ESMA Guidelines on Alternative Performance Measures effective 3 July 2016

Date: 04 July 2016

The ESMA Guidelines on Alternative Performance Measures (the “APM Guidelines") (Reference: ESMA/2015/1415) which apply to alternative performance measures (“APMs”) disclosed by issuers or persons responsible for the prospectus when publishing regulated information or prospectuses came into effect on 3 July 2016.

For the purpose of the APM Guidelines an APM is understood as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. The APM Guidelines are aimed at promoting the usefulness and transparency of APMs included in prospectuses or regulated information. Regulated information means all information which the issuer, or any other person who has applied for the admission of securities to trading on a regulated market without the issuer's consent, is required to disclose under the Transparency Directive, under the Market Abuse Regulation, or under the laws, regulations or administrative provisions of a Member State adopted under Article 3(1) of the Transparency Directive. Examples of regulated information include management reports disclosed to the market in accordance with the Transparency Directive and disclosures issued under the requirements of article 17 of the Market Abuse Regulation, such as ad-hoc disclosures including financial earnings results.

Adherence to the APM Guidelines will improve the comparability, reliability and/or comprehensibility of APMs. The Central Bank of Ireland has incorporated the APM Guidelines into its supervisory practices and expects issuers or persons responsible for the prospectus to comply with them.