UPDATE OF BANKING CONDITIONS - IMPORTANT INFORMATION

Dear Market Participant,

In light of the current market conditions relating to the low-rate environment in effect in the Eurozone, we would like to inform you that our banking partner, ING Luxembourg has decided to apply negative interest rates (Euribor 1M - 20 basis points) for credit balances from the first euro held in ING’s books. The change will be effective as of 1 January 2022. We would like to remind you of the possibility to use a bank guarantee as collateral instead of cash deposits.

The summary of account charges, interest rates and optional reporting fees that may apply to your dedicated business account can be found in our Banking conditions available on our website.

Our finance team is available for any questions you may have via our Service desk.                                                                                                                                      

Best regards,

Finance team

JAO S.A.

Tel: +352 2762 3802