INTEREST RATES - Gordianservicing.com

Interest Rates

The portfolio acquired and owned by Gordian Holdings Limited (“Gordian Holdings”), which is serviced by Gordian Servicing Limited (“Gordian Servicing”) consists of, inter alia, terminated and non-terminated credit facilities, which were initially granted by:

(a) Bank of Cyprus Public Company Limited (“Bank of Cyprus”), which have been transferred to Gordian Holdings pursuant to the provisions of the Sale of Credit Facilities and other Related Matters Law of 2015 (L.169(I)/2015), as amended, and/or in accordance with the Scheme of Arrangement which has been ratified on 23/05/2019 by the Nicosia District Court and which became effective on 30/05/2019.

(b) Hellenic Bank Public Company Limited (“Hellenic Bank”)*, which have been transferred to Gordian Holdings pursuant to the provisions of the Sale of Credit Facilities and other Related Matters Law of 2015 (L.169(Ι)/2015) as amended and/or in accordance with the Sale and Purchase Agreement dated 29/12/2021 and/or the Instrument of Transfer dated 06/05/2022.

*Following a merger with Eurobank Cyprus Ltd in September 2025, Hellenic Bank has been renamed to Eurobank Limited.

For terminated credit facilities, the interest rate charged by Gordian Holdings is (i) the interest rate stated in the termination letter, which is in compliance with the relevant legislation and in line with the credit facility agreements signed by the borrower and/or the relevant parties and which has been communicated to the borrower / security provider / guarantor or, (ii) in case a judgement has been issued, the interest rate stated in the judgement.

For non-terminated credit facilities, the interest rate charged by Gordian Holdings is the interest rate specified in the credit facility agreement entered into between the original lender (Bank of Cyprus or Hellenic Bank) and the borrower, taking into account any fluctuations in the interest rate agreed with and/or communicated to the borrower.

In all cases, the interest charged, recovered, or collected by Gordian shall not exceed the applicable reference interest rate as determined by the Central Bank of Cyprus (“CBC”); if it does, the interest charged shall be equal to the level of the applicable reference interest rate as determined by the CBC. The reference interest rate is calculated quarterly by the CBC, which publishes it in the Official Gazette of the Republic and on its website: https://www.centralbank.cy/en/reference-interest-rates

EURIBOR – for credit facilities in Euro

EURIBOR (Euro Interbank Offered Rate) is the rate at which wholesale funds in euro, for periods equal to the relevant interest period of the credit facility, could be obtained by credit institutions in the European Union (EU) and European Free Trade Association (EFTA) countries in the unsecured money market, and published on every TARGET Day by the European Money Markets Institute (EMMI) (or any successor body) at or shortly after 11 a.m. Brussels time. The applicable EURIBOR for a specific interest period is set two Business Days prior to the date of the commencement of such period.

The administrator of EURIBOR is the European Money Markets Institute (EMMI).

Credit facilities dated as of 09/09/2015 or thereafter provide that, in case the relevant EURIBOR is less than zero, then EURIBOR shall be deemed to be zero for the purposes of the credit facility.

Calculation methodology

EURIBOR is calculated following the methodology (referred to as the ‘hybrid methodology’) described in the Benchmark Determination Methodology for EURIBOR (https://www.emmi-benchmarks.eu/benchmarks/euribor/methodology/) and relies on contributions from a panel of credit institutions that are active participants in the euro money markets (Panel Banks) in order to determine the average rate at which wholesale funds in euro could be obtained by credit institutions in the EU and EFTA countries in the unsecured money market.

EURIBOR is grounded, to the extent possible, in euro money market transactions that reflect the Underlying Interest. To ensure robustness in the absence of transactions in the Underlying Interest, the Benchmark Determination Methodology for EURIBOR follows a hierarchical approach consisting of three levels. These levels are employed progressively and in the following order:

Level 1 consists of contributions based solely on transactions in the Underlying Interest at the Defined Tenor from the prior TARGET Day, using a formulaic approach provided by EMMI.
Level 2 consists of contributions based on transactions in the Underlying Interest across the money market maturity spectrum and from recent TARGET Days, using a defined range of formulaic calculation techniques provided by EMMI.
Level 3 consists of contributions based on transactions in the Underlying Interest and/or other data from a range of markets closely related to the unsecured euro money market, using a combination of modelling techniques and/or the Panel Bank’s judgement.

