Valinor Public Limited - Dom Maklerski BZ WBK SA

Summary of Risk FactorsBefore investing in the Offer Shares, potential investors should carefully consider, togetherwith all of the information set out in this Prospectus, certain risk factors pertaining to theGroup as set out in the section “Risk Factors”.The Company’s business, prospects, financial condition or results of operations andconsequently, the value of the Offer Shares may be adversely affected by the following risks:Risks Relating to the Group’s Business and Industry• The Group’s financial results are sensitive to fluctuations in the market prices of itsproducts on the Russian, Ukrainian and international markets.• Poor or unexpected weather conditions may disrupt the Group’s production of crops.• An increase in fertiliser, crop protection products, labour and fuel costs could reducethe Group’s profitability.• The Group has a substantial amount of indebtedness.• Certain secured lenders may acquire control of the Company if they enforce pledges orother rights over Existing Shares owned by the Selling Shareholder.• The ability of the Company’s subsidiaries to export commodities may be limited.• Governmental intervention in grain trading and other elements of the Group’s businesscould affect the Group’s business.• The Group’s future success depends in part on its ability to successfully identify andacquire additional land.• The Group’s financial performance and portfolio of land may be adversely affected bya lifting of the moratorium on the sale of agricultural land or an increase in its cadastralvaluation in Ukraine.• The Group’s business could be materially adversely affected if its land leaseagreements are not renewed upon expiry or invalidated or if zoning conditions arealtered.• If the Group’s products became contaminated, the Group may be subject to productrecalls and liability claims.• The Group currently benefits from tax exemptions, which may be discontinued in thefuture.• The Group benefits from state subsidies, which may be discontinued in the future.• The Group is exposed to operational risks, including shortages of machinery,mechanical and technical failures and increases in maintenance costs.- 6 -