FORMAT FOR AN APPLICATION FOR AN EXEMPTION - SECTION 4B FINANCIAL REPORTING ACT 1993

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Who is applying?
Give the full name, address and corporate status of the person(s) seeking the exemption.

Describe how the applicant is a 'recipient of funds from a conduit issuer' within the interpretation provided by the Financial Reporting Act.

What securities are being offered?
Describe any offers of securities in respect of which the applicant is a conduit issuer and any securities which have subsequently been allotted, which are relevant to the application. The Commission will require information about the background to the transactions and then specific details e.g. the type of securities, details of the offer, parties to the offer, parties who are "recipients of money from a conduit issuer", details of target subscribers, etc.

Please note whether the applicant relied upon any exemptions from the Securities Act 1978 in making these offers and allotting the securities.

What do you want an exemption from?
Give any conditions of exemption you consider appropriate.

Why are you seeking this exemption?
Explain why the exemption is wanted and give full reasons which may justify an exemption.

In particular address how the circumstances of the issuer or the conditions suggested will ensure that investors still receive adequate information about their investment and the entity or entities for whose use the money has been raised.

Are there any precedents?
Identify any existing exemption notices which are similar to the exemption sought and which may provide a precedent for your application. State how the notices are similar to and different from the exemption you are seeking.

What effects will there be on prospective investors?
Describe how your proposed exemption may affect prospective investors and any costs and benefits to them.

What effects will there be on the issuer?
Describe the effects on the issuer, and the relative costs and benefits, of (a) having and (b) not having the exemption.

Supporting documents
You need to supply the relevant documents to support your application. These could include the following documents or most recent drafts:

1. the prospectus and investment statement provided to investors by the applicant;
2. the most recent financial statements of the applicant and other members of the applicant's group;
3. a draft exemption notice.

Time frame
If you application is urgent specify the dates when a decision is needed and when any exemption granted needs to be gazetted. Give reasons for seeking urgent consideration.

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