PFLEIDERER GRAJEWO SA Issue of Short-Term Bonds

Subject: Issue of Short-Term Bonds

Current Report No. 34/14

The Management Board of Pfleiderer Grajewo S.A. reports that in order to

optimise the management of financial liquidity within the Pfleiderer

Grajewo Group, to decrease Company's external debts and to finance it's

current business activities on November 26th and 27th ,2014 Pfleiderer

Grajewo S.A. issued short-term bonds. The bonds were issued in

accordance with the Bond Issue Programme signed with PEKAO S.A. Bank on

22.07.2003. The bonds were issued in compliance with the Law on Bonds

dated 29 June 1995 in Polish zlotys, as bearer, dematerialized,

unsecured, and zero-coupon securities. The redemption of the bonds will

be at their nominal value.

The bonds were purchased by Pfleiderer Prospan S.A. subsidiary of

Pfleiderer Grajewo SA . Bond's purchase was financed from own resources

of Pfleiderer Prospan S.A..

Pursuant to the last periodical report worth of total liabilities was

PLN 418,696,000.

Estimated worth of total liabilities on redemption date is PLN

420,000,000.

Total value of issued during last 12 months short-term bonds exceeds 10%

of value of the Company's equity which as at September 31st 2014

amounted to 678,785,000 PLN.

Conditions of the issues:

1. Issue of PLN 153,000,000

- number and value of bonds -15,300 bonds with a nominal value of PLN

10,000 per bond

- redemption date: February 26th 2015

- unit nominal price of the bond - PLN 9,948.20

2. Issue of PLN 81,000,000

- number and value of bonds - 8.100 bonds with a nominal value of PLN

10,000 per bond

- redemption date: February 27th 2015

- unit nominal price of the bond - PLN 9,948.203. Issue of PLN

4,000,000

- number and value of bonds - 400 bonds with a nominal value of PLN

10,000 per bond

- redemption date: December 12th 2014

- unit nominal price of the bond - PLN 9,995.38

4. Issue of PLN 15,000,000

- number and value of bonds - 1.500 bonds with a nominal value of PLN

10,000 per bond

- redemption date: December 19th 2014

- unit nominal price of the bond - PLN 9,987.31

5. Issue of PLN 9,800,000

- number and value of bonds - 980 bonds with a nominal value of PLN

10,000 per bond

- redemption date: January 02nd 2015

- unit nominal price of the bond - PLN 9,979.24

The criterion for recognising the contracts as significant is the value

of the Company's equity.

Pursuant to the Regulation of the Polish Council of Ministers on current

and periodic information to be published by issuers of securities and

conditions for recognition as equivalent of information whose disclosure

is required under the laws of a non-member state, dated February 19th

2009 (Dz. U. No. 33, item 259).

November 27th, 2014

More information on page: biznes.pap.pl

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