POLAND Privatisation Plan & Investment Opportunities
Capital Markets Department
March 2013
Poland – a distinctive economy…
GDP: 0.0% GDP: 2.0% GDP: 3.3% Inflation: 2.8% Inflation: 3.7% Inflation: 3.0% • 8th economy in the EU, 22nd economy Population: 63m Population: 38m Population: 3m
world-wide by GDP GDP: 0.9% GDP: -1.0% Inflation: 2.0% Inflation: 3.3% Population: 11m Population: 82m GDP: 2.0% • Largest economy in the CEE region and among Inflation: 3.7% new EU countries Population: 5m GDP: 0.0% Inflation: 2.0% GDP: 0.2% Population: 63m Inflation: 3.3% • Avoided recession over the last 20 years Population: 21m
GDP: -3.2% • Healthy banking sector: Inflation: 2.8% Population: 11m GDP: 0.6% Inflation: 2.5% • Loans to deposits ratio: 111.3% (Sep ’12) Population: 6m GDP: -1.5% Inflation: 5.7% GDP: -6.6% GDP: -1.4% Population: 10m Inflation: 1.5% • Inflation: 2.4% Population: 11m Tier 1: 12.7% (Sep ’12) Population: 46m • Balanced GDP composition
Cumulative GDP growth(a) 2008-2012
16,9 20 10,5 6,2 5,6 3,8 3,6 10 3,1 2,3 1,7 1,6 1,3 0,2 0 -0,3 -10 -0,7 -1,0 -2,3 -2,3 -3,3 -4,1 -4,2 -4,5 -4,8 -5,7 -6,2 -6,5 -20 -11,0
-30 -22,0
Italy
Spain
Malta
Latvia
Cyprus
Ireland
Poland
Greece
Austria
Finland
Estonia
Sweden
Bulgaria
Belgium
Slovakia
Slovenia
Hungary
Portugal
Romania
Germany
Denmark
Lithuania
Netherlands
Luxembourg
CzechRepublic
EuropeanUnion UnitedKingdom
Source: (a) Global Insight’s World Overview 2 Stimulus packages contribute to economic stability and development
► EUR 67bn up to 2013 EU funds ► 84% of EU funds already allocated* inflow
Government Infrastructure stimulus spending
► Wide range of fiscal and pension reforms to ► Government spending reduce public finance forecast 2009-2012:
deficit to ca. 3% of GDP for roads EUR 23bn and public debt to 52% for rail EUR 4bn of GDP in 2012
► Significant FDI inflows to ► The Energy Information Foreign Direct Poland: EUR 68.6bn Shale gas Administration estimates Investments (2006-2011) Poland’s shale gas resources at 5.23tcm**
Source: Ministry of Transport, Construction and Maritime Economy, National Bank of Poland, National Cohesion Strategy, EIU report as of March 2012. Note: Currency conversion based on USD/PLN exchange rate of 3.1891 as of May 4 2012 * December 2012 ** Trillion cubic metres
3 Driving forces of Polish economy
CEE FDI (2006-2010) (EUR bn) Real GDP growth (%)(a)
70 64 60 6,8 6,3 47 50 5,3 5,1 4,3 4,4 4,7 3,9 3,6 3,9 3,6 40 35 2,8 1,6 2,0 30 25 1,2 1,4 1,1 18 20 10 13
10 6
2011
2007
2012
2001 2010
2003
2005
2002
2004 2008
2006 2009
2017E
2013E
2015E
2014E 2016E 0 Czech Hungary Lithuania Romania Slovakia Poland Austria Greece Rep. Poland European Union
Contribution to GDP (y/y%) Spending power
8 GDP per capita in USD thousands 6 43,2 4.5% 36,7 4 32,9 2 23,4 10.0% 21,5 0 13,9 -2 12,7 5,7 -4 -6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2003 2008 2012 2017 2010 2011 2012 Net exports Inventories Investments Poland European Union CAGR Consumption GDP
Source: (a) Global Insight World Overview; UNCTAD, Ministry of Finance, Ministry of Regional Development 4 Stable monetary policy…
Prudent monetary policy National Bank of Poland interest rates (%)
• Inflation 7,0 National Bank of Poland’s medium term inflation target 6,0 2.5% 1 percentage point (since 2004) 5,0 Dec 2012: 2.4% y/y (core inflation 1.7% y/y) 4,0 3.25% 2016 e: 2.3% 3,0 Avg CPI inflation : 3.1% (since 2004) 2,0 • Interest rate cut by 50bp to 3.25% (6 March 2013) 1,0 • GDP forecasts: 1.1% - 2013; 2.8% - 2014 0,0 Jan-08 Nov-08 Sep-09 Jul-10 May-11 Mar-12 Jan-13
Inflation Forecast (%) FX Developments
7 5 6 4.89 4 5 4.19 4 3 2.3% 3.09 3
2 2
1 1 Dec-05 May-07 Oct-08 Mar-10 Aug-11 Jan-13 sty-09 sty-10 sty-11 sty-12 sty-13 sty-14 sty-15 sty-16 EUR/PLN USD/PLN GBP/PLN
Source: National Bank of Poland, Global Insight World Overview, Ministry of Finance 5 … and fiscal policy
Key drivers behind fiscal policy
• A widening fiscal deficit in 2009 and 2010 related to automatic stabilizers, tax cuts and accumulation of large infrastructure projects in 2009-2012 (mainly EURO 2012) • Expenditure (mainly infrastructure) financed by EU funds made up over 10% of total expenditure • Since 2011 a strategy of systematic deficit reduction has been in place • Government deficit expected to fall to 3.4% of GDP in 2012, 3.1% of GDP in 2013 • Government targets: ‐ public debt/GDP to fall to 51.4% in 2013; 2015 expected slightly above 50% ‐ 2013 target budget deficit PLN 35.6bn – actual deficit levels tend to be below budget
Budget deficit execution (PLN bn) Government budget balance (% GDP)
60 52 2008 2009 2010 2011 2012f 2013f 45 50 45 0,0% 41 40 40 35 35 -1,0% 31 27 27 32 28 30 -2,0% 30 25 24 24 25 -3,0% 20 16 -3.1% -4,0% -3.4% 10 -3.7% -5,0% 0 -5.0% 2004 2005 2006 2007 2008 2009 2010 2011 2012f* -6,0% -7,0% Deficits assumed in Budget Acts Actual deficits -8,0% -7.4% .-7.8% -9,0%
Source: Ministry of Finance ; (a) The Convergence Programme – 2011 update 6
Privatisation via the Stock Exchange
Polish Privatisation Programme 2012–2013
Privatisation Programme . ca. 260 companies earmarked for privatisation (e.g. energy, food, transport, metallurgy, chemicals, services, coal mining, real-estate, defence, agriculture)
. The Ministry intends to sell off all of its holdings in 85% of companies included in the Privatisation Programme
. The Ministry will retain majority/controlling stakes in companies of strategic importance (mainly energy, financial and defence companies)
. Privatisation proceeds in 2012 of €2.2bn, estimated €1.2bn in 2013
Privatisation Methods Capital Markets Trade Sale
. IPO and follow-on offerings . Negotiations following a public pipeline invitation, public tender, public . Civic Shareholding auction . Direct sale to secure know-how The intention is to retain and consolidated ownership decision-making and intellectual . Price is the only selection criterion capital creation in Poland. . Additional investor commitments
8 Strengthening Warsaw as a regional financial centre
Domestic Issuers International Issuers 43 on the main market / 8 on the alternative 395 market. Listings from 20 countries including: Hungary, Slovenia, Ukraine, Israel, Lithuania, 434 Bulgaria, Estonia, France, UK.
