VOLUME PROJECTION FOR 2012

Management Board of the Polish Energy Partners S.A. in Warsaw (“PEP”) publicly announces a volume projection depicting financial goals to be achieved by the Polish Energy Partners Group in 2012. All figures are presented below. Moreover, the Board wishes to inform that volume projection for 2011 will be successfully achieved by PEP. I. Projected results and forecasting horizon EBITDA – PLN 131 million Adjusted EBITDA, including interest on the lease of property and shares in profits generated by the wind farms – PLN 136 million Net Profit – PLN 74 million II. Volume projection’s base and significant assumptions The proposed volume projection for 2012 is based on individual forecasts of companies comprising PEP S.A. Capital Group, which have been prepared for 2012, including, without limitations, all the assumptions described below. The entire group’s profit from its operational activities will be higher compared to the level assumed for 2011. This is mainly due to commencement of construction works for Łukaszów and Modlikowice wind farms with total power of 58MW and the straw pellet production facility in the PEP Biomasa Energetyczna Wschód Group. The projection takes into account revenues from the sale of shares in developed wind power plants and financial incomes from partial discount reversion on the deferred payment for a project of the Klukowo/Samborsko Wind Farm. Development of other wind facilities with the total power of 154MW is to be completed in 2012. Also, the projection takes into account erection of wind farms producing total power of 80MW and construction of 30 MW biomass energy plant. According to the assumed principles, fixed PLN/EUR exchange rate has been agreed for the entire projection period. Therefore, the projection does not provide for currency translation profits/losses which may arise during balance sheet valuation of assets and liabilities. III. Monitoring method introduced by PEP S.A. to evaluate the potential for achievement of forecasted results. Evaluation of the potential for achievement of the projected financial results shall be carried out through the analysis of sales income and expenses incurred as well as analysis and update of current assumptions. IV. Periods during which PEP S.A. evaluates the potential for achievement of forecasted results and introduces possible adjustments to the projection PEP S.A. will monitor and evaluate the potential for achievement of projected financial results on the quarterly basis. Significant discrepancies in terms of projections will be announced as a current report. Possible adjustment to the projection will be prepared only after publication of periodic reports.