Following discussions and negotiations with banks, Grupa Azoty Polyolefins signed an Amendment Agreement on February 29 to the Stabilization Agreement dated December 15, 2023, regarding the financing of the Polimery Police project. The parties have agreed on the terms under which the Financial Institutions will provide financing for the project during the next period of the Stabilization Agreement, which extends until March 27. The amendment was signed with 15 financial institutions.

Grupa Azoty Polyolefins S.A. reports that on February 27, 2024, controlled hydrocarbon flaring occurred at the Polimery Police project site. Increased flare activity is characterized by a visible light effect from a distance and may also produce a sound effect. In some cases, black smoke may be visible in addition to the flame. The formation of black smoke is due to an insufficient amount of added steam, preventing its formation, during a sudden larger, temporary, unforeseen (emergency) influx of hydrocarbons to the flare. This lasts for a few minutes until the appropriate amount of steam is added. During normal operation, when there is a stable or planned release of hydrocarbons, steam is added simultaneously or in advance, preventing the formation of black smoke.

At its meeting held on 19 February 2024, the Supervisory Board of Grupa Azoty S.A. made changes to the composition of the Company’s Management Board.

On February 14, 2024, Mr. Dariusz Smoliński resigned from the Supervisory Board and from his role as a Vice-chairman of the Supervisory Board of Grupa Azoty Polyolefins S.A.

On February 14, 2024, Mr. Grzegorz Kądzielawski resigned from the Supervisory Board and from his role as a Chairman of the Supervisory Board of Grupa Azoty Polyolefins S.A. On February 14, 2024, Mr. Marek Wadowski resigned from his membership in the Management Board and from his role as a Vice-president of the Management Board of the Company Grupa Azoty Polyolefins S.A.

On 9 February 2024, Grupa Azoty S.A. published a current report in which it announced that in the course of work on the preparation of the full-year consolidated financial statements for the financial year 2023 indications of impairment of the assets of Grupa Azoty Polyolefins S.A., with an effect on the value of Grupa Azoty S.A.’s assets, were identified.