Digital 9 Infrastructure plc

Digital 9 Infrastructure plc (“the Company” or “D9”) is an investment trust in wind-down (the “Managed Wind-Down”). There can be no certainty as to the precise quantum or timing of any realisations or returns of capital and whether the Company achieves its Investment Objective. Given the asset divestments announced to date, most of the Company’s value is driven by the valuation of Arqiva, the Company’s largest asset which is highly geared through its senior and junior debt financing structure, as well as the Company’s Vendor Loan Note (“VLN”) financing attached to its equity investment in Arqiva. The valuation of Arqiva is highly dependent upon a number of related future events and there exists a range of outcomes surrounding the quantum of any future value realisation. As a result, an investment in the Company is only suitable for investors who are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses which may arise from such an investment (which may be equal to the whole amount invested). Such an investment should not be regarded as short-term in nature, should be complementary to existing investments in a range of other financial assets and should not form a major part of an investment portfolio.