Elektrobudowa : Information concerning proceedings for payment for works relating to construction of the National Stadium

With reference to earlier disclosures in current and periodical reports submitted by the Company concerning the claim for payment for works relating to the construction of the multi-function National Stadium in Warsaw including associated infrastructure, the Management Board of ELEKTROBUDOWA SA ("the Company") informs that on 11 November 2016 statements of waiver of claims under dispute were submitted to the notarial deposit by ELEKTROBUDOWA SA as a leader of the consortium composed of ELEKTROBUDOWA SA, QUMAK S.A. and AGAT S.A. (further called "EQA") and by the other parties to the dispute, within the conciliation proceedings.

Submitting the statements to the notarial deposit is the last step before concluding an agreement in court between the State Treasury and Narodowe Centrum Sportu Rozliczenia Sp. z o.o. as the one part and Zurich Insurance plc, the issuer of the project performance guarantee, as the other, which is planned for 14 November 2016. The latest expected date of the agreement has been set for 31 December 2016.

Upon effective conclusion of the said agreement in court and making the payment, the mutual statements of waiving the claims submitted to the deposit on 11 November 2016 will be submitted to their addressees and will produce legal effects on that day.

Following the agreement, the consortium of EQA will receive the payment of PLN17.5m, of which ca. PLN 6m for ELEKTROBUDOWA SA, which is a considerable amount from the angle of the Company's financial results. For the whole amount of the receivables an impairment provision has been created.

Legal basis
Art. 17.1 MAR -inside information

The Company's authorized representatives:
Paweł Skrzypczak, Vice President
Jan Wilk, Commercial Proxy (Prokurent)