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  1. PBG SA Company you can relay on, according Forbes & PID rating • COMPANY PRESENTATION October 2006 1/23

  2. PBG SA – Company listed on the Warsaw Stock Exchange • IPO – issue price of PLN 32 per share (June 2004) • Debut price on the WSE – PLN 35 (July 2nd 2004) • SPO – issue price of PLN 92 per share (Jan 2006) • Current market price – PLN 189 (September29th2006) PBG stock performance on the WSE 2/23

  3. Managing Personnel Jerzy Wiśniewski, MBA – President of the Management Board, graduate of the Civil Engineering Faculty of Politechnika Poznańska [Poznań University of Technology]. Małgorzata Wiśniewska, MBA – Vice-President of the Management Board, graduate of the Civil Engineering Faculty of Politechnika Poznańska [Poznań University of Technology]. Post-graduate studies in Public Relations at the Finance and Banking Faculty of Wyższa Szkoła Biznesu [Business College] of Poznań. Tomasz Woroch, MBA – Vice-President of the Management Board, graduate of the Social Studies Faculty of Uniwersytet im. Adama Mickiewicza of Poznań [Poznań University]. Przemysław Szkudlarczyk, MBA – Vice-President of the Management Board, graduate of the Building Machine and Vehicle Faculty of Politechnika Poznańska [Poznań University of Technology]. Tomasz Tomczak – Vice-President of the Management Board, graduate of the Building Machine and Vehicle Faculty of Politechnika Poznańska [Poznań University of Technology]. Mariusz Łożyński – Member of the Board, graduate of Politechnika Poznańska [Poznań University of Technology], Civil Engineering Faculty 3/23

  4. Business Profile General execution of natural gas, crude oil and water installations in turn-key system 4/23

  5. Business Profile • Production of natural gas and crude oil • Above-ground installations for crude oil and natural gas production • Installations for liquefaction of natural gas (LNG) • LPG separation stations • Crude oil desulphurizationunits • Transmission of natural gas, crude oil and water • Steel pipelines and structures for transmission of natural gas, crude oil and water, including: • steel water pipelines and collectors, crude oil pipelines and high-pressure gas pipelines • Gas pressure-reduction and measuring stations, mixing plants, separation nodes, gas compressor stations, etc. • LNG transport • Storage of natural gas, fuels and LNG • Installations for storage and degasification of LNG • Storage stations for LPG and C5+ • Fuel depots • Above-ground installations of underground gas storage facilities 5/23

  6. Business Profile • Distribution of natural gas and water • Polyethylene pipelines and installations for distribution of natural gas and water • Heat-generation infrastructure (boiler houses, heat generating plants, heat distribution centres) • Co-generation (combined heat and power generation from natural gas) • Environmental protection and sanitary systems • Water and wastewater systems, including: • Water pipelines • Sewage systems • Wastewater and water treatment plants • Water intakes • Incinerating plants • Hydro-engineering structures 6/23

  7. Completed Projects • Natural Gas Plant in Kościan • Crude Oil Plant in Sławoborze • LNG Installation • LPG Separation and Storage Station in Władysławowo 7/23

  8. Projects • WWTP – Zabrze • NRU Grodzisk Wlkp • Fuel Depots - Orlen • Stage of fall in Malczyce 8/23

  9. Competition 9/23

  10. PBG Group 99,75% 91,84% 58,10% INFRA Sp. z o.o. Hydrobudowa- Włocławek S.A. Hydrobudowa Śląsk S.A. 15,0% 100% 99,98% 92,24% 99,56% KB GAZ S.A. Metorex Sp. z o.o. KRI Sp. z o.o. PGS Sp. z o.o. 100% 7,76% ATG Sp. z o.o. Employment PBG Capital Group - 2104 (05.09.06) 10/23

