German Listed Bonds plc: In relation to EUR 150 Mio Secured Medium Term Note Programme - Series 2018-GLB1, Series 2018-GLB2 and Series 2018-GLB3

London (pta020/25.02.2020/16:50 UTC+1) ,

German Listed Bonds - Response to Further Recent Noteholder Queries

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Issuer Accounts
1. What is the current balance of the Cash Reserve Account and have any funds from this been used?

As detailed in the Issuer announcement dated 27 January 2020, the account balance of the Cash Reserve Account is EUR 874,832. This satisfies the cash reserve requirement, as set out in respect of the Series 1 Notes, of 14.98%, as stipulated in ARCs rating report. This amount has not been used for any purposes and can be applied towards Series 1 coupon payments only.
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2. Since there is money left in the Cash Reserve Account, it is possible that Series 1 will not default?

Based on information received by the Issuer from Zenzic Partners Limited as Arranger to the Programme, it is our understanding that the next Series 1 coupon payment of EUR 138,700 is due in April 2020.
Accordingly, if the amounts in the Cash Reserve Account remain at this level until the date of the coupon payment, there should be sufficient funds to cover the coupon to be paid in connection with Series 1.
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Income and Fees
3. Please can you confirm whether there is any income coming in to any Series?
No income is currently coming into any Series.
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4. Where does the liquidity for fee/admin payments come from?
The liquidity for the necessary fee and administrative payments comes from the various other Issuer Series 1 bank accounts. The Cash Reserve Account, however, is ring-fenced and is not currently used for such payments.
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Jüterbog and Berlin Assets
5. Please can you provide the extracts from the German Land Register confirming: (i) the first-ranking charge in respect of the Jüterbog asset; (ii) the fourth-ranking charge, in respect of the Berlin asset; and (iii) the quantum of the charges in favour of the Issuer?
We refer Noteholders to the documents released in February 2020, which are available for review on the Maples Group Secure File. A link to the Maples Group Secure File and login details have been made available to those Noteholders who have confirmed to the Trustee that they wish to access the Maples Group Secure File.
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6. Please can the Issuer confirm the purchase price of the Jüterbog and Berlin assets?

We refer Noteholders to the answer to question 5 above.
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7. What is the latest valuation of the Jüterbog and Berlin assets?
We refer Noteholders to the answer to question 5 above.
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8. Please can you provide a copy of the loans between (i) the Issuer and Dolphin; and (ii) the Issuer and Ampere?
We refer Noteholders to the answer to question 5 above.
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Meeting with Restructuring Advisor:
Representatives of the Issuer and the Trustee will be meeting with the restructuring advisor of the Borrowers, Michael Truernit of CFE Ltd., on 3 March at 11.00 CET in Berlin, Germany to receive an update on the restructuring process of the Borrowers. Noteholders are invited to attend and should contact the Trustee for further details. For those Noteholders who unable to attend the meeting, a summary of the meeting will be published by the Issuer.

Contacts:
transactionteam@wilmingtontrust.com
enquiries@germanlistedbonds.co.uk

25 February 2020

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Emitter:	German Listed Bonds plc Brompton Place, 161 Brompton Road SW3 1PQ London United Kingdom
Contact Person:	Dr. Anh-Duc Cordalis
E-Mail:	cordalis@greenfort.de
Website:	www.germanlistedbonds.com
ISIN(s):	XS1856028342 (Bond)
Stock Exchange(s):	Free Market in Frankfurt
Other Stock Exchanges:	SIX Swiss Exchange, Cayman Islands