Report of Independent Auditor

Deloitte Polska
Spółka z ograniczoną odpowiedzialnością Sp. k.
(dawniej: Deloitte Audyt Sp. z o.o.)
Al. Jana Pawła II 19
00-854 Warszawa
Polska

Tel: +48 22 511 08 11
Fax: +48 22 511 08 13
www.deloitte.com/pl

AUDITOR'S OPINION



To the Shareholders and Supervisory Board of Budimex SA

We have audited the consolidated financial statements of the Budimex Group with Budimex SA, with its registered office in Warsaw at Stawki 40, as the Parent Company, including consolidated statement of financial position prepared as of 31 December 2012, consolidated income statement and consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flows for the financial year from 1 January 2012 to 31 December 2012 and notes comprising a summary of significant accounting policies and other explanatory information.

On 15 March 2013 we issued an unqualified opinion on the full version of the consolidated financial statements. The attached condensed consolidated financial statements were prepared based on the consolidated financial statements audited by us.

Preparation of the attached condensed consolidated financial statements in line with the law is the responsibility of the Management Board and Supervisory Board of the Company.

The Management Board of the Company and members of its Supervisory Board are obliged to ensure that the condensed consolidated financial statements, the consolidated financial statements and the report on the activities of the Budimex Group meet the requirements of the Accounting Act of 29 September 1994 (Journal of Laws of 2013, item 330).

Our responsibility was to express an opinion on compliance of the condensed consolidated financial statements with the full version of the consolidated financial statements.

In our opinion, the attached condensed consolidated financial statements were prepared, in all material respects, in line with the full version of the consolidated financial statements for the financial year ended 31 December 2012.

The full version of the consolidated financial statements, which was the subject of our audit, includes notes comprising a summary of significant accounting policies and other explanatory information that were not fully presented in the attached condensed consolidated financial statements. In order to better understand the financial standing of the Budimex Group and its financial result for year 2012, the attached condensed consolidated financial statements should be read together with the full consolidated financial statements along with the audit opinion and report issued by us.



Wojciech Kłys
Key certified auditor
conducting the audit
No. 11775

On behalf of Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. (formerly: Deloitte Audyt Sp. z o.o.) – entity authorized to audit financial statements entered under number 73 on the list kept by the National Council of Statutory Auditors:

Zbigniew Adamkiewicz – Deputy Chairman of the Management Board of Deloitte Polska Sp. z o.o. – which is the General Partner of Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. (formerly: Deloitte Audyt Sp. z o.o.)



Warsaw, 15 March 2013



The above audit opinion together with the audit report is a translation from the original Polish version. In case of any discrepancies between the Polish and English version, the Polish version shall prevail.