  11. Structure of the PBG Group 11/23

  12. forecast PBG Group’s 2002–2006 Financial Highlights [PLN’000] 12/23

  13. Revenue Structure 2002-2005 [PLN ‘000] 13/23

  14. Key Clients – Year 2005 14/23

  15. Significant Running Contracts 15/23

  16. Significant Running Contracts 16/23

  17. Potential Market Natural gas • PGNiG Group’s published investments plans for 2006–2008 – ca PLN 8.75bn, including ca PLN 3.6bn in exploration and production, ca PLN 2.35bn in transmission and ca PLN 2.45bn in distribution (source: PGNiG’s Issue Prospectus) • Increase in domestic natural gas production from 4.3bn m3 in 2005 up to 5.5bn m3 in 2008 • Increase in the capacity of underground gas storage facilities from the current 1.5bn m3 to at least 5bn m3 – including Ist stage of extension of the Underground Storage in Wierzchowice from 0.5bn m3 up to 1.5bn m3 (PLN 0.4bn) • Diversification of natural gas supply sources, including plans providing for import of LNG beginning in 2010 (ca 5bn m³ per annum) – LNG onshore terminal (PLN 2bn) and adaptation of Polish gas transmission network (PLN 0.5bn) • Construction of pipeline interconnections between the Polish and foreign gas systems (Norway, Germany, Ukraine) • „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 17/23

  18. Potential Market Crude oil • Discovery of new deposits in Poland and the related plans for an increase in production from 0.6m tonnes to 1.4m tonnes per annum over the next 3 years – Lubiatow-Miedzychod-Grotow (LMG) crude oil plant (PLN 0.43m) • Construction of the crude oil pipelines from the Ukraine to Poland (Adamów-Płock and Odessa-Brody) Environmental protection and hydro-engineering • EU funds for Poland – EUR 4.5bn in 2004–2006 assigned mainly for water and wastewater installations • New EU funds for 2007–2013 – EUR 56bn for Poland • Fundsassigned for flood protection improvement projects – increase in the capacity of storage reservoirs in Poland from ca 2bn m³ to ca 3.3bn m³, reconstruction of ca 1,000 km of embankments and river engineering (ca 4,000 km) - „Programme for the ODRA River 2006” – estimated total cost of main investment projects exceeds EUR 0.52bn 18/23

  19. Potential Market Fuel storage facilities • NATO’s investments in Poland (2004-2007)total PLN 2bn, including PLN 0.7bn in fuel storage depots; • Extension of PKN ORLEN’s and Naftobazy’s fuel storage depots. Foreign markets • Extension of underground storages in Latvia and Hungary • Increasing natural gas production in the Ukraine, modernisation and reconstruction of gas transmission network • LNG installations and natural gas plants in Norway • Cooperation with Foreign Partners (Wavin, TD Williamson, Pall Corporation, Thermo Design Engineering, Chart, Bergen Engineering, etc.); 19/23

  20. Significant Potential Contracts in 2006/07 20/23

  21. Competitive Advantages • Financial capabilities – banking and insurance limits exceeding PLN 0.5bn • Execution capabilities – development through organic growth using EU subsidy and acquisitions, commissioning works to companies from the PBG Group who serve as subcontractors, thus allowing us to fully carry out contract terms and strictly keep to deadlines • Narrow specialisation – delivery of specialised services in several areas: natural gas, crude oil, water and investments in modern technologies; recruitment and employment of highly educated workers • Project management – budget-driven management, extensive use of IT tools, including integrated management systems, virtual document circulation, data warehouse, analytical programs • Quality, effectiveness and modernity 21/23

  22. PBG Group’s Development Strategy • Increasing value through: • Strengthening on the construction market and high specialisation in executing transmission and distribution installations for natural gas, crude oil and water • Expansion in the area of specialised installations for natural gas and crude oil production and processing, as well as fuel depots for the army and the industrial sector; • Expansion in the area of specialised, sanitary and hydro-engineering systems (including design, construction and refurbishment); • Acquisition of contractor companies, especially companies with niche technologies; • Procurement of high-value contracts as the General Contractor; • Procurement of contracts on the foreign markets; • Implementation of new products and technologies. 22/23

  23. Thank you for your attention Contact information:tel. (+4861) 665 17 00, 665 17 50fax. (+4861) 665 17 01, polska@pbg-sa.plPBG SAul. Skórzewska 35, Wysogotowo near Poznań62-081 Przeź 23/23