Ladies and Gentlemen,

According to the Strategy, over the next six years we intend to carry out an investment program worth PLN 27 billion. Of these funds, 65 per cent will be allocated to development investments, with the rest to be spent on maintenance and replacement projects. Achievement of our strategic goals will be based on efficiency and innovation, which already distinguish KGHM, and will ensure our competitive advantage in the future.

Herbert Wirth
President of the Management Board

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Ladies and Gentlemen,

2014 was for KGHM a period of both great challenges and groundbreaking successes. They proved that KGHM is an excellent choice for investors seeking assets with a stable return and with the potential for growth in the medium and long term. This year showed that, especially in difficult macroeconomic conditions, it is worth investing in a stable organization with strong values, one that cares about society and the natural environment, as well as in experienced staff who through new projects continuously build the company’s value for shareholders.

Marcin Moryń
Chairman of the Supervisory Board

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Strategic objectives

1 To exceed the output of 1 million tons of copper equivalentlexicon.png

2 Reduction of C1 mining cost by 10%

3 An increase in Company's EBITDAlexicon.png by 70%

4 Copper replacement rate 3:1

5 Execution of the investment plan worth PLN 27 billion

6 Maintenance of Net Debtlexicon.png - EBIDTA ratio at the level of 1-2

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Launch of production at the Sierra Gorda mine

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Launch of production from the Deep Głogów (GG-P) region

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Business model

Business Model

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Consolidated Financial Statement

Separate Financial Statement

Presentation - Results for 2014

Conference - Results for 2014