Digital Green Infrastructure Notes 25/28

Three white PowerPod units on an industrial site with a substation behind them

Key terms

Feature	Structure
Issuer	PLN Lux S.A., Compartment 7
Instrument	Bearer bond · Global certificate · Clearstream
Legal framework	Luxembourg Securitisation Law · unregulated compartment
Coupon / Payment	12.0% p.a. fixed · Act/Act · 16 April / 16 October
Maturity	15 Dec 2028 · 100% plus accrued interest
Status	unsecured · limited recourse · pari passu
Rating / Trading	no rating · open-market listing intended, not confirmed

Parties

Issuer

PLN Lux S.A. · Compartment 7

Unregulated securitisation company · Luxembourg

Distribution agent

LIVEGRID AI Infrastructure Partners

Placement partner

Paying agent

Quirin Privatbank AG

Payment processing via the clearing system · Berlin

Clearing system

Clearstream Europa AG

Custody of the global certificate and payment forwarding · Eschborn

SPV / Borrower

DigitalGreenInfrastructureCS GmbH

Project company · Hamburg · HRB 109380

Revenue and economics

Business model

Rent out GPU capacity through spot marketplaces, subsequently secure longer-term contracts with NeoCloud operators. The pricing assumption is not backed by contracted offtake.

Illustrative case

At €7m outstanding: 272 H100 GPUs, 65% utilisation, 97% availability and €11/GPU-hour.

Projected annual EBITDA

€13.45m

GPU rental cash flow is intended for the service of bonds. Actual revenue depends on achieved pricing, utilisation and operating availability.

Interest cover

16.02x

Creditor position and risks

Position

Unsecured, unrated and limited recourse to Compartment 7 only. No third-party guarantee. Single-project exposure; total loss is possible.

Payment priority

Taxes, administration and agents; then creditor interest and principal; then distribution fee. Acceleration threshold: 30% on default.

Key risks

Deployment, GPU pricing and utilisation, hardware obsolescence and repayment. Limited liquidity; listing is intended, not confirmed.

Interest and redemption

12% annual coupon, payable on 16 April and 16 October. Redemption is due on 15 December 2028 at 100% plus accrued interest, subject to available compartment assets and the note terms.

Illustrative projections are not guaranteed. The model assumes €7m outstanding, below the €10m issue limit. Bitcoin mining is excluded from the base case.

Confidential · For professional investors only · Investment information as of 20 September 2026.

Disclaimer: Marketing communication for professional investors only; for information purposes, not an offer to invest or investment advice. Any subscription must be based on the definitive offering documents, terms and risk disclosures. Capital is at risk, including total loss; interest and repayment are not guaranteed. The distributor may receive placement fees.

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