Gdansk, February 27, 2017

STATEMENT

In connection with the open letter of the employees of Port Gdanski Eksploatacja Spolka Akcyjna with its registered office in Gdansk (further referred to as PGE), trade unions representing the employees of PGE and the Employee Council of PGE of January 31, 2017, and taking into account the public's right to reliable information, Port of Gdansk Authority SA makes the following statement.

We reject entirely the allegations concerning the economic and legal situation of PGE presented in the above-mentioned letter. Since appointment, the present Port of Gdansk Authority SA, in implementing corporate governance, has been taking action to order the situation in PGE and corrective action in connection with the neglect of its predecessors, which inhibited the development of PGE.

The indexes of the ownership and capital structure of PGE show that the company still has considerable equity. Above-average liquidity ratios indicate that PGE has solid financial resources.

The need to create new leases resulted from the ongoing process of selling shares of PGE held by PGA. The increase in the rent for the lease of real estate by PGE in 2014 was also aimed at avoiding a breach of European Union law on the use of unlawful state aid.

The plea to exclude land with an area of about 12 ha from the lease agreement is a matter of conjecture. In fact, the Management Boards of PGA and PGE entered into a preliminary oral agreement to exempt this land from fees as not being the subject of a lease for the duration of the investment carried out by PGA.

The sale of shares in PGE has not been suspended. According to the Act on Ports and Harbours, PGA has an obligation to sell the shares and wishes to fulfil this obligation. The litigation brought by Mariner Capital Limited against PGA, the object of which is the conclusion of the final agreement for the sale of shares in PGE, has not yet been bindingly closed. Neither PGA, nor any other entity is able to influence either the pace of ongoing legal proceedings, and, the more so, their outcome.

Economic analysis shows that the results of PGE are to the greatest extent affected by the volume of transshipment of goods, which involves the acquisition of new customers. The negligence of PGE's predecessors in this field, as well as the lack of a development and investment plan, despite having substantial financial resources, since 2014 onwards has led to a decrease in transshipment volumes of nearly 1 million tonnes and in turnover by more than PLN 11 million. The present Management Board has stopped the process of running down the Company, the destruction of its assets and reduction of its potential. PGE is working proactively for the development of the sales department, along with investment purchases which in 2017 will be among the largest in the company's history. In parallel, PGA has launched its largest investment project for years in the inner port, involving the reconstruction of quays and deepening of the fairway.

The authors of the letter argue that they want to protect Polish ports and shipyards. Port of Gdansk Authority SA is implementing just such a policy, as declared by the government of the Law and Justice party. The economic analysis conducted assures us that the corrective actions currently being applied have put the Company on the track towards stable growth.

Once again, we emphasise that the allegations contained in the open letter are totally unfounded and their public formulation and dissemination is harmful to Port Gdanski Eksploatacja, its employees and Port of Gdansk Authority SA.

Please also note that PGA is also conducting detailed communications concerning the open letter with the Prime Minister and the Minister of Maritime and Inland Waterways representing the owner, i.e. the State Treasury. PGA is also in constant contact with the Supervisory Board.