NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY U.S. PERSON (as defined in regulation s under THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")) ("U.S. PERSON") OR IN OR INTO THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (THE "UNITED STATES") OR in or into ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT. SEE "OFFER AND DISTRIBUTION RESTRICTIONS" BELOW.

For Immediate Release

Phoenix Group Holdings plc

5 June 2024

Phoenix Group Holdings plc announces Tender Offers and New Issue

Phoenix Group Holdings plc (the "Company") announces that it is inviting eligible holders (the "Noteholders") of its U.S.$750,000,000 Fixed Rate Reset Perpetual Restricted Tier 1 Contingent Convertible Notes (of which U.S.$750,000,000 remains outstanding) (ISIN: XS2106524262) (the "RT1 Notes") and its U.S.$500,000,000 Fixed Rate Reset Tier 2 Notes due 2031 (of which U.S.$350,000,000 remains outstanding) (ISIN: XS2182954797) (the "Tier 2 Notes" and, together with the RT1 Notes, the "Notes") to tender their outstanding Notes for purchase by the Company for cash up to a maximum aggregate principal amount to be determined as set out below and as more fully described in the tender offer memorandum dated 5 June 2024 (the "Tender Offer Memorandum") (each an "Offer" and together the "Offers"). The Company also announces its intention to issue new fixed rate reset perpetual restricted tier 1 contingent convertible notes (the "New Notes"), subject to market conditions.

The purpose of the Offers and the planned issuance of New Notes is, amongst other things, to proactively manage the Company's expected redemption profile. The Offers provide a liquidity event and (subject to the issue of the New Notes) concurrent reinvestment opportunity for Noteholders.

* The Company reserves the right to increase or decrease the Maximum Acceptance Amount at its sole and absolute discretion and may accept significantly more or less of the Tier 2 Notes than the amount implied by the difference between (i) the Maximum Acceptance Amount and (ii) the aggregate principal amount of RT1 Notes tendered and accepted for purchase.

The Offers are made on the terms and subject to the conditions contained in the Tender Offer Memorandum (as may be amended from time to time) prepared by the Company in connection with the Offers, and is subject to the offer and distribution restrictions set out below and as more fully described in the Tender Offer Memorandum. Capitalised terms used but not otherwise defined in this announcement shall have the meanings given to them in the Tender Offer Memorandum.

Purchase Price and Accrued Interest Payment

In respect of Notes of each Series validly tendered and accepted for purchase by the Company pursuant to the relevant Offer, the Company will pay for such Notes, on the Settlement Date:

(i)    the relevant cash purchase price (in respect of each Series, the "Purchase Price") expressed as a percentage of the principal amount thereof and equal to:

(a)   in the case of the RT1 Notes accepted for purchase by the Company pursuant to the relevant Offer, 100.000 per cent. of the principal amount of the relevant RT1 Notes; and

(b)   in the case of the Tier 2 Notes accepted for purchase by the Company pursuant to the relevant Offer, 97.625 per cent. of the principal amount of the relevant Tier 2 Notes; and

(ii)   the relevant Accrued Interest Payment,

as further described in the Tender Offer Memorandum.

Maximum Acceptance Amount

If the Company decides, in its sole and absolute discretion, to accept for purchase any validly tendered Notes pursuant to the Offers, it will accept for purchase one or more Series up to a maximum aggregate principal amount expected to be equal to the aggregate principal amount of the New Notes (as the same may be significantly increased or significantly decreased, the "Maximum Acceptance Amount") on the terms and subject to the satisfaction or waiver of the Financing Condition and the other conditions contained in the Tender Offer Memorandum. If the Company decides to accept any Notes for purchase pursuant to the Offers, it intends to accept validly tendered RT1 Notes for purchase in priority to validly tendered Tier 2 Notes, as described in "-Series Acceptance Amounts, Scaling of Tenders" below.

The Company expects to announce the Maximum Acceptance Amount as soon as practicable following the pricing of the New Notes. The Company reserves the right, in its sole and absolute discretion, to significantly increase or significantly decrease, or to waive, the Maximum Acceptance Amount or to accept significantly more or less Notes than the Maximum Acceptance Amount for any reason as set out in the Tender Offer Memorandum.

