aviaam leasing ab

247 Pages·2013·2.99 MB·English

AVIAAM LEASING AB
(incorporatedinLithuaniawithpubliclimitedliability,corporateIDcode302330793)
Offeringofupto14,181,716Shares,withanominalvalueofLTL1.00each,andadmissiontotradingontheWarsaw
StockExchangeofupto43,305,593SharesofJointStockCompanyAviaAMLeasing
This document (the "Prospectus") has been prepared for the purpose of (i) the offering (the "Offering") of up to 14,181,716 ordinary registered shares
inthesharecapitalofJointStockCompanyAviaAMLeasing(the"Issuer"orthe"Company"),withanominalvalueofLTL1.00each,and(ii)theadmission
of up to 43,305,593 ordinary registered shares of the Issuer (the "Shares") to trading on the Warsaw Stock Exchange (in Polish: Gie³da Papierów
Wartoœciowych w Warszawie S.A., the "WSE"). The Issuer will be offering for subscription up to 13,857,790 newly issued Shares (the "New Shares").
Gediminas(cid:2)iemelis(the"SellingShareholder"),theIssuer'sdirectminorityshareholder(butindirectlymajorityshareholder),willbeofferingupto323,926
existingShares(the"SaleShares").TheNewSharestobeissuedbytheIssuerandtheSaleSharesofferedbytheSellingShareholderarereferredto,where
thecontextpermits,astheOfferShares.TheIssuerwillonlyreceivethenetproceedsfromthesaleoftheNewShares,whereastheSellingShareholder
willreceivethenetproceedsfromthesaleofitsSaleShares.TheOfferSharesofferedinthisOfferingconstituteaminorityinterestintheIssuer.Priorto
thecompletionoftheOffering,theSellingShareholderholds1.1%oftheissuedsharecapitaloftheIssuer.
TheOfferingconsistssolelyof(i)apublicofferingtoretailinvestorsintheRepublicofPoland(the"RetailOffering")andinstitutionalinvestorsintheRepublic
ofPoland(the"PolishInstitutionalOffering"and,togetherwiththeRetailOffering,the"PublicOffering");and(ii)aprivateplacementtoinstitutionalinvestors
incertainjurisdictionsoutsideofPolandandtheUnitedStates(the"InternationalOffering"andtogetherwiththePolishInstitutionalOffering,the"Institutional
Offering"),ineachcaseinaccordancewithapplicablesecuritieslawsandregulations.
TheOfferShareshavenotbeenandwillnotberegisteredundertheU.S.SecuritiesActof1933,asamended(the"U.S.SecuritiesAct"),orunder
anysecuritieslawsofanystateorotherjurisdictionoftheUnitedStates.TheOfferingismadeonlyoutsidetheUnitedStatesinoffshoretransactions
inaccordancewithRegulationSundertheU.S.SecuritiesActandmaynotbeofferedorsoldwithintheUnitedStatesorto,orfortheaccountorbenefit
of, any U.S. persons (as defined in Regulation S), except pursuant to an exemption from, or in a transaction not subject to, the registration
requirementsoftheU.S.SecuritiesAct(seeSectionXXIISellingRestrictions).
TheOfferSharesarebeingoffered,asspecifiedinthisProspectus,subjecttocancellation,suspensionormodificationoftheOfferingandsubjecttocertain
otherconditions.
ThisProspectusconstitutesaprospectusforthepurposesofArticle5.3ofDirective2003/71/ECoftheEuropeanParliamentandoftheCouncil,asamended
(the"ProspectusDirective")andArticle6(4)theLawonSecuritiesoftheRepublicofLithuania(the"LawonSecurities")andCommissionRegulation(EC)
809/204 of 29 April 2004, as amended ("Prospectus Regulation"). The Bank of Lithuania (in Lithuanian: Lietuvos bankas, the "LB") in its capacity as
thecompetentauthorityinLithuaniaundertheLawonSecurities,hasapprovedthisdocumentasaprospectus.Followingtherequirementsoftheapplicable
legal acts, the LB has provided to the competent authority in Poland, Polish Financial Supervision Authority (in Polish: Komisja Nadzoru Finansowego,
the "PFSA") (i) a certificate of approval attesting that this Prospectus has been drawn up in accordance with the Prospectus Directive, (ii) a copy of
the Prospectus in English, (iii) a Polish translation of the Prospectus summary, and (iv) website address of the LB, on which the electronic version
of the Prospectus is published. The Issuer will be authorised to carry out the Offering to the public in Poland, once the LB has provided the PFSA with
acertificateofapprovalofthisProspectusandaftertheProspectushasbeenmadeavailabletothepublictogetherwithatranslationoftheProspectus
summaryintothePolishlanguage.
SeeSectionIIIRiskFactorsforadiscussionofcertainconsiderationstobetakenintoaccountwhendecidingwhethertoinvestintheOfferShares.
