ogier.com TISE Debt Listing: Key Steps and Timing Please note that this timeline is an indicative summary only as does not include comprehensive descriptions. Initial application submitted to TISE Receipt of TISE invoice/ payment by issuer/sponsor TISE questions/ queries received TISE questions/queries answered/dealt with Final application to list submitted before 12pm Listing granted at 6pm 1 18 18 10 10 1 TO 16 DAY DAYS from initial application TO 2 DAYS from initial application DAYS from initial application DAYS from initial application DAYS from initial application START ogier.com firstname.lastname@example.org Niamh Lalor Partner +44 1534 514210 email@example.com Raulin Amy Partner +44 1534 514239 firstname.lastname@example.org Peter Longstaffe OCFL Director +44 1534 514292 email@example.com Daniel Richards Partner +44 1534 514052 Ogier Corporate Finance Limited (OCFL) – TISE Chapter 8 Listing Agent OCFL is a founding member of The International Stock Exchange (or TISE). As of December 2017 OCFL was listing agency for 594 Chapter 8 specialist securities. A 28.7% market share. listed securities as at 31 December 2017. 2,508 securities listed during 2017. 705 Total market capitalisation. As at 31 December 2017. £300bn+ TISE at a glance Practical efficiencies/key points to consider KYC Listing cannot be completed until we have cleared KYC so it is important that all parties focus on this at an early stage. Listing headroom It is worth considering an application to list an “up to” amount that is sufficiently high that the issue can issue and list subsequent loan notes in the headroom without having to make a new application. PIK notes - ranking and series PIK notes issued under the note instrument which rank ahead of the principal loan notes will incur additional fees – it may be preferable for PIK and loan notes to rank equally within the same class. PIK notes - pre-approval Pre-approval of future issue and listing of PIK notes in minutes approving initial application removes the need for additional board meetings. Interest Payment Dates Interest Payment Dates can be listed in terms and conditions as “as agreed” by the issuer and noteholder(s)to create flexibility. Prompt payment The Exchange will only issue initial comments and admit securities to the list when all invoices are paid – prompt payment speeds up applications. A fast document turnaround time and an efficient personal service Competitive pricing and cost effectiveness Listing agent fees significantly less than other major exchanges Internationally endorsed standards of issuer regulation while not being bound by EU Market Abuse Regulations A pragmatic, case-specific approach to disclosure requirements TISE provides TISE fees for standard SPV debt listing Initial listing fee £4,200+ £1000 per class/tranche Annual fee £1,150 per class/tranche In addition to TISE applications and annual fees, listing agent services fees will also be generated. Ogier Corporate Finance Limited regularly benchmarks its listing agent fees to ensure market-leading competitiveness.