The Israel Land Development Company Ltd. — Investor Presentation 2026

Jan 13, 2026

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MLP GROUP 02. AT A GLANCE

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MLP GROUP AT A GLANCE 02. Conservatism, risk management & diversification

MLP Group is a leading European logistics platform with a vertically integrated business model, specializing in the development, ownership, and management of Class A, modern, multi-tenant, generic warehouse and industrial properties.

Long-term business, not exposed to changes, trends and changes in technology.

MLP Group holds a portfolio of generic and multi-tenant assets located exclusively in key urban and metropolitan areas across its core markets of Poland, Germany, Austria, and Romania.

The portfolio is future-proof, highly flexible, and easily leasable, benefiting from strategic locations exclusively within core markets and 4. major urban centres.

MLP Group's portfolio consists solely of multi-tenant, generic logistics and lightindustrial properties, with an average unit size of approx. 7,000 sqm and no build-tosuit (BTS) projects.

The Group manages approx. 1.6 mn sqm of GLA and holds a strategic land bank reserve of approx. 2.4 mn sqm. (as of 30-Sep-25).

As of 30-Sep-25, over 60% of the total portfolio by Gross Leasable Area ("GLA") has been developed within the past 5 years, and approximately 85% of the assets are less than 10 years old. The average age of the buildings stood at approx. 6.6 years - the newest in the market.

MLP Group portfolio consists of (as of 30-Sep-25):

• Blue-chip tenant base (Dun & Bradstreet rated 1 or 2) achieving like-for-like rental growth (10% as of LTM Sep-25),
• Long WAULT of 7.8 years(1) ,
• 95% long-term occupancy rate,
• 99% rent collection with near-zero defaults,
• 99% tenant retention,
• 100% inflation indexed and EUR denominated tenants' mix

Listed on the Warsaw Stock Exchange since 2013.

Notes: (1) As of 31-Dec-25 (7.3 Years as of 30-Sep-25)

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MLP GROUP AT A GLANCE

Operational excellence & disciplined investment strategy

STRONG OPERATING METRICS (AS OF SEPTEMBER 30, 2025)

1.6 mn sqm

GLA

95%(1)

Long-term Occupancy

99%

Retention rate

100%

Lease contracts indexed with EURO HICP

99%

Rent collection (in 60 days)

7.8 Years(2)

WAULT

2.4 mn sqm

Land bank

c. 80%

of the portfolio BREEAM (Excellent/Very Good) or DGNB (Gold/Platinum) certified

32%

of Rental Income from Top-10 Tenants

Notes: (1) As of 30-Sep-25 reported occupancy is 91% and 93% excluding space delivered during the period; (2) As of 31-Dec-25 (7.3 Years as of 30-Sep-25)

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MLP GROUP AT A GLANCE 02. Operational Matrix Update

KEY OPERATIONAL RESULTS

YE 2024 3Q 2025 YE 2025(1)

Run-Rate Adjusted EBITDA 56.2 mn EUR

agreements entered into before 31-Dec-

61.1 mn EUR

agreements entered into before 30-Sep-

65.8 mn EUR

EBITDA as of LTM 3Q 2025, adjusted for the run-rate contribution of certain lease agreements entered into before 31-Dec-25

OCCUPANCY

94.3% 90.8% 95.5%

LEASING (new leases + renewals)

307 k sqm 179 k sqm 363 k sqm

Notes: (1) Preliminary data

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MLP GROUP AT A GLANCE

Compelling story of sustainable growth

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MLP GROUP AT A GLANCE

MLP is active in 4 strong European countries

• Focus on acquiring development sites adjacent to existing parks, or in soughtafter locations with proximity to strong logistics hubs and transport corridors and large, densely populated cities
• Geographically, development in the German and Polish markets to remain a priority
• Supplemented by operations in Romania and Austria
• Maintain ongoing expansion in new attractive locations

Note: Data as of 30-Sep-25

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MLP GROUP AT A GLANCE Key updates in the last 12 months1 02.

