The International Stock Exchange Authority - PIK Notes Listing (Pre-Empted)

The purpose of this memorandum is to provide information on the process for listing payment in kind notes ("PIK Notes"), also known as funding bonds, on The International Stock Exchange Authority Limited (the "TISEA"). This memorandum is also relevant to the listing of further principal loan notes which are fully fungible with the existing loan notes (ie they form a single series/the same class as the existing loan notes) if the issue of such securities was pre-empted during the initial listing application stage.

Walkers Capital Markets Limited ("WCML") is a Category 1, 2 and 3 sponsor of TISEA, which means that we are able to act as a sponsor for all listing purposes, enabling all clients to achieve their goals. We are experienced in the provision of high quality and cost effective professional legal and listing services.