Financing Condition

The Company intends to issue the New Notes, subject to market conditions. Whether or not the Company accepts for purchase any Notes validly tendered in the Offers and completes the Offers is subject, without limitation, to the successful issue (in the sole determination of the Company) of the New Notes (the "Financing Condition"). The Company reserves the right at any time to amend or waive any or all of the conditions of the Offers (including the Financing Condition) as set out in the Tender Offer Memorandum.

Even if the Financing Condition is satisfied (or waived), the Company is not under any obligation to accept for purchase any Notes tendered pursuant to the Offers. The acceptance for purchase by the Company of Notes tendered pursuant to the Offers is at the sole discretion of the Company and tenders may be rejected by the Company for any reason. If the Company decides to accept RT1 Notes for purchase, it shall be under no obligation to accept Tier 2 Notes for purchase.

Priority in Allocation of the New Notes

When considering the allocation of the New Notes, the Company may give preference to those Noteholders who, prior to such allocation, have given a firm intention to the Company or any Dealer Manager that they intend to tender their Notes pursuant to the Offers and that have confirmed the amount of Notes that they intend to tender. Therefore, a Noteholder who wishes to subscribe for New Notes in addition to tendering its Notes for purchase pursuant to the Offers may be eligible to receive, at the sole and absolute discretion of the Company, priority in the allocation of the New Notes, subject to the issue of the New Notes, the selling restrictions that are set out in the Offering Memorandum, and such Noteholder making a separate application for the purchase of such New Notes to a Dealer Manager (in its capacity as a joint lead manager of the issue of the New Notes (together, the "Joint Lead Managers")) in accordance with the standard new issue procedures of such Dealer Manager. However, the Company is not obliged to allocate any New Notes to a Noteholder who has validly tendered or indicated a firm intention to tender its Notes pursuant to the Offers and, if any such New Notes are allocated, the principal amount thereof may be less or more than the principal amount of Notes tendered by such Noteholder and accepted for purchase by the Company pursuant to the Offers. Any such allocation will also, among other factors, take into account the minimum denomination of the New Notes (being U.S.$200,000).

All allocations of the New Notes, while being considered by the Company as set out above, will be made in accordance with customary new issue allocation processes and procedures. In the event that a Noteholder validly tenders Notes pursuant to the Offers, such Notes will remain subject to such tender and the conditions of the Offers as set out in the Tender Offer Memorandum irrespective of whether that Noteholder receives all, part or none of any allocation of New Notes for which it has applied.

Noteholders should note that the pricing and allocation of the New Notes are expected to take place prior to the Expiration Deadline and each Noteholder therefore should provide, as soon as practicable, to any Dealer Manager any indications of a firm intention to tender Notes for purchase pursuant to the Offers and the quantum of Notes that it intends to tender if it wishes to be eligible to receive such priority in the allocation of the New Notes on the terms and subject to the conditions set out in the Tender Offer Memorandum.

Priority of Acceptance in the Offers

A Noteholder that subscribes for, and that is allocated, New Notes in addition to tendering Notes for purchase pursuant to an Offer will receive (at the Company's sole and absolute discretion) priority of acceptance (a "Priority Acceptance") in the relevant Offer(s) through the use of an Acceptance Code (as defined in the Tender Offer Memorandum), which shall only be available once pricing of the New Notes has taken place, subject to satisfaction of the conditions to the relevant Offer(s) (including the Financing Condition), and subject to the Maximum Acceptance Amount, the Company's intention to accept any validly tendered RT1 Notes in priority to any validly tendered Tier 2 Notes, and as otherwise set out below. Such priority will be given (at the Company's sole and absolute discretion) for an aggregate principal amount of Notes (taken as an aggregate amount across both Series) (such amount, a "Priority Acceptance Amount") equal to the aggregate principal amount of New Notes subscribed for by, and allocated to, the relevant Noteholder in the original distribution of the New Notes. Priority of acceptance shall apply to both the RT1 Notes and the Tier 2 Notes (on an aggregated basis), and eligible Noteholders may elect to receive priority of acceptance in respect of either their RT1 Notes, their Tier 2 Notes or a combination thereof up to their respective Priority Acceptance Amount, provided that if the Company decides to accept any Notes for purchase pursuant to the Offers, the Company intends to accept any validly tendered RT1 Notes (including those not benefitting from Priority Acceptance) for purchase in priority to any validly tendered Tier 2 Notes (including those benefitting from Priority Acceptance) (see section below "Series Acceptance Amounts, Scaling of Tenders").

