1. Q1 2006 Financial Performance May 15th 2006 IMPEL S.A. Management’s presentation

2. 2 Consolidated financial results Financial statements according to IFRS PLN 4,507 thousand PLN (1,800) thousand one-off event PLN’000 2005Q1 2005Q1 2006 Sales revenue624,994148,647169,426 Subsidies54,07213,48312,923 Depreciation/amortization16,2114,5954,293 EBIT21,7675,0803,833 EBIT net of subsidies(32,305)(8,403)(9,090) EBITDA37,9789,6758,126 EBITDA net of subsidies(16,094)(3,808)(4,797) Net profit20,3644,3842,920 Assets350,996338,440359,228 Cash71,88474,54068,243 Equity and reserves222,345206,009225,644 Non-current liabilities4,9896,8213,989 Current liabilities111,263108,380118,802 Interest-bearing debt2,4584,9892,163 Balance-sheet data at end of periods

3. 3 Comparison of Consolidated Quarterly Results Q1 2006 result in line with expectations PLN (7,290) thousand no one-off events PLN 4,507 thousand PLN’000 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Sales revenue148,647150,456157,807168,084169,426 Subsidies13,48313,99513,26213,33212,923 Depreciation/amortization4,5953,4624,1124,0424,293 EBIT5,0804,9978,4723,2183,833 EBITnet of subsidies(8,403)(8,998)(4,790)(10,114)(9,090) EBITDA9,6758,45912,5847,2608,126 EBITDA net of subsidies(3,808)(5,536)( 678)(6,072)(4 797) Net profit4,3844,4847,3974,0992,920

4. 4 Sales Revenue of the Impel Group PLN million 14% rise compared with Q1 2005. Organic sales growth in Q1 2006 compared with Q1 2005, totalling 8.6 % (PLN 12.8 million) Acquisitions – sales increase by 5.4% (8,0 mln PLN) –Security (BD Faktor, North Ochrona) – PLN 4.8 million –Cleaning (DC System) – PLN 3.2 million

5. 5 EBIT and Subsidies in Q1 2006 Steady decrease in the subsidies’ contribution to total revenue PLN million Subsidies EBIT 9.1% 9.3% 8.4%7.9%7.6% 21.6% 11.8% 8.7% Subsidies expressed as a percentage of sales revenue

6. 6 Q1 2006 EBIT – Discussion and Analysis Material factors with a bearing on the profit –Handover of land for easement appurtenant – allotted for road construction (PLN -1.0 million) –Spin-off of Cleaning Services (PLN -0.8 million) Impact of one-off events on Q1 2006 performance

7. 7 Q1 2006 Performance by Business Segments Business segments according to IFRS (IAS 14) 1) Revenue on sales outside the Group 2) Relative to sales revenue Q1' 05Q1' 06Q1' 05Q1' 06Q1' 05Q1' 06Q1' 05Q1' 06Q1' 05Q1' 06 Sales revenue 1) 148 647169 426 57 34668 64759 80160 56412 13511 85019 36528 365 Subsidies 7 4517 2245 5945 3517976305139 Segment’s result8 70710 685 5 9406 0023 4382 635404145(1 075)1 903 EBIT margin 2) 5,9%6,3% 10,4%8,7%5,7%4,4%3,3%1,2%-5,6%6,7% Unallocated Group’s overhead (2 843)(6 108) Eliminations(784)(744) EBIT 5 0803 833 Total PLN ‘000 CLEANING SECURITYCATERING OTHER (1 800) PLN’000 one-off event

8. 8 Impel Group Workforce Gradual reduction of the disabled workforce results in decreased subsidies [ full-time equivalents] Average employment in the quarter – under employment contracts * Net of DC System Group companies and North Ochrona Total workforce Disabled workforce Participation of employees remunerated at minimum wage in the total workforce is below 20%.

9. 9 Acquisitions DC System – cleaning services (Class A office buildings) - February 2006 North Ochrona – security services - February 2006 Toal revenue from acquisitions executed in Q1 2006 amounts to PLN 3.7 million (approx. PLN 17 million in 2006) Acquisitions planned for the future. Projects executed in Q1 2006

10. 10 Impel Group’s new business area The first project – housing construction Attractive land owned by the Gropu companies and a related undertaking – over 15 ha with development plan, in the city centre of Wrocław Selection of an experienced partner underway Property development business launched

11. 11 Subsidies: Group Policy andRegulatory Environment No legislative changes coming into force in 2006 – Act on Occupational Rehabilitation and Employment of the Disabled and Regulation of May 18th 2005, as amended (lump-sum subsidies) Percentage share of subsidies in total sales revenue falling : 21.6% in 2003 11.8% in 2004 8.7% in 2005 Management’s policy – reduce subsidies to 7.5% in 2006 Subsidies account for a stable and predictable share of revenues

12. 12 Dividend for 2005 Recommended dividend of PLN 0.68 per share 50% of the Impel Group’s consolidated profit, and close to maximum dividend available Final decision at GM on May 29th 2006 Dividend higher than intended

13. 13 Financial Forecast for 2006 Forecast year-on-year in crease in percent(%) PLN million Forecast upheld Sales revenue PLN 720 million 10.6% 26.7% 10.3% 15.2% Net profit PLN 20 million Performance Forecast PerformanceForecast