. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prospects for 2021

As 2021 began the eyes of the world were on the vaccination rollout. Would delivery be fast and sufficient? Are the vaccines as effective as the first large-scale research indicated? Will the Netherlands succeed in vaccinating rapidly? With new and more infectious mutations lurking around the corner, it appears that large-scale vaccination is a precondition for leaving the pandemic behind us structurally. We hope that the summer will contribute to society’s recovery, and its social recovery in particular. We have focused our efforts on postponing events that were planned in the lockdown period, and counting on a very busy second half of the year.

Upscaling

The first Fieldlab test event organised by the Dutch event sector, a business meeting with 500 participants, took place at the Beatrix Theatre in Utrecht in February. Various test events have been held at multiple locations since then and the results so far are hopeful: visitor behaviour was carefully monitored and measures thoroughly tested.

We are ready

Our The Stage is Yours! concept is ready to welcome 1,175 visitors in a safe and responsible way. Upscaling to larger events with a lettable floor space of more than 116,000 m² is possible. Our COVID protocol covers all required regulations and guidelines and helps organisers, exhibitors, suppliers and visitors ensure the welfare and safety of all stakeholders.

Scenario

Based on the insights currently deemed realistic, we expect business and consumer events to be allowed and organised again after the summer of 2021. We also expect additional COVID measures to remain a necessity. The starting points applied for our future expectations are explained on the following page. We will continue to apply our four-track policy until the RAI can operate in a normal situation.

In conclusion

The Board thanks all stakeholders for their involvement, efforts and understanding. We also thank our employees for their hard work, creativity and perseverance. Thankfully, many of the employees whom we had to let go in the reorganisation have already started jobs elsewhere. And we wish every success in particular to those colleagues still seeking a new post.

A special word of gratitude goes to John van de Steen, active as Supervisory Board member since 2011. The Board thanks John for the way he fulfilled his role as vice chair and Supervisory Board member.

Amsterdam, 6 april 2021

Executive Board of RAI Holding BV P. (Paul) Riemens, CEO M. (Maurits) van der Sluis, COO

The Stage is Yours! concept

Continuity assumption

These consolidated financial statements have been prepared assuming that the company will continue as a going concern.

The outbreak of COVID-19 has led to one of the greatest global crises since WWII. The lockdowns in the Netherlands have limited the spread of the virus to reduce pressure on healthcare and limit the number of deaths. They also significantly affected corporate activities in many sectors and changed our daily lives. The government is constantly looking for the right balance between what is possible and what is not, and the situation can change from day to day. At the time of writing this report we are still in lockdown and no events will be

held until May. Nobody knows what will happen in the months after. Even after the introduction of successful vaccinations in early 2021, the economic recovery will take time and the impact will remain visible. The consequences for a large proportion of Dutch companies are enormous – and that includes the RAI.

Four-track policy

At the start of 2020 we were looking forward to an especially successful year with an annual calendar that was as good as full. The fast spread of COVID-19 disrupted these prospects. Throughout 2020, the Board, management and employees focused their efforts on the four-track policy explained in the first part of the Executive Board report.

Analysis

The Board and management have made an analysis to substantiate the continuity assumption. Based on the insights currently deemed realistic they show that, after the current government support schemes end, we will be able to meet our obligations again next year. In view of the pandemic, banks have issued a waiver for non-compliance with previously agreed conditions which is valid at least until the third quarter of 2021. The starting points applied in the analysis are:

Business and public events will be possible again after the summer of 2021. Organising events will still be subject to additional measures in 2021. A turnover of approximately € 77 million is assumed for 2021 – around 55% of that achieved in comparable year 2019. Support measures worth around € 8.4 million are assumed for 2021. Events will be allowed and organised throughout 2022. No support schemes will be available in 2022. The payment of long-term liabilities are based on the agreed payment plan after concluding the GO-C financing. In line with the bank financing requirements, dividend will not be awarded nor paid.

Scenarios

To calculate the impact of other scenarios on the continuity of the company, we also made an analysis in which we cannot start until October 2021 (scenario Q3) or January 2022 (scenario Q1).

Conclusion

An organisation like RAI Amsterdam that has largely come to a standstill regarding turnover due to government measures must consider its continuity – as should any company in a similar situation. The current conclusion of the Board, based on the analysis and current insights, is that the RAI will be able to deal with the consequences.