C:\JPH\Deirdre LaBassiere\PPP MTNs\0\Standards of business protocol\Z MTN & BG Procedures.doc

Page 1 of 1

No ICBPO or MT 799

MTN Procedures:

1. Desk to Desk; Screen, block and pay; DVP; Euroclear

2. Our buyers are all cash buyers.

3. Looking for MTN instruments of 60's, 70's or 80's + 2

1. THE SELLER SUBMITS THIS PCA INCLUDING FULL BANK DETAIL.

2. BUYER UPON RECEIPT OF THE PURCHASE CONTRACT WILL COMPLETE AND EXECUTE THE PCA

WHICH SHALL THEN BECOME AN ENFORCABLE AND LEGALLY BINDING CONTRACTUAL

AGREEMENT.BUYER WILL ALSO SUBMIT EXECUTED IMFPA ALONG WITH THE CONTRACT FOR

EXECUTION BY THE SELLER. IMFPA WILL FORM INTEGRAL PART OF THE CONTRACT

3. UPON RECEIPT OF COUNTER SIGNED PCA, SELLER’S BANK AND BUYER’S BANK WILL LODGE THE

CONTRACT IN THEIR RESPECTIVE BANKS .

4. THE SELLER’S BANK WILL SEND THE INSTRUMENT(S) BY WAY OF SWIFT MT-760 AS AGREED TO THE

BUYER’S BANK AS PER AGREED FORMAT , A COPY OF THE SWIFT SHALL ALSO BE EMAILED TO THE

BUYERS EMAIL ID. AND AFTER CONFIRMED DELIVERY OF THE INSTRUMENT(S) THE BUYERS BANK WILL

PAY VIA SWIFT MT103 WITHIN 24 BANKING HOURS

BG PROCEDURES:

ISINs, Volume, Coupon. Fixed Rate in a top 20 bank. Once buyer confirms that the paper is real

they send LOI to Seller signatory direct from Buyer signatory. Paper can be taken down in one

hour once this is completed.

Desk to Desk; DVP; MT103