This memorandum has been prepared to inform directors of companies of their obligations following the listing of specialist debt securities including Eurobonds on The International Stock Exchange Authority Limited ("TISEA") pursuant to Chapter 7 – Debt Continuing Obligations of TISEA's listing rules (the "Listing Rules"). The intention is to assist the directors in satisfying themselves that they are complying with all relevant requirements and to avoid breaches which may lead to undesirable consequences such as fines and suspensions.

This memorandum is intended as an overview of the subject matter and should be used as a starting point for a more detailed and comprehensive discussion of the issues based on the particular circumstances or transactions envisaged. Client Memos on other listing topics are also available on request.