The Company's Development Strategy

The "Strategic Plan for the ESP Capital Group for the years 2003 - 2007" was adopted by resolution 115/28/03 of the Management Board, dated 6 May 2003, and positively reviewed by the ESP S.A. Supervisory Council by resolution 9/2/IV/03 on 16 May 2003. The plan sets forth the Company's development strategy, taking into account the growth of competition on the constantly developing electric energy market, in accordance with the mission adopted.

The strategic objectives, constituting the basis for the realisation of the Company's and the Capital Group's mission were defined as follows:

Attaining maximal growth in the value of the Company's shares in relation to the value achieved in 2002.

Securing a dominant position in sales of products on the system services market.

Attaining at least 15% share in the production of electric energy, using Polish renewable sources within the framework of the Strategic Plan.