CHARTERED ACCOUNTANT`S OPINION FROM THE

CHARTERED ACCOUNTANT`S OPINION FROM THE

CHARTERED ACCOUNTANT’S OPINION FROM THE EXAMINATION
OF THE MERGER PLAN
Polimex - Mostostal Spółka Akcyjna with the registered office in Warsaw
(the Acquiring Company)
and
EnergomontaŜ-Północ Spółka Akcyjna with the registered office in
Warsaw,
Naftobudowa Spółka Akcyjna with the registered office in Kraków,
Naftoremont Spółka z ograniczoną odpowiedzialnością with the registered office in
Płock,
Zakłady Remontowe Energetyki Kraków Spółka z ograniczoną odpowiedzialnością
with the registered office in Kraków,
Zakłady Remontowe Energetyki Lublin Spółka Akcyjna with the registered office in
Lublin,
EPE-Rybnik Spółka z ograniczoną odpowiedzialnością with the registered office in
Rybnik,
ECeRemont Spółka z ograniczoną odpowiedzialnością with the registered office in
Zielona Góra
(the Acquired Companies)
Case reference number: WA XII Ns Rej. KRS 34151/09/439
Warsaw, 8th January 2010
CHARTERED ACCOUNTANT’S OPINION FROM THE EXAMINATION OF THE
MERGER PLAN
For the Shareholders of
Polimex - Mostostal Spółka Akcyjna with the registered office in Warsaw at ul. Czackiego 15/17
(the Acquiring Company)
and
EnergomontaŜ-Północ Spółka Akcyjna z with the registered office in Warsaw at ul. Przemysłowa 30,
Naftobudowa Spółka Akcyjna with the registered office in Kraków at ul. Powstańców 66,
Naftoremont Spółka z ograniczoną odpowiedzialnością with the registered office in Płock
at ul. Zglenickiego 46,
Zakłady Remontowe Energetyki Kraków Spółka z ograniczoną odpowiedzialnością
with the registered office in Kraków at ul. Wadowicka 14,
Zakłady Remontowe Energetyki Lublin Spółka Akcyjna with the registered office in
Lublin at ul. Garbarska 20,
EPE-Rybnik Spółka z ograniczoną odpowiedzialnością with the registered office in
Rybnik at ul. Podmiejska 87D,
ECeRemont Spółka z ograniczoną odpowiedzialnością with the registered office in Zielona Góra
at ul. Zjednoczenia 103
(the Acquired Companies)
I carried out an examination of the merger plan of the companies:
Polimex - Mostostal Spółka Akcyjna with the registered office in Warsaw – the Acquiring Company
and
EnergomontaŜ-Północ Spółka Akcyjna with the registered office in Warsaw, Naftobudowa Spółka Akcyjna
with the registered office in Kraków, Naftoremont Spółka z ograniczoną odpowiedzialnością with the
registered office in Płock, Zakłady Remontowe Energetyki Kraków Spółka z ograniczoną odpowiedzialnością
with the registered office in Kraków, Zakłady Remontowe Energetyki Lublin Spółka Akcyjna with the
registered office in Lublin, EPE-Rybnik Spółka z ograniczoną odpowiedzialnością with the registered
office in Rybnik, ECeRemont Spółka z ograniczoną odpowiedzialnością with the registered office in Zielona
Góra – the Acquired Companies
drawn up on 20 November 2009 on the basis of the decision of the District Court for the Capital City of
Warsaw at ul. Czerniakowska 100, XE Commercial Division of the National Court Register dated 1 December
2009 on the matter Case reference number WA XII Ns Rej. KRS 34151/09/439 at the joint request of
Polimex-Mostostal Spółka Akcyjna with the registered office in Warsaw and EnergomontaŜ-Północ Spółka
Akcyjna with the registered office in Warsaw, Naftobudowa Spółka Akcyjna with the registered office in
Kraków, Naftoremont Spółka z ograniczoną odpowiedzialnością with the registered office in Płock, Zakłady
Remontowe Energetyki Kraków Spółka z ograniczoną odpowiedzialnością with the registered office in
Kraków, Zakłady Remontowe Energetyki Lublin Spółka Akcyjna with the registered office in Lublin,
EPE-Rybnik Spółka z ograniczoną odpowiedzialnością with the registered office in Rybnik, ECeRemont
Spółka z ograniczoną odpowiedzialnością with the registered office in Zielona Góra.
Management Boards of the entities participating in the merger are responsible for the drawing up of the merger
plan. My task was to examine the merger plan and express an opinion on its correctness and reliability.
This my opinion from the examination of the merger plan of Polimex-Mostostal Spółka Akcyjna with the
registered office in Warsaw and EnergomontaŜ-Północ Spółka Akcyjna with the registered office in Warsaw,
Naftobudowa Spółka Akcyjna with the registered office in Kraków, Naftoremont Spółka z ograniczoną
odpowiedzialnością with the registered office in Płock, Zakłady Remontowe Energetyki Kraków Spółka z
ograniczoną odpowiedzialnością with the registered office in Kraków, Zakłady Remontowe Energetyki Lublin
Spółka Akcyjna with the registered office in Lublin, EPE-Rybnik Spółka z ograniczoną odpowiedzialnością with
the registered office in Rybnik, ECeRemont Spółka z ograniczoną odpowiedzialnością with the registered office
in Zielona Góra was drawn up to be used exclusively by the District Court for the Capital City of Warsaw in
Warsaw, 12th Commercial Division of the National Court Register and the Shareholders of the entities
participating in the merger and may not be used for any other purpose. I also assume no responsibility towards
third parties on account of this opinion.
