AVGR.L Regulatory News (AVGR)

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED).

23 September 2015

Appointment of UBS Limited as Solicitation Agent for Avangardco Investments Public Limited's UK Scheme of Arrangement

Appointment of Solicitation Agent

UBS Limited has been appointed as sole solicitation agent in relation to the UK scheme of arrangement (the "Scheme") launched on 17 September 2015 by Avangardco Investments Public Limited (the "Company") to seek the sanction of the High Court of Justice in England and Wales to (i) waive certain events of default (the "Waiver") under, and (ii) amend and extend (the "Amendments") the Company's US$200 million 10.0% Notes due 2015 (ISIN: XS0553088708) (the "Notes").

Requests for all information in relation to the above, including requests by holders of Notes for copies of the documentation, should be directed to:

UBS Limited

1 Finsbury Avenue

London EC2M 2PP

United Kingdom

Tel: +1-203-719-8682 / +44 20756 84601

E-mail: mark-t.watkins@ubs.com / torstein.berteig@ubs.com

Attention: Liability Management Group

Cash flows of amended Notes

The terms and conditions of the Scheme, including the Waiver and the Amendments, were announced by the Company on 17 September 2015 (the "Announcement") and are included in a Practice Statement Letter dated 17 September 2015 prepared in connection with the Scheme. You may access the Announcement, the Practice Statement Letter and other information in relation to the Scheme made available from time to time on the following website upon providing appropriate certifications: http://sites.dfkingltd.com/avangard.

A table of cash flows on the Notes following the implementation of the Scheme and the incorporation of the Amendments is set forth below.

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Certain information about the Company, the Scheme, the Waiver, the Amendments and the Group's current acute shortage of liquidity has been included in a Practice Statement Letter dated 17 September 2015 prepared in connection with the Scheme. You may access the Practice Statement Letter and other information in relation to the Scheme made available from time to time on the following website upon providing appropriate certifications: http://sites.dfkingltd.com/avangard. For further information please contact D.F. King Ltd.

D.F. King Ltd. as the Scheme Information AgentEmail: avangard@dfkingltd.com

Website: sites.dfkingltd.com/avangard

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This notice is neither an offer to purchase nor a solicitation of an offer to sell securities. The Scheme is not being made to any person in any jurisdiction in which the making of the Scheme would not be in compliance with the securities or other laws of such jurisdiction. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States, unless registered under the Securities Act or unless an exemption from the registration requirements set forth in the Securities Act applies to them. No public offering of the securities will be made in the United States and the Company does not intend to make any such registration under the Securities Act.

In the United Kingdom, this communication is being distributed only to and is directed only at (a) persons who have professional experience in matters relating to investments falling within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (b) high net worth entities falling within Article 49(2)(a) to (d) of the Order and (c) other persons to whom it may be lawfully communicated (all such persons together being referred to as "relevant persons"). Any person who is not a relevant person should not act or rely on this communication or any of its contents.

Statements contained herein may constitute "forward-looking statements". Forward-looking statements are generally identifiable by the use of the words "may", "will", "should", "aim", "plan", "expect", "anticipate", "estimate", "believe", "intend", "project", "goal" or "target" or the negative of these words or other variations on these words or comparable terminology.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other factors that could cause the Company's or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company does not undertake publicly to update or revise any forward-looking statement that may be made herein, whether as a result of new information, future events or otherwise.