February 2 2023: The January payment of €72k has been distributed to investors. Negotiations to increase monthly payments are still ongoing but with good progress. This should ensure that the overdue debt together with pending payments interest will be fully covered by the end of the year.

January 5 2023: The company so far has repaid €366k, which equals about 25% of its debt at the moment of suspension. Out of this amount, €75k was repaid in December 2022. The company is committed to continue making monthly payments of €75k and to provide a guarantee from its mother company as communicated earlier. The commitment to transfer €75k monthly is less than communicated in the previous update, and negotiations to increase monthly payments are still ongoing.

December 1 2022: We’ve agreed with Dineo on a new repayment schedule according to which all exposure has to be covered by the end of April 2023. Moreover, the company will provide a guarantee from its mother company. We’re in the process of finalizing the necessary agreements. The company has already made payments per the new schedule.

November 3 2022: We received €243k in payments for principal and accrued interest. Dineo informed us the company won’t be able to comply with the agreed schedule, as collections were less than expected. The company is looking for additional funding. We’re in the process of negotiating changes to the repayment schedule with the lending company.

October 6 2022: We received €21 391 in payments for accrued pending payments interest. We expect to receive repayments on principal starting from October.

September 1 2022: We agreed on a repayment plan with Dineo. According to the plan, the company has to make the first payment in October, and it has to pay pending payments interest. Dineo also paid €428 in pending payment interest in August.

August 4 2022: Dineo decided not to transition to the Notes setup. As a result, we’ll wind down cooperation with the lending company. We expect that the company will cover the amounts due to investors in full by the end of the year, and investors will receive all pending payment interest.

February 2 2023: The December payment of €12k and additional funds that were supposed to be used for the January payment are still locked due to the suspension of Baltic International Bank. Although the company is operating on a smaller scale compared to pre-war operations, it expects to restart €12k monthly payment from February, irrespective of the progress of unlocking funds from Baltic International Bank.

January 5 2023: The December payment of €12k is currently locked due to the suspension of Baltic International Bank. SOS Credit has filed the necessary documentation to unlock the funds, and will transfer them to Mintos as soon as it gets back the money. It is currently not possible to transfer larger payments out of Ukraine. The company is operating on a smaller scale compared to pre-war operations.

December 1 2022: SOS Credit is making small payments of €12k per month. It is currently not possible to transfer larger payments out of Ukraine. The company is operating on a smaller scale compared to pre-war operations.

November 3 2022: SOS Credit is making small payments of €12k per month. It is currently not possible to transfer larger payments out of Ukraine. The company is operating on a smaller scale compared to pre-war operations.

October 6 2022: SOS Credit is making small payments of €12k per month. It is currently not possible to transfer larger payments out of Ukraine. The company is operating on a smaller scale compared to pre-war operations.

September 1 2022: Payments out of Ukraine are currently not possible. So far for the one lending company we cooperated with in Ukraine (SOS Credit), a small payment was received that was made by their related company outside of Ukraine. The possibility of receiving payments from the Ukrainian lending company is largely dependent on the resolution of the war.

August 4 2022: We’ve agreed with SOS Credit that they will cover €11.3k monthly, which will be used to cover the accrued pending payments. SOS credit has restarted issuing loans in Ukraine and is paying a similar amount to other creditors as well.

July 7 2022: Transfer flows between Ukraine and the EU are disrupted due to the war in Ukraine. It is currently not known when the situation will return to normal. We’re working on alternative setups to enable transfers, but it will take time. Please follow the updates on our blog for more information.

February 2 2023:

Revo: The December payment has been distributed to investors. The company transferred another €1.3 million in January, bringing the total recovery from Revo up to €7.8 million (49.7% of the initial exposure).

EcoFinance: Ecofinance transferred RUB 8.5 million. The funds will be distributed to investors once the bank has finished its AML and sanctions review and released the funds to us.

Creditter: The agreements have been amended as requested by the lending company’s bank and submitted. We expect to start receiving payments from Creditter once the bank has accepted the agreement.

Dozarplati: Dozarplati’s bank is reviewing the signed agreements. The lending company is waiting for a response from the bank when the payments can proceed.

Kviku: Due to the lending company's lack of cooperation, it wasn't possible to reach an agreement. We have engaged local consultants to enforce the agreements.

Lime Zaim: Lime Zaim made another payment of RUB 8.5 million. The funds will be distributed to investors once the bank has finished its AML and sanctions review and released the funds to us.

January 5 2023:

Revo: Revo sent the regular payment of €1.3m. The funds will be distributed to investors once the bank has finished its AML and sanctions review and released the funds to us. We had to switch to a new bank, as the previous one, Baltic International Bank, had been placed under administration.

EcoFinance: EcoFinance has sent a transfer of RUB 8.5m, which was rejected by our bank due to its interpretation of AML and sanctions review. We are getting an additional legal opinion that the payment doesn’t violate sanctions and should be accepted by the bank.

Creditter: Creditter’s bank has asked for amendments to the signed agreements. We’ve updated the amendments, and they are now being reviewed by the bank again.

Dozarplati: Dozarplati’s bank has asked questions about technical details in the agreement. The lending company has replied to these questions and is waiting for a response from the bank when the payment can be proceeded.

Kviku: To protect investors’ interest, we currently can’t disclose more details about the recovery of the outstanding amounts. However, we have started taking certain action already in November to speed up the recovery.

Lime Zaim: Lime Zaim transferred RUB 8.5m, which have been distributed to investors.

December 1 2022:

Revo: We received a repayment of €1.3m from Revo in November.

EcoFinance: The agreed repayment agreement still needs to be physically signed and delivered properly to Russia, which is not a trivial action in the current environment. Once received, the agreement will need to be translated and notarised. After these steps have completed, the lending company will start making monthly repayments within the RUB 10m monthly limit set by the Central Bank of Russia. We initially expect monthly payments of about RUB 8.5m per month, as the company also has to serve other foreign creditors.

Creditter: The repayment agreement has been signed by both parties. Now the originals are being delivered to Russia, which is not a trivial action in the current environment. Once received, the agreements will need to be translated and notarised. After these steps have completed, the lending company will start making monthly repayments within the RUB 10m monthly limit set by the Central Bank of Russia.

Dozarplati: The repayment agreement has been signed and payments within the RUB 10m monthly limit set by the Central Bank of Russia was expected to start in November. Due to additional requirements, including translation and notarisation, the process is taking a bit longer. We expect to receive the first payment around 10 December.

Kviku: To protect investors’ interest, we currently can’t disclose more details about the recovery of the outstanding amounts. However, we have started taking certain action already in November to speed up the recovery.

Lime Zaim: The repayment agreement has been signed by both parties. Now the originals are being delivered to Russia, which is not a trivial action in the current environment. Once received, the agreements will need to be translated and notarised. In addition Lime Zaim will need to register a certain agreement with a non-sanctioned bank. After these steps have completed, the lending company will start making monthly repayments within the RUB 10m monthly limit set by the Central Bank of Russia. We initially expect monthly payments of about RUB 8.5m per month, as the company also has to serve other foreign creditors.

November 3 2022:

Revo: We received a repayment of €1.3m from Revo in October.

EcoFinance: We received a payment of €121k from Ecofinance in October that will be distributed to investors soon. In November we expect a sum closer to the RUB 10m monthly limit set by the Central Bank of Russia.

Creditter: The term sheet of the repayment agreement has been agreed, and we’re working on finalizing the rest of the agreement. Once the agreement has been signed, the lending company will make monthly repayments within the RUB 10m monthly limit set by the Central Bank of Russia.

Dozarplati: The repayment agreement has been signed. The company will start making payments within the RUB 10m monthly limit set by the Central Bank of Russia from November.

Kviku: We’re in the process of negotiating a repayment agreement. As the company has a substantial exposure, it is working on an agreement with the Central Bank of Russia to make larger payments than RUB 10m per month.

Lime Zaim: We’re in the process of negotiating a repayment agreement. Once the agreement has been signed, the lending company will make monthly repayments within the RUB 10m monthly limit set by the Central Bank of Russia.

October 6 2022: We’ve made progress with setting up regular transfers from the Russian lending companies within the limit of RUB 10m per month imposed by Russia. We expect to receive the first payments in the coming weeks, provided the external factors don’t change.

We have reviewed all reasonable options for alternative payment routes, and they all led to the same key point: As the Russian lending companies are licensed businesses, all alternative payment routes that would allow transfers greater than RUB 10m per month include aspects that require consultation and approval with the competent regulator, the Central Bank of Russia. Mintos and the Russian lending companies are working with local consultants to obtain the Central Bank’s approval.

Revo obtained special permission from the Central Bank of Russia to repay its obligations to Mintos investors in payments larger than RUB 10m monthly. In light of this permission, Revo has already transferred the first tranche of its repayment in the amount of €2.6m, and Mintos has received these funds on its accounts. In order to ensure the most fair treatment of Mintos investors in the given situation, the usual amortization sequence has been amended, and repaid funds were distributed proportionally to all affected investors based on their outstanding investments in Revo portfolios. Fees due to Mintos from Revo have also been collected proportionally, instead of collecting all fees upfront.

Please note that the estimated recovery ranges don’t account for potential sanctions against Russia or Russian retaliation measures that might be introduced due to recent developments, as the details are currently unknown.

September 1 2022: Currently, Russian lending companies can’t transfer payments in EUR due to imposed local limitations. However, they can make 10 million RUB of payments per month. Since the beginning of August, we’ve been able to receive these payments in an FX account where the RUB payments are automatically converted to EUR (10 million RUB is around €140k as of 26 Aug 2022).

A payment of 10 million RUB has already been received from one lending company, Revo. And for the remaining lending companies, we’re finalizing additional paperwork so they can pay to our FX account. In the short term, the 10 million RUB payments will be used to settle the funds in recovery from Russia.

Although the new FX account is a step in the right direction, we’re actively looking into alternative payment routes so we can receive larger payments and recover funds faster in the medium term (next 2-4 months). However, these can take some time to set up. So far, we've developed the structure on how payments could be made. The proposed payment routes are currently being reviewed by the Russian regulators. Because we don’t want to risk the success of establishing new payment routes, we can’t disclose more information at this time.

August 4 2022: We have opened an account where RUB payments can be received and subsequently exchanged for EUR. However, before these payments can be received, some additional paperwork needs to be completed with the lending companies - we are now clarifying what needs to be done and will provide you an update on expected payment timelines. Please note there is a limit of 10 million RUB that can be paid within a calendar month by each lending company for all international debts. In the meantime, the work on alternative payment routes that would allow larger payments is progressing.

July 7 2022: Transfer flows between Russia and the EU are disrupted due to EU sanctions and RU measures following the war in Ukraine. It is currently not known when the situation will return to normal. We’re working on alternative setups to enable transfers, but it will take time. Please follow the updates on our blog for more information.

Affected lending companies: Creditter, Dozarplati, EcoFinance, Kviku, Lime Zaim, Mikro Kapital, Revo Technology

February 2 2023: Fenchurch made a payment of €148k in January. The residual €85k payment to meet the new repayment schedule is expected to be received during the second week of February.

January 5 2023: Fenchurch made a payment of €240k in December, which is in line with the new repayment schedule based on projected payments from its clients.

December 1 2022: We’ve agreed with Fenchurch on a new payment schedule, according to which the lending company has to cover the full exposure by the end of December 2023. Fenchurch has started making payments according to the new schedule in November.

November 3 2022: Fenchurch made a payment of €234k in October.

Fenchurch informed us that the company won’t be able to fulfill the schedule. Collections have been less than expected, as one law firm the company is working with is having cash flow problems. Fenchurch has passed the cases this company had been handling to other law firms to address the issue. Moreover, courts in the UK are still backed up.

Consequently, part of the loans will be paid later than expected. The company is preparing a revised schedule for these cases. The company’s attempts to refinance its exposure have also been delayed.

October 6 2022: Fenchurch and Mintos agreed on a repayment schedule. See repayment schedule

September 1 2022: On 26 August 2022, Mintos and UK-based litigation financier Fenchurch mutually agreed to wind down cooperation due to potentially increased reputational risk for Mintos and also the lending company, resulting from the ongoing liquidation of Fenchurch’s former parent company.

According to the proposed payment schedule, Fenchurch will have to transfer borrowers’ repayments as soon as they are received, at the latest by the end of August 2023. In principal an agreement has already been reached, and we are working on formalizing necessary transactional documents. Many Fenchurch loans are taking longer than expected to settle as national lockdowns, covid restrictions, and other imposed government regulations in the UK have had a significant impact on the legal cases that Fenchurch has been funding for the past 24 months. Before Covid-19, court cases took on average 9-12 months, while they now take 12-18 months (and some take even longer). As a result, some investors might see that some loans are taking longer to be repaid.

Fenchurch is currently pursuing refinancing options. If the refinancing is successful, Fenchurch would be able to buy back outstanding investments, and investors might receive their money earlier.

To ensure investors are receiving adequate compensation for investments that will be paid back later than initially scheduled, interest on any delayed repayments will be increased to 1.4x the base interest rate (investors will receive 13% on average).

February 2 2023: There are no significant changes to the current status of the AlexCredit case, compared to what we reported in May.

January 5 2023: There are no significant changes to the current status of the AlexCredit case, compared to what we reported in May.

December 1 2022: There are no significant changes to the current status of the AlexCredit case, compared to what we reported in May.

November 3 2022: There are no significant changes to the current status of the AlexCredit case, compared to what we reported in May.

October 6 2022: There are no significant changes to the current status of the AlexCredit case, compared to what we reported in May.

September 1 2022: There are no significant changes to the current status of the AlexCredit case, compared to what we reported in May.

August 4 2022: There are no significant changes to the current status of the AlexCredit case, compared to what we reported in May. Please note, that the UAH has devalued by 25% since 21 July, and we expect a corresponding impact on recovered amounts in EUR.

7 July 2022: There are no significant changes to the current status of the AlexCredit case, compared to what we reported in May. Due to the war in Ukraine and restrictions imposed by the government, collection of borrower payments and transfers of collected funds are still limited. The collection company working on AlexCredit’s portfolio is waiting to transfer collected funds in the amount of approx 1.55 mill UAH (€51.6k) to Mintos. The company aims to reach ~50% of the pre-war collection level by August/September. We are looking into additional ways to transfer the cash that has already been collected to Mintos.

June 2 2022: There are no significant changes to the current status of the AlexCredit case, compared to what we reported in May’s report.

May 5 2022: The debt collection company managing AlexCredit Ukraine’s portfolio has some funds available in its account, but the transfer of the funds is currently delayed due to obstacles with the payments from this market. We expect this to be resolved over the upcoming period. Going forward, additional recoveries from the collection process are very uncertain, due to ongoing war in Ukraine.

April 7 2022: Since last month’s update on funds in recovery, an amount of €35 989 has been transferred to investors from the company responsible for AlexCredit Ukraine debt collection. Going forward, we can’t be certain about upcoming transfers when it comes to obstacles in bank transfers and the effects of the currency exchange (loans are originally issued and repaid in Ukrainian hryvnia). Also, the future debt collection process is questionable, due to the war in Ukraine. The remaining exposure in loans from AlexCredit as of 7 April 2022 is € 4.4 million.

March 3 2022: AlexCredit portfolio is with a debt collection service provider, and so far, we haven’t seen collection progress in practice. With the latest unfortunate events and the invasion of Ukraine, Martial Law is in power in the country, and we don’t see potential progress in this case in the upcoming period.

February 3 2022: Mintos continues actively working with AlexCredit UA despite the unfortunate turn described in the update of November 4.

January 6 2022: Mintos continues actively working with AlexCredit UA despite the unfortunate turn described in the update of November 4.

