Appointment of the President of the Executive Board

Polish Energy Partners S.A. (hereinafter referred to as “the Company”) hereby informs that on 21 April 2005 the Company’s Supervisory Board appointed Mr. Stephen Richard Klein as the President of the Company’s Executive Board.

The Supervisory Board’s resolution to appoint Mr. Stephen Richard Klein as the President of the Executive Board shall be effective as of 1 July 2005.

Mr. Stephen Klein graduated from University College of North Wales in Bangor, UK (Department of Forestry and Wood Science) with the degree of Bachelor of Science, and from University of British Columbia in Vancouver, Canada (Department of Forestry) with the degree of Master of Science.

Mr. Stephen Klein began its professional career in 1986 in Shell Int. Petroleum Co. Ltd, headquartered in London, UK, where he was a Project Manager (i.a.). One of his major achievements in Shell Int. Petroleum Co. Ltd was leadership of the project related to investments in forestry production in Kongo, with estimated value of USD 60 million.

In 1988 – 1992, Mr. Stephen Klein worked for a company from the paper industry – Repap Enterprises Inc headquartered in Montreal, Canada, and held the position of a Marketing Manager (i.a.).

Between 1992 and 2000, Mr. Stephen Klein worked in St Regis Company Limited headquartered in Berkshire, UK. St Regis Paper Company is the biggest producer of paper in the United Kingdom, with the annual turnover of approx. L250 million. Mr. Stephen Klein held a position of the Managing Director (i.a.). Initially, he managed one of the company’s plants; later he managed a group of plants. Mr. Stephen Klein gained a lot of experience while working for St Regis Company Limited, including participation in a project for supply of electricity and heat to the company’s plants. In 1997-2000, Mr. Stephen Klein was the Managing Director of St Regis Paper Company.

In 2000-2002, Mr. Stephen Klein worked as a Director in Business Development Department of Enron Industrial Markets headquartered in Houston, Texas, USA.

Since 2002, Mr. Stephen Klein has held a position of the Managing Director in Tullis Russell Coaters Limited headquartered in Cheshire, UK, and the Executive Director in Tullis Russell Group Limited headquartered in Fife, UK (Scotland). Tullis Russell Coaters is one of the leading British companies in the paper industry specialising in manufacture of highly processed products.

When taking over the position of the Company’s President of the Executive Board, i.e. on 1 July 2005, Mr. Stephen Klein will hold no positions other than the position held in the Company.

Mr. Stepen Klein is not listed in the Bankruptcy Register maintained under the National Court Register Act.

Legal basis:
§ 5 section 1 item 26 of Ordinance by the Council of Ministers on current and interim information provided by issuers of securities – appointment of members of the Issuer’s Supervisory or Executive Board

Signatures:
Anna Kwarcińska – Member of the Executive Board
Grzegorz Skarżyński – Vice President of the Executive Board