Current report no. 44/2014                

Title: Payment received under the agreement with METEC

Legal basis:

Art. 56 sec. 1 point 1 of the Act on Public Offering - Confidential information

Message:

The Management Board of the Issuer hereby informs that on the 3rd December the Issuer received at its bank account payment for delivery to Ethiopia of the second lot of tractors, equipment for servicing centers and spare parts for tractors in the framework of execution of the first stage of the commercial agreement concluded with METALS AND ENGINEERING CORPORATION (METEC) OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA, of which the Issuer informed in the current reports no. 24/2013, 24/2014 , 25/2014 and 39/2014.

The amount of 9.405.354,95 PLN received by the Issuer, equivalent to 2.827.402,66 USD (the total amount of the agreement is 90.000.000 USD), was paid by Bank Gospodarstwa Krajowego within the Agreement between the Polish Government and the Government of the Federal Democratic Republic of Ethiopia on extending a tied aid credit.

Till now the Issuer for execution of the first stage of the agreement has received in total 20.531.263,24 USD, including the advance payment.

The company is executing the commercial agreement with METEC in compliance with its time schedule. Payments under this agreement are made with subsequent, monthly deliveries to METEC of tractors, equipment for servicing centers and spare parts for tractors. The first stage of the agreement provides for six deliveries of the subject of the agreement. Now the Issuer is preparing documents required for obtaining payment for the third delivery executed this year.

The legal basis of transmission of this report is of the Art. 56 sec. 1 point 1 of the Act on Public Offering dated July 29th 2005.