The terms and conditions of the Incentive Programme specified in the Rules and Regulations are compliant with the assumptions adopted by the Extraordinary General Meeting of PETROLINVEST S.A. on 29 April 2008.

A decision was made by a resolution of the EGM of 29 April 2008 to issue E-series shares in the aggregate amount not higher than 264,285 shares in exercise of the conditional share capital increase. The purpose of the share issue was to exercise the incentive programme for the Company management board members based on the issue of subscription warrants entitling their holders to take up E-series shares.

In July 2008, all eligible persons submitted their declarations of acceptance of the offer and acquisition of subscription Warrants. The rights conferred by the Warrants to take up shares may be realised from the day of issuance of the Warrants, i.e. from 29 July 2008, to 30 April 2011.

In compliance with the requirements of IFRS, the Group was required to make an assessment of the fair value of the warrants as at the date of granting the rights thereto. The amount arrived at in this way was charged to the Group’s payroll costs in Q3 2008 when the rights were granted. The cost of warrant issue of PLN 12m, calculated using the Black-Scholes model, was taken to the Group’s payroll costs in Q3 2008. The cost will not impact the Group’s cash flows.

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