Cairo Mezz : Update on the financial developments of Cairo Mezz Plc financial year 2020

29 April 2021

Announcement

Update on the financial developments of Cairo Mezz Plc financial year 2020

The Board of Directors of Cairo Mezz Plc ("Company"), on its meeting of 29 April 2021, approved the financial statements of the Company for the financial year ended on 31.12.2020.

The Company was incorporated on 15 January 2020 and its ordinary shares were admitted to trading on the general trading segment of the Alternative Market ("EN.A. PLUS") of the Athens Stock Exchange in September 2020.

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 Company's first financial year are presented below:

(amounts in euro)	15.01.20-31.12.20
Revenue	0
EBITDA	(216,875)
Net loss for the period	(216,875)

	31.12.20
Investments in FV through P&L	56,017,137
Shareholders' Equity	57,275,135

The fair value of the Notes as at 31 December 2020 was estimated by an independent valuer, in accordance with generally accepted principles and appropriate methods followed internationally.

The main assets (approximately 97% 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 2020.

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.

The Company's expenses during the same financial period relate to operating and administrative expenses, such as auditors' fees, 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 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.