Capital Link Poland | www.capitallinkpoland.com

FIRST QUARTER 2003 RESULTS

At the end of the first quarter of 2003, the total assets amounted to PLN 17,324m, up by 14.9% relative to December 31st 2002. The fixed assets increased by PLN 793m (8.1%) in comparison with December 31st 2002, and reached PLN 10,607m.

Long-term liabilities amounted to PLN 1,542m, and rose by PLN 133m in comparison with the end of 2002. Total short-term liabilities also grew � from PLN 4,923m as at the end of 2002 o PLN 6,661m as at March 31st 2003.

Net operating cash flow in Q1 2003 was PLN 256m, which is 24.0% less in relation to the analogous period of 2002

The profit on sales for Q1 2003 was PLN 1,169m, and was higher by PLN 405m, or 53.0%, than the result reported for the analogous period of the previous year. The Q1 2003 profit on other operating activities stood at PLN 85m, up by PLN 93m on the corresponding quarter of 2002

The Q1 2003 debt on short-term debt securities went up to PLN 601m as at March 31st 2003, relative to PLN 340m as at December 31st 2002.

2002 FINANCIAL RESULTS

As of December 2002, total assets of the Capital Group of Polski Koncern Naftowy ORLEN S.A. reached PLN 14,783,526 thousand.

As of December 31st 2002, liabilities amounted to PLN 6,186,620 thousands

The operating profit of PLN 758,613 thousand was reported.

Profit before income tax reached PLN 772,432 thousand.

The ORLAN S.A.�s net profit totaled PLN 479,335 thousand.

The net interest income totaled PLN 2,964.7 million, and was lower then the net interest income of 2001 by 5.1%.

2001 FINANCIAL RESULTS

At the end of December 2001 total assets amounted to PLN 74,121.3 million, higher by 6.3% against the end of December 2000. The main source of the increase was due to an increase in customers as well as shareholders� equity by PLN 2,463 million and PLN 1,260.4 million respectively.

Against the end of December 2000, the amounts due to clients grew by PLN 2,463.0 million, i.e. 11.9% but their share in liabilities fell down to 71.6% from 72.6% at the end of 2000.

The gross profit in 2001 was PLN 1,765.5 million. It was 50.8% higher than in the year 200o. Net profit amounting to PLN 1,252.2 million rose by 57.5% against the previous year.

In 2001 the net interest income reached the level of PLN 3,118.5 million and was higher by PLN 394.1 million i.e. by 14.5% than in the previous year.

Operating costs (including depreciation) in 2001 amounted to PLN 2,349.8 million and were by 11.2% lower against the last year.

Net profit of Bank Pekao SA Capital Group increased by PLN 457.3 million to PLN 1,252.2 million against PLN 794.9 million of the previous year.

2000 FINANCIAL RESULTS

The total assets at the end of December 2000 were PLN 69,716.8 million and were higher by 16.0% in comparison with the end of December 1999.

In 2000 the net profit of Bank Pekao SA capital group totaled PLN 794.9 million and was higher by 363.5% in comparison with 1999.

The net interest income, the largest contributor to the total income, in 2000 rose by PLN 616.0 million, i.e. by 30.1% and reached PLN 2,659.6 million.

In comparison with the end of December 1999, the largest category of the liabilities: the amounts due to clients, grew by PLN 5,370.8 million, i.e. 11.9% but their share in liabilities decreased by 2.7 p.p.

The operating costs increased in 2000 by PLN 244.4 million, i.e. by 10.2%.