Warsaw Exchange Announces Adjustment In WIG And WIRR indices

The Warsaw Stock Exchange announces the following quarterly adjustment changes to the WIG and WIRR SmallCap Indices: POLIGRAFIA will be removed from the WIG Index and GANT, LTL, MOSTALGD, POLNA, SUWARY and WANDALEX will be removed from the WIRR Index, because they no longer meet the criteria of participation.

WILBO will be moved from the WIG Index to the WIRR Index and ENERGOPN, WAWEL and ROPCZYCE will be moved from the WIRR Index to the WIG Index.

NETIA2, TUEUROPA and BEDZIN will be added to the WIG Index and WISTIL, BAUMA, PONAR and EKODROB will be added to the WIRR Index.

WIG Index will consist of 81 companies , and WIRR Index will consist of 70 companies.

These changes will be effective after close of business on Friday, March 21, 2003.

WIG Index is one of the main (after WIG20 and MIDWIG) Warsaw Exchange's index. It consists of the biggest companies on WSE and covers 99% of the market capitalization.

WIRR Index is dedicated to small companies and covers 1% of the market capitalization.

Additional information of the methodology of WSE indices, selection criteria and portfolios is available at www.warsawstockexchange.com