POLAND’S CAPITAL MARKET MAIN MARKET
NEWCONNECT PKOBP • International trading flows - 15,3% Other non-State CATALYST with approx. 50% of all trading 26,6% volume generated by DERIVATIVES – options & futures international investors KGHM LOTOS 14,5% • Domestic institutional 1,5% JSW investors (pension funds (OFE), 2,1% BOGDANKA 2,6% mutual funds, asset managers) TAURON 2,6% PZU • Active retail investor segment (18% 0f trading PGNIG 13,3% 5,3% PGE PKNORLEN flows on WSE main market) 6,6% 9,7% WIG 20 – privatised core companies Global and Domestic Investors
Source: Warsaw Stock Exchange and NewConnect websites, as of February 27, 2013 9 Warsaw Stock Exchange
Stable and Vibrant Platform to Raise Capital and partnership with NYSE
Market Capitalisation (EURm) – Jan 2013 Number of New Companies Listed (2010-2012)
700 000 649 482 91 600 000 500 000 400 000 300 000 230 061 25 20 200 000 131 183 82 262 36 789 2 2 1 1 0 0 0 100 000 26 013 16 668 12 810 5 351 4 061
0
Poland
Greece
Austria
Istanbul
Bulgaria
Slovakia
Hungary
Romania
CzechRep. MICEX / RTS MICEX
Capitalisation of domestic companies as % of GDP Turnover ratio
60% 56% 160% 139% 50% 140% 41% 120% 40% 36% 100% 30% 26% 80% 18% 52% 51% 17% 16% 60% 42% 41% 20% 13% 37% 9% 40% 26% 25% 10% 6% 20% 8% 5% 0% 0%
Source: FESE, WFE, WSE 10 Domestic Pension Funds - a key liquidity driver of WSE
Continued Inflow of Funds Despite Recent Changes to the Pension System Pension Funds (a)* - AUM Mutual Funds (a)* - AUM
EUR bn mn EUR bn 35,0 mn 14.9 15.5 15,9 27,9 13,8 14.4 27,5 13,1 11,7 12,4 22,5 56 57 64 17,8 45 35 34 29 3,3 21 2,5 2,5 2,4 1,94
2005 2006 2007 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 N0. of N0. of Funds: 15 15 15 14 14 14 14 14 Funds: 492 547 638 675 766
Assets Under Management Clients Assets Under Management Clients Retail Investors Contribute to WSE Market Liquidity (b) Number15 of brokerage15 15accounts 14 in Poland14 14 14 (c) (‘000) WSE Equity - Turnover Breakdown (%)
1% 1% 30% 36% 10% 43% 47% 47% 48% 1 477 1 498 1 508 1 133 1 029 37% 39% 34% 35% 34%
18% 27% 19% 18% 18%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Individual Institutional International Annual growth of the total number of brokerage accounts
(a) KNF-Financial Supervision Authority - statistics, Chamber of Fund and Asset Management * PLN/EUR: PLN 4.1658 ( b) WSE internet portal, KNF-Polish Financial Supervision Authority - statistics, KDPW, Chamber of Fund and Asset Management ( c) WSE 11
Polish Retail Investors
Unique Support for Liquidity across WSE Segments
Akcjonariat Obywatelski (Civic Shareholding Programme) - a long term programme initiated by the Ministry of Treasury during the IPO of PZU and further developed during the privatisation of Tauron, WSE and JSW
The aim is to increase the participation of Polish individuals in the domestic capital markets and Privatisation Programme, and also to encourage Poles to actively manage their savings
Successful participation in IPOs
Company PGE PZU Tauron WSE JSW IPO Date Oct- 2009 May-2010 Jun-2010 Oct-2010 Jul-2011
No of subscribers 85,ooo 250,000 230,000 323,000 168,000
Today individual investors generate ca. 18% of trading flows of WSE Main market 77% of trading flows on NewConnect 46% of trading flows in future contracts 64% of trading flows in options
12
Key Investment Opportunities – Privatisation Programme
Privatisation via the Stock Exchange
Market Current Target Privatisation Plan 2012-2013 Company Sector cap. (€m)* stake stake . Many companies earmarked for privatisation are already listed on Ciech Chemicals 264.7 39% 0% the WSE Azoty Tarnow Chemicals 1,347.9 45% 33% ENEA Energy 1,607.8 52% 0% . Timeframe dependant on market PGE(b) Energy 7,536.4 62% 50% conditions PKO BP(b) Financial 10,393.5 31% 25% PZU(b) Financial 8,455.6 35% 25% WSE Financial 425.5 35% 0% Key Sectors PHN S.A. Real Estate 249.4 75% 0% JSW(a) Mining - Coal 2,744.6 56% 34% . Chemical Energa Energy Not listed 84% 0% . Energy Kompania Węglowa(a) Mining - Coal Not listed 100% 50% . Financial institutions Katowicki Holding Węglowy(a) Mining - Coal Not listed 100% 50% . Mining * as at March 2013 (a) Companies under the supervision of the Ministry of Economy (b) Strategic companies
14 Strategic Companies
Market Current Target Strategic Companies Company Sector cap. (€m)* stake stake . The Treasury has identified core companies which are considered to be of strategic PGE Energy 7,536.4 62% 50% importance to the country Tauron Energy 1,950.0 30% 25% PKO BP Financial 10,393.5 31% 25% . The Treasury will sell tranches but will retain majority/controlling stakes PZU Financial 8,455.6 35% 25% Metals & KGHM 8,230.4 32% 32% . The priority is to increase corporate governance Mining standards, professionalism, transparency and PGNiG Oil & Gas 8,102.7 72% 72% quality in those companies PKN Orlen Oil & Gas 5,605.5 28% 28% Grupa Lotos Oil & Gas 1,291.5 53% 53%
* as at March 2013 Professional Management and Supervisory Board selection procedures Apply Best Practice in Corporate Governance . To assure professional management and supervision of Compensation and Incentive Schemes for Management companies . The goal is to create long-term value for all shareholders
Corporate governance of publicly listed state-owned companies
WSE’s Code of Best Practice for listed companies
15 Company Overview (1)
Energy Sector
Enea (ENA) Energa Polska Grupa Energetyczna The company’s operations are based on Energy generation, distribution and trading Poland’s largest power producer and supplier, electricity trading, generation and distribution. company - provides electricity to 2.5 m and one of the biggest heat and energy Its distribution network covers 20% of the households, ca. 300,000 companies (17% companies in CEE. Due to a combination of its country. It is the 3rd largest energy group in market share). Energa’s distribution covers own fuel resources (lignite), power generation Poland with total production capacity of 3,189 one-quarter of Poland’s area. The company and final distribution networks, PGE guarantees MW. generates ca. 4.5 mn MWh of electricity in safe and stable power supply to over 5 million 54 manufacturing facilities. Energa’s households, businesses and institutions. installed capacity is ca. 1,200 MW (3% market share).
