1. PBG SA 1/23 COMPANY PRESENTATION October 2006 Company you can relay on, according Forbes & PID rating

2. PBG SA – Company listed on the Warsaw Stock Exchange 2/23 IPO – issue price of PLN 32 per share (June 2004) Debut price on the WSE – PLN 35 (July 2 nd 2004) SPO – issue price of PLN 92 per share (Jan 2006) Current market price – PLN 189 (September 29 th 2006) PBG stock performance on the WSE

3. Jerzy Wiśniewski, MBA – President of the Management Board, graduate of the Civil Engineering Faculty of Politechnika Poznańska [Poznań University of Technology]. Małgorzata Wiśniewska, MBA – Vice-President of the Management Board, graduate of the Civil Engineering Faculty of Politechnika Poznańska [Poznań University of Technology]. Post- graduate studies in Public Relations at the Finance and Banking Faculty of Wyższa Szkoła Biznesu [Business College] of Poznań. Tomasz Woroch, MBA – Vice-President of the Management Board, graduate of the Social Studies Faculty of Uniwersytet im. Adama Mickiewicza of Poznań [Poznań University]. Przemysław Szkudlarczyk, MBA – Vice-President of the Management Board, graduate of the Building Machine and Vehicle Faculty of Politechnika Poznańska [Poznań University of Technology]. Tomasz Tomczak – Vice-President of the Management Board, graduate of the Building Machine and Vehicle Faculty of Politechnika Poznańska [Poznań University of Technology]. Mariusz Łożyński – Member of the Board, graduate of Politechnika Poznańska [Poznań University of Technology], Civil Engineering Faculty Managing Personnel 3/23

4. Business Profile 4/23 General execution of natural gas, crude oil and water installations in turn-key system A. PRODUCTION of natural gas and crude oil B. TRANSMISSION of natural gas, crude oil and water C. STORAGE of natural gas, fuels and LNG D. DISTRIBUTION of natural gas and water E. ENVIRONMENTAL PROTECTION & 1. Water & sewage systems 2. Hydro construction 3. Renovations

5. Business Profile A.Production of natural gas and crude oil Above-ground installations for crude oil and natural gas production Installations for liquefaction of natural gas (LNG) LPG separation stations Crude oil desulphurization units B.Transmission of natural gas, crude oil and water Steel pipelines and structures for transmission of natural gas, crude oil and water, including: steel water pipelines and collectors, crude oil pipelines and high-pressure gas pipelines Gas pressure-reduction and measuring stations, mixing plants, separation nodes, gas compressor stations, etc. LNG transport C.Storage of natural gas, fuels and LNG Installations for storage and degasification of LNG Storage stations for LPG and C5+ Fuel depots Above-ground installations of underground gas storage facilities 5/23

6. Business Profile D.Distribution of natural gas and water Polyethylene pipelines and installations for distribution of natural gas and water Heat-generation infrastructure (boiler houses, heat generating plants, heat distribution centres) Co-generation (combined heat and power generation from natural gas) E.Environmental protection and sanitary systems Water and wastewater systems, including: Water pipelines Sewage systems Wastewater and water treatment plants Water intakes Incinerating plants Hydro-engineering structures 6/23

7. Completed Projects 7/23 Natural Gas Plant in Kościan Crude Oil Plant in Sławoborze LNG Installation LPG Separation and Storage Station in Władysławowo

