The Warsaw Stock Exchange Announces An Annual Revision Concerning The WIG20 And MIDWIG Indices

The Warsaw Stock Exchange announces that following the trading session on March 18, 2005, there will be an annual revision concerning the WIG20 and MIDWIG indices.

As the result of the ranking, drawn up as of 31 January 2005, the composition of the WIG20 and MIDWIG portfolios will be changed:

• CERSANIT (65 shares) will join the WIG20 index and TVN (346 shares), STERPRO (649 shares), PBG (80 shares) and BCHEM (112 shares) will be added the MIDWIG index.

• POLIMEXMS (215 shares) will be moved from the WIG20 index to the MIDWIG index.

• ROPCZYCE and TECHMEX will be removed from the MIDWIG index as they no longer meet the index participation criteria.

Considering the statement of the Index Committee, the Management Board decided to exclude ELEKTRIM from rankings of both indices.

Following the methodology of an annual revision, the size of all companies’ packets in the WIG20 and MIDWIG indices will be changed.

The new index portfolios effective after the adjustment are available from the WSE web site at www.wse.com.pl (Market data -> Indices).

The Warsaw Stock Exchange computes 12 different indices, including WIG20 (blue-chip companies), MIDWIG (mid-cap companies) and TechWIG (innovative technologies companies), which are underlying instruments for futures contracts. Other indices: WIG (main market companies), WIRR (small companies) and WIG-PL (main market domestic companies) are all-share benchmark indices.

All the WSE index selection criteria are based on free float, liquidity and observance of corporate governance.

Additional information concerning the WSE indices, their methodology, selection criteria and portfolio composition are available at www.wse.com.pl