Energy Sector Coal Mining Sector Real Estate
Polski Holding Nieruchomości (PHN) Tauron Polska Energia (TPE) Jastrzębska Spółka Węglowa One of the biggest commercial real estate The second largest domestic producer of The largest producer of high quality coking companies in CEE. It was established as a result electricity in Poland and one of the largest coal and a significant coke producer in the of consolidation of state owned companies business entities in Poland. TAURON Group’s European Union. The Company is also a linked to the real estate market. Ultimately it activities include : coal mining, electricity producer of steam coal, sold mainly to will change its business profile into three generation from conventional and renewable power plants and CHP plants. segments: office, commercial and logistics. sources, electricity distribution, and electricity supply to retail customers.
16 Company Overview (2)
Financial Sector
PKO BP Powszechny Zakład Ubezpieczeń Warsaw Stock Exchange (GPW) PKO BP is Poland's largest bank and one of the PZU is the largest insurance group in the CEE in WSE is the largest securities exchange in oldest in continuous operation. In recent years terms of written premiums (PFSA). It has a CEE. It is one of the most dynamically the bank has consolidated its market broad range of insurance and financial growing capital markets in Europe. The WSE leadership. It operates the largest banking products. PZU is the market leader in Polish operates a regulated market of equity and network in Poland with over 1,200 branches and property and casualty insurance in terms of derivative instruments, and the alternative nearly 2,000 smaller outlets. gross written premiums (33% market share), stock market NewConnect for growing and life insurance (26% market share). companies.
Copper & Silver Sector Oil & Gas Sector
Grupa Lotos KGHM Polska Miedź Polskie Górnictwo Naftowe PKN Orlen One of the largest producers of copper i Gazownictwo PKN ORLEN is one of Central Lotos Group is a vertically and silver in the world. KGHM possesses integrated oil company, PGNiG is the largest Polish oil Europe’s largest refiners of crude its own copper ore deposit and its own whose business encompasses and gas exploration and oil. The company specialises in integrated production structure, exploration for and production company. It is a processing crude oil into world- comprising three mines, two copper production of crude oil, leader in natural gas segments class unleaded petrol, diesel, smelters, a wire rod plant and auxiliary processing of crude oil, as in Poland and the largest heating oil, and aviation fuel, as units supporting the core business. well as wholesale and retail importer of natural gas. well as plastics and other KGHM acquired Canadian Quadra FNX petroleum related products. sale of high-quality petroleum Mining in March 2012 through which it products. now has operations in Arizona, Canada and Chile.
17 Company Overview (3)
Chemical Sector
In July 2012 ZA Tarnow announced its acquisition of ZA Pulawy. Both companies stand to benefit from significant synergies. Following the transaction, the Ministry of Treasury may dispose part of its stake in the combined entity. Significant increase in value for shareholders is expected due to the possible synergies and size of the combined entity.
Grupa Azoty Tarnow (ATT) Ciech
The Group is Poland’s largest chemical company and Ciech Group is one of the Europe’s chemical market leaders. Europe’s second largest producer of mineral fertilisers. It It comprises over 40 companies and counts itself among the leads the way in terms of expertise and technology in many 50 largest business organisations in Poland. areas. Its core competencies are in the field of structural materials, nitrogenous and multi-component fertilizers, OXO The main products of the Group are: alcohols and plasticizers and pigments. • soda ash (the second largest producer in Europe); • epoxy & polyester resins; In February 2013, Grupa Azoty and ZA Puławy launched a • plant protection chemicals and fertilisers; consolidation project with the aim of creating strong and • other chemical products which are used in the glass, stable foundations for the largest Polish chemical group. furniture, chemical, food, agriculture and construction It also produces a large number of other chemical products, industries. renowned on both domestic and international markets. The company is the country’s sole producer of polyacetal.