PriortotheOffering,therewasnopublicmarketfortheShares.BasedonthisProspectus,theIssuerintendstoapplyforupto43,305,593Shares,including
theOfferShares,tobeadmittedandintroducedtolistingandtradingonthemainmarketoftheWSE(the"Admission").TheIssuerexpectsthattrading
intheSharesontheWSEwillcommenceonorabout28June2013(the"ListingDate").SettlementoftheOfferingisexpectedtooccuronorabout25June
2013(the"SettlementDate").ProspectiveinvestorsmaysubscribefororpurchasetheOfferSharesduringaperiodwhichisexpectedtocommenceon
orabout7June2013andisexpectedtoendonorabout13June2013(incaseofRetailInvestors)andisexpectedtocommenceonorabout14June2013
andisexpectedtoendonorabout18June2013(incaseofInstitutionalInvestors)(the"SubscriptionPeriod").ThefinalofferpriceperoneOfferShare
denominatedinPLN(the"OfferPrice")willbedeterminedbytheIssuerandtheSellingShareholder,actingjointly,uponrecommendationoftheOfferingAgent
aftercompletionofbook-buildingprocessforInstitutionalInvestorsandaftertheSubscriptionPeriodintheRetailOfferingnotlaterthanonorabout14June
2013,basedontheinterestfrominvestors.ThefinalnumberoftheOfferSharesandthefinalnumberofOfferSharesallocatedtoeachcategoryofInvestors
willbedeterminedbytheIssuerandtheSellingShareholder,actingjointly,uponrecommendationoftheOfferingAgentonorabout18June2013.TheOffer
PricewillnotbehigherthanPLN16(the"MaximumPrice").
AlltheSharesareordinaryregisteredsharesandareregisteredwiththeCentralSecuritiesDepositoryofLithuania(inLithuanian:Lietuvoscentrinisvertybiniu²
popieriu² depozitoriumas, the "CSDL") under ISIN code LT0000128555. The delivery of the Offer Shares will be made through the book-entry facilities
bytransferringthemfromthe CSDLtothe Polish clearingandsettlementinstitution –the NationalDepositoryforSecurities(in Polish: KrajowyDepozyt
PapierówWartoœciowychS.A.,the"NDS"),actingasasecondarydepositoryfortheShares.
OfferPrice:TobedeterminedinPLNandannouncednolaterthanonorabout14June2013
RubiconPartnersCorporateFinanceS.A.isthefinancialadviser(the"Adviser")andINGSecuritiesS.A.istheofferingagent(the"OfferingAgent")inPoland
forthepurposesoftheOfferingandAdmissionoftheSharesontheWSE.
LeadManagerandOfferingAgent FinancialAdviser
ThedateofthisProspectus4June2013
AviaAMLeasingAB
TABLEOFCONTENTS
I IMPORTANTINFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
1.1 ResponsibilityforthisProspectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
1.2 NoticetoProspectiveInvestors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
1.3 PresentationofFinancialandOtherInformation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
1.4 ForwardLookingStatements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
1.5 InformationIncorporatedbyReference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
1.6 DefinitionsandAbbreviations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
1.7 UseofthisProspectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
II SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
III RISKFACTORS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
3.1 RisksRelatedtoGroup'sFinancialConditionandFinancing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
3.2 RisksRelatedtoLessees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
3.3 RisksRelatedtoGlobal,PoliticalandEconomicalEnvironment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
3.4 RisksRelatedtoAircraftLeasingMarket . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
3.5 RisksRelatedtotheOffering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
3.6 RisksRelatedtoListingandMarket . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
3.7 LegalandTaxationRisks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
IV USEOFPROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
V DIVIDENDPOLICY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
VI CURRENCYPRESENTATIONANDEXCHANGERATEDATA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
VII CAPITALISATIONANDINDEBTEDNESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
VIII STATUTORYAUDITORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
IX SELECTEDFINANCIALINFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
X BUSINESSOVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
10.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
10.2 FormationoftheGroupandHistoryofBusinessDevelopment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
10.3 GroupStructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
10.4 AircraftFleet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
10.5 CustomersandMarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
10.6 CompetitiveEnvironment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
10.7 CompetitiveStrengths . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
10.8 RelationshipwithAviaSolutionsGroupanditssubsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
10.9 BusinessandGrowthStrategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
10.10 FinancingStrategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
10.11 BusinessModelofAircraftLeasing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
10.12 ResearchandDevelopment,PatentsandLicenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
10.13 RegulatoryMatters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
10.14 EnvironmentalMatters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
10.15 InsuranceCoverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
10.16 MaterialContracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
XI MARKETANDINDUSTRYOVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
11.1 AirTransportIndustry. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
11.2 AircraftDemand. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
11.3 AircraftLeasingIndustry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
11.4 RussiaandCISAviationMarketOverview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
11.5 AircraftEconomicLife . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92
11.6 AircraftValuesandLeaseRates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93
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XII OPERATINGANDFINANCIALREVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
12.1 CriticalAccountingPoliciesandEstimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
