Current Report 1/2013

Subject:

Annex to the overdraft facility agreement and the contract for letters of credit with Bank Millennium SA

Legal Basis:

Article 56 clause 1 point 2 of the Act on Public Offering – Current and Interim Information

Contents of the report:

The Management Board of the Issuer hereby announces that on January 9, 2013 between URSUS SA and the Bank Millennium SA based in Warsaw, was signed the annex to the credit agreement in form of overdraft facility of 16 September 2008 with changes and the contract for letters of credit.

Under the provisions of the annex to the credit agreement in form of overdraft facility of September 16, 2008, the total maximum amount of the granted credit was increased (from PLN 17 000 000) to PLN 20 000 000. The repayment of credit was secured by increasing the amount of the mortgage on the property and increase the amount of the Issuer's execution to the bank.

The other provisions of the credit agreement remain unchanged, in relation to the annex signed on 29 December 2012 (Current report no 33/2012).

The letters of credit line agreement was concluded for a fixed period until 7 January 2014 and gives the Issuer possibility to use the line to finance letters of credit to a maximum of PLN 7.000.000 PLN. The line is secured by a blank promissory note and assignment of the rights resulting from the contract. Other terms and conditions of the line do not deviate from the standard, generally accepted by such agreements. 

Legal basis:

Pursuant to § 5 section 1 point 1 and 3 in connection with § 9 of the Minister of Finance Regulation of 19 February 2009 on current and periodic reporting by issuers of securities and the rules of equal treatment of the information required by the laws of non-member states (Journal of Laws of 2009 No. 33, item 259, later amended)