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12 months and Q4 2011 Performance

12 months and Q4 2011 Performance. February 2012. Biomass Fuels Wind Energy Industrial Outsourcing. Contents. Business Review Existing businesses Projects in progress Projects in development 12 months and Q4 2011 Financial Performance Summary. Lorem Ipsum Padle Imput.

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12 months and Q4 2011 Performance

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  1. 12 months and Q4 2011 Performance February 2012 BiomassFuels Wind EnergyIndustrial Outsourcing

  2. Contents • Business Review • Existingbusinesses • Projects in progress • Projects in development • 12 months and Q4 2011 Financial Performance • Summary

  3. Lorem Ipsum Padle Imput Business Review

  4. Business Review - Metrics • 2011adjusted EBITDA excluding Wind Farms sale amounted to PLN 56.4mil.and was above 2010 level by PLN 3.1mil. • 2011Net Profit excluding FX on balance sheet valuation and Wind Farms sale amounted to PLN 32.8mil. and was above 2010 level by PLN 3.4mil. • 2011 Net Profit including FX on balance sheet valuationand Wind Farms sale amountedto PLN 69.6mil. and was above 2010level by PLN 8.0mil.

  5. Business Review- Highlights • Wind Energy • Wind DevelopmentPipeline on track • Construction of WF Łukaszów and WF Modlikowicecompleted • In January 2012 WF Łukaszów and WF Modlikowicereceived PLN 31.7 mil. as the EU subsidy paymentand the application for the nexttranche of PLN 22.2 mil. hasbeenaccepted for reealization • 2011 WF Puck performance excludingunrealized FX abovebudget • Industrial Outsourcing • EC Saturnabovebudget • Energyproduction of EL Mercury significantlyahead of last year • EC Zakrzów abovebudget • Developmentof biomass power plants in progress • BiomassFuels • Pellet production plants GPBE North and GPBESouth below budget due to high price of straw, with simultaneously poorquality (high humidity) • Construction of GPBE East in line with schedule

  6. Lorem Ipsum Padle Imput ExistingBusinesses

  7. ExistingBusinesses • EC Saturn: • Electricity productionat the budgetlevel and abovelastyear • Higher ESP in comparison to 2010, due to annualreconcilliation with Mondi for 2010 and the currentyear. • EC Zakrzów: EBITDA abovethe budget, despitelowerrevenuesresulting from lowerdemand for heat • EL Mercury: Higher performance than last year and budgetas a result of higher gas supply fromthe Coke Plant • WF Puck: Betteroperatingresultsthan last year and budget due to better wind conditions • GPBE North: Productionhigherthan in 2010, but EBITDA belowbudgetdue to the high price of straw, with simultaneouslypoorquality (high humidity) thatresults with higheroperatingcosts • GPBE South: Production in line with business plan, but EBITDA belowbudgetdue to the high price of straw, with simultaneouslypoorquality (high humidity) thatresults with higheroperatingcosts 7

  8. Lorem Ipsum Padle Imput Projects in Progress

  9. Długi tytuł prezentacji powerpoint Lorem ipsum dolor sit amet, consectetur adipiscing elit. Proin dapibus, tortor eget ultricies accumsan, mi sem tincidunt leo, id faucibus leo mi sed ante. Duis ultrices massa et leo tempor nec pellentesque ipsum ultricies. Nam luctus sollicitudin ullamcorper. Morbi facilisis rutrum risus eget rhoncus. Aliquam porta ultrices sem, ut lacinia nibh commodo condimentum. Etiam sit amet ligula sit amet dui ullamcorper pretium. Vivamus sit amet lorem id ipsum convallis molestie a nec metus. Quisque et urna eu est lacinia luctus et non mauris. Mauris tempus blandit odio, quis ultrices quam placerat nec. Mauris at nulla felis, eget posuere massa. In tristique fermentum imperdiet. Quisque commodo urna quis enim dignissim quis placerat mi convallis. Curabitur commodo fringilla urna, at tristique lacus luctus nec. Nullam aliquet, purus ut ultrices euismod, orci ante tristique nunc, vel tempor massa purus a elit. Curabitur a tortor sem, eget pellentesque purus. Donec in mauris imperdiet risus venenatis laoreet.1 Projects in Progress – Wind Energy

  10. Progress in Wind Farms Implementation Długi tytuł prezentacji powerpoint • WF Modlikowice [12 turbines; 24 MW] and • WF Łukaszów [17 turbines; 34 MW] • Construction of wind farmscompleted: • Both wind farmshaveobtainedusepermit and energyproductionconcessions. • Start-upproceduresare in progress • Launch of energyproduction in December 2012 • Since January 2012 the wind farmsoperate with increasingcapacity • Expansion of projects up to total capacity of 86 MWunder development • Q4 2010 • 20 MW • 100% Electrabel • Approx. PLN 137 mil • 75%/25% • Construction : 2009/2010 Start of operations: Power: Ownership: CAPEX: Financing (debt/equity/grant): Work progress: Offtaker: • 2010 (December) • 35 MW • 100% RWE • Approx. PLN 225 mil • 72%/28% • Construction