12.2 ChangesintheAccountingPolicy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
12.3 FactorsHavinganEffecttotheResultsofOperations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
12.4 AnalysisofResultsofOperationsfortheYearsEnded31December2012,2011and2010 . . . . . . . . . . . . . . 96
12.5 AnalysisofResultsofOperationsfortheThreeMonthsEnded31March2013and2012 . . . . . . . . . . . . . . . 103
12.6 AnalysisofCapitalResources,BorrowingRequirementsandFundingStructureasat31December2012,2011
and2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108
12.7 AnalysisofCapitalResources,BorrowingRequirementsandFundingStructureasat31March2013 . . . . . . . . . 110
12.8 AnalysisofCashFlowsfortheYearsEnded31December2012,2011and2010 . . . . . . . . . . . . . . . . . . . 113
12.9 AnalysisofCashFlowsfortheThreeMonthsEnded31March2013and2012 . . . . . . . . . . . . . . . . . . . . . 113
12.10 AnalysisofInvestmentsfortheYearsEnded31December2012,2011and2010 . . . . . . . . . . . . . . . . . . . 114
12.11 AnalysisofInvestmentsfortheThreeMonthsEnded31March2013 . . . . . . . . . . . . . . . . . . . . . . . . . . 114
12.12 KeyForecastsofOperatingandFinancialData . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115
XIII ADMINISTRATIVEANDMANAGEMENTBODIESANDSENIORMANAGEMENT. . . . . . . . . . . . . . . . . . . . . . . . . . 117
13.1 ManagementStructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117
13.2 MembersoftheSupervisoryCouncil,theManagementBoard,KeyExecutives . . . . . . . . . . . . . . . . . . . . . 117
13.3 PrincipalActivitiesOutsidetheCompanyofMembersoftheManagementandSupervisoryBodies . . . . . . . . . . 120
13.4 Declarations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122
13.5 ConflictsofInterest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122
13.6 RemunerationandBenefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
13.7 BoardPractices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
XIV EMPLOYEES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
14.1 NumberofEmployees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
14.2 CollectiveBargaining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
14.3 ShareholdingsandStockOptions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
14.4 ArrangementsforInvolvingtheEmployeesintheCapitaloftheIssuer. . . . . . . . . . . . . . . . . . . . . . . . . . 126
XV SHAREHOLDERSANDSHARES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127
15.1 ShareholdersoftheIssuerpriorandaftertheOffering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127
15.2 ShareCapitaloftheCompany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128
XVI RELATEDPARTYTRANSACTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
16.1 RelatedPartyTransactionsfortheYearsEnded31December2012,2011and2010. . . . . . . . . . . . . . . . . . 130
16.2 RelatedPartyTransactionsfortheThreeMonthsEnded31March2013and2012 . . . . . . . . . . . . . . . . . . . 132
XVII LEGALPROCEEDINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135
XVIII DESCRIPTIONOFISSUER'SSHARES,CORPORATERIGHTS&OBLIGATIONS . . . . . . . . . . . . . . . . . . . . . . . . . 136
18.1 DescriptionoftheShares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136
18.2 RightsandObligationsGrantedbytheShares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136
XIX CERTAINLITHUANIANANDPOLISHSECURITIESMARKETREGULATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . 140
19.1 EUTakeoverBidsRegulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140
19.2 RegulationofthePolishSecuritiesMarket . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140
19.3 TheWarsawStockExchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141
19.4 RegulationoftheLithuanianSecuritiesMarket . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141
XX THEOFFERINGANDTHEPLANOFDISTRIBUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
20.1 GeneralInformation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
20.2 TimetableoftheOffering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
20.3 PurchasebytheCurrentShareholdersoftheIssuer,theMembersoftheManagementBoard
andSupervisoryCouncil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144
20.4 SupplementstotheProspectus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144
20.5 Cancellation,SuspensionorModificationoftheOffering. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144
20.6 MaximumPrice,OfferPriceandFinalNumberofOfferShares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145
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20.7 PlacementofSubscriptionOrders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145
20.8 PaymentfortheOfferShares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146
20.9 AllotmentoftheOfferShares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146
20.10 RegistrationandSettlement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147
20.11 ListingoftheShares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147
20.12 OfferingAgent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148
20.13 PublicAnnouncementoftheOfferingResults . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148
20.14 Overallotment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148
XXI PLACING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149
XXII SELLINGRESTRICTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151
XXIII TAXATIONOFTHEISSUER'SSHARES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154
23.1 TaxationinLithuania . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154
23.2 TaxationinPoland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155
XXIV ARTICLESOFASSOCIATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159
XXV HISTORICALFINANCIALINFORMATION(ANNEX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164
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AviaAMLeasingAB
I IMPORTANTINFORMATION
Governing Law. The Offering and the subsequent listing and trading of the Shares is conducted in accordance with and governed by
the Polish law. The Company is organised and exists under the Lithuanian law. Also the Lithuanian law will be applicable with regards to
theprocedureofapprovalofthisProspectusanditssupplements(ifapplicable)andcertainotherissues,relatedtotheOffering.
