Channel Islands – TISE – Listing PIK Notes

Introduction

Walkers Capital Markets Limited ("WCML") is a Category 1 and 2 Listing Member of the International Stock Exchange Authority Limited (the ''Authority'') 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.

PIK Notes

The purpose of this memorandum is to provide information on the process and procedures of (the "Authority") for the listing of payment in kind notes ("PIK Notes") in lieu of payment of interest, also known as funding bonds.

This memorandum is also relevant to the listing of further bonds which are fully fungible with the existing listed bonds (ie they form a single series/the same class as the original bonds in issue) if the issue of such securities was pre-empted during the initial listing application stage.