The following specialist debt programme has been approved for securities issued thereunder within five years of the publication of the programme memorandum to be admitted to the official list of the Cayman Islands Stock Exchange:

Name of Issuer:

Arena Investors EF Designated Activity Company

Description of Programme:

USD/EUR100,000,000,000 Various Series of Profit Participating Notes

Date of Programme Memorandum:

10 February 2022

Date of Approval:

10 February 2022

Expiry of Approval:

9 February 2027