Ad hoc: Jubii Europe N.V.: Dutch tax authorities request payment of Euro 1,155,183 from Jubii Europe N.V. (ISIN NL0000233195)

As reported in the Annual Report 2017/2018 the Dutch tax authorities started in 2017 a tax audit with respect to sales tax (VAT) for the period 2013 until 2018. The tax authorities have taken the position that Jubii Europe N.V. was not engaged in economic activities which would lead to a VAT deduction right during the years of examination. A final meeting with the state auditors in January 2019 had not led them to another conclusion. The consequence is that the right for refund of input VAT is denied for the whole period. On 26 February 2019 the final assessment has been issued. Accordingly the Dutch tax authorities request from Jubii Europe N.V. a payment of Euro 1,155,183 for input VAT in the period under examination, inclusive interest and fines. Based on the assessment of Jubii Europe N.V.'s Dutch tax advisor management takes the position that Jubii Europe N.V. was engaged in economic activities leading to a VAT refund right during the whole period and having solid arguments in defense of this position. Therefore, Jubii Europe N.V. will object the Dutch tax authorities assessment in short notice. The decision on this objection will be in the hands of a VAT inspector who was not involved in the audit. If the Dutch tax authorities will finally adhere to their assessment management will, after careful consideration with Jubii Europe N.V.'s Dutch tax advisors, decide whether to take the case to court or not. Jubii Europe N.V. Haarlem, The Netherlands, February 26, 2019