December 2 2021: Mintos continues actively working with AlexCredit UA despite the unfortunate turn described in the last update.

November 4 2021: AlexCredit's case has had an unfortunate turn, with Ukraine introducing new regulations regarding how debt collection can be performed, which in turn makes it more complicated to cooperate with the lending company. Please learn more in our recent AMA session.

October 7 2021: Since the last update, no funds were repaid to investors in AlexCredit UA loans. The debt collection company servicing the portfolio continues to transfer the collected amounts. The situation with debt collection processes in Ukraine remains complicated, which restricts us from recovering more than we do at the moment.

September 3 2021: Since the last update, the recovered amount is €6 515. The debt collection company servicing the taken-over portfolio continues to transfer the collected amounts. The situation with debt collection processes in Ukraine remains complicated, as previously reported.

August 5 2021: Mintos and the debt collection agency servicing the former AlexCredit portfolio have worked to solve the pending obstacles for the collected funds’ transfer to investors on Mintos and expects to receive the first payments in the coming weeks, after which they will immediately be disbursed among investors. However, we see that the debt collection volumes in Ukraine have decreased due to borrowers ability to repay, as well as the introduced regulation on debt collection servicers activities, such as the number of times to contact the borrowers and others. We are evaluating the current situation and might require adjustment of the expected recovery volumes. We will update investors with more specific details and projections after we receive the full information requested. More updates will be shared in the next quarterly funds in the recovery session.

July 1 2021: The debt collection company servicing the loan portfolio taken over from AlexCredit continues to collect borrowers’ repayments. The previously reported delay for the funds’ transaction from Ukraine to Mintos persists, and Mintos, together with the debt collection company, is working to solve it as fast as possible.

June 3 2021: The debt collection company servicing the loan portfolio taken over from AlexCredit continues to collect borrowers’ repayments. The previously reported delay for the funds’ transaction from Ukraine to Mintos persists, and Mintos, together with the debt collection company, is working to solve it as fast as possible.

May 6 2021: The debt collection company servicing the loan portfolio taken over from AlexCredit continues to collect borrowers’ repayments. There is a delay in transferring these funds to Mintos and investors due to a need for additional paperwork required for financial transactions in Ukraine - it is soon to be solved. We thank investors for their patience as we work to solve this as soon as possible.

April 1 2021: The debt collection company servicing the loan portfolio taken over from AlexCredit has further collected additional amounts, for now totalling € 35 000. These funds will be transferred to investors after the first quarter of 2021.

March 5 2021: The plan for the debt collection company servicing the loan portfolio taken over from AlexCredit for the first quarter of 2021 was to recover € 45 000. The company thus far has recovered € 30 000. These funds will be transferred to investors after the first quarter of 2021.

February 4 2021: The collection agency, hired by Mintos, has taken over part of the AlexCredit loan portfolio as agreed and initiated collections. The company has already started making repayments to investors on Mintos. The repayments begin with relatively small amounts and are forecasted to increase over time. For 2021, we forecast to recover around € 400 000 - € 500 000 from AlexCredit. For clarity purposes, we report on the part of the AlexCredit portfolio taken over and being serviced, and not the overall company portfolio which AlexCredit continues to service.

January 7 2021: The collection agency, hired by Mintos, has taken over part of the AlexCredit loan portfolio as agreed, and initiated collections. We will be updating investors later in January on the condition of the portfolio once the agency has evaluated its full state, along with expectations for funds to be recovered.

November 27 2020: Mintos is in process to take over some part of the lending companies loan portfolio, still being in final stages of signing the respective agreements and finalizing the legal procedure before the collection agency can start working with AlexCredit loans.

October 30 2020: At the end of March 2020, AlexCredit’s loans were suspended from the Primary and Secondary Markets on Mintos due to missed settlement payments to investors on Mintos. As we mentioned before, Mintos agreed with AlexCredit's management that Mintos will take over some part of its loan portfolio, bringing in a third party collection agency. The portfolio has been pledged to Mintos and is now in the final stages of being transferred to the respective collection agency. The legal side of this process considers significant work across two jurisdictions with three legal parties involved, taking its share of time. The source of the recovery of investors' funds will come from the proceeds of the collections. After we start the collections process, we will be able to share more clarity of expected recovery volumes and time needed to recover it.

February 2 2023: Capital Service continues to make repayments. As the restructuring agreement includes a cash sweep option, we received an additional amount of €4k due to the company’s business results in December. In the past month, Capital Service has repaid a total of €128k.

January 5 2023: Capital Service is paying according to the agreed schedule. In the past month, an amount of €124k has been received and transferred to investors.

December 1 2022: Capital Service is paying according to the agreed schedule. In the past month, an amount of €124k has been received and transferred to investors.

November 3 2022: Capital Service is paying according to the agreed schedule. In the past month, an amount of €124k has been received and transferred to investors.

October 6 2022: Capital Service is paying according to the agreed schedule. In the past month, an amount of €124 619 has been received and transferred to investors.

September 1 2022: Capital Service is paying according to the agreed schedule. In the past month, an amount of €124 619 has been received and transferred to investors.

August 4 2022: Capital Service is paying according to the agreed schedule. In the past month, an amount of €120 416 has been received and transferred to investors.

7 July 2022: Capital Service is paying according to the agreed schedule. In the past month, an amount of €124 628 has been received and transferred to investors.

June 2 2022: Repayments from Capital Service are reaching Mintos as per the agreed schedule. In the past month, an amount of €177 716 has been received and transferred to investors. An amount of zł 321 400 that was originally rejected by the bank (see previous update) has been transferred via other channels and has reached investors’ accounts.

May 5 2022: Repayments from Capital Service are reaching Mintos as per the agreed schedule. In the past month, an amount of €89 208 has been received and transferred to investors. An exception to this regular flow is an amount of zł321 400 that was paid to the bank in Latvia that stopped accepting payments in Polish zloty. At the moment of writing, the amount is being transferred to another bank, and should reach Mintos and investors very soon.

April 7 2022: Repayments from Capital Service Poland are being transferred per the restructured schedule. In the past month, €89 199 has been received and transferred to investors on Mintos.

March 3 2022: Capital Service continues to make repayments. The company is solvent and its ongoing business indicates good potential for recovering the total exposed amount. As the Capital Service restructuring agreement includes a cash sweep option, we also received an additional amount of around €45 000 as a result of this agreement. Since the last update, Capital Service has repaid €248 470 of its total exposure.

February 3 2022: Capital Service continues to make repayments according to the schedule with the most recent repayment in the amount of €46,539 distributed to investors in January. Due to a technical issue, the rest of the received funds were distributed at the very beginning of February.

January 6 2022: Capital Service continues to make repayments with the most recent repayment in the amount of €122,918.

December 2 2021: Capital Service continues to make repayments with the most recent repayment in the amount of €124 611.

November 4 2021: Capital Service continues to make repayments with the most recent repayment in the amount of €124,632.

October 7 2021: Since the last update, the company has repaid €124 610 (including the repayments in PLN). Capital Service follows a restructuring plan with monthly payments. Please see attached Capital Service CEO's statement. on the performance of the company.

September 3 2021: Since the last update, the company has repaid €124 625 (including the repayments in PLN). Capital Service follows a restructuring plan with monthly payments.

August 5 2021: Since the last update, the company has repaid € 99 620 (including the repayments in PLN). Capital Service follows a restructuring plan with monthly payments.

July 1 2021: Capital Service follows a restructuring plan with monthly payments. Since the last update, the company has repaid €99 607 (including the repayments in PLN).

June 3 2021: Capital Service follows a restructuring plan with monthly payments. Since the last update, the company has repaid €99 624 (including the repayments in PLN).

May 6 2021: Capital Service follows a restructuring plan with monthly payments. Since the last update, the company has repaid €99 616 (including the repayments in PLN).

April 1 2021: Capital Service follows a restructuring plan with monthly payments. Since the last update, the company has repaid € 99 617 (including the repayments in PLN).

March 5 2021: Since the last update, Capital Service has made payments according to the previously shared repayment schedule.

February 4 2021: Capital Service will start making repayments in February 2021, as agreed and shared earlier with investors on Mintos. The expected recovery for Q1 2021 is EUR 64 200 and PLN 160 700. Currently, we are also in the process of opening an escrow account in one of the Polish banks. This account will be used to automatically channel funds from Capital Service to investors on Mintos, without the possibility of Capital Service withholding the funds. It will be a very similar structure that Capital Service had with their bondholders.

January 7 2021: The previously mentioned agreement is in place with no edits or changes to it. Capital Service is expected to start covering the accumulated pending payments to investors in February 2021.

November 27 2020: Mintos and Capital Service have agreed on a repayment plan for Capital Service to cover the accumulated pending payments to investors that arose from failing to transfer borrowers repayments and buyback price in full on time. The agreement was concluded outside of the legal proceedings and is not part of the simplified restructuring procedure known as Covid Shield programme in Poland, hence allowing for a more speedy process of recovering investor funds. The Capital Service repayment plan consists of regular monthly payments which will increase over time. Initial payment amounts are EUR 64 200 and PLN 160 700. The repayment plan includes a repayment of 100% of the outstanding funds without any reduction. In addition to the repayment plan, Mintos and Capital Service have agreed to a mandatory use of lending company’s excess cash flows, or so called “cash sweep”. This means that if the financial standing of Capital Service improves, the size of repayment will additionally increase to what is set in the repayment plan. The amount of repayment increase is a function of Capital Service financial performance. This mechanism is defined in the agreement signed. The first payment according to the repayment plan will be made at the end of February 2021. The repayment plan stipulates regular payments over three years, followed by a so-called bullet payment to cover the remaining amount. According to the agreed repayment plan, the remaining balance in three years will be EUR 14.8 million and PLN 161 thousand. Mintos does not exclude a possibility of an additional restructuring at the end of the three year plan period, or sooner, if the situation requires so. The agreed repayment plan accounts for a pragmatic view on the Capital Service’s ability to make repayments to investors on Mintos. The company’s loan portfolio consists of EUR 16.7 million in current loans (less than 90 days past due), which is 68.3% of total portfolio, and EUR 7.8 million in late loans (31.7% of total portfolio).The lending company’s revenue for the last six months period ending 30 October 2020 was EUR 6.4 million, down 50.7% year-over-year (YOY). Net loss stood at EUR 3.5 million for the last six months, and the net portfolio was EUR 19.7 million (down 25.7%) as of 30 October 2020. The agreement between Mintos and Capital Service contains a covenant package, which will allow Mintos to closely monitor the lending company and control its costs. Mintos expects Capital Service to remain committed to the agreed repayment schedule. Click here to see the repayment plan to cover the outstanding funds to investors on Mintos

The agreed repayment plan comes after initial proposal from Capital Service which included a 40% reduction of the existing amount of funds due to investors and a repayment over 8 years, with the first 2 years being a grace period.

October 30 2020: On 6 April 2020, Capital Service was suspended from the Mintos Primary and Secondary Markets due to a failure to make timely settlement payments to investors on Mintos. Mintos is in the process to find common ground with Capital Service on repayment conditions. As we mentioned in the last update, Capital Service had entered the COVID19 Shield programme in Poland that will end in mid-November 2020. As part of the programme, there is a creditors meeting for CapitalService SA set for 6 November during which creditors will vote on each of it’s repayment proposal received from Capital Service. Mintos is part of the proceedings. In the meantime, we continue the negotiation with Capital Service with an aim to reach an agreement with Capital Service outside of the legal proceedings. Mintos and Capital Service are aiming to conclude the new repayment agreement in approximately by mid-November - bilaterally with Capital Service.

February 2 2023: There are no new developments in the case of the Cashwagon’s entities in the Philippines and Vietnam. The investigation into the Vietnam entity is ongoing, and the Philippines entity is being liquidated.

January 5 2023: There are no new developments in the case of the Cashwagon’s entities in the Philippines and Vietnam. The investigation into the Vietnam entity is ongoing, and the Philippines entity is being liquidated.

December 1 2022: There are no new developments in the case of the Cashwagon’s entities in the Philippines and Vietnam. The investigation into the Vietnam entity is ongoing, and the Philippines entity is being liquidated.

November 3 2022: There are no new developments in the case of the Cashwagon’s entities in the Philippines and Vietnam. The investigation into the Vietnam entity is ongoing, and the Philippines entity is being liquidated.

October 6 2022: There are no new developments in the case of the Cashwagon’s entities in the Philippines and Vietnam. The investigation into the Vietnam entity is ongoing, and the Philippines entity is being liquidated.

September 1 2022: There are no new developments in the case of the Cashwagon’s entities in the Philippines and Vietnam. The investigation into the Vietnam entity is ongoing, and the Philippines entity is being liquidated.

August 4 2022: There are no new developments in the case of the Cashwagon’s entities in the Philippines and Vietnam. The investigation into the Vietnam entity is ongoing, and the Philippines entity is being liquidated.

7 July 2022: There are no new developments in the case of the Cashwagon’s entities in the Philippines and Vietnam. The investigation into the Vietnam entity is ongoing, and the Phillipines entity is being liquidated.

June 2 2022: There are no new developments in the case of the Cashwagon’s entities in the Philippines and Vietnam.

May 5 2022: There are no new developments in the case of the Cashwagon’s entities in the Philippines and Vietnam.

April 7 2022: In this update, we have no new major developments regarding the recovery of the Cashwagon debt to Mintos investors.

New developments regarding the liquidation process of the lending company’s entity in Vietnam are blocked by a local criminal investigation. Until the investigation is closed and local legal procedures are completed, Mintos has no ability to move the case forward from a legal perspective.

When it comes to the Cashwagon entity from the Philippines, the liquidator failed to launch a bankruptcy process. We will report on developments as soon as there is something new to share.

March 3 2022: Launching a liquidation process for Cashwagon’s entities in the Philippines and Vietnam became a very slow effort, due to inability to move the case forward while the company is under criminal investigation. We will continue reporting on new developments.

February 3 2022: Since the suspension of Cashwagon on Mintos, we have recovered €296,478 or 15.1% of the exposure from Cashwagon PH, and €1,440,165 or 22.1% from Cashwagon VN. Given the developments shared in the last update, we currently don't see any other significant recoveries to happen in the future.

January 6 2022: Mintos was assured by a liquidator in Singapore that it would be possible to start Cashwagon's liquidation in the Philippines and Vietnam. The liquidator failed to deliver it. We talked to several local legal advisers in Vietnam and it is a challenge to run a legal process (litigations or bankruptcy) until the criminal investigation is ongoing. Indonesia's entity is still in the liquidation process.

December 2 2021: The situation with Cashwagon currently remains the same as in the last update.

November 4 2021: The situation has not changed since the last update and Cashwagon is still in the liquidation process.

October 7 2021: Cashwagon Singapore and Peerman Indonesia are still in the process of liquidation. Cashwagon Philippines (Green Money Tree Lending Corp) has not filed for bankruptcy yet. Cashwagon Vietnam continues to await criminal proceedings.

September 3 2021: Cashwagon Singapore and Peerman Indonesia continue to be in the liquidation process. Cashwagon Philippines (Green Money Tree Lending Corp) has not submitted for a bankruptcy process yet. Cashwagon Vietnam continues to await criminal proceedings.

August 5 2021: Cashwagon Singapore and Peerman Indonesia continue to be in the liquidation process. Cashwagon Philippines (Green Money Tree Lending Corp) hasn’t yet but will soon submit for a bankruptcy process, during which the company plans to sell off its loan portfolio. Cashwagon Vietnam continues to await criminal proceedings.

July 1 2021: Cashwagon Singapore and Peerman Indonesia continue to be in the liquidation process. Cashwagon Philippines (Green Money Tree Lending Corp) hasn’t yet but will soon submit for a bankruptcy process, during which the company plans to sell off its loan portfolio. Cashwagon Vietnam continues to await criminal proceedings.

