Current Report 38/2012

Subject:

Termination of the credit agreement with BRE Bank S.A. and conclusion of the credit agreement’s annexes

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 20 December 2012 URSUS S.A. concluded with BRE BANK S.A. with the seat in Warsaw annexes to the following credit agreements:

- Annex No. 2/2012 of the Agreement on cooperation dated 24.11.2011 (Current Reports No. 32/2012, 35/2011 and 34/2011), under which increased the maximum amount of limit granted to PLN 17.000.000 from 14.000.000 PLN;

- Annex No. 1/2012 to the credit agreements dated 20.04.2012 (Current Report no 9/2012), under which increased the maximum loan amount to EUR 2.600.000 EUR  form the level of 2,000,000.

Other terms and conditions of the loan agreements, including the types of security have not changed.

At the same time due to the increase of the above limits, the working capital credit agreement contracted by the Company in the amount of EUR 1.500.000 dated 09.18.2012 (Current report no 25/2012), which repayment date was at 28.12.2012 - was repaid in full and the above-mentioned agreement was terminated.

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)