Report no 15 - Share capital increase of a subsidiary company

The Management Board of Stalexport Autostrady S.A. would like to inform that it received a copy of notarial deed of Stalexport Autoroute S.a. r.l., confirming the holding of Shareholders Meeting of the company on 26 October, where the resolution on share capital increase by EUR 8,584,500 (i.e. from the current amount EUR 47,656,000 to the amount EUR 56,149,500 by the shares issue of 343,380 of new shares having a par value of EUR 25  each) of Autoroute S.a.r.l. was passed.

All the shares have been entirely subscribed by Stalexport Autostrady SA and by making a contribution of 37,200 shares of Stalexport Autostrada Małopolska SA, having total nominal value of PLN 37,200,000, what was published in Report 12/2011 of 27 September 2011. The value of the contribution amounted to EUR 14,000,000, where:

• the amount of EUR 8,584,500 shall be allocated to the share capital,
• the amount of EUR 5,415,500 shall be allocated to the supplementary capital.

As a consequence of the above operation:

• Stalexport Autostrady SA doesn`t hold any shares in Stalexport Autostrada Małopolska SA.
• Stalexport Autostrady SA holds 2,245,980 shares of Stalexport Autoroute S.a.r.l. , having a par value of EUR 25, what constitutes 100% in shares capital and 100% votes on General Meeting of Stalexport Autoroute S.a.r.l.. By this the condition  no.3   included in Report No. 8/2011 of 9 June 2011 has been fulfilled (increase in share capital of HoldCo by contributionin kind of newly issued shares of SAM).
  
• Stalexport Autoroute S.a.r.l. (100% subsidiary of Stalexport Autostrady SA) holds the shares of Stalexport Autostrada Małopolska SA of the total value PLN 66,753,000, what constitutes 100% in shares capital of the company and 100% votes on General Meeting of Stalexport Autostrada Małopolska.