Official Announcement

Escher Marwick Plc (the "Issuer")

Company Announcement

Escher Marwick Plc 2017-F1 EUR Secured 7.00% NTS due 2022 ISIN GB00BF0L7628 (together, the "2017-F1 Notes")

On 1 July 2020, the Issuer announced that interest due on the 2017-F1 Notes on 30 June 2020 was not made to the holders of the 2017-F1 Notes. The announcement stated:

"The security backing the 2017-F1 Notes is described in the Investment Memorandum dated 21 September 2017 and principally consists of contractual rights to income arranged by O.I.B. Open Innovation & Business S.p.a ("OIB").

As a result of the non-payment of such amounts by OIB to the Issuer, the Issuer has insufficient funds to pay interest on the 2017-F1 Notes. No action has yet been taken by the Issuer against OIB in respect of such payments. The obligation of OIB to make such payments to the Issuer continues."

The above statement should have said:

As a result of the non-receipt of amounts due to the Issuer, there are insufficient funds to pay interest on the 2017-F1 Notes.

The 2017-F1 Notes are listed on the Frankfurt Stock Exchange.

Capitalised terms used but not defined herein have the meaning given to them in the terms and conditions of the 2017-F1 Notes as set out in the Pricing Supplement dated 21 September 2017 relating to the 2017-F1 Notes.