Prospectus.ThisProspectushasbeenpreparedbytheCompanyinconnectionwiththeOfferingandtheAdmission,solelyforthepurpose
ofenablinganyprospectiveinvestortoconsideraninvestmentintheOfferShares.TheinformationcontainedintheProspectushasbeen
provided by the Issuer and other sources identified herein. This Prospectus is a prospectus in the form of a single document within
the meaning of the Prospectus Directive and the Prospectus Regulation. This Prospectus has been prepared in accordance with Annex I
(MinimumDisclosureRequirementsfortheShareRegistrationDocument)andAnnexIII(MinimumDisclosureRequirementsfortheShare
Securities Note) of the Prospectus Regulation. A summary of the Prospectus contains the key information items set out in Annex XXII
(Disclosure Requirements in Summaries) of the Prospectus Regulation. In accordance with Article 47.1 of the Public Offering Act
the Prospectus is published on the LB's website (www.lb.lt), Company's website (www.aviaam.com) and the Offering Broker's website
(www.ingsecurities.pl).
1.1 ResponsibilityforthisProspectus
PersonsResponsible.ThepersonsresponsiblefortheinformationprovidedinthisProspectusareAviaAMLeasingAB,corporateIDcode
302330793,withtheregisteredofficeat Smolenskostr.10,Vilnius,Lithuania,andtheSellingShareholder.TheCompany andtheSelling
ShareholderacceptresponsibilityfortheinformationcontainedinthisProspectus.TothebestoftheknowledgeandbeliefoftheCompany
and members of its Management Board – Mr Gediminas (cid:2)iemelis (who is also the Selling Shareholder), Mr Aurimas Sanikovas, Mr Linas
Dovydeÿnas,MrJustinasGilysandMrGediminasŠiaudvytishavingtakenallreasonablecaretoensurethatsuchisthecase,theinformation
containedinthisProspectusisinaccordancewiththefactsandcontainsnoomissionlikelytoaffectitsimport.
Gediminas(cid:2)iemelis AurimasSanikovas LinasDovydeÿnas JustinasGilys
ChairmanoftheManagement MemberoftheManagement MemberoftheManagement MemberoftheManagement
BoardandtheSelling Board Board Board
Shareholder
GediminasŠiaudvytis
MemberoftheManagement
Board
LimitationsofLiability.Withoutprejudicetotheabove,noresponsibilityisacceptedbythepersonsresponsiblefortheinformationgiven
inthisProspectussolelyonthebasisofthesummaryofthisProspectus,unlesssuchsummaryismisleading,inaccurateorinconsistent
whenreadtogetherwiththeotherpartsoftheProspectusoritdoesnotprovide,whenreadtogetherwiththeotherpartsoftheProspectus,
keyinformationinordertoaidinvestorswhenconsideringwhethertoinvestinsuchsecurities.
Furthermore, the Lead Manager, the Adviser (as defined below) and the legal advisors to the Company, the Selling Shareholder, the Lead
Manager or the Adviser expressly disclaim any liability based on the information contained in this Prospectus, the summary of this
Prospectusorindividualpartsthereofandwillnotacceptanyresponsibilityforthecorrectness,completenessorimportofsuchinformation.
NoinformationcontainedinthisProspectusordisseminatedbytheCompanyinconnectionwiththeOfferingmaybeconstruedtoconstitute
awarrantyorrepresentation,whetherexpressorimplied,madebytheLeadManager,theAdviserorthelegaladvisorstoanythirdparties.
Neither the Company nor the Selling Shareholder, Lead Manager, the Adviser or the legal advisors will accept any responsibility
for the information pertaining to the Offering, the listing of the Shares on the WSE, the Group or its operations, where such information
isdisseminatedorotherwisemadepublicbythirdpartieseitherinconnectionwiththisOfferingorotherwise.
By participating in the Offering, investors agree that they are relying on their own examination and analysis of this Prospectus (including
the financial statements of the Group which form an indispensable part of this Prospectus) and any information on the Company that
isavailableinthepublicdomain.Investorsshouldalsoacknowledgetheriskfactorsthatmayaffecttheoutcomeofsuchinvestmentdecision
(aspresentedinSectionIIIRiskFactors).
Investors should not assume that the information in this Prospectus is accurate as of any other date than the date of this Prospectus.
The delivery of this Prospectus at any time after the conclusion of it will not, under any circumstances, create any implication that there
has been no change in the Company's (its Group's) affairs since the date hereof or that the information set forth in this Prospectus
iscorrectasofanytimesinceitsdate.
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AviaAMLeasingAB
In the case of a dispute related to this Prospectus or the Offering, the plaintiff may have to resort to the jurisdiction of the Lithuanian
courts and consequently a need may arise for the plaintiff to cover relevant state fees and translation costs in respect of this Prospectus
orotherrelevantdocuments.
1.2 NoticetoProspectiveInvestors
The distribution of this Prospectus and the Offering of the Offer Shares in certain jurisdictions may be restricted by law. This Prospectus
maynotbeusedfor,orinconnectionwith,anddoesnotconstitute,anyoffertosell,oraninvitationtopurchase,anyoftheOfferShares
offeredherebyinanyjurisdictioninwhichsuchoffer,solicitationorinvitationwouldbeunlawful.PersonsinpossessionofthisProspectus
arerequiredtoinformthemselvesaboutandtoobserveanysuchrestrictions,includingthosesetoutunderSectionXXIISellingRestrictions.
