The Notes are one-month unsecured registered discount notes in book-entry form. All the Notes are denominated in the Polish złoty and were offered in a private placement exclusively in the territory of Poland.

The Notes were acquired by the following banks: Bank Polska Kasa Opieki S.A., ING Bank N.V., ING Bank Śląski SA, Powszechna Kasa Oszczędności Bank Polski S.A., Bank Handlowy w Warszawie S.A., Societe Generale S.A., BNP Paribas S.A. Polish Branch, Nordea Bank Polska S.A., Bank Zachodni WBK S.A. and BRE Bank S.A.

PGNiG is not planning to introduce the Notes to public trading.

The par value of one Note is PLN 500,000. The unit issue price has been determined based on one month WIBOR rate plus a margin.

The Notes will be redeemed by way of a cash payment equal to the par value of the Note. The Notes mature on February 9th 2012. The Notes are discount notes, therefore no interest will be paid.

Following the Note issue discussed above, the total par value of the notes issued under the Programme and outstanding as at January 9th 2011 was PLN 5.7 bn.

In July and November 2011, PGNiG SA signed annexes to the agreement of June 2010, increasing the total value of the Programme from PLN 3bn to PLN 7bn. In addition, the maturity of the Programme was extended from July 31st 2013 to July 31st 2015.

Proceeds raised through the issue of the notes will be used for investment projects envisaged in the PGNiG Group's strategy, as well as to finance redemption of previously issued notes. In line with the Development Strategy until 2015, as updated in June 2011, in 2011-2015 the PGNiG Group intends to spend PLN 27bn on investment projects. Over a half of this amount (i.e. approximately PLN 15bn) will be spent on exploration for crude oil and natural gas, including shale gas.

In 2012 alone, the PGNiG Group plans to spend a total of approximately PLN 5bn on investment projects, including over PLN 1bn on oil and gas exploration in Poland and abroad and over PLN 1bn on hydrocarbon production domestically and abroad. Over PLN 1bn per annum will be applied towards projects involving modernisation of the distribution network and construction of new service lines.

Joanna Zakrzewska

Spokesperson for PGNiG SA