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Another historic transaction by the Ministry of State Treasury was carried out at Warsaw Stock Exchange. The sale of 16.05% of shares in Enea S.A. for PLN 1,134 billion was second largest transaction in the “fully-marketed offer” in the history of the GPW and the largest one within the recent three years. 80% of the shares were placed between domestic institutional investors, with particular focus on the allocation to Polish open pension schemes (OFE), which were allocated 60% of the offered shares.

The transaction was preceded by several days of meetings with institutional investors from the United States and European Union, in particular from Poland and Great Britain; the management of Enea dedicated these sessions to the presentation of the Company’s operational and financial situation. Book-building took 4 days. Despite turmoil on global financial markets, which was related to the economies of several countries in Western Europe, book-building concluded with an over-subscription of shares. 80% of the shares were placed between domestic institutional investors, with particular focus on the allocation to Polish open pension schemes (OFE), which were allocated 60% of the offered shares. Upon the completion of the transaction, the State Treasury is intending to offer one place in the supervisory board of Enea to a representative of the OFE. In connection with the offer, the Global Offer Coordinator, who is a Stabilizing Manager, may acquire at the Warsaw Stock Exchange up to 10% of the total number of shares allocated to investors, under the offer, for the purpose of a potential stabilization of the shares’ market price.

The placing 16.05% of shares realizes strategic objectives related to the first stage of the disposal of Enea shares, i.e. the placing of the company’s block of shares on public markets. According to the statement issued by the Ministry of State Treasury on 27 November 2009, the intention of the Ministry of State Treasury in the first stage of the disposal of shares was to include Enea, which is in the top ten of the largest companies listed on the Warsaw Stock Exchange, in to the WIG index and other key stock exchange indices. This is to be achieved by increasing the shareholder structure of Enea by institutional investors and increasing the number of the Company’s free floating shares. The next step within the framework of the government’s strategic plan, which concerns the domestic power and energy sector will be the realization by the Ministry of State Treasury of the second stage of the disposal of shares in Enea, i.e. the sale of 51% of shares to the strategic investor. The Ministry of State Treasury is expecting a premium for the control on the acquisition of a majority shareholding.

The successful placing of Enea shares is another evidence of confidence in the Polish economy and Warsaw Stock Exchange. This trust is demonstrated by nearly PLN 3.7 billion of proceeds from privatization transactions completed on the Warsaw trading floor in 2010.

The acquisition of PLN 1.134 billion from the sale of Enea shares is an element of the implementation of the four-year Privatization Plan prepared by the Minister Aleksander Grad in 2008.