To enhance the success of the Perps issuance, TCC Group has agreed to be the lead anchor investor to support book-building and subscribe up to 50% of the first Perps issue, i.e. $250m, without any fee. This constitutes an Interested Party Transaction (“IPT”) between FCL and TCC Group. Shareholder approval is not required as the amount that TCC group subscribes for is less than 5% of FCL’s latest audited NTA (or $270m). However, Audit Committee approval and announcement of the IPT will be required.