Current report no 81 / 2015

Annexe to the agreement for the design and construction of a power unit at Turów Power Plant

The Management Board of Budimex S.A. informs that on 25 November 2015 it was notified of the signing by the Management Board of PGE Górnictwo i Energetyka Konwencjonalna S.A. with its registered office in Bełchatów of an annexe to the agreement for the design and “turn-key” construction of a power unit at Turów Power Station, of which the company informed in its current report number 56/2014 dated 10.07.2014, performed by a consortium consisting of Mitsubishi Hitachi Power Systems Europe GmbH, Budimex S.A. and Tecnicas Reunidas S.A. The conclusion of the annexe now requires it to be signed by the aforesaid consortium members.

Basic conditions of the annexe:

The value of the agreement has been increased by PLN 280,000,000.00 (two hundred eighty million zlotys) net (the share of Budimex in this annexe is approximately 25%) to PLN 3,530,000,000.00 (three billion five hundred thirty million zlotys) net.

The works completion date has been extended by 9 months to 65 months as of the date of issue of the works commencement order by the employer.

The employer is to pay the contractor an advance of 10% of the price increase within 30 days of the receipt by the employer of the original annexes to the bank guarantees securing the return of the advance, increasing the security amount so that it reflects 10% of the value of the increased contract price.

Other terms and conditions of the agreement remain unchanged.

The value of the agreement exceeds 10% of the equity capitals of Budimex S.A.