4.1 Without subject to the generality of Article (149) of the Commercial Companies Law, Convertible Debt Securities which are convertible into equity securities may be listed only if such equity securities are (or will become at the same time):—

4.2 Convertible Debt Securities which are convertible into property, other than equity securities, may be listed only if the Agency and the Exchange is satisfied that holders have the necessary information available to form an opinion concerning the value of the other property to which such convertible Debt Securities relate. This principle does not apply to an issue of convertible Debt Securities by a State or a Supranational.

4.3 Any alterations in the terms of Convertible Debt Securities after issue must be approved by the Agency, except where the alterations take effect automatically under the existing terms of such Convertible Debt Securities mentioned in the offering document.

4.4 Where application is made by an issuer for listing of a tap issue, the Agency and the Exchange will normally apply the same requirements for each subsequent tranche as would apply to the initial tranche. However, where such an application is contemplated, the Agency should be consulted at the earliest opportunity as to the requirements which will apply.