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

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

3. 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

4. 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

5. 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

6. 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

7. 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

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

9. Polska Grupa Farmaceutyczna S.A. Łódź, march 2006 9 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 42,5 502,4 422,0 47,1 39,6 3,7% -0,5% -1,5 dnia -2,9 dnia 31.12.2004 * 31.12.2005 change y/y Working capital 59,8 -157,8 108,3 10,4 75,4 -51,6 -28,8 -4,9 I-IV Q 2004 * I-IVQ 2005 change y/y Cash flow Operating CF Investing CF Financing CF Total net CF 26,0 -67,3% * Data comparable, according to IAS and International GAAP

10. Polska Grupa Farmaceutyczna S.A. Łódź, march 2006 10 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 13,2% 5,9% -11,3% 8,3% -4,3% 31.12.2004 * 31.12.2005 change r/r Shareholders’ equity and debt 211,6 379,2 38,6 340,6 1,61 3,73 * Data comparable, according to IAS and International GAAP

11. Polska Grupa Farmaceutyczna S.A. Łódź, march 2006 11 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% 91,2 74,4 71,1 52,1 2,34% 1,91% 1,83% 1,34% Profit and margins 13,1% 9,9% 10,5% 9,2% +0,13 p.p +0,05 p.p. +0,06 p.p. +0,03 p.p. I-IVQ 2004 * I-IVQ 2005 change y/yIVQ 2004 * IVQ 2005 change y/y 11,0 10,5 10,1 6,5 1,17% 1,12% 1,07% 0,69% 183,1% 153,8% 142,5% 156,9% +1,11 p.p +1,52 p.p. +1,35 p.p. +0,96 p.p. 31,1 26,6 24,5 16,7 3,09% 2,64% 2,43% 1,66% * Data comparable, according to IAS and International GAAP PLN m