PFLEIDERER GRAJEWO SA Issue of Short-Term Bonds

Subject: Issue of Short-Term Bonds

Current Report No. 13/14

The Management Board of Pfleiderer Grajewo S.A. reports that in order tooptimise 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 April 7th, 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 ofPfleiderer 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 wasPLN 457,5506,000.

Estimated worth of total liabilities on redemption date is PLN450,000,000.

Total value of issued during last 12 months short-term bonds exceeds 10%of value of the Company's equity which as at December 31st 2013 amounted to 623,029,000 PLN.

Conditions of the issue:

- issue par value - PLN 15,000,000

- number and value of bonds - 1,500 bonds with a nominal value of PLN10,000 per bond

- redemption date: May 7th, 2014

- unit nominal price of the bond - PLN 9,978.30

The criterion for recognising the contract as significant is the valueof the Company's equity.

Pursuant to the Regulation of the Polish Council of Ministers on currentand 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).

April 7th, 2014

More information on page: biznes.pap.pl

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