Report no. 38/2012

Amendment to a significant loan contract

On 13 March 2012 in Wroclaw, two annexes were signed : an annex to a non-renewable loan contract No. 1000E13901 of 2 August 2011 and an annex to the subordination agreement of 2 August 2011 between the Issuer and the DnB NORD Bank Poland SA (the Bank) with its registered office in Warsaw, 15 C Postępu St. , the 1st Branch in Wroclaw, 14 Kościuszko St. , which the Issuer announced in the current report No 90/2011 of 3 August 2011.

The Annexes have amend the valuation of subordinated liabilities of the Issuer towards Mr. Piotr Gerber from the amount of PLN 2,905,400 to the amount of PLN 799,265.

All other provisions of the above-mentioned agreements shall remain unchanged and in force and effect.