Article 8 4.

By way of derogation from point (b) of paragraph 1 of this Article, Articles 4 and 5 shall not apply to issuers exclusively of debt securities the denomination per unit of which is at least EUR 50 000 or, in the case of debt securities denominated in a currency other than euro, the value of such denomination per unit is, at the date of the issue, equivalent to at least EUR 50 000 , which have already been admitted to trading on a regulated market in the Union before 31 December 2010, for as long as such debt securities are outstanding.