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FIRST QUARTER 2003 RESULTS

As of March 2003, total assets of Telekomunikacja Polska SA Capital Group reached PLN 36,964,599 thousand in comparison with PLN 34,831,834 thousand achieved during the same period, from January 1st to March 31st, of the year 2002.

Liability amounted to PLN 36 964 599thousand as of March 31st 2003 in comparison with PLN 36 889 183 thousand as of March 31st 2002.

Gross profit as of the end of March 2003 amounted to PLN161 003 thousand while at the end of the same period in 2002 they amounted to PLN209 510 thousand. The net profit for the period from 1 January 2003 to 31 March 2003 amounted to PLN 129 269 thousand; while as of the end of March 2002 the net profit amounted to PLN 104 953 thousand.

Operating profit at the end of the first quarter of the year 2003 amounted to PLN 977 782thousand and at the end of the same period of 2002 it amounted to PLN 828 797 thousand.

2002 FINANCIAL RESULTS

Compared to the fourth quarter of 2001, the value of net sales of products, goods and materials increased in the fourth quarter of 2002 by 3.2%.

EBITDA was PLN 1,665,661 thousand, what represents a 141.1% growth on the fourth quarter of 2001. The EBITDA margin in the fourth quarter of 2002 was 36.0%, and it increased by 20.6-percentage point compared with the fourth quarter of 2001.

The gross profit was PLN 520 419 thousand for the period from October 1st 2002 to December 31st 2002 as opposed to PLN (53 250) thousand in 2001, and the net profit amounted to PLN 621 879 at the end of the fourth quarter of 2002 and it was an increase from PLN (137 255) thousand loss recorded at the end of the fourth quarter of 2001.

Cumulative total assets of PLN 36 889 183 thousand were recorded and at the end of 2001 cumulative total assets were PLN 35 549 645 thousand.

NINE MONTH 2002 FINANCIAL RESULTS

Net profit for the 3 and the 9-month periods ended on September 30th 2002 has been reduced by PLN 14,662 thousand;

EBITDA was PLN 1,909,300 thousand in the third quarter of 2002, which represents growth of 12.9% compared with the third quarter of 2001. The EBITDA margin was 41.7% in the third quarter of 2002 and increased by 2.7 percentage points compared with the third quarter of 2001.

Total assets amounted to PLN 32 886 845 thousand, while at the end of June 2002 they were PLN 32 363 602 thousand compared to 2001 PLN 32 361 271 thousand and PLN 31 326 256 thousand respectively.

Total liabilities of PLN 32 363 602 thousand at the end of June 2002 and of PLN 32 886 845 thousand at the end of the three month period compared to PLN 31 326 256 thousand at the end of June 2001 and PLN 32 361 271 thousand at the end of September 2001 were recorded.

FIRST HALF 2002 RESULTS

As of June 2002, total assets of Telekomunikacja Polska SA Capital Group reached PLN 35,123,551 thousand in comparison with PLN 35,540,392 thousand at the end of the year 2001, and PLN 32,881,552 thousand at the end of the first half of the year 2001.

Liability amounted to PLN 22,765,540 thousand as of June 2002 in comparison to PLN 22,994,876 thousand as of December 2001 and PLN 20,501,624 thousand at the end of June 2001.

Operating profit amounted to PLN 1,508,595 thousand, less then at the end of June 2001, when operating profit amounted to PLN 1,618,118 thousand.

The net profit for the period from 1 January 2002 to 30 June 2002 amounted to PLN 19,101 thousand; while as of December 2001 the net profit amounted to PLN 1,197,724 thousand.

FIRST QUARTER 2002 RESULTS

Total assets of PLN 32 027 011 thousand at the end of the first quarter of 2002 and of PLN 31 256 458 thousand at the end of June 2001 were recorded opposed to PLN 32 466 533 thousand and PLN 30 287 852 thousand at the end of the fourth quarter of 2001 and 2000 respectively.

Liabilities at the end of March 2002 and 2001 were PLN 32 027 011 thousand and PLN 31 256 458 thousand respectively.

Net debt to EBITDA ratio tested on semi-annual basis and calculated for periods covering past 12 Months reached its borderline value of 2.48.

Operating profit, gross profit, and net profit at the end of March 2002 were: PLN 949 391 thousand, PLN 494 669 thousand, and PLN 322 112 thousand as opposed to the first quarter of the year 2001 when they amounted to PLN 1 098 957 thousand, PLN 982 715 thousand, and PLN 703 466 thousand respectively.