To receive Priority Acceptance, a Noteholder must follow the procedures detailed in the Tender Offer Memorandum, including making an application to subscribe for the New Notes to a Dealer Manager (in its capacity as Joint Lead Manager) in accordance with the standard new issue procedures of the relevant Dealer Manager, and submitting a valid Tender and Priority Acceptance Instruction including a valid Acceptance Code, as further described in the Tender Offer Memorandum. To contact the Dealer Managers to receive details of the process to obtain an Acceptance Code which shall only be available once pricing of the New Notes has taken place, Noteholders should use the contact details in this announcement.

Noteholders that wish to tender Notes for purchase pursuant to the Offer(s) but do not wish to subscribe for New Notes can submit a Tender Only Instruction. Any Tender and Priority Acceptance Instruction that does not correctly specify the details set out in the Tender Offer Memorandum will be deemed to be a Tender Only Instruction and no Priority Acceptance will be given in respect of such Tender Instruction.

A Noteholder that wishes to tender for purchase pursuant to the Offer(s) a greater principal amount of Notes (on an aggregate basis taking into account tenders from such Noteholder for both the RT1 Notes and the Tier 2 Notes) than the principal amount of New Notes that it has subscribed for and is allocated must complete separate (i) Tender and Priority Acceptance Instruction(s) for the principal amount of Notes it wishes to tender for purchase and in respect of which it has obtained Priority Acceptance and (ii) Tender Only Instruction(s), for the additional Notes it wishes to tender for purchase (in excess of the relevant Priority Acceptance Amount).

If any Noteholder that wishes to obtain Priority Acceptance submits a Tender and Priority Acceptance Instruction or Tender and Priority Acceptance Instructions, using a unique Acceptance Code, that relate to a greater principal amount of Notes (on an aggregate basis taking into account tenders for such Noteholder of both the RT1 Notes and the Tier 2 Notes) than the principal amount of New Notes it has subscribed for and is allocated, the Company may, in its sole and absolute discretion, deem the relevant Tender and Priority Acceptance Instruction(s) to be Tender Only Instruction(s) in whole or in part and determine the allocation between the Series of Notes of any Priority Acceptance at its sole discretion. As such, in order to ensure that Priority Acceptance is considered in line with a Noteholder's preferences when acceptance of Notes is determined, it is essential that Noteholders do not submit Tender and Priority Acceptance Instructions on an aggregate basis (among both Series of Notes) in excess of their Priority Acceptance Amount, and instead submit any excess amounts as separate Tender Only Instruction(s).

Series Acceptance Amounts, Scaling of Tenders

If the Company decides to accept any Notes for purchase pursuant to the Offers, the Company intends to accept any validly tendered RT1 Notes for purchase in priority to any validly tendered Tier 2 Notes.

If the Company decides to accept any Notes for purchase pursuant to the Offer in respect of the RT1 Notes (subject to the terms and conditions contained in the Tender Offer Memorandum), the Company will accept for purchase any RT1 Notes that are validly tendered up to the Maximum Acceptance Amount.

The Company intends that the aggregate principal amount of the Tier 2 Notes which it will accept for purchase (if any) (the "Tier 2 Notes Acceptance Amount") will be an amount which will not exceed the: (i) the Maximum Acceptance Amount less (ii) the aggregate principal amount of the RT1 Notes purchased by the Company pursuant to the relevant Offer. The Company will determine the Tier 2 Notes Acceptance Amount in its sole and absolute discretion and reserves the right to increase or decrease the Maximum Acceptance Amount at its sole and absolute discretion and/or set the Tier 2 Notes Acceptance Amount at an amount that is significantly higher or lower than the amount implied by the difference between (i) the Maximum Acceptance Amount and (ii) the aggregate principal amount of RT1 Notes tendered and accepted for purchase.

