The Board of KSG Agro S.A. headquartered in Luxembourg("the Issuer") hereby informs that on December 10, 2021, the ratingcommittee of RA "Expert-Rating" decided to update a long-term creditrating of KSG Agro S.A. at the level ua_#1040;+ according to the nationalscale (the rating according to the international scale is at the level_#1042;_#1042;_#1042;).The borrower or theparticular debt instrument with such rating is characterized by a highcreditworthiness compared to other Ukrainian borrowers or debtinstruments. The level of creditworthiness is susceptible to the impactof adverse commercial, financial and economic conditions. The Agencyupdated the credit rating after the analysis of data of the consolidatedstatements of KSG Agro S.A for the nine months of 2021.Accordingto the results of the analysis, the following main conclusions have beendrawn:1. Throughout the period from30.09.2020 to 30.09.2021 the shareholders' equity of KSG Agro S.A. grew1,55 times up to USD 19,96 mln. The key factor of the increase in theIssuer's shareholders' equity became its profitable activity and thereduction of retained loss. Throughout the analyzed period theliabilities of KSG Agro S.A. decreased by 7,37% down to USD 53,96 mln.The decrease in liabilities of KSG Agro S.A. was mainly due to sellingthree subsidiary companies in May, 2021 and two subsidiary companies inSeptember, 2021. The corresponding movement of indicators resulted in anincrease in the ratio between shareholders' equity and liabilities ofKSG Agro S.A. by 14,87 p.p. up to 36,98% in the analyzed period. Theincrease of KSG Agro S.A. provision level with shareholders' equity isappreciated by the Agency.2. In the structureof long-term liabilities of KSG Agro S.A. as of 30.09.2021, thepredominant share was occupied by long-term loans, their volume in theanalyzed period grew by 9,55% up to USD 27,19 mln. Short-term loans,obtained by KSG Agro S.A., for the period from 30.09.2020 to 30.09.2021decreased by 43,97% down to USD 2,51 mln.3.Sales of the Issuer's products in the analyzed period increasedsignificantly. In particular, sales revenue for the nine months of 2021year compared to the same period in 2020 year increased by 42,78% up toUSD 20,94 mln. At the same time, the amount of net profit according tothe results of the three quarters of 2021 year amounted to USD 17,28 mlnthat in 3,63 times exceeded the indicator for the three quarters of 2020year. The main factor in the growth of the Issuer's profit in theanalyzed period was the sale of its subsidiaries and the increase insales volumes. The increase in the financial results of KSG Agro S.A.led to a significant increase in its profitability indicators.4.Analysis of the consolidated financial statements of KSG Agro S.A.showed that EBITDA in the 9 months of 2021 year compared to the sameperiod of 2020 year grew by 10,46% up to USD 7,35 mln., and the ratiobetween EBITDA for the three quarters of 2021 year and the volume ofloans as of 30.09.2021 grew up to 26,53%. The respective level of thisindicator shows the Issuer's ability to service its debt liabilities.

Therefore, having analyzed the consolidated financialstatements of KSG Agro S.A. for the nine months of 2021 year, the Agencynotes: an increase in the level of shareholders' equity coverage withliabilities, a growth in sales revenue and net profit of the Issuer, aswell as a good level of ratio between EBITDA and loans.