GLOBE TRADE CENTRE S.A. - Amendment of the terms and conditions of the bonds issued by GTC Hungary under the Bond Funding for Growth Programme

Amendment of the terms and conditions of the bonds issued by GTC Hungary under the Bond Funding for Growth Programme

GLOBE TRADE CENTRE S.A.
(Incorporated and registered in Poland with KRS No. 61500)
(Share code on the WSE: GTC.S.A)
(Share code on the JSE: GTC ISIN: PLGTC0000037)
("GTC" or "the Company" or the "Group")

Date: 23 September 2025

Current report No.: 26/2025

Title: Amendment of the terms and conditions of the bonds issued by GTC Hungary under
the Bond Funding for Growth Programme

In relation to Scope Ratings' announcement of 29 August 2025 regarding the downgrade of the rating
of Globe Trade Centre S.A. (the "Company" or "GTC") and its subsidiary GTC Real Estate
Development Hungary Zrt. ("GTC Hungary") from B+ to B-, the Management Board of GTC hereby
announces that on 23 September 2025, the meetings of the bondholders of series GTC 2030/A and
series GTC 2031/A bonds issued by GTC Hungary under the Bond Funding for Growth Programme
(collectively the "Bonds") approved, among others, the amendments to the terms and conditions of
the Bonds with respect to remediation periods in case of deterioration of the Bonds' rating

Pursuant to the amended terms and conditions of the Bonds, the remediation period in the event that
the rating of the Bonds deteriorates below B+ has been shortened from 24 months to 18 months. In
the event of a deterioration of the rating of the Bonds to CCC or lower (but not to D or SD), GTC
Hungary will be entitled to a one-year remediation period to achieve a minimum rating of B-, and an
additional 6 months to improve the rating of the Bonds from B- to a minimum rating of B+. This
mechanism replaced the previous covenant to redeem the Bonds within 90 days if the rating of the
Bonds falls to CCC.

The amended terms and conditions of the Bonds also introduced new time limitations regarding
maintaining a deteriorated rating. The rating of the Bonds below B+ may be maintained for a maximum
period of 2 years continuously, except when the rating falls to SD or D level, which may be maintained
for a maximum period of 30 days. In case of failure to improve the rating within the specified
remediation periods, GTC Hungary will be obliged to redeem the Bonds within 30 days from the end of
the respective period.

The foregoing amendments to the terms and conditions of the Bonds regarding the deterioration of the
external rating are applicable from 29 August 2025.

Legal basis: Article 17(1) of Regulation (EU) No 596/2014 of the European Parliament and of the
Council on market abuse (Market Abuse Regulation) and repealing Directive 2003/6/EC of the
European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and
2004/72/EC (insider information).



Signed:

/s/ Malgorzata Czaplicka                                 /s/ Jacek Baginski
President of the Management Board                        Management Board Member


Warsaw, Poland
Sponsor: Investec Bank Limited

Date: 23-09-2025 03:01:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.