S.L. 459.1 Art. 3BInapplicability of article 122(10) of the Companies Act.

The obligations arising out of article 122(10) and (11) of the

Companies Act as well as any obligation to offer shares on a pre-

emptive basis to other shareholders in terms of the Companies Act

(Investment Companies with Variable Share Capital) Regulations do not apply to to pledges of shares provided in accordance with these regulations.