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