Statement of Nitrogénművek Zrt/Bige Group regarding the decision of the Hungarian Competition Authority

Pétfürdő, Friday, 22 October 2021 (OTS) - Nitrogénművek Zrt./Bige Group was informed of the decision of the Hungarian Competition Authority (GVH) on 22 October 2021. The decision is 250 pages long and is still under evaluation. However, it is safe to say that we do not agree with the fundamentals of the decision.

In the course of the Hungarian Competition Authority’s proceedings against Nitrogénművek Zrt./Bige Group, which have been ongoing for 6 years, we have repeatedly presented our detailed arguments, objections and counter-evidence, for example against the statements of KITE Zrt. which assisted the authority and initiated the proceedings in order to avoid the fine, as well as against a number of cited documents. We have also demonstrated that no impact assessment has been carried out to objectively identify and assess market developments on an economic basis. Therefore the content of the Hungarian Competition Authority's decision must be carefully analysed, but in any event, we will contest the ruling in court. The order, which comes at a time when the industry is most exposed to the current energy crisis in Europe, imposing a fine of such magnitude that is unprecedented in Hungary, raises a number of questions for us. In the current domestic political situation, our company has built up a significant liquidity reserve for unforeseen events over the recent period and we have done everything in our power to ensure that we can continue to supply our customers even under the current market conditions.

Pétfürdő, 10/22/2021.