12% REVENUE GROWTH(2) IN Q3'25 YTD

188K SQM OF SPACE LEASED IN Q3'25 YTD

327K SQM OF NEW PROJECTS LAUNCHED IN Q3'25 YTD

1.74 MWP INSTALLED SOLAR CAPACITY LAUNCHED IN Q3'25 YTD

STABLE CAPITAL STRUCTURE WITH LONG TERM MATURITIES

• Key financial indicators increased by double digits year-on-year, confirming the Group's long-term linear growth trajectory

• 9M'25 revenues stood at €72.5m, reflecting a 12% growth (10% FX adjusted) vs 9M'24 revenues of €64.7m

• 9M'25 EBITDA without revaluation stood at €36.9m reflecting a strong margin of 51% and a YoY growth of 13%

• 188.4k sqm of space leased, including 92.4k sqm of new contracts, with 395.4k sqm leased for FY25 as per preliminary results

• Strong occupancy rate maintained at 93%(3) , rent collection at 99% with near-zero defaults, and WAULT at approx. 7.8 years(4)

• Rental revenue was €41m for 9M 2025, reflecting a 9% increase vs 9M 2024

• c. 1.6m sqm of Gross Leasable Area ("GLA") including under development and a strategic landbank reserve of 2.4m sqm(5)

• Strong development pipeline – 275,447 sqm of projects under construction

• Several new projects launched and delivered in key geographies with average pre-let of 80- 90% at delivery

• Logistics parks powered entirely / 100% by green energy

• 6.71 MWp photovoltaic/solar installations

• Maintained zero tonnes of CO2 emissions yearon-year by using 100% renewable electricity

• Weighted average maturity of 4.4 years and weighted average cost of debt at 5.0% pro forma for the envisaged transaction

• Net LTV at 45% and Run-rate ICR of 1.7x

Notes: (1) For the 12 months ended 30-Sep-25; (2) Excluding FX impact; (3) Excludes space delivered during the period. Q3'25 reported occupancy is 90.8%. Long-term occupancy is c.95% (4) As of 31- Dec-25 (7.3 Years as of 30-Sep-25; (5) Includes owned land bank as of 30-Sep-25

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MLP GROUP AT A GLANCE MLP Group's key strategic objectives 02.

Continued sustainable growth of the portfolio in the core cities in the 1. core markets, only generic products. 4.

Asset base diversification through expansion in Germany (focus on Ruhr area, Munich, Frankfurt) and Vienna; target of Germany representing ~33% of the gross portfolio by 2028.

2.

Focus on "City Logistics" projects (smaller logistics / light industrial units closer to cities) as a growth driver; target to reach ~30% of the gross portfolio by 2028.

5. Growing at a consistent and strong Yield on Cost (YoC) at 12.0%.

Continue "Big-Box" logistics developments (for logistics and light 3. industry) alongside the urban segment.

Reducing negative impact on the environment and incorporating ESG 6. into business operations.

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MLP GROUP AT A GLANCE

Summary of MLP Group's ESG Strategy

STRATEGIC GOALS TASKS TO ACHIEVE GOALS

Reducing the company's negative impact on the

• Renewable Energy from photovoltaic
• + energy efficiency
• Reducing water consumption
• Waste management
• Biodiversity

Drive a comprehensive effort to improve the quality of the environment and improve environmental safety of the local communities

• Improve the safety and health of employees and customers
• Ensure a safe workplace for employees
• Create a friendly external environment
• Provide charitable support

Integrating ESG into business operations and aligning corporate and societal interests

• Consider issues relating to the environmental impact of projects, human rights and climate change in decision-making processes
• Establish procedures and set measurable goals to ensure that environmental, climate and human rights risks are identified and avoided
• Do business in line with ethical standards
• Communicate ESG strategies and activities

• MLP Group has an ESG Strategy covering years 2022-2026
• MLP Group's projects are BREEAM-, OGNI-, and DNGB-certified

● MLP is currently in the process of revising its strategy, raising its ambition and developing a decarbonization plan

CURRENT TARGETS:

• 1. Carbon neutrality in direct operations
• 1. Install photovoltaic panels with a total capacity of 20 MW at MLP Group's parks
• 1. Increase the share of photovoltaicgenerated green energy at our logistics parks to ultimately reach 100%, with any remaining residual demand covered by green grid energy.
• 1. Cut the cost of energy used at MLP Group facilities below the average market prices

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MLP GROUP AT A GLANCE Client testimonials 02.

