Results of sale of Shares Sold and results of subscription for Series M Shares

Polish Energy Partners Spółka Akcyjna (hereinafter referred to as “the Company”) hereby informs that:

1. Public subscription for Shares Sold took place on 25 April – 4 May 2005.
Series Sold were allocated by Introducing Brokers on 4 May 2005.

10,651,440 of Shares Sold were offered in the public sale by Introducing Brokers in two tranches: Individual Tranche: 2,130,288 Shares Sold; Institutional Tranche: 8,521,152 Shares Sold.
Average subscription rate in the Individual Tranche – 41.36%.

6,094,004 Shares Sold were subscribed for in the public sale, including:
– Individual Tranche: 3,633,004 Shares Sold,
– Institutional Tranche: 2,461,000 Shares Sold,

4,591,288 Shares Sold were allocated to investors, including;
– Individual Tranche: 2,130,288 Shares Sold,
– Institutional Tranche: 2,461,000 Shares Sold,

Selling price of Shares Sold: PLN 7.80.

Number of investors who subscribed for Shares Sold:
– Individual Tranche: 645,
– Institutional Tranche: 12.

Number of investors who were allocated Shares Sold:
– Individual Tranche: 645,
– Institutional Tranche: 12.

Value of public sale of Shares Sold: PLN 35,812,046.40.

Estimated total cost of the issue amounted to PLN 2,230,831.00, including:
– costs of preparation and management of the offering – PLN 985,687.53
– Underwriter’s fee – PLN 121,038.47
– costs of the Prospectus – including cost of experts’ opinion – PLN 865,465
– cost of promotion of the offering – PLN 258,640.

Out of the total costs of the offering, PLN 757,839 will be charged into financial expenses. The remaining costs (PLN 1,472,992) will be covered by Introducing Brokers.

The average cost of the public sale per one Share Sold was PLN 0.486.

2. Subscription for Series M Shares took place on 25 April – 4 May 2005.
Series M Shares were allocated on 4 May 2005.
3 subscriptions for 182,359 Series D Shares were filed.
182,359 Series M Shares were allocated in the subscription:
– Mr. Grzegorz Skarżyński took hold of 42,908 (forty-two thousand nine hundred and eight) registered Series M Shares;
– Mrs. Anna Kwarcińska took hold of 42,908 (forty-two thousand nine hundred and eight) registered Series M Shares;
– Mr. Robert Stelmaszczyk took hold of 96,543 (ninety-six thousand five hundred and forty-two) registered Series M Shares.

The per-share issue price for Series M Shares was PLN 2.00.
Subscription for Series M Shares was not managed under any Investment Underwriting or Stand-by Underwriting Agreement.
The value of subscription for Series C Shares was PLN 364,718.
The total cost of issue of Series D Shares was charged to the cost of sale of Shares Sold.

Legal basis:
§ 37 section 1 of the Ordinance by the Council of Ministers on current and interim information provided by issuers of securities – closing the sale or subscription

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