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Presentation of ZUE Group

April 2015

Overview

Activities

Selected Projects

Employment & Equipment

Financial Data

African Projects

Agenda

2

Highlights

3

• Unique competences in scope of urban investments realization

• Maintenance urban infrastructure-additional source of revenues, cash flow stabilization

URBAN INFRASTRUCTURE RAILWAY INFRASTRUCTURE

• Strong position in the three markets, the presence of ZUE Group in whole country

• Executive potential enabling complex realization the biggest contracts

• Experienced team with competences in the branch, specialist equipment base, the most modern technologies, good references connected with conducted contracts

• Investment intentions of the PKP PLK(Polish National Railways) connected with plans in scope of modernization the railway lines up to international range

• 22 years of experience in construction of urban infrastructure

• 68 years of experience in construction of railwayinfrastructure

• 50% market share of urban infrastructure in Poland

• 15% market share of railway infrastructure in Poland

• Experienced staff

• The Group currently employs over 860 people

• Possession of specialized machinery park

• From 1 October 2010 ZUE SA is listed on the Stock Exchange in Warsaw

• Market capitalization of PLN 160 mln

• Works delivered all over the country

• Group award winning in prestigious competitions such as the competition „Building of the Year”

ENERGY INFRASTRUCTURE

• Investment intentions of the five polish major distribution network operators and PolskieSieci Elektroenergetyczne (transmission network operator) with plans in scope of modernization the power networks in line

Management Board

4

Wisław Nowak

President of the Management Board

General Director

Wiesław Nowak is the founder of ZUE S.A. and its main shareholder, owning currently 62.53% of the Company shares. He is a graduate of the Faculty of electrical engineering, automatics and It and electronics of the AGH university of Science

and technology in Krakow, Poland.

Since the establishment of ZUE S.A, he has acted as

the president of the Management Board and

General Director.

Dr. Maciej Nowak

Member of the Management Board

Maciej Nowak graduated at the Jagiellonian University of Cracow at the Faculty of

Law and Administration where he received the title

of doctor of law. He specializes in economic

law, with particular focus on the railway transport

laws.

Since 9th January 2014 he has operated as the

Member of the Management Board.

Marcin Wiśniewski

V-ce President of the Management Board

Marcin Wiśniewski graduated at the Cracow

University of Science, Faculty of Construction

Engineering, specialty of Technology and

Organization and gained a master’s degree at the Cracow University of Science, faculty of

Construction Engineering, specialty of Management

and Marketing in Construction Industry.

Since 1st February 2007 he has operated as the V-ce

President of the Management Board

Jerzy Czeremuga

V-ce President of the Management Board

Jerzy Czeremuga graduated from the Faculty of Electric and Computer

Engineering of the Cracow University of Technology.

Since 1st January 2007, he has also been employed as

Director of the Railway Works Unit of ZUE S.A.

He has been Vice President of the Management Board of ZUE S.A. since 11th May

2011.

Anna Mroczek


Anna Mroczek has a university education. She has graduated from the

Department of Management at the AGH University of Science and Technology in Cracow. In

addition, she has completed postgraduate

studies in tax consultancy and the accounting and

finance at the Academy of Entrepreneurship and Management at the Cracow University of

Economics.

Ms. Anna Mroczek is a Councilor of the City of

Cracow (VI term).

She has been Management Board Member of ZUE S.A.

since 24th December 2013.

Arkadiusz Wierciński


Arkadiusz Wierciński has a university education. He

graduated from the University of Economics in Poznan - Major: Finance

and Banking.

In addition: CFA (Chartered Financial

Analyst) charterholder and ACCA (Association of Chartered Certified

Accountants) charterholder.

Since 9th January 2014 he has been Management

Board Member of ZUE S.A. since 9th January 2014.

62.53%

6.35%

6.51%

24.61%

Share in the share capital of ZUE S.A.

Wiesław Nowak

Amplico OFE

PKO Bankowy OFE

Other

Structure of ZUE Group

5

Construction

ZUE S.A.Urban infrastructure building engineering

Railway infrastructure (construction, railway traction renovation)

Power engineering construction

Railway infrastructure building engineering(railway works)

Designing

100% 100%

The design company accomplishing the

designs in scope of the rail transport

International Activities

51% 100%

Acquisition and implementation of overseas projects

ShareholderNumber of

sharesShare in share

capital

Wiesław Nowak 14,400,320 62.53%

Amplico OFE 1,461,659 6.35%

PKO BP Bankowy OFE 1,500,000* 6.51%*

Other 5,668,104 24.61%

Total 23,030,083 100.00%

ZUE S.A. Shareholding Structure

* - Shareholding on the basis of the list of shareholders holding at least 5% of votes atthe Ordinary General Meeting of ZUE of 18 June 2014 published in the current report31/2014 of 18 June 2014.

ZUE S.A.

