The Management Board of Ciech SA declares that on November 23rd, 2007 the following contracts were concluded: Dealership Contract, Agency Contract, and Deposit Contract with such banks as Bank Handlowy w Warszawie SA, BRE Bank SA, and Bank PKO BP. The contracts concern completion of the Bond Issuance Programme held by Ciech SA worth up to 500,000,000.00 PLN. Within the Programme and with respect to the bonds, the banks operate exclusively as the Issuer's representatives and bear no liabilities towards the bondholders of CIECH SA as far as obligations of the Issuer resulting from the bonds, especially with respect to the Issuer's buyout of bonds and interest payments, are concerned. Legal form of the instrument: bearer bonds, not having any document form, issued in accordance with the Act on Bonds of June 29th, 1995 and on the basis of Act No. 130/V/2007 of the Supervisory Board of CIECH SA. Issuance of the bonds shall take place according to § 9 section 3 of the Act on Bonds, by means of addressing a proposal of bond purchase to a group of no more than 99 individual persons. The Issuer and Dealers do not make a provision for the introduction of the bonds for public trade and their quotations on any regulated or non-regulated market. Within the Programme, the Coupon Bonds may be offered with the purchase term from 1 year to 10 years and with a fixed-interest-rate or variable-interest-rate. The nominal value of one bond is 100,000.00 PLN. The bonds will be sold at a nominal value and are not hedged. Proceeds from the Issuance will be allotted for the financing of the Ciech SA Group investment projects and restructuring of the Ciech SA's debt.