11. Sovereign Bonds

(1) Only fully fungible, freely transferable uncertificated Sovereign Bonds shall be eligible with the CSD for safekeeping and settlement.

12. Sovereign Bonds Documentation

(1) The governing documentation of the Sovereign Bonds shall provide for the possibility to register the Sovereign Bonds with the Registrar in the name of a person other the beneficial owner of the Sovereign Bonds (nominee registration).

(2) The governing documentation of the Sovereign Bonds shall not provide for any obligation for the CSD and its Nominee to monitor holding restrictions applicable, if any, to the Sovereign Bonds.

(3) The governing documentation of the Sovereign Bonds shall provide for the procedure to notify the CSD on the events of default of the Issuer, as well as the appointment of a representative of the holders of the Sovereign Bonds or the conferring of the rights in connection with the events of default to the beneficial owners of the Sovereign Bonds. The CSD shall not act as the representative of either the legal or beneficial holders of the Sovereign Bonds in connection with events of defaults of the Issuer.

13. Admission to trading and Exemption from the Requirement to be Admitted to Trading

(1) In order to admit the Sovereign Bonds to trading on Authorised Investment Exchange, the Issuer shall demonstrate to Authorised Investment Exchange a satisfactory systems or arrangements for clearing and settlement.

(2) Sovereign Bonds that have been admitted to the Official List of Securities of an Authorised Investment Exchange need not comply with the requirement in section 66(3) of the Framework Regulations; provided, however, that such Sovereign Bonds may be admitted to trading on the Authorised Investment Exchange in accordance with applicable AIFC Regulations and Rules and the Rules of the Authorised Investment Exchange.