Current Report 48/2015

Only the Polish version of this document is legally binding.

This translation is provided for information only.

Every effort has been made to ensure the accuracy of this publication.

With reference to current report No. 35/2014 of 17/09/2014 by INPRO SA (the "Company") in which report information was given about a significant agreement concluded by the Company with a subsidiary, Hotel Mikołajki Sp. z o.o., the Company's Management Board informs that on 18/12/2015 it signed with Hotel Mikołajki Sp. z o.o. Annexe No. 1 to agreement No. 6788/2014 of 1 August 2011 for the construction in the main contracting system, in the "design and build" procedure, of an enclosed pedestrian bridge connecting the hotel building on the Birds' Island with the conference and restaurant building at the peninsula in the Hotel Mikołajki ***** Hotel and Apartment Complex.

On the basis of clause 1 paragraphs 3 and 4 and of clause 4 par. 2 of agreement No. 6788/2014, the Main Contractor's final remuneration for the performance of the object of the agreement was fixed in the annexe.

In accordance with the provisions of the Annexe, the Company's remuneration in relation to the performance of that agreement is as follows:

1) the Contractor's i.e. INPRO S.A.'s remuneration for the performance of the object of the agreement is 4,258,000.00 zlotys net;

2) moreover, in relation to the Main Contractor's obligations, INPRO S.A. shall receive from Hotel Mikołajki Sp. z o.o. additional remuneration in the net amount of PLN 212,900.00 zlotys net;

3) the Contractor's i.e. INPRO S.A.'s remuneration is PLN 4,470,900.00 plus VAT at the rate fixed in the regulations in force on the date of issue of the VAT invoice.
The remaining provisions of the agreement have not changed and they are not different from market conditions in that kind of agreements.

Moreover, the Company informs that the Supervisory Board of INPRO S.A. approved the intention of the Management Board of INPRO S.A. to enter into the annexe to agreement No. 6788/2014 of 17/09/2014 as described above, concluded with Hotel Mikołajki, by way of resolution No. 33/2015 of the Supervisory Board adopted at its session on 18/12/2015.

The annexe to agreement No. 6788/2014 of 17/09/2014 considerably changes, with regard to the remuneration, the significant agreement reported previously and thus, in the Company's opinion, meets the criteria of a significant agreement.

During the last 12 months INPRO S.A. signed agreements for the total amount not exceeding 10% of its equity with Hotel Mikołajki Sp. z o.o.

The agreement described in this current report by the Company has the greatest value among those concluded within the last 12 months.

Detailed legal grounds:  Article 56 par. 5 of the 3 of the Act on public offering and conditions governing the introduction of financial instruments to organised trading in connection with §5 par. 1 item 3 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information submitted by the issuers of securities and on the conditions for regarding information required by the law of a non-member state as equivalent.