June 3 2021: Cashwagon Singapore and Peerman Indonesia continue to be in the liquidation process. Cashwagon Philippines (Green Money Tree Lending Corp) hasn’t yet but will soon submit for a bankruptcy process, during which the company plans to sell off its loan portfolio. Cashwagon Vietnam continues to await criminal proceedings.

May 6 2021: Cashwagon Singapore and Peerman Indonesia continue to be in the liquidation process. Cashwagon Philippines (Green Money Tree Lending Corp) hasn’t yet but will soon submit for a bankruptcy process, during which the company plans to sell off its loan portfolio. Cashwagon Vietnam continues to await criminal proceedings.

April 1 2021: Cashwagon Singapore and Peerman Indonesia are in the liquidation process, which may take up to 6 months. Cashwagon Philippines (Green Money Tree Lending Corp) will soon submit for a bankruptcy process, during which the company plans to sell off its loan portfolio. The bankruptcy process may take about 12 months. Cashwagon Vietnam continues to await criminal proceedings.

March 5 2021: Cashwagon Singapore and Peerman Indonesia has submitted for a liquidation process and has been assigned with a liquidator - Nexia TS, a pan-Asia firm with over two decades of experience in the local market. Mintos, as a representative of investors on Mintos, is the main creditor. Along with the lending company being insolvent, it plans to sell its loan portfolio during the liquidation process to cover the commitments towards its creditors. The liquidation process may take up to 6 months. Cashwagon Philippines (Green Money Tree Lending Corp) is about to submit for a bankruptcy process, during which the company plans to sell off its loan portfolio. The bankruptcy process may take about 12 months. Mintos awaits Cashwagon Phillippines’s submission evaluation to be able to proceed with the next steps. Cashwagon Vietnam continues to await criminal proceedings.

February 4 2021: Due to a failed attempt to raise additional funds last autumn, Cashwagon is now in the liquidation process. Mintos is Cashwagon's key creditor and we are closely involved in that liquidation process. The recoveries will not come from Cashwagon transferring borrowers’ repayments, but instead from proceeds of the liquidation of the company. Because these proceeds are of relatively low value, the expected recovery of investors' funds currently stands at 20-40%.

January 7 2021: Cashwagon is preparing for a voluntary wind-down of the holding company in Singapore and its subsidiaries across South East Asia. We are in constant communication with Cashwagon's management and working to achieve the best possible outcome for investors in the current circumstances. We will be updating investors as soon as the lending company confirms its next steps with all its creditors, Mintos and investors on Mintos being one of them.

November 27 2020: The company is still operating at a minimum capacity and is unable to settle the outstanding debt. Talks with potential investors have been depleted. As we mentioned last time, Cashwagon is preparing for liquidation of the company in Singapore and its subsidiaries across South East Asia. We are in constant communication with Cashwagon's management and working to develop the best possible outcome for investors in the current circumstances, including a potential out of court settlement.

October 30 2020: On June 8 and June 10 2020, CashWagon Vietnam and CashWagon Philippines and Indonesia were suspended from the Primary and Secondary Markets due to news that the authorities in Vietnam are investigating operations of Cashwagon and in the meantime have frozen the company’s accounts, as per the procedure of the investigation situation in Vietnam. The company is currently operating at a minimum capacity and is unable to settle the outstanding debt. Talks with potential investors have been depleted. Cashwagon is preparing for liquidation of the company in Singapore and its subsidiaries across South East Asia. We will share more on what it means for investors as soon as the company finalizes its decision for liquidation.

February 2 2023: We’re waiting for the appeal court to set the court date.

January 5 2023: The lending company appealed the court decision. We submitted our objections to the appeal. We're now waiting for the court's decision on when the first appeal hearing will take place. Dziesiątka’s appeal in our view was filed simply to delay the court decision, which was in favor of Mintos, from entering into effect. This shows again that court proceedings can be lengthy compared to an out-of-court settlement.

December 1 2022: The Latvian court having jurisdiction ruled in favor of Mintos on 11 November. The ruling confirmed that Dziesiatka will have to pay all debts, accrued interest, and penalties in full. Dziesiatka has the right to appeal the court decision within 20 working days. If the decision is not appealed, it will enter into effect. If it is appealed, we will continue to defend our case at the court of appeal level to achieve a positive outcome for investors on Mintos. We will inform investors about the next steps within one month.

November 3 2022: In its hearing on 11 October, the court reviewed the case in substance. The court will pass a ruling on 11 November.

October 6 2022: The court adjourned the hearing until 11 October due to illness of Dziesiatka Finanse’s attorney.

September 1 2022: We’re waiting for the next hearing on 23 September.

August 4 2022: We’re waiting for the next hearing on 23 September.

7 July 2022: The first hearing in Latvian court took place on 4 July. To give both parties time to review the submitted materials, the court decided to postpone the review of the case until the next hearing on 23 September, according to procedural norms.

June 2 2022: 6 months after the Latvian court accepted the Mintos claim against Dziesiatka Finanse Poland, the first hearing date at the court is now announced for 4 July 2022. In the meantime, the lending company delivered requested documentation to the court (announced in the status report form the last month).

In the future course of this legal process, we will need to comply with the discretion requirements, and we will be sharing information which will not endanger the best outcomes for the investors on Mintos in the litigation.

May 5 2022: The proceedings for the Mintos case against the Polish lending company Dziesiatka Finanse have started in the Latvian court. Currently, Dziesiatka Finanse is expected to deliver requested documentation to the court. After this step is completed, we expect that the proceedings should continue, with new developments to be shared with the affected investors.

April 7 2022: Currently, there are no new results from the legal process between Mintos and Dziesiatka Finanse. We expect that the case should move forward in court in the following months.

March 3 2022: The case is still in legal process, which proves to be slow and costly. The case in Latvian court still has no significant progress.

February 3 2022: Since the last update, Dziesiatka Finanse PL has transferred €2,136. Mintos continues with the legal proceeding.

January 6 2022: Since the last update, Dziesiatka Finanse PL has transferred €6,265. The Latvian court has accepted our claim and we are looking forward to the first hearing date.

December 2 2021: Mintos is currently waiting for an update on the Dziesiatka Finanse's case from the Latvian court.

November 4 2021: Since the last update, Dziesiatka Finanse PL has not made any repayments. We have started legal proceedings, therefore the cadence of our updates will be in accordance with Latvian court's processes.

October 7 2021: Since the last update, Dziesiatka Finanse has not made any repayments. Mintos has filed a claim in Latvian courts to recover investors' funds.

September 3 2021: Since the last update, Dziesiatka Finanse has not made any repayments. Mintos is preparing for the legal route of action to recover the remaining investors' funds.

August 5 2021: Since the last update, Dziesiatka Finanse has not made any repayments. Mintos is preparing for the legal route of action to recover the remaining investors' funds.

July 14 2021: We’re changing the status to defaulted as the company breached the agreement by discontinuing the repayments. The initial restructuring agreement was negotiated and active, with the lending company respecting it by making monthly repayments to investors on Mintos. Currently, a new restructuring agreement has not been reached with Dziesiatka, and Mintos will pursue litigation to recover investors’ funds.

July 1 2021: Since the last update, Dziesiatka Finanse has not made any repayments. The lending company has not resumed its commitments towards investors as previously agreed. The character of this cooperation has changed along with the lending company’s management and its advisory company’s SSW Pragmatic Solutions continued neglect to provide the necessary information and come to an agreement for the remaining funds repayments. Mintos continues to pursue investors’ interests and evaluates the details of the possible legal route of action.

June 3 2021: Mintos continues to pursue investors’ interests and evaluates the possible legal route of action. Since the last update, Dziesiatka Finanse has repaid €873.

May 6 2021: Mintos continues negotiations with the lending company to identify the reasons and possible solutions to the current delay of the previously agreed monthly repayment amounts. As shared last month, given these circumstances, Mintos is obligated to act in the interests of investors and hence is forced to consider the possible legal route of actions. Since the last update, Dziesiatka Finanse has repaid €3 660.

April 1 2021: Dziesatka has missed the consecutive payments planned for the last three months. The management team of Dziasiatka and its advisory company SSW Solutions continue to not be available for contact, nor have they provided the requested information upon multiple requests. Given these circumstances, Mintos is obligated to act in the interests of investors and hence is forced to consider the possible legal route of actions.

March 5 2021: As we previously shared, Dziesatka missed the consecutive payment planned in January, as well as the payments in February. The advisor of the lending company, SSW Solutions, had advised that payments will be resumed in March this year, however, with no indication over more precise time or repayment volume. So far, the management team of Dziasiatka and its advisory company SSW Solutions have not been available for contact, nor have provided the requested information. We continue to pursue clarification.

February 4 2021: Dziesiatka Finanse continues making regular repayments. Since the last update, the company has repaid € 52 289, including principal and interest. The last payment was made on 15 January 2021, however, Dziesatka has missed the next consecutive payment planned in January. At this moment, we do not have information explaining the missed payments. We have been advised that payments will be resumed in March this year, however, with no indication over more precise time or repayment volume. Also, despite our requests, we have not been provided any financial data justifying the resuming of repayments in March as feasible. At this moment, the management team of Dziasiatka and its advisory company SWW Solutions have not provided the requested information. Mintos continues to pursue clarification of the situation and does not exclude legal action, if necessary.

January 7 2021: Dziesiatka Finanse continues making regular repayments. Since the last update, the company has repaid € 87 895, including principal and interest.

November 27 2020: Dziesiatka Finanse continues making regular repayments. Since the last update, the company has repaid € 71 525, including principal and interest.

October 30 2020: On 18 June 2020, Dziesiatka Finanse was suspended from the Primary and Secondary Markets due to failing to make timely settlement payments for investors on Mintos. Dziesiatka Finanse continues making regular repayments. Since the last update, the company has repaid € 51 949.

February 2 2023: ExpressCredit continues to experience the same issues as in previous months. Due to unforeseen technical issues caused by the processing of foreign currency and transfers outside of Zambia (currency control), ExpressCredit was unable to release the payment for the last 8 months (June 2022 through January 2023). The company is in the process of negotiating with the respective parties to resolve the issue in the shortest time possible.

ExpressCredit is still 2 months ahead of the agreed repayment schedule due to the larger payment in December 2021.

January 5 2023: ExpressCredit continues to experience the same issues as in previous months. Due to unforeseen technical issues caused by the processing of foreign currency and transfers outside of Zambia (currency control), ExpressCredit was unable to release the payment for the last 7 months (June through December). The company is in the process of negotiating with the respective parties to resolve the issue in the shortest time possible.

ExpressCredit is still 3 months ahead of the agreed repayment schedule due to the larger payment in December 2021.

December 1 2022: ExpressCredit continues to experience the same issues as in previous months. Due to unforeseen technical issues caused by the processing of foreign currency and transfers outside of Zambia (currency control), ExpressCredit was unable to release the payment for June, July, August, September, October, and November. The company is in the process of negotiating with the respective parties to resolve the issue in the shortest time possible.

ExpressCredit is still 4 months ahead of the agreed repayment schedule due to the larger payment in December 2021.

November 3 2022: ExpressCredit continues to experience the same issues as in previous months. Due to unforeseen technical issues caused by the processing of foreign currency and transfers outside of Zambia (currency control), ExpressCredit was unable to release the payment for June, July, August, September, and October. The company is in the process of negotiating with the respective parties to resolve the issue in the shortest time possible.

ExpressCredit is still 5 months ahead of the agreed repayment schedule due to the larger payment in December.

October 6 2022: ExpressCredit continues to experience the same issues as in previous months. Due to unforeseen technical issues caused by the processing of foreign currency and transfers outside of Zambia (currency control), ExpressCredit was unable to release the payment for June, July, August, and September. The company is in the process of negotiation with the respective parties to resolve the issue in the shortest time possible.

ExpressCredit is still ahead of the agreed repayment schedule due to the larger payment in December.

September 1 2022: ExpressCredit informed that due to unforeseen technical issues caused by the processing of foreign currency and transfers outside of Zambia, ExpressCredit was unable to release the payment for June, July, and August. The company is still in the process of negotiation with the respective parties to resolve the issue in the shortest time possible.

August 4 2022: ExpressCredit informed that due to unforeseen technical issues caused by the processing of foreign currency and transfers outside of Zambia, ExpressCredit was unable to release the payment for June and July. The company is still in the process of negotiation with the respective parties to resolve the issue in the shortest time possible.

7 July 2022: ExpressCredit confirmed that the company has sufficient cash flow and liquidity (hence the additional payment of €630k in December) to make monthly payments. The company transferred an amount of €50k for May on 8 June. Due to unforeseen technical issues caused by processing of foreign currency and transfers outside of Zambia, ExpressCredit was unable to release the payment for June. The company is working with the respective parties to resolve the issue in the shortest time possible and aims for resolution no later than the end of July.

June 2 2022: The payment from ExpressCredit scheduled for May was delayed due to the lending company’s internal issue with funds processing. The due payment should be transferred in the first week of June. So far, ExpressCredit had a regular flow of monthly payments and has repaid more than 70% of the initial exposure.

May 5 2022: ExpressCredit continues to make repayments according to the schedule, with an amount of €100 000 repaid since the last update.

April 7 2022: ExpressCredit continues to make repayments according to the schedule, with an amount of €46 504 repaid since the last update.

March 3 2022: ExpressCredit continues to make repayments according to the repayment schedule, with the most recent repayment in the amount of €45 846. So far, 69% of the initially exposed amount has been recovered.

February 3 2022: ExpressCredit continues to make repayments according to the repayment schedule, with the most recent repayment in the amount of €50 000.

January 6 2022: ExpressCredit continues to make repayments according to the repayment schedule, with the most recent repayment in the amount of €603,509 which included also money from sales of Malawi operations. All money from the deal has been transferred to investors on Mintos.

December 2 2021: ExpressCredit continues to make repayments according to the repayment schedule, with the most recent (November) repayment in the amount of €50 000. We received it on 1 December 2021 and it is currently being disbursed to the investors. View the repayment schedule.

November 4 2021: ExpressCredit continues to make repayments according to the repayment schedule, with the most recent repayment in the amount of €49,999.

October 7 2021: Since the last update, ExpressCredit has repaid €50 000 in accordance with the signed repayment schedule.

September 3 2021: Since the last update, ExpressCredit has repaid €50 000, according to the signed repayment schedule.

August 5 2021: Since the last update, ExpressCredit has repaid € 99 654, according to the signed repayment schedule.

July 1 2021: Since the last update, ExpressCredit has repaid €48 565 according to the signed repayment schedule. As mentioned previously, the debt will be partially covered from the collections from the performing part of the Zambian portfolio. The rest will be repaid with the help of other ExpressCredit group entities. According to the signed repayment schedule with JSC Expresscredit Holding, outstanding payments shall be repaid by the end of July 2024.

June 3 2021: Since the last update, ExpressCredit has repaid €99 969. As mentioned previously, the debt will be partially covered from the collections from the performing part of the Zambian portfolio. The rest will be repaid with the help of other ExpressCredit group entities. The repayment schedule has been finally signed with JSC ExpressCredit Holding, outstanding payments shall be repaid by the end of July 2024.

May 6 2021: Since the last update, ExpressCredit has repaid €135 425. As mentioned previously, the debt will be partially covered from the collections from the performing part of the Zambian portfolio. The rest will be repaid with the help of other ExpressCredit group entities.