68 years of experience in the construction and modernisation of railway lines, incl. the post-WWII period

66 years of experience in the field of designing and engineering

22 years of experience in the field of urban infrastructure projects

Strategy of ZUE Group

6

• Growth the sales revenues, particularly trough possibility to conduct oneself big contracts in the railway market

• Growth of the profitability connected with achieving the scale effect-reduction the cost of services commissioned outside the Group, tender power enlargement towards suppliers

• Operating effectiveness growth – within integrated management system

• Maintain the leading position in the urban infrastructure communication building engineering market through constant technical and technological development and good relationships with clients and contractors

• Strengthen the position in railway infrastructure communication building engineering market

• Increase the amount of contracts realized as a general contractor (decrease the subcontracting)

• Development of the power engineering construction in scope of power lines modernization (low, middle and high voltage)

• Constant technological development through investment plan realization

• The employees improvement trough professional trainings

EMPLOYEES

VALUE FOR SHAREHOLDERS

EXPANSION

TECHNOLOGICAL PROGRESS

Overview

Activities

Selected Projects


Financial Data

African Projects

Agenda

7

ZUE Group’s Activities (1)

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Building and modernization of railway stations, engineering and capacity objectsComplicated modernization of railway stations like: Legionowo, Modlin, Nowy DworMazowiecki, Malczyce, Western Opole.

Building and rebuilding of railwaysComprehensive execution of railway works, many year’s market experience, realizationof prestigious contracts in different regions of Poland.

(eg. Building a chosen section of main arterial Line from Cracow to Warsaw,modernization of E20 line in localizations: Kramsk, Kłodawa, Zamków, Mińsk Mazowiecki– Siedlce, Miedzyrzec – Biala Podlaska, modernization of E30 line on sections: Okmiany-Boleslawiec, Boleslawiec-Zebrzydowa, Dabrowa Niemodlinska –Opole, Oława-Lizawice,Malczyce – Szczedrzykowice,E65)

Building and rebuilding of railway traction systemsComprehensive realization of Investment – from designing to realization of traction system together with the delivery of all requisite elements.

(eg. E-20 section Siedlce-Lukow, Lukow – Miedzyrzec Podlaski)


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Building and rebuilding of tram - track ways and traction system

New technologies of tram-track-ways construction which conduce to drawdown of the noiseand reduce the vibration noise during tram passing.

Building and rebuilding of traction substations and transformer stations

First time in Poland, building a underground traction substation for tram in Cracow.

Comprehensive realization of Investment – fromdesigning to realization of traction system together withthe delivery of all requisite elements.

(eg. Warsaw: W-Z Line, Aleje Jerozolimskie. CracowFast Tram)

Permanent maintenance of tram – track ways, traction systems, traction substations and street lightening

Execution of permanent maintenance of tram infrastructure - as the first company in Poland we arethe operator of power supply system for urban transport vehicles.

Execution of permanent maintenance of street lightening in Cracow and incorporated cities -together 50.000 of light points.


10

Controlling and monitoring services of urban communications infrastructure Initiation of innovative system of monitoring and supervision a tram infrastructure devices,production of switch point drivers, heating systems (Cracow, Warsaw).

Realization of complicated engineering undertakingsThe realization of pilot project of modernization oncentral arterial line (Psary) – to speed 300 km/h.

Building, the first time in Poland,tram line in existing Tunnel about1538 m length and equipped byadvanced operating systems.

Execution of track without junction – switchbackto Gubalowka Mountain and to Zar Mountain.

Building and rebuilding of power engineering lines, street lightening, traffic signals In the scope of Works, we execute by own staff a building of street lightening, trafficsignals, power engineering lines, telephone network and teletype service.

Area of Business Activities

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Technical facilities, specialized equipment and a carefully selected professional and experiencedteam, allows Group to conduct work across the country

Overview

Activities

Selected Projects


Financial Data

African Projects

Agenda

12

Selected Projects - Designing

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(As standalone projects in the scope of designing)

• Modernization of railway line Warszawa - Lodz Stage I – sectionSkierniewice - Lodz Widzew;

• Modernization of E30 Railway Line Section Opole – Wroclaw – Legnica – theState border;

• Modernization of E30 Railway Line Section Opole – Wroclaw – Legnica – theState border;

• Preliminary design of railway line no 273 – section Wroclaw Glowny – Szczecin,within the project FS 2006/PL/16/C/PA/001Modernization of railway line C-E 59Miedzylesie – Wroclaw – Kostrzyn – Szczecin preliminary design – Phase I inPoland;

• Work supervision of the modernization of the E-20 railway line MinskMazowiecki –Siedlce section.(Consortium Arcadis, BPK Poznan, Ardanuy in co-operation with Koltech Inwestor);

• Design documentation of reconstruction of Tram Depot in Gdansk Wita Stwoszastreet 110;

• Modernization of Poznan Railway Node;

• Building and detailed designs of the railway viaduct for the A-2 highway ( WK-5structure ) located over the A-2 highway Swiecko – Warszawa at km 163 .500in the course of the railway line Wroclaw –Poznan at km 159.083 and Staroleka–Lubon line at km 2.847 in Lubon by Poznan;

• Building design for the reconstruction of St. Roch Bridge on the River Warta;

• Building and detailed design for the modernization of Tram Depot in Poznan,Glogowska Street;

• Modernization aims at preparing the service station for low floor trams. The works included rebuilding according to technical instructions.

