NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA.

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1 NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA. This press release is an advertisement and not a prospectus within the meaning of the applicable laws. This press release is not an offer to sell securities or the solicitation an offer to buy securities. Any offer of securities to the public referred to in this press release will be made only on the basis of information contained in the Polish-language prospectus (the Prospectus ) to be published in due course by Zespół Elektrowni Pątnów-Adamów-Konin S.A. in connection with the planned initial public offering of its ordinary shares in Poland and its intention to list its ordinary shares on the Warsaw Stock Exchange. The Prospectus will, following its approval by the Polish Financial Supervision Authority and publication, be available on the Company s website and on the website of Dom Maklerski PKO Banku Polskiego. For Immediate Release 26 September 2012 Zespół Elektrowni Pątnów-Adamów-Konin S.A. announces the State Treasury of the Republic of Poland s intention to conduct an Initial Public Offering of the Company s shares and its intention to list on the Warsaw Stock Exchange Zespół Elektrowni Pątnów-Adamów-Konin S.A. ( ZE PAK or the "Company, and together with its subsidiaries ZE PAK Group ), the fifth largest power generation company in Poland by installed capacity and production, today announces the intention by the State Treasury of the Republic of Poland (the Selling Shareholder ) to conduct an initial public offering of the Company s shares in Poland (the Offering ) and the Company s intention to seek admission to list on the main market of the Warsaw Stock Exchange. The Company ZE PAK is the fifth largest Polish electricity generator in terms of installed generation capacity and electricity generation with a market share of approximately 6.9% in In 2011, it generated consolidated revenues of approximately PLN2,689m (approximately EUR672m) and EBITDA of approximately PLN769m (approximately EUR192m) representing a 29% EBITDA margin 1. In July 2012 the Company completed the acquisition of two lignite mines, PAK KWB Konin S.A. ( KWBK ) and PAK KWB Adamow S.A. ( KWBA ), which provide approximately 95% of total fuel and 100% of lignite to ZE PAK Group. Following the acquisition, ZE PAK Group is an integrated power generator with its own lignite resources. The Group s core operations include the following: Power and heat generation (primary operation with 86% share in ZE PAK Group s sales revenue in 2011) Lignite mining (two lignite mines which are almost exclusively extracting lignite for ZE PAK 1 EBITDA is defined and calculated as operating profit/(loss)(calculated as net profit/(loss) for the year, adjusted for: (i) income tax expense; (ii) finance income and (iii) finance costs) adjusted for depreciation/amortization (disclosed in the consolidated income statement) and impairment write-downs against property, plant and equipment; EBITDA margin is defined and calculated as EBITDA divided by sales revenue; EUR amount calculated based on PLN/EUR exchange rate of 4:1.

