Update on HI Bidco Bonds and 2L Bonds

29 Nov 2022 08:47 CET

Reference is made to the publication made on 21 October 2022 with respect to the
summons for a Written Resolution in HI Bidco AS FRN 5.50 per cent. Senior
Secured NOK 1,350,000,000 Callable Open Bond Issue 2017/2022 with ISIN
NO0010808249 (the "Bonds") and the adoption of the proposed resolution therein
on 26 October 2022.

Reference is made to the publication made on 25 October 2022 with respect to the
summons for a Written Resolution in HI Bidco AS FRN 8.00 per cent. Senior
Secured NOK 350,000,000 Callable Open Bond Issue 2017/2023 with ISIN
NO0010808256 (the "2L Bonds") and the adoption of the proposed resolution
therein on 26 October 2022.

Based on written instructions to the Bond Trustee from a simple majority of the
Bondholders of the Bonds, the Maturity Date of the Bonds has not been extended
further, nor has the interest payment dates of the Bonds and 2L Bonds been
extended.

Convene Holding AS (formerly HI BidCo AS) is not in position to repay the Bonds,
nor in a position to pay any of the interest which has accrued on the Bonds and
the 2L Bonds from 30 October 2022.

Each of the abovementioned non-payments constitutes an event of Default under
the terms and conditions of the Bonds and the 2L Bonds.

Convene Holding AS will seek to continue constructive dialogue with its
creditors to reach a solution. The Default does not have any immediate effect on
the operational subsidiaries of Convene Holding AS.

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