorized officer of such Lender that it will comply with its funding obligations (and is financially able to meet such obligations), provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the Administrative Agent’s receipt of such certification in form and substance satisfactory to it and the Borrower, or (d) has (i) become the subject of a proceeding under any Debtor Relief Law or a Bail-In Action, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority as long as such ownership or acquisition interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Lender. “Disposition” or “Dispose”: the sale, transfer, license, lease or other disposition, whether effected pursuant to a Division or otherwise (including any sale and leaseback transaction), of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. “Dividing Person”: as defined in the definition of “Division”. “Division”: the division of assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive. “Dollars” and “$”: dollars in lawful currency of the United States of America. “Dollar Equivalent”: at the time of determination thereof, (a) if such amount is expressed in Dollars, such amount and (b) if such amount is denominated in any other currency, the equivalent of such amount in Dollars as determined by the Administrative Agent based on the rate published or quoted by Bloomberg. “Duration Fee”: as defined in subsection 2.3(a). “EEA Financial Institution”: (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution - 10 - Active.28128860.17

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described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. “EEA Member Country”: any of the member states of the European Union, Iceland, Liechtenstein, and Norway. “EEA Resolution Authority”: any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. “Effective Date”: the first date on which the conditions set forth in subsection 5.1 have been satisfied (or waived in accordance with subsection 11.1). “Environmental Laws”: any and all applicable foreign, Federal, state, local or municipal laws, rules, regulations, statutes, ordinances, codes, decrees or other enforceable requirements or orders of any Governmental Authority or other Requirements of Law regulating, relating to or imposing liability or standards of conduct concerning protection of human health or the environment, as now or may at any time hereafter be in effect. “ERISA”: the Employee Retirement Income Security Act of 1974, as amended from time to time. “EU Bail-In Legislation Schedule”: the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. “Eurocurrency Rate”: (a) for any Interest Period with respect to a Eurodollar Loan, a rate per annum determined in accordance with the following formula: Eurocurrency Base Rate 1.00 - Eurocurrency Reserve Requirements where, “Eurocurrency Base Rate” means (i) with respect to each day during each Interest Period pertaining to a Eurodollar Loan denominated in Dollars, the rate per annum determined by the Administrative Agent to be the rate administered by the ICE Benchmark Administration (or any successor thereto) as the offered rate for deposits in Dollars with a term comparable to such Interest Period appearing on the Reuters Screen LIBOR01 Page at approximately 11:00 A.M., London time, two Business Days prior to the beginning of such Interest Period; provided that if any Interest Period is an Impacted Interest Period, then the Eurocurrency Base Rate shall be the Interpolated Rate for such Interest Period and (ii) with respect to each day during each Interest Period pertaining to a Eurodollar Loan denominated in Pounds Sterling, the rate per annum determined by the Administrative Agent to be the offered rate for deposits in the applicable currency with a term comparable to such Interest Period appearing on the Reuters Screen - 11 - Active.28128860.17

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LIBOR01 Page at approximately 11:00 A.M., London time, on the first day of such Interest Period; and (b) for any interest calculation with respect to an ABR Loan, a rate per annum determined in accordance with the following formula: Eurocurrency Base Rate 1.00 - Eurocurrency Reserve Requirements where, “Eurocurrency Base Rate” means for any interest calculation with respect to an ABR Loan on any date, the rate per annum equal to the rate appearing on the Reuters Screen LIBOR01 Page, at approximately 11:00 A.M., London time determined two Business Days prior to such date for Dollar deposits being delivered in the London interbank market for a term of one month commencing that day. The Eurocurrency Rate shall not be less than zero. “Eurocurrency Reserve Requirements”: for any day as applied to a Loan, the aggregate (without duplication) of the rates (expressed as a decimal) of reserve requirements in effect on such day (including, without limitation, basic, supplemental, marginal and emergency reserves) under any regulations of the Board or other Governmental Authority having jurisdiction with respect thereto dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of such Board) maintained by a member bank of such System. “Eurodollar Loans”: Loans, the rate of interest applicable to which is based upon clause (a) of the definition of “Eurocurrency Rate”. “Event of Default”: any of the events specified in Section 8, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, has been satisfied. “Excluded Taxes”: as defined in subsection 3.10(a). “FATCA”: Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any applicable intergovernmental agreements with respect thereto, any law, regulations, or other official guidance enacted in any other jurisdictions relating to such intergovernmental agreement, and any agreement entered into pursuant to Section 1471(b)(1) of the Code. “Federal Funds Effective Rate”: for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depository institutions (as determined in such manner as the NYFRB shall set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate; provided, that if the - 12 - Active.28128860.17

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Federal Funds Effective Rate for any day is less than zero, the Federal Funds Effective Rate for such day will be deemed to be zero. “Fee and Syndication Letter”: that certain Fee and Syndication Letter, dated as of the date hereof, by and between the Borrower and Barclays. “Financing Lease”: any lease of property, real or personal, the obligations of the lessee in respect of which are required in accordance with GAAP to be capitalized on a balance sheet of the lessee. “GAAP”: generally accepted accounting principles in the United States of America consistent with those utilized in preparing the audited financial statements referred to in subsection 6.1. “General Meeting”: the general meeting of the holders of Target Shares (or any adjournment thereof) to be convened in connection with the implementation of a Scheme. “Governmental Authority”: any nation or government, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. “Guarantee Obligation”: as to any Person (the “guaranteeing person”), any obligation of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other unrelated third Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s reasonably anticipated liability in respect thereof as determined by the Borrower in good faith. - 13 - Active.28128860.17

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“Hedge Agreements”: all agreements with non-related third parties with respect to any swap, forward, future or derivative transaction or option or similar agreements involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no employee benefit plan of the Borrower or any of its Subsidiaries shall be a “Hedge Agreement.” “Impacted Interest Period”: any Interest Period for which the applicable rate or screen used to determine the applicable rate (the “Applicable Screen Rate”) shall not be available at the applicable time for such Interest Period. “Indebtedness”: of any Person at any date, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary course of such Person’s business and payable in accordance with customary practices and earn-outs and other similar obligations in respect of acquisition and other similar agreements), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under or in respect of acceptances, letters of credit, surety bonds or similar arrangements, (g) the liquidation value of all redeemable preferred Capital Stock of such Person, (h) all indebtedness of such Person, determined in accordance with GAAP, arising out of a Receivables Transaction, (i) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (h) above, (j) all obligations of the kind referred to in clauses (a) through (i) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation, and (k) for the purposes of subsection 8(f) only, all obligations of such Person in respect of Hedge Agreements. The Indebtedness of any Person shall, for the avoidance of doubt, exclude any operating leases (as defined in GAAP as in effect on the date of this Agreement) and the Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor. “indemnified liabilities”: as defined in subsection 11.5. “indemnified party”: as defined in subsection 11.5. “Information”: as defined in subsection 11.14. “Insolvency”: with respect to any Multiemployer Plan, the condition that such Multiemployer Plan is insolvent within the meaning of Section 4245 of ERISA. - 14 - Active.28128860.17

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“Interest Payment Date”: (a) as to any ABR Loan, the last day of each March, June, September and December and the Termination Date, (b) as to any Eurodollar Loan having an Interest Period of three months or less, the last day of such Interest Period, and (c) as to any Eurodollar Loan having an Interest Period longer than three months, each day which is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period. “Interest Period”: with respect to any Eurodollar Loan: (i) initially, the period commencing on the Borrowing Date or conversion date, as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six (or, if available to all Lenders, twelve) months thereafter (or any shorter period as all relevant Lenders agree), as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto; and (ii) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan and ending one, two, three or six (or, if available to all Lenders, twelve) months thereafter (or any shorter period as all relevant Lenders agree), as selected by the Borrower by irrevocable notice to the Administrative Agent not less than three Business Days prior to the last day of the then current Interest Period with respect thereto; provided that, all of the foregoing provisions relating to Interest Periods are subject to the following: (1) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day; (2) any Interest Period in respect of any Loans of any Class made by any Lender that would otherwise extend beyond the Termination Date applicable to such Loan of such Class shall end on such Termination Date; and (3) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month. “Interpolated Rate”: at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the Applicable Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the Applicable Screen Rate for the longest period for which the Applicable Screen Rate is available) that is shorter than the Impacted Interest Period; and (b) the Applicable Screen Rate for the shortest period (for which that Applicable Screen Rate is available) that exceeds the Impacted Interest Period, in each case, at such time. The Interpolated Rate shall not be less than zero. - 15 - Active.28128860.17

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“Judgment Currency”: as defined in subsection 11.16(b). “Lead Arranger”: Barclays. “Lender Affiliate”: (a) any Affiliate of any Lender, (b) any Person that is administered or managed by any Lender and that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business and (c) with respect to any Lender which is a fund that invests in commercial loans and similar extensions of credit, any other fund that invests in commercial loans and similar extensions of credit and is managed or advised by the same investment advisor as such Lender or by an Affiliate of such Lender or investment advisor. “Lenders”: as defined in the preamble hereto together with any affiliate of any such Person through which such Person elects, by notice to the Administrative Agent and the Borrower, to make any Loans available to the Borrower; provided that, for all purposes of voting or consenting with respect to (a) any amendment, supplementation or modification of any Loan Document, (b) any waiver of any requirements of any Loan Document or any Default or Event of Default and its consequences, or (c) any other matter as to which a Lender may vote or consent pursuant to subsection 11.1 of this Agreement, the Lender making such election shall be deemed the “Person” rather than such affiliate, which shall not be entitled to vote or consent. “Lien”: any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement and any Financing Lease having substantially the same economic effect as any of the foregoing but excluding for all purposes hereunder any letter of credit). “Loan”: any Tranche 1 Loan or Tranche 2 Loan. “Loan Documents”: this Agreement, any Notes and the Fee and Syndication Letter. “London Banking Day”: any day on which dealings in Pounds Sterling or Dollar deposits are conducted by and between banks in the London interbank eurodollar market. “Long Stop Date”: August 20, 2019. “Majority Lenders”: Lenders whose Aggregate Exposure Percentage in the aggregate is more than 50%. “Aggregate Exposure Percentage”: as at any date of determination with respect to any Lender (a) at any time prior to the termination of the Commitments, the aggregate Commitments of such Lender divided by the aggregate Commitments of all Lenders and (b) at any time after the termination of the Commitments, the aggregate outstanding principal amount of the Loans of such Lender divided by the aggregate outstanding principal amount of Loans of all Lenders; provided that the Commitment of, and the aggregate outstanding principal amount of Loans held or deemed to be held by, any Defaulting Lender shall be excluded for purposes of making a determination of Majority Lenders. - 16 - Active.28128860.17

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“Mandatory Cancellation Event”: the occurrence of any of the following conditions or events: (a) where the Target Acquisition proceeds by way of a Scheme: (1) a Court Meeting is held (and not adjourned or otherwise postponed) to approve a Scheme at which a vote is held to approve the Scheme, but the Scheme is not so approved by the requisite majority of Scheme Shareholders at such Court Meeting; (2) a General Meeting is held (and not adjourned or otherwise postponed) to pass the Scheme Resolutions at which a vote is held on the Scheme Resolutions, but the Scheme Resolutions are not passed by the shareholders of the Target at such General Meeting; (3) applications for the issuance of the Court Order are made to the Court (and not adjourned or otherwise postponed), but the Court (in its final judgment) refuses to grant the Court Order; (4) the Scheme lapses or is withdrawn with the consent of the Panel or by order of the Court; (5) a Court Order is issued but not filed with the Registrar within five Business Days of (x) its issuance or (y) if first required by UK Taxing Authority and the Registrar, its stamping; (6) the date on which is fifteen days after the Scheme Effective Date (or, if later, the date immediately following any extension of the period for settlement of consideration provided by the Panel); or (7) the Long Stop Date, unless, in respect of clauses (1) through (6) (inclusive) above, for the purposes of switching from a Scheme to a Takeover Offer, within five Business Days (or such longer period as stipulated by the Panel) of such event the Borrower has notified the Administrative Agent it intends to issue, and then within ten Business Days after delivery of such notice does issue, an Offer Press Announcement (in which case no Mandatory Cancellation Event shall have occurred), and provided that the postponement or adjournment of any Court Meeting, General Meeting or application referred to in this paragraph (a) shall not constitute a Mandatory Cancellation Event if such Court Meeting, General Meeting or application is capable of being re-convened, re-submitted or granted on a future date; or (b) where the Target Acquisition proceeds by way of a Takeover Offer: (1) such Takeover Offer lapses, terminates or is withdrawn with the consent of the Panel unless, for the purposes of switching from a Takeover Offer to a Scheme, within ten Business Days (or such longer period as is - 17 - Active.28128860.17

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stipulated by the Panel) of such event the Borrower has notified the Administrative Agent it intends to issue, and then within ten Business Days after delivery of such notice does issue, a Press Release (in which case no Mandatory Cancellation Event shall have occurred); (2) the date upon which all payments made or to be made for Certain Funds Purposes have been paid in full in cleared funds; (3) the date falling ninety-five days after the date on which the Takeover Offer Document is issued unless compulsory squeeze-out procedures for the acquisition of minority shareholdings in the Target under section 979 of the Companies Act have commenced before such date; or (4) the Long Stop Date. “Material Adverse Effect”: a material adverse effect on (a) the business, operations, property or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole or (b) the validity or enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of the Administrative Agent or the Lenders hereunder or thereunder. “Material Subsidiary” means, as of the Effective Date and thereafter at any date of determination, each Subsidiary of the Borrower whose total assets as of the last day of any fiscal quarter most recently ended on or prior to such date of determination were equal to or greater than 5% of the Consolidated Total Assets at such date, in each case determined in accordance with GAAP. “Materially Adverse Amendment”: a modification, amendment or waiver to or of the terms or conditions of the Scheme or the Takeover Offer (as the case may be) compared to the terms and conditions that are included in the draft of the Press Release or the Offer Press Announcement (as the case may be) delivered pursuant to subsection 5.1(h) that is materially adverse to the interests of the Lenders (taken as a whole), it being acknowledged that neither (a) a waiver of a pre-condition which then becomes a condition to be satisfied in connection with the Target Acquisition nor (b) any modification, amendment or waiver required by the City Code, the Panel, any other competent regulatory body or by a court of competent jurisdiction would, in either case, be materially adverse to the interests of the Lenders. “Materials of Environmental Concern”: any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including, without limitation, asbestos, polychlorinated biphenyls and urea-formaldehyde insulation. “Maximum Leverage Ratio”: 3.75 to 1.00; provided that (i) for the two consecutive fiscal quarters ended immediately following the consummation of any Qualified Acquisition (including the fiscal quarter in which such Qualified Acquisition occurs), the Maximum Leverage Ratio shall be 4.75 to 1.00, (ii) for the fiscal quarter ended immediately after such two fiscal quarters referred to in clause (i), the Maximum Leverage Ratio shall be 4.50 to 1.00, (iii) for the fiscal quarter ended immediately after the fiscal quarter referred to in clause (ii), the Maximum - 18 - Active.28128860.17

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Leverage Ratio shall be 4.25 to 1.00, (iv) for the fiscal quarter ended immediately after the fiscal quarter referred to in clause (iii), the Maximum Leverage Ratio shall be 4.00 to 1.00 (and, for the avoidance of doubt, for each fiscal quarter ended after the fiscal quarter referred to in clause (iv), the Maximum Leverage Ratio shall be 3.75 to 1.00). “Minimum Acceptance Condition”: an Acceptance Condition which shall not be capable of being satisfied unless acceptances have been received that would, when aggregated with all Target Shares (excluding shares held in treasury) directly or indirectly owned by the Borrower or any Acquisition Co (if any), result in the Borrower (directly or indirectly) holding shares representing, in any case, more than 50 % of all Target Shares on a fully diluted basis (excluding any shares held in treasury) as at the date on which the Takeover Offer is declared unconditional as to acceptances. “Moody’s”: Moody’s Investors Service, Inc. or any successor thereto. “Multiemployer Plan”: a Plan which is a multiemployer plan as defined in Section 4001(a)(3) of ERISA. “Net Proceeds”: (a) with respect to the borrowing, incurrence, issuance, offering or placement of Indebtedness or equity interests, the excess, if any, of (i) the aggregate amount of all cash received by the Borrower or any Subsidiary in connection with such transaction over (ii) the fees, underwriting discounts, commissions and other expenses incurred by the Borrower or any of its Subsidiaries in connection therewith, and (b) with respect to any Asset Sale, the cash proceeds received from such Asset Sale (including any cash received by way of deferred payment pursuant to a note receivable or otherwise, but only as and when so received) net of the direct costs of such Asset Sale, including (A) payments made to retire any Indebtedness or other obligations that is secured by such asset or that is required to be repaid in connection with the sale thereof (other than the Loans), (B) the fees and expenses incurred by the Borrower or any of its Subsidiaries in connection therewith, (C) taxes paid or reasonably estimated to be payable by the Borrower or any of its Subsidiaries in connection with such transaction, (D) the amount of reserves reasonably established by the Borrower or any of its Subsidiaries in good faith in accordance with GAAP against any adjustment to the sale price or any liabilities (other than any taxes deducted pursuant to clause (C) above) (x) related to any of the applicable assets and (y) retained by the Borrower or any of its Subsidiaries including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction; provided that if the amount of such reserves exceeds the amounts charged against such reserves, then such excess, upon the determination thereof, shall then constitute Net Proceeds, and (E) any payments made on a ratable basis (or less than ratable basis) to holders of non-controlling interests in non-wholly-owned Subsidiaries as a result of such Asset Sale. “Non-Cash Charges”: as defined in the definition of “Consolidated EBITDA.” “Non-Consenting Lender”: any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of all affected Lenders in accordance with the terms of Section 11.1 and (ii) has been approved by the Majority Lenders. - 19 - Active.28128860.17

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“Non-Excluded Taxes”: as defined in subsection 3.10(a). “Non-U.S. Lender”: a Lender that is not a U.S. Person. “Notes”: as defined in subsection 3.13(d). “NYFRB”: the Federal Reserve Bank of New York. “Obligations”: collectively, the unpaid principal of and interest on the Loans and all other obligations and liabilities of the Borrower under this Agreement and other Loan Documents to which it is a party (including, without limitation, interest accruing at the then applicable rate provided in this Agreement or any other applicable Loan Document after the maturity of the Loans and interest accruing at the then applicable rate provided in this Agreement or any other applicable Loan Document after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, the Notes, the other Loan Documents, Hedge Agreements entered into with Lenders or any other document made, delivered or given in connection therewith, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid by the Borrower pursuant to the terms of this Agreement or any other Loan Document). “Offer Documents”: the Takeover Offer Document and the Offer Press Announcement. “Offer Press Announcement”: a press announcement released by or on behalf of the Borrower or any Acquisition Co (if any) announcing that the Target Acquisition is to be effected by a Takeover Offer and setting out the terms and conditions of the Takeover Offer. “Original Offer”: as defined in subsection 6.8(i). “Original Offer Press Announcement”: as defined in subsection 6.8(a). “Original Press Release”: as defined in subsection 6.8(a). “Panel”: the Panel on Takeovers and Mergers. “Participant”: as defined in subsection 11.6(b). “Participant Register”: as defined in subsection 11.6(b). “Patriot Act”: as defined in subsection 11.18. “PBGC”: the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA. - 20 - Active.28128860.17