Anyfailuretocomplywiththeserestrictionsmayconstituteaviolationofthesecuritieslawsofanysuchjurisdiction.
As a condition for the purchase of any Offer Shares in the Offering, each purchaser will be deemed to have made, or in some cases
be required to make, certain representations and warranties and will be required to take certain actions described in particular
in Section XX The Offering and The Plan of Distribution, which will be relied upon by the Company, the Lead Manager and others.
Each of the Company and the Selling Shareholder, reserve the right, at their sole and absolute discretion, to reject any purchase of Offer
Shares that the Company, the Selling Shareholder, the Lead Manager or any agents believe may give rise to a breach or a violation of
anylaw,ruleorregulation.Pleasesee,inparticular,SectionXXIISellingRestrictions.
TheOffer Shares havenotbeenapprovedor disapprovedby theUnitedStates Securities andExchangeCommission,any Statesecurities
commission in the United States or any other United States regulatory authority, nor have any of the foregoing passed upon or endorsed
the merits of the Offering or the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offence
intheUnitedStates.
1.3 PresentationofFinancialandOtherInformation
Financial Information. This Prospectus contains financial statements of, and financial information relating to the Company and its
Subsidiaries(the"Group").
TheProspectuscontainsconsolidatedfinancialstatementsoftheGroupforthethreeyearsended31December2012(the"IFRSFinancial
Statements") that have been prepared in accordance with International Financial Reporting Standards as adopted by the European
Union (IFRS). The presentation of financial information in accordance with IFRS requires Management to make various estimates
and assumptions which may impact the values shown in the financial statements and notes thereto. The actual values may differ from
suchassumptions.
The IFRS Financial Statements were audited by PricewaterhouseCoopers UAB, with its registered office at J. Jasinskio str. 16B, Vilnius,
Lithuania(seeSectionVIIIStatutoryAuditors).
Also, the Prospectus contains unaudited consolidated condensed interim financial information of the Group for the three month period
ended31March2013,preparedinaccordancewithInternationalAccountingStandard34"InterimFinancialReporting"(the"Consolidated
InterimFinancialInformation").TheConsolidatedInterimFinancialInformationwasneitherauditednorsubjecttoreviewbytheauditor.
As described in Note 5 to the IFRS Financial Statements, in 2012 the accounting policy for aircraft was changed from historical cost
to revalued amounts. In previously published statutory consolidated financial statements of the Group for the year ended 31 December
2010 and for the year ended 31 December 2011 (not included in this Prospectus) the Group has accounted for aircraft at their historical
cost less accumulated depreciation and any accumulated impairment loss. Historical cost included expenditure that is directly
attributable to the acquisition of the items. In 2012 the Company has changed its accounting policy on aircraft and started accounting
it at revaluated amounts. In the IFRS Financial Statements included in this Prospectus, this change in accounting policy was adopted on
aretrospectivebasisfrom1January2010(seeSection12.1CriticalAccountingPoliciesandEstimates).
Approximation of Numbers. Numerical and quantitative values in this Prospectus (e.g. monetary values, percentage values, etc.)
are presented with such precision which the Company deems sufficient in order to convey adequate and appropriate information
on the relevant matter. From time to time, quantitative values have been rounded up to the nearest reasonable decimal or whole value
inordertoavoidexcessivelevelofdetail.Asaresult,certainvaluespresentedaspercentagesdonotnecessarilyaddupto100%dueto
the effects of approximation. Exact numbers may be derived from the financial statements of the Group, to the extent that the relevant
informationisreflectedtherein.
Dating of Information. This Prospectus is drawn up based on information which was valid on 31 March 2013. Where not expressly
indicated otherwise, all information presented in this Prospectus (including the consolidated financial information of the Group, the facts
concerningitsoperationsandanyinformationonthemarketsinwhichitoperates)mustbeunderstoodtorefertothestateofaffairsasof
the aforementioned date. Where information is presented as of a date other than 31 March 2013, this is identified by either specifying
therelevantdateorbytheuseofexpressionsas"thedateofthisProspectus","todate","untilthedatehereof"andothersimilarexpressions,
whichmustallbeconstruedtomeanthedateofthisProspectus(4June2013).
Currencies. In this Prospectus, financial information is presented in U.S. Dollars (USD), i.e. the official currency of the United States of
America,whichisthefunctionalcurrencyoftheCompanyandallitsSubsidiariesandJointVenture.TheinformationintheIFRSFinancial
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AviaAMLeasingAB
Statements and Conolidated Interim Financial Information is presented in U.S. Dollars and in Lithuanian Litas (LTL), i.e. the official
currency of the Republic of Lithuania, following the requirements of the applicable Lithuanian laws. Amounts originally available in other
currencies have been converted to U.S. Dollars or Lithuanian Litas as of the date for which such information is expressed to be valid.
With respect to the state fees, taxes and similar country specific values, information may occasionally be presented in currencies other
than LTL or U.S. Dollars. The exchange rates between such currencies (also between the Lithuanian Litas) and U.S. Dollars may change
fromtimetotime.