April 1 2021: JCS ExpressCredit Holding’s unfulfilled obligations towards Mintos investors are in large part due to a delay in disbursements of the source of repayment to ExpressCredit. We have been working with JSC ExpressCredit Holding and have reached an agreement on a regular monthly repayment plan of the outstanding debt towards investors on Mintos until July 2024. The debt will be partially covered from the collections from the performing part of the Zambian portfolio. The rest will be repaid with the help of other ExpressCredit group entities.

March 5 2021: Since the last update, JSC ExpressCredit Holding has transferred a total amount of € 261 637, including principal and interest which has been released to the investors. JCS ExpressCredit Holding’s unfulfilled obligations towards Mintos investors are in large part due to a delay in disbursements of the source of repayment to ExpressCredit. We have been working with JSC ExpressCredit Holding and have reached an agreement on a regular monthly repayment plan of the outstanding debt towards investors on Mintos for the next 41 months. The debt will be partially covered from the collections from the performing part of the Zambian portfolio. The rest will be repaid with the help of other ExpressCredit group entities.

February 4 2021: Since the last update, JSC ExpressCredit Holding has transferred a total amount of € 126 620, including principal and interest which is in the process of being released to the investors. JCS ExpressCredit Holding’s unfulfilled obligations towards Mintos investors are in large part due to a delay in disbursements of the source of repayment to ExpressCredit. Going forward, we have agreed upon similar monthly repayments in Q1 2021. Additionally, we are in the process of finalising the full repayment schedule where aid from other ExpressCredit countries companies is expected. We will update investors as soon as the negotiations with each company are finalized.

January 7 2021: Since the last update, JSC ExpressCredit Holding has transferred a total amount of € 137 663, including principal and interest which has been fully released to investors. JCS ExpressCredit Holding’s unfulfilled obligations towards Mintos investors are in large part due to a delay in disbursements of the source of repayment to ExpressCredit. The delayed payment amount from the source of repayment would be sufficient to cover most of the outstanding debt. Going forward, we have agreed upon the same monthly repayments in Q1 2021 while negotiating a further repayment schedule for the rest of the year which is largely dependent on delayed payments from source of repayment to ExpressCredit.

November 27 2020: Since the last update, JSC ExpressCredit Holding has transferred a total amount of € 165 149, including principal and interest. JCS ExpressCredit Holding’s unfulfilled obligations towards Mintos investors are in large part due to a delay in disbursements of the source of repayment to ExpressCredit. The delayed payment amount from the source of repayment would be sufficient to cover most of the outstanding debt. Going forward, we are expecting regular monthly partial repayments. We will continue to negotiate the best possible recovery schedule in the interest of investors.

October 30 2020: On 30 April 2020, loans listed through JSC ExpressCredit Holding were suspended from the Mintos Primary and Secondary Markets, due to the company failing to transfer borrower repayments and the buyback price in full and on time. We are expecting partial payment in the next couple of days. Going forward, we are expecting regular monthly payments. We will continue the negotiations and will inform investors of the results in upcoming updates.

February 2 2023: Payments due to investors and Mintos from Finko Armenia (Varks) are transferred regularly on a monthly basis. An amount of €300k was repaid in January. View update on operational and administrative costs.

January 5 2023: Payments due to investors and Mintos from Finko Armenia (Varks) are transferred regularly on a monthly basis. An amount of €70k was repaid in December. View update on operational and administrative costs.

December 1 2022: Payments due to investors and Mintos from Finko Armenia (Varks) are transferred regularly on a monthly basis. An amount of €220k was repaid in November. View update on operational and administrative costs.

November 3 2022: Payments due to investors and Mintos from Finko Armenia (Varks) are transferred regularly on a monthly basis. An amount of €210k was repaid in October. View update on operational and administrative costs.

October 6 2022: Payments due to investors and Mintos from Finko Armenia (Varks) are transferred regularly on a monthly basis. An amount of €260 001 was repaid in September. View update on operational and administrative costs.

September 1 2022: Payments due to investors and Mintos from Finko Armenia (Varks) are transferred regularly on a monthly basis. An amount of €169 999 was repaid in August. View update on operational and administrative costs.

August 4 2022: Payments due to investors and Mintos from Finko Armenia (Varks) are transferred regularly on a monthly basis. An amount of €159 960 was repaid in July. View update on operational and administrative costs.

July 7 2022: Payments due to investors and Mintos from Finko Armenia (Varks) are transferred regularly on a monthly basis. An amount of €304 997 was repaid in June. The expected total recovery is below 75%. View update on operational and administrative costs.

June 2 2022: Payments due to investors and Mintos from Finko Armenia (Varks) are transferred regularly on a monthly basis. An amount of €160 002 was repaid in May. View update on operational and administrative costs.

May 5 2022: Payments due to Mintos and investors from Finko Armenia (Varks) are transferred regularly on a monthly basis, with an amount of €130 000 repaid over the past month. View update on operational and administrative costs.

April 7 2022: Repayments from Finko Armenia (Varks) are being transferred according to the schedule. Since the last funds in recovery updates, €250 001 has been transferred to Mintos and investors, representing a 50% recovery of total initial exposure.View update on operational and administrative costs.

March 3 2022: Repayments from Finko Armenia are on track, and so far around 50% of the initially exposed amount has been recovered. Since the latest update, €169 999 has been recovered, for a total of €14 million.View update on operational and administrative costs.

February 3 2022: Varks continues to make repayments with the most recent repayment in the amount of €200,000. View update on operational and administrative costs.

January 6 2022: Varks continues to make repayments with the most recent repayment in the amount of €130,000. View update on operational and administrative costs.

December 2 2021: Collection of repayments from Finko AM is on track. Since the last update, the company has transferred €250 000 to investors on Mintos. View update on operational and administrative costs.

November 4 2021: Varks continues to make repayments with the most recent repayment in the amount of €414,999. Update on operational and administrative costs.

October 7 2021: Since the last update, Varks has transferred €340 002 to investors on Mintos. Update on operational and administrative costs.

September 3 2021: Since the last update, Varks has transferred €179 998 to investors on Mintos. Update on operational and administrative costs.

August 5 2021: Since the last update, Varks has transferred € 280 000 to investors on Mintos. Update on operational and administrative costs.

July 1 2021: Since the last update, Varks has transferred €280 001 to investors on Mintos. The agreed repayment plan for Varks issued loans shared earlier heavily relies on the borrowers’ repayments. At the moment, our estimate is to recover approximately 70% of investors' funds as the situation in Armenia remains difficult - borrowers do not get charged fees and interest for not paying loans back. In order to return the maximum amount of funds to Mintos investors, Varks continues to perform cost optimization and focus resources on portfolio recovery. Update on operational and administrative costs

According to the information provided by Varks, gross portfolio decreased by €37 000 from 30.04.2021 to 31.05.2021. Current part of the portfolio had increased due to restructuring of 361+ days loans, if this restructuring is taken out then the gross portfolio decreased by 1% or €383 000. This amount was used to cover €125 000 in operational expenses for the period, and €250 000 was transferred to Mintos' investors.

We inform investors that we have revised the amortization sequence for Finko AM loans, and the new approach has been in place since the end of May when we tested it. From now on, the recovered funds will be amortized based on borrowers' repayments. We believe this approach is fair and in the interests of investors for repayments to be linked to repayments made by borrowers since in this particular case we are receiving precise information from the lending company on the status of each loan. In essence, loans that will be repaid by Vark's borrowers will be amortized on Mintos, after receiving funds from Varks. Amortisation will happen in chronological order from the moment of loan repayment on Varks' side - from the oldest repaid to the newest.

June 3 2021: Since the last update, Varks has transferred €250 000 to investors on Mintos. The agreed repayment plan for Varks issued loans shared earlier heavily relies on the borrowers’ repayments. At the moment, our estimate is to recover approximately 70% of investors' funds as the situation in Armenia remains difficult - borrowers do not get charged fees and interest for not paying loans back. In order to return the maximum amount of funds to Mintos investors, Varks continues to perform cost optimization and focus resources on portfolio recovery. The regular update on operational and administrative costs is yet to be shared in the coming days.

May 6 2021: Since the last update, Varks has transferred €260 000 to investors on Mintos. The agreed repayment plan for Varks issued loans shared earlier heavily relies on the borrowers’ repayments. At the moment, our estimate is to recover approximately 70% of investors' funds as the situation in Armenia remains difficult - borrowers do not get charged fees and interest for not paying loans back. In order to return the maximum amount of funds to Mintos investors, Varks continues to perform cost optimization and focus resources on portfolio recovery. The regular update on operational and administrative costs is yet to be shared in the coming days.

April 1 2021: Since the last update, Varks has transferred € 150 000 to investors on Mintos, including principal and interest. The agreed repayment plan for Varks issued loans shared earlier heavily relies on the borrowers’ repayments. At the moment, our estimate is to recover approximately 70% of investors' funds as the situation in Armenia remains difficult - borrowers do not get charged fees and interest for not paying loans back. In order to return the maximum amount of funds to Mintos investors, Varks continues to perform cost optimization and focus resources on portfolio recovery. The lending company has gradually reduced costs by reducing both the number of employees - 377 employees in March 2020 to 87 employees in February 2021, and the number of its branches - from 51 in March 2020 to 7 in February 2021. Thus, Varks operational and administrative costs have decreased from € 480 000/month (in April 2020) to € 135 000/month (in February 2021). View report

According to the information provided by Varks, gross portfolio decreased by 1% or € 271 000 from 31.01.2021 to 28.02.2021. This amount was used to cover € 135 000 in operational expenses for the period, and € 160 000 were transferred to Mintos investors.

March 5 2021: Varks continues to fulfil commitments towards investors on Mintos. Since the last update, Varks has transferred € 159 999 to investors on Mintos, including principal and interest. The agreed repayment plan for Varks issued loans shared earlier heavily relies on the borrowers’ repayments. At the moment, our best estimate is to recover approximately 70% of investors' funds as the situation in Armenia remains difficult - borrowers do not get charged fees and interest for not paying loans back. We remain focused on 2022 as the time until when Varks Armenia could repay everything to investors on Mintos. According to the information provided by Varks, the gross portfolio decreased by 1% or € 176 000 from 31 December 2020 to 31 January 2021. This amount with the addition of used cash at the bank account of € 90 000 was used to cover € 194 000 in operational expenses for the period, and € 100 000 were transferred to investors on Mintos. View report A total of € 11 162 600 was transferred to Mintos investors in the period from 25 March 2020 to 31 January 2021.

February 4 2021: Varks continues to fulfil commitments towards investors on Mintos. Since the last update, Varks has transferred to investors on Mintos € 100 001, including principal and interest. The agreed repayment plan for Varks issued loans shared earlier heavily relies on the borrowers’ repayments. At the moment, our best estimate is to recover approximately 70% of investors' funds as the situation in Armenia remains difficult - borrowers do not get charged fees and interest for not paying loans back. We remain focused on 2022 as the time until when Varks Armenia could repay everything to investors on Mintos. According to the information provided by Varks, gross portfolio decreased by 1% or € 315 thousand from 30.11.2020 to 31.12.2020. This amount was used to cover € 136 thousand in operational expenses for the period, and € 200 thousand were transferred to Mintos investors. View report. The increase in the current part is related to restructuring of some of the agreements with borrowers by extending their loans.

January 13 2021: Similar to the last update, we share Finko AM (Varks) cash inflow, outflow and portfolio aging statistics report, on the period from 1 April 2020 to 30 November 2020. View report. According to the information provided by Varks, gross portfolio decreased by 26% or € 10.7 million from 01.04.2020 to 30.11.2020. This amount was used to cover € 2.7 million in operational expenses for the period, and € 9.4 million were transferred to Mintos investors.

January 7 2021: Varks continues to fulfil commitments towards investors on Mintos. Since the last update on 27 November, Varks has transferred to investors on Mintos € 199 999, including principal and interest. The agreed repayment plan for Varks issued loans shared earlier heavily relies on the borrowers’ repayments. Detailed update on Varks portfolio and cash inflow, similar to last update data, will be provided next week.

November 27 2020: Varks continues to fulfil commitments towards investors on Mintos. Since the last update on 29 October, Varks has transferred to investors on Mintos € 120 000, including principal and interest. The agreed repayment plan for Varks issued loans shared earlier heavily relies on the borrowers’ repayments. Collections efforts significantly decreased in October due to the ongoing Covid-19 impact and the effects of the state of the war in the country (which recently ended with a cease-fire agreement on 10 November). According to the information provided by Varks, gross portfolio decreased by 25% or € 10.5 million from 01.04.2020 to 31.10.2020. This amount was used to cover € 2.4 million in operational expenses for the period, and € 9.3 million were transferred to Mintos investors.

Please note: the table in the link below reports on the period from 1 April 2020 to 31 October 2020 which is a period slightly after the suspension of Varks on Mintos. View the table

Varks transferred an additional € 1.34 million between its suspension on 25 March and 1 April (the beginning of the period of the aging statistics shared above). A total of € 10 582 614 was transferred to Mintos investors in the period from 25 March to 30 October. Varks reports that it is too early to assess the possible impact of the recently ended state of war in Armenia on the repayment schedule.

October 30 2020: On 24 March 2020, the Board of the Central Bank of the Republic of Armenia (CBA) published a revocation of license for the lending company United Credit Joint Stock Company, which operates under the brand name Varks. Varks, as a part of the Finko group, is represented as Finko AM on the Mintos marketplace. The reason for the revocation, according to the announcement by the CBA, was a violation of the minimum capital requirements. Finko AM (Varks), a part of Finko Group, has proposed a commitment to follow a repayment timeline to cover the amount due to investors on Mintos by the end of 2022. Payments in the amount of € 10 582 614 were made in the timeframe between the moment of suspension and 29 October 2020. Since the last update, Varks has repaid €800 000, including principal and interest. Varks management team reports that currently it is difficult to predict the long-term impact of Armenia and Azerbaijan conflict on borrowers’ repayment discipline. At this point, the company sees that the borrowers repayments amounts in October 2020 - € 0.35 million (as of 28 October) - have decreased for more than 3 times in comparison to average monthly repayments amounts prior to the time of conflict back in June - € 1.89 million, July - € 1.84 million and August - € 1.79 million. We remind that the conflict between the two countries took military action in September 2020. Borrowers’ repayment amounts in September were € 1.29 million. Further delay in repayments is expected, considering that the majority of men in Armenia are summoned to join army forces while interrupting attendance of work. Varks remains operational and committed to do the utmost to deliver on the payments to the investors, even in the difficult times of the conflict. Mintos will report on the situation once more is known.

February 2 2023: Based on the payments coming from the claim rights, in December, an amount of €292k was transferred to investors according to schedule. We expect remaining funds to be recovered from these payment streams.

January 5 2023: Based on the payments coming from the claim rights, in December, an amount of €93k was transferred to investors according to schedule. We expect remaining funds to be recovered from these payment streams.

December 1 2022: Based on the payments coming from the claim rights, in November, an amount of €93k was transferred to investors according to schedule. We expect remaining funds to be recovered from these payment streams.

November 3 2022: Based on the payments coming from the claim rights, in October, an amount of €92k was transferred to investors according to schedule. We expect remaining funds to be recovered from these payment streams.

October 6 2022: Based on the payments coming from the claim rights, in September, an amount of €93 002 was transferred to investors according to schedule. We expect remaining funds to be recovered from these payment streams.

September 1 2022: Based on the payments coming from the claim rights, in August, an amount of €143 002 was transferred to investors according to schedule. The payment stream from Finko Ukraine’s operational income is still disrupted due to the war in Ukraine and remains highly uncertain.

August 4 2022: Based on the payments coming from the claim rights, in July, an amount of €41 293 was transferred to investors according to schedule. The payment stream from Finko Ukraine’s operational income is still disrupted due to the war in Ukraine and remains highly uncertain.