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“Person”: an individual, partnership, corporation, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. “Plan”: at a particular time, any employee benefit plan which is covered by ERISA and in respect of which the Borrower or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. “Plan Asset Regulations”: 29 C.F.R. §2510.3-101, et. Seq., as modified by Section 3(42) of ERISA. “Platform”: as defined in subsection 6.2(c). “Pounds Sterling”: the lawful currency of the United Kingdom of Great Britain and Northern Ireland. “Press Release”: a press announcement released by or on behalf of the Borrower or any Acquisition Co (if any) announcing that the Target Acquisition is to be effected by a Scheme and setting out the terms and conditions of the Scheme. “Properties”: as defined in subsection 4.11(a). “PTE”: a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time. “Public Lender”: as defined in subsection 6.2. “Qualified Acquisition”: the Target Acquisition and any other transaction permitted under this Agreement and consummated on or after the Closing Date, (a) by which the Borrower or any of its Subsidiaries (i) acquires any going concern or business or all or substantially all of the assets of any firm, corporation or limited liability company, or division or business unit thereof, whether through purchase of assets, merger or otherwise or (ii) directly or indirectly acquires at least a majority (in number of votes) of the Capital Stock of a Person if the aggregate amount of Indebtedness incurred by the Borrower and its Subsidiaries to finance the purchase price and other consideration for such transaction, plus the amount of Indebtedness assumed by the Borrower and its Subsidiaries in connection with such transaction, is at least $1,000,000,000 and (b) for which the Borrower notifies the Administrative Agent in writing prior to or promptly upon consummation of such transaction that such transaction shall be a “Qualified Acquisition” for purposes of this Agreement. “Qualifying Committed Financing”: any committed but unfunded securities or term loan facility (including any amendment to an existing facility, any Securities and any Term Loan Facility) for the stated purpose of financing the Transactions which has conditions to availability of funds thereunder that are no more restrictive to the borrower thereunder than the conditions precedent set forth in subsection 5.2 and subsection 5.3 hereto and which is otherwise available on a “certain funds” basis that is no less favorable to the Borrower thereunder as the relevant terms of this Agreement. - 21 - Active.28128860.17

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“Rating”: the respective rating of each of the Rating Agencies applicable to the long-term senior unsecured non-credit enhanced debt of the Borrower, as announced by the Rating Agencies from time to time. “Rating Agencies”: collectively, Moody’s and S&P. “Rating Category”: each of Rating I, Rating II, Rating III, Rating IV and Rating V. “Rating I, Rating II, Rating III, Rating IV and Rating V”: the respective Ratings set forth below: Rating Category Moody’s S&P Rating I greater than or equal to A3 greater than or equal to Baa1 greater than or equal to Baa2 greater than or equal to Baa3 lower than or equal to Ba1 greater than or equal to A-greater than or equal to BBB+ greater than or equal to BBB greater than or equal to BBB-lower than or equal to BB+ Rating II Rating III Rating IV Rating V If different Ratings Categories are applicable, the higher Ratings Category shall apply unless one of the two Ratings is two or more levels lower than the other, in which case the Ratings Category shall be the level immediately below that of the higher of the two Ratings. “Receivables”: any accounts receivable of any Person, including, without limitation, any thereof constituting or evidenced by chattel paper, instruments or general intangibles (as defined in the Uniform Commercial Code of the State of New York), and all proceeds thereof and rights (contractual and other) and collateral related thereto. “Receivables Transaction”: any transactions or series of related transactions providing for the financing of Receivables of the Borrower or any of its Subsidiaries. “Register”: as defined in subsection 11.6(d). “Reinvestment Period”: with respect to any Net Proceeds received in connection with any Asset Sale, the period of 12 months following the receipt of such Net Proceeds. “Related Parties”: with respect to any Person, such Person’s Affiliates and partners, officers, employees, agents and advisors of such Person and such Person’s Affiliates. “Reportable Event”: any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty day notice period is waived under regulations issued under PBGC Reg. § 4043 or which notice is otherwise waived by PBGC. - 22 - Active.28128860.17

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“Requirement of Law”: as to any Person, the Certificate of Incorporation and By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. “Responsible Officer”: the chief executive officer or the president of the Borrower or, with respect to financial matters, the chief financial officer of the Borrower. “Revolving Credit Agreement”: that certain Credit Agreement, dated as of August 4, 2017 (as amended, supplemented or otherwise modified from time to time), among the Borrower, the banks and financial institutions from time to time parties thereto and JPMorgan Chase Bank, N.A., as administrative agent thereunder. “S&P”: Standard & Poor’s Ratings Services or any successor thereto. “Sanctioned Country”: a country or territory which is the subject or target of any Sanctions (as of the Effective Date, the Crimea region of Ukraine, Cuba, Iran, North Korea and Syria). “Sanctioned Person”: (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council, the European Union or the United Kingdom, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person 50 percent or more owned or controlled by any such Person. “Sanctions”: economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State or (b) the United Nations Security Council, the European Union or the United Kingdom. “Scheme”: a scheme of arrangement under Part 26 of the Companies Act 2006 between the Target and the Scheme Shareholders, pursuant to which the Borrower or any Acquisition Co (if any) will become the holder of all of the Scheme Shares in accordance with the Scheme Documents, subject to such changes and amendments to the extent not prohibited by the Loan Documents. “Scheme Circular”: the document issued by or on behalf of the Target to shareholders of the Target setting out the terms and conditions of, and an explanatory statement in relation to, the Scheme, stating the recommendation for the Target Acquisition and the Scheme to the shareholders of the Target by the independent directors of the Target and setting out the notices of the Court Meeting and the General Meeting, as such document maybe amended from time to time to the extent such amendment is not prohibited by the Loan Documents. “Scheme Documents”: collectively, (a) the Scheme Circular, (b) the Press Release, (c) the Scheme Resolutions and (d) any other document issued by or on behalf of the Target to its shareholders in respect of the Scheme and any other document designated as a “Scheme Document” hereunder by the Administrative Agent and the Borrower. - 23 - Active.28128860.17

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“Scheme Effective Date” the date on which the Court Order sanctioning the Scheme is duly delivered on behalf of the Target to the Registrar of Companies. “Scheme Resolutions”: the resolutions of the shareholders of the Target which are required to implement the Scheme and which are referred to, and substantially in the form set out in, the Scheme Circular and which are to be proposed at the General Meeting. “Scheme Shareholders”: at any time, the registered holders of Scheme Shares at such time. “Scheme Shares”: the Target Shares which are subject to the Scheme in accordance with the terms of the Scheme. “Securities”: notes issued pursuant to an offering under Rule 144A and/or Regulation S under the Securities Act of 1933, or other private placement, in each case, with or without registration rights (or a registered public debt offering), representing all or portion of the permanent financing for the Target Acquisition. “Segregated Account”: any segregated account of Acquisition Co maintained by Barclays Bank PLC. “Single Employer Plan”: any Plan that is covered by Title IV of ERISA, but that is not a Multiemployer Plan. “Squeeze-Out Level Acceptances”: such level of acceptances under the Takeover Offer that entitle the Borrower (or any Acquisition Co (if any)) to implement the compulsory squeeze-out procedures for the acquisition of minority shareholdings under Section 979 of the Companies Act 2006. “Squeeze-Out Payments”: payment (directly or indirectly) of the cash consideration payable to the holders of Target Shares pursuant to the operation by the Borrower or any Acquisition Co (if any) of the procedures contained in in Sections 979 to 981 of the Companies Act 2006. “Sterling Equivalent”: at the time of determination thereof, (a) if such amount is expressed in Pounds Sterling, such amount and (b) if such amount is denominated in any other currency, the equivalent of such amount in Pounds Sterling as determined by the Administrative Agent based on the rate published or quoted by Bloomberg. For purposes of subsection 3.1(b), the “Sterling Equivalent” of any amount denominated in a currency other than Pounds Sterling shall be calculated pursuant to the exchange rate set forth in the applicable Hedge Agreement entered in connection with the relevant transaction or any other exchange rate agreed by the Administrative Agent. “Subsidiary”: as to any Person, a corporation, limited liability company, partnership or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which - 24 - Active.28128860.17

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is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower. “Takeover Offer”: any offer (within the meaning of Section 974 of the Companies Act 2006) by the Borrower or any Acquisition Co (if any) in accordance with the City Code to acquire all of the Target Shares not already held by it at the date of such offer (within the meaning of Section 975 of the Companies Act 2006), substantially on the terms and conditions set out in an Offer Press Announcement (as such offer may be amended in any way which is not prohibited by the terms of the Loan Documents). “Takeover Offer Document”: the document issued by or on behalf of the Borrower or any Acquisition Co (if any) and dispatched to shareholders of the Target in respect of a Takeover Offer containing the terms and conditions of the Takeover Offer and reflecting the Offer Press Announcement in all material respects, as such document may be amended from time to time to the extent such amendment is not prohibited by the Loan Documents. “Target”: BTG plc, a public limited company incorporated under the laws of England and Wales. “Target Acquisition”: the acquisition by the Borrower or any Acquisition Co (if any) of the Target Shares which are subject to the Scheme or Takeover Offer (as the case may be) pursuant to the Offer Documents or the Scheme Documents, as applicable, which acquisition will be effected pursuant to a Scheme of a Takeover Offer. “Target Group”: the Target and its subsidiaries. “Target Shares”: all of the issued and to be issued ordinary share capital of the Target at the date of the Takeover Offer. “Taxes”: all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments or other charges in the nature of a tax imposed by any Governmental Authority, including any interest additions or penalties applicable thereto. “Termination Date”: (a) in the case of Tranche 1 Commitments, the date that is 364 days after the first Borrowing Date or, if the date that is 364 calendar days following the first Borrowing Date is not a Business Day, the Business Day immediately preceding the date that is 364 calendar days following the first Borrowing Date or (b) in the case of Tranche 2 Commitments, the date that is 90 days after the first Borrowing Date or, if the date that is 90 calendar days following the first Borrowing Date is not a Business Day, the Business Day immediately preceding the date that is 90 calendar days following the first Borrowing Date. “Term Loan Facility”: a term loan facility, representing all or a portion of the permanent financing for the Target Acquisition. “Ticking Fee Commencement Date”: the date that is sixty days following the Effective Date. - 25 - Active.28128860.17

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“Ticking Fee Rate”: for each day, the rate per annum based on the Ratings in effect on such day, as set forth below: Ticking Fee Rate Rating Rating I Rating II Rating III Rating IV Rating V 0.080% 0.090% 0.110% 0.150% 0.225% “Ticking Fees”: collectively, the Tranche 1 Ticking Fee and the Tranche 2 Ticking Fee. “Tranche”: the collective reference to Eurodollar Loans the then current Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day). “Tranche 1 Commitment”: as to any Lender, the obligation of such Lender to make Loans to the Borrower hereunder during the Commitment Period in an aggregate principal amount not to exceed the amount set forth opposite such Lender’s name on Schedule I under the heading “Tranche 1 Commitment,” as such amount may be reduced or increased from time to time in accordance with the provisions of this Agreement. “Tranche 1 Loans”: a loan made by a Lender pursuant to its Tranche 1 Commitment to the Borrower as part of a Borrowing. “Tranche 1 Ticking Fee”: as defined in subsection 2.3(b). “Tranche 2 Commitment”: as to any Lender, the obligation of such Lender to make Loans to the Borrower hereunder during the Commitment Period in an aggregate principal amount not to exceed the amount set forth opposite such Lender’s name on Schedule I under the heading “Tranche 2 Commitment,” as such amount may be reduced or increased from time to time in accordance with the provisions of this Agreement. “Tranche 2 Loans”: a loan made by a Lender pursuant to its Tranche 2 Commitment to the Borrower as part of a Borrowing. “Tranche 2 Ticking Fee”: as defined in subsection 2.3(c). “Transaction Costs”: all fees, costs and expenses incurred or payable by the Borrower or any of its Subsidiaries in connection with the Transactions. “Transactions”: the (i) execution and delivery of this Agreement and the other Loan Documents, (ii) the borrowing of Loans and the use of the proceeds thereof, (iii) the consummation of the Target Acquisition and (iv) the payment of Transaction Costs. “Transferee”: as defined in subsection 11.6(f). - 26 - Active.28128860.17

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“Type”: as to any Loan, its nature as an ABR Loan or a Eurodollar Loan. “United States”: the United States of America (including the states, commonwealths and territories thereof and the District of Columbia). “U.S. Person”: a “United States person” within the meaning of Section 7701(a)(30) of the Code. “U.S. Tax Compliance Certificate”: as defined in subsection 3.10(c)(C). “Write-Down and Conversion Powers”: with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 1.2. Other Definitional Provisions. (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in any Notes or any certificate or other document made or delivered pursuant hereto. (b) As used herein and in any Notes, and any certificate or other document made or delivered pursuant hereto, accounting terms relating to the Borrower and its Subsidiaries not defined in subsection 1.1 and accounting terms partly defined in subsection 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP. (c) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, subsection, Schedule and Exhibit references are to this Agreement unless otherwise specified. (d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. (e) Computations of amounts and ratios referred to herein shall be made without giving effect to any change in accounting for leases pursuant to GAAP resulting from the implementation of Accounting Standards Update 2016-02, Leases (Topic 842) issued February 2016, as amended from time to time. SECTION 2 AMOUNT AND TERMS OF COMMITMENTS 2.1. Commitments. Subject to the terms and conditions hereof, each Lender severally agrees: (a) to make Tranche 1 Loans in Pounds Sterling or Dollars to the Borrower from time to time on any Business Day during the Commitment Period, in each case in an aggregate - 27 - Active.28128860.17

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principal amount (including the Sterling Equivalent of any Tranche 1 Loans denominated in Dollars) not to exceed such Lender’s Tranche 1 Commitment immediately prior to the making of such Tranche 1 Loans; and (b) to make Tranche 2 Loans in Pounds Sterling or Dollars to the Borrower from time to time on any Business Day during the Commitment Period, in each case in an aggregate principal amount (including the Sterling Equivalent of any Tranche 2 Loans denominated in Dollars) not to exceed such Lender’s Tranche 2 Commitment immediately prior to the making of such Tranche 2 Loans; provided, that no Tranche 2 Loans may be drawn unless, upon or after giving effect to the making of such Tranche 2 Loans (together with any concurrent Tranche 1 Loans), there are no undrawn Tranche 1 Commitments outstanding (except undrawn Tranche 1 Commitments in an aggregate amount not to exceed the aggregate cash price payable in consideration for the Target Shares (including pursuant to the exercise of options to purchase Target Shares) that remain outstanding to be acquired by Borrower or any Acquisition Co as of, and after giving effect to, the first Borrowing Date). Loans denominated in Pounds Sterling shall be Eurodollar Loans. Loans denominated in Dollars may be (i) Eurodollar Loans, (ii) ABR Loans or (iii) a combination thereof, as determined by the Borrower and notified to the Administrative Agent in accordance with subsections 2.2 and 3.2. Amounts borrowed under this subsection 2.1 and repaid or prepaid may not be reborrowed. 2.2. Procedure for Borrowing. The Borrower may borrow under the Commitments during the Commitment Period on any Business Day, provided that the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (x) with respect to Eurodollar Loans, 12:00 P.M., New York City time on the date that is three Business Days prior to the Borrowing Date, or (y) with respect to ABR Loans, 12:00 P.M., New York City time on the date that is one Business Day prior to the Borrowing Date, in each case specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of Eurodollar Loans, ABR Loans or a combination thereof, (iv) the Class of Loans comprising such Borrowing and (v) if the borrowing is to be entirely or partly of Eurodollar Loans, the amount of such Type of Loan and the length of the initial Interest Period therefor. The borrowing under the Commitments shall be in an amount equal to (x) in the case of ABR Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (y)(1) in the case of Eurodollar Loans denominated in Dollars, $5,000,000 or a whole multiple of $1,000,000 in excess thereof or (2) in the case of Eurodollar Loans denominated in Pounds Sterling, £5,000,000 or a whole multiple of £1,000,000 in excess thereof. Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Lender thereof. Prior to (x) with respect to Eurodollar Loans, 10:00 A.M., New York City time, or (y) with respect to ABR Loans, 2:00 P.M., New York City time, on the Borrowing Date requested by the Borrower, each Lender will make an amount equal to its Commitment Percentage of the principal amount of the Loans requested to be made on such Borrowing Date available to the Administrative Agent for the account of the Borrower at the office of the Administrative Agent specified in writing by the Administrative Agent to the Lenders in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent crediting the account of the Borrower with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent. - 28 - Active.28128860.17

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2.3. Fees. (a) Duration Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Lender based on the amount of its outstanding Tranche 1 Commitments, a non-refundable duration fee (the “Duration Fee”) on each date set forth below in an amount equal to the product of (i) the percentage set forth below opposite such date and (ii) the aggregate outstanding principal amount of Tranche 1 Loans or undrawn Tranche 1 Commitments held by such Lender on such date: (b) Tranche 1 Ticking Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a ticking fee for the period from and including the Ticking Fee Commencement Date to the date on which such Tranche 1 Commitments terminate in full, computed at the Ticking Fee Rate on the average daily amount of the Tranche 1 Commitment of such Lender, subject to adjustment as provided in subsection 2.6 and payable quarterly in arrears on the last day of each March, June, September and December and on the date on which the Tranche 1 Commitments terminate in full (c) Tranche 2 Ticking Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a ticking fee for the period from and including the Ticking Fee Commencement Date to the date on which such Tranche 2 Commitments terminate in full, computed at the Ticking Fee Rate on the average daily amount of the Tranche 2 Commitment of such Lender, subject to adjustment as provided in subsection 2.6 and payable quarterly in arrears on the last day of each March, June, September and December and on the date on which the Tranche 2 Commitments terminate in full. (d) Fee and Syndication Letter. The Borrower agrees to pay the fees in the amounts and on the dates set forth in the Fee and Syndication Letter. (e) General. All fees payable under this subsection 2.3 shall be paid on the dates due, in Pounds Sterling (except as otherwise expressly provided in the Fee and Syndication Letter) and in immediately available funds. 2.4. Termination or Reduction of Commitments. The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate any Class of Commitments or, from time to time, to reduce the amount of any Class of Commitments; provided that no such termination or reduction shall be permitted if, after giving effect thereto and to any prepayments of the applicable Class of Loans made on the effective date thereof, either (a) the aggregate Tranche 1 Commitments or Tranche 2 Commitments, as applicable, would not be greater than or equal to zero or (b) the Tranche 1 Commitments or - 29 - Active.28128860.17 Duration Fees 90 days after the Closing Date 180 days after the Closing Date 270 days after the Closing Date 0.500% 0.750% 1.000%

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Tranche 2 Commitments, as applicable, of any Lender would not be greater than or equal to zero; provided further that such notice delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any such reduction shall be in an amount equal to £5,000,000 or a whole number multiple thereof and shall reduce permanently the Tranche 1 Commitments or Tranche 2 Commitments, as applicable, then in effect. The Administrative Agent shall give each Lender prompt notice of any notice received from the Borrower pursuant to this subsection 2.4. Unless previously terminated, the unused Commitments (if any) shall terminate in full at 11:59 p.m. (London Time) on the earlier of (i) the last day of the Commitment Period and (ii) the date on which all of the Certain Funds Purposes have been achieved without the making of any Loans. Any termination or reduction of the Commitments shall be permanent. 2.5. Repayment of Loans. The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan of such Lender on the Termination Date (or such earlier date on which the Loans become due and payable pursuant to Section 8). The Borrower hereby further agrees to pay interest on the unpaid principal amount of the Loans from time to time outstanding from the date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in subsection 3.4. 2.6. Defaulting Lenders. (a) Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: (i) That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in subsection 11.1. (ii) Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 10 or otherwise, and including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to subsection 11.7), shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request (so long as no Event of Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in an interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under - 30 - Active.28128860.17

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this Agreement; fifth, so long as no Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is a payment of the principal amount of any Loans in respect of which that Defaulting Lender has not fully funded its appropriate share, such payment shall be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents to the foregoing. (iii) Ticking Fees and Duration Fees shall cease to accrue on the unfunded portion of the Commitment and/or the outstanding Loans, as applicable, of such Defaulting Lender. (b) If the Borrower and the Administrative Agent agree in writing that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. (c) If any Lender is a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Defaulting Lender and the Administrative Agent, require such Defaulting Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, subsection 11.6), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: (i) the Borrower shall have paid to the Administrative Agent the assignment fee specified in subsection 11.6; (ii) such Defaulting Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under subsection 3.11) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); (iii) such assignment does not conflict with applicable laws; and - 31 - Active.28128860.17

