29/2015 Establishment of securities for the credit agreement

The Board of CPD SA (hereinafter the “Company”) informs that 21 December, 2015 the Company’s subsidiary, Smart City spółka z ograniczoną odpowiedzialnością spółka komandytowa established by collateral for repayment of debts Bank Zachodni WBK in connection with the loan agreement of 17 December 2015, designated to finance the Construction of a multi-family housing project Ursa Smart City Stage I at the junction of Hennela and Dyrekcyjna streets in Warsaw in the district of Ursus, of which the Company informed in current report no 28/2015.

Repayment security for the debts to the Bank’s claimsarising from the Agreement to beas follows mortgages on property and registered pledges on the rightsof corporateshareholders andsharesin the share capitalof the general partnerof the Borrower (Smart City sp. z o.o.) to be established in the near future.

Contractual mortgage is a collateral receivables of Bank Zachodni WBK SA the Loan up to the amount of 101.469.432 PLN and will be entered in first place in the land register of land located on the street T. Hennela in Warsaw district Ursus, now covering a plot of land marked with numbers 95/1, 95/2, 95/3, 95/4 and 95/5 on the area of 3.6811ha for which the District Court for Warsaw-Mokotów in Warsaw, XIII Department of Land Registry maintained perpetual paper No. WA1M / 00283122/2. Mortgage will ultimately burden the plot No. 95/4.

Establishing a mortgage security company Smart City spółka z ograniczoną odpowiedzialnością spółka komandytowa is an indirect subsidiary of the Company.

Agreement meets the criteria to consider it to be the material agreement due to the amount of the granted credit and value of the object of the security which exceeds 10% of the Company’s equity, pursuant to § 2 par. 1 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information provided by the issuers of securities and conditions for recognition as equivalent of the information required under the provisions of law of the non-member state (the “Regulation”).

The Company and its subsidiaries as well as persons who manage or supervise the Company are not connected with the entity for the benefit of which the mortgage was established, pledgee (Bank Zachodni WBK S.A.) and its officers.

Legal basis:

§ 5 par. 1 subpar. 1 and § 5 par. 1 subpar. 3 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information provided by the issuers of securities and conditions for recognition as equivalent of the information required under the provisions of law of the non-member state.

Signatures of persons authorized to represent the Company:

Elżbieta Wiczkowska, President of the Management Board, 19 December 2015

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