July 7 2022: Based on the payments coming from the claim rights, in June an amount of €93 001 was transferred to investors according to schedule. The payment stream from Finko Ukraine’s operational income is still disrupted due to the war in Ukraine.

June 2 2022: Based on the payments coming from the claim rights schedule, in May, an amount of €93 002 was transferred to investors.

May 5 2022: As we explained a few months ago, Finko Ukraine’s repayment schedule consists of two streams. The first is from the Finko UA’s operational income from borrowers’ repayments and debt collection, which is now disrupted due to the war in Ukraine. The second stream is from the previously reported claim rights for additional funds. While the debt collection is halted, the payment transfers based on the claim rights continue per schedule. In the previous month, an amount of €67 999 has been transferred to Mintos.

April 7 2022: The war in Ukraine has affected the formerly regular repayments. At the moment, there are no changes and as expected, debt collection is fully halted primarily due to the war, and war-driven credit holidays. Regardless of this, the transfers of claim right-based amounts is continued, with € 228 459 repaid since the last update.

March 3 2022: With the Russian invasion of Ukraine, Martial Law is in effect in the country. We expect that the repayment flow, which has been regular so far, will be interrupted by the war (force majeure).

Just before the invasion, the latest repayment was transferred, and the amount of €68 000 reached Mintos on 2 March (please note, the amount was sent before the war started).

February 3 2022 :The company continues to make repayments with the most recent repayment in the amount of €170,259.

January 6 2022 :The company continues to make repayments with the most recent repayment in the amount of €434,140.

December 2 2021 :The company continues to make repayments with the most recent repayment in the amount of €67,999.

November 4 2021: The company continues to make repayments with the most recent repayment in the amount of €90,344.

October 7 2021: Since the last update, Finko UA has repaid €646 959. Finko UA repayments consist of two streams - the first is from the Finko UA operational income from borrowers’ repayments and debt collection, and the second is from the previously reported claim rights for additional funds in the amount of €8.37 million (to be paid on a monthly basis for two years with a bullet payment at the end). The operational income of Finko UA forms the largest part of the repayments.

September 3 2021: Since the last update, Finko UA has repaid €43 000. We remind that Finko UA repayments consist of two streams - one, Finko UA operational income from borrowers’ repayments and debt collection, and second, from the previously reported claim rights for additional funds in the amount of €8.37 million (to be paid on a monthly basis for two years with a bullet payment at the end). The operational income of Finko UA forms the largest part of the repayments.

August 5 2021: Since the last update, Finko UA has repaid €330 512, according to the repayments schedule.

July 1 2021: Finko UA transferred €43 000 today that will appear in the next update. The scheduled June payment of €300 000 was delayed and will be transferred soon.

Mintos and Finko UA, following the evaluation of possible increase of repayments to investors, have identified and established claim rights for additional funds of Finko UA. As a result, Mintos has reached an agreement for a repayment of €8.37 million for Finko Ukraine liabilities. This will lead to a recovery of a lion's share of the current remaining exposure (87%) of the remaining exposure in Ukraine (as of 1 July 2021, total amounts in recovery constitute €9.57 million).

The remaining part of the exposure is planned to be covered with funds from the debt collection activities in Ukraine with the Finko UA borrowers’ repayments.

The agreement sets a repayment schedule for two years with monthly payments and a bullet payment at the end of the maturity. After the first two years, the repayment options will be reviewed once again. Current agreement allows extending the repayment schedule for another two years, should the company not be fit to make a bullet payment after the first two year period. First payments have already reached investors on Mintos.

Assessing the current situation, we believe that Finko UA’s recovery will be either in full or close to it.

June 3 2021: Since the last update, Finko UA has made a transfer to Mintos in the amount of €1 147 889.

May 6 2021: Finko UA has covered the previously delayed monthly repayment and since the last update has made a transfer of €790 114. A further repayment in the amount of €327 000 was made at the beginning of May - it is not reflected in the table above since it reports on a monthly basis, yet we mention it as the amount due from the previous month. Mintos continues to negotiate the previously mentioned additional security for investors from other affiliated entities of the lending company. From the moment of suspension from the Mintos marketplace in August 2020, the monthly running costs have decreased by €191 000 when compared to March 2021 for Dinero and Ukrpozyka combined. Breakdown on monthly reduction: Indirect operating expenses reduced by €79 000, salaries and related taxes reduced by €67 000, marketing expenses reduced by €24 000, direct operating expenses reduced by €21 000. Indirect operating expenses: The main reason for the reduction in Indirect operating expenses is a decrease in received Management service invoices. The Group is not billing Management fee (OPEX) invoices to Dinero or Ukrpozyka (Group continues to charge IT CAPEX invoices). Also, there has been a significant decrease in IT costs. IT costs have been held to a minimum level only to support servers and the most significant IT infrastructure. Salaries and related taxes: The main reason for the reduction in salary costs is the decrease in the number of employees. Overall, in both companies salary costs have been reduced by €67 000 (48%) on a monthly basis. If we exclude one-off expenses then monthly salary costs have decreased by €87 000 (63%) compared to August 2020. Both companies reduced the number of their employees by 60 (53%), in the reported period. The current biggest departments are Debt Collection and Customer Service. Marketing expenses: In March 2021, there were no Marketing expenses. Direct operating expenses: In March 2021, for both companies, there was a decrease in almost all Direct operating expenses positions compared to August 2020. In March, the companies had only bank commission expenses and Debt collection expenses for outsourced debt collectors.

April 1 2021: Finko UA was not able to make the monthly repayment to investors on Mintos due to pending documentation update confirmation with the lending company’s bank in Ukraine. The update takes longer than expected. In the coming 2 weeks, it is planned to make a transfer in the amount of €1,2 million. The lending company apologizes for the delay, and further repayments will be made with prior regularity. Mintos continues to negotiate additional security for investors from other affiliated entities of the lending company.

March 5 2021: Finko UA was not able to make the monthly repayment to investors on Mintos because of a need to update the existing documentation with the bank in Ukraine. The lending company apologizes for the delay, and the repayments will continue in a couple of weeks. We continue to negotiate additional security for investors from other affiliated entities of the lending company.

February 4 2021: Finko UA continues to service existing loans and transfer borrowers’ repayments accordingly. Since the last update, we have recovered € 409 765, including principal and interest. The situation in Ukraine remains difficult due to the impact of Coivd-19. We are currently negotiating additional security for investors from other affiliated entities of the lending company. This security should eventually ensure the possibility of full recovery of investors' funds. That's still a work in progress and we'll inform investors once the deal is finalized.

January 7 2021: Finko UA continues to service existing loans and transfer borrowers’ repayments accordingly. Since the last update, we have recovered € 650 367, including principal and interest. Ukraine continues to experience COVID-19 pandemic difficulties, having an impact on borrowers repayment discipline. While the number of COVID-19 cases has decreased compared to its peak numbers in 2020, it remains a relatively high number of new cases daily. The government of Ukraine has extended the quarantine until February 28, 2021.

November 27 2020: Finko UA continues to service existing loans and transfer borrowers’ repayments accordingly. Since the last update, we have recovered € 1 196 178, including principal and interest. Investors must note that similar to Europe, Ukraine is also experiencing a surge of COVID19 cases - restrictions might be imposed again, having an impact on borrowers repayment discipline. The quarantine in Ukraine has been extended to 31 December 2020.

October 30 2020: On 21 August 2020, loans issued by lending companies Dinero and UkrPozyka, both part of the Finko group and portrayed as Finko UA on Mintos, were suspended from the Primary and Secondary Markets after they had decided to initiate a wind-down of their businesses due to the current economic situation in Ukraine. Details on loan portfolios at that time can be found in an update on our blog. The management teams of both lending companies have expressed that outstanding investment will be covered in full by the end of July 2021. Finko UA continues to service existing loans and transfer borrowers’ repayments accordingly. Since the last update, we have recovered € 587 000, including principal and interest. Investors must note that similar to Europe, Ukraine is also experiencing a surge of COVID19 cases - restrictions might be imposed again, having an impact on borrowers repayment discipline.

February 2 2023: No alternative settlement could be reached. The lending company will now be moved to liquidation stage. The timeline when liquidation could be finalized is currently not defined, but it should start in the coming month. Expected recovery is 10-15%.

There’s no news about the MyBucks bankruptcy proceeding in the court in Luxembourg.

January 5 2023: The judicial manager created a report describing the state of the company. Based on that the most likely solution would be to liquidate the company, which would mean about 10-15% recovery for investors on Mintos. An alternative settlement with creditors, including Mintos, is being reviewed that would yield higher expected recovery. We’re exploring options for how this alternative settlement might take place.

There’s no news about the MyBucks bankruptcy proceeding in the court in Luxembourg.

December 1 2022: The court appointed judicial manager is running the company. The manager will call a creditors meeting in mid December to propose solutions.

There’s no news about the MyBucks bankruptcy proceeding in the court in Luxembourg.

November 3 2022: A judicial manager was appointed by the court at the end of October and has started working. The manager has around 6 weeks to prepare a proposal.

There’s no news about the MyBucks bankruptcy proceeding in the court in Luxembourg.

October 6 2022: The court hasn’t appointed a judicial manager for GetBucks Botswana yet. Our lawyers are working with the court to have a manager appointed. The company can’t transfer any money to Mintos until the manager is appointed.

There’s no news about the MyBucks bankruptcy proceeding in the court in Luxembourg.

September 1 2022: The court announced its decision earlier than expected, confirming that GetBucks Botswana owes money to investors on Mintos. The courts also ruled that liquidation was not in the best interest of all creditors, so it will appoint a judicial manager to the company. We are clarifying with the local lawyers about the next steps and timeline of this appointment and what it means for recovering the money.

There’s no news about the MyBucks bankruptcy proceeding in the court in Luxembourg.

August 4 2022: The court process in Botswana has moved forward, and we can now share more insight, as the process is ongoing and the other party has seen our arguments provided to the court. Sharing more detailed information earlier would have harmed investors' interest (this holds true for all other cases where we go with the litigation route). The claim in the court process is that GetBucks Botswana (legal name FirstCred) cannot cover its liabilities to creditors and, therefore, should be winded down by an appointed liquidator. By doing this, the assets would be sold, and the money would be divided among the creditors. We have made the claim together with another creditor. This approach was chosen because, for a long time, the management of GetBucks Botswana has not been genuine in looking for resolution while using investors' money for other purposes. Since the beginning of the court process in early June, several legal procedures have taken place, including a court hearing on 2 August. The initial court opinion is expected to be heard on 30 August 2022. Mintos has also paid a security deposit of €30k to the court, which was required for the court process to continue.

There’s no news about the MyBucks bankruptcy proceeding in the court in Luxembourg.

July 7 2022: Court proceedings have moved forward. There was an initial exchange on the submitted claims, and Mintos now needs to respond. The first hearing in the court in Botswana might take place in July, but at the time of this update no date has been set by the court.

There’s no news about the MyBucks bankruptcy proceeding in the court in Luxembourg.

June 2 2022: At the end of May 2022, we signed the initiation document and officially started the litigation process against GetBucks Botswana. As the claim is being submitted, we will now track the developments and gain more understanding about the dynamics of the legal routes in the country.

In the future course of this legal process, we will need to comply with the discretion requirements, and we will be sharing information which will not endanger the best outcomes for the Mintos investors in the litigation.

Otherwise, there are no new known developments in the case of MyBucks bankruptcy proceeding in the court in Luxembourg.

May 5 2022: Mintos is initiating litigation in the case of GetBucks Botswana. We’re preparing documents for the case submission and coordinating external legal support for this case. We also want to remind investors that we will keep options open if the possibility for a more successful and faster recovery of investors’ funds emerges in this case.

Otherwise, there are no new known developments in the case of MyBucks bankruptcy proceeding in the court in Luxembourg.

April 7 2022: There are no new developments regarding the recovery of exposure from GetBucks Botswana. Going forward, we are considering moving efforts towards a different direction in this case, not excluding the legal route.

The court case in Luxembourg with the lending company’s group guarantor, MyBucks, is in process, and we have no new updates to share regarding this. For previous information regarding this, see the update from 3 March 2022.

March 3 2022: MyBucks SA, the guarantor for the GetBucks entities, has entered into bankruptcy proceedings in Luxembourg, where MyBucks SA was registered. As MyBucks SA acts as guarantor for the GetBucks Botswana and GetBucks Zambia, on behalf of investors Mintos prepared a direct claim that was recently registered with the court in Luxembourg which serves as the venue for MyBucks SA bankruptcy case. The claim was accepted by the court. Additionally, we sent a notice about the exercise of the repurchase obligations to GetBucks Botswana and GetBucks Zambia. Acceleration of the outstanding obligations will strengthen the position of Mintos in the guarantor’s bankruptcy proceeding, and we are now waiting for a resolution from the court, if the accelerated total amount of €9.5 million (for entities in Botswana and Zambia) will be added to the registered claim.

February 3 2022: We had a meeting with creditors in January, and the company proposed to deliver their plans for restructuring for more clarity. Up until now, we haven't received the plan yet, but we believe it should be shared this month.

January 6 2022: It was agreed that the company and its management will organise a meeting for all the creditors. The key points in the agenda are -how to deal with the existing liabilities; the business model going further; the fundraising progress update.

December 2 2021: As the company is struggling, we have not managed to reach a restructuring solution yet. Mintos remains in close communication for further progress.

November 4 2021: Since the last update, GetBucks has not made a new repayment. Mintos is in the ongoing process of negotiating a restructuring agreement along with the repayments schedule to re-establish the payments from the lending company. The company is struggling with attracting additional funding with growing concerns in the long run.

October 7 2021: Since the last update, GetBucks has not made a new repayment. Mintos is in the process of negotiating a restructuring agreement along with the repayments schedule to re-establish the payments from the lending company.

September 3 2021: Since the last update, GetBucks has not made a new repayment. Mintos is in the process of finalizing a restructuring agreement along with the repayments schedule to re-establish the payments from the lending company.

August 5 2021: Since the last update, GetBucks has repaid € 228 986, according to the newly formalized repayments schedule.

July 1 2021: Mintos and GetBucks have agreed on a monthly restructuring package, namely a repayment in the amount of BWP 2.5million (€190 000) for the next two years, with a bullet payment or a possibility for a reviewed restructuring at the end of it. Currently the legal details are being finalized before the agreement is implemented fully. Since the last update, GetBucks has repaid €141 416.

June 3 2021: Mintos has given GetBucks a restructuring proposal and is now waiting for their feedback. Since the last update, GetBucks has repaid €148 430.

May 6 2021: Mintos and GetBucks Botswana continue to negotiate a feasible monthly repayment schedule. In the meantime, since the last update, Getbucks has made a repayment of €173 610.

April 1 2021: While Mintos and GetBucks Botswana continue to negotiate a feasible monthly repayment schedule. In the meantime, since the last update, Getbucks has made a repayment of € 181 811. After a video call with the company's ultimate beneficial owner, it was agreed to work towards the restructuring of GetBucks Botswana debts.

March 5 2021: While Mintos and GetBucks Botswana continue to negotiate a feasible monthly repayment schedule, Getbucks verbally committed circa €193 000 monthly repayments, however, only one repayment has been received so far. A video call with the company's ultimate beneficial owner is scheduled for this week.

February 4 2021: After the internal restructuring of GetBucks Botswana, the lending company and Mintos are working on a repayment schedule to continue payment transfers to investors on Mintos in the upcoming months. At this point Mintos is evaluating the financial data of GetBucks Botswana. As you can see in the updated table above, the amount portrayed as repaid by the company is a difference of currency fluctuations among statements and does not reflect any factual repayment. GetBucks has made a payment € 193 000 on 29 January which has been transferred to Mintos in February, hence not part of the reporting period in the table above and will be reported next month.