• Designing documentation for Strzalki railway station as part of modernization of the Central Railway Line (no 4);

• Designing documentation for Fast Municipal Railway Line in the scope ofcatenary (overhead) line 3kV for the 250 railway line Gdansk Glowny – Rumia,section Sopot – Gdynia Grabowek;

• Preparing of tender documentation for modernization of the 91 railway line,section Lancut-Przeworsk, stage 1 section Rzeszow-Jaroslaw.

Selected Projects - Railway Infrastructure

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Modernisation of the E 20 railway line within the Siedlce - Terespol section, Stage I, LOT A Siedlce - Lukow, 95.100 km to 118.450 km

Investor: PKP Polskie Linie Kolejowe S.A. (Polish National Railways)

Project description:•repair of railway surface, bed and drainage,•reconstruction of platforms and repair of engineering works,•modernization or elimination of certain crossings and construction of parallel diversion roads,•replacement of existing railway traffic control devices,•replacement of catenary network and supporting structures,•reconstruction of the line for non-catenary purposes,•repair of railway buildings.

Period of delivery: 5th May 2006 - 27th December 2007

Project net value: EUR 49 767 962.00

Selected Projects – Railway Infrastructure

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Reconstruction The Completion of the Construction Works Carried out within the Scope of the Task: Fast Regional Railway Tychy - Dabrowa Gornicza. Stage I Tychy Miasto -

Katowice.

Investor: Miejskie Przedsiębiorstwo Komunikacji Miejskiej in Tychy

Project description:

The material scope of the task included:

a) construction of the „Tychy Lodowisko” station in the vicinity of Wyszynskiego St.,

b) construction of "Tychy Grota – Roweckiego” station at Gen. Grota – Roweckiego St.,

c) construction of "Tychy Aleja Bielska” station at Bielska St.,

d) Adaptation of "Tychy Zachodnie" station in the vicinity of Harcerska St.

Period of delivery: 15th February 2011 – 30st August 2012

Project gross value: EUR 8 300 00.00

3rd Award in the Construction of the Year 2012 competition


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Redevelopment of Katowice station network within the area of platforms 2, 3, and 4 carried out under the investment programme: "Upgrading of the tracks on lines no. 1, 137, 139 and of the infrastructure used to handle the passengers within the Katowice

Osobowa Station”

Investor: Miejskie PKP Polskie Linie Kolejowe S.A. (National Urban Railways)Project description:

The project was carried out in the centre of Katowice, the capital of the Silesian Province, the maincentre of the Upper Silesian Industrial Basin. The investment project carried out by PRK constituted animportant part of a major project including redevelopment of the PKP Railway Station, including a newbuilding, underground city transport facility, Galeria Katowicka shopping mall and an underground carpark for 1200 vehicles. The scale of the project made the upgrading of the Station one of the largestinvestments of this type in Central Europe. Its fulfilment completely changed the face of Katowice andlife of its residents within just few consecutive years. Katowice Railway Station is one of the largest inPoland. Ca. 400 trains and 9 million people are handled here.

The purpose of the railway station infrastructure upgrading was to improve passenger safety andenhance train traffic at the station. As a result of the works, Katowice Station became the fourth inPoland fully covered platform hall. Panels of the modern roofing are supported on a high structure andprovide protection to the passengers against adverse weather conditions and at the same timeguarantee the transparent elements made of polycarbonates.

Period of delivery: 22nd August 2011 – 31st August 2013




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Other railway projects

• Designing documentation and modernization of railway lines no 1, 133, 160,186 (section Zawiercie – Dabrowa Gornicza Zabkowice – Jaworzno Szczakowa);

• Reconstruction of track lines on stations Gasocin, Ciechanow, section Smolec –Katy Wroclawskie;

• Designing documentation and modernization of the 274 railway line Wrocław –Zgorzelec, section Wroclaw – Jelenia Góra & Smolec – Katy Wroclawskie;

• Designing documentation and modernization Pyskowice railway station &section Pyskowice – Paczyna;

• Designing and reconstruction of railway infrastructure Gliwice Labędy –Pyskowice as part of a project: Revitalization of the 132 railway line GliwiceLabędy – Strzelce Opolskie – Opole Groszowice;

• Modernization of the E65 / CE65 railway line, Warszawa – Gdynia, LCSCiechanów;

• Modernization of the E65 / CE65 railway line, Warszawa – Gdynia, LCSDzialdowo;

• Construction of the railway line no 8 to the Warsaw Airport, stage I;

• Reconstruction of the E30 railway line Wrocław – Legnica, section Malczyce –Szczedrzykowice;

• Modernization of engineering objects on the railway line no 8, Warszawa –Krakow, section Miechów – Słomniki;

• Modernization of railway stations: Legionowo, Nowy Dwór Mazowiecki, Modlin(project LOT –A);

• Modernization of the railway line no 71, Rzeszow – Warszawa, via Kolbuszowa,stage II, reconstruction of tracks on the Kolbuszowa station;

• Modernization of the railway line Psary – Goora Wlodowska;

