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Untitled - Irish Stock Exchange

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European Economic Area<br />

In relation to each Member State of the European Economic Area which has implemented the<br />

Prospectus Directive (each, a "Relevant Member State"), each Placement Agent has represented and<br />

agreed that with effect from and including the date on which the Prospectus Directive is implemented in<br />

that Relevant Member State (the "Relevant Implementation Date") it has not made and will not make an<br />

offer of Notes to the public in that Relevant Member State prior to the publication of a prospectus in<br />

relation to the Notes which has been approved by the competent authority in that Relevant Member State<br />

or, where appropriate, approved in another Relevant Member State and notified to the competent<br />

authority in that Relevant Member State, all in accordance with the Prospectus Directive, except that it<br />

may, with effect from and including the Relevant Implementation Date, make an offer of Notes to the<br />

public in that Relevant Member State at any time:<br />

(1) to legal entities which are authorized or regulated to operate in the financial markets or, if<br />

not so authorized or regulated, whose corporate purpose is solely to invest in securities;<br />

(2) to any legal entity which has two or more of (1) an average of at least 250 employees<br />

during the last financial year; (2) a total balance sheet of more than Euro 43,000,000 and (3) an annual net<br />

turnover of more than Euro 50,000,000, as shown in its last annual or consolidated accounts; or<br />

(3) in any other circumstances which do not require the publication by the Issuer of a<br />

prospectus pursuant to Article 3 of the Prospectus Directive.<br />

For the purposes of this provision, the expression an "offer of Notes to the public" in relation to<br />

any Notes in any Relevant Member State means the communication in any form and by any means of<br />

sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to<br />

decide to purchase or subscribe the Notes, as the same may be varied in that Member State by any<br />

measure implementing the Prospectus Directive in that Member State and the expression<br />

Japan<br />

The Notes have not been and will not be registered under the <strong>Exchange</strong> Law of Japan (Law No.<br />

25 of 1948 as amended, the "SEL") and disclosure under the SEL has not been and will not be made with<br />

respect to the Notes. Neither the Notes nor any interest therein may be offered, sold, resold or otherwise<br />

transferred, directly or indirectly, in Japan to or for the account of any resident of Japan, except pursuant<br />

to an exemption from the registration requirements of, and otherwise in compliance with, the SEL and all<br />

other applicable laws, regulations and guidelines promulgated by the relevant Japanese governmental and<br />

regulatory authorities. As used in this paragraph, resident of Japan means any person resident in Japan,<br />

including any corporation or other entity organized under the laws of Japan.<br />

Singapore<br />

This Offering Circular has not been registered as a prospectus with the Monetary Authority of<br />

Singapore under the Securities and Futures Act (Chapter 289) of Singapore (the "SFA"). Accordingly,<br />

this Offering Circular and any other document or material in connection with the offer or sale, or<br />

invitation for subscription or purchase, of Notes may not be circulated or distributed, nor may Notes be<br />

offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or<br />

indirectly, to the public or any member of the public in Singapore other than: (i) to an institutional<br />

investor specified in Section 274 of the SFA; (ii) to a sophisticated investor, and in accordance with the<br />

conditions, specified in Section 275 of the SFA; or (iii) pursuant to, and in accordance with the conditions<br />

of, any other applicable provision of the SFA.<br />

29

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