Ad hoc: Jubii Europe N.V.: Dutch tax authorities adhere to their decision that Jubii Europe N.V. (ISIN NL0000233195) has no VAT deduction right

As reported in the Ad hoc announcement on February 26, 2019 the Dutch tax authorities started in 2017 a tax audit with respect to sales tax (VAT) for the period 2013 until 2018. The tax authorities have taken the position that Jubii Europe N.V. was not engaged in economic activities which would lead to a VAT deduction right during the years of examination. Accordingly, the Dutch tax authorities requested from Jubii Europe N.V. a payment of Euro 1,155,183 for input VAT in the period under examination, inclusive interest until the release of the tax assessments and fines. Based on the assessment of Jubii Europe N.V.'s Dutch tax advisors management takes the position that Jubii Europe N.V. was engaged in economic activities leading to a VAT refund right during the whole period and having solid arguments in defense of this position. Therefore, Jubii Europe N.V. has objected the Dutch tax authorities' assessment immediately. On September 27, 2019 the Dutch tax authorities rejected Jubii Europe N.V.'s appeal and announced that they adhere to their assessment that Jubii Europe N.V. has no VAT deduction right and claimed the repayment of input VAT. According to this decision Jubii Europe N.V. will pay the reclaimed input VAT plus interest and fines and careful consider together with their Dutch tax advisors, whether to take the case to court or not. Jubii Europe N.V. has to instigate legal proceedings against the Dutch tax authorities' decision until November 4, 2019. Jubii Europe N.V. Haarlem, The Netherlands, September 27, 2019