PBG Capital Group s Financial Results 3Q 2009

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

Financial Highlights slajd 2/15 2 z 3 [PLN 000] 3Q2009 3Q2008 Change % y/y 3Q2009C 3Q2008C Change % y/y REVENUES 702 471 543 223 29% 1 651 055 1 370 043 20% GROSS PROFIT (LOSS) 90 924 81 741 11% 237 796 210 782 13% EBIT 66 139 57 750 14% 168 668 142 640 18% AMORTIZATION 12 334 11 391 8% 35 359 31 152 14% EBITDA 78 473 69 141 13% 204 027 173 792 17% NET PROFIT (LOSS) 43 343 44 783-3% 130 513 108 781 20% PARENT COMPANY PROFIT (LOSS) 38 936 34 540 13% 109 105 84 515 29% MINORITY SHAREHOLDERS PROFIT (LOSS) 4 407 10 243-57% 21 408 24 266-12% [PLN 000] As of 30.09.2009 As of 30.09.2008 Change % y/y ASSETS 3 869 070 2 660 469 45% EQUITY of the parent company 1 278 445 1 039 598 23% EARNINGS PER SHARE (EPS) 7,90 6,29 26% TOTAL DEBT: CREDITS AND LOANS 660 644 565 586 17% LONG-TERM CREDITS AND LOANS 110 572 114 141-3% SHORT-TERM CREDITS AND LOANS 550 072 451 445 22% BONDS 500 000 200 000 150% NET CASH 751 514 268 165 180% NET DEBT 409 130 497 421-18% BANK-INSURANCE LIMITS 2 585 000 2 289 000 13%

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 702 471 543 223 29% 1 651 055 1 370 043 20% 3Q09C 3Q08C Costs 611 547 461 482 32% 1 413 088 1 159 261 22% Gross profit (loss) on sales 90 924 81 741 11% 237 967 210 782 13% Cost of sold products, goods & materials 0 0 0% 0 0 0% General and administrative costs 23 010 27 640-17% 82 419 72 959 13% Profit (loss) on sales 67 914 54 101 25% 155 548 137 823 13% Other operating revenues 941 3 847-75% 26 370 9 568 176% Other operating expenses 2 716 198 1272% 13 250 4 751 179% Profit (loss) on operating activities 66 139 57 750 14% 168 668 142 640 18% Financial revenues 1 257 8 479-85% 19 073 24 545-22% revaluation of real estate Other operating expenses [tpln] 14 614 234 write-offs amounts 4 857 3 747 rental 2 060 2 357 3Q09C 3Q08C write-offs amounts 3 301 987 compensations 4 531 2 415 grants 1 943 898 Financial expenses 17 321 12 149 42% 43 093 44 299-3% Other revenues/expenses from investments 2 908 0 n/a 2 908 0 n/a Financial revenues [tpln] 3Q09C 3Q08C Gross profit (loss) 52 983 54 080-2% 147 556 122 886 20% Income tax 9 640 9 297 4% 17 043 14 105 21% Net profit, including: 43 343 44 783-3% 130 513 108 781 20% exchange differences 0 3 748 bank interest 8 492 12 651 other interest 8 556 5 088 - parent company profit 38 936 34 540 13% 109 105 84 515 29% Financial expenses [tpln] - minority shareholders profit 4 407 10 243-57% 21 408 24 266-12% 3Q09C 3Q08C bank interest 25 872 25 217 bonds interest 12 236 16 826 exchange loss 3 291 0

Financial results of PBG SA in 3Q 2009 4/15 slajd 4 z 3 [tpln] 3Q2009 3Q2008 change % y/y 3Q2009C 3Q2008C change % y/y Revenues 241 931 170 788 42% 532 861 374 755 42% Costs 196 636 141 289 39% 436 685 303 899 44% Gross profit (loss) on sales 45 295 29 499 54% 96 176 70 856 36% Cost of sold products, goods & materials 0 0 0% 0 0 0% General and administrative costs 6 169 8 406-27% 23 982 23 215 3% Profit (loss) on sales 39 126 21 093 85% 72 194 47 641 52% Other operating revenues 2 839 1 190 139% 6 291 3 244 94% Other operating expenses 506 483 5% 1 710 1 330 29% Profit (loss) on operating activities 41 459 21 800 90% 76 775 49 555 55% Financial revenues 7 566 4 728 60% 18 863 16 407 15% Financial expenses 11 726 6 809 72% 21 790 24 167-10% Other revenues/expenses from investments 0 0 0% 0 920 0% Gross profit (loss) 37 299 19 719 89% 73 848 42 715 73% Income tax 7 680 3 122 146% 14 119 8 520 66% Net profit 29 619 16 597 18% 59 729 34 195 75% 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%

Results of HBP CG (HBP, HB9) slajd 5/15 5 z 3 HBP CG FINANCIAL RESULTS [tpln] MARGIN RESULTS % Revenues 1 049 747 Gross profit (loss) 101 503 Gross margin 9,7 Operating profit (loss) 71 386 Operating margin 6,8 Net profit 60 863 Net margin 5,8 HBP FINANCIAL RESULTS [tpln] HB9 FINANCIAL RESULTS [tpln] Revenues 705 014 Gross profit (loss) 41 378 Operating profit (loss) 22 441 Net profit 18 491 MARGIN RESULTS % Gross margin 5,9 Operating margin 3,2 Net margin 2,6 Revenues 357 386 Gross profit (loss) 57 219 Operating profit (loss) 51 346 Net profit 43 605 MARGIN RESULTS % Gross margin 16,0 Operating margin 14,4 Net margin 12,2

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

PBG Group s 2002 2008 Financial Highlights and forecast for the fiscal year 2009 [PLN 000] slajd 7/15 7 z 3

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)

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 600-700 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

Submitted tenders and signed contracts ESTIMATED VALUE [mpln] slajd 10/15 z 3 3Q 2009C 2008 Submitted tenders 24 207,00 25 594,00 Signed contracts 3 118,00 4 855,00 % % 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) 15 840,00

PBG Group s backlog of orders 2004 2009 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] 5 300,00 2009 YEARS 2010 and further 1 150,00 4 150,00

The most important events in the PBG CG in 3Q2009 Nr EVENT slajd 12/15 z 3 1. 2. 3. 4. 5. 6. Filing and admitting to the stock market and registartion of 865.000 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 260.000 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 2008 - PBG has been awarded second place prize in the contest for the best annual report of enterprises for year 2008. 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.

Potential Market slajd 13/15 z 3 NATURAL GAS CRUDE OIL POWER ENERGY PGNiG Group s investment plans for 2009 2015 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 2007-2013 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 600-700 m); Gas pipelines (Jeleniów-Dziwiszów, Taczalin-Radakowice, Radakowice-Gałów and Polkowice-śary) PLN 700 m; Aurelian Gas & Oil investment plans for 2009-2014 EUR 300 m; spatial of natural gas deposits near Poznań. PKN Orlen S.A. investment plans for 2007-2012 PLN 21.7 bn; Lotos S.A. investment plans for 2009 2012 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.

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 2004 2006 assigned mainly for water and wastewater installations; New EU funds for 2007 2013 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 2002 2016 - EUR 3.1 bn; levees in 2002 2016 - EUR 364.5 m; 2007-2013 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 2008-2012 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 2007 2009 ca PLN 38,1 bn and for 2010 2013 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 2008-2013 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.

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 www.pbg-sa.pl. 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.