Notes to the financial statements

35. Bonds

On July 27th 2010, LOTOS Asfalt Sp. z o.o. signed a Bond Issue Programme Agreement. As part of the Bond Issue Programme, LOTOS Asfalt Sp. z o.o. may carry out numerous bonds issues. The company's total liabilities under bonds outstanding at any given time may not exceed PLN 300,000 thousand (based on the par value of the bonds). The term of the Programme is five years. The bonds which have been issued are denominated in the Polish złoty and have been offered in a private placement. The bonds were issued as unsecured zero-coupon bearer bonds in book-entry form. The bonds will be redeemed at their par value.

As at December 31st 2010, the par value of issued bonds was PLN 53,000 thousand.

As at December 31st 2010, the Group's liabilities under outstanding notes were PLN 52,670 thousand.

All the bonds issued in 2010 were acquired by external investors.ętrzni.

No. Issue date Redemption date Yield Par value per bond
(PLN '000)
Par value of series
(PLN '000)
Discount
(PLN '000)
1. Nov 30 2010 Feb 28 2011 4.35% 100 20,000 141
2. Dec 21 2010 Jan 21 2011 4.15% 100 20,000 48
3. Dec 30 2010 Mar 30 2011 4.43% 100 13,000 141

During the year ended December 31st 2010, the par value of the bonds issued by the Group was PLN 103,000 thousand. During the year ended December 31st 2010, the company redeemed bonds with a total par value of PLN 50,000 thousand.

Proceeds from the bonds issued by the Group during the year ended December 31st 2010 totalled PLN 102,670 thousand, while costs incurred under the bonds issued by the Group during the same year totalled PLN 50,000 thousand.

This is a translation of a document originally issued in Polish
The notes to the financial statements, presented on following pages, are their integral part.

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