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Conclusion of Consent and Waiver Letter with the banks financing Project A4

Press Releases 9 June 2011

 On 8 June 2011 the Group signed with the consortium of banks financing project A4 the Consent and Waiver Letter relating to the planned increase of shares capital of Stalexport Autostrada Małopolska S.A. (hereinafter SAM). One of the provisions of the granted loan is share pledge established on the shares of SPV. This is a standard proceeding used in such types of the agreements – says Mariusz Serwa, Vice President and CFO of Stalexport Autostrada Małopolska S.A. It is clear, that to maintain previously agreed level of provisions, the Banks reserved a right to get consent for possible increase of the share capital of SAM to possess the ability of establishing of pledge on all newly issued shares of the company created to realize this project.

The current Concession Agreement gives Stalexport Autostrady S.A. the right to convert into SAM shares the unsettled receivables relating to the expenditures beard to adjust the concession section of A4 to tolling regime (Phase I Cost Refund Agreement). Taking into consideration the A4 structure of financing, the resources of our Company and also effective allocation of the funds entrusted by the shareholders, we decided to execute the option included in the Concession Agreement to increase shares capital of SAM – clarifies Mieczysław Skołożyński, Vice President and CFO of Stalexport Autostrady SA. The agreement with Banks signed yesterday is a first step towards this aim. Despite some limitations and additional reporting obligations to the Company, it will allow us a great deal of freedom in our current activity. However the most important thing is, these activities will not arise any limitations in our participating in the new developing projects.

The maximum time of validity of the Consent and Waiver Letter is 18 months, and it includes: (i) the time indispensable to effective increase of the shares capital of SAM and establishing the provisions on the newly issued shares (maximally 6 months) and (ii) period of time, in which the above provisions could be moved (12 months, according to art. 130, point 1 Bankruptcy and Reorganization Law).

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