THE FIRST GROUP OF PARTS

PART 1COMPANY VOLUNTARY ARRANGEMENTS

CHAPTER 5PROCEEDINGS ON A PROPOSAL MADE BY THE DIRECTORS, OR BY THE ADMINISTRATOR, OR BY THE LIQUIDATOR

SECTION B: VOTING RIGHTS AND MAJORITIES

Voting rights (members)1.18.

(1)

Subject as follows, members of the company at their meeting vote according to the rights attaching to their shares respectively in accordance with the articles.

(2)

Where no voting rights attach to a member's shares, he is nevertheless entitled to vote either for or against the proposal or any modification of it.

(3)

References in this Rule to a person's shares include any other interest which he may have as a member of the company.