PBG Capital Group s Financial Results 3Q 2009

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1 PBG Capital Group s Financial Results 3Q 2009 Presentation: Jerzy Wiśniewski, CEO Przemysław Szkudlarczyk, CFO Warsaw, November 9, 2009 r.

2 Financial Highlights slajd 2/15 2 z 3 [PLN 000] 3Q2009 3Q2008 Change % y/y 3Q2009C 3Q2008C Change % y/y REVENUES % % GROSS PROFIT (LOSS) % % EBIT % % AMORTIZATION % % EBITDA % % NET PROFIT (LOSS) % % PARENT COMPANY PROFIT (LOSS) % % MINORITY SHAREHOLDERS PROFIT (LOSS) % % [PLN 000] As of As of Change % y/y ASSETS % EQUITY of the parent company % EARNINGS PER SHARE (EPS) 7,90 6,29 26% TOTAL DEBT: CREDITS AND LOANS % LONG-TERM CREDITS AND LOANS % SHORT-TERM CREDITS AND LOANS % BONDS % NET CASH % NET DEBT % BANK-INSURANCE LIMITS %

3 PBG Capital Group s Financial Results in 3Q 2009 [tpln] 3Q2009 3Q2008 change % y/y 3Q2009C 3Q2008C change % y/y 3/15 slajd 3 z 3 Other operating revenues [tpln] Revenues % % 3Q09C 3Q08C Costs % % Gross profit (loss) on sales % % Cost of sold products, goods & materials 0 0 0% 0 0 0% General and administrative costs % % Profit (loss) on sales % % Other operating revenues % % Other operating expenses % % Profit (loss) on operating activities % % Financial revenues % % revaluation of real estate Other operating expenses [tpln] write-offs amounts rental Q09C 3Q08C write-offs amounts compensations grants Financial expenses % % Other revenues/expenses from investments n/a n/a Financial revenues [tpln] 3Q09C 3Q08C Gross profit (loss) % % Income tax % % Net profit, including: % % exchange differences bank interest other interest parent company profit % % Financial expenses [tpln] - minority shareholders profit % % 3Q09C 3Q08C bank interest bonds interest exchange loss

4 Financial results of PBG SA in 3Q /15 slajd 4 z 3 [tpln] 3Q2009 3Q2008 change % y/y 3Q2009C 3Q2008C change % y/y Revenues % % Costs % % Gross profit (loss) on sales % % Cost of sold products, goods & materials 0 0 0% 0 0 0% General and administrative costs % % Profit (loss) on sales % % Other operating revenues % % Other operating expenses % % Profit (loss) on operating activities % % Financial revenues % % Financial expenses % % Other revenues/expenses from investments 0 0 0% % Gross profit (loss) % % Income tax % % Net profit % % MARGINS (%) 3Q2009 3Q2008 change % 3Q2009C 3Q2008C change % GROSS MARGIN ON SALES 18,7% 17,2% 1,5% 18,0% 18,9% -0,9% OPERATING MARGIN 17,1% 12,8% 4,3% 14,4% 13,2% 1,2% NET MARGIN 12,2% 9,7% 2,5% 11,2% 9,1% 2,1%

5 Results of HBP CG (HBP, HB9) slajd 5/15 5 z 3 HBP CG FINANCIAL RESULTS [tpln] MARGIN RESULTS % Revenues Gross profit (loss) Gross margin 9,7 Operating profit (loss) Operating margin 6,8 Net profit Net margin 5,8 HBP FINANCIAL RESULTS [tpln] HB9 FINANCIAL RESULTS [tpln] Revenues Gross profit (loss) Operating profit (loss) Net profit MARGIN RESULTS % Gross margin 5,9 Operating margin 3,2 Net margin 2,6 Revenues Gross profit (loss) Operating profit (loss) Net profit MARGIN RESULTS % Gross margin 16,0 Operating margin 14,4 Net margin 12,2

6 PBG Capital Group s Financial Results in 3Q2009C Business Profile REVENUES [tpln] slajd 6/15 6 z 3 SEGMENTS NATURAL GAS AND CRUDE OIL WATER INDUSTRIAL AND HOUSING ESTATE CONSTRUCTION FUELS ROADS OTHER GROSS MARGIN ON SALES IN 3Q 2009C (%) 22,0 9,5 15,9 6,4 16,1 40,2 GROSS MARGIN ON SALES IN 3Q 2008C (%) 19,2 10,0 17,1 18,9 15,5 36,8

