Current report no. 6/2018 of 16 February 2018 – Rescinding the agreement with certified auditor

This current report was published via ESPI system on 16 February 2018, at 14:16

Management Board of Qumak  S.A. (“the Company”) informs that on 16 February 2018 the Supervisory Board on request of the Management Board of the Company, based on financial reasons, adopted a resolution approving rescinding an agreement on providing services of financial audit entered into by the Company with Deloitte Sp. z o.o. Sp. Komandytowa with its registered office in Al. Jana Pawła II 22, 00-133 Warsaw (hereafter referred to as the “Certified auditor”).

With regard to the above, on 16 February 2018 there was reached an agreement on rescinding the Agreement on providing services of financial audit and other services of certification, signed on 30 August 2017 between the Company and the Certified auditor.

In the period of validity of this agreement there was a case of resignation of the certified auditor from issuing an opinion on audit of:

– Interim abbreviated financial statements of Qumak S.A., consisting of statement of financial standing as at 30 June 2017 and statement of comprehensive income, statement of changes in equity and statement of cash flows for the period of 6 months as at that day, as well as other explanations;

– Interim abbreviated consolidated financial statements of Capital Group Qumak S.A., consisting of statement of financial standing as at 30 June 2017 and statement of comprehensive income, statement of changes in equity and statement of cash flows for the period of 6 months as at that day, as well as other explanations.

In the period of validity of this agreement there were no discrepancies regarding interpretation and application of regulations of law, application of accounting rules and standards of financial audit, between managers and a Certified auditor.

Letter of the Certified auditor, prepared on request of the Company and addressed to Polish Financial Supervision Authority, in which this entity confirms the information provided in this report, the Company shall publish immediately after receiving it.

Simultaneously, the Company informs that the Supervisory Board immediately shall start the process of selecting an entity authorized to audit the statutory financial statements, to audit separate and consolidated annual as well as separate and consolidated interim financial statements of Qumak S.A. and Capital Group Qumak.

Selection shall be made in accordance with the Policy and Procedure of Qumak S.A. within the scope of selection of an entity authorized to audit statutory financial statements, and on its result the Company shall inform immediately.

Legal grounds:

RMF of 19 February 2009 on current and periodic information, §5 section 1 point 20