Payment of the liabilities of Ostrowiec mill by the State Teasury in favour of Polska Kasa Opieki S.A.

The Management Board of Stalexport SA informs that the Company received information on the payment of the value 72 691 830.15 PLN by the State Treasury (represented by the Minister of Finance) in favour of Bank Polska Kasa Opieki S.A by virtue of the guarantee of the State Treasury for the liabilities of Ostrowiec Mill S.A. The liability in the above mentioned amount was claimed by the State Treasury in the arrangement proceedings of Ostrowiec Mill SA. The liability of the State Treasury towards Ostrowiec Mill SA by virtue of the guarantee granted to Ostrowiec Mill S.A. was secured by blank bills of exchange with a bill of exchange declaration. The above mentioned bills of exchange were guaranteed in 1997 by Stalexport S.A. In connection with the above Stalexport SA received information about the possibility to fill in the above mentioned bills of exchange by the State Treasury and to assert claims towards Stalexport SA as the guarantor. In the evaluation of the Management Board of Stalexport SA the quoted value of 72 691 830.15 PLN was significantly inflated in relation to the actual state. In the light of the information possessed by the Management Board of Stalexport SA as on the present day, the value of liabilities for which Stalexport SA can actually be responsible as a bill of exchange guarantor amounts to 37 500 000 PLN, for the value of which a reserve was set up in the books of Stalexport. The Management Board of Stalexport SA does not have complete information on the reasons for the discrepancies between the value quoted by the Ministry of Finance and the value resulting from the information possessed by Stalexport SA. The Management Board of Stalexport SA commenced talks with the Ministry of Finance in order to clarify this situation which occurred, ie. to agree upon the final value, defer payment and break down the payment into instalments and/or convert into Stalexport SA shares in the future.
The legal basis: art. 81 passage 1 item 22 of the act Law on public turnover with securities.