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Ladies and Gentlemen,

2017 was a special year for us as in March 2017 we announced the new Strategy of the PGNiG Group for 2017–2022 (with an outlook until 2026).

Our last year’s achievements show that the selected priority areas for investment and development were the right ones and that the Management Board successfully pursued its operational and financial objectives. The Group’s performance and its leading position in the Polish industrial sector leave no doubt that the first phase of the strategy implementation process brought the expected effects. I believe the results produced by the Group in 2017 should be considered satisfactory by the Shareholders and Investors, as well as by the members of the Supervisory Board, who actively participated in the implementation of the strategy, and before that in the formulation of its assumptions.

Like every year, the Supervisory Board paid special attention to keeping the information policy at a high level and to ensuring that the corporate governance rules in place at PGNiG are strictly complied with. I am aware that because of the role PGNiG plays in ensuring Poland’s energy security its stakeholders attach particular importance to the transparency of the Company’s operations. In the opinion of the Supervisory Board, the Company properly fulfils its duty to ensure compliance with applicable disclosure requirements, national and international laws and the obligation to promote best practices for companies listed on the Warsaw Stock Exchange. It is worth noting that we increased the number of independent members of the PGNiG Supervisory Board who meet the criteria laid down in the Act on Statutory Auditors, Audit Firms and Public Supervision, as well as in the Code of Best Practice for WSE Listed Companies.

The Transparent Company of the Year award given to PGNiG for the second consecutive time by the Institute of Accountancy and Taxes and the Gazeta Giełdy Parkiet daily was a confirmation that the Company continued to work on its business transparency, information policy and the corporate governance rules.

In 2018, the Supervisory Board of PGNiG will further support the Management Board in its efforts to achieve the objectives defined in the Group Strategy for 2017–2022. We welcome any initiatives aimed at increasing the value of the Group and enhancing Poland’s energy security. The current activities in the areas of owner’s supervision and corporate governance will be continued to help PGNiG remain one of Poland’s most transparent companies.

With best regards

Bartłomiej Nowak
Chairman of the Supervisory Board