Cyfrowy S.A.

Poland’s No 1 DTH platform

August 2008 Disclaimer

This presentation includes 'forward-looking statements'. These statements contain the words "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning. All statements other than statements of historical facts included in this presentation, including, without limitation,,ggpyp, those regarding the Company’s financial position, business strategy, gy,pj plans and objectives of manag ement for future operations (including development plans and objectives relating to the Company's products and services) are forward-looking statements. Such forward- looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the da te o f this presen ta tion. Company express ly discl ai ms any oblig bliati on or und ert aki ng t o di ssemi nat e any upd at es or reviiisions t o any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. The Company cautions you that forward-looking statements are not guarantees of future performance and that its actual financial position, business strategy, plans and objectives of management for future operations may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company 's financial position , business strategy , plans and and objectives of management for future operations are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Company does not undertake any obligation to review or confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation. The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice.

2 Introduction to Cyfrowy Polsat

3 Cyfrowy Polsat highlights

Attractive, Largest DTH unconsolidated operator in , market with 6th largest in significant growth Europe potential

Extensive, high-quality Experienced senior programmiffing offer management team at competitive prices

Strong brand Strong financial name and high Upfront payment profile customer subscription and satisfaction STB sale business model with low churn rates

4 Cyfrowy Polsat today

LtidfDTHiiPldith2Largest provider of DTH services in Poland with 2.288 million sub scrib ers1

Comprehensive programming offering , with 6 8 Polish language channels and over 500 FTA foreign language channels

First DTH operator to launch DVR, in November 2006

HDTV available since November 2007 (including HD)

Launched MVNO services on 30 June 2008

Note: 1 As at 30 June 2008 5 Dynamic growth …

Significant subscriber and revenue growth

Subscribers1 Revenues and EBITDA

2 500 900 50 2 2,288 796.7 800

2 000 40 700

600 1 500 30 482.5 500 28.7 (%) (000s) (PLN m) (PLN 400 1 000 20 281.9 22.1 300 2 068 16.5 1 274 182.8 15.4 200 176.1 500 10

657 100 74.4 393 52.5 46.4 0 0 0 3 4 2004 2005 2006 2007 2004 2005 2006 2007 Revenues EBITDA EBITDA margin (rhs)

Source: Calculated based on Grupa Cyfrowy Polsat S.A. audited IFRS financial statements for 2004–2007 and Company data Notes: 1 Year end subscriber numbers for 2004–2007 2 As at 30 June 2008 3 2006 financials are reclassified to conform with FY 2007 results; results from the subsidiary EMARKET, sold on 31 August 2007 are presented under " profit/(loss) from discontinued operations" 4 2007 EBITDA adjusted for the fair value of shares subscribed to by members of the Management Board (PLN 10.2 million) 6 … further continued in January - June 2008

We continued to significantly grow in January – June 2008

Subscribers (3) Revenues and EBITDA

2 400 600 50

526.0 2 200 500 40

2 000 400 36.6 354.7 30 1 800 30.4 300 2 288 (%) (000s) 1 600 m) (PLN 20 192.6 200 1 400 107.7 1 562 10 100 1 200

1 000 0 0 30 June 2007 30 June 2008 Jan-June'07 Jan-June 08 Revenues EBITDA EBITDA margin (rhs)

7 Polish Pay TV market

8 TV viewing time

Average daily TV viewing minutes per adult (2006)

350 Poland has one of the highest average 294 300 daily TV viewing minutes 274 255 251 Watching Pay TV is a common and 250 226 223 216 generally cheap form of entertainment 200 ins)

mm 149 ( 150

100 Illustrative 50 Activity cost (PLN) 0 Mini Package 10 1 Serbia Poland

Croatia McDonald’s Menu 12 Slovakia Hungary Romania average Republic WE top 5 hh Family Package 38 Czec 2 movie tickets 40

Source: Western and Central & Eastern European Market and Media Fact 2006 edition Note: 1 Includes Italy, Germany, France, UK and Spain 9 The Polish DTH market

Poland is one of the largest DTH markets in Europe, with sigggnificant room for growth Pay TV market—penetration 2006 DTH operators in Poland—June 2008

Total (%) 91 74 63 59 46 31 31 16 2 288 100

12 2 000 80

13 00s) 00 15001 500 60 10 17 1 100 (%) 7 40 79 1 000 0

61 TH subscribers ( 53 5 DD

20 1 42 39 0 500 326 31 26 16 1 0 0 top 5 a c public Czech y d a a erage ia ii ii 55 ii ii rr ee vv nn kk CfCyfra+ """" a WE Serb Pola Croat avg¹ Czech Slova Roman Republ Hunga WE top CATV penetration (%) DTH penetration (%) Source: Press, Company information Source: Informa for TV households and CATV subscribers. Company data, and Mercury research for total DTH market Notes: 1 Netherlands, Belgium, Switzerland, Denmark and Norway 10 Poland’s fastest growing DTH player

Increase in CATV/DTH subscribers in PlPoland CfCyfrowy P Plolsat' s s hare of fDTH DTH grow th

Our market share of 77% 74% net adds 59% 66% 70% 7, 000 1 200 1 128 6,000 5,315 1 000 5,071 5,198 5, 000 776 795 800 4,000 598 600 (000s)