EMMI performs an annual assessment of the EURIBOR methodology. Based on this assessment, EMMI will decide annually on any changes to the EURIBOR methodology. The objective of any change to the methodology is to ensure that the input data and methodology represent the market and economic reality EURIBOR seeks to measure.

Further details on the calculation methodology for EURIBOR, including the factors contributing to a change in the EURIBOR rate can be found in the Blueprint for the Hybrid Methοdology for the Determination of EURIBOR (https://www.emmi-benchmarks.eu/benchmarks/euribor/methodology/).

Further information on the above can be found on the following websites:

- CBC benchmark rate: www.centralbank.cy

- Euribor: www.emmi-benchmarks.eu

EUROPEAN CENTRAL BANK BASE RATE (ECB Base Rate)

The ECB Base Rate is the interest rate set by the Governing Council of the European Central Bank (ECB) from time to time during its monetary policy meetings, based on which ECB main refinancing operations of the Eurosystem are carried out through a weekly tender procedure for fixed rate tenders.

The ECB Base Rate may increase or decrease from time to time.

The ECB Base Rate applicable from time to time is published on the website of the ECB https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html

Given that the interest rate of the credit facility includes the ECB Base Rate, the interest rate of the credit facility will change on the effective date of a change in the ECB Base Rate. Any changes to the ECB Base Rate are announced through a press release of the Governing Council of the ECB regarding monetary policy decisions, which is posted on the website of the ECB https://www.ecb.europa.eu/press/pr/activities/mopo/html/index.en.html. Any such change in the ECB Base Rate shall have effect as from the date mentioned in the relevant press release as the date on which the relevant interest rate change shall start and/or from which it shall have effect.

If the ECB Base Rate is less than zero (0) at any time, then the ECB Base Rate applied shall be deemed to be zero (0) for the purposes of calculating your interest rate for the period for which the ECB Base Rate is set by the Governing Council of the ECB as being less than zero (0). In such a case, the interest rate that will apply to the credit facility for that period, shall be ECB Base Rate = zero (0) plus margin.

BANK OF CYPRUS – BASERATES

A. For loans in Euro that have been granted prior to 1 January 2008:

The Bank’s Base Rate (BBR) applicable to loans that have been granted prior to the 1st of January 2008 and continue to be in force, is the European Central Bank Base Rate (ECB Base Rate), as defined above.

B. For credit facilities entered into on or after 1 January 2008:

Bank’s Base Rates	Bank’s Base Rates 15/12/2025	Bank’s Base Rates 16/03/2026
Bank Base Rate (BBR)	3.6354%	3.6255%
Bank Business Base Rate (BBBR)	2.6354%	2.6255%
Bank Housing Base Rate (ΒHBR)	1.8854%	1.8755%
Bank of Cyprus Base Rate (BCBR)	1.3954%	1.3855%

CALCULATION METHODOLOGY

1. Bank Base Rate (BBR)

The Bank Base Rate (BBR) is calculated as the sum of:

(a) The weighted average of the cost of euro-denominated deposits in the Republic of Cyprus with agreed maturity up to 2 years (according to the Central Bank of Cyprus’ index) and the Bank’s cost of wholesale funding, and

(b) The fixed spread of 2.24%.

The BBR is revised on a quarterly basis (15 March, 15 June, 15 September & 15 December of each year (“Adjustment Dates”).

2. Bank Business Base Rate (BBBR)

The Bank Business Base Rate (BBBR) is calculated as the sum of:

(b) The fixed spread of 1.24%.

The BBBR is revised on a quarterly basis (15 March, 15 June, 15 September & 15 December of each year (“Adjustment Dates”).

3. Bank Housing Base Rate (ΒHBR)

The Bank Housing Base Rate (BHBR) is calculated as the sum of:

(b) The fixed spread of 0.49%.