7 PBG Group s Financial Highlights and forecast for the fiscal year 2009 [PLN 000] slajd 7/15 7 z 3

8 Structure of the PBG Capital Group slajd 8/15 8 z 3 -electricity production from little water power - water and sewage systems operator -under - ground parkings Employment in the PBG Capital Group 3643 (as of September 30, 2009)

9 The most important tenders for PBG CG slajd 9/15 9 z 3 Lp. Nazwa kontraktu Wartość 1. Construction of energy units for PGE Opole power station PLN 8-11 bn 2. Construction of LNG on-shore terminal in Świnoujscie EUR mln 3. Construction of S-8 road Wrocław-Psie Pole-Syców phase II PLN 1 bn 4. Construction of western bypass of Poznań city PLN 660 mln 5. Adjustment of OP boiler in PKE SA Jaworzno III Power Station for decreasing NOX emission PLN 250 mln 6. Water intake in Mosina PLN 218 mln 7. Construction of tram line of Fast Tram in Cracow PLN 200 mln 8. Modernization of waste water treatment plant Klimzowiec PLN 150 mln 9. Rebulding of Bukowska Street in Poznań PLN 140 mln 10. Construction of water and sewage infrastructure in Dąbrowa Górnicza PLN 130 mln 11. Installation for unloading, storage and transport of the biomass to the boiler 1, 2, 3, 4 in the PGE Bełchatów power station PLN 125 mln 12. Construction of oil-gas boilers in Zielona Góra power station PLN 100 mln 13. Construction of collector in Poznań PLN 85 mln

10 Submitted tenders and signed contracts ESTIMATED VALUE [mpln] slajd 10/15 z 3 3Q 2009C 2008 Submitted tenders , ,00 Signed contracts 3 118, ,00 % % Effectiveness of contracts canvassing 13% 19% ESTIMATED VALUE [mpln] Value of submitted tenders awaiting for settlement (as of November 2, 2009) 9 130,00 Value of tenders in preparation (as of November 2, 2009) ,00

11 PBG Group s backlog of orders slajd 11/15 z 3 BACKLOG OF ORDERS AS OF OCTOBER 1, 2009 Natural gas and crude oil 29,0% Water 26,9% Water and sewage systems 21,7% Hydro construction 1,8% Renovations 3,3% Industrial construction and housing estate 36,6% Fuels 5,9% Road construction 1,6% TOTAL 100% Backlog of orders VALUE [mpln] 5 300, YEARS 2010 and further 1 150, ,00

12 The most important events in the PBG CG in 3Q2009 Nr EVENT slajd 12/15 z Filing and admitting to the stock market and registartion of G series ordinary shares of PBG SA company. In the bonds issue frames conducted in June, PBG has canvassed PLN 190,3 mln; Replacement of priviledged A series shares for ordinary bearer shares proposed by main shareholder of PBG Mr Jerzy Wiśniewski and sales of shares on basic market in package deals for PLN 220 per share. Share of Mr Jerzy Wiśniewski dropped to 29,63% in initial capital and to 45,7% in the overall amount of votes at AGM; Conditional Investment Agreement with EnergomontaŜ Południe SA. This transaction is related to entering new, strategic sector of PBG CG activity which is connected with construction services for power energy sector. Estimated value of the transaction amounts PLN 61,2 mln; Company from the PBG Capital Group - INFRA SA sold all shares in its subsidiaries PRIS Sp. z o.o. and WIERTMAR Sp. z o.o. Transactions are related to the implementation of the PBG Capital Group's strategy; On 10th of September PBG company has made issue of another tranche of bonds in the current program frames with limit of debt up to PLN 500 mln. Agent of this transaction was ING Bank Śląski SA. Date of C series bonds redemmption, amounting PLN 375 mln, has been scheduled on 10th of September 2012; PBG s website has been awarded a title of the Issuer Golden Website - PBG's website was considered the best among the websites of the companies from WIG20 and mwig40 indexes; 7. The Best Annual Report PBG has been awarded second place prize in the contest for the best annual report of enterprises for year It has been also awarded a prize in two categories: 1) for the best report of the Board of Directors on the company's operations; 2) for the best use value of the annual report and for the best presentation of the annual report on the Internet; 8. E xceeding 5% threshold by AVIVA OFE; 9. E xceeding 5% threshold by PIONEER PEKAO INVESTMENT MANAGEMENT.