GROWTH IN INDUSTRIAL ASSETS BACKED BY CLIENT EXPERIENCES AND TESTIMONIALS

Robert Ciechociński – Lear Corporation

"Our cooperation with MLP Group is based on trust and transparency. We chose to work with MLP Group because its location gives us access to engineering staff from the Warsaw University of Technology. We received from MLP Group a certified BREEAM energy solution, which gives us a competitive advantage in discussions with our customers. I recommend cooperating with MLP Group because they are focused on customer care and on providing successful solutions that support business growth"

Jakub Wróblewski – DACHSER Sp. z o.o.

"As DACHSER, we have been cooperating with MLP Group for many years, using space at both MLP Pruszków II and MLP Poznań. Both parks provide us with the conditions to execute logistics services — from a great location to modern infrastructure with access to key transport routes. In our daily operations, we particularly appreciate the openness to adapt facilities and the willingness to implement new technical solutions that enable us to function smoothly and continue growth, even on a large scale. A stable environment, clear principles of cooperation, and highquality maintenance of the parks make MLP Group our partner for further development"

Gerard Brodzik – Siemens Real Estate

"We have been using the spaces offered by MLP Group for years, and we can confidently say that this is a place that genuinely supports business growth. The excellent location, modern facilities, and strong infrastructure create conditions that foster stable business operations.

Another important advantage is access to a qualified workforce in the region, as well as the proximity of a major city, which facilitates the day-to-day functioning of our company. On top of that, the flexible and professional approach of the MLP Group team confirms that choosing this park was the right decision"

Lukasz Szymanski – Supply Chain & Production Director:

"Has 17-years of partnership with MLP Group that has ability to adapt to our evolving operational and strategic needs which has enabled Sarantis to expand operations across Poland and Central and Eastern Europe"

Izabela Oskierko – Pure Ice

"In 2020, when selecting production and warehouse space for Pure Ice, MLP Group stood out by tailoring a modern facility to Pure Ice's specific needs. Their flawless cooperation led us to sign another contract, following which will soon launch a new hall to support our ambitious growth plans"

Marek Grzybowski – Warsaw Distribution Centre Manager:

"20+ year collaboration with MLP Group reflected a strong, enduring partnership built on mutual understanding and shared goals. Their consistent quality, openness, and tailored solutions give us confidence and predictability in planning operational growth in Poland"

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KEY CREDIT 03. HIGHLIGHTS

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KEY CREDIT HIGHLIGHTS 03. MLP boasts exceptional credit fundamentals

1.

MLP Group is a leading European logistics platform with a vertically integrated business model, specializing in the development, ownership, and management of Class A, modern, multitenant, generic warehouse and industrial properties. across its core markets of Poland, Germany, Austria, and Romania.

2.

Focus on proximity to existing projects, major urban centres and core prime cities within resilient geographies and growing urban logistics and industrial asset, supported by constrained supply, limited land availability, and permitting challenges.

3.

High quality, modern properties - over 60% of the total portfolio by GLA has been developed within the past 5 years, and approximately 85% of the assets are less than 10 years old. As of 30 September 2025, the average age of the buildings stood at approximately 6.6 years - the newest in the market.

Attractive blue-chip tenant base (Dun & Bradstreet rated 1 or 2) achieving like-forlike rental growth (10% as of LTM Sep-25), long WAULT of 7.8 years, 99% tenant retention and delivering low-risk, highly predictable, inflation and FX protected cash flows.

Disciplined growth achieved with 15 years of on-time, on-budget project delivery and supported by a robust balance sheet, conservative financial policy, and stabilizing revaluation gains.

Experienced management team with a long-standing track record and 6. supportive shareholder base.

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KEY CREDIT HIGHLIGHTS Vertically integrated business model 03.

VALUE UPLIFT

STRATEGIC ACQUISITIONS FOR GROWTH

• Targeting value-add opportunities
• Leveraging local, market-savvy teams
• Enhancing returns through selective asset recycling of mature, non-core assets

STRONG DEVELOPMENT CAPABILITIES

• Dedicated teams, capital, and landbank for continued project delivery
• Risk-managed approach driven by in-house expertise
• Future-proofing developments with tenant-specific adaptability

Build & Hold

HIGH-QUALITY ASSET MANAGEMENT

• Dedicated in-house management with processdriven efficiency
• Active tenant engagement and credit monitoring
• Future-proofing assets through ESG and customer focus

CENTRALIZED EXPERTISE IN SUPPORT FUNCTIONS

• In-house, centralized teams for scalable efficiency and expertise
• Standardized processes, advanced tools, and datadriven decisions