18
„Polish Investment Programme”
Investment Programme (”IP”)
Overview Expenditure . Announced by the Prime Minister on 12th Oct. • Planned infrastrucure expenditure till 2020 is 2012 estimated at EUR 100-120bn (PLN 400-500bn)
. Aims to stimulate investments into infrastructure • IP’s target co-financing of ca. EUR 10bn by 2015 by bridging the gap in available financing on the Polish market - long-term loans, guarantees, equity
. An investment vehicle with a fund like structure
. The IP is to be managed on a commercial basis
. To finance the IP, State Treasury’s assets will be released to BGK and the new investment vehicle (Polish Investments for Development)
. The Privatisation Plan remains unchanged revenues generated from privatisation will be transferred to the IP
20 Investment Programme: Structure
21 Investment Programme: Summary
22 Energy Projects: Overview
Asset Location Contracts / tenders for new power blocks (2012) (a)
Total Investments: €16.5-18.3bn FSB Kulczyk Investments 2x1,000 MW Północ 3,0 - 3,5 2,000MW 860MW PGE 240MW 400-500MW 2,2 2x900 MW 3,000MW Opole Enea Kozienice 1,3 900-1,000 MW Tauron 800-900 MW 135MW 850-1,000MW Jaworzno III 1,3 Północ PGE 460 MW Turów 0,6 Grudziądz Tauron/PGNiG Bydgoszcz 400 MW 900-1,000MW Stalowa Wola 0,4 460MW Włocławek PKN Orlen 0,4 400-500 MW Gorzów Włocławek EDF 136 MW 1,8 900 MW Kozienice Rybnik Turów Puławy PGE 240 MW Opole Lublin Bydgoszcz 1,1 PGE 1,800MW 0,6 136 MW Jaworzno III Stalowa Lublin Blachownia Wola PGE 135 MW 840MW Gorzów 0,6 Rybnik Energa/FSB 860 MW 840MW Grudziądz 0,8 Tauron/KGHM 900MW 800-900MW 400MW 840 MW Blachowania 0,7 ZA Puławy/PGE 840 MW Puławy 0,7 nuclear hard coal gas-steam lignite 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 Contracts to be signed in 2012 Tenders to be announced in 2012
Target energy mix in 2030(b)
Total 2030E capacity: 46.4 GW
Water Industrial Lignite, 25.3% Renewable, 23.0% Coal, 20.3% Gas, 12.6% Nuclear, 9.7% 5.4% 3.7%
Source: Equity research, Wood Mackenzie. (a) Estimate, based on average cost of development of gas-steam block PLN 2bn per 1MW. Note: Represents capacity additions of public companies only; PLN/EUR= 4.1857 (b) Forecast update of demand on fuel and energy by 2030, analysis prepared by ARE for MoE to update the Energy Policy by 2030 23 Shale Gas: Overview
Key considerations
. Poland is one of the leading potential shale gas . 2007 to 2010 saw a major land rush to the region plays outside of North America due to scale, with ca. 16m acres licensed or applied for along technical merits and favourable macro conditions the shale trend . EIA estimates for Poland: 792tcf (trillion cubic . The largest acreage holders are PGNiG, PKN feet) / 5.23tcm of gas Orlen, Chevron, Marathon and ConocoPhillips (111 licenses granted so far) . Polish Geological Institute estimates: 1.92tcm . 39 wells have been drilled to date, all have had extensive sections of gas shows; however, activity levels are set for dramatic uptick in the next 18 months with c.30 wells planned Shale gas resources in selected regions . Favourable tax and legal regime for investors
(tcf) Gas in place, incl. technically/recoverable resources . Production of shale gas on a small scale is 2000 1,861 planned for 2014, with industrial production by 1500 2015.
1000 792 720 589 . Potential deposits of tight gas are located in 500 265 267 196 Wielkopolska region 504 187 180 147 0 65 53 45 Central Poland France Scandinavia E. Europe Morocco Other W. North Africa Europe
Technically recoverable resources
Source: EIA “World Shale Gas Resources”, April 2011. 24
Appendix 1 – Company Descriptions
Energa Sector: Energy Not listed, planned IPO in 2013
Company overview Key financial data (€m)
• Holding company engaged in energy generation, distribution and FYE -Dec 2009 2010 2011 trading Revenue 1 996 2 170 2 423 % growth 8.7% 8.8% 11.6% • Provides electricity to 2.5 million households and more than 300,000 EBIT 209 195 193 companies - 17% market share % margin 10% 9% 8% • Generates more than 4.5 million MWh of electricity in 54 EBITDA 251 336 350 manufacturing facilities % margin 12.6% 15.5% 14.4% Net income 101 149 157 • Energa Group’s installed capacity is ca. 1200 MW - 3% market share % margin 5.1% 6.9% 6.5% Total assets 2 604 3 008 3 257 Equity 1 758 1 893 1 885
Source: Company data Source: Company data Note: PLN/EUR= 4.1991
Shareholder strucure Revenue breakdown – by segment (2011)
Other Other 15.82% State 9% Treasury Generation 84.18% 10% Distribution 31%
Trading 50%
Source: Company data 26 Polski Holding Nieruchomości Sector: Real estate
Company overview Key financial data (€m)
• Listed on WSE since February 2013 (ticker: PHN-WA) FYE -Dec 2009 2010 2011 • Market cap: EUR 0.2bn (Mar 2013) Revenue 54.2 62.9 51.8 % growth n.a. 16.1% -17.8% EBIT -84.9 16.0 -44.8 • PHN is one of the leading real estate companies in Poland in terms of % margin n.a. 25.5% n.a. the portfolio value EBITDA -83.5 17.4 -43.8 • Established in 2011 as a result of consolidation of state-owned % margin n.a. 27.6% n.a. companies Net income -71.7 13.0 -36.3 % margin n.a. 20.6% n.a. • Company manages 150 properties in attractive locations and over Total assets 662.6 660.4 613.3 1,100ha land bank Equity 531.5 536.2 499.4
Source: Company data Source: Company data Note: PLN/EUR= 4.1432
Share price performance (PLN) Shareholder structure Portfolio structure (Sep ‘12)