If, in respect of either Series, the Company decides to accept any validly tendered Notes of the relevant Series for purchase and the aggregate principal amount of the Notes of the relevant Series validly tendered for purchase is greater than the relevant Series Acceptance Amount, the Company intends to accept (subject to satisfaction (or waiver) of the Financing Condition on or prior to the Settlement Date): 

(i)            any Notes of the relevant Series validly tendered pursuant to valid Tender and Priority Acceptance Instructions (that are eligible for Priority Acceptance) in priority to any Notes of the relevant Series validly tendered but in respect of which no Priority Acceptance is obtained; and

(ii)           (subject to (i) above) Notes of the relevant Series for purchase on a pro rata basis such that the aggregate principal amount of such Notes of the relevant Series accepted for purchase is no greater than the relevant Series Acceptance Amount, as described below.

The Company will determine the allocation of the principal amount accepted for purchase pursuant to the Offers between the two Series in its sole and absolute discretion, and reserves the right to accept significantly more or less (or none) of the Notes of one Series as compared to the other Series. The aggregate principal amount of each Series accepted for purchase (if any), which in each case shall be determined in the Company's sole discretion will be referred to as the applicable "Series Acceptance Amount".

Tender Instructions

In order to participate in, and be eligible to receive, the relevant Purchase Price and the relevant Accrued Interest Payment pursuant to the relevant Offer(s), Noteholders must validly tender their Notes by delivering, or arranging to have delivered on their behalf, a valid Tender Instruction that is received by the Tender Agent by 16:00 (London time) on 13 June 2024 (the "Expiration Deadline").

Noteholders are advised to check with any bank, securities broker or other Intermediary through which they hold Notes as to when such Intermediary would need to receive instructions from a Noteholder in order for that Noteholder to be able to participate in, or (in the limited circumstances in which revocation is permitted) revoke their instruction to participate in the applicable Offer by the deadlines specified below in this announcement and the Tender Offer Memorandum. The deadlines set by any such Intermediary and each Clearing System for the submission and withdrawal of Tender Instructions will be earlier than the relevant deadlines specified below in this announcement and the Tender Offer Memorandum.

Tender Instructions will be irrevocable except in the limited circumstances described in the Tender Offer Memorandum.

The Tender Instruction should specify the aggregate principal amount of the relevant Notes subject to such Tender Instruction. Tender Instructions must be submitted in respect of a minimum principal amount of the relevant Notes of no less than the relevant minimum denomination of the relevant Notes (being U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof).

When submitting a Tender Only Instruction via the relevant Clearing System, a Noteholder (or the relevant Direct Participant on its behalf) must follow the procedures described in the relevant Clearing System Notice as being applicable to "Option 1 - Tender Only Instructions" and as otherwise set out in the Tender Offer Memorandum.

When submitting a Tender and Priority Acceptance Instruction via the relevant Clearing System, a Noteholder (or the relevant Direct Participant on its behalf) must follow the procedures described in the relevant Clearing System Notice as being applicable to "Option 2 - Tender and Priority Acceptance Instructions" and as otherwise set out in the Tender Offer Memorandum, and must include the details required as specified in the Tender Offer Memorandum. Each Noteholder submitting such instruction through its Direct Participant, will be deemed to consent to have the relevant Clearing System provide details concerning such Noteholder's identity and details included in such instruction to the Tender Agent (and for the Tender Agent to provide such details to the Company and the Dealer Managers and their respective legal advisers).

The Company reserves the right in its sole discretion at any time to amend or waive any or all of the conditions of the Offers as set out in the Tender Offer Memorandum including, without limitation, the Financing Condition.