• Modernization of tracks network on the railway lines: no 19 Warszawa GlownaTowarowa – Jozefinoow, no 507 Warszawa Głowna Towarowa – WarszawaGolabki & no 509 Warszawa Glowna Towarowa – Warszawa Gdanska;

• Reconstruction and modernization of the E30 / CE30 railway line Legnica –Wroclaw – Opole – Miękinia station;


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• Modernization of the railway border crossing Lupkow-Medzilaborce withadaptation to the passenger traffic;

• Modernization of the railway line Spytkowice-Wadowice-KalwariaZebrzydowska;

• Reconstruction of the border crossing in Przemysl;

• Reconstruction of the Communications Center in Krakow, station KrakowGłowny Osobowy -II stage -platform 1,2,3;

• Modernization of level crossings on the section station Lowicz- stationJackowice with the construction of bypass roads on the line E-20 Warsaw-Poznan;

• Reconstruction of the E-30 Opole-Wroclaw-Legnica trail Lipki-Olawa track 2;

• Reconstruction of the E-30 Legnica Wegliniec- Zgorzelec: trail TomaszowBoleslawiecki-Bolesławiec track No. 2 from km 28.300 to km 34.350;

• Rebuilding Psary station on the modernized railway line No. 4 - E-65 sectionGrodzisk Mazowiecki- Zawiercie;

• Modernization of the Lewin Brzeski station and the Opole Zachodnie stationpart of the modernization of the E-30 section Opole-Wroclaw;

• Reconstruction of the station Opole Zachodnie - railway line E-30;

• Modernization of the railway line E-20 section Minsk Mazowiecki- Siedlce- LOTA;

• Reconstruction of the terminal in Chalupki Medyckich;

• Grain transshipment point in the station Zurawica;

• Reconstruction of the E-30 section Wroclaw-Legnica Opole- trail PrzedmoscieSwiete- Sroda Slaska track 1 and 2 from km 30.100 to 32.750;

• Improving railway infrastructure: replacing the rails on a railway line OC 91Krakow-Medyka;

• Improving railway infrastructure modernization engineering facilities in theRegional Branch in Krakow, Part 3 order- total reconstruction of the bridge online 94 Krakow Plaszow- Oswiecim at km 18.600;

• Supply water line, roads and electricity for railway tunnels in the station tunnel,along with monitoring the entrance to the tunnels and selection of rescueequipment for the fire;


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• Modernization of the railway border crossing Lupkow-Medzilaborce withadaptation to the passenger traffic;

• Modernization of the railway line E-30 section Wegliniec Zgorzelec andWegliniec-Bielawa Dolna, section Wegliniec-Pieńsk;

• Modernization of the railway line E-30 section Wegliniec Zgorzelec andWegliniec-Bielawa Dolna, section Wegliniec-Bielawa Dolna;

• Modernization of the railway line E-30 section Wegliniec-Legnica, sectionBoleslawiec-Zebrzydowa;

• Construction of the Border Guard Service Center Medyka - Stage I;

• Modernization of the railway line Spytkowice - Wadowice - Kalwaria.Reconstruction, repair of railway tracks and station Wadowice. stage II "underthe project: Construction of the water reservoir Swinna Poreba IIIB and IIICtasks;

• Reconstruction of the railway crossing at km 51.435 of railway line No 94Krakow - Plaszow - Oswiecim with culvert under the road and drainage andslope profiling section ok 135,0 mb at track 2;

• Design and reconstruction of railway line Koluszki- Lodo Widzew project"Modernization of the railway line Warsaw - Lodz, Stage Skierniewice - LodzWidzew;

• Repair works and drainage of surface tracks and turnouts in NEWAG Companyin Nowy Sacz;

• Modernization of railway line No 71 Rzeszow-Warsaw by Kolbuszowa, Stage IIreconstruction of the railroad station Kolbuszowa;

• Modernization of the railway line E30 / CE30 section Opole - Wroclaw -Legnicastation Miekinia track 1 and 2;

• Modernization of the railway line E 65 / CE 65 section Warsaw-Gdynia - LCSCiechanow area. Golotczyzna-Ciechanow;

• Modernization of the railway line E 65 / CE 65 section Warsaw-Gdynia - thearea of LCS Ciechanow LOT A – station Gasocin, station Ciechanow;

• Modernization of the railway line E 65 / CE 65 on the section Warsaw-Gdynia -LCS Ciechanow area" section Swiercze – Gasocin;


20


• Reconstruction and modernization of the E30 / CE30 railway line Opole –Wroclaw – Legnica, section SSroda Slaaska – Malczyce, Malczyce station;

• Modernization of catenary (overhead) line for the railway line Pyskowice –Paczyna;

• Modernization of the railway line E-30 section Wegliniec-Legnica, sectionOkmiany Boleslawiec;

• Modernization of the railway line E-30 section Wegliniec-Legnica, sectionZebrzydowa-Wegliniec;

• Execution of works covered by the task titled: Fast Regional Train TychyDabrowa Gornicza. Stage I Tychy – Katowice;