Total: € 0.5bn 25,0 Legal Free float issues(a) 19,95% State 7,0% 24,5 Treasury 75% Land bank 21,9% Aviva OFE 24,0 5,05%
23,5 Residential Commercial 9,6% 61,5% 23,0 Feb-13 Feb-13
Source: Euromoney Source: Company data; (a) Properties with legal issues and positive outlook 27 Azoty Tarnow Sector: Chemical
In July 2012 Azoty Tarnów announced its acquisition of ZA Pulawy. Both companies stand to benefit from significant synergies. Following the transaction, the Ministry of Treasury may dispose part of its stake in the combined entity. Significant increase in value for shareholders is expected due to the possible synergies and size of the combined entity. Company overview Key financial data (€m)
• Listed on WSE since 2008 (ticker: ATT-WA) FYE -Dec 2009 2010 2011 • Market Cap: EUR 1.3bn (Mar 2013) Revenue 290.2 454.4 1,275.3 % growth n.a. 56.6% 180.7% • Azoty Tarnów is one of Poland’s largest chemical groups EBIT (3.4) 100.9 138.9 • Key product groups include: % margin n.a. 22.2% 10.9% ‐ Nitrogen fertilisers: calcium ammonium nitrate, ammonium nitrate, EBITDA 15.9 122.9 184.0 ammonium sulphate nitrate, ammonium sulphate and urea % margin 5.5% 27.1% 14.4% ‐ Polyamide, poly-oxy-methylene and caprolactam Net income (0.9) 95.7 119.2 ‐ Oxo-alcohols, plasticisers and maleic anhydride % margin n.a. 21.1% 9.3% • In 2010, Azoty Tarnów acquired a 52% stake in its peer ZA Kędzierzyn Total assets 385 821 1,108 for PLN150m and a further 41% in 2011 for PLN200m Equity 271 493 706 Source: Company data Source: Company data Note: PLN/EUR= 4.1991
Share price performance (PLN) Shareholder structure Revenue breakdown (2011)
60 State Total: €784m Free float Treasury Plastics Fertilisers 28,78% 45,13% 23.2% 50 48.4%
40
Aviva OFE 30 6,45% Oxo W. Kantor alcohols ING OFE 9,68% 19.9% 20 9,96% Mar-12 May-12 Aug-12 Nov-12 Feb-13 Other Pigment 5.6% 2.8% Source: Euromoney Source: Company data 28 Ciech Sector: Chemical
Company overview Key financial data (€m)
• Listed on WSE since 2005 (ticker: CIE-WA) FYE-Dec 2009 2010 2011 • Market Cap: EUR 0.3bn (Mar 2013) Revenue 812.6 870.7 953.8 % growth n.a. 7.2% 9.5% • Established in 1945, Ciech is one of the largest chemicals producer in Poland EBIT 32.7 and the CEE region, and the second largest soda ash manufacturer in Europe 32.6 25.5 % margin 4.0% • It has a diversified business portfolio which consists of the Soda Division, the 3.7% 2.7% Organic Division (TDI, EPI, epoxy resins), and the Agro Division (pesticides) EBITDA 84.0 85.9 78.6 % margin 10.3% • The Company has successfully undergone a restructuring process, having 9.9% 8.2% achieved PLN550m out of PLN650m target Net income (23.7) 5.3 3.2 • In February 2011, the Company conducted a capital increase (with reduction % margin n.a. 0.6% 0.3% rate in additional subscriptions of c. 94%.) raising c. PLN 440m (c. €110m) on Total assets 978 993 911 the capital markets Equity 208 215 293 Source: Company data Source: Company data, excluding discontinued operations Note: PLN/EUR= 4.1991
Share price performance (PLN) Shareholder structure Revenue breakdown (2011)
30 Total: €954m Other Agro, Silicates & 3.1% 25 State Other Glass Treasury 16.1% 47.79% 38,67% 20 Soda 42.1%
15
ING Organic PZU 10 7.59% 38.7% Mar-12 May-12 Aug-12 Nov-12 Feb-13 5.95%
Source: Euromoney Source: Company data Company data: Dec-2011, excl.discontinued operations
29 PKO Bank Polski Sector: Financial
Company overview Key financial data (€m)
• Listed on WSE since 2004 (ticker: PKO-WA) FYE-Dec 2009 2010 2011
• Market Cap: EUR 10.4bn (Mar 2013) Net interest income 1,207 1,557 1,818
Total income 2,119 2,436 2,667 • PKO Bank Polski is the largest commercial bank in Poland Net income 551 768 910 • The bank provides comprehensive retail, private and personal, SME and Shareholders' equity 4,882 5,103 5,452 corporate banking services CI 47.9% 41.7% 39.6% • Over 6.1m clients have access to the banks services via 1,201 branches, 1,560 ROE (a) 11.3% 15.1% 17.5% agencies, and c. 2,400 ATMs Loans/ Deposits 96.3% 98.3% 96.7% • Leading position on the retail market with c. 19.5% market share in the loans Tier 1 capital 9.7% 11.3% 13.3% market and c. 22.5% in the deposits market Total assets 38,110 42,896 42,746 • PKO operates predominantly in Poland, but also is present in Ukraine and Equity 33,142 37,495 37,632 Great Britain Source: Company data Source: Company data Note PLN/EUR= 4.1991; (a) Calculation based on average shareholders equity for past four quarters
Share price performance (PLN) Shareholder structure Net Income (2011)
40 Total: €910m
Other State Corporates 56.74% Treasury 9.4% Retail 31.39% 62.7% 35
30 Aviva OFE 6.71% Investment ING OFE Banking 25 5.16% 27.9% Mar-12 May-12 Aug-12 Nov-12 Feb-13
Source: Euromoney Source: Company data 30 PZU Sector: Insurance
Company overview Key financial data (€m)
• Listed on WSE since May 2010 (ticker: PZU.WA) FYE-Dec 2009 2010 2011 Gross Written Premium 3,431 3,475 3 ,650 • Market Cap: EUR 8.5bn (Mar 2013) Non-life Insurance 1,917 1,919 2, 037 Life Insurance 1,515 1,556 1, 613 • PZU is the largest insurance company in the region Investment Result 829 665 381 Operating Profit 1,099 738 707 • Leading position in the Polish insurance market in both life and non-life Non-life Insurance 650 863 652 segments with 43.4% and 34.9% market share respectively (2010) Non-life Ins. (excl. dividend 311 118 received) 177 • PZU also operates Poland’s third-biggest pension fund (14% market Life Insurance 784 617 449 share) Net Profit 899 583 560 ROE 24.0% 20.3% 18.3% • Although PZU focuses on the Polish market where it generates over 98% Total assets 12,954 12,811 11,682 of its premiums, it also has subsidiaries in Lithuania and Ukraine Equity 2,744 3,236 2,884
