The Industrial Development Agency July 2010

The Industrial Development Agency
Reference Letter

Agencies

Consulting in the process of acquiring and selling of entities

Valuation of share values in Fabryka Parkietów Biadki Sp. z o.o., with its registered office in Kobierno. The Company's valuation was prepared using the following methods:

• income method - discounted net future cash flows,
• asset method - adjusted net assets, taking into account asset valuation,
• liquidation method - adjusted net assets, taking into account asset valuation.

The report from the valuation prepared by POLINVEST included also final recommendations regarding the range of Company's values as well as the identification of key advantages and risks from the point of view of the Company's valuation by potential investors.

Valuation of share values in Wytwórnia Sprzętu Komunikacyjnego „PZL-KROSNO” S.A., with its registered office in Krosno. The Company's valuation was prepared using the following methods:

• income method - discounted net future cash flows,
• asset method - adjusted net assets, taking into account asset valuation,
• comparative method.

The report from the valuation prepared by POLINVEST included also final recommendations regarding the range of Company's values as well as the identification of key advantages and risks from the point of view of the Company's valuation by potential investors.