Legal basis: Paragraph 5.1.3 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities and the conditions for concerning information required by the law of a non-member state as equivalent. The report: The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (“PKO Bank Polski SA” or “the Bank”) hereby informs that on 30 June 2011 the Bank concluded agreements on providing financing (hereinafter jointly referred to as “the Agreements”) with a Client of the Bank (“the Client”). The Bank informs that the Agreements include the following agreements concluded by the Bank:
- Agreements on opening letters of credit („the Agreements on Opening Letters of Credit”), which the subject of the Agreements on Opening Letters of Credit includes opening six letters of credit to total amount of PLN 2,258,000,000 (in words: two billion two hundred fifty-eight million zlotys) to finance the Client's activity. The Agreements on Opening Letters of Credit were concluded for the period beginning from 30 June 2011, the latest possible validity date of the opened letters of credit according to the Agreements on Opening Letters of Credit cannot extend beyond 30 June 2021. The Agreements on Opening Letters of Credit were secured with a amount of money (deposit) paid by the Client into the Bank's account, pursuant to Article 102 of the Banking Act of 29 August 1997, in the amount equal to the maximum total amount of outstanding letters of credit opened by the Bank at the Client’s request, according to the Agreements on Opening Letters of Credit. Payments from letters of credit opened by PKO Bank Polski SA according to the Agreements on Opening Letters of Credit will be charged to the deposit paid into by the Client. Conclusion of the Agreements on Opening Letters of Credit constitutes the fulfilment of the requirement to disclose the entering by the Bank into a significant agreement, since the value of the service under the Agreements on Opening Letters of Credit meets the criteria referred to in Paragraph 2.1.44 letter a) in connection with Paragraph 2.2 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities and the conditions for concerning information required by the law of a non-member state as equivalent.
- Syndicated loan agreement (“Syndicated Loan Agreement”) with a Client, which the subject of the agreement is granting the Client a syndicated loan by a consortium of five banks including PKO Bank Polski SA, comprising among others a tranche of the amortizing investment loan of PLN 3,400,000,000 (in words: three billion four hundred million zlotys), a tranche of the non-amortizing investment loan of EUR 448,000,000 (in words: four hundred forty eight million euro) and PLN 600,000,000 (in words: six hundred million zlotys), and a tranche of the renewable working capital loan of PLN 600,000,000 (in words: six hundred million zlotys). The share of PKO Bank Polski SA in tranches is PLN 600,000,000 (in words: six hundred million zlotys), PLN 510,000,000 million (in words: five hundred ten million zlotys), and PLN 90,000,000 million (in words: ninety million zlotys), respectively. Due to syndicated loan the participation of PKO Bank Polski SA is limited only to mentioned above tranches. The loan term under the Syndicated Loan Agreement by PKO BP SA is up to 6.5 years. The loans' tranches interest rate is based on WIBOR/EURIBOR rate, plus the Bank’s margin. Pursuant to the Syndicated Loan Agreement, the margin level depends on the selected financial indicator of the Client. The claims under the loan due to the Syndicated Loan Agreement have been secured among others by the registered pledges and transfers of the debt. Conclusion of the Syndicated Loan Agreement constitutes the fulfilment of the requirement to disclose the entering by the Bank into a significant agreement, since the value of the services under agreements concluded by the Bank with the Client meets the criteria referred to in Paragraph 2.1.44 letter a) in connection with Paragraph 2.2 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities and the conditions for concerning information required by the law of a non-member state as equivalent.
Total value of the Bank's involvement related to the agreements concluded by the Bank with the Client and its subsidiaries within last 12 months as at the end of 30 June 2011 – including the involvement resulting from the Agreements on Opening Letters of Credit and the Syndicated Loan Agreement – is PLN 3,458,000,000 (in words: three billion four hundred fifty eight million zlotys), and on net basis, taking into account amount of money (deposit) paid into the Bank's account, pursuant to Article 102 of the Banking Act of 29 August 1997 is PLN 1,200,000,000 (in words: one billion two hundred million zlotys). The Agreements on Opening Letters of Credit is an agreement of the highest value out of all agreements concluded by the Bank with the Client within 12 months prior to the conclusion of the Agreements.