DocumentsonDisplay.ThroughoutthelifetimeofthisProspectus,theArticlesofAssociationoftheCompany(the"ArticlesofAssociation"),
theIFRSFinancialStatements,theConsolidatedInterimFinancialInformationaswellastheProspectiveFinancialInformationaccompanied
bytheIndependentAssuranceReportissuedbyPricewaterhouseCoopersUAB,precedingthedateofthisProspectuswhereapplicable,may
beinspectedattheheadofficesoftheCompanylocatedatSmolenskostr.10,Vilnius,Lithuania,oftheLeadManagerinPolandlocatedat
PlacTrzechKrzy¿y10/1400-499Warsaw,Poland,oftheAdviserlocatedatWarsawFinancialCenter,53EmiliiPlaterStreet,26thFloor,P.C.
00-113Warsaw,Poland,andontheCompany'swebsite(www.aviaam.com).Anyinterestedpartymayobtainacopyofthesedocuments
fromtheCompanywithoutcharge.Totheextentthatdocumentsotherthanmentionedabove(i.e.reports,letters,valuations,statements)are
not reflected in this Prospectus with reasonable fullness and do not at the sole discretion of the Company constitute business secrets of
theCompany,physicalinspectionofsuchdocumentswillbearrangedattheofficesoftheCompanyorviaelectronicmailattherequestof
any interested party and subject to an agreement between the Company and such interested party regarding the means of inspection of
the relevant documents. Reference to the Company's website in this Prospectus should not be deemed to incorporate the information
ontheCompany'swebsitebyreference.
Updates.TheCompanywillupdatetheinformationcontainedinthisProspectusonlytosuchextent,atsuchintervalsandbysuchmeans
as required by applicable law or considered necessary and appropriate by the Company. The Company is under no obligation to update
ormodifyforward-lookingstatementsincludedinthisProspectus.
Third Party Information and Market Information. With respect to certain portions of this Prospectus, some information may have been
sourcedfromthirdparties.SuchinformationhasbeenaccuratelyreproducedasfarastheCompanyisawareandisabletoascertainfrom
the information published by such other third parties that no facts have been omitted, which would render the reproduced information
inaccurate or misleading. Certain information with respect to the markets, on which the Company and its Subsidiaries are operating,
isbasedonthebestassessmentmadebytheManagementBoard.Withrespecttotheindustry,inwhichtheGroupisactive,andcertain
jurisdictions, in which its operations are being conducted, reliable market information might be unavailable or incomplete. While every
reasonable care was taken to provide the best possible estimate of the relevant market situation and the information on the relevant
industry, such information may not be relied upon as final and conclusive. Investors are encouraged to conduct their own investigation
into the relevant market or seek professional advice. Information on market shares represents the Management Board's views, unless
specificallyindicatedotherwise.
1.4 ForwardLookingStatements
This Prospectus includes forward-looking statements. Such forward-looking statements are based on current expectations
and projections about future events, which are in turn made on the basis of the best judgment of the Management. Certain statements
are based on the belief of the Management as well as assumptions made by and information currently available to the Management.
Any forward-looking statements included in this Prospectus are subject to risks, uncertainties and assumptions about the future
operationsoftheGroup,themacro-economicenvironmentandothersimilarfactors.
In particular, such forward-looking statements may be identified by use of words such as strategy, expect, forecast, plan, anticipate,
believe, will, continue, estimate, intend, project, goals, targets and other words and expressions of similar meaning. Forward-looking
statementscanalsobeidentifiedbythefactthattheydonotrelatestrictlytohistoricalorcurrentfacts.Aswithanyprojectionorforecast,
they are inherently susceptible to uncertainty and changes in circumstances, and the Company is under no obligation to, and expressly
disclaimsanyobligationto,updateoralteritsforward-lookingstatementscontainedinthisProspectuswhetherasaresultofsuchchanges,
newinformation,subsequenteventsorotherwise.
The validity and accuracy of any forward-looking statements is affected by the fact that the Group operates in a competitive business.
Thisbusinessisaffectedbychangesindomesticandforeignlawsandregulations,taxes,developmentsincompetition,economic,strategic,
political and social conditions and other factors. The Group's actual results may differ materially from the Management's expectations
because of the changes in such factors. Other factors and risks could adversely affect the operations, business or financial results of
theGroup(pleaseseeSectionIIIRiskFactorsforadiscussionoftheriskswhichareidentifiableanddeemedmaterialatthedatehereof).
1.5 InformationIncorporatedbyReference
NodocumentsorcontentofanywebsiteareincorporatedbyreferenceinthisProspectusinaccordancewithArticle28oftheProspectus
Regulation,exceptforthecurrentlyvalidwordingofArticlesofAssociationoftheCompany(the"ArticlesofAssociation"),whichisavailable
onthewebsiteoftheCompanyatwww.aviaam.comandoftheOfferingAgentatwww.ingsecurities.pl.
