Public offering

ISSUE OF SERIES D SHARES

Public offering of series D shares in ELEKTROBUDOWA SA took place at the end of 2007 and beginning of 2008. The issue comprised 527,512 ordinary bearer shares with a pre-emptive right, with par value of 2.0 PLN per share.

Series D shares were issued pursuant to Art. 430 § 1 in conjunction with Art. 431 § 1 and § 2 point 2), Art. 432 § 1 and 2, Art. 433 § 1, Art. 436 and Art. 310 § 2 in conjunction with Art. 431 § 7 of the Polish Commercial Companies Code, Art. 5 clause 3 and 8 of the Act on Trading in Financial Instruments, dated 29 July 2005 (Dz. U. No. 183, item 1538 as amended) - as ordinary bearer shares. The shares were issued by way of closed subscription in a public offering, with the existing shareholders’ pre-emptive right retained.

Series D shares were issued on the grounds of Resolution No. 1 passed by the Extraordinary General Meeting of ELEKTROBUDOWA SA of 18 September 2007 on the increase of the share capital by way of public issue of series D shares with pre-emptive right for the existing shareholders, on dematerialization and seeking admission to trading on a regulated market of series D shares, pre-emptive rights to series D shares and rights to shares of series D and on amendments to the Articles of Association.

The issue prospectus was approved by Decision No. DEM/410/215/14/07 of the Financial Supervision Committee dated 5 December 2007.

The issue price of series D shares was 170.00 PLN.

ISSUE OF SERIES C SHARES

Public offering of series C shares of ELEKTROBUDOWA SA took place in 2005. In result, 249,096 ordinary bearer shares, with par value of 2.0 PLN per share, were issued.

Series C shares were issued in the procedure of contingent increase of share capital. Public offering of series C shares was addressed to key executives of ELEKTROBUDOWA SA who took hold of bonds of ELEKTROBUDOWA SA with the priority right to take hold of series C shares. ELEKTROBUDOWA issued 249,096 of registered, simple, passive bonds, with par value of 1 grosz (0.01 PLN). Each bond entitled its holder to subscribe for one share of series C, with priority over the Company’s shareholders.

Right to take hold of the shares was granted to persons whose names were indicated in the resolution No. 2/2005 of the Extraordinary General Meeting of ELEKTROBUDOWA SA dated 8 February 2005, within the incentive plan targeted for the company’s key managers.

The issue prospectus for series C shares was approved by the decision No. DIF/E/4110/40/50/2005 of the Polish Securities and Exchange Commission of 31 May 2005.

The issue price of series C shares was 21.10 PLN.

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