2001 FINANCIAL RESULTS

As of December 2001, total assets of Telekomunikacja Polska SA Capital Group reached PLN 33,872 million, raising from PLN 32,081 million at the end of December 2000.

Total financial assets as of December 2001 amounted to PLN 271 million and to PLN 199 million at the end of the previous year.

The Capital Group�s net profit totaled PLN 544 million, contrary to PLN 1,523 million the year before.

At the end of 2000 the liability an shareholders� equity amounted to PLN 32,081 million and increased by PLN 5,509 million during the year from PLN 26,572 million.

The interest income and other financial income totaled PLN 672 million, and were higher then the one of 2000 by 100%.

The operating expenses increased in 2001 to PLN 15,422 million from PLN 12,940 million of the previous year.

NINE MONTH 2001 FINANCIAL RESULTS

Total assets in the period from 1st of July 2001 to September 30th 2001amounted to PLN 33 888 403 thousand as opposed to PLN 28 679 023 thousand for the same period the year earlier.

Liabilities of PLN 19 164 500 thousand and PLN 15 928 091 thousand were recorded for the third quarter of 2001 and 2000 respectively.

Net profit has decreased in the third quarter of 2001 by 29.1% in comparison to the same period in the previous year to PLN 248 501 thousand from PLN 350 487 thousand.

The Group reported an increase in operating costs in the third quarter of 2001 comparing to the third quarter of 2000 by 22.1%. As a result profit on sales decreased by 21.7%.

EBITDA in the third quarter of 2001 amounted to PLN 1,799,415 thousand and has increased comparing to the third quarter of 2000 by 3.9%. EBITDA margin in the third quarter of 2001 amounted to 40.6% and has decreased by 2.8 percentage point comparing to the third quarter of 2000.

FIRST HALF 2001 RESULTS

As of June 2001, total assets of Telekomunikacja Polska SA Capital Group reached PLN 32,881,552 thousand in comparison with PLN 32,914,093 thousand at the end of the year 2000 and PLN 28,241,640 thousand at the end of the first half of the year 2000.

Liability amounted to PLN 17,406,354 thousand as of June 2001 in comparison to PLN 19,262,183 thousand as of December 2000 and PLN 16,017,671 thousand at the end of first half of the year 2000.

Operating profit amounted to PLN 1,593,838 thousand, less then at the end of June 2000, which amounted to PLN 1,667,482 thousand.

Gross profit equaled to PLN 982,087 thousand and the net profit for the period from 1 January 2001 to 30 June 2001amounted to PLN 614,308 thousand.

FIRST QUARTER 2001 RESULTS

Total assets of PLN 33 599 864 thousand at the end of March 2001 and of PLN 27 812 984 thousand at the end of the first quarter of 2000 were recorded.

Total liabilities as of March 31st 2001 amounted to PLN 33 599 864 thousand as opposed to the same period of 2000, when Telekomunikacja Polska SA Capital Group recorded total liabilities of PLN 27 812 984 thousand.

EBITDA for the 1st quarter of 2001 amounted to PLN 1.848,949 thousand, which represented an increase of 14.4% in comparison with the 1st quarter of 2000. EBITDA margin for the 1st quarter of 2001 was 44.1% and has not changed in relation to the first quarter.

Gross profit increased by 11.2%, as compared to gross profit amount achieved for the 1st quarter of the year earlier from PLN 612 613 thousand to PLN 681 457 thousand.

Net profit increased by 15.0% in the 1st quarter of 2001, compared to the 1st quarter of 2000 from PLN 415 054 thousand to PLN 477 366 thousand.

2000 FINANCIAL RESULTS

The total assets at the end of December 2000 were PLN 32,081 million and were higher in comparison with PLN 26,466 million at the end of December 1999.

Total revenues increased from PLN 13,160 million at the end of 1999 to PLN 15,879 million at the end of the year 2000.

In 2000 the net profit of Telekomunikacja Polska SA Capital Group totaled PLN1, 523 million and was higher then the net profit as of December 1999, which amounted to PLN 1,029 million.

The operating costs increased in 2000 by PLN million from PLN 10,320 million in 1999 to PLN 12,940 million in 2000.

Liability and shareholders� equity amounted to PLN 32,081 million as of December 2000 in comparison to PLN 26,572 million at the end of 1999.