Expected Timetable of Events

The anticipated transaction timetable is summarised below:

The above times and dates are subject to the right of the Company to extend, re-open, amend, and/or terminate either or both of the Offers (subject to applicable law and as provided in the Tender Offer Memorandum). Noteholders are advised to check with any bank, securities broker or other Intermediary through which they hold Notes as to when such Intermediary would need to receive instructions from a Noteholder in order for that Noteholder to be able to participate in, or (in the limited circumstances in which revocation is permitted) revoke their instruction to participate in, the relevant Offer(s) before the deadlines set out above and in the Tender Offer Memorandum. The deadlines set by any such Intermediary and each Clearing System for the submission and withdrawal of Tender Instructions will be earlier than the relevant deadlines specified above. Noteholders are advised to read carefully the Tender Offer Memorandum for full details of, and information on, the procedures for participating in, the Offer(s).

Phoenix Group Holdings plc has retained BNP Paribas, Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank, HSBC Bank plc, J.P. Morgan Securities plc and Mizuho International plc to act as the Dealer Managers, and Kroll Issuer Services Limited has been retained to act as Tender Agent for the Offers. The Dealer Managers and the Tender Agent have been retained to act in such roles only in respect of Offers made to Noteholders (as defined in the Tender Offer Memorandum). For detailed terms of the Offers please refer to the Tender Offer Memorandum which (subject to offer and distribution restrictions) can be obtained from the Dealer Managers and the Tender Agent referred to below.

REGULATORY INFORMATION AND DISCLAIMER

This announcement contains information that qualified or may have qualified as inside information within the meaning of Article 7(1) of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the "EUWA").

The person responsible for arranging release of this announcement on behalf of the Company is Kulbinder Dosanjh, Group Company Secretary. The Legal Entity Identifier of the Offeror is: 2138001P49OLAEU33T68.

This announcement must be read in conjunction with the Tender Offer Memorandum. This announcement and the Tender Offer Memorandum contain important information which should be read carefully before any decision is made with respect to the Offers. If any Noteholder is in any doubt as to the content of the Tender Offer Memorandum, or is unsure of the impact of the Offers or the action it should take, it is recommended to seek its own financial, legal and any other advice, including in respect of any financial, accounting, regulatory, legal and tax consequences, from its broker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to tender such Notes pursuant to the Offers. None of the Company, the Dealer Managers or the Tender Agent or any of their respective directors, officers, employees, agents, advisers or affiliates makes any recommendation as to whether Noteholders should tender Notes pursuant to the Offers and none of the Company, the Dealer Managers or the Tender Agent nor any of their respective directors, officers, employees, agents, advisers or affiliates will have any liability or responsibility in respect thereto. None of the Company, the Dealer Managers or the Tender Agent (or any of their respective directors, officers, employees, agents, advisers or affiliates) is providing any Noteholder with any legal, business, financial investment, tax or other advice in the Tender Offer Memorandum. Noteholders should consult with their own advisers as needed to assist them in making an investment decision and to advise them whether they are legally permitted to tender Notes for cash.

OFFER AND DISTRIBUTION RESTRICTIONS

Neither this announcement nor the Tender Offer Memorandum constitutes an invitation to participate in the Offers in any jurisdiction in which, or to any person to or from whom, it is unlawful to make such invitation or for there to be such participation under applicable securities laws. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required by each of the Company, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.

No action has been or will be taken in any jurisdiction in relation to the New Notes that would permit a public offering of securities. The minimum denomination of the New Notes will be U.S.$200,000.

