The signed agreement gives us valuable time to finalize the recovery program. We expect to present the key assumptions in the coming weeks. Upon obtaining the approval of our financial partners, we will begin implementing specific solutions aimed at improving Grupa Azoty's financial situation, said Andrzej Skolmowski, Vice President of the Management Board of Grupa Azoty S.A.

The conclusion of the Annex to the Agreement ensures the continued availability of limits under the Financing Agreements and prevents the Financial Institutions from taking actions aimed at canceling or reducing the available limits of the Financing Agreements, as well as from exercising certain rights arising from the Financing Agreements due to their breach or potential breach during the term of the Agreement. The term of the Agreement has been extended until May 28, 2024. The Agreement, with the consent of the Financial Institutions, may be further extended.

Additionally, Grupa Azoty S.A. signed, on its own behalf and on behalf of other selected Grupa Azoty companies that are parties to the Financing Agreements, Waiver and Amendment Letters with the Financial Institutions. Under these letters, the institutions agreed to waive certain conditions of the Financing Agreements, including the waiver of the net debt/EBITDA ratio calculated as of December 31, 2023.

The company emphasizes that it consistently fulfills all arrangements regarding the servicing and repayment of obligations under the Financing Agreements, and the available limits of these agreements ensure liquidity and financial security for Grupa Azoty and its obligations to suppliers and the continuity of operations.

The Annex was signed with the following Financial Institutions: Powszechna Kasa Oszczędności Bank Polski S.A., Bank Gospodarstwa Krajowego, ING Bank Śląski S.A., Santander Bank Polska S.A., Caixabank S.A. Branch in Poland, BNP Paribas Factoring Sp. z o.o., ING Commercial Finance Polska S.A., Pekao Factoring Sp. z o.o., BNP Paribas Bank Polska S.A., Santander Factoring Sp. z o.o., and Banco Santander S.A., Frankfurt Branch, as well as the European Bank for Reconstruction and Development and the European Investment Bank.