An issuer may only purchase shares by way of a market acquisition at a price which is not more than 5% above the average closing market price. For this purpose, the average closing market price is:—

(1) the average of the closing market prices of the shares over the last 5 market days, on which transactions in the share were recorded, before the day on which the purchases are made; and
(2) deemed to be adjusted for any corporate action that occurs during the relevant 5-day period and the day on which the purchases are made.

Amended on 7 February 20207 February 2020.