direct/ Eureko B.V. (NL) - Brussels Court Rejects Republic of Poland´s Claim for Annulment of Arbitration Award in Eureko´s Favour

The Brussels Court of First Instance has rejected the Republic of Poland´s claim for the annulment of the Partial Award (rendered in Eureko´s favour) by the International Arbitration Tribunal on all counts. The Court has ruled that the arguments submitted by the Republic of Poland are without foundation.

The Court found that the Partial Award had already addressed all issues which were the basis of this annulment claim by the Republic of Poland. In this partial award, it was stated, among others, that the Republic of Poland was in breach of the Bilateral Investment Treaty between the Republic of Poland and The Netherlands by having violated Eureko´s investment rights, and that the PZU privatisation agreements must still be executed.

There remains a further outstanding claim by the Republic of Poland in Brussels, being the challenge against the impartiality of one of the arbitrators in the Arbitration procedure, Judge Schwebel. A verdict on that case is expected by the end of the year, after which the second phase of the Arbitration procedure may begin.

Eureko is, naturally, pleased that the findings of the Arbitration have been upheld, and remains willing to enter into discussions with the State Treasury, and to work together to find a resolution to the conflict surrounding PZU.

Ends
Zeist
27 November 2006

For further information, contact

at Eureko
Lorrie Morgan (Media)
Tel: +31 (0)30 693 7065
Mobile: +31 (0)654 93 72 72

Barth Scholten (Investor Relations)
Tel: +31 (0)30 693 7051

In Poland
Monika Wincenciak-Ziemba
Tel: +48 (0)607 077 572

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