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16.

KEY CONTRACTS SUMMARY


We propose a calendar for the World Championship which must be approved by the World
Motor Sport Council, such approval not to be unreasonably withheld. This approval typically occurs
in December for the following years season. Provisional approval typically occurs in September and
as early as June.
We must only enter into race promoter contracts that are substantially in a form agreed with
the FIA. Race promoter contracts must be conditional on obtaining FIA approval for the Event.
Under the 100-Year Agreements, we must attempt to procure that at least 16 cars participate
in the World Championship provided that the FIA makes such regulatory changes as are necessary
to enable this to happen. Under the Current Concorde Agreement, each Team is required to enter
two cars in each Event (and in certain circumstances, three cars) and, under the Team Agreements
that have been agreed or are in the process of negotiation, the Teams have or are expected to have
an obligation to enter two cars in each Event (and in certain circumstances, three cars).
Termination rights
Subject to important exceptions described below, our licence can be terminated by the FIA
following a change of control. A listing of our equity securities on a regulated stock exchange does
not entitle the FIA to terminate our licence. This Global Offering and the Listing does not entitle the
FIA to terminate our licence because it is a listing on a regulated stock exchange. There are
additional exceptions following the Global Offering, as set out below:
(1)

a change of control resulting from a public tender offer generally available to all shareholders
of the Company does not entitle the FIA to terminate our licence;

(2)

a change of control as a result of any third party acquiring control by market purchases
following sales or placement of shares in the market by the then existing shareholders of the
Company does not entitle the FIA to terminate our licence;

(3)

the FIA may approve the change of control in writing (which the FIA must do if the change of
control will not materially alter the ability of our subsidiary, Formula One World
Championship Limited, to fulfil its obligations under the 100-Year Agreements); and

(4)

the FIA may not terminate our licence for a change of control occurring, at any time when
Bambino Holdings Limited and its affiliates (Bambino), individually or collectively, hold less
than 40% of the voting rights of the Company. On Listing, Bambino will hold []% of the
voting rights of the Company and therefore the FIA will have no ability to terminate for a
change of control. Even if Bambino were to ever hold more than 40% of the voting rights of
the Company, we would still be able to rely on the other exceptions as set forth above.

Our licence can also be terminated by the FIA if:


(1)

SLEC Holdings Limited, Formula One World Championship Limited or Formula One Asset
Management Limited (each of which is a party to the 100-Year Agreements and is a wholly
owned subsidiary of the Company) or any of their subsidiaries becomes;

(2)

we fail to pay any amount due to the FIA and that non-payment is not remedied within 30
days after a demand. The FIAs annual regulatory fee was 7.7 million (US$[insert
translation at Latest Practicable Date]) in 2011. This annual regulatory fee is based upon a
calendar of 16 Events and additional payments of 250,000 (US$[insert translation at Latest
Practicable Date]) have been made for each Event over that number in any World
Championship season;

(3)

arbitrators declare that we have materially breached the relevant 100-Year Agreements and
we have not cured this breach by payment to the FIA, within 30 days of a termination notice,
of an amount equal to 5% of the consolidated turnover for the immediately preceding
financial year of our subsidiary Formula One World Championship Limited (this entity
primarily grants, and derives revenue from, broadcasting and race promotion rights and the

HKG2073604/5

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