January 7 2021: GetBucks Botswana didn't make a payment in December due to an internal process of restructuring the company's cash flow to continue payment transfers to investors on Mintos in 2021. The company remains committed to the agreements to cover obligations to investors on Mintos and plans to resume the monthly repayments this month, January 2021.

November 27 2020: GetBucks Botswana continues to make monthly payments. Since the last update, GetBucks Botswana has repaid € 300 005, including principal and interest.

October 30 2020: On 30 April 2020, GetBucks Botswana and Zambia were suspended from the Primary and Secondary Markets due to failing to fulfil their payment obligations in full to Mintos investors. GetBucks Botswana continues to make monthly payments. Since the last update, GetBucks Botswana has repaid € 272 091, including principal and interest.

February 2 2023: There have been no changes since the last update.

January 5 2023: The lending company didn’t reply to our proposal for an amicable solution. We proceeded with the proposal suggested by our lawyers, which unfortunately didn’t lead to any tangible results. We’re now discussing with the lawyers which of the remaining options to pursue.

December 1 2022: We have reached out to the management of the company to propose an amicable solution which would speed up recovery and lead to a good outcome for investors. In case a reasonable agreement can’t be reached, we have formalized applications we are ready to hand in.

November 3 2022: We agreed on how to move forward with the lawyers. To protect investors’ interests, we currently can’t share more details, as we don’t want to tip our hand to the lending company. We will provide an update after the next steps have completed.

October 6 2022: We restarted communication with the lawyers. We received a proposition on how to go forward with the case that we’re currently evaluating.

September 1 2022: We’re looking for a new legal partner to start the litigation process against GetBucks Zambia. Unfortunately the cooperation with the previous legal partner has not been successful as the partner wasn’t cooperative.

August 4 2022: Due to a number of ongoing litigation processes against other lending companies, as well as summer, being a vacation period for external lawyers involved, the process with GetBucks Zambia has been slightly delayed due to internal resources. Now, given that many of the cases have proceeded as disclosed in this update, we will again put more emphasis on stating the litigation process against GetBucks Zambia.

July 7 2022: We’re still in the process of preparing the documentation and setting up the external resources needed to start the litigation process against GetBucks Zambia.

June 2 2022: We’re still in the process of preparing the documentation and setting up the external resources needed to start the litigation process against GetBucks Zambia.

There are no new known developments in the case of MyBucks bankruptcy proceeding in the court in Luxembourg.

May 5 2022: Mintos is about to initiate litigation against GetBucks Zambia through the local regulator. We’re currently in conversations with local attorneys, as we prepare the documentation needed for the launch of the legal case.

There are no new known developments in the case of MyBucks bankruptcy proceeding in the court in Luxembourg.

April 7 2022: There is no cooperation from the local management in Zambia when it comes to this case. In the upcoming period, we’ll be assessing new ways to approach this case, not excluding the legal route.

The court case in Luxembourg with the lending company’s group guarantor, MyBucks, is in process, and we have no new updates to share regarding this. For previous information regarding this, see the update from 3 March 2022.

March 3 2022: MyBucks SA, the guarantor for the GetBucks entities, has entered into bankruptcy proceedings in Luxembourg, where MyBucks SA was registered. As MyBucks SA acts as guarantor for the GetBucks Botswana and GetBucks Zambia, on behalf of investors Mintos prepared a direct claim that was recently registered with the court in Luxembourg which serves as the venue for MyBucks SA bankruptcy case. The claim was accepted by the court. Additionally, we sent a notice about the exercise of the repurchase obligations to GetBucks Botswana and GetBucks Zambia. Acceleration of the outstanding obligations will strengthen the position of Mintos in the guarantor’s bankruptcy proceeding, and we are now waiting for a resolution from the court, if the accelerated total amount of €9.5 million (for entities in Botswana and Zambia) will be added to the registered claim.

Local management and beneficiaries in Zambia are showing no will for cooperation, breaching the cooperation agreement by fully limiting access to reports that could help Mintos better assess the state of the portfolio. This will be used in assessment of the final approach that Mintos considers to take in this case.

February 3 2022: The initial plan of merging the case with GetBucks BW restructuring has not played out despite the commitment from the key shareholders. We are now trying to contact the management of GetBucks ZM.

January 6 2022: It was agreed that the company and its management will organise a meeting for all the creditors. The key points in the agenda are - how to deal with the existing liabilities; the business model going further; the fundraising progress update.

December 2 2021: The situation with GetBucks ZM currently remains the same as in the last update.

November 4 2021: Mintos is having ongoing negotiations with the involvement of several enterprises from different countries, with an aim to achieve merging the case with GetBucks BW restructuring, however, there is resistance against this scenario, despite the earlier commitment from the key shareholders. Hence, the situation with GetBucks ZM currently remains the same as in the last update, and Mintos continues negotiating.

October 7 2021: The restructuring agreement for GetBucks BW that is still being negotiated includes the repayment of commitments to investors with investments in GetBucks ZM-issued loans.

September 3 2021: The restructuring agreement for GetBucks BW assumes repayment of commitments due to investors with investments in GetBucks ZM-issued loans.

August 5 2021: The restructuring agreement for GetBucks BW assumes repayment of commitments due to investors with investments in GetBucks ZM-issued loans.

July 1 2021: The restructuring agreement currently in development for GetBucks BW assumes a repayment of commitments due to investors with investments in GetBucks ZM-issued loans.

June 3 2021: Mintos is still in the process of establishing a repayment schedule with GetBucks Zambia.

May 6 2021: Mintos is in the process to establish a repayment schedule with GetBucks Zambia.

April 1 2021: Mintos continues to work to access the Zambia lending company’s repayment capacity and reach an interim repayment solution.

March 5 2021: Previously shared plans about the possible Malawi business deal did not commence, thus the management of the lending company resumes the plans for an IPO to raise funds to cover the existing commitments it has towards investors on Mintos. While Mintos welcomes IPO as well as any other fundraising initiative, in the meantime we work to access the Zambia lending company’s repayment capacity and reach an interim repayment solution.

February 4 2021: MyBucks SA continues to evaluate possibilities to repay all debts and creditors of MyBucks SA, Mintos and investors on Mintos being among them. We expect new progress updates in the beginning of Q2 2021.

January 7 2021: MyBucks SA continues to evaluate possibilities to repay all debts and creditors of MyBucks SA, Mintos and investors on Mintos being among them. We expect more updates later in January, as we work to fasten the process with the lending company.

November 27 2020: Since the last update, the situation remains largely the same: MyBucks SA is evaluating an alternative offer to dispose of 100% (instead of the 49% the company reported previously) shareholding in MBC Malawi to a reputable international financial services group. The cash proceeds from the disposal will be used to repay all debts and creditors of MyBucks SA. As we mentioned in the recent call with investors on our recovery efforts and in the previous update, the situation with GetBucks Zambia is also difficult due to a significant currency devaluation in the country. We expect that the most likely route of recovering funds will be through the group guarantee, rather than the operating cash flow of the GetBucks Zambia entity.

October 30 2020: On 30 April 2020, GetBucks Botswana and Zambia were suspended from the Primary and Secondary Markets due to failing to fulfil their payment obligations in full to Mintos investors. MyBucks SA (the guarantor of GetBucks Zambia) announced on 23 June 2020 that it is selling 49% of MBC Malawi to the Mpatsa Group. Since it has not yet received the necessary regulatory approvals, the transaction has not yet been completed. Since the last update, the situation remains the same: MyBucks SA is evaluating several options and engaging with various other potential investors to acquire a portion of the equity of MBC Malawi. In addition, MBC Malawi is planning an IPO in which MyBucks SA will dispose of a portion of its shareholding. As we mentioned in the recent call with investors on our recovery efforts, the situation with GetBucks Zambia is also difficult due to a significant currency devaluation in the country. We expect that the most likely route of recovering funds will be through the group guarantee, rather than the operating cash flow of the GetBucks Zambia entity.

February 2 2023: Repayments from Monego are being transferred regularly on a monthly basis, with an amount of €60k transferred over the past month.

January 5 2023: Repayments from Monego are being transferred regularly on a monthly basis, with an amount of €60k transferred over the past month.

December 1 2022: Repayments from Monego are being transferred regularly on a monthly basis, with an amount of €60k transferred over the past month.

November 3 2022: Repayments from Monego are being transferred regularly on a monthly basis, with an amount of €80k transferred over the past month.

October 6 2022: Repayments from Monego are being transferred regularly on a monthly basis, with an amount of €80 000 transferred over the past month.

September 1 2022: Repayments from Monego are being transferred regularly on a monthly basis, with an amount of €80 000 transferred over the past month.

August 4 2022: Repayments from Monego are being transferred regularly on a monthly basis, with an amount of €80 000 transferred over the past month.

July 7 2022: Repayments from Monego are being transferred regularly on a monthly basis, with an amount of €100 000 transferred over the past month.

June 2 2022: Repayments from Monego are being transferred regularly on a monthly basis, with an amount of €100 000 transferred over the past month.

*Please, note the following. There was an error in the presentation of Monego related data in the recovery report published on 5 May. In the column U named “Recovery %”, it states that the percentage of recovery is 75,8%, while the correct percentage is 77.7%. We have fixed this error retroactively in the report published on 2 June.

May 5 2022: Repayments from Monego are being transferred regularly on a monthly basis, with an amount of €130 173 transferred over the past month. We expect the transferred amounts to continue decreasing, due to contraction of the Monego’s remaining loan book.

April 7 2022: Repayments from Monego Kosovo are made according to the schedule. Since the last funds in recovery update, an amount of €69 828 has been transferred to Mintos and investors.

March 3 2022: Monego XK continues to make repayments, the most recent one in the amount of €100 000. The total lifetime recovery is currently forecasted at 75% of the exposure at the time of suspension.

February 3 2022: Monego XK continues to make repayments with the most recent repayment in the amount of €135,000.

January 6 2022: Monego XK continues to make repayments with the most recent repayment in the amount of €135,000.

December 2 2021: Monego XK continues to make repayments with the most recent repayment in the amount of €135 000.

November 4 2021: Monego XK continues to make repayments with the most recent repayment in the amount of €135,000. We will add a list of loans post factum that were repaid.

October 7 2021: According to information from the liquidator, further repayments will be decreased as a result of expected recovery results. Since the last update, the liquidator of Monego has made a transfer to Mintos in the amount of €170 000.

September 3 2021: Since the last update, the liquidator of Monego has made a transfer to Mintos in the amount of €170 000.

August 5 2021: Since the last update, the liquidator of Monego has made a transfer to Mintos in the amount of € 190 000. According to the liquidator, the repayment plan is for a monthly amount of approximately €200 000.

July 1 2021: Since the last update, the liquidator of Monego has made a transfer to Mintos in the amount of €200 000. The funds have been distributed among the affected investors. According to the liquidator, the further repayment plan is for a monthly amount of approximately €250 000.

June 3 2021: Since the last update, the liquidator of Monego has made a transfer to Mintos in the amount of €200 000. The funds have been distributed among the affected investors. According to the liquidator, the further repayment plan is for a monthly amount of approximately €250 000.

May 6 2021: Since the last update, the liquidator of Monego has made a transfer to Mintos in the amount of €200 078. The funds have been distributed among the affected investors. According to the liquidator, the further repayment plan is for a monthly amount of approximately €250 000. This amount matches with the monthly portfolio collection volume at Monego.

April 1 2021: Since the last update, the liquidator of Monego has made a transfer to Mintos in the amount of € 649 955. The funds have been distributed among the affected investors. According to the liquidator, the further repayment plan is for a monthly amount of approximately € 250 000. This amount matches with the monthly portfolio collection volume at Monego. We inform investors that according to Article 73, paragraph 15, of the Law on Banks, MFIs and NBFIs in Kosovo, when the liquidator takes over an entity any term, statutory, contractual or otherwise, on the expiration of which a claim or right of the entity would expire or be extinguished, shall be suspended. Paragraph 11 of the same article states that liabilities shall be deemed due and payable and interest shall cease to accrue as of the date of the appointment of the liquidator. The appointed liquidator for Monego has informed Mintos of interest to be paid at the end of the liquidation process - after the fulfilment of the obligation towards the principal. Mintos follows the respective legislation.

March 5 2021: Since the last update, the liquidator of Monego has made a transfer to Mintos in the amount of € 2.3 million. The funds have been distributed among the affected investors. According to the liquidator, The further repayment plan is for a monthly amount of approximately € 250 000. This amount matches with monthly portfolio collection volume at Monego. We will update investors as soon as we have information for the next repayments.

February 4 2021: Mintos continues to request more information on the status of the case, as well as the funds due to investors on Mintos, from the appointed liquidator and plans to widen the requests to the respective local government institutions. Last week, we had a video conference with our lawyer in Kosovo and the liquidator who is appointed by the central bank of Kosovo. We have received an informal answer that the liquidator expects the tax investigation of Monego to be over by the end of February 2021. It is expected that Monego will repay several million to investors or Mintos and agree on a full repayment schedule once the tax audit is done, according to the written communication by the liquidator.We have agreed on a follow-up call with the liquidator in mid-February.

January 7 2021: Mintos continues to request more information on the status of the case, as well as the funds due to investors on Mintos, from the appointed liquidator and plans to widen the requests to the respective local government institutions.

November 27 2020: After the information on the two payments to unregistered creditors in the Monego case, Mintos is awaiting further information from the liquidator on the funds due to investors on Mintos.

October 30 2020: In December 2019, the Central Bank of Kosovo (CBK) suspended the license of Monego due to breaches of local regulation on APR caps for local borrowers. As a result, Monego stopped issuing new loans. CBK appointed an administrator for liquidation of the lending company.
The latest information shared by the administrator is that it is awaiting the outcome of the tax audit before there will be more clarity on further payments. The tax audit is being done by PricewaterhouseCoopers (PwC) and it was supposed to be done in July 2020, however, it was postponed several times. We've also received information that several employees of PwC, who were doing the audit, have been tested positive for Covid-19 and that delayed the audit reports significantly.
In the meantime, Mintos has obtained information that the administrator has supposedly violated the law by making two payments to unregistered creditors in the Monego case, using funds of Monego issued loans borrowers’ repayments. Mintos has also received a confirmation from the two creditors of them receiving these payments. We have made inquiries to the administrator, as well as the CBK and are working towards informing the Finance Ministry of Kosovo state. We will inform investors as soon as we have more information.

February 2 2023: We expect to be able to share an update in February about the court proceedings.

January 5 2023: As the court proceedings are confidential, we can't share any updates at this point. Unfortunately, due to another delay which is completely outside of our control, we most likely won’t be able to provide an update within the previously communicated timeline. Once the case has been concluded, we’ll be able to share more information.

December 1 2022: The court case is delayed by 1-2 months due to procedural aspects of the proceedings. We once again proposed a settlement, which Wowwo declined. We’ll share an update as soon as there is material news.

November 3 2022: As the court proceedings are confidential, we can't share any updates at this point. We expect to be able to share the next update in about 1-2 months.

October 6 2022: As the court proceedings are confidential, we can't share any updates at this point. We expect to be able to share the next update in about 2 months.

September 1 2022: As the court proceedings are confidential, we can't share any updates at this point. We expect to be able to share the next update in about 2 to 3 months.

August 4 2022: As the court proceedings are confidential, we can't share any updates at this point. We expect to be able to share the next update in about 3 to 4 months.

July 7 2022: We’ve finalized the petition to the competent arbitration court, and the claim will be filed in the next few days. Please note that arbitration proceedings are confidential. This means we won’t be able to provide any comments or updates on the case at all during the process. Once the case is concluded, we’ll inform you about the outcome, including any amounts recovered from Wowwo, plus legal fees and other expenses incurred. Please understand that court proceedings take time.

