16 November 2006

Resolution by the Annual General Shareholders Meeting on distribution of the Company’s profit for the 2005/2006 financial year

The Annual General Shareholders Meeting of ZA Puławy S.A. held today adopted a resolution on the distribution of the Company’s net profit for the last financial year.

Out of the Company’s profit of PLN 126,165,968.15: PLN 77,988,478.71 was allocated to increasing the reserve funds, PLN 9,947,489.44 was allocated to employee bonuses from profit, and PLN 38,230,000 was allocated to dividends for shareholders (PLN 2 per share). The dividend record date was set at November 16th 2006 and the dividend payment date at January 15th 2007.