Cairo Mezz : ANNOUNCEMENT - UPDATE ON THE FINANCIAL DEVELOPMENTS OF CAIRO MEZZ PLC FIRST HALF 2021

28 September 2021

Announcement

Update on the financial developments of Cairo Mezz Plc first half 2021

The Board of Directors of Cairo Mezz Plc ("Company"), on its meeting of 27 September 2021, approved the financial statements of the Company for the six months ended on 30.06.2021.

The Company holds mezzanine and junior notes issued by the special purpose companies that own the Cairo Portfolio1 ("Notes"). Holding and managing the Notes is the Company's primary business activity and it does not intend to develop any other activity.

The key financial information for the first half of the financial year 2021 are presented below:

(amounts in euro)

01.01.21-30.06.2115.01.20-30.06.20

Revenue	0	0
EBITDA	(140.954)	(78.844)
Net loss for the period	(140.954)	(78.844)
	30.06.21	31.12.20
Investments in FV through P&L	56.017.137	56.017.137
Shareholders' Equity	57.134.181	57.275.135

The fair value of the Notes was estimated by an independent valuer as at 31 December 2020.

The main assets (approximately 98% of the total assets) of the Company are the Notes; hence, the Company's sole source of revenues are receivables from the Notes, which are linked to receivables from the non-performing loans included in the Cairo Portfolio ("Loans"). The total income of the Issuers is allocated in accordance with the prioritization schedule underpinning the issuance of the Notes ("Repayment Schedule"), under which payments on the mezzanine and junior notes are the last in the order of priority2. Given that the payment of the receivables from the Notes follows the full repayment of the receivables from the senior notes, the Company did not have revenues in the six months ended on 30.06.2021.

The Company's expenses during the same financial period relate to operating and administrative expenses, such as third party fees for the provision of legal, administrative and investor relations services, as well as ATHEX expenses.

It should be noted, that the Company, as a noteholder, does not have any right on the formulation or implementation of the Cairo Portfolio business plan, which was prepared and is

1. Cairo Portfolio means the mixed portfolio of non-performing loans with a total gross book value of €7.5bn, which was transferred in June 2019 by Eurobank Ergasias S.A. to the Irish special purpose companies Cairo No. 1 Finance DAC, Cairo No. 2 Finance DAC, and Cairo No. 3 Finance DAC ("Issuers").
2. The payments under the senior notes precede the payments under the mezzanine notes and the latter precede the payments under the junior notes. In addition, the payments to the noteholders is preceded by other obligatory payments, such as payments for taxes, fees and expenses, etc.

being executed by the servicer of the Cairo portfolio. Consequently, the Company cannot affect its revenues in any manner or draw up its own business plan.

The Company	The Nominated Adviser
Cairo Mezz Plc	Eurobank S.A.