United States

The Offers are not being made, and will not be made, directly or indirectly in or into, or by use of the mail of, or by any means or instrumentality of interstate or foreign commerce of or of any facilities of a national securities exchange of, the United States or to any U.S. Person. This includes, but is not limited to, facsimile transmission, electronic mail, telex, telephone, the internet and other forms of electronic communication. The Notes may not be tendered in the Offers by any such use, means, instrumentality or facility from or within the United States or by persons located or resident in the United States. Accordingly, copies of this announcement, the Tender Offer Memorandum and any other documents or materials relating to the Offers are not being, and must not be, directly or indirectly mailed or otherwise transmitted, distributed or forwarded (including, without limitation, by custodians, nominees or trustees) in or into the United States or to a U.S. Person and the Notes cannot be tendered in the Offers by any such use, means, instrumentality or facility or from or within or by persons located or resident in the United States. Any purported tender of Notes in the Offers resulting directly or indirectly from a violation of these restrictions will be invalid and any purported tender of Notes made by a person located in the United States, by a U.S. Person, by any person acting for the account or benefit of a U.S. Person, or by any agent, fiduciary or other intermediary acting on a non-discretionary basis for a principal giving instructions from within the United States will be invalid and will not be accepted.

Neither this announcement nor the Tender Offer Memorandum is an offer of securities for sale in the United States, or to U.S. Persons. Securities may not be offered or sold in the United States absent registration under, or an exemption from the registration requirements of, the Securities Act. The New Notes have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. Persons.

Each Noteholder participating in the Offers will represent that it is not a U.S. Person, is not located in the United States and is not participating in the Offers from the United States or it is acting on a non-discretionary basis for a principal located outside the United States that is not giving an order to participate in the Offers from the United States and who is not a U.S. Person. For the purposes of this and the above two paragraphs, "United States" means the United States of America, its territories and possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands), any state of the United States of America and the District of Columbia.

United Kingdom

The communication of this announcement and the Tender Offer Memorandum by the Company and any other documents or materials relating to the Offers are not being made, and such documents and/or materials have not been approved, by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000 (the "FSMA"). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials is exempt from the restriction on financial promotions under section 21 FSMA on the basis that it is only directed at and may be communicated to (1) persons who have professional experience in matters relating to investments, being investment professionals (as defined in Article 19 of the Financial Services and Markets 2000 (Financial Promotion) Order 2005 (the "Financial Promotion Order")); (2) persons who fall within Article 43 "high net worth companies, unincorporated associations etc." of the Financial Promotion Order; or (3) any other persons to whom these documents and/or materials may lawfully be communicated under the Financial Promotion Order (such persons together being the "Relevant Persons").

The Offers are only available to Relevant Persons and the transactions contemplated herein and in the Tender Offer Memorandum will be available only to, or engaged in only with, Relevant Persons, and this financial promotion must not be relied or acted upon by persons other than Relevant Persons. The documents and materials relating to the relevant Offer(s) and their contents should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person in the United Kingdom.

France

The Offers are not being made, and this announcement, the Tender Offer Memorandum and any other offering material relating to the Offers may not be distributed, directly or indirectly, in the Republic of France except to qualified investors (investisseurs qualifiés) as defined in Article 2(e) of Regulation (EU) 2017/1129, as amended. Neither this announcement nor the Tender Offer Memorandum has been, nor will be, submitted for clearance to nor approved by the Autorité des Marchés Financiers.

Belgium

Neither this announcement nor the Tender Offer Memorandum nor any other documents or materials relating to the Offers have been or will be notified to, and neither this announcement nor the Tender Offer Memorandum nor any other documents or materials relating to the Offers have been or will be approved by, the Belgian Financial Services and Markets Authority (Autoriteit voor Financiële Diensten en Markten/Autorité des Services et Marchés Financiers). The Offers may therefore not be made in Belgium by way of a public takeover bid (openbaar overnamebod/offre publique d'acquisition) as defined in Article 3 of the Belgian law of 1 April 2007 on public takeover bids, as amended (the "Belgian Takeover Law"), save in those circumstances where a private placement exemption is available.

The Offers are conducted exclusively under applicable private placement exemptions. The Offers may therefore not be advertised and the Offers will not be extended, and neither this announcement nor the Tender Offer Memorandum nor any other documents or materials relating to the Offers have been or will be distributed or made available, directly or indirectly, to any person in Belgium other than (i) to qualified investors within the meaning of Article 2(e) of Regulation (EU) 2017/1129 and (ii) in any circumstances set out in Article 6, §4 of the Belgian Takeover Law.

