GTC - Globe Trade Centre S.A. — Capital/Financing Update 2020

Sep 17, 2020

Amendments to a material financing agreement concerning the financingof the Galeria Północna project

Further to current reports No. 30/2015 dated 19 August 2015 and 32/2017dated 6 December 2017, as well as current report No. 17/2020 dated 15July 2020, the management board of Globe Trade Centre S.A. (the"Company") announces that on 17 September 2020, Centrum Światowida sp. zo.o., the Company's wholly owned subsidiary operating the GaleriaPółnocna project, entered into an annex to a loan agreement with BankPolska Kasa Opieki S.A. and Industrial and Commercial Bank of China(Europe) S.A. acting through Industrial and Commercial Bank of China(Europe) S.A. Poland Branch (the "Financing Parties") concerning thefinancing of the Galeria Północna project (the "Annex").

Pursuant to the Annex, the Financing Parties agreed to relax the DSCR(debt service coverage ratio) covenant for a period of 18 monthsfollowing the execution of the Annex and to cure the LTV (loan-to-value)covenant breach following the execution of the Annex. In exchange,Centrum Światowida sp. z o.o. agreed to make the following prepaymentsof the loan extended to it:

(i) a prepayment in the amount of EUR 9.5 million to be made within tenBusiness Days of the execution date of the Annex (such amountconstituting 5.07% of the amount outstanding under the loan as at 30June 2020); and

(ii) a prepayment of up to EUR 3.0 million (the exact amount dependingon the performance of certain actions by the creditor) to be made within12 months of the date of the Annex (such amount constituting 1.60% ofthe amount outstanding under the loan as at 30 June 2020).

The execution of the Annex means that the Company has successfullyconcluded the negotiations with the Financing Parties referred to incurrent report No. 17/2020 dated 15 July 2020 and is able to againreclassify the liabilities under the loan as long-term liabilities.

Legal grounds: Art. 17(1) of Regulation (EU) No. 596/2014 of theEuropean Parliament and of the Council of 16 April 2014 on market abuse(market abuse regulation) and repealing Directive 2003/6/EC of theEuropean Parliament and of the Council and Commission Directives2003/124/EC, 2003/125/EC and 2004/72/EC - inside information.