Forecasts of financial results

I. Forecast results and period covered by the forecast

The Executive Board of Polish Energy Partners S.A. in Warsaw hereby publishes the forecast of its revenues from operations, including interest from lease of assets, net profit, estimated capital expenditure, and cash flows from operations of the Capital Group in 2005 adjusted by inflows from capital and debt instruments disclosed under other inflows from investments in the cash flow statement, as well as by investment VAT receivables.

1. Revenues from operations, including interest from lease of assets – net sale: PLN 64.8m (up by 22.3% vs. 2004)

2. Net profit: PLN 9.0m (up by 4.4% vs. 2004)

3. Adjusted cash flows from operations: PLN 40.9m (up by 25.1% vs. 2004)

4. Estimated capital expenditure: PLN 144.7m (up by 359% vs. 2004).

II. The basis and key assumptions of the forecast and method of its monitoring

This forecast is based on the approved financial plan of the Capital Group for 2005. The forecast covers financial results generated by the Capital Group companies as at 28 February 2005.

III. Time frame for the assessment of feasibility of forecast results and potential correction of the forecast by the Issuer

PEP S.A. will carry out monitoring and assessment of feasibility of forecast results on a quarterly basis. Any significant variations from the forecast will be published in the form of a current report. Assessment of feasibility of forecast financial results will be based on the analysis of revenues from sales and expenses. Any correction of the forecast will be made following the publication of relevant interim reports.

Legal basis:

§ 5 section 1 item 29 of the Ordinance by the Council of Ministers on current and interim information provided by issuers of securities – forecast

Signatures:

Anna Kwarcińska – Member of the Executive Board

Grzegorz Skarżyński – Vice President of the Executive Board