June 2 2022: At the time when this report was being prepared, we were checking the final details prior to submitting the claim against Wowwo to the Court of Arbitration of the Association of Latvian Commercial Banks. Mintos is working with an external team of lawyers on this case, and the claim should be submitted during the first week of June. We will share news with investors when this happens. We also want to inform you that once again we reached out to Wowwo management with the information that we’re moving toward the litigation, as the last opportunity to avoid the complex legal process and find a better solution for all parties involved. We got no response.

When it comes to selection of the Court, we are also sharing the full reasoning behind this decision, which we previously shared in conversations with investors and in the Mintos Community.

“The material law that’s applicable to the Mintos contracts with lending companies and in the assignment agreements is the law of the Republic of Latvia (Latvian law). Latvia is the member state of the European Union, practicing laws and compliant with regulations in a way that’s equal to other European member states. Latvia is also a country where Mintos products are currently built, and from where the services are provided to our customers. Since inception, Mintos has applied Latvian law to the contracts with lending companies. While there are some exceptions to this in some contracts, Latvian law is our baseline.

In terms of jurisdiction clauses in cooperation contracts with lending companies, when filing a claim, the Claimant (Mintos or a lending company), is enabled to choose to do so:

• either with a regular court in Latvia,
• with a particular arbitration court mentioned in the agreement,
• or with the court of the country where the respondent is based.

When it comes to recoveries, we assure you that we don’t make a decision about the court selection lightly. Having such a jurisdiction clause gives us an option to choose our approach based on the evaluated pros and cons regarding a specific case within the context of each of the three options. We also engage competent local legal counsel specialized in dispute resolutions to give us insights, we analyse costs associated to the process, and based on the knowledge assessed, we arrive at the decision that is in the best interests of the investors.

In case of Wowwo, our analysis led us to a decision to opt for the arbitration court in Latvia. There are certain advantages to arbitration, the speed for resolution of disputes being the ultimate advantage. Given that in the Wowwo case, both Latvia and Turkey are parties to the New York Convention (https://www.newyorkconvention.org), when having obtained the arbitration award Mintos would proceed with recognition and enforcement of the arbitral award in Turkey.

One of the key downsides of taking the claim to the Turkish courts is the length of the process, given that the Latvian law is the material law applicable to the dispute.”

*Please, note the following. In the recovery report published on 5 May, we didn’t portray an amount of €514 in the “column S” named “Total recovered since the last update”. Since this was no repayment per definition, we didn’t add it to the last month’s report. This pending amount amount emerged as we run a detailed sweep through the technical network and communication systems used with Wowwo during the preparation of the documentation for the court claim. We decided to add it back to the report anyway, in order not to disturb the reporting automation going forward, avoiding possible mistakes that might emerge in the process.

May 5 2022: During the past month, we started our preparation for filing a lawsuit against the Turkish lending company Wowwo. To recap, the lending company failed to deliver on its obligations to Mintos and investors who invested in Wowwo-issued loans.

After initial research about the institution where Mintos should file the case, we took a closer look into a designated Turkish court. We identified a number of risks and red flags related to this institution, along with costs higher than optimal. To increase the chance for a successful outcome and keep costs under control, we decided to take the case to the Court of Arbitration of the Association of Latvian Commercial Banks. We are now working on the legal documentation, and we’re in the process of setting up collaboration with external law firms that would join us as supporting staff in this case.

The decision to take legal action in the Wowwo case comes after months of negotiations between the two companies, during which we advocated for the solutions that would be in the best interest of investors on Mintos. Mintos’ proposals were repeatedly met with less than satisfactory response proposals from the Wowwo’s management (more details in preceding reports from 3 March and 7 April).

In general, prior to choosing legal action, Mintos always looks to exhaust all other available options to finding solutions to the issue cases with lending companies. The reason for this policy is that legal proceedings come with high costs and lengthy timelines.

We will report on all new developments regarding this case in the upcoming updates.

April 7 2022: Currently, the communication with the lending company’s management is on hold, as Wowwo didn’t come forward with a reasonable proposal for repayment of its debt to investors on Mintos. In our opinion, the lending company is blatantly abusing its duties towards international retail investors.

Since the beginning of this year when we recognized Wowwo’s unethical behavior and potential lack of interest to honor obligations from the cooperation agreement, we started another process parallel to our work on negotiations. For example, assessing potential legal routes for recovery of the Wowwo’s debt. In substance, Wowwo is in default on its obligations towards Mintos and international investors. Among various legal routes available, we decided on what we believe is the choice that might be the most effective in the current environment, when it comes to recovering debt from Wowwo to Mintos and investors on the platform. At the moment, we’re finalizing the required preconditions for the process of submitting the case to the relevant authorities.

As explained in this description, to secure an outcome with maximum recovery potential, at this stage of the process we can only disclose limited information about the case, and we are thankful for investors’ understanding of this necessity. We also want to remind investors that the time needed to assess the best route for legal action was further influenced by the legal system in Turkey. Turkey has a very low rating on the World Justice Project’s Rule of Law Index list for 2021, being 117th out of 128 evaluated countries.

We are also working to inform Wowwo’s stakeholders about the lending company’s negligence of duties toward Mintos and the breach of contractual obligations. We will continue to expand the list of contacted parties. Beyond different legal bodies, this also includes Borsa Istanbul, the Turkish stock exchange where direct or indirect shareholders are listed.

March 3 2022: In lengthy negotiations where Mintos has taken a strong position to reach an agreement that is satisfactory for Mintos investors, Wowwo management provided an unacceptable proposal that would give not more than a 25% recovery level over a 36 month long recovery period.

Besides finding the amount and the timeline unacceptable, there is also a lack of certainty that the company will follow the recovery plan even with the amount proposed, and a complete lack of valid arguments that would serve as a basis for the proposal, such as the cash flow forecast model.

We are currently reassessing our approach and working on a new strategy, which does not exclude legal action.

February 3 2022: Wowwo not making payments that are due and not delivering the required information about the portfolio performance is a breach of the Cooperation Agreement. Mintos has sent Wowwo a notice about a material event of default, accelerating the total exposed amount of €18.5 million and stating Wowwo's obligation to repurchase all loans within a few business days after this notice. Not adhering to this request would be a breach of contract on Wowwo’s part. Our credit risk committee worked to propose solution alternatives, and we shared them with Wowwo. We came to a solution for restructuring that we believe will achieve the best outcome for investors on Mintos. Our position is that investors shall receive due amounts in Euro in full, restructured to account for the company’s challenging situation due to their currency exchange position.

January 6 2022: On 17 December 2021, Wowwo was suspended from the Primary and Secondary Markets after failing to make timely settlement payments for investors on Mintos. It was a cautionary measure to protect investor’s interests that is driven by macroeconomic changes which impact Turkish Lira exchange rate towards Euro. A week after the suspension, our team visited Wowwo in Turkey to assess the situation on the field and evaluate the causes of Wowwo’s interruption in payment transfers to Mintos and investors on our platform. We observed that, based on available data for the period until the recent Lira crash, the company’s loan performance was stable, however influenced by materialized currency risks resulting in accumulated FX loss. With the possibility of further FX losses if Lira continues to plummet, Wowwo’s management decided to freeze the transfers of borrowers' payments to the investors on Mintos. As we didn't accept the initially proposed agreement from Wowwo’s team, we will continue negotiations with Wowwo to find a solution in the best interest of investors on Mintos and our company.

7 July 2022: As reported in the last update, the liquidation of Cashwagon’s entity in Indonesia is finished. The remaining exposure of €810 939 is unrecoverable and hence has been classified as bad debt.

June 2 2022: The liquidation of Cashwagon’s entity in Indonesia is finished. The liquidator transferred an amount of €9 231 to Mintos, and this amount was credited to investors in the order described in the Mintos payments waterfall - from the oldest to the newest. In the following period, the remaining exposure of €810 939 will be written off as a bad debt, and removed from the recoveries report.

To remind you about Cashwagon Indonesia: the entity launched on Mintos in February 2019. It was suspended from the Mintos Primary and Secondary Markets in June 2020, when the group’s business started deteriorating due to investigation of the company’s business in Vietnam, with Cashwagon Vietnam also being suspended only a few days before entities in Indonesia and the Philippines. In the period from the launch until suspension on Mintos, investors earned €453 490 in interest with investments in loans originated in Indonesia. The exposure at risk at the moment of suspension of this entity amounted to €1.09 million.

May 5 2022: As we wrote in last month’s update, the liquidation of Cashwagon’s entity in Indonesia is in the final phase. The liquidator is collecting their fees and making obligatory payments related to taxation. What remains after this process should be distributed to investors, but the amount will not be significant.

April 7 2022: In this update, we have no new major developments regarding the recovery of the Cashwagon debt to Mintos investors. According to the information we have, the liquidation of the Indonesian entity is supposed to get into its closure phase this April.

March 3 2022: The Indonesian entity is still in the process of liquidation, and the designated liquidator informed us that case closure should be expected by the end of the H2 2022.

February 3 2022: Since the suspension of Cashwagon on Mintos, we have recovered €307,125 or 27.3% from Cashwagon ID. Given the developments shared in the last update, we currently don't see any other significant recoveries to happen in the future.

January 6 2022: Cashwagon’s Indonesian entity is still in the liquidation process.

December 2 2021: The situation with Cashwagon currently remains the same as in the last update.

November 4 2021: The situation has not changed since the last update and Cashwagon is still in the liquidation process.

October 7 2021: Cashwagon Singapore and Peerman Indonesia are still in the process of liquidation. Cashwagon Philippines (Green Money Tree Lending Corp) has not filed for bankruptcy yet. Cashwagon Vietnam continues to await criminal proceedings.

September 3 2021: Cashwagon Singapore and Peerman Indonesia continue to be in the liquidation process. Cashwagon Philippines (Green Money Tree Lending Corp) has not submitted for a bankruptcy process yet. Cashwagon Vietnam continues to await criminal proceedings.

August 5 2021: Cashwagon Singapore and Peerman Indonesia continue to be in the liquidation process. Cashwagon Philippines (Green Money Tree Lending Corp) hasn’t yet but will soon submit for a bankruptcy process, during which the company plans to sell off its loan portfolio. Cashwagon Vietnam continues to await criminal proceedings.

July 1 2021: Cashwagon Singapore and Peerman Indonesia continue to be in the liquidation process. Cashwagon Philippines (Green Money Tree Lending Corp) hasn’t yet but will soon submit for a bankruptcy process, during which the company plans to sell off its loan portfolio. Cashwagon Vietnam continues to await criminal proceedings.

June 3 2021: Cashwagon Singapore and Peerman Indonesia continue to be in the liquidation process. Cashwagon Philippines (Green Money Tree Lending Corp) hasn’t yet but will soon submit for a bankruptcy process, during which the company plans to sell off its loan portfolio. Cashwagon Vietnam continues to await criminal proceedings.

May 6 2021: Cashwagon Singapore and Peerman Indonesia continue to be in the liquidation process. Cashwagon Philippines (Green Money Tree Lending Corp) hasn’t yet but will soon submit for a bankruptcy process, during which the company plans to sell off its loan portfolio. Cashwagon Vietnam continues to await criminal proceedings.

April 1 2021: Cashwagon Singapore and Peerman Indonesia are in the liquidation process, which may take up to 6 months. Cashwagon Philippines (Green Money Tree Lending Corp) will soon submit for a bankruptcy process, during which the company plans to sell off its loan portfolio. The bankruptcy process may take about 12 months. Cashwagon Vietnam continues to await criminal proceedings.

March 5 2021: Cashwagon Singapore and Peerman Indonesia has submitted for a liquidation process and has been assigned with a liquidator - Nexia TS, a pan-Asia firm with over two decades of experience in the local market. Mintos, as a representative of investors on Mintos, is the main creditor. Along with the lending company being insolvent, it plans to sell its loan portfolio during the liquidation process to cover the commitments towards its creditors. The liquidation process may take up to 6 months. Cashwagon Philippines (Green Money Tree Lending Corp) is about to submit for a bankruptcy process, during which the company plans to sell off its loan portfolio. The bankruptcy process may take about 12 months. Mintos awaits Cashwagon Phillippines’s submission evaluation to be able to proceed with the next steps. Cashwagon Vietnam continues to await criminal proceedings.

February 4 2021: Due to a failed attempt to raise additional funds last autumn, Cashwagon is now in the liquidation process. Mintos is Cashwagon's key creditor and we are closely involved in that liquidation process. The recoveries will not come from Cashwagon transferring borrowers’ repayments, but instead from proceeds of the liquidation of the company. Because these proceeds are of relatively low value, the expected recovery of investors' funds currently stands at 20-40%.

January 7 2021: Cashwagon is preparing for a voluntary wind-down of the holding company in Singapore and its subsidiaries across South East Asia. We are in constant communication with Cashwagon's management and working to achieve the best possible outcome for investors in the current circumstances. We will be updating investors as soon as the lending company confirms its next steps with all its creditors, Mintos and investors on Mintos being one of them.

November 27 2020: The company is still operating at a minimum capacity and is unable to settle the outstanding debt. Talks with potential investors have been depleted. As we mentioned last time, Cashwagon is preparing for liquidation of the company in Singapore and its subsidiaries across South East Asia. We are in constant communication with Cashwagon's management and working to develop the best possible outcome for investors in the current circumstances, including a potential out of court settlement.

October 30 2020: On June 8 and June 10 2020, CashWagon Vietnam and CashWagon Philippines and Indonesia were suspended from the Primary and Secondary Markets due to news that the authorities in Vietnam are investigating operations of Cashwagon and in the meantime have frozen the company’s accounts, as per the procedure of the investigation situation in Vietnam. The company is currently operating at a minimum capacity and is unable to settle the outstanding debt. Talks with potential investors have been depleted. Cashwagon is preparing for liquidation of the company in Singapore and its subsidiaries across South East Asia. We will share more on what it means for investors as soon as the company finalizes its decision for liquidation.

As of 23 July 2021, Mintos has fully recovered investors funds from Aforti.

 

July 1 2021: Since the last update, €24 929 has been recovered from Aforti. The debt collection continues.

June 3 2021: Since the last update, €104 913 has been recovered from Aforti. The debt collection continues.

May 6 2021: Following the legal enforcement proceedings of the courts in Poland, a bailiff was assigned for the case we had put forward against Aforti. The bailiff has initiated the process of investigation and seizure of various Aforti company's assets in order to facilitate the debt collection and the transfer of the collected funds to investors on Mintos, the primary creditors of Aforti. Mintos has been informed by the bailiff that several bank accounts of Aforti have been seized while the process is yet to be finalized. At the moment of the suspension, there were €2.2 million in investors' investments at risk and until today, an additional ~€0.1 million in interest has been amortized. Since the last update, €476 069 has been recovered from Aforti. The debt collection continues.

April 1 2021: Mintos is awaiting a bailiff being assigned to the case. We continue to expect the legal enforcement actions to be launched in the first half of 2021.

March 5 2021: Mintos is awaiting a bailiff being assigned to the case. We continue to expect the legal enforcement actions to be launched in the first half of 2021.

February 4 2021: Mintos is still awaiting a bailiff being assigned to the case. We expect the enforcement actions to be launched in the first half of 2021. Hopefully, the situation with Covid-19 in Poland will not get worse and the courts will be able to function faster than currently.

January 7 2021: Mintos is still awaiting a bailiff being assigned to the case. We remain aware that the COVID-19 pandemic and respective remote work conditions have caused delays in the work of the Courts in Poland. Since the last update, the company has repaid € 10 219, including principal and interest.

