Announcement

The Company announces that the trustee of the €249.5m 1.75 per cent. Guaranteed Exchangeable Notes due 2019 issued by FF Group Finance Luxembourg S.A. (the “2019 Notes”) has on 1 November 2018 issued a notice of acceleration on the Company’s subsidiary FF Group Finance Luxembourg SA.  On the same date, the trustee of the 2019 Notes called on the guarantees provided by the Company and its subsidiary, FF Group Finance Luxembourg II S.A., under the terms of the 2019 Notes.

As a result of the foregoing, Events of Default have occurred:

• under condition 8(c) of the terms and conditions of the CHF 150,000,000 3.25 per cent. Guaranteed Notes due 2021 issued by FF Group Finance Luxembourg II S.A. (the “2021 Notes”) and guaranteed by the Company;

• under clause 7(1)(c) of a €20,000,000 Schuldschein dated 16 December 2016 entered into by FF Group Finance Luxembourg II S.A.; and

• under clause 7(1)(c) of a €31,000,000 Schuldschein dated 23 December 2016 entered into by FF Group Finance Luxembourg II S.A.

The Company further announces that a default has occurred under the terms and conditions of the 2021 Notes as a result of interest not being paid when due on 2 November 2018. This will become an Event of Default under condition 8(a) of the terms and conditions of the 2021 Notes following the expiry of a contractual grace period of ten calendar days on 12 November 2018 and will result in Events of Default:

• under clause 7(1)(c) of a €20,000,000 Schuldschein dated 16 December 2016 entered into by FF Group Finance Luxembourg II S.A.; 

• under clause 7(1)(c) of a €31,000,000 Schuldschein dated 23 December 2016 entered into by FF Group Finance Luxembourg II S.A.; and

• under condition 10(c) of the terms and conditions of the 2019 Notes.

This announcement is released in compliance with the relevant provisions of the Market Abuse Regulation (EU) 596/2014 concerning the Company’s obligation to disclose inside information.