Corporate Governance Statement as per Best practices in public companies in 2005

Pursuant to §27 section 2 of the Rules of the Warsaw Stock Exchange, Polish Energy Partners Spółka Akcyjna (hereinafter referred to as “the Company”) hereby informs that the Company has adopted the Corporate Governance rules in line with the attached document Corporate Governance Statement as per Best practices in public companies in 2005.

Legal basis:
Rules of the official Stock Exchange market – other

Signatures:
Anna Kwarcińska – Member of the Executive Board
Grzegorz Skarżyński – Vice President of the Executive Board

Warsaw, 4 May 2005
Corporate Governance Statement

Pursuant to § 27 section 2 of the Rules of the Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie S.A.), Polish Energy Partners Spółka Akcyjna with its registered office in Warsaw (hereinafter referred to as “the Company”) hereby declares that the Company has introduced and is in compliance with all Rules presented in Best practices in public companies in 2005, i.e. the Corporate Governance rules for listed companies – issuers of shares, convertible bonds, or bonds with pre-emptive rights admitted to public trading on the official market, adopted and implemented under resolutions of the Supervisory Board of the Warsaw Stock Exchange No. 44/1062/2004 and of the Management Board of the Warsaw Stock Exchange No. 445/2004 of 15 December 2004, apart from Rules No. 20, 28 and 43 which have not been adopted by the Company. Annex 1 hereto presents justification for non-adoption of Rules No. 20, 28 and 43.

Corporate Governance Statement will be published on the Company’s website after the public offering of the Company’s shares is closed.

Zbigniew Prokopowicz
acting as the President of the Executive Board

Grzegorz Skarżyński
Vice President of the Executive Board

Anna Kwarcińska
Member of the Executive Board