Source: Company data Source: Company data Note: PLN/EUR= 4.1991
Gross Written Premium Share price performance (PLN) Shareholder structure structure (2011)
Total: €3,650m 500
State Group & Treasury Motor retail continued 35,19% 27.0% 400 40.4%
Motor 300 Free float 59,77% corporate 6.9% ING OFE 5,04% Other life Other non-life 200 5.6% 20.1% Mar-12 May-12 Aug-12 Nov-12 Feb-13
Source: Euromoney Source: Company data as of Dec-2011 31 Warsaw Stock Exchange Sector: Financial
Company overview Key financial data (€m)
• Listed on WSE since November 2011 (ticker GPW-WA) FYE -Dec 2009 2010 2011 • Market Cap: EUR 0.4bn (Mar 2013) Revenue 48 54 64 % growth 8.0% 13.1% 18.9% EBIT 19 22 32 • WSE is the largest national stock exchange in the CEE region % margin 39.9% 40.7% 49.7% • Key statistics (Dec 2012) EBITDA 22 26 36 ‐ EUR 176bn market cap (Main Market) % margin 47.1% 48.1% 55.5% EUR 2.6bn market cap (NewConnect - Alternative) Net income 24 23 32 ‐ 864 listed companies (437– Main Market, 427 – NewConnect) % margin 50.5% 42.0% 49.9% ‐ EUR 139bn issue value of Catalyst bond market Total assets 257 141 164 Equity 127 133 118
Source: Company data Source: Company data Note: PLN/EUR= 4.1991
Share price performance (PLN) Shareholder structure Revenue breakdown (2011)
50 Total: €64 m Listing Other 8.7% 2.2% 45 State Treasury Information 35.0%* services 40 13.6%
35 Other 65.0% Trading 75.5% 30 Mar-12 May-12 Aug-12 Nov-12 Feb-13 * Voting rights: 51.7% Source: Euromoney Source: Company data as of Dec-2011 32 KGHM Polska Miedź Sector: Copper/Silver
Company overview Key financial data (€m)
• Listed on WSE since July 1997 (ticker KGH-WA) FYE -Dec 2009 2010 2011 (a) • Market cap: EUR 8.2bn (Mar 2013) Revenue 2,896 4,131 5,287 % growth -4.2% 42.7% 28.0% • KGHM is the number one European copper producer and the world’s EBIT 640 1,325 3,146 third largest silver producer % margin 22.1% 32.1% 59.5% • The company possesses its own copper ore deposit with estimated EBITDA 818 1,526 3,347 additional 40 years of mine life % margin 28.2% 36.9% 63.3% • Operates 3 mines with 29 shafts, as well as 3 smelter facilities and has Net income 556 1,126 2,632 4 exploration projects in the pipeline % margin 19.2% 27.3% 49.8% • KGHM increased its international presence through its 2012 Total assets 3,627 5,370 6,847 acquisition of Canadian mining company, Quadra Equity 2,576 3,772
Source: Company data Source: Company data; (a) Unaudited financial data ; Note: PLN/EUR= 4.1991
Share price performance (PLN) Shareholder structure Revenue breakdown (2011)
200 Total: €5.3bn Other Trading 180 0.5% State 11.2% Treasury Investment in 160 31.8% portfolio companies 140 11.9%
120 Other 68.2% 100 Metal Production Mar-12 May-12 Aug-12 Nov-12 Feb-13 76.4%
Source: Euromoney (a) Production of copper, precious metals, and other smelter products Source: Company data as of Dec-2011 (four quarters) 33 Grupa Lotos Sector: Oil & Gas
Company overview Key financial data (€m)
(a) • Listed on WSE since June 2005 (ticker LTS-WA) FYE -Dec 2009 2010 2011 • Market Cap: EUR 1.3bn (Mar 2013) Revenue 3,421 4,702 6,990 % growth -12.1% 37.4% 48.7% • Grupa Lotos is the second largest refining group in Poland EBIT 100 182 243 % margin 2.9% 3.9% 3.5% • The company also runs the second largest chain of fuel stations in EBITDA 168 276 384 Poland (369 - 2011) % margin 4.9% 5.9% 5.5% Net income 218 163 156 • Lotos owns upstream assets in the Baltic Sea (Pertrobaltic, Geonafta) % margin 6.4% 3.5% 2.2% and the Norwegian Sea Total assets 3,709 4,482 4,576 Equity 1,667 1,900 1,744
Source: Company data Source: Company data ; (a) Unaudited financial data ; Note: PLN/EUR= 4.1991
Share price performance (PLN) Shareholder structure EBITDA breakdown (2010)
Total: €275.5m 50
State Upstream Other Treasury 3.4% 0.8% 53.2% 40
Other 46.8% 30
20 Downstream Mar-12 May-12 Aug-12 Nov-12 Feb-13 95.8%
Source: Euromoney Source: Company data as of 2010 34 PKN Orlen Sector: Oil & Gas
Company overview Key financial data (€m)
(a) • Listed on WSE since November 1999 (ticker: PKN-WA) FYE -Dec 2009 2010 2011 • Market cap: EUR 5.6bn (Mar 2013) Revenue 16,229 19,960 25,557 % growth -14.6% 23.0% 28.0% EBIT 262 746 777 • PKN Orlen is the largest refinery and petrochemical group in the CEE % margin 1.6% 3.7% 3.0% region by revenues EBITDA 874 1,325 1,346 • Operates 7 refineries, out of which 3 are located in Poland, 3 in the % margin 5.4% 6.6% 5.3% Czech Republic and 1 in Lithuania Net income 311 587 741 % margin 1.9% 2.9% 2.9% • The group’s retail network comprises approximately 2,600 outlets Total assets 11,957 12,933 13,162 offering services in Poland, Germany, the Czech Republic and Lithuania Equity 5,288 6,128 6,005
Source: Company data Source: Company data ; (a) Unaudited financial data ; Note: PLN/EUR= 4.1991
Share price performance (PLN) Shareholder structure Revenue breakdown (2011)
60 Total: €25.6bn
Other State 0.3% Treasury Petrochemical 27.50% 13.0% 50 Other 62.32%
Retail 40 ING 25.2% 5.08% Refining 61.5% Aviva 5.1% 30 Mar-12 May-12 Aug-12 Nov-12 Feb-13
Source: Euromoney Source: Company data as of Dec 2011 35 PGNiG Sector: Oil & Gas
Company overview Key financial data (€m)
