Translation from Polish. Ministry of Treasury of the Republic of Poland. Warsaw, 9 February 2010

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3 Translation from Polish Ministry of Treasury of the Republic of Poland Warsaw, 9 February 2010 With reference to our cooperation heretofore I would like to present the privatisation plans of the Ministry of Treasury of the Republic of Poland for the year The following projects are conducted as part of The Privatisation Programme for the years , under which over 600 state-owned companies are currently scheduled for privatisation. This ambitious plan is likely to succeed due to a fairly stable economic situation in Poland, which undergoes a velvet crisis and as one of few EU countries recorded GDP growth throughout the whole Poland is the regional leader because of its stable economy, high domestic demand and continuous flow of substantial funds from the EU. Poland is also considered to be an attractive country for investment due to competitive labour costs and a favourable tax system. The key sectors are power industry, financial institutions and the chemical sector. According to the privatisation plans of the Ministry, as a result of an agreement with Eureko BV the IPO of an insurance group PZU S.A. is planned in The IPO of an energy company Tauron Polska Energia S.A. is also scheduled for 2010, as well as privatisation of the Warsaw Stock Exchange. Within the power industry Enea S.A., Energa S.A. and Zespół Elektrowni Pątnów-Adamów- Konin S.A. are scheduled for privatisation in Shares of the energy group PGE Polska Grupa Energetyczna S.A. and a telecommunications company Telekomunikacja Polska S.A. will be sold on the stock exchange. In the chemical sector 2010 will bring the finalisation of the sale of the First Chemical Group, Zakłady Azotowe Puławy S.A. and Zakłady Chemiczne Police S.A. Other key projects include a coal mine Lubelski Węgiel Bogdanka S.A., two lignite mines: Kopalnia Węgla Brunatnego Konin S.A. and Kopalnia Węgla Brunatnego Adamów S.A., Bank

4 Gospodarki Żywnościowej S.A., Międzynarodowe Targi Poznańskie Sp. z o.o. international fairs, The Mint of Poland (Mennica Polska S.A.) and a press distributor Ruch S.A. To assist in the implementation of the programme the Ministry has taken a number of initiatives aimed at meeting investors expectations. The Ministry s website includes a regularly updated For Investors area and all information can be obtained by contacting the Investor Relations Centre, which has been established to better respond to information needs. I also kindly encourage you to subscribe our newsletter containing updated information about privatisation projects. Considering your interest in the Polish privatisation plans please find enclosed a list of major projects scheduled for I would like to thank you for cooperation and sincerely invite you to get a closer look at the unique investment opportunities offered by the Polish privatisation programme in / - / Aleksander Grad Minister of Treasury

5 KEY PRIVATISATION PROJECTS FOR THE YEAR 2010 No. Company Branch Treasury s stake /stake for sale 1. Enea S.A. Energy 76.48%/67.05% Procedure Sale on the WSE/negotiations 2. Tauron Polska Energia S.A. Energy 88.65%/10-35% Sale on the WSE 3. PGE Polska Grupa Energetyczna S.A. Energy 85%/10-35% Sale on the WSE 4. Energa S.A. Energy 91.28%/82.63% Negotiations 5. ZE PAK S.A. (Zespół Elektrowni Pątnów-Adamów-Konin S.A.) Energy 50%/50% Negotiations 6. EC Zabrze S.A. (Elektrociepłownia Zabrze S.A.) Energy 100%/85% Negotiations 7. LW Bogdanka S.A. Hard coal mine 60.53%/51% Public offer 8. KWB Adamów S.A. (Kopalnia Węgla Brunatnego Adamów S.A.) Lignite mine 100%/85% Negotiations 9. KWB Konin S.A. (Kopalnia Węgla Brunatnego Konin S.A.) Lignite mine 100%/85% Negotiations 10. WZK Victoria S.A. (Wałbrzyskie Zakłady Koksownicze Victoria S.A.) Coke works 100%/85% Negotiations 11. The Warsaw Stock Exchange (GPW 98.82%/51%- Stock exchange w Warszawie S.A.) 73.82%* To be decided 12. The Mint of Poland (Mennica Polska S.A.) Securities 31.64%/31.64% Public procedure 13. First Chemical Group: Ciech S.A., ZAK S.A. and ZAT S.A. (Zakłady Azotowe w Tarnowie S.A.) Chemical 36.68%/36.68%, 86.28%/85%, 52.56%/52.15% Negotiations 14. ZA Puławy S.A. (Zakłady Azotowe Chemical/nitrogen Puławy S.A.) works 50.68%/50.12% Public procedure 15. Zakłady Chemiczne Police S.A. Chemical works 59.41%/59.23% Public procedure 16. Grupa Lotos S.A. Petroleum 53,19%/** Lock-up** 17. KiZCS Siarkopol S.A. (Kopalnie i Sulphur mine Zakłady Chemiczne Siarki Siarkopol and works w Grzybowie S.A.) 100%/85% Public procedure 18. ZGH Bolesław S.A. (Zakłady Górniczo-Hutnicze Bolesław S.A.) 19. Centrozłom Wrocław S.A. Metallurgy /mining Metallurgy/metal processing 100%/85% Sale on the WSE /negotiations 100%/85% Negotiations Council of BGŻ S.A. (Bank Gospodarki 20. Banking 37.2%/37.2% Ministers consent Żywnościowej S.A.) /negotiations 21. TP S.A. (Telekomunikacja Polska S.A.) Telecommunications 4.15%/4.15% Sale on the WSE 22. Poznań International Fair (Międzynarodowe Targi Poznańskie Sp. z o.o.) International fair 60%/up to 60% To be decided 23. Ruch S.A. Press & FMCG 56.86%/up to Sale on the WSE distributor 56.63% /negotiations 24. Dipservice w Warszawie S.A. Property 100%/up to 85% To be decided 25. TON Agro S.A. (Towarzystwo Obrotu Property 100%/up to Nieruchomościami Agro S.A.) 100% To be decided 26. H. Cegielski Poznań S.A. Machine 100%/85% Negotiations 27. Nitroerg S.A. Defence 100%/85% Auction 28. Intraco S. A. Services/property 100%/up to 85% To be decided GAT S.A. (Gliwicka Agencja 29. Turystyczna S.A.) * new privatisation strategy to be developedas ** a 180-day lock-up as part of a transaction finalised in January 2010 Services/tourism 100%/100% Auction