Max Stock Ltd.

Capital/Financing Update • Jul 15, 2022

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014.

Max Two Limited (the "Issuer")

Notice to the holders of the EUR 100,000,000 5.70 per cent. Secured Notes due 2024 (the "Notes" and the holders thereof, the "Noteholders") (ISIN: XS0201817292, Common Code: 020181729)

15 July 2022

• 1. The directors of the Issuer note that a Scheduled Principal Payment of EUR 115,635.00 and a Scheduled Coupon Payment of EUR 116,753.30 were due to be paid by the Issuer on the Interest Payment Date falling on 30 March 2022 in accordance with Conditions 5(a) (Interest) and 6(a) (Redemption by Instalments and Final Redemption) of the Notes. As at the date of this announcement, the Scheduled Coupon Payment and the Scheduled Principal Payment due on the Interest Payment Date falling on 30 March 2022 remain unpaid and, accordingly, an Event of Default has occurred pursuant to Condition 9(i). A notice of default was sent to Noteholders by The Bank of New York Mellon, London Branch in its capacity as Trustee on 2 June 2022.
• 1. Prior to the Interest Payment Date falling on 30 March 2022, the amount of funds held by the Issuer, was lower than projected. The directors of the Issuer determined that, after taking into account the Issuer's actual and prospective liabilities, a shortfall existed between the Issuer's assets and its liabilities to Noteholders. In light of this assessment and, having regard to their fiduciary duties, the directors of the Issuer determined that it was not appropriate to make payment of the Scheduled Principal Payment and the Scheduled Coupon Payment due on 30 March 2022.
• 1. The Issuer is currently undertaking a review with its advisers of its financial position, as well as its rights and obligations under the Notes (and the other documents entered into by the Issuer in connection with the Notes). In parallel, the Issuer is considering what steps (if any) can be taken to recover amounts owing or potentially owing to it so as to maximise funds available to discharge Secured Claims (including Secured Transaction Claims) and other amounts which may be owing to third party creditors.
  2. 1. The Issuer will make further announcements to update Noteholders as appropriate throughout this process.

• Unless otherwise defined herein, capitalised terms and expressions used in this announcement have the meanings given to them in the Conditions.

Market Abuse Regulation

The information contained in this announcement is inside information as stipulated under the Market Abuse Regulation (EU) No. 596 /2014. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this announcement on behalf of the Issuer is David Carswell, Director of Max Two Limited.

For the avoidance of doubt, the Trustee has not prepared the information contained in this Notice and makes no representation as to the accuracy or completeness of the information herein and cannot accept any liability for any loss caused by any inaccuracy therein. The Trustee makes no recommendations and gives no legal or investment advice herein or as to the Notes generally. Noteholders should take and rely on their own independent legal and financial advice.

For further information, please contact the Issuer:

Max Two Limited IFC 5 St Helier Jersey, JE1 1ST Email: MaxTwoLimited@sannegroup.com Tel: +44(0) 1534 722787