STS and XBP Europe FAQ’s

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STS and XBP Europe FAQ’s
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Exela has received questions from investors regarding STS and the XBP Europe transaction. We thought it makes sense to post them with answers for all to see. Please note that every answer is subject to change, but we will do our best to keep investors updated. We look forward to communicating with you further and do recommend communication with Exela via SpeakUp.

Q: What is STS?

A: Exela created XCV-STS, LLC to “Serve the Shareholders.” STS holds assets that we have set aside to benefit shareholders.

Q: Does STS currently hold any assets?

A: On August 3, 2022, Exela announced that it holds $70 million of face value 2026 notes purchased at a discount.

Q: Who receives the coupon payment that is due on these notes?

A: STS is entitled to receive the coupon. When STS receives the coupon, it may use the coupon for the benefit of the Exela shareholders including but not limited to a dividend or used as part of a share buyback program, subject to applicable laws and relevant approvals.

Q: Will you retire these notes?

A: STS currently plans to continue to hold these notes to maturity. However, it may also sell them earlier for cash, which could then be employed by STS as described above.

Q: What was announced on October 10, 2022 and November 29, 2023?

A: Exela and CF Acquisition Corp. VIII announced the next stage in the public listing of Exela’s European business, called XBP Europe. The press release is listed here. The transaction was closed on November 29, 2023 and trading began on November 30, 2023 as noted here.

Q: Who will own the publicly traded entity, XBP Europe?

A: Exela (Nasdaq: XELA) will indirectly own the vast majority of the shares in the entity, XBP Europe, publicly listed on the Nasdaq under ticker, “XBP”. Exela currently owns 72% of the outstanding shares.

Q: Does XBP Europe have a website?

A: Yes. Please see XBPEurope.com for the corporate website and here for the investor website.

Q: What is XBP Europe?

A: XBP Europe is a pan-European integrator of bills, payments and related solutions and services seeking to enable digital transformation of its more than 2,000 clients. The company’s name – ‘XBP’ stands for ‘exchange for bills and payments’ and reflects the company’s strategy to connect buyers and suppliers, across industries, including banking, healthcare, insurance, utilities and the public sector, to optimise clients’ bills and payments and related digitization processes.

Information for holders, prospective investors, market makers affiliated with any initial purchaser of the 11.500% First-Priority Senior Secured Notes due 2026 issued by Exela Intermediate, LLC, and securities analysts, please see the tab 4a in the 3Q Factsheet, https://investors.exelatech.com/financial-information/quarterly-results

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