The BHBR is revised on a quarterly basis (15 March, 15 June, 15 September & 15 December of each year (“Adjustment Dates”)

4. The Bank of Cyprus’ Base Rate (BCBR)

The Bank of Cyprus’ Base Rate (BCBR) is calculated as the weighted average of:

(a) Cost of euro-denominated deposits in the Republic of Cyprus with agreed maturity up to 2 years (according to the Central Bank of Cyprus’ index); and

(b) the Bank’s cost of wholesale funding.

The BCBR is revised on a quarterly basis (15 March, 15 June, 15 September & 15 December of each year (“Adjustment Dates”).

More information on the calculation methodology of BBR, BBBR, BHBR and BCBR can be found at the following link: https://www.bankofcyprus.com/en-gb/Personal/the-bank/other/lending-reference-rates

HELLENIC BANK

A. For loans in Euro that have been granted prior to 1 January 2008:

The Bank’s Base Rate applicable to loans that have been granted prior to the 1st of January 2008 in Cyprus pounds and bearing as base rate the Bank's Base Rate, the outstanding balances of which from 1st January 2008 were converted into euro, is the European Central Bank Base Rate (ECB Base Rate*), as defined above.

*As of 16 March 2016, the ECB Base Rate was at 0.00%.

B. For credit facilities entered into on or after 1 January 2008 and for credit facilities granted before 1st January 2008, other than loans in Cyprus pounds as provided in paragraph A above:

Hellenic Bank Base Rates	As of 17/11/2025	As of 16/02/2026
Hellenic Bank Base Interest Rate	3.85%	3.89%
Hellenic Bank Main Base Interest Rate	1.09%	1.13%
Hellenic Bank Business Loans Base Interest Rate	2.85%	2.89%
Hellenic Bank Business Overdrafts Base Interest Rate	2.85%	2.89%
Hellenic Bank Housing Loans Base Interest Rate	2.25%	2.29%
Hellenic Bank Housing Loans Base Interest Rate(linked to Hellenic Bank Base Interest Rate)	3.10%	3.14%

CALCULATION METHODOLOGY

“CBC index”: The Central Bank of Cyprus typically publishes on a monthly basis the value of the interest rate applicable to the previous month’s euro-denominated deposits from households with agreed maturity up to 1 year in its Publication “Monetary and Financial Statistics” - Table 8: “Monetary Financial Institutions (MFI) Interest Rates on euro-denominated deposits (new business) by euro area residents”. Such published value will be referred to as the CBC index for the purposes of this methodology.

“Reference Rate”: The Bank shall calculate the Reference Rate on a quarterly basis. The Reference Rate shall be calculated as the average of the values of the CBC Index (as defined above) published by the Central Bank of Cyprus subsequent to the last time the Bank had conducted such calculation. Such average CBC index shall be deemed to be the “Reference Rate” and shall apply for the calculation of the Bank’s Base Rates for the following quarter rounded up to two decimal places.

Starting point for the Reference Rate is set at 1.49% which represents the latest value of the CBC index for the month of September 2016.

Each of the Bank’s Base Rates will be adjusted on a quarterly basis on 16 February, 16 May, 16 August and 16 November of each calendar year (the “Adjustment Date”). In the event that the Adjustment Date is not a business day then the Adjustment Date for the relevant quarter shall be deemed to be the following business day. [Business day shall mean a day (other than a Saturday or Sunday) on which commercial banks are open for general business in Cyprus].

For such credit facilities, the Bank’s Base Rates are defined as follows:

- Hellenic Bank Base Interest Rate = Reference Rate + 2.76%

- Hellenic Bank Business Loans Base Interest Rate = Reference Rate +1.76%

- Hellenic Bank Business Overdrafts Base Interest Rate = Reference Rate + 1.76%

- Hellenic Bank Housing Loans Base Interest Rate = Reference Rate + 1.16%

- Hellenic Bank Housing Loans Base Interest Rate (linked to Hellenic Bank Base Interest Rate) = Reference Rate + 2.01%

- Hellenic Bank Main Base Interest Rate = Reference Rate

More information on the calculation methodology of Hellenic’s base rates can be found at the following link: https://www.eurobank.cy/en/personal/base-rates