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AviaAMLeasingAB
1.6 DefinitionsandAbbreviations
In this Prospectus, the definitions in capital letters will have the meaning indicated below unless the context of the Prospectus
requires otherwise. Definitions are listed in alphabetical order and the list is limited to the definitions which are considered to be of more
importance.OtherdefinitionsmaybedefinedelsewhereintheProspectus.
AALCapitalAircraftHoldings AAL Capital Aircraft Holdings Limited, a private limited liability company established and existing
underthelawsoftheRepublicofCyprus,corporateIDcodeHE294651,withitsregisteredaddress
atDemetriouKaratasou,15,AnastasioBuilding,Strovolos,2024Nicosia,theRepublicofCyprus
Admission AdmissionoftheSharestotradingontheWSE
Adviser RubiconPartnersCorporateFinanceS.A.
AllotmentDate The date on which the final number of the Offer Shares and the allotment between the Retail
InvestorsandtheInstitutionalInvestorsisannounced
ArticlesofAssociation ArticlesofAssociationoftheCompany
ASG AviaSolutionsGroupandallitssubsidiaries
AviaAMB01 AviaAM B01 UAB, a private limited liability company established and existing under the laws of
the Republic of Lithuania, corporate ID code 125808161, with its registered address at Smolensko
str.10,Vilnius,theRepublicofLithuania
AviaAMB02 AviaAM B02 UAB, a private limited liability company established and existing under the laws of
the Republic of Lithuania, corporate ID code 300618156, with its registered address at Smolensko
str.10,Vilnius,theRepublicofLithuania
AviaAMB03 AviaAM B03 UAB, a private limited liability company established and existing under the laws of
the Republic of Lithuania, corporate ID code 300887740, with its registered address at Smolensko
str.10,Vilnius,theRepublicofLithuania
AviaAMB04 AviaAM B04 UAB, a private limited liability company established and existing under the laws of
the Republic of Lithuania, corporate ID code 300651619, with its registered address at Smolensko
str.10,Vilnius,theRepublicofLithuania
AviaAMB05 AviaAM B05 UAB, a private limited liability company established and existing under the laws of
the Republic of Lithuania, corporate ID code 302642412, with its registered address at Smolensko
str.10,Vilnius,theRepublicofLithuania
AviaAMB06 AviaAM B06 UAB, a private limited liability company established and existing under the laws of
the Republic of Lithuania, corporate ID code 302647509, with its registered address at Smolensko
str.10,Vilnius,theRepublicofLithuania
AviaAMB07 AviaAM B07 UAB, a private limited liability company established and existing under the laws of
the Republic of Lithuania, corporate ID code 302671887, with its registered address at Smolensko
str.10,Vilnius,theRepublicofLithuania
AviaAMB08 AviaAMB08Limited,anexemptedcompanyincorporatedwithlimitedliabilityestablishedandexisting
under the laws Bermuda, corporate ID code 47627, with its registered address at Crawford House,
50CedarAvenue,HamiltonHM11,Bermuda
AviaAMLeasing, AviaAM Leasing AB, a public limited liability company established and existing under the laws of
CompanyorIssuer the Republic of Lithuania, corporate ID code 302330793, with its registered address at Smolensko
str. 10, Vilnius, the Republic of Lithuania, the Shares of which are offered for the public sale
inPolandunderthetermsandconditionsofthisProspectus
AviaAMLeasingBermuda AviaAM Leasing Bermuda Limited, an exempted company incorporated with limited liability
established and existing under the laws of Bermuda, corporate ID code 45778, with its registered
addressatClarendonHouse,2ChurchStreet,HamiltonHM11,Bermuda
AviaSolutionsGroup AviaSolutionsGroupAB,apubliclimitedliabilitycompanyestablishedandexistingunderthelawsof
the Republic of Lithuania, corporate ID code 302541648, with its registered address at Smolensko
str.10,Vilnius,theRepublicofLithuania
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AviaAMLeasingAB
CIS CommonwealthofIndependentStates(inRussian: ),aregional
organizationwhoseparticipatingcountriesarecertainformerSovietRepublics
CIT PolishActofFebruary15,1992onCorporateIncomeTax,asamended
ConsolidatedInterim Unaudited consolidated condensed interim financial information of the Group for the three month
FinancialInformation period ended 31 March 2013, prepared in accordance with International Accounting Standard 34
"InterimFinancialReporting"
CSDL The Lithuanian Central Securities Depository (in Lithuanian: Lietuvos Centrinis Vertybiniu² Popieriu²
Depozitoriumas),theclearingandsettlementinstitutioninLithuania
EASA EuropeanAviationSafetyAgency
EEA EuropeanEconomicArea
ESPI Elektroniczny System Przekazywania Informacji, electronic system for transmission of information
operatedbythePFSA
EU EuropeanUnion
EUR,€,Euro ThelawfulcurrencyoftheEuropeanUnionMemberStatesthatadoptedthesinglecurrency
