On 24 May 2010, Globe Trade Centre S.A. ("GTC") and Polnord S.A. signed several agreements whereunder each of the parties will hold 50% of shares in the SPV that will own 7.5 hectares of land in the Warsaw district of Wilanów. The closing of the transaction depends on the satisfaction of certain conditions and the receipt of consent of the Office of Protection of Consumers and Competition. The Parties intend to construct on such land a state-of-the-art shopping centre with the net area of approximately 60,000 square meters in the next three years. Under the agreement GTC will play a leading role in the investment and, upon completion thereof, in the management of the shopping centre with full support of Polnord S.A.
