Subject: Termination of factoring agreement and execution of new factoring agreement by Pfleiderer Prospan S.A.

Current Report No. 06/2014

The Management Board of Pfleiderer Grajewo S.A. ("the Company") announces that on January 30th 2014 Pfleiderer Prospan S.A. of Wieruszów, a subsidiary, terminated a factoring agreement executed on September 26th 2007 with PEKAO Faktoring Sp. z o.o. of Lublin. The termination will become effective upon expiry of a one-month notice period, i.e. on February 28th 2014. Termination of the agreement follows from the decision to change the factoring company financing Pfleiderer Prospan S.A.'s trade receivables and does not give rise to any material financial consequences for Pfleiderer Prospan S.A.
Also on January 30th 2014, Pfleiderer Prospan S.A. executed a factoring agreement on non-recourse financing of its trade receivables with BZ WBK Faktor Sp. z o.o. of Warsaw, for up to PLN 80,000,000. The agreement is subject to a condition precedent, i.e. it will enter into force once BZ WBK Faktor Sp. z o.o. receives Pfleiderer Prospan S.A.'s representation on the termination and settlement of the factoring agreement between Pfleiderer Prospan S.A. and PEKAO Faktoring Sp. z o.o.
The criterion upon which the agreements are considered material agreements is the value of Pfleiderer Grajewo S.A.'s equity.
This report was prepared pursuant to Par. 5.1.3 and Par. 5.1.5 of the Regulation of the Minister of Finance 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, as amended)
30/01/2014

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