Land - historical cost

CONSTRUCTION COSTS VS. CAPITAL

Notes: (1) Average over last 10 years; (2) Capital value: Value upon completion (from valuation)/ sqm (under construction + planned)

No cost or time overruns in the last 15 years

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KEY CREDIT HIGHLIGHTS

Industrial sector benefits from structural growth drivers

KEY DEMAND DRIVERS AND PRIME RENTAL RATE GDP GROWTH POSITIVE TRENDS

• Tech-powered logistics —automation and AI driving faster, smarter operations
• World-class infrastructure ensures seamless regional connectivity
• High leasing momentum and solid rent growth reflect strong occupier demand
• Tight supply, low vacancy sustain pricing power and asset stability
• Investor magnet stable yields and deep institutional capital interest
• Economic recovery tailwind reinforces long-term market resilience

Notes: Trading Economics, Cushman & Wakefield

PRIME RENTAL RATE PRIME LOGISTICS YIELDS GDP GROWTH

Macro improvements reinforce occupier demand and capital inflows into logistics real estate

• Poland leads Europe's growth, supported by domestic consumption and manufacturing
• Germany stabilizes with gradual recovery as inflation eases and investment strengthens

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KEY CREDIT HIGHLIGHTS

Target core urban logistics in key resilient markets

MLP LOCATIONS VS. MLP'S COMPETITORS

1.

Focus on prime locations in core markets: The Group emphasises sites in Poland (its home market), Germany, Austria and Romania, in well-connected regions with strong accessibility, transport links and population / labour catchments.

2.

Highlights urban logistics as a growth driver: MLP is expanding into smaller, cityedge or in-city units (700–2,500 sqm) for ecommerce, last-mile, and distribution, offering stronger resilience and higher yields than traditional large-box warehouses.

GAV BY ASSET TYPE(1)

AS AT 3Q 2025 TARGET AS AT DEC 2028

3.

Structural tailwinds are driving strong demand for European logistics assets - sustained e-commerce growth, reconfigured global supply chains, and new durable drivers (dual-use tech, defence manufacturing, and data-centre infrastructure) that diversify and strengthen demand across Europe.

Notes: (1) Including existing assets and assets under construction

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KEY CREDIT HIGHLIGHTS

Quality portfolio of standardized, sustainable and modern assets

LIKE-FOR-LIKE RENTAL GROWTH OF 10% ACHIEVED OVERALL (AS OF LTM 30-SEP)

BUILDING – CONSTRUCTION AGE (% OF TOTAL GLA)

Notes: Data as of Sep 30, 2025. * Excluding 49 thousand sqm of historic buildings that have existed for more than 20 years

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KEY CREDIT HIGHLIGHTS

Attractive blue-chip tenant base with exceptional KPIs

• Lease Structure – Inflation Protection 1
  • 100% of rents indexed to CPI income rises with inflation
  • Utility reimbursements adjust upward automatically
  • EUR-denominated leases ensure real value stability
• Bulletproof Revenues 2
  • Triple net leases
  • Near zero defaults
  • Near 100% renewals
  • "Annuity-like" revenue stream

GLA BY TYPE OF CUSTOMER (SQM) – %

C. 99% RETENTION RATE

Notes: (1) As of 31 December 2025 (7.3 Years as of 30 September 2025)

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KEY CREDIT HIGHLIGHTS

Robust balance sheet, stable cash flows, and conservative financial policies

NET ASSET VALUE & EBITDA (IN MN EUR)

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KEY CREDIT HIGHLIGHTS

Strong debt metrics and staggered maturity profile

PF as of 30-Sep-25		INT	TEREST	COVAs of
Net Total LTV	45%		1,5x
NAV in EUR mn	663		ICR
Total debt in EUR mn (all-in) among which:	796		BANKI	OANTRA
Bank loans (secured on MLP's assets) in EUR mBonds (unsecured on MLP's assets) in EUR mn	n 146650	61
Weighted Average Interest Rate on financial liabilities (all-in)	5.0%	2028	20	029
Net Debt / Run-Rate Adjusted EBITDA	9.7x	BOND	SBYN	JTAN11
Weighted Average Unexpired Financial Debt Term (in years)	4.4	3	300

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3Q 2025 EBITDA Run-rate Adjusted EBITDA bridge 03.

