Listed Securities

In June 2002, the Company offered and subsequently issued 8% seven million six hundred and two thousand six hundred and nine Euros (€7,602,609) worth of bonds of a nominal value of two hundred thirty two Euros ninety four cents (€232.94) per bond and issued at par. These bonds are due to be redeemed by June 2012 and were issued as per terms of the Prospectus dated 30 May 2002.

The due and punctual payment of interest and principal by the Company in respect of the Bonds is guaranteed by Bay Street Holdings Limited.

In October 2010, a Tender Offer was made by the Company to current bondholders to repurchase bonds held, as per terms of the Tender Offer Memorandum dated 8 October 2010. This tender offer was made to allow Bay Street Holdings Limited to reorganise its operations and to refinance its activities in the current economic context and business climate. Bay Street Holdings Limited, which is the guarantor of the Bonds, has obtained full financing from its bankers to meet the early repurchase of the Bonds.

To date, the Company has repurchased and cancelled forthwith bonds amounting to four million eight hundred ninety three thousand two hundred fouty three Euros (€4,893,243).