THE FORECAST RESULTS FOR 2011

I. The forecast results and the period covered by the forecast

The Board of Directors of Polish Energy Partners S.A. in Warsaw hereby announces the forecast results of Polish Energy Partners Group in 2011, as presented below.

EBITDA – PLN 98 million

Adjusted EBITDA that covers the interest on the leased assets and the share in the profits of the wind

farms – PLN 102 million

Net profit – PLN 67 million

II. The basis and material assumptions of the forecast

The presented forecast for 2011 is based on the forecasts of the individual companies belonging to PEP S.A. Capital Group for the financial year 2011, including in particular the assumptions, as described below.

The operating profit of the entire Group will be higher than the level projected for 2010 among other things due to the full year of operations of the pellet manufacturing facility in Grupa PEP Biomasa Energetyczna, at the ultimate capacity level in the second half of 2011.

The profits made by Saturn CHP plant will grow due to the increased green energy production and energy prices rise.

The forecast results do not include the revenues from Jeziorna CHP plant which was sold on 31st December 2010.

The forecast includes the revenues from the sale of shares in the developed wind farms.

In 2011 the company intends to complete the development of the next wind farm projects of the aggregate power of approximately 170 MW. Moreover, the forecast assumes the commencement of construction of the wind farms of the aggregate power of 70 MW as well as the completion of construction of Łukaszów and Modlikowice wind farms of aggregate power of 58 MW. Due to the projected start-up of Łukaszów and Modlikowice wind farms at the end of 2011, their impact on the Group results in 2011 will be immaterial.

In accordance with the adopted principles, a fixed exchange rate of PLN/EUR was adopted for the entire period covered by the forecast. The forecast does not reflect any exchange rate differences from the balance sheet valuation of the assets and liabilities.

III. The manner of PEP S.A. monitoring of the prospects for generating the forecast results

The prospects for generating the planned financial results will be evaluated on the basis of analysis of sales revenues and expenditures as well as analysis and adjustment of the assumptions.

IV. Periods in which PEP S.A. will evaluate the prospects for generating the forecast results and make potential adjustments to the forecast

PEP S.A. will monitor and evaluate the prospects for generating the forecast financial results on a quarterly basis. The material discrepancies between the actual and projected results will be announced in the form of a current report. The potential adjustments to the forecast will be made following the publication of periodical reports.