CR 35/2016 Annex to the master agreement

Annex to the master agreement         

Current report no.: 35/2016

Date: 22.06.2016

The Management Board of LPP SA hereby informs that on 22 June 2016 the Company and Bank Polska Kasa Opieki SA signed an annex to the loan agreement (the multi-purpose credit line) signed of 13 August 2004.

Pursuant to the annex, the total limit of all facilities was set at the amount of PLN 330 mln (no change as compared with the previous agreement) and the period for the use of individual products has been extended:

1) Overdraft facility to the amount of PLN 330 mln (previously PLN 190 mln) – agreement extended by 30 June 2017;

2) Limit for guarantees granted by LPP SA and its subsidiaries to the amount of PLN 140 mln (no change as compared with the previous agreement) – agreement extended by 31July 2019;

4) Limit for the opening of letters of credit to the amount of PLN 330 mln (no change as compared with the previous agreement) agreement extended by 30 June 2018.

Other terms and conditions have remained unaffected.

The above quoted contract was concluded on market terms.

The criterion of declaration of the contract is that the agreements value exceeded 10% of the equity capital of the LPP SA.