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2.2. Policy on directions of development of ENEA S.A.

One of key factors that will affect the growth and per$pectives of ENEA S.A. is the implementation of the Company strategy which is reflected in the activities realised in the whole ENEA Capital Group in three basie strategie areas:

Developing the core operations of the Group

As part of the Group's strategie area that involves core business development, one of the long-term strategie courses of action to be taken by the Group is gaining access to own sources of energy generation of the potential enabling at least satisfaction of the demand for electricity of all the customers of the Group.

The first step toward the realisation of the strategy was hlcusion of Elektrownia "Kozienice" S.A. in October 2007 into the ENEA Capital Group (On 25 May 2012 Elektrownia "Kozienice" S.A. changed its name into ENEA Wytwarzanie S.A.], a bituminous coal fired power plant with largest generating capacity in Poland. Irrespective of what opportunities there may be to acquire additional generation capacity by acąuiring existing entities, we are planning to inerease our own generation capacity, induding on the area of ENEA Wytwarzanie S.A. where we are planning the construction and start-up of a new power unit with a gross electrical capacity of 1,075 MWe.

In relation to the anticipated growth of the share of electrical energy volumes generated from the renewable sources of energy and in cogeneration, we undertake activities aiming at the inerease of control of costs related to the realisation of the obligations resulting from the law regulations within this field. To this end, we plan to continue conduding long-term agreements for the purchase of certificates confirming the generation of energy in renewable sources and cogeneration from external entities, and to carry out direct investments in such sources. Our intention is to invest in wind farm and biogas plants projects which are already commenced and at various stages of development, by acquiring existing entities or investing in new projects in co-operation with external entities.

Heretofore acquired thermal plants will be modernised and transformed into heat and power plants, also into ones fired with biomass which will generate electricity and heat in cogeneration, enabling us to obtain additional certificates of origin for the energy.

Enea

2012