As the gas imports cost incurred by the Company in the fourth quarter of 2011 and the first quarter of 2012 was not reflected in the URE-approved gas fuel tariff, dividend payment to shareholders could hinder the execution of planned investment tasks by the Company. PGNiG SA has been running, for another consecutive year, an extensive investment programme which upon completion is to substantially enhance the Company value for shareholders. The projects to be delivered under the programme are also strategic for Poland's energy security.

The PGNiG Group intends to spend some PLN 8bn in capital expenditure in 2012, including PLN 3bn on the Vattenfall Heat Poland acquisition. The balance is to be applied towards conventional oil and gas exploration, shale gas exploration, construction and expansion of underground storage capacities and the distribution network, including new gas service lines, and projects in the power sector.

Joanna Zakrzewska

Press Officer