This announcement and the Tender Offer Memorandum have been issued for the personal use of the above-mentioned qualified investors only and exclusively for the purpose of the Offers. Accordingly, the information contained in this announcement and the Tender Offer Memorandum may not be used for any other purpose nor may it be disclosed to any other person in Belgium.

Italy

None of this announcement, the Offers, the Tender Offer Memorandum or any other documents or materials relating to the Offers have been or will be submitted to the clearance procedures of the Commissione Nazionale per le Società e la Borsa ("CONSOB") pursuant to Italian laws and regulations. Noteholders or beneficial owners of the Notes that are located in Italy may tender their Notes in the Offers through authorised persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with the Legislative Decree No. 58 of 24 February 1998, as amended, Commissione Nazionale per le Società e la Borsa (CONSOB) Regulation No. 20307 of 15 February 2018, as amended from time to time, and Legislative Decree No. 385 of 1 September 1993, as amended) and in compliance with applicable laws and regulations or with requirements imposed by CONSOB or any other Italian authority.

Each Intermediary must comply with the applicable laws and regulations concerning information duties vis-à-vis its clients in connection with the Notes and/or the Offers.

GENERAL

Neither this announcement nor the Tender Offer Memorandum constitutes an offer to buy or the solicitation of an offer to sell Notes, and tenders of Notes for purchase pursuant to the Offers will not be accepted from Noteholders in any circumstances in which such offer or solicitation is unlawful.

NEW NOTES

Any investment decision to purchase any New Notes should be made solely on the basis of the information contained in the offering memorandum (the "Offering Memorandum") to be prepared by the Company in respect of the New Notes, as supplemented from time to time, and no reliance is to be placed on any representations other than those contained in the Offering Memorandum. Subject to compliance with all applicable securities laws and regulations, a preliminary version of the Offering Memorandum dated 5 June 2024 (the "Preliminary Offering Memorandum") is available from the Dealer Managers, in their capacity as the Joint Lead Managers, on request. Noteholders who may wish to subscribe for New Notes should carefully consider all of the information in the Preliminary Offering Memorandum and (once published) the Offering Memorandum, including (but not limited to) the risk factors therein.

For the avoidance of doubt, the ability to purchase any New Notes is subject to all applicable securities laws and regulations in force in any relevant jurisdiction (including the jurisdiction of the relevant Noteholder and the selling restrictions set out in the Preliminary Offering Memorandum and (once published) the Offering Memorandum). It is the sole responsibility of each Noteholder to satisfy itself that it is eligible to purchase the New Notes.

The New Notes are not being, and will not be, offered or sold in the United States. Nothing in this announcement or the Tender Offer Memorandum constitutes an offer to sell or the solicitation of an offer to buy the New Notes in the United States or any other jurisdiction. The New Notes may not be offered, sold or delivered in the United States absent registration under, or an exemption from the registration requirements of, the Securities Act. The New Notes have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. Persons.

MiFID II product governance - The target market for the New Notes is eligible counterparties and professional clients only (all distribution channels), each as defined in Directive 2014/65/EU (as amended, "MiFID II").

UK MiFIR product governance - The target market for the New Notes is eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook ("COBS"), and professional clients only (all distribution channels), as defined in Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA ("UK MiFIR").

PROHIBITION OF SALES TO EEA RETAIL INVESTORS - The New Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (the "EEA"). For these purposes, a "retail investor" means a person who is one (or both) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97 (the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II.

Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the "EU PRIIPs Regulation") for offering or selling the New Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the EU PRIIPs Regulation.

PROHIBITION OF SALES TO UK RETAIL INVESTORS - The New Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For these purposes, a "retail investor" means a person who is one (or both) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the EUWA; or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000, as amended (the "FSMA") and any rules or regulations made under the FSMA to implement the Insurance Distribution Directive, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of UK MiFIR.

Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the New Notes or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation.