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(iv) such Defaulting Lender shall not be required to sign and deliver any assignment form in order for such assignment to become effective. A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. SECTION 3 CERTAIN PROVISIONS APPLICABLE TO THE LOANS 3.1. Optional and Mandatory Reductions in Commitments and Prepayments of Loans. (a) The Borrower may at any time and from time to time prepay the Loans, in whole or in part, without premium or penalty (other than any amounts payable pursuant to subsection 3.11 if such prepayment is of Eurodollar Loans and is made on a day other than the last day of the Interest Period with respect thereto), upon at least three Business Days’ irrevocable notice to the Administrative Agent, substantially in the form of Exhibit G; provided further that such notice delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein. Partial prepayments of Loans denominated in Pounds Sterling shall be in an aggregate principal amount of at least £1,000,000 or an integral multiple of £100,000 in excess thereof. Partial prepayments of Loans denominated in Dollars shall be in an aggregate principal amount of at least $1,000,000 or in an integral multiple of $100,000 in excess thereof. (b) Following the Effective Date, unused outstanding Commitments shall be reduced (on a Pounds Sterling for Pounds Sterling basis, with amounts received in non-Pounds Sterling currencies to be converted to the Sterling Equivalent for purposes of this calculation) and outstanding Loans shall be prepaid (on a Pounds Sterling for Pounds Sterling basis for Loans denominated in Sterling or Dollar for Dollar basis for Loans denominated in Dollars, with amounts received in non-Pounds Sterling or non-Dollar currencies, as applicable, to be converted to the Sterling Equivalent or Dollar Equivalent, as applicable, for purposes of this calculation) on the date (in the case of a reduction in Commitments) or within five Business Days (in the case of a prepayment of Loans) of receipt of the Borrower or any of its Subsidiaries of any Net Proceeds referred to in this paragraph (b) (or in the case of a Qualifying Committed Financing, receipt by the Borrower or any of its Subsidiaries of commitments thereof) by or with an amount equal to: (i) (x) 100% of the Net Proceeds received (during the Certain Funds Period, into a Segregated Account) by the Borrower or any of its Subsidiaries from the incurrence of Indebtedness (other than (i) intercompany Indebtedness among the Borrower and/or its Subsidiaries, (ii) purchase money indebtedness incurred in the ordinary course of business, (iii) indebtedness with respect to Capital Lease Obligations - 32 - Active.28128860.17

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incurred in the ordinary course of business, (iv) any utilization, amendment, refinancing or renewal (including any increase of revolving commitments) under the Revolving Credit Agreement to the extent the aggregate principal amount of revolving commitments does not exceed $2,750,000,000, (v) any overdraft facility, (vi) issuances of commercial paper, (vii) Indebtedness to refinance the Borrower’s $600,000,000 2.850% Senior Notes due 2020 and $850,000,000 6.000% Senior Notes due 2020, so long as at the time of such issuance of Indebtedness, or simultaneously with such issuance, any outstanding Commitments are terminated and any outstanding Loans are prepaid in accordance with the provisions of this Section 3.1 and (viii) other Indebtedness in an aggregate principal amount not to exceed $500,000,000) and (y) the aggregate amount of commitments received in respect of any Qualifying Committed Financing (it being understood that following the effectiveness of such Commitment reduction and solely to the extent of the amount thereof, there shall be no duplicative prepayment of Loans from subsequent proceeds (up to such amount) received from such Qualifying Committed Financing pursuant to clause (b)(i)(x) of this subsection 3.1); (ii) 100% of Net Proceeds received (during the Certain Funds Period, into a Segregated Account) from the issuance of any equity interests (including any equity-linked securities, hybrid securities and debt securities which are convertible into equity) by the Borrower or any of its Subsidiaries (other than (A) issuances pursuant to employee stock plans or other benefit or employee incentive arrangements, (B) issuances in connection with the purchase price payable with respect to the Transactions and (C) issuances between or among the Borrower and its Subsidiaries); (iii) 100% of the Net Proceeds received (during the Certain Funds Period, into a Segregated Account) by the Borrower or any of its Subsidiaries from Asset Sales (except for (A) Asset Sales between or among the Borrower and its Subsidiaries, (B) Asset Sales, the Net Proceeds of which do not exceed $25,000,000 individually or $250,000,000 in the aggregate and (C) to the extent that, prior to the Closing Date, the Commitments have been reduced pursuant to clause (c)(i) of this subsection 3.1 in an aggregate principal amount of at least $1,000,000,000 as a result of commitments received by the Borrower under the Term Loan Facility , Asset Sales of assets acquired pursuant to the Target Acquisition, the Net Proceeds of which do not exceed $1,000,000,000); provided, that if no Event of Default exists and the Borrower shall deliver to the Administrative Agent a certificate of a Responsible Officer promptly following receipt of any such Net Proceeds setting forth the Borrower’s intention to use any portion of such Net Proceeds to acquire, maintain, develop, construct, improve, upgrade, repair, replace or reinstate tangible assets useful in the Business or to make a Qualified Acquisition within the Reinvestment Period, such portion of such Net Proceeds shall not constitute Net Proceeds except to the extent not, within the Reinvestment Period, so used; and (iv) within ten Business Days of the first Business Day following the end of the Certain Funds Period on which the Borrower would be permitted under applicable law and the Target’s and/or its Subsidiaries’ constitutional documents to cause (including pursuant to intercompany loans permitted following the taking of applicable actions referred to in subsection 6.8(k)) the Target and/or its Subsidiaries’ cash and Cash - 33 - Active.28128860.17

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Equivalents to be paid or distributed to the Borrower and used for the prepayment of Loans (the amount of such cash and Cash Equivalents, the “Available Target Amount”), an amount equal to 100% of the Available Target Amount, whether or not the Borrower in fact causes the payment or distribution of the Available Target Amount or satisfies such prepayment obligations using such alternative funds. All mandatory prepayments and Commitment reductions (a) in respect of clauses (i), (ii) and (iii) above shall be applied: first, to the Tranche 1 Commitments, second to the Tranche 1 Loans, third, to the Tranche 2 Commitments and fourth to the Tranche 2 Loans and (b) in respect of clause (iv) above shall be applied: first to the Tranche 2 Commitments and second to the Tranche 2 Loans. During the Certain Funds Period, the Borrower shall cause the Net Proceeds required to be applied to the reduction of Commitments pursuant to clauses (i), (ii) and (iii) of this subsection 3.1(b) to be deposited in a Segregated Account. (c) Each prepayment of Loans pursuant to this subsection 3.1 shall be accompanied by the payment of unpaid accrued interest on the principal amount so prepaid and any amounts payable under subsection 3.11 in connection with such prepayment. 3.2. Conversion and Continuation Options. (a) The Borrower may elect from time to time to convert Eurodollar Loans denominated in Dollars to ABR Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such election. The Borrower may elect from time to time to convert ABR Loans to Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of outstanding Eurodollar Loans and ABR Loans may be converted as provided herein, provided that (i) no Loan may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Lenders have determined that such a conversion is not appropriate, (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Termination Date, (iii) no Loan denominated in Pounds Sterling may be converted into an ABR Loan and (iv) no Loan may be converted from one currency to another currency or from one Class to another Class. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower giving notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurodollar Loan may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Lenders have determined that such a continuation is not appropriate or (ii) after the date that is one month prior to the Termination Date, and provided, further, that if the Borrower shall fail to give such notice or if such continuation is not permitted, any such Loans denominated in Dollars shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period and any Loans - 34 - Active.28128860.17

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denominated in Pounds Sterling shall automatically continue as Eurodollar Loans with a one month’s Interest Period. 3.3. Minimum Amounts and Maximum Number of Tranches. All borrowings, conversions and continuations of Loans hereunder and all selections of Interest Periods hereunder shall be in such amounts and be made pursuant to such elections so that, after giving effect thereto, the aggregate principal amount of the Eurodollar Loans comprising each Eurodollar Tranche shall be equal to (i) if denominated in Pounds Sterling, £5,000,000 or a whole multiple of £1,000,000 in excess thereof and (ii) if denominated in Dollars, $5,000,000 or a whole multiple of $1,000,000 in excess thereof. In no event shall there be more than seven Tranches outstanding at any time. 3.4. Interest Rates and Payment Dates. (a) Each Eurodollar Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period plus the Applicable Margin in effect for such day. (b) Each ABR Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin. (c) If all or a portion of (i) any principal of any Loan, (ii) any interest payable thereon or (iii) any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), the principal of the Loans and/or any such overdue interest or other amount shall bear interest at a rate per annum which is (x) in the case of principal, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this subsection 3.4 plus 2% or (y) in the case of any such overdue interest or other amount, the rate described in paragraph (b) of this subsection 3.4 plus 2%, in each case from the date of such non-payment until such overdue principal, interest or other amount is paid in full (as well after as before judgment). (d) Interest pursuant to this subsection 3.4 shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to paragraph (c) of this subsection 3.4 shall be payable from time to time on demand. 3.5. Computation of Interest and Fees. (a) All interest and fees hereunder shall be computed on the basis of a year of 360 days, except that (i) interest computed by reference to the ABR when it is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and (ii) interest computed with respect to Loans denominated in Pounds Sterling shall be computed on the basis of a year of 365 days, and in each and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable ABR or Eurocurrency Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of each determination of a Eurocurrency Rate. Any change in the interest rate on a Loan resulting from a change in the ABR shall become effective as of the opening of business on the day on which such change becomes effective. The Administrative - 35 - Active.28128860.17

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Agent shall as soon as practicable notify the Borrower and the relevant Lenders of the effective date and the amount of each such change in interest rate. (b) Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of either of the Borrower, deliver to the Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant to subsections 3.4(a) or (b). 3.6. Inability to Determine Interest Rate. (a) If prior to the first day of any Interest Period: (i) the Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Borrower) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurocurrency Rate for such Interest Period, or (ii) the Administrative Agent shall have received notice from the Majority Lenders that the Eurocurrency Rate determined or to be determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or maintaining their affected Loans during such Interest Period, the Administrative Agent shall give telecopy notice thereof to the Borrower and the Lenders as soon as practicable thereafter. If such notice is given (w) any Eurodollar Loans requested to be made on the first day of such Interest Period shall be made as ABR Loans, provided, that, notwithstanding the provisions of subsection 2.2, the Borrower may cancel the request for such Eurodollar Loan by written notice to the Administrative Agent one Business Day prior to the first day of such Interest Period and the Borrower shall not be subject to any liability pursuant to subsection 3.11 with respect to such cancelled request, (x) any Loans denominated in Dollars that were to have been converted on the first day of such Interest Period to Eurodollar Loans shall be continued as ABR Loans, (y) any outstanding Eurodollar Loans denominated in Dollars shall be converted, on the first day of such Interest Period, to ABR Loans and (z) any Loans denominated in Pounds Sterling to which such Interest Period relates shall be maintained at a rate for short-term borrowings of Pounds Sterling determined in a customary manner in good faith by the Administrative Agent. Until such notice has been withdrawn by the Administrative Agent, no further Eurodollar Loans shall be made or continued as such, nor shall the Borrower have the right to convert ABR Loans to Eurodollar Loans. (b) If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in clauses (a)(i) or (ii) above have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clauses (a)(i) or (ii) above have not arisen but the supervisor for the administrator of the Eurocurrency Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the Eurocurrency Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the Eurocurrency - 36 - Active.28128860.17

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Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable. Notwithstanding anything to the contrary in subsection 11.1, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Majority Lenders stating that such Majority Lenders object to such amendment; provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 3.7. Pro Rata Treatment and Payments. (a) Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Loans shall be made pro rata according to the respective outstanding principal amounts of the Loans then held by the Lenders under each applicable Class. Amounts prepaid on account of the Loans may not be reborrowed. (b) The borrowing by the Borrower of Loans on any Borrowing Date from the Lenders hereunder shall be made pro rata according to the Commitment Percentages of the Lenders under each applicable Class in effect on such Borrowing Date. Unless otherwise set forth herein, (i) all payments (including prepayments) to be made by the Borrower hereunder in respect of amounts denominated in Pounds Sterling, whether on account of principal, interest, fees or otherwise, shall be made without set off or counterclaim and shall be made prior to 10:00 A.M., New York City time, on the due date thereof to the Administrative Agent, for the account of the relevant Lenders, at the Administrative Agent’s office specified in subsection 11.2 for Pounds Sterling, in Pounds Sterling and (ii) all payments (including prepayments) to be made by the Borrower hereunder in respect of amounts denominated in Dollars, whether on account of principal, interest, fees or otherwise, shall be made without set off or counterclaim and shall be made prior to 12:00 Noon, New York City time, on the due date thereof to the Administrative Agent, for the account of the relevant Lenders, at the Administrative Agent’s office specified in subsection 11.2 for payments denominated in Dollars, and in each case in immediately available funds. The Administrative Agent shall distribute such payments to the relevant Lenders promptly upon receipt in like funds as received. If any payment hereunder (other than payments on the Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day, and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. If any payment on a Eurodollar Loan becomes due and payable on a day other than a Business Day, the maturity of such payment shall be extended to the next succeeding Business Day (and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension) unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. (c) Notwithstanding the foregoing, payments may be made on a non pro rata basis under this Agreement in order to give effect to subsection 2.4. - 37 - Active.28128860.17

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(d) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon at a rate equal to the daily average Federal Funds Effective Rate for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this subsection 3.7 shall be conclusive in the absence of manifest error. If such Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender within three Business Days of such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon equal to the rate per annum applicable to ABR Loans hereunder, on demand, from the Borrower. 3.8. Illegality. Notwithstanding any other provision herein, if after the date hereof the adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for any Lender to make or maintain Eurodollar Loans as contemplated by this Agreement, (a) the commitment of such Lender hereunder to make Eurodollar Loans, continue Eurodollar Loans as such and convert ABR Loans to Eurodollar Loans shall forthwith be cancelled, (b) such Lender’s Loans then outstanding as Eurodollar Loans denominated in Dollars, if any, shall be converted automatically to ABR Loans on the respective last days of the then current Interest Periods with respect to such Loans or within such earlier period as required by law and (c) such Lender’s Loans then outstanding denominated in Pounds Sterling shall be maintained at a rate for short-term borrowings of Pounds Sterling determined in a customary manner in good faith by the Administrative Agent. If any such conversion of a Eurodollar Loan occurs on a day which is not the last day of the then current Interest Period with respect thereto, the Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to subsection 3.11. 3.9. Requirements of Law. (a) If, due to either (i) the introduction of or any change in any law or regulation or in the interpretation or administration of any law or regulation by any Governmental Authority charged with the interpretation or administration thereof or (ii) the compliance with any guideline or request from any central bank or other Governmental Authority that would be complied with generally by similarly situated banks or lenders acting reasonably (whether or not having the force of law and for the avoidance of doubt, including any changes resulting from requests, rules, guidelines or directives concerning capital adequacy issued after the date hereof in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act or promulgated after the date hereof by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III), there shall be any increase in the cost to any Lender of agreeing to make or making, funding or maintaining Eurodollar Loans (except any reserve or other requirement contemplated by subsection 3.9(b) or (c) other than as set forth below) by an amount deemed by such Lender to be material (except, for the avoidance of doubt, - 38 - Active.28128860.17

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for Non-Excluded Taxes indemnified under subsection 3.10 and Excluded Taxes), then the Borrower shall from time to time, upon demand by such Lender (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender additional amounts sufficient to compensate such Lender for such increased cost. A certificate as to the amount of such increased cost, submitted to the Borrower and the Administrative Agent by such Lender, shall be conclusive and binding for all purposes, absent manifest error. (b) If, due to either (i) the introduction of or any change in or interpretation of any law or regulation or (ii) compliance with any guideline or request from any central bank or other governmental or regulatory authority which becomes effective after the date hereof (for the avoidance of doubt, including any changes resulting from requests, rules, guidelines or directives concerning capital adequacy issued after the date hereof in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act or promulgated after the date hereof by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III), there shall be any increase in the amount of capital required or expected to be maintained by any Lender or any corporation controlling such Lender and the amount of such capital is increased by or based upon the existence of such Lender’s Loans or commitment to extend credit and other commitments of this type by an amount deemed by such Lender to be material, then, upon demand by such Lender (with a copy of such demand to the Administrative Agent), the Borrower shall pay to the Administrative Agent for the account of such Lender, from time to time as specified by such Lender, additional amounts sufficient to compensate such Lender or such corporation in the light of such circumstances, to the extent that such Lender reasonably determines such increase in capital to be allocable to the existence of such Lender’s Loans or commitment to extend credit hereunder. A certificate as to such amounts submitted to the Borrower and the Administrative Agent by such Lender shall be conclusive and binding for all purposes as to the calculations therein, absent manifest error. Such certificate shall be in reasonable detail and shall certify that the claim for additional amounts referred to therein is generally consistent with such Lender’s treatment of similarly situated customers of such Lender whose transactions with such Lender are similarly affected by the change in circumstances giving rise to such payment, but such Lender shall not be required to disclose any confidential or proprietary information therein. (c) For purposes of the foregoing paragraphs (a) and (b), the amendments to 12 C.F.R. Part 327 set forth in the final rule attached to the Federal Deposit Insurance Corporation Financial Institution Letter FIL-8-2011, dated February 9, 2011, shall be deemed to have been introduced and adopted after the date of this Agreement. 3.10.Taxes. (a) All payments made by the Borrower under any Loan Document shall be made free and clear of, and without deduction or withholding for or on account of, any Taxes excluding (i) all net income Taxes, franchise Taxes or other Taxes, including branch profits Taxes, in each case imposed on the Administrative Agent or any Lender as a result of a present or former connection between the Administrative Agent or such Lender and the jurisdiction of the Governmental Authority imposing such Tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely from the Administrative Agent - 39 - Active.28128860.17

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or such Lender having executed, delivered or performed its obligations or received a payment under, or enforced, any Loan Document), (ii) in the case of a Lender other than an assignee pursuant to a request by a Borrower under subsection 3.12, any U.S. federal withholding Tax that is imposed under a law in effect at the time such Lender becomes a party hereto (or designates a new lending office), except to the extent that such Lender (or its assignor, if any) was entitled, immediately prior to the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding Tax pursuant to this Section, (iii) any withholding Tax imposed as a result of a Lender failing to comply with subsection 3.10(c) and (iv) any U.S. federal Taxes that are imposed by reason of FATCA (Taxes in clauses (i) to (iv) being “Excluded Taxes”). If any Taxes are required to be withheld from any amounts payable to the Administrative Agent or any Lender hereunder or under any Loan Document as determined in good faith by the applicable withholding agent, (x) such amounts shall be paid to the relevant Governmental Authority in accordance with applicable law and (y) if such Taxes are non-excluded Taxes (“Non-Excluded Taxes”) the amounts so payable by the Borrower to the Administrative Agent or such Lender shall be increased to the extent necessary to yield to the Administrative Agent or such Lender (after payment of all Non-Excluded Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts specified in such Loan Document as if such withholding or deduction had not been made. Whenever any Taxes are payable by the Borrower pursuant to this Section, as promptly as possible thereafter the Borrower shall send to the Administrative Agent for its own account or for the account of such Lender, as the case may be, a certified copy of an original official receipt received by the Borrower showing payment thereof or other evidence of such payment satisfactory to the Administrative Agent (in its reasonable discretion). If the Borrower fails to pay any Non-Excluded Taxes when due to the appropriate taxing authority or fails to remit to the Administrative Agent the required receipts or other required documentary evidence, the Borrower shall indemnify the Administrative Agent and the Lenders for any incremental Taxes that may become payable by the Administrative Agent or any Lender as a result of any such failure. The agreements in this subsection 3.10 shall survive the termination of this Agreement and each other Loan Document and the payment of the Loans and all other amounts payable hereunder and thereunder. (b) The Borrower shall indemnify and hold harmless the Administrative Agent and each Lender within 20 days after demand therefor, for the full amount of any Non-Excluded Taxes (including Non-Excluded Taxes imposed or asserted on or attributable to amounts payable under this subsection 3.10) payable by the Administrative Agent or such Lender and any penalties, interest and reasonable expenses arising therefrom or with respect thereto; provided that the Borrower shall not be obligated to indemnify the Administrative Agent or any such Lender pursuant to this subsection 3.10(b) in respect of penalties, interest or reasonable expenses if such penalties, interest or reasonable expenses are attributable to the gross negligence or willful misconduct of the person seeking indemnification. (c) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably - 40 - Active.28128860.17

