Carborundum Universal Limited — Important, 14-01-2025: Updates

The Board of Directors of Carborundum Universal Limited (CUMI) convened to address the recent designation of its step-down subsidiary, Volzhsky Abrasive Works (VAW), Russia, on the US Department of Treasury’s Office of Foreign Assets Control (OFAC) Specially Designated Nationals list. This designation blocks VAW's assets within the US and curtails most financial transactions involving US currency or US persons, except those authorized by OFAC. Currently, VAW has no operational activities or sales in the US and is evaluating the implications of this designation. Further updates will be provided following the completion of this assessment. Potential risks may arise depending on VAW's ability to navigate these restrictions, warranting close monitoring.