Extension of terms of the warranty on the contract for the construction of the Szczecin-Gdańsk pipeline

On March 16, 2015, at the request Stalprofil was extended the period of validity of advance payment, which PKO Bank Polski SA with its registered seat in Warsaw has granted to the beneficiary - OGP Gaz-System SA. According to the annexes to the advance payment guarantees issued by PKO Bank Polski SA guarantees shall enter into force on the date of issue, ie. 16 March 2015. and remain valid until the date falling 60 days after the date of final acceptance, but not later than 18 August 2015. The total amount of advances received by the Consortium Leader - ZRUG Zabrze SA from OGP Gaz-System SA, and for the financing of the contract amounted to PLN 51 500 thousand (gross).
The term of the above warranty has been extended from 14 June 2015 until 18 August 2015 in connection with the postponement of the execution of the contract, signed on 10 May 2012 between the consortium composed ZRUG Zabrze SA (consortium leader) and Stalprofil SA of Dąbrowa Górnicza(consortium member) and OGP Gaz-System SA with its registered office in Warsaw, for general implementation of the investment under the name "Construction of the pipeline DN 700 Szczecin-Gdańsk: Stage II Karlino-Koszalin, Stage III Koszalin-Słupsk and Stage IV Słupsk-Wiczlino".
The financial terms on which the guarantees were granted do not differ from market conditions applicable to such agreements. Refund guarantee contracts, which were drawn up in the annexes meet the criterion of a significant agreement because its value exceeds 10% of the equity of the issuer.