Conclusion of a framework agreement with RBS Bank (Polska) S.A.

Current report no. 30/2011

The Management Board of Polimex-Mostostal S.A. with its registered office in Warsaw at ul. Czackiego 15/17 informs that on 17 May 2011 they received a Framework Agreement signed by RBS Bank (Polska) S.A. and affiliated companies: Energop Sp. z o.o. and Energomontaż-Północ Gdynia Sp. z o.o.,  pertaining to the rules of granting guarantees by the Bank and opening letters of credit.

 

As part of the aforementioned Agreement, Polimex-Mostostal S.A. will issue bank guarantees up to the amount of PLN 200,000,000.00, whereas the following companies: Energop Sp. z o.o. and Energomontaż-Północ Gdynia Sp. z o.o., under the sub-limits granted thereto, up to the amount of PLN 10,000,000.00 each.

The agreement has been concluded for an indefinite period of time, subject to the option of termination with a three-month notice period.

Securities of the aforementioned Agreement, the amount of commission and charges have been agreed upon on market terms.

As of the date of signature of the present Agreement, the following agreements have been terminated:

-          Agreement no. 101/2006 regarding a guarantee limit dated 31 October 2006 as amended, concluded between RBS Bank (Polska) S.A. and a company incorporated by Polimex-Mostostal S.A., Energomontaż-Północ S.A. and the following Companies: Energop Sp. z o.o. and Energomontaż-Północ Gdynia Sp. z o.o., with the limit of PLN 50,000,000.00,

-          Agreement no. 25/2007 regarding a guarantee limit dated 20 July 2007 as amended, concluded between RBS Bank (Polska) S.A. and Polimex-Mostostal S.A., with the limit of PLN 150,000,000.00.

Securities established in relation to the aforementioned terminated agreements shall be released by the Bank , while active guarantees and letters of credit issued under the aforementioned agreements shall be included in the new limit granted to Polimex-Mostostal S.A. and the following companies: Energop Sp. z o.o. and Energomontaż-Północ Gdynia Sp. z o.o. under the foregoing Framework Agreement.

The value of the Issuer's equity capital has been assumed to be the criterion for considering the Contract to be material.