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For the purpose of enabling Storent Holding to realize the favorable market conditions, make significant investments and further develop and seize the market potential, Clause 16.2 of the General Terms and Conditions shall be expressed as follows:

 

“16.2. Net Debt/EBITDA

The Issuer’s Net Debt/EBITDA Ratio for the for the previous 12 (twelve) months:

1. until second Quarter of 2024 (inclusive), shall not be higher than 2.5;

2. from third Quarter of 2024 to second quarter of 2025 (inclusive), shall not be higher than 4;

3. as of third Quarter of 2025, shall not be higher than 3.5.

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The Issuer’s Net Debt/EBITDA Ratio shall be calculated:

1. as at the end of each Quarter determined on the basis of the Issuer’s consolidated monthly financial statements  for the previous 12 (twelve) months; and

2. as at 31 December each year, as determined on the consolidated basis on the basis of each of the Issuer’s annual        financial reports.”

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“Net Debt/EBITDA Ratio” means the ratio of interest-bearing liabilities (excluding Subordinated Debt) – (minus) cash to EBITDA of the respective measurement period.  

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“EBITDA” means the net income of the measurement period before:

1. any provision on account of taxation; 

2. any interest, commission, discounts or other fees incurred or payable, received or receivable in respect of financial indebtedness; 

3. any depreciation and amortisation of tangible and intangible assets; and 

4. any re-valuation, disposal or writing off of assets.”