ForecastsorProspective Group'sforecastofrevenue,profitandEBITDAfortheyearended31December2013
FinancialInformation
ForeignCurrencyAct ThePolishActofJuly27,2002onForeignCurrencyExchangeRules,asamended
FSMA TheUnitedKingdomFinancialServicesandMarketsAct2000,asamended
GDP Grossdomesticproduct
GeneralMeeting GeneralMeetingofShareholdersoftheCompany
Group CompanyandallitsSubsidiaries
GroupCompanies AnydirectorindirectsubsidiaryoftheCompany
IFRS InternationalFinancialReportingStandardsasadoptedbytheEuropeanUnion
IFRSFinancialStatements ConsolidatedfinancialstatementsoftheGroupforthethreeyearsended31December2012prepared
inaccordancewithIFRS
IATA InternationalAirTransportAssociation
InstitutionalInvestors Investors that receive an invitation from the Offering Agent to participate in the book-building process
and subscribe for the Offer Shares, i.e. (i) legal persons and organisational units without legal
personality that are Polish residents within the meaning of the Foreign Currency Act, (ii) entities
managing securities portfolios on a discretionary basis, acting on behalf of persons whose accounts
theymanageandforwhomtheyintendtoacquiretheOfferShares,(iii)legalpersonsandorganisational
units without legal personality with a registered office outside the Republic of Poland (except
intheUnitedStatesofAmerica)whoarenon-U.S.personswithinthemeaningofRegulationS
Investors InstitutionalInvestorscollectivelywiththeRetailInvestors
KeyExecutives GeneralManager,ExecutiveDirectorandDeputyGeneralManageroftheCompanycollectively
LawonAviation LawonAviationoftheRepublicofLithuania,asamended
LawonCompanies LawonCompaniesoftheRepublicofLithuania,asamended
LawonSecurities LawonSecuritiesoftheRepublicofLithuania,asamended
LCAA CivilAviationAdministrationoftheRepublicofLithuania
LCC Low-costcarriers
LeadManager INGSecuritiesS.A.
orOfferingAgent
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AviaAMLeasingAB
ListingDate FirstdayoftradingintheSharesontheWSE
LB TheBankofLithuania(inLithuanian:Lietuvosbankas)
LTL,LtorLithuanianLitas Litas,thelawfulcurrencyoftheRepublicofLithuania
MajorShareholders The Company's major shareholders ZIA Valda Cyprus Leasing Ltd., Mesotania Holdings Limited,
asindicatedinSectionXVShareholdersandShares
Management TheManagementBoardandKeyExecutivesoftheCompany
ManagementBoard ManagementBoardoftheCompany
MaximumPrice ThemaximumpricepereachOfferShareestablishedbytheManagementBoardatPLN16,atwhich
RetailInvestorswillplacetheirsubscriptions
MemberState AMemberStateoftheEuropeanEconomicArea
MiFID Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets
in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive
2000/12/ECoftheEuropeanParliamentandoftheCouncilandrepealingCouncilDirective93/22/EEC
MinorityShareholders Linas Dovydeÿnas, Gediminas (cid:2)iemelis, Aurimas Sanikovas, Virginija Svilainyteÿ, Tadas Goberis,
(cid:2)IAValdaABandIndeco:InvestmentandDevelopmentUABcollectively
N/A 'notapplicable'
NDS Krajowy Depozyt Papierów Wartoœciowych S.A. (KDPW S.A), the National Depository for Securities
–theclearingandsettlementinstitutioninPoland
NewShares Upto13,857,790newSharestobeissuedbytheCompanybasedonadecisionoftheExtraordinary
GeneralMeetingoftheCompanyof10May2013
Offering TheofferingoftheOfferSharesbasedonthisProspectus
OfferPrice The offer price per each Offer Share which will be determined in accordance with the terms
andconditionsoftheOffering
OfferShares TheNewSharesandtheSaleSharesofferedjointly
PFSA PolishFinancialSupervisionAuthority(inPolish:KomisjaNadzoruFinansowego),thecapitalmarket
regulatoryauthorityinPoland
PIT PolishActofJuly26,1991onPersonalIncomeTax,asamended
PlacementAgreement The agreement to be concluded between inter alia the Company, the Selling Shareholder,
theAdviserandtheLeadManagerrelatedtotheOfferingpriortotheAllotmentDate
PLN,Polishzloty ThelawfulcurrencyoftheRepublicofPoland
Prospectus This document, prepared for the purpose of the Offering and the Admission, its annex and all
thesupplements(ifany)
ProspectusDirective Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003
on the prospectus to be published when securities are offered to the public or admitted to trading
andamendingDirective2001/34/ECandanyrelevantimplementationmeasures,asamended
ProspectusRegulation Commission Regulation (EC) No 809/2004 of 29 April 2004 implementing Directive 2003/71/EC
of the European Parliament and of the Council as regards information contained in prospectuses
as well as the format, incorporation by reference and publication of such prospectuses and
disseminationofadvertisements,asamended
PublicOfferingAct The Polish Act of July 29, 2005 on Public Offerings and Conditions governing the Admission of
FinancialInstrumentstoTradingonOrganizedMarkets,andonListedCompanies,asamended
RegisterofLegalPersons RegisterofLegalPersonsoftheRepublicofLithuania
9