13 Potential Market slajd 13/15 z 3 NATURAL GAS CRUDE OIL POWER ENERGY PGNiG Group s investment plans for PLN 30 bn; Increase in domestic natural gas production from 4.3 bn m3 up to 5.5 bn m3- total PLN 1.25 bn; Increase in the capacity of underground gas storage facilities from the current 1.5 bn m3 to at least 5 bn m3 including construction of the Underground Storage in Daszewo (PLN 80 m) - total PLN 1.4 bn; Diversification of natural gas supply sources, including import of LNG starting from 1H2014 (ca 2,5 7,5bn m³ per annum) adaptation of Polish gas transmission system (PLN 2.5 bn); Investments in deposits in Norway PLN 3.2 bn; Construction of pipeline interconnections between the Polish and foreign gas systems (Norway); Spatial of Norwegian gas and oil deposits PLN 650 m; Spatial of deposits in RóŜańsko PLN 1 bn; Poland s Energy Policy until 2025 growing share of natural gas (as an environment friendly fuel) through its use in the commercial power sector and industry; Extend and modernisation of Polish gas system PLN 5 bn; GAZ-SYSTEM s investment plans for PLN 5,1 bn; construction of gas pipelines in the Northern and Western Poland (Świnoujście- Szczecin, Szczecin-Lwówek, Włocławek-Gdynia, Szczecin-Gdańsk); LNG onshore terminal in Świnoujście(EUR m); Gas pipelines (Jeleniów-Dziwiszów, Taczalin-Radakowice, Radakowice-Gałów and Polkowice-śary) PLN 700 m; Aurelian Gas & Oil investment plans for EUR 300 m; spatial of natural gas deposits near Poznań. PKN Orlen S.A. investment plans for PLN 21.7 bn; Lotos S.A. investment plans for PLN 6.15 bn; 10+ Program (increasing crude oil processing capacity from 6 m tons up to 10,5 m tons; increasing level of crude oil conversion; Construction of the crude oil pipelines from Ukraine to Poland. FUELS NATO s investments in Poland - total PLN 2 bn, including PLN 0.7 bn in fuel storage depots; Extension of PKN ORLEN s, OLPP s and PERN s fuel storage depots. Essential investments in Polish power energy sector - PLN 100 bn Current generating power of power stations is 34,5 GW => necessity of construction of 30 GW of new generating power (modernization and construction of new power plants); Energy coming from renewable energy sources in Poland amounts 7% => must be increased to 20% until 2020 (desulphurization and biomass burning installations); Investment plans of PGE, RWE, GdF Suez,Vattenfall,Enea; Construction of power units for PGE Opole power station PLN 8 11 bn.

14 Potential Market including EU co-financed projects slajd 14/15 z 3 WATER INFRASTRUCTURE ROADS INTERNATIONAL OPERATIONS EU funds for Poland EUR 4.5 bn in assigned mainly for water and wastewater installations; New EU funds for EUR 63 bn for Poland; Funds assigned for flood protection improvement projects increase in the capacity of storage reservoirs in Poland from ca 2 bn m³ to ca 3.3 bn m³, reconstruction of ca 1,000 km of embankments and river engineering (ca 4,000 km); Program for the ODRA River 2006 estimated total cost of main investment projects exceeds EUR 0.52 bn; The value of hydro engineering investment projects estimated by the Ministry of Environmental Protection totals EUR 6 bn, with the investment plans including: flood-safety structures in EUR 3.1 bn; levees in EUR m; Infrastructure & Environmental Operational Program with EUR 4.8 bn for environmental protection; Modernization of the dam in Wlocławek or construction of water station in Nieszawa or in Ciechocinek PLN 1,4 3,5 bn. EURO 2012 investment plans for PLN 2.9 bn: Underground parkings; Waste disposal plants in Poznań, Kraków, Olsztyn and Szczecin PLN 2.0 bn. Investment plans concerning roads construction for ca PLN 38,1 bn and for ca PLN 51 bn (PLN 40 bn granted from the UE funds); GDDKiA plans for the construction of over 1600 km of highways and 1700 km of expressways; Investment plans for roads construction connected with EURO 2012 football championship for EUR 19 bn: 636 km of highways; 2200km of expressways; 3993 km of national roads. Entering the foreign markets Bulgaria and Romania in the gas and environmental protection sector; Strategic cooperation with Foreign Partners; Increasing natural gas production in the Ukraine, modernization and reconstruction of gas transmission system; LNG installations and natural gas plants in Norway.

15 Disclaimer slajd 15/15 z 3 This presentation has been prepared by the PBG S.A. company. Data and information included in particular slides do not show full financial analysis and its aim is only informative. Detailed description of activity and financial situation of the PBG S.A. had been presented in current and financial reports which are available on website All data has been based on sources which the Company acknowledge reliable and verified. This presentation was not verified by an independent auditor. This presentation and slides connected with it may contain statements which refer to the future. However, these statements can not be perceived neither as forecasts of the Company nor assurance which concern expected future results of the Company.