Key milestones of PGE Group’s investment program, which are described below, should allow the Group to achieve its key strategic goals.

The 2009-2012 investment program provides for expenditures of approximately PLN 38.9 billion.

We intend to invest the above mentioned amount in following projects:

• approximately PLN 8.2 billion for the construction of new conventional, fossil fuel-fired power plants – as e.g. construction of the new Belchatow unit and further expansion projects in Opole, Turow and Rzeszow.
• approximately PLN 8.9 billion for the construction of renewable energy sources — onshore and offshore, biogas and biomass-based installations and small hydro power plants.
• approximately PLN 9.5 billion for the modernization of existing mining and generating assets. The aim of projects is to improve the thermal efficiency of new coal units compared to our older units and to limit CO2, NO2, SOx and other pollution emissions.
• approximately PLN 2 billion for investments in new generating technologies (mainly CCS and IGCC technologies), as well as for the preparatory works for the construction of nuclear power plants in Poland.
• approximately PLN 5.5 billion for the modernization and development of distribution assets. 

In our 2009-2012 investment program, we are planning to earmark up to an additional PLN 4.8 billion for acquisitions of selected businesses and JI/CDM projects, as well as wholesale and retail trade investments.

Given the specific nature of investment processes in the energy sector, the PGE Group is planning significant investments for longer periods, extending to ten-odd years. Taking into account the nature of the project development processes in the power sector, as well as their long-term development and implementation and also the changing economic and legal environments, it is possible that the PGE Group will decide that not all of the projects will reach the implementation stage.

This material is of a promotional nature only and does not in any way constitute an offer, invitation or any basis for making a decision regarding investment in securities of PGE Polska Grupa Energetyczna S.A (the “Company”). The Prospectus prepared in connection with the public offering and admission of the Company’s shares for trading on the Warsaw Stock Exchange, approved by the Polish Financial Supervision Authority, is the only legally binding document containing information on the Company and the public offering of its shares in Poland. The Prospectus is available on the Company’s Web site at the address www.pgesa.pl and on the Offeror’s Web site at the address www.caib.pl.

This document (as well as information included herein) does not include or constitute a sale offer of securities or an invitation to place a purchase offer of securities in the United States, Canada or Japan, or in any other jurisdiction where such an offer or invitation would be contrary to valid laws. No public offering of securities will be carried out in the United States.

Not for release, directly or indirectly, in or into the United States of America, Canada or Japan or disclosed to U.S Persons.

Statements included herein may constitute “forward-looking statements”. Forward-looking statements involve a number of known and unknown risks, uncertainties and other factors that could cause the Company’s or its industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company does not undertake publicly to update or revise any forward-looking statement that may be made herein, whether as a result of new information, future events or otherwise.