Market Update – Banking Facilities June 2020Midway Limited...

Market Update – Banking Facilities June 2020Midway Limited (Midway or the Company), Australia’s largest listed wood fibreexporter, has successfully concluded its annual debt and working capital facilitiesreview with National Australia Bank (NAB).Midway Managing Director, Tony Price said NAB had agreed to revise the company’soperating leverage banking covenant, increase its short-term working capital facilityand extend its term debt facility until September 2022.Mr Price said ongoing support by NAB reflects the underlying strength of the companybalance sheet and the favourable long-term outlook for wood fibre exports into theAsian region.“Midway is pleased that NAB has shown continued confidence in the company and willrenew our banking covenants and extend our short and long term banking facilities,”

Tony Price said. “As a result of the revised banking arrangements, it is not anticipatedthat Midway will need to raise equity to support its balance sheet.”

This statement has been approved by the Midway Board of Directors.