  11. Długi tytuł prezentacji powerpoint Projects in Progress – BiomassFuels

  12. Projects in Progress - Biomass Fuels • GPBE East - pellets productionfacilityservicingcontract with GDF Suez Polska: • Land for the plant purchased, buildingpermitgranted • Advanced constructions, most of the processing line equipment purchased • Construction in finalstage • Assembly of processing lines in progress • Start upscheduled for endof Q1 2012 • Full planned capacity already contracted • Debtfinancingorganised in 2011 12

  13. Projects in Development

  14. Wind Farms Development Status G – 50 MW LMP Wind farm projects at advanced stages of development E- 38 MW LMP, ED,GCT F – 42 MW LMP,ED,GCT A– 26 MW LMP, ED, GCT Projects for construction I– 30 MW LMP H– 124 MW LMP, ED B– 24 MW LMP, ED Project anticipated for sale in 2012 Milestonereached: LMP– Local master plan ED– Environmental decision GCT– Grid connection terms BP– Building permit * - Appealprocedure C – 28 MW LMP*, ED*, GCT D – 105 MW LMP, ED*,GCT 14

  15. 2012Biomass Power Plants Development Plan • Biomass Power Plants • Biomass Power Plant South:power plant with a capacity of 30 MW connected to the the electricity grid • Location of the plant selected; in Mid August 2011 the tender process for land purchasecommenced; EnvironmentalDecision and Grid Connection Termshavebeenacquired; NegotationsconcerningGrid Connection Contractin progress;Technical Construction design in progress, applicationfor buildingpermitsubmitted. Launch of operationsscheduled for H2 2014. • Furtherinvestments in biomasspowerplants • Negotiations with three other industry players to launch further biomasspower or heatplants of 85MWt/30MWein progress. 15

  16. 12 months and Q4 2011/2010 Financial Performance

  17. 12 months and Q4 2011/2010 Performance - Revenuesexcluding Wind Farms sale • 12 months: • SM - highercurrent GE revenues;negativeimpact of lower RE prices • SM – HigherEquity Service Paymentdue to reconciliationfro 2010 and currentyear • SM – recognition of profit share in 2008-2009 RE Cerificates sale- 75% recognisedin 12 months2010 and 25% in 12 months 2011 • EL Mercury –higherelectricitysales and highervaluation of certficates for reducedemission of CO2 • WF Puck – moreenergy sold due to much better wind conditions and highervaluation of certficates for reducedemission of CO2 • GPBE – highersales of pellets • GPBE South – start of operations in January 2011 • EC Jeziorna – no revenues from operations (sold in December 2010) • Q4 2011/2010: • SM - highercurrent GE revenues, negativeimpact of lower RE prices • SM – highercurrent Equity Service Payment • EL Mercury –higherelectricitysale • WF Puck – moreenergy sold due to much better wind conditions • GPBE – highersales of pellets • GPBE South– start of operations in January 2011 • EC Jeziorna – no revenues from operations (sold in December 2010) 17

  18. 12 months and Q4 2011/2010 - Revenues • Impactof revenuesexcluding Wind Farmssale • Impactof revenuesfrom wind farms sale (WF Wartkowo, WF Pągów) in 2010 amounted to PLN 60.4 mil. and in 2011 the revenues from wind farms sale (WF Klukowo, Samborsko) amounted to PLN 78.6 mil. • Impact of revenuesexcluding Wind Farmssale • Impact of revenues from wind farms sale (WF Pągów) in Q4 2010 amounted to PLN 42.6 mil. and in 2011 the revenues from wind farms sale (WF Klukowo, Samborsko) amounted to PLN 78.6 mil. 18

  19. 12 monthsand Q4 2011/2010 Performance - Adjusted EBITDA* Excluding Wind Farms sale • Q4 2011/2010: • Impactof revenues • WF Puck - betterefficiency • Lower management optioncosts by PLN 0.7 mil. • EBITDA in GPBE Northlowerdue to higherprices of straw and higherproductioncostsdue to poor straw quality (high humidity) • Impact of PLN 1.6 mil. of costs of arbitrationproceedings with Mondi in Q4 2011 • In 2011 no wind farmswrite-off costs • 12 months: • Impactof revenues • EL Mercury oraz WF Puck – betterefficiency • Lower management optioncosts by PLN 2.6 mil . • Sale of land by the receiver and collection of PLN 4.3mil. receivables by EC Wizów • EBITDA in GPBE North and GPBE Southlowerdue to higherprices of straw and higherproductioncostsdue to poor straw quality (high humidity) • Impact of PLN 3.8 mil. of costs of arbitrationproceedings with Mondi in 12 months 2011 • In 2011 no wind farmswrite-off costs 19 AdjustedEBITDA includesinterest from the lease of property and shares in the profits of Wind Farms, ,

