Registration of a change in share capital for the company Walcownia Metali “Łabędy” S.A.

Thursday, 28 June, 2007

The Management Board of KGHM Polska Miedź S.A. announces that on 26 June 2007 a change in share capital was registered at the Regional Court in Gliwice, Section X (Economic) of the National Court of Registration for the company Walcownia Metali “Łabędy” S.A. in Gliwice (an indirect subsidiary of KGHM Polska Miedź S.A.). The share capital of Walcownia Metali “Łabędy” S.A. was increased by PLN 30 936.1 thousand through the creation of 3 093 612 shares having a face value of PLN 10 each.

All of the new shares were acquired by KGHM Ecoren S.A. (a subsidiary of KGHM Polska Miedź S.A.).

This increase in capital was covered by a contribution in kind of 32 430 shares of Walcownia Metali Nieżelaznych Sp. z o.o. in Gliwice and cash in the amount of PLN 6.90.

An agreement for the transferal of ownership of 32 430 shares of Walcownia Metali Nieżelaznych Sp. z o.o. to Walcownia Metali „Łabędy” S.A. was signed on 31 January 2007 (current report 8/2007 dated 2 February 2007).

The carrying amount of the assets transferred as a contribution in kind in the accounts of KGHM Ecoren S.A. is PLN 30 666.2 thousand.

The value of the assets which were transferred as a contribution in kind amounts to PLN 30 936.1 thousand.

Currently the share capital of Walcownia Metali „Łabędy” S.A. amounts to PLN 54 703.9 thousand and is divided into 5 470 386 shares of PLN 10 each. The total number of votes arising from all shares after registration of this change in share capital is 5 470 386.

After registration 88.92% of the share capital of Walcownia Metali „Łabędy” S.A. is owned by KGHM Ecoren S.A.

Legal basis: § 5 sec. 1 point 9 of the Decree of the Minister of Finance dated 19 October 2005 regarding current and periodic information published by issuers of securities (Journal of Laws from 2005 Nr 209, item 1744)