• Listed on WSE since September 2005 (ticker PGN-WA) FYE -Dec 2009 2010 2011 • Market Cap: EUR 8.1bn (Mar 2013) Revenue 4,618 5,084 5 ,496 % growth 4.9% 10.1% 8.1% • PGNiG Group, a leader on the domestic market, is the only vertically EBIT 328 690 402.6 integrated company in the Polish gas sector with annual sales % margin 7.1% 13.6% 7.3% exceeding 14 billion cubic meters EBITDA 686 1,054 779 • The company is also active in crude-oil mining % margin 14.9% 20.7% 14.2% Net income 296 587 389 • The Group through its subisdiaries operates on both domestic and % margin 6.4% 11.5% 7.1% international markets (Denmark, Egypt, Kazakhstan, Norway, Total assets 7,570 8,676 Pakistan) 8,507 Equity 5,221 5,947 5,490
Source: Company data Source: Company data Note: PLN/EUR= 4.1991
Share price performance (PLN) Shareholder structure Revenue breakdown (2011)
6 Total: €5.5bn Distribution State Treasury Exploration and Other 0.6% 72.4% Production 27.6% 12.6% 5
4
Trade & storage 86.8% 3 Mar-12 May-12 Aug-12 Nov-12 Feb-13
Source: Euromoney Source: Company data as of 2011, sales to external clients 36 Enea Sector: Energy
Company overview Key financial data (€m)
(1) • Listed on WSE since 2008 (ticker: ENA-WA) FYE -Dec 2009 2010 2011 • Market Cap: EUR 1.6bn (Mar 2013) Revenue 1,709.0 1,872.3 2,315.0 % growth n.a 9.6% 23.7% • Enea is Poland’s third largest vertically integrated electricity utility EBIT 120.8 170.1 203.2 company % margin 7.1% 9.1% 8.8% • It operates a sizeable distribution network in north-western Poland EBITDA 278.8 326.0 373.1 delivering electricity to ca. 2.4 m customers % margin 16.3% 17.4% 16.1% Net income 122.7 152.8 191.2 • Enea’s generation portfolio comprises the largest hard coal-fired plant in Poland, the 2,900MW Kozienice plant as well as 56MW of hydro % margin 7.2% 8.2% 8.3% capacity Total assets 2,980 3,245 3,070 Equity 2,283 2,497 2,348
Source: Company data Source: Company data; Note: PLN/EUR= 4.1991; (1) Based on 4Q 2011 report.
Share price performance (PLN) Shareholder structure Revenue breakdown(2011)
20 Other State Treasury Distribution 7.50% Other 51.5% 18 29.8%
16
14
12 Vattenfall Generation 10 18.7% Trading 29.5% Mar-12 May-12 Aug-12 Nov-12 Feb-13 38.2%
Source: Euromoney Source: Company data; revenue before excise tax. 37 PGE Sector: Energy
Company overview Key financial data (€ m)
• Listed on WSE since 2009 (ticker: PGE-WA) FYE -Dec 2009 2010 2011 • Market Cap: EUR 7.5bn (Mar 2013) Revenue 5,166 4,892 6,716.0 % growth n.a. -5.3% 37.3% • Polska Grupa Energetyczna (PGE) is the largest utility player in Poland EBIT 1,277 1,000 990 and one of the largest companies in the energy sector in CEE % margin 24.7% 20.4% 14.7% • The company owns generation assets with total installed capacity of EBITDA 1,907 1,633 1,638 13.1GW as well as lignite mines with annual output of % margin 36.9% 33.4% 24.4% c. 48.9m tonnes Net income 1,036 867 1,188 • PGE has ca. 40% share in the generation market, c. 25% share in % margin 20.1% 17.7% 17.7% distribution and 5.1m clients Total assets 13,264 13,622 13,168 • Operations are mainly focussed in southern and central Poland Equity 9,464 9,495 9,227
Source: Company data Source: Company data Note: PLN/EUR= 4.1991
Share price performance (PLN) Shareholder structure Revenue breakdown(2011)
25 Total: €6.7 bn
State Conventional Treasury Renewables energy 62% 1.8% 45.6% 20 Other 38% Wholesale trading 2.7 15 Other 3.3%
Distribution 3.2% 10 Retail trading 43.4% Mar-12 May-12 Aug-12 Nov-12 Feb-13
Source: Euromoney Source: Company data
38 Tauron Polska Energia Sector: Energy
Company overview Key financial data (€m)
• Listed on WSE since June 2010 (ticker: TPE-WA) FYE –Dec 2009 2010 2011 Revenue 3,272 3,686 • Market Cap: EUR 2.0bn (Mar 2013) 4, 959 % growth 10.0% 12.7% 34.5% • Tauron Polska Energia is the second largest vertically integrated power EBIT 316 334 385 company in Poland with installed generation capacity of 5.5GW % margin 9.6% 9.1% 7.8% • Key statistics (2011) EBITDA 631 659 722 % margin 19.3% 17.9% ‐ 4.6 million tons of trading coal produced 14.6% Net income 227 237 296 ‐ 38.2 TWh of electric energy supplied % margin 6.9% 6.4% 6.0% ‐ 21.4 TWh net electric energy generated Total assets 5,397 5,924 6,367 ‐ 4.1m clients Equity 3,467 3,846 3,617
Source: Company data Source: Company data Note: PLN/EUR= 4.1991
Share price performance (PLN) Shareholder structure EBIT breakdown (2011)
Total: €385 m 60 State Generation Treasury 42.7% 30.1% Distribution 50 36.3%
40 Other 54.5% 30 KGHM 10.4%
Coal mining ING OFE Sale of energy 20 0.3% Other 5.1% 16.5% Mar-12 May-12 Aug-12 Nov-12 Feb-13 4.2%
Source: Euromoney Source: Company data 39 JSW Sector: Coking Coal Mining
Company overview Key financial data (€m)
• Listed on WSE since 2011 (ticker: JSW-WA) FYE -Dec 2009 2010 2011 • Market cap: EUR 2.7bn (Mar 2013) Revenue 1,067.9 1,741.4 1,710.8 % growth n.a. 63.1% n.a. • Jastrzębska Spółka Węglowa (JSW ) is the largest coking coal producer in EBIT (171.2) 465.1 378.5 the European Union % margin n.a. 26.7% 22.1% • JSW operates 5 underground mines located in Poland with total reserves EBITDA 8.1 661.9 521.4 of 552m tonnes of coal % margin 0.8% 38.0% 30.5% • Coking coal (mostly HCC) accounts for ca. 70% of JSW's output Net income (159.9) 358.8 264.6 • The company also owns coke production facilities with total capacity of % margin n.a. 20.6% 15.5% ca. 5m tonnes per annum Total assets 2,225 2,682 3,051 • JSW's customer base primarily consists of blue chip steel and energy Equity 1,169 1,542 1,892 producers operating within Central Europe Source: Company data Source: Company data ; Note: PLN/EUR= 4.1991
