HFMX Designated Activity Company: Notice to Noteholders

Dublin (pta018/03.10.2023/14:13 UTC+2)

Company name HFMX Designated Activity Company

Headline Notice to Noteholders of Series 220

29 September 2023

Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the "Market Abuse Regulation") requires disclosure of inside information relating to the Issuer and the Notes.

This announcement may contain inside information as defined in Article 7 of the Market Abuse Regulation and is therefore disclosed in accordance with the Issuer's obligations under Article 17 of the Market Abuse Regulations.

THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.

THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE OWNERS OF THE NOTES. IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO PASS THIS NOTICE TO SUCH OWNERS IN A TIMELY MANNER.

If you are in any doubt as to the action you should take, you are recommended to seek your own financial, legal or other advice immediately from your stockbroker, bank manager, solicitor, accountant or other appropriately authorised independent financial adviser.

If you have recently sold or otherwise transferred your entire holding(s) of the Notes referred to below, you should immediately forward this document to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.

NOTICE FROM THE ISSUER TO NOTEHOLDERS

HFMX DAC

(the "Issuer")

Black Tulip Rebel Way Entertainment ETP I (Series 220) Notes due 2023

ISIN: XS1887320544 COMMON CODE: 188732054

(the "Notes" or the "Series" and the holders thereof the "Noteholders")

Capitalised terms used but not otherwise defined in this notice shall have the meanings ascribed to them in the Series Memorandum in relation to the Notes dated 3 October 2018.

The purpose of this notice is to provide Noteholders with an update on the status of the Notes and the Charged Assets for the Notes.

BACKGROUND

The Charged Assets for the Notes are principally comprised of participating, non-redeemable, non-voting shares (the "Shares") of Black Tulip Rebel Way Entertainment ETP I Limited (the "Fund"). The Shares were described in a private placement memorandum of the Fund dated 3 October 2018, a copy of which was appended to the Series Memorandum (the "Private Placement Memorandum"). Black Tulip Media LLC, a Florida limited liability company serves as the investment manager of the Fund (the "Investment Manager").

As disclosed in the Notice to Noteholders dated as of 22 September 2023, a copy of which is included as Appendix I to this notice (the "Previous Notice"), (i) in the period since 31 January 2021, the Calculation Agent has been unable to calculate a Net Asset Value per Note due to the failure of the Investment Manager and the appointed third party administrator of the Fund to provide supported valuations of the Shares; (ii) the Fund is recorded as having been struck off the Cayman register of companies by the Cayman Registrar of Companies as at 30 April 2021; and (iii) a Mandatory Redemption Event has now occurred in respect of the Notes due to the continuing failure of the Fund and the Investment Manager to provide information requested on behalf of the Issuer.

MATURITY DATE

The Scheduled Maturity Date of the Notes is 2 October 2023.

Special Condition (II) (Redemption Amount) provides that unless previously redeemed the Notes will be redeemed by a payment in respect of each Note on the Final Maturity Payment Date of an amount in USD (the "Redemption Amount") equal to the Net Proceeds. No interest or other amount shall accrue or be payable in respect of the Notes in respect of the period from and including the Scheduled Maturity Date, to and including the Final Maturity Payment Date.

The calculation of the Net Proceeds is dependent on the determination of the Sale Proceeds. The Sale Proceeds means an amount determined by the Calculation Agent being: (a) the proceeds of sale or other means of realisation of the Charged Assets; less (b) any costs, expenses, taxes and duties incurred in connection with the disposal or transfer of the Charged Assets by the Sale Agent or any agent of the Issuer.

Pursuant to the Conditions, the Final Maturity Payment Date means, subject as provided in Special Condition 5.10, five (5) Business Days following the day that the Issuer receives the aggregate Sale Proceeds pursuant to Special Condition 5.3. It is also stipulated that the Final Maturity Payment Date may be significantly later than the Scheduled Maturity Date (as was disclosed in the "Risk Factors – Payments" in Private Placement Memorandum).

The occurrence of the Final Maturity Payment Date is therefore contingent upon the receipt by the Issuer of the Sale Proceeds, being principally the proceeds of realisation of the Shares. Accordingly, notwithstanding that the Scheduled Maturity Date of the Notes to occur on 29 September 2023, the payment of any amounts to Noteholders is contingent on the realisation of the Shares and the receipt of the proceeds by the Issuer.

Due to the failure of the Fund and the Investment Manager to provide information regarding the status of the Shares, the Issuer is not currently able to provide Noteholders with any indication on when, if at all, it will be possible to realise the Shares or to determine the Redemption Amount and the Final Maturity Payment Date. The Issuer will publish a further notice to Noteholders at such time when it is able to provide further details on these matters.

Noteholders should be aware that as the Redemption Amount will depend on the amount received by the Issuer upon a realisation of the Shares. If it is determined that the Shares have no value or it is otherwise not possible to realise any value in respect of the Shares, the Redemption Amount will be zero.

The Issuerhereby provides noticethat:

1. The Notes will mature on the Scheduled MaturityDate of 2 October 2023.

1. The provisions of Special Condition 5.3 (Redemption Amount) apply so that the Redemption Amount of the Notes will be paid on the Final Maturity Payment Date, which may be significantly later than the Maturity Date.

1. The Redemption Amount and the Final Maturity Payment Date will be determined in due course on the basis of the final determination of the Realisable Value of the Charged Assets, following which the Issuer (i) will inform the Noteholders of the Final Maturity Payment Date and Redemption Amount and (ii) request the cancellation of the listing of the Notes on the Vienna MTF following their redemption.

1. The Calculation Agent has informed the Issuer that it has not as of yet been able to conclusively determine the Realisable Vaue and this may be zero.

The Issuer is continuing to seek clarification of the status of the Shares, the Fund and the investments of the Fund . The Issuer will publish a further notice to Noteholders once it receives any further information in respect of these matters or if any developments occur regarding the next steps for the redemption of the Notes. Noteholders who wish to discuss the possibility of action being commenced by the Issuer against the Company are invited to contact FlexFunds Ltd. using the contact details below.

This notice is for informational purposes only and Noteholders are not required to take any action at this time.

TRUSTEE

This Notice has not been formulated by the Trustee who expresses no view on it and the Trustee

expresses no opinion as to the actions (if any) the Noteholders may take in respect of this Notice.

The information contained herein has not been independently verified by the Trustee and the Trustee makes no representation that all relevant information has been disclosed to Noteholders in

or pursuant to this Notice. In accordance with normal practice, the Trustee expresses no view as to the truth, veracity, accuracy or completeness of the contents of this Notice. Accordingly, the Trustee recommends that Noteholders consider seeking their own financial, tax, accounting, investment and legal advice in respect of this Notice.

No responsibility or liability is or will be accepted by the Trustee in relation to the accuracy or completeness of this Notice or any other written or oral information made available to any person

receiving this Notice or its advisers and any such liability is expressly disclaimed. This Notice is made without prejudice to any and all of the Trustee's rights under the Conditions of the Notes and

the transaction documents relating to the Notes, all of which are expressly reserved.

Further Information

For further information please contact FlexFunds Ltd:

FlexFunds Ltd.

4th Floor, Harbour Place

103 South Church Street

P.O. Box 10240

Grand Cayman KY1-1002

Cayman Islands

Telephone: +1 (646) 820 8001

Email: operations@flexfunds.com

Attention: Operations

The Directors

HFMX DAC

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