robione, the revised General Exemption merely gives you 'NPPL equivalence' when using a legacy UK PPL or CAA-issued JAR-FCL Pilot Licence with a Medical Declaration, rather than preventing you flying without otherwise having to pay for a NPPL.
That means your licence is not ICAO-compliant; if you wish to fly an aircraft which is not registered in the UK, you must contact the State of Registration and obtain their consent to fly the aircraft using a non JAR-FCL Pilot Licence and UK Medical Declaration.