DTR 4.4 Exemptions

The rules on annual financial reports (DTR 4.1), half-yearly financial reports (DTR 4.2)and interim management statements (DTR 4.3) do not apply to a state, a regional or local authority of a state, a public international body of which areleast one EEA State is a member, the ECB and EEA States' national central banks.

[Note: article 8(1)(a) of the TD]

The rules on annual financial reports in DTR 4.1 (including DTR 4.1.7R (4)1, half-yearly financial reports (DTR 4.2)and interim management statements (DTR 4.3 do not apply to an issuer that issues exclusively debt securities admitted to trading the denomination per unit of which is at least 50,000 Euros (or an equivalent amount).

[Note: article 8(1)(b) of the TD and article 45(1) of the Audit Directive]1

The rules on half-yearly financial reports (DTR 4.2) do not apply to a credit institution whose shares are not admitted to trading and which has, in a continuous or repeated manner, only issued debt securities provided that:

1. (1)

   the total nominal amount of all such debt securities remains below 100,000,000 Euros; and

2. (2)

   the credit institution has not published a prospectus in accordance with the prospectus directive.

[Note: article 8(2) of the TD]

The rules on half-yearly financial reports do not apply to an issuer already existing on 31 December 2003 which exclusively issue debt securities unconditionally and irrevocably guaranteed by the issuer's Home Member State or by a regional or local authority of that state, on a regulated market.

[Note: article 8(3) of the TD]

The rules on half-yearly financial reports (DTR 4.2)and Interim management statements (DTR 4.3) do not apply to an issuer of transferable securities convertible into shares.

The rules on interim management statements (DTR 4.3) do not apply to an issuer of preference shares.

The rules on half-yearly financial reports (DTR 4.2)and interim management statements (DTR 4.3) do not apply to an issuer of depository receipts.

An issuer whose registered office is in a non-EEA State whose relevant laws are considered equivalent by the FSA is exempted from the rules on annual financial reports in DTR 4.1 (other than DTR 4.1.7R (4) which continues to apply),1 half-yearly financial reports (DTR 4.2) and interim management statements (DTR 4.3).