Minister of Treasury
invites to participate in the public oral auction
concerning the purchase of the shares of:

I. “Wrębowa” Sp. z o.o. with registered office in Rybnik

II. Agencja Mienia “RELIQUM” Sp. z o.o. with registered office in Wałbrzych

Minister of Treasury, ul. Krucza 36/Wspólna 6, postal code: 00-522 Warszawa, acting on behalf of the Treasury, pursuant to Article 31(a), in conjunction with Article 33(1)(5) of the Commercialisation and Privatisation Act of 30 August 1996 (Journal of Laws of 2002 No. 171 item 1397, as amended), hereinafter referred to as the “Act” and the Resolution of the Council of Ministers of 17 February 2009 on the Detailed Procedure of Disposal of Treasury Shares (Journal of Laws No. 34 item 264, as amended) invites all interested parties to an auction concerning the purchase of shares of:

I.
8,247 shares for one buyer, with a nominal value of PLN 500.00 each, constituting 43% of the share capital in the company under the name of “Wrębowa” Sp. z o.o. with registered office in Rybnik (hereinafter referred to as the “Shares”), ul. Wrębowa 19, 44-270 Rybnik, registered under the KRS no. 0000096444, with Tax Identification Number 642-256-76-20, hereinafter referred to as the “Company.”

The core activities of the Company are production and repair of machines and devices (mainly for the mining and construction industries), as well as management of own housing stock.

The starting price for the stake of 8,247 Shares shall be PLN 19,487,661.00 (say: nineteen million four hundred and eighty-seven thousand six hundred and sixty-one zloty).

The starting price for one Share is PLN 2,363.00 (say: two thousand three hundred and sixty-three zloty).

The minimum bidding increment for the entire stake of 8,247 Shares shall be PLN 100,000.00 (say: one hundred thousand zloty). Bidding increments shall be made orally. In case no further bids are placed by the bidders, subsequent calls of the currently highest bid shall be made with intervals of up to 1 minute.

A bid security of PLN 195,000.00 (say: one hundred and ninety-five thousand zloty) which corresponds to 1% of the starting price for the Shares shall be paid by bank transfer to the account of the Ministry of Treasury, account no. 13 1130 1017 0019 9426 2520 0007, maintained with Bank Gospodarstwa Krajowego S.A., Branch No. 1 in Warsaw, by 11 June 2010.

II.
10,502 shares for one buyer, with a nominal value of PLN 100.00 each, constituting 100% of the share capital of the company under the name of Agencja Mienia “RELIQUM” Sp. z o.o. with registered office in Wałbrzych (hereinafter referred to as “Shares”), ul. Słowackiego 20 b, 58-300 Wałbrzych, registered under the KRS no. 0000184994, with Tax Identification Number 886-00-25-587, hereinafter referred to as the “Company”.

The core activities of the Company consist of a comprehensive range of operations related to the management and legal transactions with movable and immovable property acquired after liquidation of state-owned and trade enterprises as well as administration of assets and privatisation consulting. Currently, the Company’s main source of revenue is letting of own property.

The starting price for the stake of 10,502 Shares shall be PLN 2,394,456.00 (say: two million three hundred and ninety-four thousand four hundred and fifty-six zloty).

The starting price for one Share is PLN 228.00 (say: two hundred and twenty-eight zloty).

The minimum bidding increment for the entire stake of 10,502 Shares shall be PLN 20,000.00 (say: twenty thousand zloty). Bidding increments shall be made orally. In case no further bids are placed by the bidders, subsequent calls of the highest bid shall be made with intervals of up to 1 minute.

The bid security of PLN 24,000.00 (say: twenty-four thousand zloty) which corresponds to approximately 1% of the starting price for the Shares shall be paid by bank transfer to the account of the Ministry of Treasury, maintained with Bank Gospodarstwa Krajowego S.A., Branch No. 1 in Warsaw, account no. 13 1130 1017 0019 9426 2520 0007, by 11 June 2010.

The bid security is non-refundable in the event that the highest bidder refuses to sign the Share Purchase Agreement or decides not to participate in the auction after expiry of application submission deadline.

