Credit agreement

The Management Board of Stalexport S.A. informs that on 17.06.2006 the Company received the originals of two agreements, i.e. an agreement on financing and an agreement on non-renewable credit.
Stalexport S.A. signed the above agreements with Fortis Bank Polska S.A. with seat in Warsaw on 16.05.2006. The agreement on financing is an agreement of general outline. The detailed conditions of financing are stated precisely in separate credit agreements.

The limit of credit granted within the Agreement on financing amounts to 10 m zloty.
Securities:

1. promissory note in blanco with promissory note declaration,
2. maximum mortgage on real estate in Chorzów, which Company possessed
3. transfer of current and future receivables towards selected customers of the Company
4. register pledge on commercial goods
5. alienation of commercial goods till making legally valid entry of register pledge
6. cession from insurance policy of the commercial goods

Agreement on non-renewable credit dated 16.05.2006 concluded within the agreement on the financing of 16.05.2006.
Assignment of credit: financing of purchase of steel profiles from the supplier of the Company

• Amount of the credit: 10 m zloty
• Crediting period: till 30.08.2006
• Credit repayment: one-off, at the end of crediting period with possibility of counting the repayments of debts, being the security, on account of repayment of debts by virtue of credit
• Interest rate: WIBOR 1M + bank margin
• Securities: as described above

The criterion of recognising the agreements as the significant ones is the value of these agreements subject, which exceeds 10 % of the shareholders equity of the issuer.