The Management Board of KGHM Polska Miedź S.A. announces that on 5 January 2005 a contract was signed between KGHM Polska Miedź S.A. and KGHM Polish Copper Ltd. (a subsidiary of KGHM Polska Miedź S.A.) for the sale of copper cathodes in 2005. The value of this contract is estimated at USD 156 675.0 thousand (i.e. PLN 476 386.0 thousand). This amount was estimated based on copper quotations and the National Bank of Poland exchange rate from 4 January 2005. This contract foresees contractual penalties for failure to execute payments on time. The total value of contracts entered into over the last 12 months between KGHM Polska Miedź S.A. and KGHM Polish Copper Ltd. is estimated at around PLN 913 570.9 thousand. The above contract is the highest-value contract. The criteria used for describing the contract as significant is that the total estimated value of the contracts exceeds 10% of the equity of KGHM Polska Miedź S.A.
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