Management Board’s report justifying the merger

With reference to the current report no. 46/2009 dated 24 November 2009 and thecurrent report no. 3/2010 dated 12 January 2010, the Management Board of Polimex-Mostostal S.A. informs that on 18 January 2010 they accepted and signed theManagement Board’s report justifying the merger of Polimex-Mostostal S.A. andEnergomontaŜ-Północ S.A., Naftobudowa S.A., Naftoremont Sp. z o.o., ZakładyRemontowe Energetyki Kraków Sp. z o.o., Zakłady Remontowe Energetyki LublinS.A., EPE-Rybnik Sp. z o.o., ECeRemont Sp. z o.o., as part of reorganisation of thePolimex-Mostostal S.A. Capital Group. The report of the Management Board ofPolimex-Mostostal S.A. justifying the merger constitutes an annex to this currentreport.

Legal grounds: § 5 (1) (13) as related to § 19 (2) (2) of the Ordinance of the Minister of Financedated 19 February 2009 on current and periodical information provided byissuers of securities and terms of deeming information required by theregulations of a non-Member State equivalent (Journal of Laws of 2009, no. 33,item 259 as amended).