BRITISH AUTOMOTIVE HOLDING SA (26/2018) Conclusion of a factoring agreement by a subsidiary of the Issuer

Referring to current report No. 25/2018 dated March 14, 2018 regarding the conclusion by British Automotive Polska S.A. with its registered office in Warsaw - a subsidiary of the Issuer [BAP] of a multi-purpose credit line agreement, the Management Board of British Automotive Holding S.A. [Issuer] informs that on March 16, 2018, BAP, BGŻ BNP Paribas Faktoring S.A. concluded with its registered office in Warsaw [Faktor] and Bank BGŻ BNP Paribas S.A. with the seat in Warsaw [Bank], Factoring agreement [Agreement]. The subject of the Agreement is to determine the mode of acquiring and financing the BAP full receivables due from domestic contractors by the Factor and the manner of implementation by the Bank of collaterals established by BAP to secure receivables of the Bank under a multi-purpose credit line agreement, about which the Issuer informed in the above-mentioned current report No. 25/2018. The renewal limit for the BAP by the Factor specified in the Agreement for the period up to 31 July 2018 is PLN 70 million [Limit]. The condition for launching the Limit is, among others conclusion of an agreement in the form of a tripartite agreement between BAP, Faktor and Bank Millennium SA, based on which Faktor will repay BAP's liabilities towards Bank Millennium S.A. resulting from factoring agreements announced by the Issuer in current reports No. 159/2012 of December 19, 2012 and No. 12/2015 of March 27, 2015. Interest on financing is based on a variable WIBOR 3M reference rate increased by a margin factor. The maximum financing period for individual BAP receivables was set at 60 days. The contract was concluded for an indefinite period. The factoring security is in particular the assignment of a claim under an insurance policy issued to BAP by TU Euler Hermes SA The other terms of the Agreement do not differ from those commonly used for this type of contracts.

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