Rallye - Convertible premium filed

All,

As we are not actual bondholders, we cannot ourselves reach out to Linklaters (représentant de la masse) to ask for the filing documents. But it may be worth asking Linklaters about the merit of the option valuation and where that might settle in a negotiation.

We understand that the 2020 bonds (almost paid down) have been filed for the staggering amount of E30m, which would represent a significant premium for the option.

Thus we assume that the 2022s have also been filed with a significant premium.

Wolfgang