New regulation applying to contents of prospectus

This Regulation is one more step in liberalizing prospectus regulations, and implements EU standards as well as supplements the Securities Law to make it easier for Polish and foreign issuers to introduce their securities to public trading in Poland. The Regulation generally further simplifies the formalities imposed on certain issuers, especially those admitted to public trading on EU (or OECD) regulated markets. One of the consequences is that a greater range of documents prepared in connection with an offer of securities traded on these markets (such as financial data prepared in accordance with US GAAP or IAS) can be used in Polish proceedings. As far as financial reporting is concerned, an issuer does not have to indicate the difference in value between financial information conforming to Polish accountancy standards, and that conforming to foreign standards, if the issuer cannot do so. Furthermore, changes have been made in favor of issuers whose shares have been admitted to public trading in Poland for a certain time and that have fulfilled their reporting obligations. In addition, the scope of information to be provided for new share issue has been reduced for an issue of shares representing less than 10 % of shares admitted on the same market.

For further information please contact Lejb Fogelman or Jarosław Grzesiak at Dewey Ballantine. Tel +48 22 690 6100; fax +48 22 690 6222; www.deweyballantine.com