UPL Polska Sp. z o.o. 8

Notes to the financial statements

for the period from 1 April 2015 to 31 March 2016

1 Receivables and claims Current year Previous year

Other entities: - -

taxation, state subsidy and social security receivables - 14 457,07

other debts - 2 587,59

Total receivables and claims - 17 044,66

2 Equity

3 Retained earnings (losses) brought forward Current year Previous year

Balance at the beginning of period 10 145,03 (152 575,65)

Balance at the beginning of period after adjustments 10 145,03 (152 575,65)

Balance at the end of period 10 145,03 (152 575,65)

4 Net profit (loss) for the year

5 Short-term accruals

6 Sales revenue Current year Previous year

(a) Analysis of sales revenue

Sales of goods for resale - -

Total sales revenue - -

Management Board proposal of covering the loss of the Company for 2015/2016 will be presented at the Annual

General Meeting of Shareholders.

Current year Previous year

Shareholders Number of shares Nominal value Number of shares Nominal value

UPL EUROPE LTD 100 5 000,00 100 5 000,00

Total 100 5 000,00 100,00 5 000,00

As at 1 April 2015 Increases Utilisation Decreases

As at 31 March

2016

Other provisions 18 687,60 18 141,84 (18 687,60) 18 141,84

Total accruals and deferred income 18 687,60 18 141,84 18 687,60 - - 18 141,84

UPL Polska Sp. z o.o. 9

Notes to the financial statements

for the period from 1 April 2015 to 31 March 2016

7 Corporate Income Tax Current year Previous year

Accounting Tax Reconciliations

Tax rate 19%

Current Taxation

Profit/(loss) before tax (29 019,10) 187 526,68

Permanent differences between accounting profit/(loss) and taxable profits: 2 135,72 35 605,99

Costs and losses which are excluded from income-earning costs by taxation

legislation, including: 2 135,72 35 605,99

Write-offs of receivables or overdue receivables 1 908,59 10 354,94

rounding 0,53 0,25

other 226,60 25 250,80

Profit/(loss) after adjustment for permanent differences (26 883,38) 223 132,67

Temporary differences between accounting profit/(loss) and taxable profits: 12 528,96 (12 451,78)

New differences arising during the period 31 216,56 18 687,60

decreases, including: 31 216,56 18 687,60

On temporary differences relating to write downs of assets 13 074,72 -Accruals 18 141,84 18 687,60

Prior period temporary differences utilised (18 687,60) (31 139,38)

decreases, including: (18 687,60) (38 236,51)

Accruals (18 687,60) (16 985,80)

Financial costs - (21 250,71)

increases, including: - 7 097,13

Financial income - 7 097,13

Taxable income (14 354,42) 210 680,89

Tax base (14 354,42) 130 557,50

Corporate Income Tax - 24 806,00

8 Tax movement

Corporate Tax liability as at 31.03.2015 24 806,00

Payment during 2015/2016 (24 806,00)

Corporate Tax liability as at 31.03.2016 -

9 Average number of employees

The Company does not employ staff.

UPL Polska Sp. z o.o. 10

Notes to the financial statements

for the period from 1 April 2015 to 31 March 2016

10 Transactions with related parties Current year Previous year

Receivables

UPL EUROPE LTD - -

Liabilities

UPL EUROPE LTD - 29 449,98

Liabilities write off

UPL EUROPE LTD 29 449,98 251 736,11

Loan write off

Agrichem Polska Sp. z o.o. - 10 354,97

Income

UPL EUROPE LTD - -

Purchases

UPL EUROPE LTD - -

11 Exchange rates used for valuation of items in foreign currencies Current year

EUR 4,2684

GBP 5,4078

12 Group exchange rates Current year

EUR 4,25650

GBP 5,38050

13 Other information

All other disclosure requirements contained in Schedule 1 of the Accounting Act of 29 September 1994 are not

applicable.