• Reconstruction and modernization of the railway line E30 and E30 C-sectionLegnica - Wroclaw - Opole - reconstruction of track No. 1 route Jelcz Miloszyce-Czernica - Wroclaw with track No. 1, 2, 3 Czernica Wroclaw station on therailway line CE 30 277 Opole Groszkowice - Wroclaw Brochow withaccompanying works;

• Modernization of the railway border crossing Łupkow-Medzilaborce withadaptation to the passenger traffic;

• Reconstruction of the station Pyskowice with the replacement of the overheadline in track 1 and track 2 Pyskowice - Paczyna to km 44.480 and strengtheningthe substructure in tracks 1 and 2 at km 43.100 - 43,500 on the line 132 aspart of the investment project "Revitalization of the railway line No 132 / 135on a section of Gliwice Labedy - Strzelce Opole - Opole Groszowice;

• Modernization of the railway line E65 / CE65 on the section Warsaw-Gdynia -the area Dzialdowo "trail Gralewo - Rybno Pomorskie;

• Reconstruction of internal railway siding and driveways The Power Plant"Rybnik" SA with corresponding infrastructure.

Selected Projects – Urban Infrastructure

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Design and construction of a fast tram line in the existing tunnel between MogilskieRoundabout and Pawia street in Cracow together with the finishing of the tunnel

Investor: Agencja Rozwoju Miasta S.A. (Town Development Agency), representing the City of Cracow

Project description: The scope of work included the construction of atram tunnel in compliance with the current fire protection standards,including the tram track and mounting of the power catenary in thetunnel. The investment also included the finishing of the tunnel and theinstallation of operational systems enabling its proper operation. Thetunnel intended for public transport is a part of the Cracow Fast Tramline, which will noticeably reduce travel time on the Kurdwanow -Krowodrza Gorka route. Thanks to the tram stop being located under theCentral Railway Station in the centre of the city, it is possible to getdirectly and quickly to the bus station, railway station and the shoppingcentre. Another underground stop, together with a hub located by theUniversity of Technology at Pawia street, is of great convenience tostudents using local public transport.

Period of delivery: 17th July 2007 - 9th October 2008

Contract gross value: EUR 40 000 000,00

Construction of the Year 2008


22

Reconstruction of Lubicz street with a separate tram and bus lane, reconstruction of Rakowicka street with a terminal loop and repair of the resistance walls by Lubicz

street

Investor: Miejskie Przedsiębiorstwo Komunikacyjne S.A. (MunicipalTransport Company) in Cracow


The project scope of delivery included, among others, tram trackwith a hub, catenary grid, traffic lights at the junction of Lubicz andRakowiecka streets, track switch control and heating on the huband underground reinforcement. The renovation of Rakowieckastreet included the tram track, catenary grid, street lighting (stylishposts) and underground reinforcement. Furthermore, the projectincluded repair and preservation works of the historical resistancewalls with a total surface of 1 594 m2, including renovation of therailway viaduct.

Period of delivery: 19th June 2006 - 13th December 2006


Modernization of the Year 2006


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Modernisation of the tram route in the section of Aleje Jerozolimskie from the Banacha terminal loop to the Goclawek terminal loop

Investor: Tramwaje Warszawskie Sp. z o.o.

Project description : Modernization of tracks and platforms (with the use of up-to-date technologies in the form of vibration-absorbing mats reducing the noise level and shortening travel times), repair of the catenary network and modernization of catenary substations, as well as the power wiring system the route includes the following street sections: Grojecka, Aleje Jerozolimskie, 3-go Maja, ks. Jozefa Poniatowskiego, Jerzego Waszyngtona and Grochowska – from the Banacha to Goclawek terminal loop

Period of delivery: 27th April 2007 - 15th November 2007

Project gross value: EUR 19 500 000,00


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City Transport Infrastructure Project - Construction of Fast Tram Infrastructure in zone 1, 4, 5, 6 in Cracow

Investor: Budimex Dromex S.A.


•tram tracks on ferroconcrete slabs - 2 351 single-track meters•tram tracks on pre-stressed concrete sleepers - 75 single-track meters•track embedded on continuous grouting - 2 305 single-track meters•concrete kerb stones - 1 640 m•platforms with granite surface on a 20 cm stone sublayer – 800 m2•surface made of hardened asphalt – 7 690 m2•track partings - 554 single-track meters•control and heating of tram track switches - 12 pcs•catenary grid - installation of 70 catenary posts•catenary wire length - 3 736 m•traffic lights - electric and traffic part•catenary wires - length of power wires - 880 m, length of return wire - 840 m•reconstruction of medium and low voltage power lines - 12 050 m•reconstruction of the technical information network - 11 727 m of optic cable•illumination of the Mogilski Fort •electric channels for operating systems - 2 126 m•street lamps - 217 lantern posts, including 6 087 m of lighting power cables•construction and reconstruction of transformer stations•installation of lifts and escalators: escalators - 6 pcs, lifts - 4 pcs

Period of delivery: 31st July 2006 - 31st May 2008



25

Repair and extension of the W-Z tram line in Warsaw, stage 1 - section of Wolskastreet and al. Solidarnosci from Wolski Cemetery to al. Jana Pawła II

