Valinor Public Limited - Dom Maklerski BZ WBK SA

Capitalisation and Indebtedness of the GroupThe table below presents certain information on the consolidated capitalisation of theCompany as at 28 February 2011:(a) derived from the Company’s unaudited consolidated financial statements as at 28February 2011;(b)(c)on an adjusted basis to reflect (i) the drawdown of all amounts available under theDeutsche Bank First Facility Agreement and the Deutsche Bank Second FacilityAgreement and their application to refinance existing indebtedness and to fund certainworking capital needs (the “Refinancing”); and (ii) the subordination of certainarrangements entered into with related parties. For more information on theRefinancing and subordination, see “Business – Material Contracts – Arrangementswith Deutsche Bank”; andon an adjusted basis to reflect the net proceeds received by the Company from theoffering of the New Shares (based on the Maximum Price and assuming the issue of theminimum number of New Shares, being 8,020,365) after deduction of commissions forthe Managers (assuming full payment of discretionary fees) and estimated offeringcosts payable by the Company.This section should be read in conjunction with the section headed “Management’sDiscussion and Analysis of Financial Condition and Results of Operations” and the Group’saudited consolidated financial statements.As at 28February2011Adjustedfor theRefinancingAdjustedfor theOfferingCAPITALISATION AND INDEBTEDNESS (1) (USD’000) (USD’000) (USD’000)Equity and reserves attributable to owners ofthe parent 311,390 311,390 415,094Share capital 350 350 430Share premium 228,150 228,150 331,774Restructuring reserve (24,670) (24,670) (24,670)Revaluation reserve 70,126 70,126 70,126Retained earnings 100,846 100,846 100,846Cumulative translation difference (63,412) (63,412) (63,412)_______ ______ ______Total current debt 186,806 91,233 91,233_______ _______ _______Bank short-term loans and borrowings andaccrued interest 85,535 33,696 33,696Current portion of long-term bank loans andborrowings 1,495 1,495 1,495Other current non-bank financial debt (2) 99,776 56,043 56,043_______ _______ _______Total non-current debt 142,549 359,040 359,040_______ _______ _______- 10 -