Failure by an entity allowed to take part in the auction to turn up and failure by auction participants to offer a starting price shall also be regarded as a decision to withdraw from the auction.

Entities interested in purchasing the Shares of the above-mentioned companies may acquire the “Company Memorandum”. To do so, interested entities shall be required to:

• visit the Ministry of Treasury, room 589, on a working day from 25 May 2010 to 11 June 2010, between 12.00 noon and 2.00 PM,

• produce a transcript from the Register of Entrepreneurs from the National Court Register / certificate of entry in the register of business activity, indicating the persons authorised to represent the entity (issued not earlier than three months prior to the date of submission), or produce the ID card in the event that the interested party is a natural person who is not an entrepreneur,

• sign the “Confidentiality Obligation” document through their duly authorised representatives.

The “Company Memorandum” contains information concerning the Company’s legal, financial and economic standing. The price for the Memorandum is PLN 100.00, payable at the cashier’s desk, room 372, Division of General Accountancy and Reporting of the Department of Budget and Finances of the Ministry of Treasury, from 12.00 noon to 2.00 PM or to the account of the Ministry of Treasury no. 83 1130 1017 0019 9426 2520 0008, maintained in Bank Gospodarstwa Krajowego, Branch No. 1 in Warsaw.
The person responsible for providing access to the said documentation is:

- Ms Anna Dobrzyńska, room 589, phone: (022) 695-85-98.

Potential Investors will be allowed to conduct a limited due diligence of the Company Agencja Mienia “RELIQUM” Sp. z o.o. with registered office in Wałbrzych between 27 May 2010 and 11 June 2010 at the Company’s headquarters. Detailed information on the scope and procedures of due diligence may be obtained at the Seller’s headquarters, room 589, between 10:00 AM and 4:00 PM, starting from the day following the day of publication of this Invitation till 11 June 2010.

The auction will commence on 16 June 2010, at 1:00 PM, room 116
at the Ministry of Treasury, Warsaw, ul. Krucza 36/Wspólna 6.
Applications for the auction must be submitted in one copy, in a sealed envelope to the front office of the Department of Treasury Property, room 447, or front office of the Ministry of Treasury, ul. Krucza 36/Wspólna 6, on working days during office hours, i.e. 8:15 AM – 4:15 PM by 11 June 2010.

The following should be placed on the envelope:

I.

Zgłoszenie do wzięcia udziału w aukcji dotyczącej nabycia udziałów spółki
„Wrębowa” Sp. z o.o. z siedziba w Rybniku
Nie otwierać
Zgłoszenie przekazać do sekretariatu
Departamentu Mienia Skarbu Państwa
w Ministerstwie Skarbu Państwa”
(Application to participate in the auction for the purchase of shares of “Wrębowa” Sp. z o.o. with registered office in Rybnik. Do not open. Please forward the application to the front office of the Department of Treasury Property at the Ministry of Treasury)

II.

Zgłoszenie do wzięcia udziału w aukcji dotyczącej nabycia Udziałów spółki Agencja Mienia „RELIQUM” Sp. z o.o. z siedzibą w Wałbrzychu
Nie otwierać
Zgłoszenie przekazać do sekretariatu
Departamentu Mienia Skarbu Państwa
w Ministerstwie Skarbu Państwa

(Application to participate in the auction for the purchase of shares of Agencja Mienia “RELIQUM” Sp. z o.o. with registered office in Wałbrzych. Do not open. Please forward the application to the front office of the Department of Treasury Property at the Ministry of Treasury)

Applications shall not be accepted after the expiry of the stipulated date and/or if no inscriptions, as indicated above, have been placed on the envelopes.

