Dear Sirs,

We hope you and your families are safe and healthy during these uncertain times. Here at BCS SP plc we want to give you an update on how we are dealing with COVID-19 and ensuring we carry on business.

We would like to confirm that our entire team continues to deliver new structured products and new possibilities to the market no matter the circumstances. Moreover, we’ve seen an increase in the number of people interested in structured products during these difficult times. Based on comments given by various specialist and politicians, we expect that the market turbulence due to COVID-19 pandemic could last until May-June 2020. BCS SP plc is targeting to issue 3-6 structured notes listed on ISE and MOEX under the Euro Medium Term Note Programme during these months. We also expect some slowdown in new products issuance in the near future. While the spread of COVID-19 has had a significant impact on market volatility, our approach is to remain well diversified manufacturer with exposure to securities that exhibit the desired characteristics of each type of product/strategy so that our products are positioned to capture premiums when they present themselves. Our philosophy is to be prepared to a wide range of market conditions and we are confident that our approach will guide us through the current challenges as well.

We aim for our operating hours remain unchanged during this period and we will continue to provide full assistance to all of our counterparties and stakeholders. We are actively monitoring the COVID-19 situation and taking steps to help keep our employees safe. As a Firm, we have taken many steps to help protect the wellbeing of our employees and anyone with whom we interact. Those steps include eliminating business travel and shifting most meetings to teleconferencing. We remain committed to engaging in meaningful conversations with counterparties and providing the same high level of service as we leverage technology to connect in an environment that’s safer to everyone. Many of our employees are equipped to perform their important functions remotely.

Times like these call for us to adapt and be flexible. For this reason we are happy to accept scanned copies of any documents where possible with a telephone call for security verification and hard copies to follow when normal service is resumed. Since the Firm has a remote model of interaction with all counterparties and providers, we can effectively communicate with them, and no extraordinary measures are required. Our resource and remote means of work allow the Firm to maintain effective employee protections and regulatory compliance in current market dislocation and business environment. Also please note that the Firm's dependence on third party vendors is limited. It was confirmed with the contractors that their support will be provided in full during these uncertain times. We can state that there is no significant negative impact on our business at this time. The only potential adjustment we may see in our planned operations is the timeframe for submitting of annual audited financial statements for the year 2019, which may depend on the mode of interaction with our auditors provided that there are isolation and distancing requirements which may affect duration and the possibility of on-site visits that we believe are the most productive for this purpose. We also note that such timeframe extension may be considered only if may be granted by competent authorities and will not be in violation of any our obligations towards counterparties, partners and agents. We currently consider whether such extension will be necessary and possible and will update you on the situation as soon as practicable in this regard.

We will continue to monitor and evaluate the impact of COVID-19 on the Firm and will adjust our approach as circumstances change. If there is anything we can assist you during this challenging time, please let us know.