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  1. Financial results 4Q 2005 r. Łódź , march 2006 r. Polska Grupa Farmaceutyczna S.A. • Łódź, march 2006

  2. We keep our promises Net Profit (PLN m) 2005 +22,9% 2004 Polska Grupa Farmaceutyczna S.A. • Łódź, march 2006

  3. PGF’s Net profit growth Net Profit (PLN m) * According to IAS and International GAAP. According to polish law companies should use IAS and IGAAP from the beginning of 2005 Polska Grupa Farmaceutyczna S.A. • Łódź, march 2006

  4. We keep our promises Net margin (%) ROE (%) The highest ROE among polish listed wholesalers * According to IAS and International GAAP Polska Grupa Farmaceutyczna S.A. • Łódź, march 2006

  5. 2005 Achivements • The highest sales in history • The highest net profit in history • We have build the biggest pharmacies group operating under the same brand (DoZ- Dbam o Zdrowie) • We have finished main part of restructuring process of two companies acquired in 2004 Polska Grupa Farmaceutyczna S.A. • Łódź, march 2006

  6. PGF vs other listed pharmaceutical wholesalers • The biggest marketing program in health care sector – more than 1 milion households, more than 800 pharmacies operating under DoZ brand • We offer our partners value-added services • PGF is very well prepared for further growth • The highest ROE among polish listed pharmaceutical wholesalers • The highest operating cash flow among polish listed pharmaceutical wholesalers • The only listed pharmaceutical wholesaler that pays dividend Polska Grupa Farmaceutyczna S.A. • Łódź, march 2006

  7. Plans for 2006 • Increasing number of pharmacies operating under DoZ brand • Decreasing operating costs ratio • Decreasing net debt • Maintain high, two-digit, dynamics of net profit growth Polska Grupa Farmaceutyczna S.A. • Łódź, march 2006

  8. Sales and operating costs IVQ 2004 * IVQ 2005 change y/y I-IVQ 2004 * I-IVQ 2005 change y/y Sales ( PLN m) Gross profit on sales ( PLN m) Gross margin on sales(%) 6,9% 3,2% -0,35 p.p. 8,0% +0,08 p.p. 940,0 99,4 10,58% 74,1 7,88% 7,3% 3,0% -0,43 p.p. 2,8% -0,33 p.p. 3 639,0 363,4 9,99% 288,0 7,91% 3 891,5 375,0 9,64% 311,1 7,99% 1 008,7 102,4 10,15% 76,1 7,55% Total operating costs Operating costs ratio (%) *Data comparable, according to IAS and International GAAP Polska Grupa Farmaceutyczna S.A. • Łódź, march 2006

  9. 31.12.2004 * 31.12.2005 change y/y Working capital 502,4 422,0 47,1 39,6 3,7% -0,5% -1,5 dnia -2,9 dnia Stocks (PLN m) Short-term accounts receivables (PLN m) Stock rotation ratio (days) Short-term receivables rotation ratio (days) 484,3 423,9 48,6 42,5 I-IV Q 2004 * I-IVQ 2005 change y/y Cash flow Operating CF Investing CF Financing CF Total net CF 59,8 -157,8 108,3 10,4 75,4 -51,6 -28,8 -4,9 26,0 -67,3% *Data comparable, according to IAS and International GAAP Polska Grupa Farmaceutyczna S.A. • Łódź, march 2006

  10. Shareholders’ equity and debt 31.12.2004 * 31.12.2005 change r/r Shareholders’ equity (PLN m) Total debt (PLN m) Cash and short term investments (PLN m) Net debt (PLN m) debt / equity debt / EBIDTA 187,0 358,1 43,6 314,5 1,68 3,90 211,6 379,2 38,6 340,6 1,61 3,73 13,2% 5,9% -11,3% 8,3% -4,3% -4,3% *Data comparable, according to IAS and International GAAP Polska Grupa Farmaceutyczna S.A. • Łódź, march 2006

  11. Profit and margins I-IVQ 2004 * I-IVQ 2005 change y/y IVQ 2004 * IVQ 2005 change y/y PLN m EBITDA EBIT Gross profit Net profit attributable to equity holders EBITDA margin EBIT margin Pre-tax margin Net margin 80,6 67,7 64,4 47,7 2,22% 1,86% 1,77% 1,31% 13,1% 9,9% 10,5% 9,2% +0,13 p.p +0,05 p.p. +0,06 p.p. +0,03 p.p. 91,2 74,4 71,1 52,1 2,34% 1,91% 1,83% 1,34% 11,0 10,5 10,1 6,5 1,17% 1,12% 1,07% 0,69% 31,1 26,6 24,5 16,7 3,09% 2,64% 2,43% 1,66% 183,1% 153,8% 142,5% 156,9% +1,11 p.p +1,52 p.p. +1,35 p.p. +0,96 p.p. *Data comparable, according to IAS and International GAAP Polska Grupa Farmaceutyczna S.A. • Łódź, march 2006