Motorway - refund of costs

Legal basis - par 5 passage 1 point 3 of the Finance Minister Decree dated 19.10.2005

The Management Board of Stalexport S.A. , in connection with transferring by Stalexport S.A. to SAM S.A. all rights and obligations arising under concession for construction via adapting and operating A-4 toll motorway Katowice - Kraków section, informs that on 22.12 2005 the company signed a significant agreement with the company Stalexport Autostrada Małopolska S.A. with its seat in Mysłowice regarding the refund of costs born by Stalexport S.A.

1. Date of concluding the significant agreement: 22.12.2005

2. Agreement parties:

• Stalexport S.A.
• Stalexport Autostrada Małopolska S.A.

3. Subject of the agreement: Phase I Cost Refund in the amount of 127,000,000 zloty (in real values as of the 28th July 2004);

4. Essential conditions of the agreement:

a) payment of the amount of Phase I Cost Refund will be made against financial document agreed by both parties, issued by Stalexport S.A. and delivered to
SAM S.A. within three days from concluding this agreement,

b) 75 % of the amount of Phase I Cost Refund , i.e. 95,250,000 zloty will be paid by SAM S.A. for the benefit of Stalexport S.A. after after reaching the Financial Close, taking into account the deduction in the amount of 67,659,288.41 zloty being the liability of Stalexport S.A. towards SAM S.A.

c) 25 % of the amount of Phase I Cost Refund, i.e. 31,750,000 zloty will be paid out of last draw-downs of funds under planned project financing.

The criterion of recognising the agreement as the significant one is the value of the agreement subject which exceeds 10 % of the sale incomes of the Capital Group of the Company.