Eureko has declared to sell at least 17% of its PZU shares. The Treasury does not exclude the possibility of selling up to 5% of its PZU shares, maintaining at the same time the strategic control over this company.

The forthcoming PZU IPO is expected to be a significant event in the history of the Polish capital market. On the list of priorities set forth in the Settlement and Divestment Agreement of 1 October 2009, next to the consents of Eureko and the Treasury to the public offer of shares and to holding the IPO on the Warsaw Stock Exchange, is a significant decrease of the Eureko’s share capital in PZU, below the level enabling Eureko to influence the PZU business activity.

Therefore, Eureko has declared to sell at least 17% of the PZU shares during the PZU IPO, either directly or by means of the special purpose company Kappa S.A. In view of the favourable situation on capital markets, the Treasury is considering the possibility of selling additional shares from its stake. The decision concerning the possible sale as well as the exact number of shares to be offered, however not more than 5% of all Treasury-owned shares, shall be made upon the analysis of the demand and price, on the assumption that the Treasury maintains strategic control over PZU.