Report No.40_Agreement Signed on Construction of Multi-Family Residential Building Complex

The Management Board of Mostostal Warszawa S.A. (“Company”) informs that today, the Company signed an agreement with PHN SPV 13 Sp. o.o. on performance of construction work encompassing construction of a complex of two multi-family residential buildings with services and underground garages, along with accompanying infrastructure on plots with Nos. 46, 5/6. 5/7 (before the division 5/1, 5/2) in Warsaw and preparation of all the necessary documents and studies required for receiving an Occupancy Permit and procuring an Occupancy Permit for the facility.

Completion deadline of the agreement: 23 months from the date of handing over the construction site to the Company.

The value of the agreement amounts to: PLN 52.59 million net + VAT.

Payment deadline: a minimum of 21 days and a maximum of 30 days from receipt of invoice.

Guarantee period:

- 10 years for the structure of the Facility, the façade, the tightness of roof coverage, tightness of anti-water installations, for other elements of Work;

- for Equipment within the range of the quality guarantee - for the guarantee period granted by the manufacturer and resulting from quality guarantee documents of manufacturers; within the scope of the statutory warranty - for a period of 5 days for Equipment built in the Facility and for a period of 2 years for the remaining Equipment installed in, on or around the Facility, from the moment of signing the Final Acceptance Report of the Facility.

Performance bond: bank guarantee or insurance guarantee, issued by a first-rate bank/ insurance institution with headquarters in Poland, previously accepted by the Investor or payment, to the bank account indicated by the Investor, of a deposit amounting to 1% of the Contractual Price, i.e.  PLN 525,890.00.

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