  20. 12 monthsand Q4 2011/2010 Performance – Adjusted EBITDA * • Impactof Adjusted EBITDA excluding Wind Farms sale • Impact from WF Wartkowo and WF Pągów sale in 2010 on EBITDA amounted to PLN 40.5 mil., whereasthe impact on EBITDA from WF Klukowo and Samborsko sale in 2011 amounted to PLN 51.8 mil. • Impactof Adjusted EBITDA excluding Wind Farmssale • Impact from WF Pągów sale in 2010 on EBITDA amounted to PLN 31.9 mil., whereas the impact on EBITDA from WF Klukowo and Samborsko sale in 2011 amounted to PLN 51.8 mil. 20 * Adjusted EBITDA includesinterest from the lease of property and shares in the profits of Wind Farms, ,

  21. 12 months and Q4 2011/2010 Performance – Adjusted Net Profit * Excluding Wind Farms sale • 12 months • Impact of EBITDA • Total impact of realizednegative FX in 12 months2011 higherthan in 12 months2010 by PLN 3.1 mil. • Lowerincometaxby PLN 0.2 mil. • Higherinterestrate from cashdeposits by PLN 2.5 mil. • Q4 2011/2010: • Impactof EBITDA • Total impact of realizedneagtive FX in Q4 2011 higherthan in Q4 2101 by PLN 1.3 mil. • Higherincometaxcosts in Q4 2011 by PLN 2.9 mil. Compared to Q4 2011 • Higherinterestrate from cashdeposits by PLN 0.8 mil. 21 *Adjusted Net Profit exludingunrealized F/X 21

  22. 12 months and Q42011/2010 Performance – Adjusted Net Profit* • Impactof adjusted Net Profit excluding Wind Farmssale • Impactof wind farms sale on Net Profit in 2010 amounted to PLN 32.6 mil., whereasimpact from sale of wind farms in 2011 amounted to PLN 35.9 mil. • Discount on Klukowo/Samborsko Wind farmssalr in 2011 amounted to PLN 7.5 mil. (net impact of PLN 6.1 mil.), wherasdiscount on Wartkowo /Pągów Wind Farmssales in 2011 amounted to PLN 0.4 mil. (net impact of PLN 0.3 mil.) • Impactof adjusted Net Profit excluding Wind Farmssale • Impact of wind farms sale on Net Profit in Q4 2010 amounted to PLN 25.7 mil., whereasimpact from sale of wind farms in 2011 amounted to PLN 35.9 mil. • Discount on Klukowo/Samborsko Wind farmssalr in 2011 amounted to PLN 7.5 mil. (net impact of PLN 6.1 mil.), wherasdiscount on Pągów Wind Farmssale in 2011 amounted to PLN 0.2 mil. (net impact of PLN 0.1 mil.) 22 *Adjusted Net Profit exlucingunrealized FX 22

  23. 12 months and Q4 2011/2010 Performance – Net Profit • Q4 2011/2010: • Impactof Adjusted Net Profit • Total impact of unrealizedpositive FX in Q4 2011 higherthan in Q4 2010 by PLN 1.2 mil. • 12 months • Impactof Adjusted Net Profit • Total impact of unrealizedpositive FX in 12 months 2011 higherthanin 12 months2010 by PLN 1.1 mil. 23

  24. Q4 and YTD 2010/2009 Performance – Net Profit 2011 Performance vs 2011 Forecast • Q4 • Impact of EBITDA • Total impact of unrealized negativeFX in Q4 2010(PLN - 0.2mil ) lower than in Q4 2009(PLN - 1.3 mil. )by PLN 1.1 mil. • YTD • Impact of EBITDA • Total impact of unrealized negative FX in YTD 2010(PLN -0.5 mil )than in YTD 2009(PLN 2.1 mil. )by PLN 2.6 mil. 24 22

  25. Forecast 2012

  26. 2012 Forecast CAGR = 26% 26

  27. Financing of investment plans

  28. 2012 Investment Plan Q4 and YTD 2010/2009 Performance – Net Profit • Q4 • Impact of EBITDA • Total impact of unrealized negativeFX in Q4 2010(PLN - 0.2mil ) lower than in Q4 2009(PLN - 1.3 mil. )by PLN 1.1 mil. • YTD • Impact of EBITDA • Total impact of unrealized negative FX in YTD 2010(PLN -0.5 mil )than in YTD 2009(PLN 2.1 mil. )by PLN 2.6 mil. 28 22

  29. Summary

  30. Summary • Adjusted Net Profit and Adjusted EBITDA excluding Wind Farms sales above budget and higher than last year • Progress in Wind Farms development • Launch of production in WF Modlikowice and WF Łukaszów • Start of constructionof Biomass East according to the schedule • Progress in development of biomasspowerplants 30

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