RUN-RATE ADJUSTED EBITDA (IN MN EUR)

PF TRANSACTION	3Q 2025EURm
Net Total Debt / EBITDA	13.3x
Net Total Debt / Run-Rate Adjusted EBITDA	9.7x

Run-Rate Adjusted EBITDA represents (i) LTM 3Q'25 EBITDA before revaluation plus (ii) run-rate contribution of lease agreements entered into prior to 31-Dec-25, which started generating revenue in the twelve months ended 30-Sep-25, but whose impact was not reflected fully in the results for the twelve months ended 30-Sep-25, plus (iii) run-rate contribution of new lease agreements entered into prior to 31-Dec-25, which have not started generating revenue in the twelve months ended 30-Sep-25, but which are expected to start generating revenue after reporting date

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KEY CREDIT HIGHLIGHTS

Experienced, long-standing management team and shareholder base

CEO & President of the Management Board

Radosław T. Krochta

• Joined MLP Group S.A in 2010
• 29 years of experience in the financial sector in Europe & the US

Vice President of the Management Board

Michael Shapiro

• President of the Management Board of the MLP Group (1998-2016)
• 40+ years of experience in implementing projects in the real estate sector

CFO & Member of the Management

Board

Maciej Müldner

• Maciej joined MLP Group in July 2025 as CFO
• Prior to MLP he has held key positions at Dentsu Group, Skanska Group and +30 years experience in the finance sector

CDO & Member of the Management Board

Agnieszka Gozdz

• Joined the MLP Group team in 2015 as a Development Manager
• 16 years of experience in leasing commercial space

Chief Country Officer for Germany

Martin Birkert

• Joined the MLP Group team in 2023 country manager for Germany
• Martin has 17 years of relevant experience gained in the commercial real estate sector

SHAREHOLDER STRUCTURE

(AS OF SEP 30, 2025)

MAJORITY INVESTOR SINCE INCEPTION

STABLE BACKING THROUGH MARKET CYCLES

4 OUT OF 6 SUPERVISORY BOARD SEATS ARE INDEPENDENT Cajamarca Holland B.V. has held a controlling stake in MLP Group since at least 2014 (and is tied to the company's founding projects, such as MLP Pruszków I) demonstrating continuous ownership and strategic involvement for more than a decade

Its enduring majority position throughout changing market conditions and MLP's expansion phases reflects sustained confidence in the company's business model and management

Despite over 50% of the company being institutionally owned, a majority of its supervisory board seats are occupied independently of the majority shareholder

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HISTORICAL FINANCIALS (1/3)

Dynamic growth and robust cash flow generation over the years

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HISTORICAL FINANCIALS (2/3) 04.

Dynamic growth and robust cash flow generation over the years

Note: (1) Run-rate adj. EBITDA is used for calculating leverage PF transaction

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HISTORICAL FINANCIALS (3/3)

Dynamic growth and robust cash flow generation over the years

GROSS SECURED LTV (%)

SENIOR SECURED DEBT / TOTAL DEBT (%) EBITDA TO NET INTEREST COVER (X)

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3Q 2025 RESULTS SUMMARY Main 3Q 2025 highlights in EUR 04.

	Q3 2025	Q3 2024	%	Q3 2025
EURm	9M	9M	Change	LTM
REVENUES	73	65	12%	94
NET PROFIT/LOSS	21	62	(66%)	46
EBITDA	37	33	13%	48
OCCUPANCYRATE	91%(1)	92%	-	91%(1)

Note: EBITDA is calculated without revaluation; (1) 93% excluding space delivered during the period. Long-term occupancy is c.95%

