Update on HI Bidco Bonds

30 Nov 2022 10:50 CET

Reference is made to the Company announcement made on 29 November 2022 in
respect of the FRN 5.50 per cent. Senior Secured NOK 1,350,000,000 Callable Open
Bond Issue 2017/2022 with ISIN NO0010808249 (the “Bonds”) and FRN 8.00 per cent.
Senior Secured NOK 350,000,000 Callable Open Bond Issue 2017/2023 with ISIN
NO0010808256 (the "2L Bonds", and together with the Bonds (the “Bond Issues”).

The Company has received confirmation from a majority of bondholders that they
will work constructively with the Company and its management with a view to
resolve the capital structure and financial situation of the Company and its
subsidiaries (the “Convene Group”). The majority bondholders have restated that
it is of the greatest importance for the Convene Group to maintain its
operational stability in order to preserve value for all of its stakeholders.
The majority of bondholders have confirmed that they will present a
comprehensive proposal to the Company within the next few days, which it
believes has a very high likelihood of being approved by the requisite majority
of bondholders under the Bond Issues.

The Company intends to continue the constructive dialogue with its creditors in
order to reach a solution to its capital structure and financial situation in
the near term.

The Company has furthermore been informed that the sole shareholder of the
Company has entered into a sale and purchase agreement with a view to dispose
all its shares to its financial creditors through a company wholly owned by
Stiftelsen Refectio (the “Foundation”). The Foundation has been established to
effectively secure bondholders’ interest and is today holding assets worldwide
on behalf of bondholders.

The transaction is subject to certain terms and conditions, including inter alia
(i) the approval from the Financial Supervisory Authority of Norway, and (ii)
all required approvals waivers and/or amendments from the investors in the
Bonds.

Important information

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act. The stock
exchange announcement was published by Halldor Christen Tjoflaat, director, at
the time and date stated above in this announcement.

Matters discussed in this announcement constitute forward-looking statements.
Forward-looking statements are statements that are not historical facts and may
be identified by words such as “believe”, “expect”, “anticipate”, “strategy”,
“intends”, “estimate”, “will”, “may”, “continue”, “should” and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although Convene Holding believes that these assumptions were reasonable when
made, these assumptions are inherently subject to significant known and unknown
risks, uncertainties, contingencies and other important factors which are
difficult or impossible to predict and are beyond its control. The information,
opinions and forward-looking statements contained in this announcement speak
only as at its date and are subject to change without notice. Convene Holding
undertakes no obligation to review, update, confirm, or to release publicly any
revisions to any forward-looking statements to reflect events that occur or
circumstances that arise in relation to the content of this announcement.

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