Investor: Tramwaje Warszawskie Sp. z o.o. (Warsaw Trams PTY Limited)


•tram track repair - 10 002 single-track meters, including three hubs (43 switches and 204 crossings)•repair of the catenary network, total length 6 514 m•repair and extension of 26 tram stop platforms

Period of delivery: 9th May 2008 - 30th June 2009




26

Reconstruction of Franciszkańska and Dominikańska streets in Cracow with tram tracks

Investor: Miejskie Przedsiębiorstwo Komunikacyjne S.A. (Municipal Transport Company) in Cracow


The scope of works included the section from the junction ofDominikanska and sw. Gertrudy streets to the junction ofFranciszkanska, Straszewskiego and Zwierzyniecka streets. Also, theroad and tram track at Straszewskiego street was renovated up tothe junction with Pilsudskiego street. Modern solutions were appliedto the track, including vibration absorbing mats. Prior to the repairs,the vibrations inflicted damage to historical buildings situated alongFranciszkanska and Dominikanska streets. Tram track switches werealso replaced at the junction of Franciszkanska, Zwierzyniecka andStraszewskiego streets. Within the investment, passenger informationboards were installed at the tram stops. Apart from modernization ofthe tram track, pavement and road surface were also repaired,together with the installation of stylish lighting.

Period of delivery: 7th July 2010 - 30th November 2010


Selected Projects - Power Engineering

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ZUE Group – power engineering projects in the field of High Voltage

Reconstruction of 110 kV overhead line in Cracow, connecting Cracow agglomeration withElektrociepłownia Skawina (Power Plant Skawina) under the communication project including the controland supervision system executed by ZUE S.A. The value of the project amounted 150 million PLN. Thescope of works associated with the reconstruction of this line comprised of:

Dismantling of the old lines and poles

Installation of foundations for tubular poles using the piling technology

Installation of pass-through and robust tubular poles including insulation fittings

Tightening works including mounting of AACSR/AW SS-72F 150/30 ASLH-D(S)bb 2x48 SMFlightning arrester wire and AFL-8 525 mm working wires;

Implementation of reconstruction project of introduction of L-248 line to the modernized Braniborskastation (in Zielona Gora locality);

Development of the concept of replacing 110 kV overhead line from Janow to Radogoszcz with the cableline including the development of technical and economic analysis;

The acquisition of the rights to land (for construction purposes including obtaining the transmissioneasement) for the planned investment of 110 kV line S-458 within the below project: “Construction of 110kV overhead line [S-458] (from 220/110 kV Polkowice station to pole No. 54 of the existing S-452 line.”

Selected Projects - High Voltage Power Lines

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ZUE Group – construction of a 400 kV power lineZUE Group executes the project for the Polish Power System Operator, i.e. PolskieSieci Elektroenergetyczne S.A. (Polish Power Grid S.A.) in the scope of constructionof extra high voltage transmission lines.

ZUE Group recently acquired the contract for construction of a 400 kV power linethat constitutes the task called “Construction of double circuit 400 kV line fromKozienice to Oltarzew” The value of the project amounts to EUR 137,4 million andis the largest task assigned for implementation by the PSE and is included on thelist of contracts of the highest priority. The contract will be completed until 30 June2019, approximately 350 supporting structures with a total weight of approximately17 thousand tons will be erected. This task is carried out in a “turnkey” fashionincluding the responsibility of settling the ownership issues along the newlyconstructed HV line. Planning and design work will be completed by ZUE Group .until mid-2017, and totality of construction work will be completed within theperiod of 15 months. The approximate length of the power line will be 131 km butdue to its location in the vicinity of Warsaw agglomeration and the ongoingplanning work (location of line routing), ZUE Group takes the possibility ofsubstantial delay into account.

Polskie Sieci Elektroenergetyczne S.A. (Polish Power Grid S.A.) entrusting theimplementation of such a large contract of national importance, while carefullyexamining our company feasibility of implementing the said contract on the stageof the public tender thus confirmed both our technical as well as financial abilitiesnecessary to implement such complex and responsible investment.

ZUE Group has the necessary technical staff of linemen and fitters as well asconstruction engineers, and a design group that carries out tasks ranging fromconceptual work, planning through construction designs and executive designs andincluding construction of power lines and power substations.

Selected Projects – Foreign Projects (Africa)

29

Foreign projects (as a subcontractor)

Egypt1987 – 1990

Construction of new railway line in Egypt (SOHAG - NIGA - HAMMADY – FEW) of the total length of 205 km covering laying the tracks on the trail, stations and installation 250 pieces of

railway crossovers.

Tanzania1994 - 2000

Modernization and welding of the rails on a railway line Frigate Dar Es Salaam - Ifakara-Makambako in

length 677 km, covering the pin welding of rails in the amount of 97.5 thousand pieces, regulation, profiling,

shilling and annealing of tracks.

