PIN A5.10.1

Subject to Rule A5.10.2, hybrid cellular capital includes the following items:

(a) subordinated debt;
(b) preference shares;
(c) Owners' Equity in a Takaful Insurer, of the type described in Rule A5.7.2; and
(d) Cell shares issued by a Cell to an investor who stands in the position of a Holding Company in relation to the Cell, and whose own paid-up ordinary share capital, taken together with its general reserves, is lower than that of the Cell.