13/2015 - Information about the Valuation Report prepared by an expert auditor, in relation to the terms of issuance of C series bearer bonds

The Management Board of Trakcja PRKiI S.A. ("Company"), in connection with the current report no. 8/2013 of 1 February 2013, which notified about issuance of C series bonds (secured with a registered pledge on all AB Kauno Tiltai shares held by the Company, which at the time comprised 96.837 % of the share capital of AB Kauno Tiltai), as well as in execution of informative obligations pursuant to the Terms of Issuance of C Series Bearer Bonds (Terms of Issuance of Bonds – Attachment no. 4 to the Information Note for C Series Bonds; the obligation to prepare and present the Valuation Report – Section 8.34. of the Terms of Issuance of Bonds; publication of information in the form of current reports – Section 11.1. of the Terms of Issuance of Bonds), hereby informs that an independent expert, Grant Thornton, prepared the Valuation Report concerning the object of the pledge – the shares of AB Kauno Tiltai.

Pursuant to the aforementioned Valuation Report of 27 April 2015, the market value of the object of the pledge as at 31 December 2014 amounted to PLN 261 635 000, whereas the market value of the company AB Kauno Tiltai amounts to PLN 270 172 000. The value of the object of the pledge as at 31 December 2014 is not lower than the initial value; therefore the value of the collateral has not decreased.

In attachment to this current report, the Company presents the Valuation Report prepared by Grand Thornton, in two language versions: Polish version (Attachment no. 1 to the current report) and English version (Attachment no. 2 to the current report).

More details on securing the C series bonds were presented by the Company in current report no. 5/2013 of 24 January 2013.

Legal basis: Article 56.1.2 of the Act on public offering and conditions of introducing financial instruments into an organised trading system and on public companies, and Article 3.2 and Article 5.1.11 of the Resolution of the Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities and conditions for recognising as equivalent information required by the laws of a non-member state.