8. Projects 8/23 NRU Grodzisk Wlkp Stage of fall in Malczyce WWTP – Zabrze Fuel Depots - Orlen

9. Competition ActivityDomestic competitionForeign competition Natural gas and crude oil plantsNaftomontaz KrosnoABB Gas and crude oil transmission systemsNaftomontaz Krosno, Gazobudowa Zabrze, Gazobudowa Poznan, Gazomontaz Wołomin, POL-AQUA Underground gas storages-ABB, Sofregas LNG installationsPolimex MostostalTractebel, Linde, Costain, Air Products Fuel depotsHydrobudowa 6 Warsaw, Polimex MostostalBilfinger Berger Construction of sewage and water systems Hydrobudowa 6 Warsaw, Hydrobudowa 9 Poznan, POL-AQUA, Mitex, Hydrobudowa Gdansk, Budimex, Polimex Mostostal SKANSKA, STRABAG, Ferrovial Renovation of sewage and water systems -Per Aarslef, Diringer&Scheidel, Ludwig Pfeifer Hydro-construction-SKANSKA, Bilfinger Berger, Ferrovial 9/23

10. PBG Group 10/23 ATG Sp. z o.o. 91,84% Metorex Sp. z o.o. 99,98% KRI Sp. z o.o. 92,24% INFRA Sp. z o.o. 99,75% PGS Sp. z o.o. 7,76% 15,0% 99,56% 100% Employment PBG Capital Group - 2104 (05.09.06) Hydrobudowa Śląsk S.A. 58,10% Hydrobudowa- Włocławek S.A. KB GAZ S.A. 100%

11. Structure of the PBG Group 11/23 CompanyInterest held Business profile ATG Sp. z o.o100%Trading, including supply of materials and equipment, comprehensive supplies to companies operating in the gas, oil, heat-generation, as well as water and wastewater industries, organisation of purchases for the PBG Group – optimisation of purchasing terms. KB GAZ S.A.100%Infrastructure investment, environmental protection, such as waterworks and wastewater systems, pumping stations and water treatment plants; low-, medium and high-pressure gas supply systems. It is a pioneer on the Polish market in terms of using directional drilling technologies for laying underground systems. KRI Sp. z o.o.99.9%Transmission, distribution of and trade in natural gas, generation and distribution of heat, Advisory services in the area of fund raising for and implementation of investment projects relating to the use of natural gas and generation of heat, as well as application of the LNG technology to the distribution of natural gas. INFRA Sp. z o.o99.75%Specialist services in the area of rehabilitation of water pipes and sewage systems METOREX Sp. z o.o 99.6%Construction of water-pipe networks, sewage systems, heat and gas distribution networks, land melioration networks, hydro-engineering, wastewater treatment plants, road and square pavement. PGS Sp. z o.o.92.24%Specialist services in the area of road transport, mainly of LNG, road transport by specialist and universal vehicles, transport via pipelines, handling and storage of goods. HYDROBUDOWA Włocławek S.A. 91.8%Comprehensive execution and servicing of investment projects in the area of civil engineering, hydro- engineering, as well as environmental protection, water supply and sewage systems. HYDROBUDOWA ŚLĄSK S.A. 65,9%Execution of huge water supply and sewage systems and hydro-engineering

12. 12/23 PBG Groups 2002–2006 Financial Highlights [PLN000] forecast Amount [mPLN] In year 20062007… Backlog of orders 1506,2760,0756,00

13. Revenue Structure 2002-2005 [PLN 000] 13/23

14. Key Clients – Year 2005 14/23 Client% GOV. of the PROVINCE of OLSZTYN13,62% PKN ORLEN S.A.13,29% PGNiG S.A.10,41% PROCHEM S.A.6,95% MUNICIPAL WATER and SEWAGE COMPANY - SZCZECIN4,82% MUNICIPAL WATER and SEWAGE COMPANY - WARSZAWA3,72% GAZ-SYSTEM Ltd.2,97% MITEX S.A.2,35% MEGAGAZ S.A.1,82% CONTROL PROCESS S.A.1,75% Ministry of Defence - NATO1,28%

