WSE Accession of a subsidiary to the Credit Agreement

Management Board of Work Service S.A. (Hereinafter reffered to as: The Issuer or the Company), informs that on February 18, 2019 it received information about signing by all parties of a document on the basis of which the Issuer's subsidiary - Krajowe Centrum Pracy sp. z o.o. with its registered office in Wrocław (hereinafter referred to as: KCP) acceded as the Additional Guarantor to the Credit Agreement of 18 November 2015, as amended, concluded between the Company, as the borrower, Bank BGŻ BNP Paribas S.A., Bank Millennium S.A., Santander Bank Polska S.A. and Powszechna Kasa Oszczędności Bank Polski S.A., as the lenders (hereinafter referred to as: the Banks), and certain other Obligated Entities (hereinafter referred to as: The Credit Agreement). As a result of accession, the list of guarantors of the Credit Agreement was extended with the KCP, about which the Issuer informed in the current report no. 86/2018.
The accession described above resulted from the fact that the KCP met the accession conditions set forth in the Credit Agreement, which were met as a result of the acquisition by the KCP in December 2018 of a new project with a value of 25.055.181,47 PLN and the related project of granting by the Issuer a surety for the obligations of the KCP resulting from the agreement with Ministry of Family, Labour and Social Policy [the Ministry]. This project is one of the 11 projects currently being implemented by KCP financed by the European funds, which cover the thematic scope concerning, among others, economic activation of persons threatened by social exclusion, social inclusion, promotion of entrepreneurship and improvement of the quality of personnel employed in enterprises. As a result of the concluded agreements, the Issuer remains the guarantor of the obligations of the KCP with [the Ministry], and the KCP has become the guarantor of the Issuer's obligations under the Credit Agreement. In the accession document, the KCP undertook to be enforced pursuant to Article 777, paragraph 1, subparagraph 5 of the Code of Civil Procedure for the benefit of the Banks. As a result of the analysis carried out, the Issuer concluded that it is justified to classify the information indicated above as confidential information within the meaning of Art. 17(1) of the MAR, subject to publication in the form of this report. Legal basis: art. 17 (1) MAR (Regulation of the European Parliament and of the Council (EU) NO. 596/2014 of 16 April 2014 on the Market Abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council 2003/124/EC, 2003/125/EC i 2004/72/EC). Signatures: Paul Christodoulou – Vice-President of the Management Board Iwona Szmitkowska – Vice-President of the Management Board