(a) subordinated debt;

(b) preference shares;

(c) Owners' Equity in a Takaful Insurer, of the type described in PIN Rule A5.7.2; and

(d) Cell Shares issued by a Cell to an investor who stands in the position of a Holding Company in relation to the Cell, and whose own paid-up ordinary share capital, taken together with its general reserves, is lower than that of the Cell.