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requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in subsections 3.10(c)(A), (B) and (D) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. Without limiting the generality of the foregoing, in the event the Borrower is a U.S. Person, (A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding tax; (B) any Non-U.S. Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: (i) in the case of a Non-U.S. Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; (ii) executed originals of IRS Form W-8ECI; (iii) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 871(h) or Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit E-1 to the effect that such Non-U.S. Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the - 41 - Active.28128860.17

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Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable; or (iv) to the extent a Non-U.S. Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-2 or Exhibit E-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Non-U.S. Lender is a partnership and one or more direct or indirect partners of such Non-U.S. Lender are claiming the portfolio interest exemption, such Non-U.S. Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-4 on behalf of each such direct and indirect partner; (C) any Non-U.S. Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and (D) If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or Administrative Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or Administrative Agent as may be necessary for the Borrower and Administrative Agent to comply with their obligations under FATCA, to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. Notwithstanding any other provision of this Section, a Lender shall not be required to deliver any form pursuant to this Section that such Lender is not legally able to deliver. (d) If the Borrower pays any additional amounts or makes an indemnity payment under this subsection 3.10 to any Lender or the Administrative Agent, and such Lender or the Administrative Agent determines in its sole discretion exercised in good faith that it has actually - 42 - Active.28128860.17

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received in connection therewith any refund of the underlying Non-Excluded Taxes, such Lender or the Administrative Agent shall pay to the Borrower an amount equal to such refund which was obtained by such Lender or Administrative Agent (but only to the extent of indemnity payments made, or additional amounts paid by the Borrower under this subsection 3.10 with respect to the Non-Excluded Taxes giving rise to such refund) net of all reasonable out-of-pocket expenses of the Lender or the Administrative Agent with respect to such refund, and without interest (other than any interest paid by the relevant taxation authority); provided, however, that the Borrower, upon the request of the Lender or the Administrative Agent, agrees to repay the amount paid over to the Borrower to any Lender or the Administrative Agent in the event any Lender or the Administrative Agent is required to repay such refund, plus interest and penalties (excluding interest and penalties attributable to the negligence or willful misconduct of such Lender or the Administrative Agent). This paragraph shall not be construed to require any Lender or the Administrative Agent to disclose any confidential information to the Borrower or any other Person (including its Tax returns). (e) Each Lender shall indemnify the Administrative Agent for the full amount of any Taxes imposed by any Governmental Authority that are attributable to such Lender and that are payable or paid by the Administrative Agent, together with all interest, penalties, reasonable costs and expenses arising therefrom or with respect thereto (but only to the extent not already paid by the Borrower), as determined by the Administrative Agent in good faith. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this subsection 3.10(e). - 43 - Active.28128860.17

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3.11.Indemnity. The Borrower agrees to indemnify each Lender and to hold each such Lender harmless from any loss or expense which such Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation of Eurodollar Loans after the Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment after the Borrower has given a notice thereof in accordance with the provisions of this Agreement or any other Loan Document or (c) the making of a prepayment of Eurodollar Loans or the conversion of Eurodollar Loans to ABR Loans on a day which is not the last day of an Interest Period with respect thereto. Such indemnification may include an amount equal to the excess, if any, of (i) the amount of interest which would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure), in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin) over (ii) the amount of interest (as reasonably determined by such Lender) which would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank eurodollar market. This covenant shall survive the termination of this Agreement and each other Loan Document and the payment of the Loans and all other amounts payable hereunder and thereunder. 3.12.Change of Lending Office; Removal of Lender. Each Lender agrees that if it makes any demand for payment under subsection 3.9 or 3.10(a), or if any adoption or change of the type described in subsection 3.8 shall occur with respect to it, (i) it will use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions and so long as such efforts would not be disadvantageous to it, as determined in its sole discretion) to designate a different lending office if the making of such a designation would reduce or obviate the need for the Borrower to make payments under subsection 3.9 or 3.10(a), or would eliminate or reduce the effect of any adoption or change described in subsection 3.8 or (ii) it will, upon at least five Business Days’ notice from the Borrower to such Lender and the Administrative Agent, assign, pursuant to and in accordance with the provisions of subsection 11.6(c) and 11.19, to one or more Assignees designated by the Borrower all, but not less than all, of such Lender’s rights and obligations hereunder, without recourse to or warranty by, or expense to, such Lender, for a purchase price equal to the outstanding principal amount of each Loan then owing to such Lender plus any accrued but unpaid interest thereon and any accrued but unpaid fees owing thereto and, in addition, all additional costs and reimbursements, expense reimbursements and indemnities, if any, owing in respect of such Lender’s Commitment hereunder at such time (including any amount that would be payable under subsection 3.11 if such assignment were, instead, a prepayment in full of all amounts owing to such Lender) shall be paid to such Lender. 3.13.Evidence of Debt. (a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the Borrower to such Lender resulting from each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. - 44 - Active.28128860.17

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(b) The Administrative Agent shall maintain the Register pursuant to subsection 11.6(d), and a subaccount therein for each Lender, in which shall be recorded (i) the amount of each Loan made hereunder, the Type thereof and each Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) both the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share thereof. (c) The entries made in the Register and the accounts of each Lender maintained pursuant to subsection 3.13(a) shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of any Lender or the Administrative Agent to maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance with the terms of this Agreement. (d) The Borrower agrees that, upon the request to the Administrative Agent by any Lender, the Borrower will execute and deliver to such Lender a promissory note of the Borrower evidencing the Loans of such Lender, substantially in the form of Exhibit A with appropriate insertions as to date and principal amount (a “Note”). SECTION 4 REPRESENTATIONS AND WARRANTIES To induce the Administrative Agent and the Lenders to enter into this Agreement and to make the Loans, the Borrower hereby represents and warrants on the Effective Date and on the date of the making of any Loans (it being understood that the conditions to the Effective Date are solely those set out in subsection 5.1 and the conditions to making Loans are solely those set out in subsection 5.2) to the Administrative Agent and each Lender that: 4.1. Financial Condition. The consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at each of December 31, 2017 and December 31, 2016 and the related consolidated statements of operations and of cash flows for the fiscal years ended on such dates, reported on by Ernst & Young LLP, copies of which have heretofore been furnished to each Lender, are complete and correct and present fairly the consolidated financial condition of the Borrower and its consolidated Subsidiaries as at such dates, and the consolidated results of their operations and their consolidated cash flows for the fiscal years then ended. The unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the date of the Borrower’s most recent publicly available Form 10-Q and the related unaudited consolidated statements of operations and of cash flows for the fiscal period ended on such date, certified by a Responsible Officer, copies of which have heretofore been furnished to each Lender, are complete and materially correct and present fairly (subject to normal year-end audit adjustments) the consolidated financial condition of the Borrower and its consolidated Subsidiaries as at such date, and the consolidated results of their operations and their consolidated cash flows for the fiscal period then ended. All such annual financial statements, including the related schedules and notes thereto, were, as of the date prepared, prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by such accountants or Responsible Officer, as the case may be, and as disclosed therein). The quarterly financial - 45 - Active.28128860.17

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statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Act of 1933. Accordingly, such quarterly financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Borrower, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. Neither the Borrower nor any of its consolidated Subsidiaries had, at the date of the most recent balance sheet referred to above, any of the following except as disclosed in the Borrower’s Form 10-K and 10-Q filings: any material Guarantee Obligation, material contingent liability or material liability for taxes, or any material long-term lease or material unusual forward or long-term commitment, including, without limitation, any interest rate or foreign currency swap or exchange transaction, which is not reflected in the foregoing financial statements or in the notes thereto. 4.2. Corporate Existence; Compliance with Law. Each of the Borrower and its Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has the corporate power and authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign corporation and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification and (d) is in compliance with all Requirements of Law, except to the extent that the failure of the foregoing clauses (a) and (b) (in each such case, only with respect to Subsidiaries of the Borrower), (c) and (d) to be true and correct could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 4.3. Corporate Power; Consents and Authorization; Enforceable Obligations. The Borrower has the corporate power and authority, and the legal right, to make, deliver and perform the Loan Documents to which it is a party and to borrow hereunder and has taken all necessary corporate action to (i) authorize the borrowings on the terms and conditions of this Agreement and any Notes and (ii) to authorize the execution, delivery and performance of the Loan Documents to which it is a party. No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority (including, without limitation, exchange control) or any other Person is required with respect to the Borrower or any of its Subsidiaries in connection with the borrowings hereunder or with the execution, delivery, performance, validity or enforceability of the Loan Documents to which the Borrower is party. This Agreement and each other Loan Document to which the Borrower is, or is to become, a party has been or will be, duly executed and delivered on behalf of the Borrower. This Agreement and each other Loan Document to which the Borrower is, or is to become, a party constitutes or will constitute, a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, subject to the effects of bankruptcy, examination, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 4.4. No Legal Bar. The execution, delivery and performance of the Loan Documents, the borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of - 46 - Active.28128860.17

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Law or Contractual Obligation of the Borrower or of any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect and will not result in, or require, the creation or imposition of any Lien on any of its or their respective properties or revenues pursuant to any such Requirement of Law or Contractual Obligation which could reasonably be expected to have a Material Adverse Effect. 4.5. No Default. Neither the Borrower nor any of its Subsidiaries is in default under or with respect to any of its Contractual Obligations in any respect which could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 4.6. Taxes. Each of the Borrower and its Subsidiaries has filed or caused to be filed all tax returns which, to the knowledge of the Borrower, are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against it (other than any the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower or its Subsidiaries, as the case may be), except to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 4.7. Federal Regulations. No part of the proceeds of any Loans will be used in any manner that would violate Regulation U of the Board as now and from time to time hereafter in effect. 4.8. ERISA. Neither a Reportable Event nor a failure to meet the minimum funding standards (within the meaning of Section 302 of ERISA), whether or not waived, has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect to any Plan other than a Multiemployer Plan, and each Plan has complied in all respects with the applicable provisions of ERISA and the Code, where the liability could be reasonably expected to result in a Material Adverse Effect; provided, however, that with respect to any Multiemployer Plan, such representation is made only to the knowledge of the Borrower. No termination of a Single Employer Plan pursuant to Section 4041(c) or 4042 of ERISA has occurred, and no Lien in favor of the PBGC or a Plan has arisen, during such five-year period. There has been no determination that any Single Employer Plan is, or is reasonably expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA). Neither the Borrower nor any Commonly Controlled Entity has had a complete or partial withdrawal from any Multiemployer Plan that has resulted in liability and to the knowledge of the Borrower, neither the Borrower nor any Commonly Controlled Entity would become subject to any liability under ERISA if the Borrower or any such Commonly Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this representation is made or deemed made which liability could be reasonably expected to result in a Material Adverse Effect. To the Borrower’s knowledge, no Multiemployer Plan is in Insolvency or in “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA). 4.9. Investment Company Act; Other Regulations. The Borrower is not required to be registered as an “investment company” within the meaning of the Investment Company Act of - 47 - Active.28128860.17

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1940, as amended. The Borrower is not subject to regulation under any Federal or State statute or regulation (other than Regulation X of the Board) which limits its ability to incur Indebtedness. 4.10.Purpose of Loans. The proceeds of the Loans shall be used to finance the Target Acquisition and pay Transaction Costs. 4.11.Environmental Matters. Except to the extent that the failure of the following statements to be true and correct could not reasonably be expected to have a Material Adverse Effect: (a) The facilities and properties owned, leased or operated by the Borrower or any of its Subsidiaries (the “Properties”) do not contain, and have not previously contained, any Materials of Environmental Concern in amounts or concentrations which (i) constitute or constituted a violation of, or (ii) could reasonably be expected to give rise to liability under, any Environmental Law. (b) The Properties and all operations at the Properties are in compliance, and have in the last five years been in compliance, in all material respects with all applicable Environmental Laws, and there is no contamination at, under or about the Properties or violation of any Environmental Law with respect to the Properties or the business operated by the Borrower or any of its Subsidiaries (the “Business”) which could reasonably be expected to materially interfere with the continued operation of the Properties or Business or materially impair the fair saleable value thereof. (c) Neither the Borrower nor any of its Subsidiaries has received any notice of violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties or the Business, nor does the Borrower have knowledge or reason to believe that any such notice will be received or is being threatened. (d) Materials of Environmental Concern have not been transported or disposed of from the Properties in violation of, or in a manner or to a location which could reasonably be expected to give rise to liability under, any Environmental Law, nor have any Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under any of the Properties in violation of, or in a manner that could reasonably be expected to give rise to liability under, any applicable Environmental Law. (e) No judicial proceeding or governmental or administrative action is pending or, to the knowledge of the Borrower, threatened, under any Environmental Law to which the Borrower or any Subsidiary is or will be named as a party with respect to the Properties or the Business, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to the Properties or the Business. (f) There has been no release or threat of release of Materials of Environmental Concern at or from the Properties, or arising from or related to the operations of the Borrower or any Subsidiary in connection with the Properties or otherwise in connection with the Business, in - 48 - Active.28128860.17

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violation of, or in amounts or in a manner that could reasonably be expected to give rise to liability under, Environmental Laws. 4.12.Disclosure. The statements and information contained herein and in any of the information provided to the Administrative Agent or the Lenders in writing in connection with this Agreement, taken as a whole, do not contain any untrue statement of any material fact, or omit to state a fact necessary in order to make such statements or information not misleading in any material respect, in each case in light of the circumstances under which such statements were made or information provided as of the date so provided. 4.13.No Change. There has been no change, effect, event, occurrence, state of facts or development which individually or in the aggregate has had or would reasonably be expected to result in a Material Adverse Effect since the Form 10-Q or Form 10-K most recently filed by the Borrower with the Securities and Exchange Commission. 4.14.No Material Litigation. There are no actions, suits, proceedings, claims or disputes pending at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its Subsidiaries or against any of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) except as specifically disclosed on the Form 10-Q or Form 10-K most recently filed by the Borrower with the Securities and Exchange Commission, either individually or in the aggregate could reasonably be expected to have a Material Adverse Effect. 4.15.Anti-Corruption Laws and Sanctions. The Borrower has implemented and maintains in effect policies and procedures reasonably designed to promote compliance by the Borrower, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and Sanctions applicable to the Borrower, its Subsidiaries and their respective directors, officers and employees, and the Borrower, its Subsidiaries and, to the knowledge of the Borrower, their respective officers and employees and directors are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower, any Subsidiary or, to the Borrower’s knowledge, any of their respective directors or officers or (b) to the Borrower’s knowledge, any of the Borrower’s or such Subsidiary’s respective employees is a Sanctioned Person or organized or resident in a Sanctioned Country. Neither the Loans nor the use of proceeds contemplated by this Agreement will be used by the Borrower or any of its Subsidiaries directly or to its knowledge indirectly to violate applicable Anti-Corruption Laws or applicable Sanctions. 4.16.Scheme Documents and Related Documents. (a) The Borrower has delivered to the Administrative Agent complete and correct copies of the Scheme Documents (if and when issued) or, as the case may be, the Offer Documents (if and when issued), including all schedules and exhibits thereto. The release of the Offer Press Announcement and the posting of the Takeover Offer Documents if a Takeover Offer is pursued have been or will be, prior to their release or posting (as the case may be), duly authorized by the Borrower or any Acquisition Co (if any). Each of the material obligations of the Borrower or any Acquisition Co (if any) under the Takeover Offer Documents is or will be, - 49 - Active.28128860.17

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when entered into and delivered, the legal, valid and binding obligation of the Borrower or any Acquisition Co (if any), enforceable against such Persons in accordance with its terms in each case, except as may be limited by (i) bankruptcy, insolvency, examination or other similar laws affecting the rights and remedies of creditors generally and (ii) general principles of equity. (b) The Press Release and the Scheme Circular (in each case if and when issued), when taken as a whole: (i) except for the information that relates to the Target or the Target Group, do not (or will not if and when issued) contain (to the best of its knowledge and belief (having taken all reasonable care to ensure that such is the case)) any statements which are not in accordance with the material facts, or where appropriate, do not omit any material fact likely to affect the import of such information and (ii) contain all the material terms of the Scheme as at the date on which they were published, save in each case to the extent approved by the Lead Arranger or it is required by the Panel or by the Court . SECTION 5 CONDITIONS PRECEDENT 5.1. Conditions to Effective Date. The Effective Date shall occur on and as of the first date on which each of the following conditions precedent are satisfied (or waived in accordance with subsection 11.1): (a) Credit Agreement. The Administrative Agent shall have received this Agreement, executed and delivered by a duly authorized officer of each Lender and the Borrower, with a counterpart for each Lender and original Notes executed by the Borrower, in favor of each Lender requesting a Note. (b) Closing Certificate. The Administrative Agent shall have received, with a counterpart for each Lender, a certificate of the Borrower, dated the Effective Date, substantially in the form of Exhibit B, with appropriate insertions and attachments, satisfactory in form and substance to the Administrative Agent, executed by the President or any Vice President and the Secretary or any Assistant Secretary of the Borrower. (c) Legal Opinions. The Administrative Agent shall have received, with a counterpart for each Lender, the executed legal opinion of counsel to the Borrower (which may be delivered in part by in-house counsel to the Borrower), covering the matters set forth in Exhibit C. Each such legal opinion shall cover such other matters incident to the transactions contemplated by this Agreement as the Administrative Agent may reasonably require. (d) Fees. All accrued fees and reasonable out-of-pocket expenses (including the reasonable fees and expenses of counsel to the Agents) of the Agents through the Effective Date invoiced with reasonable detail at least three Business Days prior to the Effective Date in connection with the Loan Documents shall have been paid; provided that the Agents shall have provided an estimate and available reasonable detail five business days prior to the Effective Date. (e) Financial Statements. The Administrative Agent shall have received an unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries and the related unaudited consolidated statements of operations and of cash flows for each fiscal quarter ended - 50 - Active.28128860.17

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after December 31, 2017 (so long as such fiscal quarters have ended at least 40 days prior to the Effective Date). The Borrower’s filing of any required unaudited financial statements with respect to the Borrower on Form 10-Q will satisfy the requirements under this paragraph. (f) Know Your Customer Information. The Administrative Agent shall have received at least three Business Days prior to the Effective Date all documentation and other information about the Borrower as has been reasonably requested by the Administrative Agent at least 10 Business Days prior to the Effective Date that is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the USA PATRIOT Act. (g) Press Release or Offer Press Announcement. The Administrative Agent shall have received a copy, certified by the Borrower, of a draft of the Press Release or the Offer Press Announcement (as applicable, depending on whether it is proposed to effect the Target Acquisition by way of a Scheme or a Takeover Offer) in the form in which it is proposed to be issued, in each case, in form and substance reasonably satisfactory to the Lead Arranger; provided that the draft provided to the Administrative Agent as of November 20, 2018 is satisfactory to the Lead Arranger. The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 5.2. Closing Date. Subject to subsection 5.4, the agreement of each Lender to make any Loan requested to be made by it on any date following the Effective Date is subject to the satisfaction (or waiver in accordance with subsection 11.1) of the following conditions precedent: (a) Effective Date. The Effective Date shall have occurred. (b) Scheme Circular. If the Target Acquisition is effected by way of a Scheme, the Administrative Agent shall have received: (i) a certificate of the Borrower signed by the President, a Vice President or a Financial Officer certifying: (A) the date on which the Scheme Circular was posted to the shareholders of the Target; (B) as to the satisfaction of each condition set forth in clause (d) below (to the extent relating to the Scheme); (C) the date on which the Court has sanctioned the Scheme and that the Court Order has been duly delivered to the Registrar of Companies; and (D) that the copy of the document specified in paragraph (ii) below and delivered to the Administrative Agent pursuant to paragraph (ii) below is correct and complete and has not been amended or superseded (other than as permitted by paragraph (ii) below) following the date of such delivery and on or prior to the Closing Date; and - 51 - Active.28128860.17

