PIK OPTION EXERCISED FOR THE MAY 2026 INTEREST PAYMENT UNDER COMPANY'S BONDS

15 May 2026 15:16 CEST

ISIN: NO0013387852 – Priority 1 Issuer Logistics Designated Activity Company
12.625% senior secured USD 230,000,000 bonds 2024/2027 ("Existing Bonds")

ISIN: NO0013736751 – Priority 1 Issuer Logistics Designated Activity Company
12.625% senior secured USD 230,000,000 bonds 2024/2027 (“1O Bonds”)

ISIN: NO0013736769 – Priority 1 Issuer Logistics Designated Activity Company
12.625% senior secured USD 230,000,000 bonds 2024/2027 (“2O Bonds”)



Reference is made to the abovementioned bond issues (the “Bonds”) issued by
Priority 1 Issuer Logistics Designated Activity Company as issuer (the “Issuer”)
pursuant to the bond terms originally dated 17 November 2024 and amended and
restated on 25 November 2025 pursuant to an amendment and restatement agreement
dated 21 November 2025, again amended and restated on 1 March 2026 pursuant to
an amendment and restatement agreement dated 1 March 2026, and further amended
and restated on 22 April 2026 pursuant to an amendment and restatement agreement
dated 22 April 2026 (the “Bond Terms”). All capitalised terms used, but not
defined herein, shall have the same meaning ascribed to them in the Bond Terms.



The Issuer has notified the Bond Trustee that it exercises the PIK Option as per
Clause 9.2 of the Bond Terms, with respect to the Interest Payment due 19 May
2026. The PIK Option is exercised in whole with respect to 1O Bonds, 2O Bonds
and 3O Bonds. Consequently, the interest rate applicable for the purposes of
calculating the amount of 1O PIK Bonds, 2O PIK Bonds and 3O PIK Bonds to be
issued shall be the Interest Rate plus 2.00 percentage points per annum.

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