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www.kwbadamow.com.pl www.msp.gov.pl

KOPALNIA WGLA BRUNATNEGO ADAMÓW S.A.

SEATED IN TUREK

BRANCH: LIGNITE MINING

The Company deals with the exploitation of lignite deposits for the needs of the 600 MW Adamów power plant which makes a part of Zespól Elektrowni PtnówAdamów-Konin S.A. The Company's yearly output amounts to approx. 4.5 million Mg of lignite. The exploitation is conducted by the strip mining method in the area of three open pits: Adamów, Komin and Wladyslawów with the use of specialised stock of machinery designed for moving large amounts of excavated material. The Company's objective is to supply fuel for the production of electricity at competitive prices as compared with other energy carriers. The Company pursues this objective by continually improving its performance indexes: production output per one employee (from 18 710 m3 of excavated material /1 employee in 2007 to 20 317 m3/1 employee in 2008) and income per one employee (from PLN 144 600/1 employee in 2007 to PLN 146 300/1 employee in 2008). Despite the relatively unfavourable geological conditions of lignite deposition as compared to the average in the industry, the Company maintains a high level of operational performance measured as the average income per production unit (PLN 57.33/Mg in 2008 as compared to the average in the industry at the level of PLN 64.27/Mg) and amount of extracted material per one employee (20 317 m3/1 employee in 2008 at KWB Adamów S.A. as compared to the industrial average at the level of 16 655 m3/1 employee). The Company is one of four lignite mines in Poland that extract lignite for the production of electricity. Its share in the domestic lignite extraction amounts to 8% when maintaining the extraction capacity at the yearly level of 4.5-5.2 million Mg. The Company's development strategy for the next 5 years assumes that supplies of lignite to the Adamów power plant will be maintained to ensure its continuous operation and that there is potential for developing new lignite deposits.

Ministry of Treasury Krucza 36/Wspólna 6 00-522 Warsaw Poland

[email protected]

PLANNED PRIVATISATION 100% of the shares of the Company is held by the Treasury. It is planned to sell 85% of the Company's shares by means of negotiations undertaken on the basis of a public invitation. Up to 15% of shares will be transferred to the employees. The Ministry of Treasury intends to offer the Company's shares together with a 50% stake of Zespól Elektrowni Ptnów-AdamówKonin S.A. and a majority stake of Kopalnia Wgla Brunatnego Konin S.A. seated in Kleczew. The privatisation process is scheduled for 2010. Privatisation advisor: KPMG Advisory Sp. z o. o. PERFORMANCE In thousand PLN

REVENUES EBITDA NET RESULT

2006

253 800.0 45 400.0 19 400.0

2007

258 600.0 47 400.0

2008

254 100.0 30 500.0 6 100.0

18 900.0

EMPLOYMENT INITIAL CAPITAL

1 728 employees PLN 120 000 000

CONTACT INFORMATION

Kopalna Wgla Brunatnego Adamów S.A.

Uniejowska 9 62-700 Turek Tel. (+48 63) 278 73 02 Fax (+48 63) 278 51 09 www.kwbadamow.com.pl Region: wielkopolskie

Ministry of Treasury Investor Relations Centre

Tel. (+48 22) 695 90 01 Tel. (+48 22) 695 90 02 [email protected] www.msp.gov.pl

This leaflet contains only introductory information which does not constitute any invitation or offer to sell, invest in or trade, nor does it constitute any invitation to place any offer to purchase, invest in or trade the securities. The information presented herein is up to date as on the date of publication (1 September 2009).

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