Channel Islands – The International Stock Exchange – Continuing Obligations – Qualified Investor Bond Market

This memorandum has been prepared to inform directors of companies of their obligations following the listing of bonds and any other debt securities on The International Stock Exchange ("TISE"), which is regulated by The International Stock Exchange Authority Limited (the "Authority") pursuant to Chapter 3 – Continuing Obligations of the Qualified Investor Bond Market ("QIBM"), under the listing rules of the Authority (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.

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Nigel WestonPartnerT +44 (0)1534 700
Grace PickeringHead of Listings - Channel IslandsT +44 (0) 1534 700 714

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