SUPPLEMENT TO THE 37/2011 REPORT

Polish Energy Partners S.A. (“PEP”), in reference to the report no. 37/2011, hereby provides additional information concerning impacts of the transaction described in the above report on PEP’s results. The transaction’s impact on individual and consolidated level of adjusted EBIDTA for 2011 is approx. PLN 51.8 million, it will also influence individual and consolidated net result in 2011 by approx. PLN 35.8 million. The above net result reflects discounted value of future remuneration payments. Net result, without the discount, is approx. PLN 41.9 million. The discount, which reduces net result in the 4th quarter of 2011 amounts to approx. PLN 6.1 million, will be recognized in net results for subsequent reporting periods. Permits necessary for the construction of power lines transferring energy generated in the Klukowo/Samborsko Wind Farm, are to be delivered by PEP by the end of the 1st semester of 2012, which is a mandatory condition for payment of the first remuneration installment (90%).