Warszawa, stycznia 2010 r

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 2010. The following projects are
conducted as part of “The Privatisation Programme for the years 2008-2011”, 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 2009. 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 2010. 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 2010. 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

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 www.msp.gov.pl 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 2010. 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 2010.
/ - /
Aleksander Grad
Minister of Treasury

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
management
100%/up to 85% To be decided
25.
TON Agro S.A. (Towarzystwo Obrotu Property 100%/up to
Nieruchomościami Agro S.A.)
management
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
management
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