Notice Of First Compulsory Redemption

VEH 12th December, 2019

Dear Shareholder,

As previously communicated, on 6 July 2018 the Company held an extraordinary general meeting (the “EGM “) at which an Ordinary Resolution was passed to approve the Soft Wind Down (as defined in the Circular sent to the shareholders of the Company in advance of the EGM), and on 29 August 2018 the Directors resolved, among other things, to suspend the voluntary redemption of shares in accordance with the Company’s Articles of Association. Since then, the Directors have been working to liquidate the Company’s assets in order to return capital to the shareholders of the Company.

We are writing with an update on that process.

The Directors are pleased to report that they have liquidated approximately 90% of the Company’s assets, and as a result, the Company has cash reserves of approximately 37 million Euro. The Directors now propose to compulsorily redeem a corresponding number of Shares in issue, pro rata in respect to all Shareholders, in full in cash, such redemption to occur on December 12th , 2019 at the net asset value per share of end of November.In accordance with the anti-money laundering requirements applicable to the Company, any redemption proceeds due to a Shareholder that has not provided the Company with complete AML/KYC documentation shall be held by the Company in escrow pending receipt of such documentation.

Yours faithfully,

alpay sig


Alpay Ece

on behalf of the Board of Directors of the Company