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(ii) a copy of the Scheme Circular which is consistent in all material respect with the terms and conditions in the Press Release and the Scheme Resolutions, in each case, except to the extent changes thereto have been required pursuant to the City Code or required by the Panel or are not prohibited by the Loan Documents. (c) Takeover Offer Document. If the Target Acquisition is effected by way of a Takeover Offer, the Administrative Agent shall have received: (i) a certificate of the Borrower signed by the President, a Vice President or a Financial Officer certifying: (A) the date on which the Takeover Offer Document was posted to the shareholders of the Target; (B) as to the satisfaction of each condition set forth in clause (d) below (to the extent relating to a Takeover Offer); (C) the copy of the document specified in paragraph (ii) below and delivered to the Administrative Agent pursuant to paragraph (ii) below is correct and complete and has not been amended or superseded (other than as permitted by paragraph (ii) below) following the date of such delivery and on or prior to the Closing Date; and (D) that the Takeover Offer has been declared unconditional in all respects without any material amendment, modification or waiver of the conditions to the Takeover Offer or of the Acceptance Condition except to the extent not prohibited by the Loan Documents unless (x) such amendment, modification or waiver is required by law or regulation (including the City Code), the London Stock Exchange, the Panel or, if relevant, the Court, or (y) if such condition is not a condition of the Acquisition, such amendment, modification or waiver could not reasonably be expected to adversely affect the interests of the Lenders taken as a whole in any material respect, save that, for the avoidance of doubt, the Company shall be entitled to waive any conditions to the Acquisition that are not customarily allowed to be invoked by the Panel without consulting with or making a request to the Panel; (ii) a copy of the Takeover Offer Document which is consistent in all material respects with the terms and conditions in the Offer Press Announcement, except to the extent changes thereto have been required pursuant to the City Code or required by the Panel or are not prohibited under the Loan Documents. (d) On the date of the applicable notice of Borrowing delivered pursuant to subsection 2.2 and on the proposed date of such Borrowing (i) no Certain Funds Default shall be continuing or would result from the proposed Borrowing and (ii) all the Certain Funds Representations shall be true or, if a Certain Funds Representation does not already include a materiality concept, true in all material respects. (e) The Administrative Agent shall have received all fees due and payable on or prior to the Closing Date under the Loan Documents, including the Fee and Syndication Letter. (f) It shall not be illegal for any Lender to lend and there is no injunction or restraining order prohibiting any Lender from lending its portion of the Loans or restricting the - 52 - Active.28128860.17

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application of proceeds thereof; provided, that such Lender has used commercially reasonable efforts to make the Loans through an Affiliate of such Lender not subject to such legal restriction; provided further, that the occurrence of any such event in relation to one Lender shall not relieve any other Lender of its obligations to make Loans hereunder. The Administrative Agent shall notify the Borrower and the Lenders of the Closing Date as soon as practicable upon its occurrence, and such notice shall be conclusive and binding. 5.3. Borrowing Date. The agreement of each Lender to make any Loan on any Borrowing Date is subject to the satisfaction (or waiver in accordance with subsection 11.1) of the following conditions precedent: (a) Each of the Effective Date and the Closing Date shall have occurred and the Borrowing Date will be a date within the Commitment Period. (b) The Administrative Agent shall have received the notice of Borrowing in accordance with subsection 2.2. (c) On the date of the notice of Borrowing delivered pursuant to subsection 2.2 and on the proposed Borrowing Date, (i) no Certain Funds Default shall be continuing or would result from the proposed Borrowing and (ii) all Certain Funds Representations shall be true or, if a Certain Funds Representation does not already include a materiality concept, true in all respects. (d) If any portion of the Loan is intended to be used as described in clause (b)(ii) of the definition of “Certain Funds Purpose”, the Borrower or any Acquisition Co shall on or prior to the date of the notice of Borrowing delivered pursuant to subsection 2.2 have received Squeeze-Out Level Acceptances. (e) The Administrative Agent shall have received a certificate, dated the Borrowing Date and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming the applicable requirements of subsection 5.3(c) and, if relevant, (d), have been satisfied and as to the satisfaction of each condition set forth in clause (h) below (to the extent relating to the Scheme). (f) The Administrative Agent shall have received all fees due and payable under the Loan Documents, including the Fee and Syndication Letter on or prior to the Borrowing Date. (g) It shall not be illegal for any Lender to lend and there is no injunction or restraining order prohibiting any Lender from lending its portion of the Loans or restricting the application of the proceeds thereof; provided, that such Lender has used commercially reasonable efforts to make the Loans through an Affiliate of such Lender not subject to such legal restriction; provided further, that the occurrence of such event in relation to one Lender shall not relieve any other Lender of its obligation to make Loans hereunder. (h) Where the Target Acquisition is to be implemented by way of a Scheme, the Target Acquisition shall have been, or substantially concurrently with the occurrence of the Borrowing Date shall be, consummated in all material respects in accordance with the terms and - 53 - Active.28128860.17

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conditions of the Scheme Documents, except to the extent permitted pursuant to subsection 6.8 or, where the Target Acquisition is to be implemented by way of a Takeover Offer, the Takeover Offer shall have become wholly unconditional in accordance with the terms of the Offer Document, in each case, without giving effect to (and there shall not have been) any modifications, amendments, consents, requests or waivers by the Borrower or any Acquisition Co (if any) except to the extent permitted pursuant to subsection 6.8. 5.4. Actions by Lenders During Certain Funds Period. During the Commitment Period and notwithstanding any provision to the contrary in the Loan Documents, none of the Lenders nor the Administrative Agent shall, unless (x) a Certain Funds Default has occurred and is continuing or would result from a proposed Borrowing, (y) a Certain Funds Representation remains untrue or, if a Certain Funds Representation does not already include a materiality concept, untrue in any material respect or (z) it is illegal for such Lender to lend and/or there is an injunction or restraining order prohibiting such Lender from lending its portion of the Loans or restricting the application of the proceeds thereof (provided, that such Lender used commercially reasonable efforts to make its portion of the Loans through an Affiliate of such Lender not subject to such legal restriction; and provided further, that the occurrence of an illegality event in relation to one Lender shall not relieve any other Lender of its obligations to make Loans hereunder), be entitled to: (a) cancel any of its Commitments (subject to any Commitment reductions made pursuant to subsection 2.4); (b) rescind, terminate or cancel the Loan Documents or the Commitments (subject to any Commitment reductions made pursuant to subsection 2.4) or exercise any right or remedy or make or enforce any claim under the Loan Documents it may have to the extent to do so would prevent or limit (A) the making of a Loan for Certain Funds Purposes or (B) the application of amounts standing to the credit of a Segregated Account for Certain Funds Purposes; (c) refuse to participate in the making of a Loan for Certain Funds Purposes unless the conditions set forth in subsections 5.1, 5.2 or 5.3, as applicable, have not been satisfied; (d) exercise any right of set-off or counterclaim in respect of a Loan to the extent to do so would prevent or limit (A) the making of a Loan for Certain Funds Purposes or (B) the application of amounts standing to the credit of a Segregated Account for Certain Funds Purposes; or (e) cancel, accelerate or cause repayment or prepayment of any amounts owing under any Loan Document to the extent to do so would prevent or limit (A) the making of a Loan for Certain Funds Purposes or (B) the application of amounts standing to the credit of a Segregated Account for Certain Funds Purposes; provided that, immediately upon the expiry of the Commitment Period all such rights, remedies and entitlements shall be available to the Lenders and the Administrative Agent notwithstanding that they may not have been used or been available for use during the Commitment Period. - 54 - Active.28128860.17

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SECTION 6 AFFIRMATIVE COVENANTS The Borrower hereby agrees that, so long as the Commitments (or any of them) remain in effect or any amount is owing to any Lender or the Administrative Agent hereunder or under any other Loan Documents, the Borrower shall and (except in the case of delivery of financial information, reports and notices) shall cause each of its Subsidiaries to: 6.1. Financial Statements. Furnish to each Lender: (a) as soon as available, but in any event not later than 20 days after required to be filed with the Securities and Exchange Commission at the end of each fiscal year of the Borrower, a copy of the consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such year and the related consolidated statements of operations and stockholders’ equity and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by Ernst & Young LLP or other independent certified public accountants of nationally recognized standing; (b) as soon as available, but in any event not later than 15 days after required to be filed with the Securities and Exchange Commission at the end of each of the first three quarterly periods of each fiscal year of the Borrower commencing with the fiscal quarter ending on or about December 31, 2018, the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such quarter and the related unaudited consolidated statements of operations for such quarter and the portion of the fiscal year through the end of such quarter and of cash flows of the Borrower and its consolidated Subsidiaries for the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures for the previous year, certified by a Responsible Officer as being fairly stated in all material respects (subject to normal year-end audit adjustments); and (c) all such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein); provided, that it is hereby acknowledged that the quarterly financial statements delivered pursuant to paragraph (b) above may not include all of the information and footnotes required by GAAP for complete annual financial statements. Any financial statement required to be furnished pursuant to this subsection 6.1 may be delivered electronically and if so delivered, shall be deemed to have been furnished on the earlier of the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website at the website address listed in subsection 11.2(a), (ii) on which such documents are posted on the Securities and Exchange Commission’s website (www.sec.gov), or (iii) on which such documents are posted on the Borrower’s behalf on any website to which each Lender and Administrative Agent have access (whether a commercial, third-party website such as Intralinks or DebtDomain or whether sponsored by the Administrative Agent); provided that - 55 - Active.28128860.17

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the Borrower shall give notice (which may be in the form of facsimile or electronic mail) of any such posting to the Administrative Agent (who shall then give notice of any such posting to the Lenders). Notwithstanding the foregoing, the Borrower shall deliver paper copies of any financial statement referred to in this subsection 6.1 to the Administrative Agent if the Administrative Agent or any Lender requests the Borrower to furnish such paper copies until written notice to cease delivering such paper copies is given by the Administrative Agent. 6.2. Certificates; Other Information. Furnish to the Administrative Agent with sufficient copies for the Lenders: (a) concurrently with the delivery of the financial statements referred to in subsections 6.1(a) and 6.1(b), a certificate of a Responsible Officer stating that such Officer has obtained no knowledge of any Default or Event of Default that has occurred and is continuing except as specified in such certificate, and including calculations demonstrating compliance with subsection 7.1 (which delivery may, unless the Administrative Agent, or a Lender requests executed originals, be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes); (b) within ten days after the same are sent, copies of all financial statements and reports which the Borrower sends to its stockholders, and within five days after the same are filed, copies of all financial statements and reports which the Borrower may make to, or file with, the Securities and Exchange Commission or any successor or analogous Governmental Authority, and promptly after the same are issued, copies of all press releases issued by the Borrower; and (c) promptly, such additional financial and other information as any Lender may from time to time reasonably request. The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Lead Arranger may make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Borrower hereby agrees that (a) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (b) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Lead Arranger and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Borrower or its securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information (as defined in subsection 11.14), they shall be treated as set forth in subsection 11.14); (c) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (d) the Administrative Agent and the Lead Arranger shall be entitled to treat any Borrower Materials - 56 - Active.28128860.17

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that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” 6.3. Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its obligations of whatever nature (other than where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of the Borrower or its Subsidiaries, as the case may be), except to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 6.4. Conduct of Business and Maintenance of Existence. (a) Continue to engage in business of the same general type as conducted by it on the Closing Date; (b) preserve, renew and keep in full force and effect its corporate existence (except as could not in the aggregate be reasonably expected to have a Material Adverse Effect); (c) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business except as otherwise permitted pursuant to subsection 9.4; and (d) comply with all Requirements of Law except to the extent that failure to comply therewith could not, in the aggregate, be reasonably expected to have a Material Adverse Effect. 6.5. Maintenance of Property; Insurance. Keep all property necessary in its business in good working order and condition except to the extent that failure to do so could not, in the aggregate, be reasonably expected to have a Material Adverse Effect; maintain with financially sound and reputable insurance companies insurance on all its property in at least such amounts and against at least such risks as are adequate for conducting its business; and furnish to each Lender, upon written request, full information as to the insurance carried. 6.6. Inspection of Property; Books and Records; Discussions. Keep proper books of records and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities; and permit representatives of any Lender (upon reasonable advance notice coordinated through the Administrative Agent) to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time and as often as may reasonably be desired and to discuss the business, operations, properties and financial and other condition of the Borrower and its Subsidiaries with officers and employees of the Borrower and its Subsidiaries and with its independent certified public accountants. 6.7. Notices. Promptly give notice (unless available in the public filings or releases of the Borrower or its Subsidiaries) to the Administrative Agent and each Lender of: (a) the occurrence of any Default or Event of Default; (b) any (i) default or event of default under any Contractual Obligation of the Borrower or any of its Subsidiaries or (ii) litigation, investigation or proceeding which may exist at any time involving the Borrower or any of its Subsidiaries, which in either case, could reasonably be expected to have a Material Adverse Effect; and - 57 - Active.28128860.17

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(c) the following events, as soon as reasonably possible and in any event within 30 days after the Borrower knows of the event: (i) the occurrence or reasonably expected occurrence of any Reportable Event with respect to any Plan, a failure of the Borrower, its Subsidiaries or a Commonly Controlled Entity to make any required contribution to a Plan, the creation of any Lien in favor of the PBGC or a Plan, any determination that a Single Employer Plan is in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA), or any withdrawal by the Borrower or a Commonly Controlled Entity from, or the termination or Insolvency of, any Multiemployer Plan or determination that any Multiemployer Plan is in “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA); or (ii) the institution of proceedings or the taking of any other action by the PBGC, the Borrower, any Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal by the Borrower or a Commonly Controlled Entity from, or the termination or Insolvency of, any Plan (other than the termination of any Single Employer Plan pursuant to Section 4041(b) of ERISA), or with respect to any determination that any Single Employer Plan is in “at risk” status or any such Multiemployer Plan is in “endangered” or “critical” status; where, in connection with any of the foregoing in clause (i) or (ii), only to the extent the amount of liability the Borrower or any Commonly Controlled Entity could reasonably be expected to have arising from an event has a Material Adverse Effect. Each notice pursuant to this subsection 6.7 shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating what action the Borrower proposes to take with respect thereto. 6.8. The Scheme, Takeover Offer and Related Matters. The Borrower will, or cause any Acquisition Co (if any) to: (a) Issue a Press Release or, as the case may be, an Offer Press Announcement (in the form delivered to the Administrative Agent pursuant to subsection 5.1(j), subject to such amendments as are not Materially Adverse Amendments or have been approved by the Lead Arranger in writing acting reasonably (such approval not to be unreasonably withheld, delayed or conditioned)) within five Business Days of the Effective Date (such issued document, the “Original Press Release” or “Original Offer Press Announcement”, as applicable). (b) Comply in all material respects with the City Code (subject to any waivers or dispensations granted by the Panel) in relation to any Takeover Offer or Scheme. (c) Except as consented to by the Lead Arranger in writing (such consent not to be unreasonably withheld, delayed or conditioned) and save to the extent that following the issuance of a Press Release or an Offer Press Announcement, the Borrower or any Acquisition Co elects to proceed with the Target Acquisition by way of a Takeover Offer or Scheme respectively, ensure that (i) if the Target Acquisition is effected by way of a Scheme, the Scheme Circular corresponds in all material respects to the terms and conditions of the Scheme as contained in the Press Release to which it relates or (ii) if the Target Acquisition is effected by way of a Takeover Offer, the Takeover Offer Document corresponds in all material respects to the terms and conditions of the Takeover Offer as contained in the corresponding Offer Press Announcement, subject, in the case of a Scheme, to any variation required by the Court and, in each case, to any variations which are not Materially Adverse Amendments. - 58 - Active.28128860.17

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(d) Ensure that the Scheme Documents or, if the Target Acquisition is effected by way of a Takeover Offer, the Offer Documents, contain all the material terms and conditions of the Scheme or Takeover Offer, as applicable and, in the case of a Takeover Offer, ensure that the conditions to the Takeover Offer include an Acceptance Condition set at a level at not less than the Minimum Acceptance Condition. (e) Except as consented to by the Lead Arranger in writing (such consent not to be unreasonably withheld, delayed or conditioned), not amend, treat as satisfied or waive (i) any term or condition of the Scheme Documents or the Takeover Offer Documents (other than the Acceptance Condition), as applicable, other than any such amendment, treatment or waiver which is not a Materially Adverse Amendment, or (ii) if the Target Acquisition is proceeding as a Takeover Offer, the Acceptance Condition if the effect of such amendment, treatment or waiver would be that the Acceptance Condition would be capable of being satisfied at a level less than the Minimum Acceptance Condition, unless in each case required by law or regulation (including the City Code), the London Stock Exchange, the Panel or, if relevant, the Court, save that, for the avoidance of doubt, the Company shall be entitled to waive any conditions to the Acquisition that are not customarily allowed to be invoked by the Panel without consulting with or making a request to the Panel. (f) Not take any action, and procure that none of its Affiliates nor any person acting in concert with it (within the meaning of the City Code) takes any action, which would require the Borrower to make a mandatory offer for the Target Shares in accordance with Rule 9 of the City Code or which would require a change to be made to the terms of the Scheme or the Takeover Offer (as the case may be) pursuant to Rule 6 or Rule 11 of the City Code which change, if made voluntarily, would be a Materially Adverse Amendment. (g) Provide the Administrative Agent with copies of each Offer Document and such information as it may reasonably request regarding, in the case of a Takeover Offer, the current level of acceptances subject to any confidentiality, legal, regulatory or other restrictions relating to the supply of such information. (h) Promptly deliver to the Administrative Agent or the receiving agent a certificate issued under Rule 10 of the City Code (where the Target Acquisition is being pursued pursuant to a Takeover Offer), any relevant Scheme Documents and/or Takeover Offer Documents and all other material announcements and documents published by the Borrower or any Acquisition Co or delivered by the Borrower or any Acquisition Co to the Panel pursuant to the Takeover Offer or the Scheme (other than the cash confirmation), in each case to the extent the Borrower, acting reasonably, anticipates they will be material to the interests of the Lenders in connection with the Transactions, except to the extent it is prohibited by legal (including contractual) or regulatory obligations or restrictions from doing so. (i) In the event that a Scheme is switched to a Takeover Offer or vice versa (which the Borrower or any Acquisition Co shall be entitled to do on multiple occasions provided that it complies with the terms of this Agreement), (i) within the applicable time periods provided in the definition of “Mandatory Cancellation Event”, procure that the Offer Press Announcement or the Press Release, as the case may be, is issued, and (ii) except as consented to by the Lead Arranger in writing (such consent not to be unreasonably withheld, delayed or conditioned), ensure that - 59 - Active.28128860.17