15. Significant Running Contracts ContractSignedInvestorContractorValue Modernisation and extension of the Włocławek wastewater treatment plant Sep 17, 2004MPWiK (Municipal Water and Sewage Company) of Włocławek Hydrobudowa Włocławek SA, PBG SA EUR 16.49m Górzyca crude oil plantNov 8, 2004PGNiG SAPBG SA, Thermo Design Engineering EUR 16.9m Refurbishment of the existing sewage network of the left-bank Szczecin Dec 9, 2004ZWiK of Szczecin (Municipal Water and Sewage Company of Szczecin) PBG SA, DIRINGER&SCHEIDEL Rohrsanierung GmbH&Co KG EUR 42.22m Construction of the Grzechotki – Mamonowo road border crossing point Dec 17, 2004Governor of the Province of Olsztyn PBG SA, Hydrobudowa Włocławek SA EUR 13.42m Modernisation of Storage Depot in Wrocław and Storage Depot in Nowa Sól Feb 1, 2005PKN ORLEN SAPBG SAPLN 45m Construction of the SASKA KĘPA II floating pumping station Jun 28, 2005MPWiK of WarsawPBG SA, Hydrobudowa Włocławek SA PLN 30.88m Modernisation and extension of the fuel and lubricant inland depot in Cybowo Jun 30, 2005NATO Investments UnitPBG SAPLN 31.12m Executing Biszcza natural gas plantOct 31, 2005PGNiG SAPBG SA, Control ProcessPLN 24.6m Executing Wilga natural gas plantOct 3, 2005FX Energy Poland Sp. z o.o.PBG S.A.PLN 19.87m 15/23

16. Significant Running Contracts ContractSignedInvestorContractorValue Executing of floating pumping station and wastewater collectors in Bydgoszcz Dec 22, 2005MWiK BydgoszczHydrobudowa Włocławek SA, WPPU Alfa Sp. z o.o., Zakład Inst. Wod-Kan i C.O. EUR 13.99m Modernisation of sewage system in GliwiceNov 29, 2005PWiK GliwiceHydrobudowa Włocławek SAEUR 4,76m Construction of barrage Malczyce on the Odra river Feb 06, 2006RZGW WrocławPBG SAPLN 102,14 mln Modernisation and extension of the fuel and lubricant inland depot in Gardeja April 2006NATO Investments UnitPBG SAPLN 20m Construction of sewerage system and water supply system for right riverbank of Szczecin June 2006ZWiK of Szczecin (Municipal Water and Sewage Company of Szczecin) KB GAZ S.A., Energopol- Szczecin S.A. and Wiemer & Trachte AG EUR 22,5m Constructing of the sewage system in Elbląg June 2006MPWiK ElblągHydrobudowa Włocławek SA, PBG, ABT, Pekum EUR 15,7m Construction of sewage systemJune 2006MPWiK WrocławHydrobudowa Wlocławek S.A., PBG S.A. EUR 22,8m Modernisation of wastewater treatment plant, left bank of Poznan June 2006City of PoznanHydrobudowa 9, PBG S.A.EUR 55m, (PBG 13,2) Nitrogen Removal Unit Grodzisk Wlkp. Sept.2006PGNiGPBG S.A., Chart Ind., TDE PLN 120m 16/23

17. Natural gas PGNiG Groups published investments plans for 2006–2008 – ca PLN 8.75bn, including ca PLN 3.6bn in exploration and production, ca PLN 2.35bn in transmission and ca PLN 2.45bn in distribution (source: PGNiGs Issue Prospectus) Increase in domestic natural gas production from 4.3bn m 3 in 2005 up to 5.5bn m 3 in 2008 Increase in the capacity of underground gas storage facilities from the current 1.5bn m 3 to at least 5bn m 3 – including I st stage of extension of the Underground Storage in Wierzchowice from 0.5bn m 3 up to 1.5bn m 3 (PLN 0.4bn) Diversification of natural gas supply sources, including plans providing for import of LNG beginning in 2010 (ca 5bn m³ per annum) – LNG onshore terminal (PLN 2bn) and adaptation of Polish gas transmission network (PLN 0.5bn) Construction of pipeline interconnections between the Polish and foreign gas systems (Norway, Germany, Ukraine) Polands Energy Policy until 2025 – growing share of natural gas (as an environment friendly fuel) through its use in the commercial power sector and industry Potential Market 17/23

