CHAPTER III U.K. NET SHORT POSITIONS PURSUANT TO ARTICLE 3(7)(b)

Article 7 U.K. Net short positions in shares — general

The following criteria shall be taken into account for the purposes of net short positions referred to in Articles 5 and 6:

(a)

it is irrelevant whether a cash settlement or physical delivery of underlying assets has been agreed;

(b)

short positions on financial instruments that give rise to a claim to unissued shares, and subscription rights, convertible bonds and other comparable instruments shall not be considered as short positions when calculating a net short position.