Press release

Oltchim Comments on Misrepresentations by PCC about State Guarantees for Oltchim

PCC, a hostile minority shareholder in Oltchim, has been spreading certain allegations concerning the partial guarantee which Oltchim will receive from EximBank for a loan of € 62m. PCC alleges that the State guarantee constitutes State aid which needs to be notified to the EU Commission as restructuring aid. PCC states that it has therefore lodged a "suspension claim" before a Romanian court requesting the suspension of the issuance of the State guarantee.

These allegations of PCC are totally groundless. They constitute a misguided legal assessment which is not backed up by the facts and which is shared neither by Oltchim nor by the Ministry of Economy - the major Oltchim's shareholder. EU Commission alone is competent for the assessment of the State aid rules.

In reply to these allegations, Oltchim confirms the following:

• The investment plan envisaged by Oltchim is pursued in full compliance with the EU State aid rules.
• All financing measures underlying the investment plan have been presented in detail to the EU Commission during the last months. Oltchim is implementing the various steps in its investment plan only after receiving the approvals from the competent departments of the EU Commission.

It follows from the above that PCC's allegations are without any merit. They have been made in complete ignorance of the intensive and constructive discussions which Oltchim has had with the EU Commission over the last months.

By spreading similar misrepresentations, PCC is misguiding investors and tarnishing the reputation of Oltchim among its business partners.

This is unacceptable and entirely irresponsible conduct in particular on behalf of a shareholder of Oltchim.

Constantin Roibu
CEO & President
OLTCHIM SA