Extension of validity of the warranty relating to the contract entitled: Construction of the pipeline DN 700 Szczecin-Gdańsk

With reference to the current report 3/2015 the Board of Stalprofil announces that on March 6, 2015 it was notified about signing by Towarzystwo Ubezpieczeń Euler Hermes SA, at the request of the consortium composed of ZRUG Zabrze SA and Stalprofil, annexes to the guarantee contracts contract to extend the terms of the guarantee proper execution and proper removal of defects of the contract entitled: "Construction of the pipeline DN 700 Szczecin-Gdańsk", granted to OPG Gaz-System SA with its registered seat in Warsaw for Stage II Karlino-Koszalin and Phase III Koszalin-Słupsk respectively until 30 March 2015 in claims for non-performance or improper performance of the contract and until 30 March 2018 in terms of warranty claims.
Value of the guarantee for Stage II and III, the deadline of which was extended, amounts to 11 841 129.60 PLN for performance bonds and 3 552 338.89 PLN to guarantee the proper removal of defects.
The total value of warranty provided by Towarzystwo Ubezpieczeń Euler Hermes SA of proper execution and proper removal of defects for Stage II, III and IV did not change and amounts to 27 537 510.60 PLN and 8 261 253.19 PLN.
The term of the above warranty has been extended due to the postponement of the execution of the contract of 10 May 2012 on general realization of investments under the name "Construction of the pipeline DN 700 Szczecin-Gdańsk: Phase II Karlino-Koszalin, Stage III Koszalin-Słupsk and Stage IV Wiczlino-Słupsk. Financial conditions on which the guarantees were granted do not differ from market conditions applicable to such agreements. Agreement guarantees which have been prepared in the annexes meet the criterion of a significant agreement because their total value exceeds 10% of the equity issuer.