November 27 2020: Mintos is still awaiting a bailiff being assigned to the case. We remain aware that the COVID-19 pandemic and respective remote work conditions have caused delays in the work of the Courts in Poland.

October 30 2020: In August 2019, Mintos suspended the Primary and Secondary Market for loans originated by Aforti Finance due to the company’s overdue transfers of borrower’s repayments to investors on Mintos and agreed to a payment schedule with Aforti. Mintos did not receive payments as agreed. After lengthy negotiations, in February 2020, Mintos and Aforti Finance agreed on a restructured payment schedule and additional security for investors. Given the agreed payment schedule was not met, in spring 2020 Mintos started legal action against Aforti Finance and Aforti Holding. As we informed in the last update, we are in the process of commencing enforcement proceedings and awaiting a bailiff being assigned to the case. We remain aware that the pandemic and respective remote work conditions have caused delays in the work of the Courts in Poland. Since the last update, Aforti has repaid € 23 906, including principal and interest.

As of 14.06.2021, Mintos has fully recovered investors funds from Akulaku 6 months ahead of schedule.

June 3 2021: Since the last update, Akulaku has repaid €7 717 927. As shared with investors with active investments in loans issued by Akulaku, the macroeconomic situation in Indonesia is improving, and Akulaku has outperformed its expectations in terms of portfolio growth and performance. Coupled with a recently completed equity raise, Akulaku has improved its financial standing, making it possible to increase repayments to Mintos investors. The company and Mintos agreed on increased repayments 6 months ahead of the previously agreed repayments schedule. Full recovery is yet to be reached.

May 6 2021: Akulaku continues making weekly repayments to investors on Mintos according to the agreed schedule - full repayment will be made by 20 December 2021. Since the last update, Akulaku has repaid €981 458.

April 1 2021: Akulaku continues making weekly repayments to investors on Mintos according to the agreed schedule - full repayment will be made by 20 December 2021. Since the last update, Akulaku has repaid € 781 933, including principal and interest.

March 5 2021: Akulaku continues making weekly repayments to investors on Mintos according to the agreed schedule - full repayment will be made by 20 December 2021. Since the last update, Akulaku has repaid € 788 346, including principal and interest.

February 4 2021: Akulaku continues making weekly repayments to Mintos investors according to the agreed schedule - full repayment will be made by 20 December 2021. Since the last update, Akulaku has repaid € 973 811, including principal and interest.

January 7 2021: Akulaku continues making weekly repayments to Mintos investors according to the agreed schedule - full repayment will be made by 20 December 2021. Since the last update, Akulaku has repaid € 846 278, including principal and interest.

November 27 2020: Akulaku continues making weekly repayments to Mintos investors, according to the agreed schedule. Since the last update, Akulaku has repaid € 668 883, including principal and interest.

November 9 2020: Mintos has signed a new debt restructuring agreement with Akulaku. According to the agreement, Akulaku will make weekly payments to Mintos investors and the 100% recovery of interest and principal is expected to be reached by 20 December 2021. The interest on pending payments will accrue and will be payable after the principal and accrued interest on the principal is paid down in full.

October 30 2020: On 16 April 2020, Akulaku was suspended from the Primary and Secondary Markets due to late payment settlement. Since the last update, the situation remains unchanged. The lending company is making payments according to the agreed-upon schedule each week. Up to date, Akulaku has repaid more than € 6.5 million and we're currently in the final stages of agreeing on a new repayment schedule in the interest of investors on Mintos. We will share an update in this space if that is concluded prior to the next monthly update, at the end of November 2020.

December 2 2021: As Mintos recently informed the affected investors in email, the E-Cash case has been finalized with the company making its final repayment of €410 864. Together with the repayment, Mintos received a list of loans that were repaid by the borrowers, hence Mintos was able to allocate borrower repayments to the investors who held parts of the repaid loans. In total, Mintos recovered 35% of the initial exposure at the time of E-Cash’s suspension. The unrecovered funds from E-Cash are now in bad debt status.

November 4 2021: An update on E-cash is coming soon to the affected investors in email. We will share the update also on this page.

September 3 2021: As of August 2021, Mintos had recovered 35% of the funds in recovery from E-Cash, with the remaining to be considered as a loss.

August 5 2021: In April 2021, lending company E-Cash informed Mintos of its plans to wind down its business operations. Due to E-Cash having missed regular settlement payments to investors for 7 days and a wind-down process that hadn’t yet been evaluated, Mintos suspended the lending company from the Primary and Secondary Markets on 21 April 2021. At the time of the suspension, there were 11 516 investors with active investments in loans issued by E-Cash, with the average investment per investor being € 62.03. Having an overall € 1 117 096 outstanding investments due to investors at the time of suspension, Mintos initiated the process of the recovery of investors funds. To maximize recovered amounts for investors, Mintos evaluated multiple recovery options. Following a thorough evaluation of the company's accounts, agreements and respective recovery prospects, we decided in favour of an out-of-court settlement with E-Cash as the best option, taking into account the very short duration of E-Cash issued loans, servicing costs of the portfolio, and the time required of different recovery options. With these considerations in mind, Mintos acted in the best interest of the investors to recover as much as possible, as fast as possible. After an extensive negotiation process, the initially expected recovery rate, as first shared with investors on 11 May 2021 during the quarterly review on funds in recovery, was less than 25%, with the company being in stage 4 (read more about the stages and details of the recovery processes). This recovery rate was increased to 35%. E-Cash estimates that the repayments and debt collection process with its borrowers are completed, which means the lending company can finalize its wind-down and transfer the negotiated amount of € 410 864.26 to investors on Mintos. Mintos has received these funds and will be distributing them as soon as possible next week, after receiving the necessary confirmation of the lending company’s borrowers’ repayments data, needed to confirm the distribution of repayments among investors on Mintos.

July 14 2021: We’re changing the status to defaulted as current estimated cash flows are not sufficient to cover the full exposure. Along with continuing negotiations, we’re defaulting the lending company in order to speed up the process of recovery of funds for investors on Mintos.

July 1 2021: The negotiations continue with an aim for immediate partial debt repayments in previously expected recovery volumes, or more. Mintos and E-Cash are in the process of agreeing on a legal framework for the resolution of the debt on behalf of the lending company.

June 3 2021: Mintos continues the negotiation process with the lending company to solve the current situation.

May 6 2021: The lending company was suspended from the Primary and Secondary Markets on Mintos on 21 April 2021, until the company’s initiated wind-down process is more clear and the current commitments towards investors on Mintos will be settled. At the time of suspension, the investors’ invested funds at risk totaled €407 255. Mintos is in a negotiation process with the lending company to solve the current situation.

January 6 2022: As Mintos recently informed the affected investors in email, the unrecovered funds from Eurocent PL are now in bad debt status. Eurocent PL has been in a long-lasting bankruptcy process. Unfortunately, no significant material assets have been identified, according to the latest update from the Polish court that we received in October this year. As a result, we expect the bankruptcy process to not lead to any further recoveries.

December 2 2021: The situation with Eurocent PL remains the same as in the last few updates. We expect to conclude the case soon and will inform investors via email.

November 4 2021: The situation with Eurocent PL remains the same as in the last update.

October 7 2021: We have received an update from the Polish Court. The total creditors claim amount is circa PLN 9.1 million. No significant material assets have been identified so far. Mintos will continue informing investors about the status of the insolvency proceedings in the case of Eurocent.

September 3 2021: Along with being aware of the COVID-19 pandemic causing interruptions in any court proceedings in Poland and elsewhere, we are waiting for an update from the Polish Court about the creditors' list, assets volume and the status of the insolvency proceedings in the case of Eurocent.

August 5 2021: Along with being aware of the COVID-19 pandemic causing interruptions in any court proceedings in Poland and elsewhere, we are waiting for an update from the Polish Court about the creditors' list, assets volume and the status of the insolvency proceedings in the case of Eurocent.

July 1 2021: Along with being aware of the COVID-19 pandemic causing interruptions in any court proceedings in Poland and elsewhere, we are waiting for an update from the Polish Court about the creditors' list, assets volume, and the status of the insolvency proceedings in the case of Eurocent.

June 3 2021: Along with being aware of the COVID-19 pandemic causing interruptions in any court proceedings in Poland and elsewhere, we wait for an update from the Polish Court about the creditors' list and the status of the insolvency proceedings in the case of Eurocent.

May 6 2021: Along with being aware of the COVID-19 pandemic causing interruptions in any court proceedings in Poland and elsewhere, we wait for an update from the Polish Court about the creditors' list and the status of the insolvency proceedings in the case of Eurocent.

April 1 2021: Along with being aware of the COVID-19 pandemic causing interruptions in any court proceedings in Poland and elsewhere, we wait for an update from the Polish Court about the creditors' list and the status of the insolvency proceedings in the case of Eurocent.

March 5 2021: Along with being aware of the COVID-19 pandemic causing interruptions in any court proceedings in Poland and elsewhere, we wait for an update from the Polish Court about the creditors' list and the status of the insolvency proceedings in the case of Eurocent.

February 4 2021: Along with being aware of the COVID-19 pandemic causing interruptions in any court proceedings in Poland and elsewhere, we wait for an update from the Polish Court about the creditors' list and the status of the insolvency proceedings in the case of Eurocent.

January 7 2021: Along with being aware of the COVID-19 pandemic causing interruptions in any court proceedings in Poland and elsewhere, we wait for an update from the Polish Court about the creditors' list and the status of the insolvency proceedings in the case of Eurocent.

November 27 2020: Along with being aware of the COVID-19 pandemic causing interruptions in any court proceedings in Poland and elsewhere, we wait for an update from the Polish Court about the creditors' list and the status of the insolvency proceedings in the case of Eurocent.

October 30 2020: In June 2017, Mintos team noticed that Eurocent had missed the repayment of its corporate bonds and took a decision to suspend the company from the marketplace. Due to Eurocent’s complex property and legal situation, and its inability to obtain an investor, the company soon after ceased its operations. Along with being aware of the COVID-19 pandemic causing interruptions in any court proceedings in Poland and elsewhere, we wait for an update from the Polish Court about the creditors' list and the status of the insolvency proceedings in the case of Eurocent.

As of June 2020, Mintos had recovered the previously outstanding funds from IuteCredit XK, in line with the group guarantee in place for IuteCredit XK issued loans.

 

November 27 2020: The microfinance license of IuteCredit Kosovo was unexpectedly revoked on 6 December 2019, and IuteCredit Kosovo ceased to issue new loans. At that time, the company had a loan portfolio of more than €12 million and owed Mintos investors €3.5 million (including interest). On 12 June Mintos recovered the amounts along with the IuteCredit Group making a repayment to more than 32 000 Mintos investors by covering the outstanding funds due from its subsidiary IuteCredit XK, in line with the group guarantee in place for IuteCredit XK issued loans.

As of May 24 2021, Mintos has recovered 100% of the funds in recovery from Kredit24.

May 6 2021: Kredit24 follows a restructuring plan with monthly payments - according to the plan, the lending company is to make a full repayment by May 2021. Since the last update, Kredit24 has repaid € 42 256.

April 1 2021: Kredit24 follows a restructuring plan with monthly payments - according to the plan, the lending company is to make a full repayment by June 2021. Since the last update, Kredit24 has repaid € 42 589, including principal and interest.

March 5 2021: Kredit24 follows a restructuring plan with monthly payments - according to the plan, the lending company is to make a full repayment by June 2021. Since the last update, Kredit24 has repaid € 43 204, including principal and interest.

February 4 2021: Kredit24 follows a restructuring plan with monthly payments - according to the plan the lending company is to make a full repayment by June 2021. Since the last update, Kredit24 has repaid € 43 689, including principal and interest.

January 7 2021: Kredit24 follows a restructuring plan with monthly payments - according to the plan the lending company is to make a full repayment by June 2021. Since the last update, Kredit24 has repaid € 44 265, including principal and interest.

November 27 2020: Kredit24 follows a restructuring plan with monthly payments - according to the plan the lending company is to make a full repayment by May 2021. Since the last update, Kredit24 has repaid € 42 354, including principal and interest.

October 30 2020: On 2 July 2020, due to an orderly wind-down of the lending company, loans originated by Kredit24 were suspended from the Primary and Secondary Markets on Mintos. Kredit24 follows a restructuring plan with monthly payments - according to the plan the lending company is to make full repayment within the next ten months. Since the last update, Kredit24 has repaid € 45 554, including principal and interest.

As of November 2020, Mintos had recovered 100% of the funds in recovery from Peachy.

 

November 27 2020: Since the last update, Peachy has made the final repayment of € 124 285, including principal and interest. Now, Mintos has recovered 100% of the funds in recovery from Peachy.

On 2 November 2020: Peachy made the final repayment of € 133 525, covering all pending settlements to investors on Mintos.

October 30 2020: Peachy decided to discontinue operations after the Financial Conduct Authority (FCA) established the new regulatory requirements in the UK. The company filed for the administration process in order to manage a sustainable wind-down. Since the last update, Peachy has repaid € 163 589, including principal and interest. Expect Pechy to clear its total balance by the end of November 2020. Currently, 91.9% has been recovered from Peachy.

January 6 2022: As Mintos recently informed the affected investors in email, the unrecovered funds from Rapido are now in bad debt status. In January 2020, Rapido filed for insolvency. Mintos filed the creditor claims and they were admitted in the insolvency proceedings. However, since then, the situation has not moved forward, and we expect the bankruptcy process to not lead to any recoveries as Rapido does not have material assets to cover the creditors' claims, according to the available information.

December 2 2021: The situation with Rapido Finance ES remains the same as in the last few updates. We expect to conclude the case soon and will inform investors via email.

November 4 2021: The situation with Rapido Finance ES remains the same as in the last update. Mintos continues to represent the interests of investors on Mintos in the ongoing legal process of Rapido Finance.

October 7 2021: Mintos continues to represent the interests of investors on Mintos in the ongoing legal process of Rapido Finance.

September 3 2021: Mintos continues to represent the interests of investors in Mintos in the ongoing legal process of Rapido Finance.

August 5 2021: Mintos continues to represent the interests of investors in Mintos in the ongoing legal process of Rapido Finance.

July 1 2021: Mintos continues to represent the interests of investors in Mintos in the ongoing legal process of Rapido Finance.

June 3 2021: Mintos continues to represent the interests of investors on Mintos in the ongoing legal process of Rapido Finance.

May 6 2021: Mintos continues to represent the interests of investors on Mintos in the ongoing legal process of Rapido Finance.

April 1 2021: Mintos continues to represent the interests of investors on Mintos in the ongoing legal process of Rapido Finance.

March 5 2021: Mintos continues to represent the interests of investors on Mintos in the ongoing legal process of Rapido Finance. In the table above, you can see Mintos has shared expected recovery amounts as 0% due to an expectation for the company to undergo a bankruptcy process.

February 4 2021: In the table above, you can see Mintos has shared expected recovery amounts as 0% due to an expectation for the company to undergo a bankruptcy process. We will share more news as soon as we have more information.

January 7 2021: In the table above, you can see Mintos has shared expected recovery amounts as 0% due to an expectation for the company to undergo a bankruptcy process. We will share more news as soon as we have more information.

November 27 2020: In the table above, you can see Mintos has shared expected recovery amounts as 0% due to an expectation for the company to undergo a bankruptcy process. We will share more news as soon as we have more information.

October 30 2020: In October 2019, all loans originated by Rapido Finance were suspended from the Mintos Primary and Secondary Markets due to the loan originator’s failure to transfer borrowers’ repayments to Mintos investors on time. Rapido later filed for insolvency in January 2020. Mintos filed the creditor claims and they have been admitted in the insolvency proceedings. In the table above you can see Mintos has shared expected recovery amounts as 0% due to an expectation for the company to undergo a bankruptcy process.