Overview

Activities

Selected Projects


Financial Data

African Projects

Agenda

30

Employment of ZUE Group

31

The employees are the foundation of each enterprise and act as its most valuable asset. The staff employed in the ZUE Group is comprised of high-class engineers, specialists and professionals of the specific fields. The professionalism and commitment of the

staff correlates with the top level of services provided by the ZUE Group, increasing its credibility and contributing to thereinforcement of its competitive advantage on the market.

Management & Administration

128Marketing

19

Production562

Engineers & Technicians

121

Scope of activity (2013)

Primary85

Vocational237

Secondary242 Academic

266

Education (2013)

Equipment of ZUE Group (1)

32

As one of its advantages, the ZUE Group offers a great flexibility of its operations. Both the vehicle fleet and equipment, whichcan be successfully used for the construction of city and railroad infrastructure, allow delivering projects on these markets,enable the further development of the entire Group in the mentioned sectors. The ZUE Group is an owner of almost 300equipment units. The Group in their own resources have machines such as wheel excavators, backhoe loaders, telehandlers,wheel loaders, trucks, aerial platforms, the catenary works trains etc., as well as finer construction equipment such as tampingmachines, all kind of welders and power generators. This provides a complete hardware independence from external companies.

Piling machine„Mecalac” multipurpose

excavator

„UNIMOG” multipurpose vehicle „Manitou” telehandler„Liebeherr” excavator

Equipment of ZUE Group (2)

33

The catenary works train Locomotive SM-42Rail tamping tram works machine

Plasser Beaver Junior-4S

Machine for conservation and laying

of rail steering AMEC T28-39TRail tamping machine Plasser & Theurer 08-275SP

Some of Our Business Partners

34

ThyssenKrupp – procurement of material for railway and tramway lines

Vossloh Cogifer - procurement of material for railway lines

Voestalpine - procurement of material for railway lines

Siemens – procurement of electronic equipment for railway and tramway lines

OHL – co-operation in construction projects

Strabag – co-operation in construction projects

Bilfinger – co-operation in construction projects

Skanska – co-operation in construction projects

Overview

Activities

Selected Projects


Financial Data

African Projects

Agenda

35

Financial Data (1)

36

Statement of Comprehensive Income of ZUE Group - Excerpt

Profitability ratios 2009* 2010 2011 2012 2013

Gross margin 10.9% 10.2% 8.5% 4.3% 5.5%

EBITDA profitability 8.6% 8.2% 6.8% 1.9% 3.5%

EBIT profitability 6.9% 6.5% 5.5% 0.5% 1.7%

Gross profit margin 3.7% 5.3% 5.2% 0.7% 1.8%

Net profit margin 3.0% 4.4% 4.1% 0.5% 1.4%

ROA 4.8% 4.1% 5.1% 0.5% 1.4%

ROE 17.6% 10.5% 11.7% 1.2% 2.9%

* provisory consolidation estimating the hypothetical gaining of control over Przedsiębiorstwo Robót Komunikacyjnych w Krakowie S.A. (Communication Works Company in Krakow S.A.)by ZUE S.A. as of 1st January 2009 (factually occurred as of 6th January 2010), including the loan interest due to the funding of acquisition of PRK w Krakowie S.A. shares, amountingto EUR 1,4 million.

‘000 EUR

Specification 2009* 2010 2011 2012 2013 2014

Sales 87 657 99 046 118 942 126 740 98 994 153 756

Gross profit on sales 9 548 10 101 10 151 5432 5 472 8 157

Administrative expenses 4 289 3 735 4 165 4306 4 759 4 135

EBITDA 7 532 8 169 8 052 2471 3 501 5 357

EBIT 6 030 6 468 6 497 697 1 682 3 340

Gross profit 3 319 5 340 6 187 881 1 802 3 366

Net profit 2 616 4 335 4 905 588 1 352 2 544

Financial Data (2)

37

Specification 2009* 2010 2011 2012 2013

Non-current assets 31 716 33 970 30 960 44 215 35 535

Current assets 23 014 71 829 65 597 70 323 60 652

Total assets 54 730 105 799 96 557 114 537 96 187

Share capital 974 1 389 1 245 13 453 1 388

Total equity 14 858 41 332 41 965 45 943 46 068

Non-currentliabilities 23 956 11 318 9 862 15 228 12 226

Current liabilities 15 915 53 148 44 730 53 365 37 893

Total liabilities 39 872 64 467 54 591 68 594 50 119

Statement of Financial Position of ZUE Group - Excerpt

‘000 EUR

* provisory consolidation estimating the hypothetical gaining of control over Przedsiębiorstwo Robót Komunikacyjnych w Krakowie S.A. by ZUE S.A. as of 1st January 2009 (factuallyoccurred as of 6th January 2010), including the loan interest due to the funding of acquisition of PRK w Krakowie S.A. shares, amounting to PLN 5.6 million.