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(A) where the Target Acquisition is then proceeding by way of a Takeover Offer, the terms and conditions contained in the Offer Document include an Acceptance Condition which is not capable of being satisfied at a level less than the Minimum Acceptance Condition and (B) the conditions to be satisfied in connection with the Target Acquisition and contained in the Offer Documents or the Scheme Documents (whichever is applicable) are otherwise consistent in all material respects with those contained in the Offer Documents or the Scheme Documents (whichever applied to the immediately preceding manner in which it was proposed that the Target Acquisition would be effected) (to the extent applicable for the legal form of a Takeover Offer or a Scheme, as the case may be), in each case, other than (x) in the case of clause (B), any changes which are not Materially Adverse Amendments or are required to reflect the change in legal form to a Takeover Offer or a Scheme or (y) changes that could have been made to the Scheme or the Takeover Offer in accordance with the relevant provisions of this Agreement or which reflect the requirements of the terms of this Agreement and the manner in which the Target Acquisition may be effected. After having launched a Takeover Offer, the Borrower or any Acquisition Co shall also be entitled to effect the Target Acquisition by way of an alternative takeover offer (an “Alternative Offer”), which may replace or run alongside the original Takeover Offer (the “Original Offer”). Each Borrower or any Acquisition Co shall ensure that (A) the terms and conditions of any Alternative Offer shall include the Acceptance Condition and (B) the conditions to be satisfied in connection with any Alternative Offer are otherwise consistent with those applicable to the Original Offer, in each case, other than changes that could have been made to the Original Offer in accordance with the relevant provisions of this Agreement or which reflect the requirements of the terms of this Agreement and the manner in which the Target Acquisition may be effected, including without limitation, subsection 6.8(e). Where an Alternative Offer is in effect, the provisions of this Agreement which apply to a Takeover Offer shall also apply to an Alternative Offer. (j) In the case of a Takeover Offer, (i) not declare the Takeover Offer unconditional as to acceptances until the Minimum Acceptance Condition has been satisfied and (ii) promptly upon Squeeze-Out Level Acceptances being received (x) in the event that the Borrower will require proceeds of a Loan in order to make Squeeze-Out Payments and there is sufficient time remaining within the Commitment Period to issue a notice of Borrowing pursuant to subsection 2.2 for such Loan, issue such notice of Borrowing and (y) ensure that notices under Section 979 of the Companies Act 2006 in respect of Target Shares that the Borrower or any Acquisition Co has not yet agreed to directly or indirectly acquire are issued. (k) Subject always to the Companies Act 2006 and any applicable listing rules, in the case of a Scheme, as soon as reasonably practicable, and in relation to a Takeover Offer, as soon as reasonably practicable, procure that such necessary action is taken to procure that the Target Shares are removed from the Official List and that trading in the Target Shares on the Main Market of the London Stock Exchange is cancelled and as soon as reasonably practicable thereafter, procure that the Target is re-registered as a private limited company. (l) Not make any public announcement or public statement (other than in the relevant Scheme Documents and/or Takeover Offer Documents) concerning this Agreement or the Lenders in connection with the financing of the Target Acquisition without the prior consent of the Lead Arranger (such consent not to be unreasonably withheld, delayed or conditioned) unless - 60 - Active.28128860.17

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required to do so by the City Code, the Panel, other competent regulatory body, stock exchange, or by a court of competent jurisdiction. (m) In the case of a Scheme, upon the occurrence of the Scheme Effective Date the Borrower shall beneficially own (directly or indirectly) 100% of the Target Shares. 6.9. Beneficial Ownership Regulation. Promptly following a request by a Lender therefor, the Borrower shall provide to any such Lender information and documentation reasonably requested by such Lender for purposes of compliance with the Beneficial Ownership Regulation. SECTION 7 NEGATIVE COVENANTS The Borrower hereby agrees that, so long as the Commitments (or any of them) remain in effect or any amount is owing to any Lender or the Administrative Agent hereunder or under any other Loan Documents, the Borrower shall not, and (except with respect to subsection 9.1) shall not permit any of its Subsidiaries to, directly or indirectly: 7.1. Financial Covenant Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as at the last day of any period of four consecutive fiscal quarters of the Borrower to exceed the Maximum Leverage Ratio. 7.2. Limitation on Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except for: (a) Liens for taxes not yet due or which are being contested in good faith by appropriate proceedings, provided that adequate reserves with respect thereto are maintained on the books of the Borrower or its Subsidiaries, as the case may be, in conformity with GAAP; (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than 60 days or which are being contested in good faith by appropriate proceedings; (c) pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security legislation and deposits securing liability to insurance carriers under insurance or self-insurance arrangements; (d) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; (e) easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business which, in the aggregate, are not substantial in amount and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the Borrower or such Subsidiary; - 61 - Active.28128860.17

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(f) Liens in existence as of the Effective Date listed on Schedule 7.2, provided that no such Lien is spread to cover any additional property after the Closing Date and that the amount of Indebtedness secured thereby is not increased; (g) Liens securing Indebtedness of the Borrower and its Subsidiaries incurred to finance the acquisition of fixed or capital assets, provided that (i) such Liens shall be created substantially simultaneously with the acquisition of such fixed or capital assets, (ii) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (iii) the amount of Indebtedness secured thereby is not increased; (h) Liens on the property or assets of a corporation which becomes a Subsidiary after the date hereof, provided that (i) such Liens existed at the time such corporation became a Subsidiary and were not created in anticipation thereof, (ii) any such Lien is not spread to cover any property or assets of such corporation after the time such corporation becomes a Subsidiary, and (iii) the amount of Indebtedness secured thereby is not increased; (i) Liens created pursuant to any Receivables Transaction permitted pursuant to subsection 9.3; and (j) Liens (not otherwise permitted hereunder) which secure obligations not exceeding (as to the Borrower and all Subsidiaries) the greater of (i) $500,000,000 and (ii) 7.5% of the Consolidated Tangible Assets, in aggregate amount at any time. 7.3. Limitation on Indebtedness pursuant to Receivables Transactions. Create, issue, incur, assume, become liable in respect of or suffer to exist any Indebtedness pursuant to any Receivables Transaction, except for Indebtedness pursuant to all Receivables Transactions in an aggregate principal amount not exceeding 20% of Consolidated Tangible Assets. 7.4. Limitation on Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), consummate a Division as the Dividing Person, or convey, sell, lease, assign, transfer or otherwise Dispose of, all or substantially all of its property, business or assets, except: (a) any Subsidiary of the Borrower may be merged or consolidated with or into the Borrower (provided that the Borrower shall be the continuing or surviving corporation) or with or into any one or more wholly owned Subsidiaries of the Borrower (provided that the wholly owned Subsidiary or Subsidiaries shall be the continuing or surviving corporation); (b) any Subsidiary of the Borrower that is inactive or no longer needed in the Borrower’s consolidated group structure may be liquidated, dissolved, or otherwise eliminated under applicable law, so long as any remaining significant assets of such Subsidiary are transferred to the Borrower or to another of Borrower’s wholly owned Subsidiaries (as a liquidation distribution or otherwise); (c) the Borrower or any wholly owned Subsidiary of the Borrower may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Borrower or any other wholly owned Subsidiary, and, so long as no Default or Event of Default shall have occurred and be continuing or would occur as a result thereof, the Borrower or - 62 - Active.28128860.17

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any Subsidiary of the Borrower may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to any non-wholly owned Subsidiary of the Borrower for fair market value; (d) any non-wholly owned Subsidiary of the Borrower may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Borrower or any wholly owned Subsidiary of the Borrower for fair market value or may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to any other non-wholly owned Subsidiary of the Borrower; and (e) the Borrower or any Subsidiary of the Borrower may be merged or consolidated with or into another Person; provided that the Borrower or such Subsidiary shall be the continuing or surviving corporation and no Default or Event of Default shall have occurred and be continuing or would occur as a result thereof (and, in the case of any such transaction involving a Subsidiary, such Subsidiary shall continue to be a Subsidiary or the Borrower shall have received fair market value therefor as determined by the Board of Directors of the Borrower); and provided further that the Borrower may not be merged or consolidated with or into any Subsidiary. 7.5. Limitation on Indebtedness of Subsidiaries. Permit any Subsidiaries to, directly or indirectly, create, incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to, any Indebtedness in excess of 12.5% of Consolidated Tangible Assets in the aggregate at any time for all such Subsidiaries, except for (i) Indebtedness permitted by subsection 7.3 hereof, (ii) any Indebtedness of any Subsidiary of the Borrower owing to the Borrower or to any other Subsidiary of the Borrower and (iii) Indebtedness in existence on July 31, 2018 listed on Schedule 7.5. SECTION 8 EVENTS OF DEFAULT If any of the following events shall occur and be continuing: (a) The Borrower shall fail to pay any principal of any Loan when due in accordance with the terms thereof or hereof; or the Borrower shall fail to pay any interest on any Loan, or any fee or other amount payable hereunder, within five days after any such interest or other amount becomes due in accordance with the terms thereof or hereof; or (b) Any representation or warranty made or deemed made by the Borrower herein or in any other Loan Document or which is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement shall prove to have been incorrect in any material respect on or as of the date made or deemed made; or (c) The Borrower shall default in the observance or performance of any covenant contained in subsections 6.4(b), 6.7(a), 6.8 or in Section 7; or - 63 - Active.28128860.17

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(d) The Borrower shall default in the observance or performance of any other agreement contained in this Agreement (other than as provided above in this Section 8), and such default described in this clause (d) shall continue unremedied for a period of 30 days; or (e) The Borrower or any of its Subsidiaries shall: (i) default in any payment of principal of or interest of any Indebtedness (other than the Loans) or in the payment of any Guarantee Obligation, beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness or Guarantee Obligation was created; or (ii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or Guarantee Obligation or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Guarantee Obligation (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity or such Guarantee Obligation to become payable; provided, however, that no Default or Event of Default shall exist under this paragraph unless the aggregate amount of Indebtedness and/or Guarantee Obligations in respect of which any default or other event or condition referred to in this paragraph shall have occurred shall be equal to at least $150,000,000; or (f) (i) The Borrower or any of its Subsidiaries shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, examinership, court protection, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition, examinership, court protection or other relief with respect to it or its debts, or (B) seeking appointment of an examiner, receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Borrower or any of its Subsidiaries shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against the Borrower or any of its Subsidiaries any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against the Borrower or any of its Subsidiaries any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) the Borrower or any of its Subsidiaries shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) the Borrower or any of its Subsidiaries shall generally not or shall admit in writing its inability to, pay its debts as they become due; or (g) (i) The Borrower, its Subsidiaries or any Commonly Controlled Entity engages in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any Plan fails to meet the minimum funding standards described in Section 302 of ERISA or any Lien in favor of the PBGC or a Plan arises on the assets of the Borrower or any Commonly Controlled Entity, (iii) a Reportable Event occurs with respect to, or - 64 - Active.28128860.17

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proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee results in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan terminates for purposes of Title IV of ERISA, (v) a determination that any Single Employer Plan is, or is expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA), (vi) the Borrower or any Commonly Controlled Entity incurs any liability in connection with a withdrawal from, or the Insolvency of, a Multiemployer Plan, or a determination that any Multiemployer Plan is in “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA), or (vii) any other event or condition occurs or exist with respect to a Plan; and in each case in clauses (i) through (vii) above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to have a Material Adverse Effect; or (h) Any one judgment or decree shall be entered against the Borrower or any of its Subsidiaries involving in the aggregate a liability (not paid or in excess of the amount recoverable by insurance) of $150,000,000 (net of any related tax benefit) or more, and such judgment or decree shall not have been vacated, discharged, stayed or appealed (as long as enforcement is effectively stayed during such appeal or such appeal is bonded, if required) within 60 days from the entry thereof; or (i) (i) Any Person or “group” (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended) (A) shall have acquired beneficial ownership of 40% or more of any outstanding class of Capital Stock having ordinary voting power in the election of directors of the Borrower (other than Peter M. Nicholas and John E. Abele or any of their affiliated trust holdings) or (B) shall obtain the power (whether or not exercised) to elect a majority of the Borrower’s directors; or (ii) the Board of Directors of the Borrower shall not consist of a majority of Continuing Directors; “Continuing Directors” shall mean the directors of the Borrower on the Closing Date and each other director, if such other director’s nomination for election to the Board of Directors of the Borrower is recommended by a majority of the then Continuing Directors; then, and in any such event (but subject always to Section 5.4), (A) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (f) above with respect to the Borrower, automatically the Commitments shall immediately terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents shall immediately become due and payable, and (B) if such event is any other Event of Default, either or both of the following actions may be taken: (i) with the consent of the Majority Lenders, the Administrative Agent may, or upon the request of the Majority Lenders, the Administrative Agent shall, by notice to the Borrower declare the Commitments to be terminated forthwith, whereupon the Commitments shall immediately terminate; and (ii) with the consent of the Majority Lenders, the Administrative Agent may, or upon the request of the Majority Lenders, the Administrative Agent shall, by notice to the Borrower, declare the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable. - 65 - Active.28128860.17

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(j) Notwithstanding anything in this Agreement to the contrary, for a period commencing on the Closing Date and ending on the date falling 120 days after the Closing Date (the “Clean-Up Date”), notwithstanding any other provision of any Loan Document, any breach of covenants, misrepresentations or other default which arises with respect to the Target Group will not be deemed a breach of a covenant, misrepresentation or a default or an Event of Default, as the case may be, if: (i) it is capable or remedy and reasonable steps are being taken to remedy it; (ii) the circumstances giving rise to it have not knowingly been procured by or approved by the Borrower; and (iii) it is not reasonably likely to have a Material Adverse Effect. If the relevant circumstances are continuing on or after the Clean-Up Date, there shall be a breach of covenant, misrepresentation or default or Event of Default, as the case may be, notwithstanding the above. SECTION 9 THE AGENTS 9.1. Appointment. Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents, and each Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent. 9.2. Delegation of Duties. The Administrative Agent may execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys in-fact selected by it with reasonable care. 9.3. Exculpatory Provisions. Neither any Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or any other Loan Document (except for its or such Person’s own gross negligence or willful misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by the Borrower or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other - 66 - Active.28128860.17

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document referred to or provided for in, or received by such Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of the Borrower to perform its obligations hereunder or thereunder. No Agent shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of the Borrower. 9.4. Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any Note, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Borrower), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Majority Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Majority Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 9.5. Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Majority Lenders; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 9.6. Non-Reliance on Administrative Agent and Other Lenders. Each Lender expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal - 67 - Active.28128860.17

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of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Borrower and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Borrower. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of the Borrower which may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates. 9.7. Indemnification. The Lenders agree to indemnify the Administrative Agent (or sub-agent), in its capacity and any Related Party acting for the Administrative Agent (or any sub-agent) in connection with such capacity (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Aggregate Exposure Percentages in effect on the date on which indemnification is sought (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Aggregate Exposure Percentages immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including, without limitation, at any time following the payment of the Loans) be imposed on, incurred by or asserted against the Administrative Agent (or any sub-agent) or such Related Party in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent (or any sub-agent) or such Related Party under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements which are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Administrative Agent (or sub-agent) or any Related Party acting for the Administrative Agent (or any sub-agent) in connection with such capacity. The agreements in this subsection 9.7 shall survive the payment of the Loans and all other amounts payable hereunder. 9.8. Administrative Agent in Its Individual Capacity. The Administrative Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Borrower, if any, as though the Administrative Agent were not the Administrative Agent hereunder and under the other Loan Documents. With respect to the Loans made by it, the Administrative Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not the Administrative Agent, and the terms “Lender” and “Lenders” shall include the Administrative Agent in its individual capacity. - 68 - Active.28128860.17

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9.9. Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent upon 10 days’ notice to the Lenders. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Majority Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent (provided that it shall have been approved by the Borrower), shall succeed to the rights, powers and duties of the Administrative Agent hereunder. Upon the earlier of (i) the 10 day period following the Administrative Agent’s notice of resignation to the Lenders and (ii) the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section 9). The term “Administrative Agent” shall mean such successor agent, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans. After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and the other Loan Documents. 9.10.The Lead Arranger . The Lead Arranger shall not have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, the Lead Arranger shall not have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on the Lead Arranger in deciding to enter into this Agreement or in taking or not taking any action hereunder. 9.11.Certain ERISA Matters. (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Administrative Agent, the Lead Arranger, and the other Agents and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true: (i) such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans or the Commitments, (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), - 69 - Active.28128860.17

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is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, (iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfied the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or (iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender. (b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has not provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Lead Arranger, and the other Agents and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent, or the Lead Arranger, or any other Agents or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in the Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto). If the relevant circumstances are continuing on or after the Clean-Up Date, there shall be a breach of covenant, misrepresentation or default or Event of Default, as the case may be, notwithstanding the above. SECTION 10 RESERVED SECTION 11 MISCELLANEOUS 11.1.Amendments and Waivers. (a) Except as provided in paragraphs (b) and (d) of this subsection 11.1, neither this Agreement nor any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this subsection. The - 70 - Active.28128860.17

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Majority Lenders may, or, with the written consent of the Majority Lenders, the Administrative Agent may, from time to time, (a) enter into with the Borrower written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Borrower hereunder or thereunder or (b) waive, on such terms and conditions as the Majority Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall (i) reduce the amount or extend the scheduled date of maturity of any Loan or reduce the stated rate or amount of any interest or fee payable hereunder (except that any amendment or modification of defined terms used in the financial covenants in this Agreement shall not constitute a reduction in the rate of interest or fees for purposes of this clause (i)) or extend the scheduled date of any payment thereof or increase the amount or extend the expiration date of any Lender’s Commitment without the consent of each Lender directly affected thereby, (ii) amend, modify or waive any provision of this subsection or reduce the percentages specified in the definitions, of Majority Lenders or consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, in each case without the written consent of all the Lenders, (iii) amend, modify or waive any provision of Section 9 without the written consent of the then Administrative Agent, (iv) waive any condition in subsection 5.3 without the written consent of the Majority Lenders or (v) modify the pro rata distribution of payments, proceeds or fees payable to the Lenders (except in connection with an amend and extend transaction offered ratably to all Lenders under a tranche of Commitments) without the consent of each Lender directly affected thereby. Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Borrower, the Lenders, the Administrative Agent and all future holders of the Loans. In the case of any waiver, the Borrower, the Lenders and the Administrative Agent shall be restored to their former positions and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. (b) Notwithstanding the provisions of this subsection 11.1, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended and the principal amount owed to such Lender may not be reduced other than pursuant to payments made by a Borrower with respect thereto without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender. (c) Notwithstanding the foregoing, the Administrative Agent, with the consent of the Borrower, may amend, modify or supplement any Loan Document without the consent of any Lender or the Majority Lenders in order to correct, amend or cure any ambiguity, inconsistency or defect or correct any typographical error or manifest error in any Loan Document. - 71 - Active.28128860.17

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(d) If any Lender is a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.6 and payment of amounts due to such Lender under this Agreement), all of its interests, rights (other than its existing rights to payments pursuant to Section 3.9 or Section 3.10) and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender or an Affiliate of a Lender, if a Lender or such Affiliate accepts such assignment); provided that the applicable assignee shall have consented to the applicable amendment, waiver or consent. Notwithstanding the foregoing, in the event that the terms of this Agreement are required to be modified as specified in the applicable provisions of the Fee and Syndication Letter, then this Agreement may be amended (to the extent not adverse to the interests of the Lenders) by the Administrative Agent and the Borrower without the need to obtain the consent of any Lender. In furtherance of the foregoing, the Borrower and the Administrative Agent agree that they will enter into an amendment to this Agreement reasonably requested by the Lead Arranger in compliance with the terms of the Fee and Syndication Letter within ten Business Days of any such request. 11.2.Notices. (a) General. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by facsimile transmission) and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made (a) in the case of delivery by hand, when delivered, (b) in the case of delivery by mail, three days after being deposited in the mails, postage prepaid, or (c) in the case of delivery by facsimile transmission, when sent and receipt has been confirmed, addressed as follows in the case of the Borrower and the Administrative Agent, and as set forth in Schedule I in the case of the other parties hereto, or to such other address as may be hereafter notified by the respective parties hereto: If to the Borrower: Boston Scientific Corporation 300 Boston Scientific Way Marlborough, Massachusetts 01752 Attention: Daniel J. Brennan Executive Vice President and Chief Financial Officer and Robert J. Castagna Vice President and Treasurer Fax: 508-683-4410 with a copy to: - 72 - Active.28128860.17

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Boston Scientific Corporation 300 Boston Scientific Way Marlborough, Massachusetts 01752 Attention: Desiree Ralls-Morrison Senior Vice President, General Counsel, and Secretary If to the Administrative Agent: Barclays Bank PLC 745 7th Avenue New York NY 10019 Attn: Peter Oberrender Phone: +1 212 526 6687 Email: peter.oberrender@barclays.com and ltmny@barclays.com If to the Administrative Agent (for all borrowings, conversions and continuations): Barclays Bank PLC 700 Prides Crossing Newark, Delaware 19713 Attention: Samuel Cohen Telephone No.: 1-302-286-1920 E-mail: samuel.cohen@barclays.com With a copy to: E-mail: 12145455230@tls.ldsprod.com provided that any notice, request or demand to or upon the Administrative Agent or the Lenders pursuant to subsection 2.2, 2.4, or 3.2 shall not be effective until received. (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Sections 2 and 3 if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Section by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the - 73 - Active.28128860.17