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Glossary

Term	Definition
Big Box	Large scale warehouse projects or distribution centers
CAGR	Compound Annual Growth Rate
City Logistics	City or urban logistics projects, branded as our MLP Business Parks, offering tenants flexible, small-scale warehouse and light production units, rangingfrom 700 to 2,500 sqm)
EBITDA	Represents rental income, revenue from property management services, less distribution costs and administrative expenses (excluding depreciation andamortization and cost of merchandise and materials sold) plus other income minus other expenses. EBITDA does not include gain or loss on revaluation of investment property
Effective rent	Average rent recognised by the Group over the lease term, accounted for on a straight-line basis in accordance with IFRS 16 Leases. It reflects the actual economic level of rentover the lease duration, considering tenant incentives and other factors that create differences between the contractual rent (headline rent) and the rent income recognised
EURO HICP	(Harmonised Index of Consumer Prices) without CAP (Common Agricultural Policy) - indexation benchmark
FFO (Funds From Operations)	Represents our profit/(loss) before tax as adjusted for depreciation and amortization, change in fair value of investment properties, ineffective portion of remeasurement ofhedges, net exchange differences, measurement of borrowings at amortized cost, net other operating income / expenses lessnon-recurring items included in other operating activity and less current income tax or plus reimbursed
GAV (Gross Asset Value)	Represents the value of our investment properties and property, plant and equipment as recognized in the Group's accounting records and financial statements in accordancewith IFRS, not including residential properties and perpetual usufruct
GLA	Gross Leasable Area calculated as existing plus under construction space
Headline rent	Contractual rent specified in the lease agreement, payable by the tenant in accordance with the lease terms, before considering any rent-free periods, incentives, discounts orother lease inducements. It represents the nominal rent level stated in the contract, without IFRS straight-lining adjustments
ICR	(Interest Cover Ratio) represents EBITDA divided by Net Interest Cover
IFRS	International Financial Reporting Standards
Land Bank	Owned and optional land bank
Long-term occupancy	Average occupancy as per year end in the last 10 years of operations
LTM	Last Twelve Months
NAV (Net Asset Value)	Represents the difference between assets and liabilities, equal to the equity of the Group
Net LTV	Represents Net Total Debt divided by GAV
Net Senior Secured Debt	Represents Senior Secured Debt less our cash and cash equivalents
Net Total Debt	Represents Total Debt less our cash and cash equivalents and amounts held in debt service reserve accounts ("DSRA")
Occupancy	Calculated as the proportion of the aggregate GLA of the properties, whether or not capable of being let, which is subject to tenancies at a given point in time. For the avoidanceof doubt, the aggregate GLA excludes areas designated as structurally vacant or under refurbishment or for turnaround activities. Any development to create new lettable area atany property is only included when the relevant space or development is complete and available to generate income
Occupancy Rate	Represents the proportion of the aggregate GLA of the properties (whether or not capable of being let) which is subject to tenancies at a given point in time. For the avoidance ofdoubt, the aggregate GLA excludes areas designated as structurally vacant or under refurbishment or for turnaround activities. Any development to create new lettable area atany property is only included when the relevant space or development is complete and available to generate income
Recurring EBITDA	Represents EBITDA adjusted for one-time or irregular events that are not part of the Group's day-to-day operations. We present Recurring EBITDA asadditional information because we believe it is helpful to investors in highlighting trends in our business
Rent Collection	Represents the number of days in a period (e.g., 365 days in a year), divided by the Revenue from operations, divided by the Average Trade Receivables
Run-Rate Adjusted EBITDA	Represents, as adjusted for the run-rate contribution of certain lease agreements entered into before the end of stated period, which have not started generating revenue in thetwelve months ending that period, but which are expected to start generating revenue prior to six months post the reporting period, as if they started generating revenue fromthe beginning of the period
Run-Rate ICR	(Interest Cover Ratio) represents Run-Rate EBITDA divided by Net Interest Cover
Secured Net LTV	Represents Net Senior Secured Debt divided by GAV
Senior Secured Debt	Represents the aggregate amount of non-current and current bank borrowings, excluding any hedging contracts (excluding unamortized debt issuance costs and unamortizedissue discount)
sqm	Square meters
Tenant Retention	Represents the total rental income from lease agreements due to expire within one year and that are extended with existing tenants, as a percentage of the total rental incomefrom leases which expire in the same year
Total Debt	Represents the aggregate amount of non-current and current bank borrowings and notes, excluding any hedging contracts (excluding unamortized debt issuance costs andunamortized issue discount)
WAULT	Weighted Average Unexpired Lease Term
Weighted Average Interest Rate	Calculated based on total annual interest expense divided by total financial liabilities
	Weighted Average Unexpired Financial Debt Term / Weighted Average Maturity

YoC Yield on Cost

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Exchange rates used (as per Bank of Poland)

	2022	2023	2024	Q3'24	Q3'25
EUR/PLNP&L (average of reportingperiod)(1)	4.6883	4.5284	4.3027	4.3220	4.2365
EUR/PLN BS / CF (as of reporting date)	4.6899	4.3480	4.2730	4.2791	4.2692

Note: (1) Arithmetic mean of the mid exchange rates effective on the last day of each month in the reporting period

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