2 Group s power units after KWBA and KWBK acquisition) Wholesale of electricity The total gross installed generating capacity of ZE PAK Group amounts to 2,462 MWe, with total lignite reserves of 129 million tonnes under JORC methodology and KWBK anticipated economic resources up to 318 million tonnes. In 2011, the Company produced net approximately 10.1 TWh of electricity and approximately 2,062 TJ of heat, and two lignite mines extracted a total of 13.8 million tonnes of lignite. ZE Pak Group produces electricity also by co-burning lignite and biomass as a result of which ZE PAK Group was entitled to green certificates in ZE PAK Group sells electricity originating from its own production as well as electricity purchased from the wholesale market. In 2011, ZE PAK Group s sales of electricity totalled 11.2 TWh, which constituted an approximately 7.5% share in the total volume of electricity on the Polish market. The largest consumers of energy generated by the Company are distribution companies, which purchase energy on the basis of annual contracts (top 5 customers accounted for approximately 55% of sales in 2011 by volume of energy sold). The Company provides base load for the Polish power system. The Offering In the Offering, the Selling Shareholder expects to sell existing ordinary shares constituting its entire stake in the Company and representing up to 50% of the Company's existing share capital. Credit Suisse, ING, JP Morgan and UniCredit are acting as Joint Global Coordinators and Joint Bookrunners; Espirito Santo Investment Bank, Ipopema and Trigon are acting as Joint Bookrunners and DM PKO BP is acting as Offering Agent and Joint Bookrunner. The Offering in Poland and admission and introduction to listing on the main market operated by the Warsaw Stock Exchange are subject to receipt of all necessary regulatory approvals, including the relevant registrations, approvals and/or notifications by the Polish Financial Supervision Authority, registration with the Polish National Depository for Securities and admission to trading on the main market of the Warsaw Stock Exchange. The Offering will be addressed to institutional investors and retail investors in Poland and to eligible institutional investors outside Poland. The Offering is expected to be completed in the course of the fourth quarter of 2012, subject to market conditions. The other major shareholder of the Company is Mr. Zygmunt Solorz-Żak who indirectly through its affiliates, including Elektrim S.A., holds the shares in the Company representing % of the share capital and voting rights. Inquiries: Credit Suisse Tel: Aneta Kocemba ING Andrzej Olszewski Tel: Nathalie Bachich Tel: JP Morgan Paul Mihailovitch Tel: Jakub Leonkiewicz Tel: UniCredit Tel: Tomasz Witczak / Piotr Rudzki DM PKO BP Tel Piotr Rusiecki

3 Neither this press release nor any copy of it may be taken or transmitted in or into the United States, South Africa, Australia, Canada or Japan. This press release does not comprise a prospectus for the purposes of Directive 2003/71/EC and does not contain or constitute or form part of any offer or invitation, or any solicitation of an offer, for securities and should not be relied on in connection with any contract or commitment whatsoever. The Offering and the distribution of this press release and other information in connection with the Offering in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This press release is not an offer for sale of securities of the Company in the United States. Securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of The Company has not registered and does not intend to register any portion of the Offering in the United States or to conduct a public offering of any securities in the United States. Copies of this press release are not being, and should not be, distributed or sent into the United States. This press release is directed only at (i) persons who are outside the United Kingdom, (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the "Order'") and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order or (iv) other persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the Offering may lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons'"). Any investment activity to which this press release relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. The Offering will not be made to the public in the United Kingdom. This press release is for promotional purposes only and under no circumstances shall constitute an offer or invitation, of form the basis for a decision, to invest in the securities of the Company. The Prospectus prepared in connection with the Offering and admission and introduction of the Company s shares to trading on the main market of the Warsaw Stock Exchange will be the sole legally binding document containing information about the Company and the Offering in Poland. The Company will be authorized to carry out the Offering to the public in Poland once the Prospectus has been approved by the Polish Financial Supervision Authority and published. For the purposes of the Offering in Poland and the admission and introduction of the Company's shares to trading on the main market of the Warsaw Stock Exchange, the Company will make the Prospectus available on the Company s website ( and on the website of DM PKO BP ( This press release does not constitute a recommendation within the meaning of the Regulation of the Polish Minister of Finance Regarding Information Constituting Recommendations Concerning Financial Instruments or Issuers Thereof dated October 19, No reliance may be placed for any purpose whatsoever on the information contained in this press release, any verbal discussion thereof, and such information may not be complete or accurate. Acquiring investments to which this press release elates may expose an investor to a significant risk of losing all of the amount invested. Persons considering investment should consult an authorized person specializing in advising on such investments. Credit Suisse, ING, JP Morgan, UniCredit, Espirito Santo Investment Bank, DM PKO BP, Ipopema and Trigon are acting for the Selling Shareholder and the Company and no one else in connection with the Offering, and will not be responsible to anyone other than the Selling Shareholder and the Company for providing the protections afforded to their clients nor for providing advice in connection with the Offering. Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. You can identify forward-looking statements by terms such as expect, believe, anticipate, estimate, intend, will, could, may or might or other similar expressions. The Company wishes to caution you that these statements are only predictions and that actual events or results may differ materially. The Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or

4 to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of the Company, including risks specifically related to the Company and its operations.

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