Knowledge

Following our recent news releases concerning The Channel Islands Stock Exchange, LBG ("CISX"), the restructure of the CISX by way of a scheme of arrangement was approved by the Royal Court of Guernsey on 20 December 2013.

All listed securities have been transferred to listing on the official list of the new exchange named The Channel Islands Securities Exchange Authority Limited (the "New Exchange") and the issuers of such securities shall be subject to the listing rules of the New Exchange together with any other laws, rules, regulations or requirements applying to such issuers.

The following international recognitions and memberships have been obtained by the New Exchange:

• designation as a recognised stock exchange by HM Revenue & Customs under section 1005 of the Income Tax Act 2007;
• recognised stock exchange status by the Australian Securities Exchange;
• membership of the International Capital Markets Services Associations; and
• affiliate membership of IOSCO.

An application has been submitted to the US Securities & Exchange Commission in respect of Designated Offshore Securities Markets status and a response is anticipated shortly.

Bedell Cristin Channel Islands has become a sponsor and trading member of the New Exchange and will continue to act as a sponsor for all issuers for which it acted as such on the official list of CISX.

For further information, please contact:

Alasdair Hunter, Partner, Jersey - alasdair.hunter@bedellcristin.com  +44 (0)1534 814270

Mark Helyar, of Counsel Guernsey - mark.helyar@bedellcristin.com  +44 (0)1481 812810

Bruce Scott, Partner, London - bruce.scott@bedellcristin.com  +44 (0)20 7367 8309