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next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. (c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Affiliates (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to the Borrower, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 11.3.No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 11.4.Survival of Representations and Warranties. All representations and warranties made hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans hereunder. 11.5.Payment of Expenses and Taxes. The Borrower agrees (a) to pay or reimburse the Lead Arranger and the Administrative Agent for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the development, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including, without limitation, the reasonable and documented fees and disbursements of outside counsel (including one local counsel in each applicable jurisdiction) to the Administrative Agent and the Lead Arranger, (b) to pay or reimburse each Lender, the Lead Arranger and the - 74 - Active.28128860.17

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Administrative Agent for all its costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents and any such other documents, including, without limitation, the documented fees and disbursements of counsel (including the allocated fees and expenses of in house counsel) to each Lender and of counsel to the Administrative Agent and the Lead Arranger, provided, that in connection with any workout or restructuring, the Borrower shall pay the fees and disbursements of one U.S. counsel for the Administrative Agent, the Lead Arranger and the Lenders pursuant to this clause (b), and, in the case of an actual or perceived conflict of interest where the indemnified party affected by such conflict informs the Borrower of such conflict and thereafter, retains its own counsel, of another firm of counsel for such affected indemnified party, (c) to pay, indemnify, and hold each Lender and the Administrative Agent and each of their affiliates and their respective officer, directors, employees, agents and advisors (each, an “indemnified party”) harmless from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan Documents and any such other documents, and (d) to pay, indemnify, and hold each indemnified party harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred by any indemnified party or asserted against any indemnified party by any third party or by the Borrower or any of its Subsidiaries arising out of, in connection with or as a result of the Transactions (or any transactions related thereto), or the execution, delivery, enforcement, performance and administration of this Agreement, the other Loan Documents and such other documents, including, without limitation, any of the foregoing relating to the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of the Borrower, any of its Subsidiaries or any of the Properties (all the foregoing in this clause (d), collectively, the “indemnified liabilities”), provided that the Borrower shall have no obligation hereunder to any indemnified party with respect to indemnified liabilities arising from the gross negligence or willful misconduct of such indemnified party determined in a court of competent jurisdiction in a final non-appealable judgment. The agreements in this subsection shall survive repayment of the Loans and all other amounts payable hereunder and the termination of this Agreement. 11.6.Successors and Assigns; Participations and Assignments. (a) This Agreement shall be binding upon and inure to the benefit of the Borrower, the Lenders, the Administrative Agent and their respective successors and assigns, except that the Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of each Lender. (b) Any Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other entities (other than a Defaulting Lender, the Borrower or its Affiliates or Subsidiaries or any natural Person) (“Participants”) participating interests in any Loan owing to such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Loan Documents. In the event of any such sale by a Lender of a participating interest to a Participant, - 75 - Active.28128860.17

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such Lender’s obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Agreement and the other Loan Documents, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents. No Lender shall be entitled to create in favor of any Participant, in the participation agreement pursuant to which such Participant’s participating interest shall be created or otherwise, any right to vote on, consent to or approve any matter relating to this Agreement or any other Loan Document except for those specified in clauses (i) and (ii) of the proviso to subsection 11.1(a). The Borrower agrees that if amounts outstanding under this Agreement are due or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall, to the maximum extent permitted by applicable law, be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement, provided that, in purchasing such participating interest, such Participant shall be deemed to have agreed to share with the Lenders the proceeds thereof as provided in subsection 11.7(a) as fully as if it were a Lender hereunder. The Borrower also agrees that each Participant shall be entitled to the benefits of subsections 3.9, 3.10 and 3.11 with respect to its participation in the Commitments and the Loans outstanding from time to time as if it was a Lender; provided that, in the case of subsection 3.10, such Participant shall have complied with the requirements of said subsection, and provided, further, that no Participant shall be entitled to receive any greater amount pursuant to any such subsection than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred. Each Lender that sells a participation, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided, that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its other Obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other Obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive, and such Lender, the Borrower and the Administrative Agent shall treat each person whose name is recorded in the Participant Register pursuant to the terms hereof as the owner of such participation for all purposes of this Agreement, notwithstanding notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. (c) Any Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time and from time to time, assign (i) to any Lender or any Lender Affiliate with the consent (in each case, not to be unreasonably withheld, delayed or conditioned) of the Administrative Agent or (ii) with the consent of the Borrower (unless an Event of Default shall have occurred and be continuing) and the Administrative Agent (which consent in each case shall not be unreasonably withheld, delayed or conditioned), to an additional bank, financial institution, or other entity (an “Assignee”) all or any part of its rights - 76 - Active.28128860.17

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and obligations under this Agreement and the other Loan Documents pursuant to an Assignment and Assumption, substantially in the form of Exhibit D, executed by such Assignee, such assigning Lender (and, in the case of an Assignee that is not a Lender or a Lender Affiliate, by the Administrative Agent) and delivered to the Administrative Agent for its acceptance and recording in the Register, provided that, except in the case of an assignment to a Lender or a Lender Affiliate or an assignment of the entire remaining amount of the assigning Lender’s Commitments or Loans, the amount of the Commitments or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 (or such lesser amount as may be agreed to by the Borrower and the Administrative Agent), and provided further that no such assignment shall be made to (A) any Defaulting Lender or any of its Subsidiaries, (B) the Borrower or any of its Affiliates or Subsidiaries or (C) any natural person. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Assumption, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Assumption, have the rights and obligations of a Lender hereunder with Commitments as set forth therein, and (y) the assigning Lender thereunder shall, to the extent provided in such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such assigning Lender shall cease to be a party hereto but shall continue to be entitled to the indemnity and expense reimbursement provisions in the Loan Documents arising out of the period prior to the assignment). (d) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at the address of the Administrative Agent referred to in subsection 11.2 a copy of each Assignment and Assumption delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitments of, and principal amount (and stated interest) of the Loans owing to, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of a Loan or other obligation hereunder as the owner thereof for all purposes of this Agreement and the other Loan Documents, notwithstanding any notice to the contrary. Any assignment of any Loan or other obligation hereunder not evidenced by a Note shall be effective only upon appropriate entries with respect thereto being made in the Register. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. (e) Upon its receipt of an Assignment and Assumption executed by an assigning Lender and an Assignee (and, in the case of an Assignee that is not then a Lender or a Lender Affiliate, by the Borrower (if required) and the Administrative Agent) together with payment to the Administrative Agent of a registration and processing fee of $4,000, the Administrative Agent shall (i) promptly accept such Assignment and Assumption and (ii) on the effective date determined pursuant thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Borrower; provided that the - 77 - Active.28128860.17

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Administrative Agent may, in its sole discretion, elect to waive such registration and processing fee in the case of any assignment. (f) The Borrower authorizes each Lender to disclose to any Participant or Assignee (each, a “Transferee”) and any prospective Transferee, subject to the provisions of subsection 11.14, any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Agreement or which has been delivered to such Lender by or on behalf of the Borrower in connection with such Lender’s credit evaluation of the Borrower and its Affiliates prior to becoming a party to this Agreement. (g) For avoidance of doubt, the parties to this Agreement acknowledge that the provisions of this subsection concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment by a Lender of any Loan or Note to any Federal Reserve Bank or any central bank having jurisdiction over such Lender in accordance with applicable law. (h) In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall (unless otherwise agreed by the Borrower and the Administrative Agent) be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all applicable Loans. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. Notwithstanding anything to the contrary in this subsection 11.6, during the Certain Funds Period no Lender shall assign any Commitment or Loan or any other interest of such Lender hereunder or under the other Loan Documents without the prior written consent of the Administrative Agent and, unless a Certain Funds Default has occurred and is continuing, the Borrower. 11.7.Adjustments; Set-off. (a) If any Lender (a “Benefited Lender”) shall at any time receive any payment of all or part of its Loans (or any participation therein arising pursuant to subsection 11.15) then due and owing, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or - 78 - Active.28128860.17

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involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in subsection 8(g), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender (other than to the extent expressly provided herein or by court order), if any, in respect of such other Lender’s Loans (or any participation therein arising pursuant to subsection 11.15) then due and owing, or interest thereon, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender’s Loans, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest; and provided further that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of subsection 2.6 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. (b) In addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to the Borrower, any such notice being expressly waived by the Borrower to the extent permitted by applicable law, upon any amount becoming due and payable by the Borrower hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any Affiliate, branch or agency thereof to or for the credit or the account of the Borrower. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such set-off and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such set-off and application. 11.8.Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by facsimile transmission or in electronic (i.e., “pdf” or “tif”) format), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent. 11.9.Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this subsection 11.9, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws or a Bail-In - 79 - Active.28128860.17

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Action, as determined in good faith by the Administrative Agent, then such provisions shall be deemed to be in effect only to the extent not so limited. 11.10. Integration. This Agreement and the other Loan Documents represent the agreement of the Borrower, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents. 11.11. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 11.12. Submission To Jurisdiction and Waivers. The Borrower hereby irrevocably and unconditionally: (a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the United States of America for the Southern District of New York Courts and, if such courts lack subject matter jurisdiction, the State of New York sitting in New York County, Borough of Manhattan, and appellate courts from any thereof; (b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Borrower at its address set forth in subsection 11.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto; (d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this subsection any special, exemplary, punitive or consequential damages. 11.13. Acknowledgements. The Borrower hereby acknowledges that: (a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents; (b) neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to the Borrower arising out of or in connection with this Agreement or any of the - 80 - Active.28128860.17

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other Loan Documents, and the relationship between the Administrative Agent and Lenders, on the one hand, and the Borrower, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Borrower and the Lenders. 11.14. Confidentiality. Each Lender agrees to keep confidential any Information (a) provided to it by or on behalf of the Borrower or any of its Subsidiaries pursuant to or in connection with this Agreement or (b) obtained by such Lender based on a review of the books and records of the Borrower or any of its Subsidiaries; provided that nothing herein shall prevent any Lender from disclosing any such Information (i) to the Administrative Agent or any other Lender, (ii) to any Transferee or prospective Transferee which receives such Information having been made aware of the confidential nature thereof and having agreed to abide by the provisions of this subsection 11.14, (iii) to its employees, directors, agents, attorneys, accountants and other professional advisors, and to its and its Affiliates’ respective employees, officers, directors, agents, attorneys, accountants and other professional advisors who are directed to be bound by the provisions of this subsection 11.14 and who have a need for such Information in connection with this Agreement or other transactions or proposed transactions with the Borrower, (iv) upon the request or demand of any Governmental Authority having jurisdiction or oversight over such Lender or in connection with any assignment or pledge permitted under subsection 11.6(g), (v) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, (vi) subject to an agreement to comply with the provisions of this subsection, to any actual or prospective counter-party (or its advisors) to any Hedge Agreement, (vii) which has been publicly disclosed other than in breach of this Agreement, (viii) in connection with the exercise of any remedy hereunder, or (ix) with the written consent of either a Responsible Officer or the treasurer of the Borrower. For purposes of this Section, “Information” means all information received from either Borrower or any Subsidiary relating to either Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry, provided that, in the case of information received from the Borrower or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. Each of the Administrative Agent and the Lenders acknowledges that (a) the Information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including Federal and state securities laws. - 81 - Active.28128860.17

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11.15. Reserved. 11.16. Judgment. (a) If for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder in one currency into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency in the city in which it normally conducts its foreign exchange operation for the first currency on the Business Day preceding the day on which final judgment is given. (b) The obligation of the Borrower in respect of any sum due from it to any Lender hereunder shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by such Lender of any sum adjudged to be so due in the Judgment Currency such Lender may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency; if the amount of Agreement Currency so purchased is less than the sum originally due to such Lender in the Agreement Currency, the Borrower agrees notwithstanding any such judgment to indemnify such Lender against such loss, and if the amount of the Agreement Currency so purchased exceeds the sum originally due to any Lender, such Lender agrees to remit to the Borrower such excess. 11.17. WAIVERS OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 11.18. USA Patriot Act Notice. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information that identifies the Borrower which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the Patriot Act. 11.19. No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a) (i) the arranging and other services regarding this Agreement provided by the Administrative Agent and the Lead Arranger are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Administrative Agent and the Lead Arranger, on the other hand, (ii) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed - 82 - Active.28128860.17

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appropriate, and (iii) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b) (i) the Administrative Agent and the Lead Arranger each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its respective Affiliates, or any other Person and (ii) neither the Administrative Agent nor the Lead Arranger has any obligation to the Borrower or any of its respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) the Administrative Agent and the Lead Arranger and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and neither the Administrative Agent nor the Lead Arranger has any obligation to disclose any of such interests to the Borrower or any of its Affiliates. 11.20. Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the parties hereto, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender party hereto that is an EEA Financial Institution; and (b) the effects of any Bail-In Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or (iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. [Signature Pages Follow] - 83 - Active.28128860.17

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written. BOSTON SCIENTIFIC CORPORATION Title: Vice [Signature Page to Bridge Credit Agreement]

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BARCLAYS BANK PLC, as Admini strati ve Agent Ronnie G enn Director BARCLAYS BANK PLC, as a Lender (_ / Signature Page to Project Bul ldog Bridge Credit Agreement

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SCHEDULE I NAMES AND COMMITMENTS OF LENDERS Active.28128860.17 Name Tranche 1 Commitment Tranche 2 Commitment Barclays Bank PLC £3,115,000,000 £200,000,000 Total £3,115,000,000 £200,000,000

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Schedule 7.2 Existing Liens1 Entity State Jurisdiction UCC # Secured Party Amount of Description Obligation — Boston Scientific Corporation DE SOS 64509535 filed on 12/22/06 Continued on 8/1/11 Continued on 12/2/16 Assignment to Wells Fargo Bank on 2/7/17 Collateral restatement filed on 2/7/17 Debtor address change filed on 2/7/17 Wells Fargo Bank, National Association Certain accounts receivable and related property relating to Company’s receivables facility Boston Scientific Funding LLC DE SOS 64510137 filed on 12/22/06 Continued on 8/1/11 Continued on 12/2/16 Assignment to Wells Fargo Bank on 2/7/17 Collateral restatement filed on 2/7/17 Debtor address change filed on 2/7/17 Wells Fargo Bank, National Association — Certain accounts receivable and related property relating to Company’s receivables facility 1 Liens with respect to Equipment Leases are set forth on an Annex hereto.

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ANNEX 1 TO SCHEDULE 7.2 BOSTON SCIENTIFIC EXISTING LIENS Debtor State Jurisdiction UCC Type File # and Date Secured Party Collateral Description BOSTON SCIENTIFIC CORPORATION DE SOS UCC-1 #6450953 5 12/22/06 Wachovia Bank, National Association, as Administrative Agent SP Assignor: Boston Scientific Funding LLC Blanket Lien UCC-3 11/20/07 SP Assignment to Royal Bank of Canada, as Administrative Agent UCC-3 11/20/07 and 8/3/10 Collateral Restatement UCC-3 8/1/11 Continuation UCC-3 12/2/16 Continuation UCC-1 #2013 4617834 11/22/13 Ricoh USA, Inc. Equipment Lease UCC-3 2/10/14 MB Financial Bank, N.A. Assignment UCC-3 5/30/18 Continuation UCC-1 #3014 0597138 2/14/14 Wells Fargo Bank, N.A. Equipment Lease UCC-1 #2014 5298906 12/30/14 Carlson Systems LLC Equipment Lease UCC-1 #20160141166 1/8/16 Ikon Financial Svcs Equipment Lease

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Debtor State Jurisdiction UCC Type File # and Date Secured Party Collateral Description UCC-1 #20160141174 1/8/16 Ikon Financial Svcs Equipment Lease UCC-1 #20160141257 1/8/16 Ikon Financial Svcs Equipment Lease UCC-1 #20160141265 1/8/16 Ikon Financial Svcs Equipment Lease UCC-1 #20160141273 1/8/16 Ikon Financial Svcs Equipment Lease UCC-1 #20160141281 1/8/16 Ikon Financial Svcs Equipment Lease UCC-1 #20160141299 1/8/16 Ikon Financial Svcs Equipment Lease UCC-1 #20160141307 1/8/16 Ikon Financial Svcs Equipment Lease UCC-1 #20161614039 3/17/16 Engel Machinery Inc. Equipment Lease UCC-1 #20163120498 5/25/16 Ikon Financial Svcs Equipment Lease UCC-1 #20173531917 5/30/17 Ikon Financial Svcs Equipment Lease UCC-1 #20187189976 10/17/18 Orbotech, Inc. Equipment Lease BOSTON SCIENTIFIC FUNDING LLC DE SOS UCC-1 #6451013 7 12/22/06 Wachovia Bank, National Association, as Administrative Agent Blanket Lien

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Debtor State Jurisdiction UCC Type File # and Date Secured Party Collateral Description UCC-3 11/20/07 SP Assignment to Royal Bank of Canada, as Administrative Agent UCC-3 11/20/07 Collateral Restatement UCC-3 8/1/11 Continuation UCC-3 12/2/16 Continuation ENDOCHOICE, INC. DE SOS UCC-1 #20140210377 1/7/14 GreatAmerica Financial Services Corporation Equipment Lease

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Schedule 7.5 Existing Subsidiary Indebtedness1 ($ in thousands) 1 As of July 31, 2018. Subsidiary Lender Maturity Amount Boston Scientific Japan K.K. Sanritsu Corporation October 2030 7,349 Boston Scientific SA France BNP Paribas Factor S.A. Revolving 3,948 Boston Scientific Benelux NV BNP Paribas Factor S.A. Revolving 96 Various Various Revolving 945

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EXHIBIT A FORM OF NOTE $ New York, New York [ ], 2018 FOR VALUE RECEIVED, the undersigned, Boston Scientific Corporation, a Delaware corporation (the “Borrower”), hereby unconditionally promises to pay [ ] (the “Lender”) (or its registered assigns) at the office of Barclays Bank PLC, located at 745 7TH AVENUE, NEW YORK, NEW YORK, 10019, in lawful money of the United States of America and in immediately available funds, on the Termination Date the principal amount of (a) [DOLLARS][POUNDS STERLING] ([$][£] ), or, if less, (b) the aggregate unpaid principal amount of all Loans made by the Lender to the Borrower pursuant to subsection 2.1 of the Credit Agreement, as hereinafter defined. The principal amount of the Loans shall be paid in the amounts and on the dates specified in subsection 2.5 of the Credit Agreement. The Borrower further agrees to pay interest in like money at such office on the unpaid principal amount hereof from time to time outstanding at the rates and on the dates specified in subsections 3.2 and 3.4 of such Credit Agreement. The holder of this Note is authorized to endorse on the schedules annexed hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof the date, Type and amount of each Loan made pursuant to the Credit Agreement and the date and amount of each payment or prepayment of principal thereof, each continuation thereof, each conversion of all or a portion thereof to another Type and, in the case of Eurodollar Loans, the length of each Interest Period with respect thereto. Each such endorsement shall constitute prima facie evidence of the accuracy of the information endorsed. The failure to make any such endorsement shall not affect the obligations of the Borrower in respect of such Loan. This Note (a) is one of the Notes referred to in the Bridge Credit Agreement, dated as of November 20, 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lender, the other banks and financial institutions from time to time parties thereto, Barclays Bank PLC, as Lead Arranger and Bookrunner, and Barclays Bank PLC, as Administrative Agent, (b) is subject to the provisions of the Credit Agreement and (c) is subject to optional prepayment in whole or in part as provided in the Credit Agreement. This Note is guaranteed as provided in the Credit Agreement. Reference is hereby made to the Credit Agreement for the nature and extent of the guarantee, the terms and conditions upon which the guarantee was granted and the rights of the holder of this Note in respect thereof. Upon the occurrence of any one or more of the Events of Default, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable, all as provided in the Credit Agreement. 008330-0413-28143808.6

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All parties now and hereafter liable with respect to this Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment, demand, protest and all other notices of any kind. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. Boston Scientific Corporation By: Name: Title: 008330-0413-28143808.6