Prohibition on marketing and sales of the New Notes to retail investors

The New Notes are complex financial instruments. They are not a suitable or appropriate investment for all investors, especially retail investors. In some jurisdictions, regulatory authorities have adopted or published laws, regulations or guidance with respect to the offer or sale of certain securities with characteristics similar to the New Notes. Potential investors in the New Notes should inform themselves of, and comply with, any applicable laws, regulations or regulatory guidance with respect to any resale of the New Notes (or any beneficial interests therein).

In the United Kingdom, the COBS requires, in summary, that certain securities with characteristics similar to the New Notes should not be offered or sold to retail clients (as defined in COBS 3.4 and each a "retail client") in the United Kingdom.

In addition, in October 2018, the Hong Kong Monetary Authority issued guidance on enhanced investor protection measures on the sale and distribution of debt instruments with loss-absorption features (such as the New Notes) and related products (the "HKMA Circular"). Under the HKMA Circular, debt instruments with loss absorption features, being subject to the risk of being written-down or converted to ordinary shares, and investment products that invest mainly in, or whose returns are closely linked to the performance of such instruments, are to be targeted in Hong Kong at professional investors (as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the "SFO") and any subsidiary legislations or rules made under the SFO, "Professional Investors") only and are generally not suitable for retail investors in either the primary or secondary markets.

Potential investors should inform themselves of, and comply with, any applicable laws, regulations or regulatory guidance with respect to any resale of the securities described in the Preliminary Offering Memorandum or the Offering Memorandum (or any beneficial interests therein), including COBS and the HKMA Circular.

Investors in Hong Kong should not purchase the New Notes in the primary or secondary markets unless they are Professional Investors and understand the risks involved. The New Notes are generally not suitable for retail investors.

Each of the Dealer Managers (in its capacity as a Joint Lead Manager) is required to comply with COBS (as if COBS 22.3 applies to the New Notes).

By purchasing, or making or accepting an offer to purchase, any New Notes (or a beneficial interest therein) from the Company and/or any Joint Lead Manager, each prospective investor is required to represent, warrant, agree with, and undertake to, the Company and the Joint Lead Managers that:

(i)    it is not a retail client in the United Kingdom;

(ii)   if it is in Hong Kong, it is a Professional Investor; and

(iii)  whether or not it is subject to COBS or the HKMA Circular, it will not:

1.     sell or offer the New Notes (or any beneficial interest therein) to retail clients in the United Kingdom or retail investors in Hong Kong; or

2.     communicate (including the distribution of the Preliminary Offering Memorandum or the Offering Memorandum) or approve an invitation or inducement to participate in, acquire or underwrite the New Notes (or any beneficial interests therein) where that communication, invitation or inducement is addressed to or disseminated in such a way that it is likely to be received by a retail client in the United Kingdom or any customer in Hong Kong who is not a Professional Investor.

In selling or offering the New Notes or making or approving communications, invitations or inducements relating to the New Notes, each prospective investor may not rely on the limited exemptions set out in COBS (as if COBS 22.3 applies to the New Notes).

The obligations above are in addition to the need to comply at all times with all other applicable laws, regulations and regulatory guidance (whether inside or outside the EEA, the United Kingdom or Hong Kong) relating to the promotion, offering, distribution and/or sale of the New Notes (or any beneficial interest therein), whether or not specifically mentioned in the Preliminary Offering Memorandum and (once published) the Offering Memorandum, including (without limitation) any requirements under MiFID II, UK MiFIR, the United Kingdom FCA Handbook, the HKMA Circular and/or any other applicable laws, regulations and regulatory guidance relating to determining the appropriateness and/or suitability of an investment in the New Notes (or any beneficial interest therein) for investors in any relevant jurisdiction.

Where acting as agent on behalf of a disclosed or undisclosed client when purchasing, or making or accepting an offer to purchase, any New Notes (or any beneficial interest therein) from the Company and/or any of the Joint Lead Managers, the foregoing representations, warranties, agreements and undertakings will be given by and be binding on both the agent and its underlying client(s).

The New Notes have and shall only be offered in conformity with the provisions of the Offering Memorandum and the selling restrictions and, if applicable, the exemption wording, contained therein.

No action has been or will be taken in any jurisdiction in relation to the New Notes to permit a public offering of securities.