In the course of drawing up this opinion I made an assumption and relied on the fact that all the financial
information and other information made available to me, discussed with me or publicised are reliable and
complete. I carried out a random examination of such information to an appropriate extent in accordance with the
same relevance criteria that are adopted by audit companies for the examination of financial statements.
Simultaneously I indicate that I do not assume any responsibility for any other potential independent verification
of this information, assessment or valuation of assets and liabilities of the merging companies, or any potential
damage incurred due to their incorrectness or unreliability. My opinion does not take a stand on the relative
advantages of the merger or alternative mergers with third parties and does not resolve or take into consideration
any legal or tax issues in connection with the merger or other transactions related thereto.
I carried out the examination pursuant to the provisions of article 502 and 503 of the Act of 15 September 2000
– Polish Commercial Companies Code (Dziennik Ustaw – Journal of Laws no. 94, item 1037 as amended) and
taking into consideration the practice of the chartered accountant profession applicable in Poland.
I had planned and carried out the examination in such a manner so as to be sufficiently sure that the Merger Plan
does not contain any material distortions and to obtain sufficient basis to express a competent opinion on the Plan.
In particular the examination of the merger plan consisted in the following procedures:
1)
Checking whether the Merger Plan agreed between the merging companies was prepared in compliance
with Article 499 paragraph 1 of the CCC and whether it contains all the required attachments in
compliance with Article 499 paragraph 2 of the CCC;
2)
Checking whether the attachments to the Merger Plan are compliant with the CCC;
3)
Assessing whether the methods of valuating the shares of the merging companies applied by the
Management Boards of the companies for the purpose of calculating the share/stock exchange ratio
(parities) are reasonable.
I think that the examination that I carried out constitutes sufficient basis for expressing this opinion.
The merger of the Companies shall take place through a takeover under the procedure specified in Article 492
paragraph 1 of the Commercial Companies Code, i.e. by means of transfer of the entire assets of each of the
Acquired Companies onto the Acquiring Company, i.e. Polimex-Mostostal S.A., with a simultaneous increase of
the business capital of Polimex-Mostostal S.A. by the Merger Issue Shares, which Polimex-Mostostal shall grant
to the shareholders or partners of the Acquired Companies other than the Acquiring Company, subject to the
conditions described in the Merger Plan, in accordance with the Exchange Ratio (parities) and the rules of
granting the Merger Issue Shares described in point 4 and 5 of the Merger Plan.
To the Merger Plan the Companies enclosed representations containing information on the financial position of the
Companies based on the balance sheets drawn up as at 1 October 2009, which have not been subjected to
examination by a chartered accountant yet within the meaning of the Accounting Act.
The Exchange Ratios (parities) were in each case established on the basis of a valuation of a market value of one
share of the Acquiring Company and a valuation of a market value of one share/stock of the Acquired Company
using the discounted cash flow method within the framework of income capitalisation approach.
The valuation results received with the use of the discounted cash flow method were then corrected with the use of
relevant discounts for lack of liquidity (in the case of the shares/stocks of the Companies not listed on the WSE)
and discounts for lack of control (in the case of shares/stocks of all the Companies) in order to estimate the market
value of the Companies per one share/stock taking into consideration their liquidity and lack of control.
The applied methodology of estimating the value of the merging Companies is admissible and accepted
both in the relevant literature and in practice.
The Exchange Ratios (parities) were in each case established by dividing the market value of one share/stock of
the Acquired Company estimated with the use of the methodology described above by the market value of one
share of the Acquiring Company, and the value obtained in this way was rounded to two decimal places.
In connection with the fact that the Acquiring Company holds 100% of stock in EPE Rybnik Sp. z o.o. and
ECeRemont Sp. z o.o., the merger with these Companies shall take place pursuant to Article 515 paragraph 1 of
the Commercial Companies Code, i.e. without increasing the business capital of the Acquiring Company by the
amount equal to the value of shares in EPE Rybnik Sp. z o.o. and in ECeRemont Sp. z o.o., and in consequence
without issuing the Merger Issue Shares.
In my opinion:
a)
the merger plan enclosed was worked out correctly and reliably in all material aspects,
b)
the methods used by the Management Boards of the merging Companies for the valuation of shares and
stocks of the merging companies while establishing the exchange parity are reasonable,
c)
the share exchange parity was duly agreed in all material aspects,
d)
there were no specific difficulties related to the valuation of the merging Companies.
I wish to indicate that the financial results forecasts and the valuations based thereon which constitute the
basis for establishing the exchange parities were prepared on the basis of the assumptions and premisses
valid as at the day of their drawing up. Changes in economic environment may have an adverse effect on the
realisation of the adopted assumptions and ipso facto the actual results may differ from those adopted for the
purpose of the valuation.
...................................
Anna Bernaziuk, Dr.
Chartered Accountant no. 173