Baxi Partnership Limited Trusts Act 2000

3 TRUSTS OF CAPITAL

Subject to Clause 5 of this Deed, the Trustees shall hold the assets comprised in the Trust Fund upon trust either to retain them or—

(a) in the case of shares in or other securities of a company within Baxi Group, to transfer the same to the trustees of another Permitted Employee Trust on such terms whether or not for consideration as the Trustees shall think fit or to any Employee at a price to be determined in accordance with Clause 22 of this Deed;

(b) in the case of money, either to invest it in shares in or securities of a company within Baxi Group or in any other manner authorised by this Deed;

(c) in the case of other assets, to sell them at such time and upon such terms as the Trustees shall decide.