Applications must be made in the Polish language and contain:

1. name, surname and address or name and registered office of the interested entity;

2. Regon number;

3. Tax Identification Number;

4. e-mail address;

5. address for correspondence;

6. phone number;

7. fax number;

8. attached evidence of payment of the bid security, along with an indication of the bank account number to which the bid security should be refunded;

9. where the entity interested in participating in the auction is a natural person:

a. a photocopy of an identity document confirming the identity of such person, certified by a notary public to be a true copy of the original,

b. if the natural person is engaged in a business activity – a valid certificate confirming entry in the Register of Business Activity, if separate provisions of law require the entity to be entered in the Register of Business Activity, submitted in original, transcript or as a certified copy made by a notary public,

c. information on the method of financing of the share purchase transaction;

10. where the entity interested in participation in the auction is a legal person:

a. a valid extract from the relevant register,

b. details of the person(s) entitled to participate in the auction, along with the power of attorney,

c. details of the person(s) entitled to represent the entity in signing the agreement, along with a duly executed power of attorney, in the event that the identity of the signee is different than the identity of the person specified in item 10(b),

d. information on the method of financing of the share purchase transaction;

11. declaration that the entity interested in participation in the auction:

a. is not in default with payment of any taxes, or a declaration that the entity obtained, in accordance with the law, the required exemption, deferral, division of overdue amounts into instalments or a stay of execution (in full) of the decision of a relevant authority,

b. is not in default with payment of fees or premiums for social or medical insurance, or a declaration that the entity obtained, in accordance with the law, the required exemption, deferral, division of overdue amounts into instalments or a stay of execution (in full) of the decision of a relevant authority,

c. is not in breach of any other privatisation agreements and that the entity is not a party to any court disputes in this regard,

d. is not in breach of any other agreements concluded with the Treasury, and that the entity is not a party to any court disputes in this regard,

e. is not a subject of liquidation proceedings and that no bankruptcy was announced, apart from entities which upon announcement of bankruptcy made an arrangement approved under a valid court decision, provided that such arrangement does not provide for satisfaction of creditors by liquidation of the assets of the bankrupt entity,

f. is not entered in the Register of Insolvent Debtors,

g. is not registered in the Credit Information Bureau as an unreliable borrower.

The documents specified in the invitation must be submitted in writing as original documents or copies thereof, which were certified by a notary public to be true copies of the original.

The documents made in a foreign language should be submitted along with their translation into the Polish language made by a sworn translator.

An apostille should be attached to the documents that are public documents within the meaning of the Hague Convention of 5 October 1961 Abolishing the Requirement of Legalisation for Foreign Public Documents (Journal of Laws of 2005 No. 112, item 938), which were made in accordance with the applicable laws of a country that is a party to the Convention.

Public documents within the meaning of the Convention Abolishing the Requirement of Legalisation for Foreign Public Documents, which were made in accordance with the applicable laws of a country that is not a party to the Convention should be legalised before they are submitted.

Apostille or legalisation is not required insofar as a bilateral or multilateral agreement that is binding for the Republic of Poland abolishes or simplifies the legalisation procedure or exempts the documents from legalisation within the scope of such agreements.

The Share Purchase Agreement will be concluded with the entity placing the highest bid during the auction within up to 5 working days from the date of payment of the full purchase price of Shares, reduced by the amount of the bid security, paid by a bank transfer to the account of the Ministry of Treasury, account no. 03 1010 1010 0025 1213 3920 0000, maintained with National Bank of Poland, Branch in Warsaw.

Payment must be made in full within 10 working days from the date of announcing the highest bidder.

In the case when the purchase of Shares requires:

1) the decision of the Chairman of the Office of Competition and Consumer Protection (UOKiK) on no impediments to the intended merger of companies;

2) the consent of the Minister of Internal Affairs

- the highest bidder should immediately, and in any case within 60 days from the date of announcing the highest bidder, submit applications to the relevant bodies for the said decisions to be issued. In this case, the payment must be made in full within 5 working days from the day of submitting the above mentioned decisions to the Minister of Treasury.

The Share Purchase Agreement will be concluded at the organisational unit of the Ministry of Treasury responsible for budget and finance at ul. Krucza 36/Wspólna 6, 00-522 Warszawa after the receipt of the full payment for the shares has been confirmed.

The auction shall be closed upon signing the Share Purchase Agreement.

The invitation to participate in the auction and the terms and conditions of the auction are subject to change or cancellation by the Minister of Treasury.