Gearing ratios 2009* 2010 2011 2012 2013

Debt ratio 0.7 0.6 0.6 0.6 0.5

Debt to equity 2.7 1.6 1.3 1.5 1.1

Equity to total assets 0.3 0.4 0.4 0.4 0.5

Short -term debt 0.3 0.5 0.5 0.5 0.4

Long -term debt 0.4 0.1 0.1 0.1 0.1

Liquidity ratios 2009* 2010 2011 2012 2013

Working capital (‘000 PLN) 7 098 18 681 20 867 16 957 22 760

Curent ratio 1.5 1.4 1.5 1.3 1.6

Quick ratio 1.4 1.3 1.4 1.2 1.5

Overview

Activities

Selected Projects


Financial Data

African Projects

Agenda

38

RTI Kenya

East African Projects

39

ZUE Group / RTI Holding

RTI Germany

EPGEisenbahn-und Bauplanungs-Gesellschaft mbH

Schüßler-Plan GmbH

BIUP Sp. z o.o.

BPK Poznań Sp. z o.o.

Structure optimization of RTI Poland Group (part of ZUE Group) for African projects:

1/ Contractual and legal requirement of setting up a legal entity in Kenya- in progress

Legal setup of a RTI Kenya Ltd as a daughter company of RTI Poland

• Legal translation of the articles of RTI Kenya in Poland

• Office space required in Kenya according to the law, office set up

• Legal formalities to be worked through, incl. tax regulations, bank accounts

• Residence permission and work permission for foreign employees

• Apartment set up required for foreign employees

• Finding of appropriate employees, training

• Logistic facilities and contract negotiations in Mombasa, transport facilities

• Marketing requirements: letterhead, homepage, business cards, cooperate ID

Nairobi will be used as headquarter because of the good logistic and technology systems. It is much easier to reach, to handle legally and it is less expensive.

Time frame: up to 6-8 weeks

2/ Contractual and legal requirement of setting up a legal entity in the Republic of South Sudan – in progress

Legal setup of a RTI RSS Ltd as a daughter company of RTI Kenya

• Notarized copy of the Articles from the mother company in Kenya.

• Office space required in RSS according to the law, office set up

• Legal formalities to be worked through, incl. tax regulations, bank accounts

• Residence permission and work permission for foreign employees

• Apartment set up required for foreign employees

• Finding of appropriate employees (Dinka and Nuer), training

• Logistic facilities and contract negotiations in Mombasa, transport facilities

• Marketing requirements: letterhead, homepage, business cards, cooperate ID

Time frame after setup of the legal mother company in Kenya: app. 4 weeks

RTI RSS

40

Grupa ZUE

Address 30-048 Cracow, Kazimierza Czapinskiego 3 St.

Telephone +48 12 266 39 39

Fax +48 12 269 35 89

Web site www.grupazue.pl

E-mail [email protected]

RTI Germany GmbH

Address 20149 Hamburg, Hallerstr. 89

Telephone +49 40 854 147 67

Fax +49 40 547 658 01

E-mail [email protected]

Disclaimers

This presentation (the "Presentation") has been made available to the addressees for only informational purposes and cannot be reproduced, communicated or transmitted, in whole or in part, to any other person, for any purpose. The purpose ofthis Presentation is to present some information about the ZUE S.A. company (the ”Company”).

This Presentation does not constitute or contain an offer for sale or invitation to subscribe for or purchase any securities ofthe Company or its other financial instruments in any jurisdiction. This document is neither advice nor a recommendation inrelation to any financial instruments.

Therefore, this Presentation does not constitute basis and should not be used, in whole or in part, to take any investmentdecisions, in particular concerning the conclusion of any agreement, legal disposition or taking an obligation on oneself. Anyinvestment decisions in the Company’s securities should be made solely on the basis of the content of the issue prospectusapproved by the Financial Supervisory Authority (with any appendixes), which is the only legally binding document containinginformation about the Company and its securities.

Neither the company nor its shareholders or members of its corporate bodies or entities related to the Company or anypersons acting on behalf of the Company, do not bear responsibility for the completeness or accuracy of the information oropinions contained in this Presentation. The contents of this document cannot in any case be interpreted as containing orconstituting any direct or implied declarations or warranties of the Company, its shareholders, members of its bodies, theCompany's affiliates or other persons acting on behalf of the Company. Therefore none of the above mentioned persons shallnot be liable in any way for any loss or damage which may arise from the use of this presentation or its content.

Certain information in this presentation has been obtained from third parties that the Company believes to be reliable,however, the Company has not engaged in verification and does not guarantee the accuracy or completeness of suchinformation.

All information introduced in this Presentation are confidential and cannot be disclosed to third parties without the priorwritten consent of the Company

Neither this Presentation nor any part or copies thereof may not be transferred or sent to the United States of America,Australia, Canada or Japan. Distribution of this document in other jurisdictions may be restricted by the law and persons whowill get into possession of this document should obtain information on such restrictions and obey them.

This presentation may contain forward-looking statements, relating in particular to the Company's strategy, development ofits business, market forecasts, Company’s planned capital expenditure or its future revenues. These statements inherentlyinvolve risk and uncertainty, and neither the Company nor its shareholders or members of its bodies’ or the Company'saffiliates or any persons acting on behalf of the Company do not ensure that these projections will be met.

All the Projects Gross Value amounts in this Presentation are calculated at the average 4.2 PLN. to 1 EUR exchange rate androunded.

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