1. IMPEL SA Management’s Presentation
Q Results
August 17th 2005
All data according to International Financial Reporting Standards

2. Financial Results Financial Statements according to IFRS PLN ‘000 2004
H1' 2005
Sales revenue
568,470
297,377
Subsidies
66,961
27,478
Amortisation/depreciation
15,643
7,961
EBIT
2,756
10,318
EBIT
net of subsidies
(64,205)
(17,160)
EBITDA
18,399
18,279
Net profit/(loss)
(1,547)
8,868
Assets
336,693
338,311
Cash
72,750
66,626
Shareholders’ equity
201,116
210,380
Non-current liabilities
6,858
5,889
Current liabilities
113,282
108,056
Interest-bearing debt
6,785
3,860
Balance-sheet data as at end of periods

3. Comparison of Consolidated Quarterly Results
2005 net profit and EBIT in line with expectations Q1 Q2 Q3 Q4 Q1 Q2
PLN ‘000
2004
2004
2004
2004
2005
2005
Sales revenue
130,467
138,211
147,228
152,564
148,647
148,730
Subsidies
19,015
2,946
17,285
27,715
13,483
13,995
Amortisation/depreciation
3,720
4,722
3,998
3,203
4,595
3,366
EBIT
4,922
(21,249)
160
18,923
5,080
5,238
EBIT
net of subsidies
(14,093)
(24,195)
(17,125)
(8,792)
(8,403)
(8,757)
EBITDA
8,642
(16,527)
4,158
22,126
9,675
8,604
Net profit/(loss)
4,590
(19,366)
(1,067)
14,296
4,384
4,484

4. Impel Group’s Sales Revenue
Stabilisation after restructuring
PLNm

5. Sales Revenue - Commentary
Sales rising following the restructuring
Factors with a bearing on Q revenue
Disposal of Tailor Sp. z o.o. in April 2005 (PLN 1.4m in Q1 2005)
Higher new product sales compared to Q1 2005
Temporary Employment: +PLN 1.2m
Cash Handling: +PLN 0.5m
Effects of contract restructuring (value reduction) -
PLN 4m down on Q4 2004
Expected further organic growth of sales revenue
Expected acquisition-driven growth of sales revenue
BD Faktor (PLN 7.9m in H2 2005).

6. EBIT and Subsidies in Q2 2005
EBIT and subsidies in line with Executive Board’s expectations
PLNm
14.3%
12.9%
Subsidies
EBIT
10.9%
9.5%
9.1%
9.4%
Subsidies in 2004 upon retroactive change of regulations
Percentage values – share of subsidies in total sales revenue.

7. EBIT in Q Commentary
Q2 result equals Q1 result despite goodwill write-off
Cleaning services – above expectations
Security services – in line with expectations
Catering services – above expectations
Other – GP Bis’ goodwill write-off
Negative impact on EBIT and net profit/(loss) – PLN 0.8m
Consequence of worse than expected performance on facility management services (results and forecast).

8. Business Segments – Q2 2005 Segments according to IFRS (IAS 14)
CLEANING
SECURITY
CATERING
OTHER
TOTAL
PLN ‘000
Q1 '05
Q2 '05
Q1 '05
Q2 '05
Q1 '05
Q2 '05
Q1 '05
Q2 '05
Q1 '05
Q2 '05
SALES
57,346
57,718
59,801
59,511
12,135
12,349
19,365
19,152
148,647
148,730
REVENUE*
subsidies
7,451
7,706
5,594
5,667 79 66
305
410
SEGMENT’S PROFIT/
(LOSS)
5,940
6,872
3,224
1,508
363
378
(1,112)
(80)
8,415
8 678
Profitability**
10.4%
11.9%
5.4%
2.5%
3.0%
3.1%
-5.7%
-0.4%
Non-allocated Group costs
Exclusions
(2,551)
(3,048)
(784)
(392)
EBIT
5,080
5,238
* Revenues on sales to third parties
* * Profit/(loss) to sales revenue

9. Employment at the Impel Group
Employment stabilises following the restructuring
[FTEs]
All employees
Disabled employees
Average employment during quarters – under employment contract

10. Events in H2 2005
Acquisition of BD Faktor – favourable impact on the Group’s profit and sales
Assumption of control over BD Faktor as of August 1st 2005
Shares book value: PLN 5.1m
Projected turnover in H2 2005: PLN 7.9m
Effect on Group’s EBIT > 0 in 2005.

11. Events in H2 2005 Impel Group as corporate organisation
: establishing within the Group of common service centres – finances, accounting, controlling, marketing, IT, HR.
Spin-off of cleaning services within the Group
Transparency and improved management quality
Optimisation of costs and cash flows
Cost of transformation approx. PLN 600,000.

12. Impel Group’s sales revenue
2005 Financial Forecast
Previous forecasts upheld
Sales revenue: PLN 630m
Net profit: PLN 17m
PLNm
10.7%
26.7%
10.6%
Impel Group’s sales revenue
% growth year on year

13. Corporate Governance
New Corporate Governance rules and improved transparency of the Group
Proposed changes in Corporate Governance
Rule 18 – the Annual Report of the Executive Board
Rule 40 – the Rules of the Executive Board and their disclosure on the website
Rule 46 – Disclosure of the Articles of Association and other corporate documents on the website
Granting more independence to the Supervisory Board
Another independent member of the Supervisory Board
Changes to be introduced at the General Meeting in autumn 2005
(to be announced in a separate report).

14. Policy and Regulations on Subsidies
Further decline of subsidies’ share in sales revenue
No changes in the legal environment
Rehabilitation Act and Regulation of October 12th (lump-sum subsidies)
Government’s bill on amendment of the Rehabilitation Act rejected
No expected changes prior to the parliamentary elections.
Declining share of subsidies in sales revenue:
21.6% in 2003
11.8% in 2004
9.2% in H
Executive Board’s policy – subsidies below
9% in H