18. Crude oil Discovery of new deposits in Poland and the related plans for an increase in production from 0.6m tonnes to 1.4m tonnes per annum over the next 3 years – Lubiatow-Miedzychod-Grotow (LMG) crude oil plant (PLN 0.43m) Construction of the crude oil pipelines from the Ukraine to Poland (Adamów-Płock and Odessa-Brody) Environmental protection and hydro-engineering EU funds for Poland – EUR 4.5bn in 2004–2006 assigned mainly for water and wastewater installations New EU funds for 2007–2013 – EUR 56bn for Poland Funds assigned for flood protection improvement projects – increase in the capacity of storage reservoirs in Poland from ca 2bn m³ to ca 3.3bn m³, reconstruction of ca 1,000 km of embankments and river engineering (ca 4,000 km) - Programme for the ODRA River 2006 – estimated total cost of main investment projects exceeds EUR 0.52bn Potential Market 18/23

19. Fuel storage facilities NATOs investments in Poland (2004-2007)total PLN 2bn, including PLN 0.7bn in fuel storage depots; Extension of PKN ORLENs and Naftobazys fuel storage depots. Foreign markets Extension of underground storages in Latvia and Hungary Increasing natural gas production in the Ukraine, modernisation and reconstruction of gas transmission network LNG installations and natural gas plants in Norway Cooperation with Foreign Partners (Wavin, TD Williamson, Pall Corporation, Thermo Design Engineering, Chart, Bergen Engineering, etc.); Potential Market 19/23

20. Significant Potential Contracts in 2006/07 Contract Contract award Budget Modernisation and extension of the fuel and lubricant inland depot in CybowoOctober 2006 PLN 250m LMG crude oil plantJune 2007PLN 430m LNG plant in NorwayNovember 2006 EUR 60m Wastewater treatment installation Czajka in WarsawMarch 2007EUR 261m Racibórz reservoir on the Odra riverNovember 2007 PLN 650m Modernization of a sewage system in MysłowiceNov. 2006EUR 58m Sewage system modernization in WarsawNovember 2006 EUR 6m Modernization of the filters for the waterworks in WarsawNovember 2006 EUR 56m Underground Gas Storage in WierzchowiceJune 2007PLN 400m 20/23

21. Competitive Advantages 21/23 Financial capabilities – banking and insurance limits exceeding PLN 0.5bn Execution capabilities – development through organic growth using EU subsidy and acquisitions, commissioning works to companies from the PBG Group who serve as subcontractors, thus allowing us to fully carry out contract terms and strictly keep to deadlines Narrow specialisation – delivery of specialised services in several areas: natural gas, crude oil, water and investments in modern technologies; recruitment and employment of highly educated workers Project management – budget-driven management, extensive use of IT tools, including integrated management systems, virtual document circulation, data warehouse, analytical programs Quality, effectiveness and modernity

22. PBG Groups Development Strategy 22/23 Increasing value through: Strengthening on the construction market and high specialisation in executing transmission and distribution installations for natural gas, crude oil and water Expansion in the area of specialised installations for natural gas and crude oil production and processing, as well as fuel depots for the army and the industrial sector; Expansion in the area of specialised, sanitary and hydro-engineering systems (including design, construction and refurbishment); Acquisition of contractor companies, especially companies with niche technologies; Procurement of high-value contracts as the General Contractor; Procurement of contracts on the foreign markets; Implementation of new products and technologies.

23. Thank you for your attention C ontact information: tel. (+4861) 665 17 00, 665 17 50 fax. (+4861) 665 17 01, polska@pbg-sa.pl PBG SA ul. Skórzewska 35, Wysogotowo near Poznań 62-081 Przeźmierowo Poland www.pbg-sa.pl polska@pbg-sa.pl www.pbg-sa.pl 23/23