PRESS RELEASE
of the INDUSTRIAL DEVELOPMENT AGENCY

Warsaw – September 28, 2009

The repeat process of the selling of assets of Stocznia Gdynia S.A. and Stocznia Szczecińska Nowa Sp. z o.o. is being launched.

The creditor’s councils of Stocznia Szczecińska Nowa Sp. z o.o. and Stocznia Gdynia S.A. on the 25th September 2009 gave its positive opinion on “the modified plans of selling the components of assets of Stocznia Gdynia S.A. and Stocznia Szczecińska Nowa Sp. z o.o.”. The entire procedure is in conformity with the act of 19 December 2008 on compensation procedure at entities of special importance for the Polish shipbuilding industry.

The president of the Industrial Development Agency joint stock company, as a Body supervising the performance of the among described act, issued a decision on approval of “the modified plans of selling the components of assets of Stocznia Szczecińska Nowa Sp. z o.o. and Stocznia Gdynia S.A.” and launching the repeat tender procedure.

Likewise the first tender and in accordance with the provisions of the above mentioned act, the process of selling shall be held with taking into consideration the principle of assuring it is transparent, unconditional, non-discriminatory and fair competition – in accordance with decision of the European Commission.

The evaluations of the components of assets to be sold were updated. According to the plan of sales, the tender advertisements shall be published on September 30, 2009 in the Polish press (central and local). Those advertisements shall be also immediately published in the foreign press.

In accordance with the plan of sales, the auctions shall be held respectively:
November 26, 2009 – for Stocznia Gdynia S.A.,
November 27, 2009 – for Stocznia Szczecińska Nowa Sp. z o.o.

We inform that also regulations concerning the selling of assets were changed. In relation to the regulations concerning the purchase of the components of assets of both shipyards, which were binding in first tenders, there were changes introduced to the new regulations.

To prevent a situation, in which the bidder, who paid the bid bond and won the auction, would be able subsequently to abstain from signing the final agreements, the more precise provisions were introduced to the new regulations.

They stipulate, that three days prior to signing the preliminary agreements, the full amount for the component of assets which was won during auction, has to be transferred onto Compensation Administrator’ s account, or there have to be unconditional bank guarantees presented in this scope. The bank guarantees shall be verified by the Compensation Administrator.

Moreover, the new regulations stipulate, that all the tender participants, who submitted valid offers for the purchase of the individual components of the assets, shall by bound with those offers. That means, that in case the tender winner abstains from undertaking the signing of a notarial deed, the Compensation Administrator shall be entitled to call a next company to the notarial deed, the company which submitted a second offer (by amount) for the purchase of the individual component of the assets.

The second tender procedure is possible according to the decision of the European Commission of September 8, 2009, which allows Poland for the extension of the compensation procedure by the end of 2009.

It is vital for success, the decentralization of reclaim process of the post-shipyard assets, i.e. the participation of self-governments, local entrepreneurs and the management boards of ports in Gdynia and Sczczecin, in creation of conditions for stimulating those areas.

There is a possibility to cover part of the areas with the activity of the special economic zones and the related infrastructural investments. The operator of those activities shall be the Industrial Development Agency joint stock company.

In accordance with the act, still there is performed a Programme of Monitored Dismissals for the former workers of the shipyards.

“That tender procedure is a second chance, which we were given by the European Commission. We believe, that in that procedure, the investors shall be selected, who in a short time shall undertake business on the purchased shipyard assets. We expect, that it shall allow for the former shipyard workers to find employment on the shipyards areas, even if not all of them shall find job in reconstructed shipyard industry” Wojciech Dąbrowski, President of the Management Board of the Industrial Development Agency joint stock company.