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Schedule A to Note LOANS, CONVERSIONS AND REPAYMENTS OF ABR LOANS 008330-0413-28143808.6 Date Amount of ABR Loans Amount Converted to ABR Loans Amount of Principal of ABR Loans Repaid Amount of ABR Loans Converted to Eurodollar Loans Unpaid Principal Balance of ABR Loans Notation Made By

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Schedule B to Note LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF EURODOLLAR LOANS 008330-0413-28143808.6 Date Amount of Eurodollar Loans Amount Converted to Eurodollar Loans Interest Period and Eurodollar Rate with Respect Thereto Amount of Principal of Eurodollar Loans Repaid Amount of Eurodollar Loans Converted to ABR Loans Unpaid Principal Balance of Eurodollar Loans Notation Made By

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EXHIBIT B FORM OF BORROWER CLOSING CERTIFICATE [•], 2018 Pursuant to Section 5.1 of the Bridge Credit Agreement, dated as of the date hereof (the “Credit Agreement”), among Boston Scientific Corporation, a Delaware corporation (the “Borrower”), the several banks and other financial institutions from time to time parties thereto and Barclays Bank PLC, as Administrative Agent, the undersigned, [President] [Vice President] of the Borrower, hereby certifies as follows: 1. [ ] is and at all times since [ ], 20[ ] has been the duly elected and qualified [Secretary] [Assistant Secretary] of the Borrower and the signature set forth on the signature line for such officer below is such officer’s true and genuine signature; 2. Attached hereto as Schedule 1 is a true and complete copy of a draft of [the Press Release or the Offer Press Announcement], in the form in which it is proposed to be issued; and the undersigned [Secretary] [Assistant Secretary] of the Borrower hereby certifies as follows: 1. There are no liquidation or dissolution proceedings pending or to my knowledge threatened against the Borrower, nor has the Borrower instituted nor to its knowledge is there instituted against it any proceeding relating to bankruptcy, examination, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally that would cause the Borrower to cease to exist; 2. The Borrower is a corporation duly incorporated, validly existing and in good standing under the laws of Delaware; 3. (a) Attached hereto as Exhibit A is a true and complete copy of resolutions duly adopted by the Board of Directors of the Borrower on [ ], 2018; such resolutions have not in any way been amended, modified, revoked or rescinded and have been in full force and effect since their adoption to and including the date hereof and are now in full force and effect and such resolutions are the only corporate proceedings of the Borrower now in force relating to or affecting the matters referred to therein; (b) Attached hereto as Exhibit B is a true and complete copy of the By-laws of the Borrower as in effect on the date hereof; and (c) Attached hereto as Exhibit C is a true and complete copy of the Certificate of Incorporation of the Borrower as in effect on the date hereof; 4. Each of the persons named in Exhibit D attached hereto are now duly elected and qualified officers of the Borrower, holding the offices indicated next to their 008330-0413-28143808.6

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respective names below, and such officers have held such offices with the Borrower at all times since [ ], 2018 to and including the date hereof, and the signatures appearing opposite their respective names below are the true and genuine signatures of such officers, and each of such officers is duly authorized to execute and deliver on behalf of the Borrower the Credit Agreement and the other Loan Documents and any certificate or other document to be delivered by the Borrower pursuant to the Credit Agreement or any such Loan Document. Unless otherwise defined herein, capitalized terms which are defined in the Credit Agreement and used herein are so used as so defined. IN WITNESS WHEREOF, the undersigned have hereunto set our names as of the date first written above. Name: Title: Name: Title: 008330-0413-28143808.6 2

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EXHIBIT C FORM OF OPINION OF COUNSEL TO BORROWER 008330-0413-28143808.6 3

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EXHIBIT D FORM OF ASSIGNMENT AND ASSUMPTION This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into between the Assignor named below (the “Assignor”) and the Assignee named below (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 1. Assignor: 2. Assignee: [and is a [Lender][an Affiliate of [identify Lender]] 3. Borrower(s): 4. Administrative Agent: Barclays Bank PLC, as administrative agent under the Credit Agreement 5. Credit Agreement: The Bridge Credit Agreement dated as of November 20, 2018 (as amended, supplemented or otherwise modified from time to time) among Boston Scientific Corporation, the banks and financial institutions from time to time parties thereto, Barclays Bank PLC, as Lead Arranger and Bookrunner, and Barclays Bank PLC, as Administrative Agent 008330-0413-28143808.6 4

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6. Assigned Interest: Effective Date: , 20 [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] The Assignee agrees to deliver to the Administrative Agent a completed administrative questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its Affiliates or their respective securities) will be made available and who may receive such information in accordance with the Assignee’s compliance procedures and applicable laws, including Federal and state securities laws. The terms set forth in this Assignment and Assumption are hereby agreed to: ASSIGNOR NAME OF ASSIGNOR By: Title: ASSIGNEE NAME OF ASSIGNEE By: Title: 1 Fill in the appropriate terminology for the types of commitment under the Credit Agreement that are being assigned under this Assignment and Assumption (e.g., “Tranche 1 Commitment” or “Tranche 2 Commitment”). 2 Set forth, to at least 9 decimals, as a percentage of the Commitments/Loans of all Lenders. 008330-0413-28143808.6 5 Commitments Facility Assigned1 Aggregate Amount of Commitments/Loans for all Lenders Amount of Commitments/Loans Assigned Percentage Assigned of Commitments/Loans2 $ $ % $ $ % $ $ %

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[Consented to and]3 Accepted: BARCLAYS BANK PLC, as Administrative Agent By Title: [Consented to: Boston Scientific Corporation By Title:]4 3 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 4 To be included unless and Event of Default has occurred and is continuing. During the Certain Funds Period the Borrower’s consent is required unless Certain Funds Default has occurred and is continuing. 008330-0413-28143808.6 6

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ANNEX 1 Bridge Credit Agreement, dated as of November 20, 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time (the “Credit Agreement”), among Boston Scientific Corporation (the “Borrower”), the Lenders party thereto and Barclays Bank PLC, as Administrative Agent (in such capacity, the “Administrative Agent”) STANDARD TERMS AND CONDITIONS FOR ASSIGNMENT AND ASSUMPTION 1. Representations and Warranties. 1.1Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby, (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document and (c) attaches any Notes held by it evidencing the Assigned Interest and requests that the Administrative Agent, upon request by the Assignee, exchange the attached Notes for a new Note or Notes payable to the Assignee. 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to subsection 6.1 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender and (v) if it is a Non-U.S. Lender, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 2.Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other 008330-0413-28143808.6

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amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by email or telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York. 008330-0413-28143808.6

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EXHIBIT E-1 [FORM OF] U.S. TAX CERTIFICATE (For Non-U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to the Bridge Credit Agreement, dated as of November 20, 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Boston Scientific Corporation, the banks and financial institutions from time to time parties thereto, Barclays Bank PLC, as Lead Arranger and Bookrunner, and Barclays Bank PLC, as Administrative Agent. Pursuant to the provisions of subsection 3.10 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. [NAME OF LENDER] By: Name: Title: Date: , 20[ ] 008330-0413-28143808.6

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EXHIBIT E-2 [FORM OF] U.S. TAX CERTIFICATE (For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to the Bridge Credit Agreement, dated as of November 20, 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Boston Scientific Corporation, the banks and financial institutions from time to time parties thereto, Barclays Bank PLC, as Lead Arranger and Bookrunner, and Barclays Bank PLC, as Administrative Agent. Pursuant to the provisions of subsection 3.10 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished its participating Lender (and, to the extent required by subsection 11.6 of the Credit Agreement, the Borrower and the Administrative Agent) with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender (and, if required, the Borrower and the Administrative Agent) in writing and (2) the undersigned shall have at all times furnished such Lender (and, if required, the Borrower and the Administrative Agent) with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. [NAME OF PARTICIPANT] By: Name: Title: Date: , 20[ ] 008330-0413-28143808.6

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EXHIBIT E-3 [FORM OF] U.S. TAX CERTIFICATE (For Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to the Bridge Credit Agreement, dated as of November 20, 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Boston Scientific Corporation, the banks and financial institutions from time to time parties thereto, Barclays Bank PLC, as Lead Arranger and Bookrunner, and Barclays Bank PLC, as Administrative Agent. Pursuant to the provisions of subsection 3.10 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished its participating Lender (and, to the extent required by subsection 11.6 of the Credit Agreement, the Borrower and the Administrative Agent) with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E, as applicable or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender (and, if required, the Borrower and the Administrative Agent) and (2) the undersigned shall have at all times furnished such Lender (and, if required, the Borrower and the Administrative Agent) with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 008330-0413-28143808.6

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[NAME OF PARTICIPANT] By: Name: Title: Date: , 20[ ] 008330-0413-28143808.6

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EXHIBIT E-4 [FORM OF] U.S. TAX CERTIFICATE (For Non-U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) Reference is hereby made to the Bridge Credit Agreement, dated as of November 20, 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Boston Scientific Corporation, the banks and financial institutions from time to time parties thereto, Barclays Bank PLC, as Lead Arranger and Bookrunner, and Barclays Bank PLC, as Administrative Agent. Pursuant to the provisions of subsection 3.10 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E, as applicable or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 008330-0413-28143808.6

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[NAME OF LENDER] By: Name: Title: Date: , 20[ ] 008330-0413-28143808.6

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EXHIBIT F [Reserved] 008330-0413-28143808.6

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Exhibit G FORM OF PREPAYMENT NOTICE Date: [•], 20[•] To: Barclays Bank PLC, as the Administrative Agent Attn: [ ] Telephone: [ Email: [ ] ]@barclays.com Ladies and Gentlemen: Reference is made to the Bridge Credit Agreement, dated as of November 20, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Boston Scientific Corporation, a Delaware corporation (the “Borrower”), the banks and financial institutions from time to time parties thereto, Barclays Bank PLC, as Lead Arranger and Bookrunner, and Barclays Bank PLC, as Administrative Agent. Terms used but not defined herein have the respective meanings given to such terms in the Credit Agreement. The undersigned hereby notifies you, pursuant to subsection 3.1 of the Credit Agreement, of the prepayment specified below: 1. On [(a Business Day)]. 2. In the amount of [$][£] . 3. Comprised of . [Type and Class of Loan to be prepaid]1 Borrowing(s) to be prepaid: .]2 [4. [Signature Page Follows] 1 Specify Eurodollar Loan or ABR Loan and Tranche 1 Commitment or Tranche 2 Commitment, respectively. 2 To be included in the case of Eurodollar Loans. 008330-0413-28143808.6

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Boston Scientific Corporation, as the Borrower, By: Name: Title: 008330-0413-28143808.6

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Exhibit 99.1

 

 Boston Scientific Announces Recommended Offer to Acquire BTG plc. Transaction would expand peripheral interventions portfolio with minimally-invasive treatments for cancers and vascular conditions MARLBOROUGH, Mass., November 20, 2018 – Boston Scientific (NYSE: BSX) today announced it has reached an agreement on the terms of a recommended offer to acquire BTG plc. (LSE: BTG), a company headquartered in the United Kingdom, which develops and commercializes products used in minimally-invasive procedures targeting cancer and vascular diseases, as well as acute care pharmaceuticals. The transaction has been unanimously approved by the boards of directors of Boston Scientific and BTG. Under the terms of the transaction, holders of BTG’s common shares would receive cash consideration of 840 pence per share. The total cash consideration for 100% of BTG’s equity is approximately £3.3B, or U.S.$4.2B. The transaction is intended to be effected by way of an English court-sanctioned scheme of arrangement, and is expected to close in the first half of 2019, subject to receipt of required regulatory approvals and the approval of BTG’s shareholders and the U.K. court. BTG has three key businesses, the largest of which is its Interventional Medicine portfolio which encompasses several peripheral interventional product lines. The interventional oncology franchise includes the TheraSphere® Y-90 radiotherapy microspheres and the GALIL™ cryoablation system, used to treat patients with liver, kidney and other cancers. More than 840,000 people are expected to be diagnosed with liver cancer in 2018, and that number is expected to grow to 1.1 million by 2030.i Kidney cancer is among the 10 most common cancers in both men and women.ii The company’s Interventional Medicine business also has a highly-differentiated vascular portfolio, including filters, crossing catheters, microfoam and the EKOS® Endovascular System. The EKOS system, in combination with clot-dissolving drugs, breaks down blood clots to restore blood flow in patients with pulmonary emboli, deep vein thrombosis and peripheral arterial occlusions. It was the first device cleared by the Food and Drug Administration for the treatment of pulmonary embolism – a common complication of hospitalization and a leading cause of preventable hospital deaths.iii “The acquisition of BTG and its rapidly growing peripheral interventional portfolio is an exciting extension of our category leadership strategy that will augment our capabilities in important areas of unmet need such as cancer and pulmonary embolism,” said Mike Mahoney, chairman and chief executive officer, Boston Scientific. “We are confident that the addition of these therapies to our portfolio will ultimately advance patient care in ways that could not be realized by either company alone, while also allowing us to realize substantial revenue and cost synergies and provide a strong return for investors.” The BTG portfolio also includes a pharmaceutical business comprised of acute care antidotes to treat overexposure to certain medications and toxins, and a licensing business that receives royalties relating to products subject to BTG intellectual property and license agreements. The company has 1,600 employees globally, located in North America, Europe, Asia and Australia. “Boston Scientific shares our commitment to transforming patient care, and has a sustained track record of innovation, clinical expertise and global commercial capabilities,” said Dame Louise Makin, chief executive officer, BTG. “The combined organization will be well positioned for success, enabling our valuable products to make a real difference to more people around the world.”

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Boston Scientific has received irrevocable undertakings to vote in favor of the transaction from BTG’s three largest shareholders, covering an aggregate of approximately 33% of BTG’s outstanding shares, as well as from all of BTG’s directors, who hold an additional 0.3% of BTG shares. The transaction would be funded with a combination of cash on hand and proceeds from debt financing entered into by Boston Scientific. The full terms of the proposed transaction, including the full terms of the undertakings from BTG’s shareholders and directors, are set forth in an announcement made by Boston Scientific, Bravo Bidco Limited, a wholly-owned Boston Scientific subsidiary formed to effect the proposed transaction, and BTG today in accordance with Rule 2.7 of the U.K.’s City Code on Takeovers and Mergers. Boston Scientific has entered into a bridge financing facility providing for its receipt of £3.3B of committed financing, which satisfies the certain funds requirements of the U.K. Takeover Code. The transaction is expected to be two to three cents accretive to Boston Scientific adjusted earnings per share in 2019, and increasingly accretive thereafter. On a GAAP basis, the transaction is expected to be dilutive in 2019, and less dilutive or increasingly accretive thereafter, as the case may be, due to amortization expense and acquisition-related net charges. Barclays and Shearman & Sterling are acting as financial and legal advisors, respectively, on behalf of Boston Scientific. Conference Call and Webcast Information Boston Scientific will host a conference call to discuss this transaction today, Tuesday, November 20, at 7:15 am ET. The call will be hosted by Mike Mahoney, chairman and chief executive officer and Jeff Mirviss, senior vice president and president of the Peripheral Interventions division. A live webcast of the conference call will be available via the Boston Scientific website. Webcast registration is available on the Investor Relations section of the website at www.bostonscientific.com/investors. Registration at least 15 minutes prior to the scheduled start time is encouraged to ensure a timely connection. A replay of the webcast will be archived and accessible at www.bostonscientific.com/investors approximately one hour following the completion of the conference call. About Boston Scientific Boston Scientific transforms lives through innovative medical solutions that improve the health of patients around the world. As a global medical technology leader for more than 35 years, we advance science for life by providing a broad range of high performance solutions that address unmet patient needs and reduce the cost of healthcare. For more information, visit www.bostonscientific.com and connect on Twitter and Facebook. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like “anticipate,” “expect,” “project,” “believe,” “plan,” “estimate,” “intend” and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding our business plans, regulatory approvals, the closing of the acquisition, product development and product performance and impact. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements. Factors that may cause such differences include, among other things: future economic, competitive, reimbursement and regulatory conditions; new product introductions; demographic trends; intellectual property; litigation; financial market conditions; and future business decisions made by us and our competitors. All of these factors are difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A – Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A – Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ

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forward-looking statements. This cautionary statement is applicable to all forward-looking document. imates ment (including any statement of estimated synergies) is intended or shall be deemed to be a ate of the future financial performance of BTG or Boston Scientific Bidco for any period an d cement should be interpreted to mean that cash flow from operations, earnings, or earnings per sons (where relevant) for the current or future financial years would necessarily match or exceed flow from operations, earnings, earnings per share or income of those persons (as appropriate). l Measures ated financial statements presented on a GAAP basis, we disclose certain non-GAAP financial ted net income and adjusted net income (earnings) per share that excludes certain charges and/or expense and acquisition-related net charges (credits). These non-GAAP financial measures are enerally accepted accounting principles in the United States and should not be considered in lacement for the most directly comparable GAAP financial measures. Further, other companies AP financial measures differently than we do, which may limit the usefulness of those measures or further information regarding our non-GAAP measures, see Part II, Item 7 - Management’s Financial Condition and Results of Operations in our most recent Annual Report on Form 10-Quarterly Reports on Form 10-Q we have filed or will file hereafter. tion rmation purposes only and is not intended to, and does not, constitute or form part of any offer, e solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispo se ect of any securities, or the solicitation of any vote or approval of an offer to buy securities in the Acquisition or otherwise nor shall there be any sale, issuance or transfer of any securitie s n any jurisdiction in contravention of any applicable laws. Boston Scientific (the “Acquisition”) is intended to be implemented by way of a U.K. scheme me”), pursuant to the terms of a Scheme Document, which will contain the full terms and n, including details of how to vote in respect of the Scheme. Any decision, vote or other response n should be made only on the basis of information contained in the Scheme Document. BTG to read the formal documentation in relation to the Acquisition carefully once it has been constitute a prospectus or prospectus-equivalent document. distribution of this press release in, and the availability of the Acquisition to persons who are ls of, jurisdictions other than the United Kingdom may be restricted by laws and/or regulations articular, the ability of persons who are not resident in the U.K. to vote their BTG shares with court meeting or with respect to any required resolutions at the general meeting, or to execute appointing another to vote at the court meeting and/or general meeting on their behalf, may be relevant jurisdictions in which they are located. Therefore, any persons who are subject to the jurisdiction other than the U.K. should inform themselves about and observe any applicable iction. Any failure to comply with the applicable requirements may constitute a violation of the any such jurisdiction. from those contained in the statements contained in this No profit forecasts or est Nothing in this Announce forecast, projection or estim no statement in this Announ share or income of those per the historical published cash Use of Non-GAAP Financia To supplement our consolid measures, including adjus credits, such as amortization not in accordance with g isolation from or as a rep may calculate these non-GA for comparative purposes. F Discussion and Analysis of K, which we may update in No inducement or solicita This press release is for info invitation, inducement or th of or exercise rights in resp any jurisdiction, pursuant to pursuant to the Acquisition i The acquisition of BTG by of arrangement (the “Sche conditions of the Acquisitio in respect of the Acquisitio Shareholders are advised dispatched. This press release does not Overseas jurisdictions The release, publication or residents, citizens or nationa of those jurisdictions. In p respect to the Scheme at the and deliver forms of proxy affected by the laws of the laws and regulations of any requirements in their jurisd laws and/or regulations of CONTACTS: Kelly Leadem Media Relations (508) 683-5543 Kelly.Leadem@bsci.com Trish Backes Media Relations (651) 582-5887 Trish.Backes@bsci.com Susie Lisa, CFA Investor Relations

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i International Association of Cancer Registries; GLOBOCAN Database: http://gco.iarc.fr/. ii American Cancer Society. Key Statistics about Kidney Cancer. https://www.cancer.org/cancer/kidney-cancer/about/key-statistics.html. iii American Thoracic Society. Breathing in America: Diseases, Progress and Hope; Chapter 16. https://www.thoracic.org/patients/patient-resources/breathing-in-america/resources/chapter-16-pulmonary-embolism.pdf . (508) 683-5565 BSXInvestorRelations@bsci.com

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