Share price performance (PLN) Shareholder structure(1) Revenue breakdown (2011)
110 Total: €1.7bn State Other 105 Treasury 2.7% 56% 100 Other 95 44%
90
Coal 85 55.2% Coking coal 80 42.1% Mar-12 May-12 Aug-12 Nov-12 Feb-13
Source: Euromoney Source: Company data as of Dec-2011. (1) State Treasury, including Employee Shares. 40 Katowicki Holding Węglowy Sector: Coal Mining Not listed, planned IPO
Company overview Key financial data (€m)
• KHW is one of the largest domestic and European producers of steam FYE -Dec 2009 2010 2011 coal Revenue 968 940 1,005 % growth 13% -3 % 7 % • KHW consists of 4 modern coal mines EBIT 57 39 64 • KHW holdings guarantee the stability of supply for at least 50 years % margin 6% 4% 6% • KHW domestic market share in coal mining is about 20 % EBITDA n/a 140 173 % margin n/a 15% 17% Net income 21.5 9 42 % margin 2.2% 1% 4% Total assets 1,147 1,127 1,121 Equity 315 323 357
Source: Company data Source: Company data; (a) Unaudited financial data ; Note: PLN/EUR= 4.1991
Shareholder structure Revenue breakdown (2011)
Total: €1bn Other 11.0% State Treasury 100% Coal 89.0%
Source: Company data Source: Company data (a) Production of copper, precious metals, and other smelter products
41 Kompania Węglowa Sector: Coal Mining Not listed, planned IPO
Company overview Key financial data (€m)
• KW produces, develops and distributes hydrocarbon products. It has FYE -Dec 2009 2010 2011 15 coal mines. Revenue 2518 2457 2,893 % growth 28% (2.5%) 18% • KW is the largest coal producer in Europe. EBIT (39) 22 136 • In 2010 KW’s production accounted for 29.5% of total coal % margin -1.5% 0.89% 4.7% EBITDA 176 219 335 production in the EU % margin 7% 8.8% 11.6% • It has about 50% market share in coal sales in Poland Net income 6 9,8 127 % margin 0.2% 0.4% 4.3% Total assets 2,427 2,786 2,819 Equity 357 595 702
Source: Company data Source: Company data ; (a) Unaudited financial data ; Note: PLN/EUR= 4.1991
Shareholder structure Revenue breakdown – by segment (2011)
Total €2.9 bn
Other 4.0% State Treasury 100%
Coal 96.0%
Source: Company data Source: Company data
42
Appendix 2 - Privatisation to date
Key transactions to date
Poland - one of the largest number of IPOs and ABOs in Europe (2009-2012)
ABB of the 34.3% stake sold IPO of a IPO of the Second stage of IPO of Poland’s 7.0% stake 11.75% stake leading global A 63.8% stake 12.1% stake by the MoT in a leading energy largest Polish privatisation. leading insurance 11.9% stake offered by offered by the copper product: sold by the offered by the $1.9bn IPO. group ($830m), energy group Sale of 16.05% company ($2.7bn). offered by the the Government 10% of MoT government Government in a Largest CEEMEA despite ($2.1bn). Ranked MoT shares on The largest IPO in Government in a Government and BGK in a shares ($723m). It into the market $112m IPO. IPO since April challenging as the largest the WSE through Europe since 2007. $449m ABO in a $940m $1.6bn ABO was the largest for $422m 2010, 5th largest market IPO in Europe Fully Marketed Largest ever IPO ABO ever ABB in CEE CEEMEA equity conditions for 2009 Offer ($379m) in CEE region region offering ever
Nov '08 Jun '09 Nov '09 Jan '10 Feb '10 Mar '10 Apr '10 May '10 Jun '10 Aug '10 Oct '10 Mar '11 May '11 Jun '11 Feb '12 Jul '12 Nov '12 Jan '13 Feb '13
Rights issue of PKO BP , the A 51 . 6 % stake IPO of Polski IPO of the The remaining largest Polish Sale of 10 % of Completion of of the second Holding leading thermal ABB of a 42 % stake in TP S.A., 10 . 8 % stake bank by assets shares of privatisation largest utility 10 % stake sold 7 . 0 % stake 50% stake sold Nieruchomości, coal miner stake sold by telecom company offered by the ( $ 1 . 6 bn ). leading oil & gas through sale of company in by the offered by the by the one of the ( $ 166 m ). the MoT and was sold on the Government in Opening of rights company 46 . 7 % shares Poland was Government in Government in Government in leading real Reopening of state bank BGK WSE on 5 August a $1.3 bn issue market for through ABB on through ABB floated on the $ 1 . 2 bn ABO a $ 799 m ABO a $220m IPO estate IPO market in ( $ 119 m ) 2010 ($292m) company in financial WSE ( $ 142 m ) ( $ 395 m ) WSE on 30 ABO on the WSE Europe Poland institutions in June ( $ 1 . 3 bn ) (PLN239m) Poland
44 Privatisation transactions – Completed
Privatisation revenues 2001-2013YTD (€ bn) 1)
5,3
3,2 2,5 2,2 1,6 1,6 1,0 0,9 0,7 0,5 0,6 0,2 0,2
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013YTD
2) Allocation of privatisation revenues Public sector contribution to Poland’s GDP
>75% 1. Entrepreneurs' Restructuring Fund -15% of privatisation revenues
2. Reprivatisation Fund - resources from the sale of the Treasury’s 5% stakes in companies formed as a result of commercialisation
3. State Treasury Fund - 2% of privatisation revenues 26% 19% 4. Polish Science and Technology Fund - 2% of privatisation revenues
5. Demographic Reserve Fund - 40% of gross privatisation revenues net of Reprivatisation Fund 1989 2000 2010
1) exchange rate 1 €= 4.1432PLN; 2) Polish Central Statistical Office 45 Contact us
Capital Markets Department Tel. (+48 22) 695 97 04 Fax (+48 22) 695 87 01 E-mail: [email protected]
Monika Bojarska, Investor Relations Tel. (+48 22) 695 90 90 Fax (+48 22) 695 87 01 E-mail: [email protected]
www.msp.gov.pl