Signing a letter of intent

The Management Board of Polimex-Mostostal S.A. with its registered office in Warsaw at ul. Młynarska 42 (“the Company”, “the Issuer”) informs about the acceptance on 8 December 2014 of a letter of intent by the consortium formed by the Company and Naftoremont – Naftobudowa spółka z ograniczoną odpowiedzialnością - the Company’s subsidiary (“the Consortium”) as the Consortium Leader, and TOTAL RAFFINADERIJ ANTWERPEN, with its registered office in Antwerp, Belgium (“the Ordering Party”), (“the Letter of Intent”).

The subject of cooperation with the Ordering Party is the realisation of works connected with the Installation ARDS Lot 2B Train 1, ie. dismantling of old pipelines and installing new ones, installing new equipment and a compressor, and carrying out an overhaul of the installation; works will be carried out in the Refinery TOTAL RAFFINADERIJ ANTWERPEN as part of the project “OPTARA 2015 Rafineria TOTAL Antwerpia TOTAL Refining & Chemicals”.

The Letter of Intent shall be replaced by a formal order placed by the Ordering Party as soon as the Consortium is established in the SAP system of the Ordering Party (“the Order”).

The Parties have agreed that the date of the Order is the date of the conclusion of the Letter of Intent.

The Order shall be placed based on:

·          the enquiry sent on 07.10.2014;

·          meetings between the Ordering Party and Naftoremont-Naftobudowa;

·          the contract agreed upon by the Ordering Party and the Consortium.

The value of the Order amounts to EUR 17,298,556.

The period of carrying out the Order is set for December 2014 - December 2015.