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FTSE Mondo Visione Exchanges Index:

Warsaw Exchange Announces Quarterly Revision In The WIG And WIRR Indices

Date 12/12/2003

Following the ranking, drawn up as of 12 November 2003, the composition of the WIG and WIRR portfolios will be changed:

BA-CA will be added to the WIG index and SZEPTEL, GARBARNIA, LZPS, PEKPOL and ALPRAS will be added to the WIRR index.

HUTMEN, INTERIA.PL, KABLE, STRZELEC, MOSTOSTAL EXPORT, RELPOL, TALEX and TRASTYCHY will be moved from the WIG index to the WIRR index.

7BULLS, HOWELL, INSTAL KRAKÓW and TUP will be removed from the WIRR index as they no longer meet the index participation criteria.

The participation of individual companies' share in the index portfolio: TPSA, PEKAO and PKN ORLEN will be limited to 10% and the banking sector to 30 %.

Following the revision, the WIG index will consist of 82 companies (currently 89) and WIRR index will consists of 75 companies (currently 66).

These changes will be effective after close of business on Friday, December 19, 2003.

The WIG index is one of the main Warsaw Exchange's indices, apart from the WIG20 and MIDWIG indices. It consists of the biggest companies listed on WSE and covers 99% of the market capitalisation. The WIRR index is dedicated to small companies and covers 1% of market capitalisation. Additional information of the Warsaw Stock Exchange indices, methodology, selection criteria and portfolios is available on the WSE web site at www.wse.com.pl (Market data -> Indices).