Proton Motor Power Systems plc announced that it has agreed to a variation to its existing loan facility with Mr. Falih Nahab. Pursuant to the loan variation, the Falih Nahab Facility has been increased by approximately €14.5 million to approximately €71.4 million (plus accrued interest of €16.4 million as at end May 2023). In addition, the Company has agreed with Falih Nahab that all interest accrued under the Falih Nahab Facility from 1 January 2023 onwards will be satisfied via the issue of new ordinary shares of 0.5p each in the Company ("Ordinary Shares").

These new Ordinary Shares will be issued to Falih Nahab either once or twice yearly in February and/or July of each year. The issue price will be the market price of an Ordinary Share at the time of issue. The annual interest rate on the Falih Nahab Facility remains at 12 months EURIBOR + 3% and the principal amount and accrued interest on the Falih Nahab Facility remains repayable on 31 December 2025.

All other terms of the Falih Nahab Facility remain unchanged, as do the terms of the existing loan facilities betweenSFN Cleantech Investment Limited ("SFN") and the Company, and SFN andSPower, asubsidiary of Proton. The undrawn portion of the Falih Nahab Facility is expected to allow the Company to satisfy its working capital needs until at least June 2024. However, it should be noted that the Company does not currently expect to generate net free cash by that time and therefore may require additional funding for its future working capital needs.