Update on Issuance of Debt

Further to its 13 October 2017 announcement confirming it had secured funding for the acquisition of Carole Nash, the Group confirms that the gross proceeds from the previously announced issuance of £55 million in aggregate principal amount of our 8.375% Senior Secured Notes due 2023 have closed into escrow.

We expect to retain the notes proceeds in escrow pending the completion of Ardonagh’s acquisition of Carole Nash. On the acquisition completion date, the additional £55 million of senior secured notes will be fungible with the Group’s existing GBP senior secured notes issued 20 June 2017.