Conclusion of a letter of intent

The Management Board of Polimex-Mostostal S.A. with its registered office in Warsaw (“the Company”, “the Debtor”) at ul. Młynarska 42 hereby informs that on 24 November 2014it obtained information that a letter of intent has been concluded in respect of work implementation under the name General Project Implementation for the task entitled: “Crude Terminal in Gdańsk” – Stage 1 which involves designing the Petroleum Terminal and building a tank farm for crude oil along with the corresponding infrastructure (“Investment Task”) between the company IDS-BUD S.A. with its registered office in Warsaw (“Ordering Party”) and Naftoremont – Naftobudowa sp. z o.o. with its registered office in Płock (“Subcontractor”) – the Issuer’s subsidiary, for the total amount of PLN 20.100.000,00.

The Ordering Party and the Subcontractor are jointly referred to as the „Parties”.

The Ordering Party operating within the framework of consortium has concluded with the Subcontractor: Przedsiębiorstwo Eksploatacji Rurociągów Naftowych „Przyjaźń” S.A. with its registered office in Płock („Investor”) an agreement on implementation of the aforementioned Investment Task („Contract”).

Signing the agreement with the Subcontractor on implementation of the aforementioned works is determined by the Investor’s acceptance of his activity in the capacity of a subcontractor.