NWR - Details of Scheme Sanction Hearing

Introduction

As previously announced the requisite majorities of the Company's noteholders have approved the consensual restructuring transaction that was proposed by the Company at the two creditor meetings that were held on 29 August 2014.

Following the successful meetings the Company has applied to the High Court of Justice of England and Wales (the 'Court') for the scheme to be sanctioned in order for the terms of the consensual restructuring transaction to be binding on all noteholders. Prior to sanctioning the scheme, the Court must consider in a hearing (the 'Sanction Hearing') the overall fairness of the arrangement and will need to be satisfied that all statutory and procedural requirements have been fulfilled.

The sanctioning of the scheme by the Court concludes the court process in the United Kingdom. It is one of the conditions to be fulfilled in order for the consensual restructuring transaction to be completed.

Details of the Sanction Hearing

The Sanction Hearing will take place before Mr Justice Sales at half past 10 London time on 5 September 2014, in Court 10 at the Court at 7 Rolls Building, Fetter Lane, London EC4A 1NL, United Kingdom.

Creditors have the right to attend the Sanction Hearing in person or through counsel and make representations at the Sanction Hearing.

Further Announcements

The Company will announce the outcome of the Sanction Hearing immediately after the end of the hearing on 5 September 2014.