3,000 (000s) 2,215 400 327 2,000 296 1,439 1,112 212 216 220 200 1,000 126

0 0 2004 2005 2006 2004 2005 2006 2004 2005 2006 2007 Jan-June 2008 CATV Pay DTH Total pay DTH net additions Cyfrowy Polsat net additions

Source: Informa 11th Edition 2007 Source: Informa 11th Edition 2007, press (for 2007) 11 Our product

12 Our packages

Over 500 TV channels through Eutelsat HotBird and 9 Polish radio channels Subscribers No. of Price (000s)1 Channels (PLN)2

Family 1,985 45 37.90 (()Basic) Science Civilisation

2 Family Upgrade from Relax Mix3 60 + Polska Familyyg Package 19.90

Relax Mix as above Family Relax Mix + Upgrade from + 63 + Family Package HBO 39.90 4

Relax Mix as above Family Super Film + 2 Upgrade from 65 + package Family Package 49.90 4

Mini 303 20 9.90

Notes: 1 As at March 31, 2008 2 Including VAT of 7% 3 Old subscribers still have access to the Relax Mix Film package which includes 2 Cinemax channels only for an additional price of PLN 19.90 (those who signed agreement before January 11, 2008) 13 4 New subscribers benefit from a PLN 5 discount for the first 6 months as a promotional offer Subscriber performance

Subscribers1 —Family Package

2 000 1 827 2 400 1 985 1 600 2 000 1 169 1 200 1 600 1 400 000s) 00s) 1 200 (( 800 657 (0 393 800 400 400 0 0 2004 2005 2006 2007 Annual 30 June2007 30 June 2008 churn rate (%) 9.9 12.2 5.4 5.7 churn rate (%) 4.15 8.06

Subscribers1 —Mini Package

2,000 400 1,600 303 300 1,200 00s) 000s) 200 162 (( 800 00 (

400 241 100 105 na na 0 0 2004 2005 2006 2007 30 June 2007 30 June 2008 Annual churn rate (%) 0.0 0.0 0.0 0.0 churn rate (%) 0.01 0.1

Notes: 1 Year end subscriber numbers for 2004–2007 14 ARPU performance

ARPU1 —Family Package

40 35.9 37.8 45 37.3 37.2 35 40 29.6 30.2 30 35 30 nth) nth) 25 oo oo 25 20 20 15 15 (PLN/m (PLN/m 10 10 5 5 0 0 2004 2005 2006 2007 Q2'07 Q2'08 ARPU1 —Mini Package

40 10 35 8.6 8.5 30 25 20 15 PLN/month) 8.4 PLN/month) ( 10 ( 5 na na nm 0 5 2004 2005 2006 2007 Q2'07 Q2'08

Source: ClCalcul ltdbated based on G rupa Cyf rowy P o lsat S. A. au dited IFRS fi nanci al st at ement s f or 2004 –2007 and C ompany d at a Notes: 1 ARPU is calculated as subscription revenues divided by average subscribers (based on the monthly average) 15 Poland’s DTH players comparison

Cyfrowy Polsat maintains competitive prices while offering high quality services

Launch date • December 1999 • November 1998 • October 2006

Subscribers 1 • 2.287.656 • c. 1,100,000 • c. 326,000

Channels • 65 Polish TV • 71 Polish TV • 68 Polish TV • Access to over 500 FTA • Access to FTA channels • Access to FTA channels channels via HotBird via HotBird via HotBird

Content • Key content: 2 exclusive • Key content: 2 exclusive • Key content: 1 exclusive sports channels; 11 movie sports channels; 14 movie sports channel; 10 movie channels and HBO channels incl. CANAL + and channels and HBO • Polsat and all keyy, TVN, HBO • Keyy, TVN, TVP channels but TVP channels • Key TVN, TVP but no no Polsat channels Polsat channels

Packages • Entry: PLN 10/€3 • Entry: PLN 19/€6 • Entry: PLN 32/€8 (monthly fees) • Full: PLN 88/€23 • Full: PLN 145/€38 • Full: PLN 135/€34

New services • HDTV (November 2007) • HDTV (Q4 2006) • HDTV (Q4 2006) (launch date) • DVR (November 2006) • IPTV in co-operation with • VoD (December 2006) • MVNO (Q2 2008) TPSA (2006) • DVR (December 2006)

Source: Company information, Press Notes: 1 As at 30 June 2006 16 Our strategy

17 Strategy: highlights

Continue to build value of our DTH business with key targets to: 1. Increase penetration of pay DTH satellite services 2. Increase ARPU through creation of new packages, launch of new products and possible increases of subscription prices 3. Continue to manage existing operations cost-effectively and efficiently (e.g. improve profitability through in-house production of STBs)

Leverage brand name and existing subscriber base to launch bundled services 1. MVNO services launched on 30 June 2008 2. Consider offering broadband and fixed-line telephony in the future

18 The MVNO opportunity

Strategically Combination of DTH and MVNO can serve as the basis for valuable a potential future multiple-play offering option Large addressable market beyond DTH customer base

Limited incremental investment Controllable Numerous operational synergies (sales, customer care, costs marketing, etc.) Access to mobile content from current business partners

Leverages brand equity and sales network of 1,200 PoS Limit ed ri sk Phased i nvest ment Early entrant in a fast-growing market

High New business generating incremental profits potential Maintain DTH customer loyalty return Cross-promotion and cross-selling The MVNO provides attractive upside potential 19 Financial highlights

20 Revenues up by 60% due to an increase in subscription fees

Revenues (mln PLN) Q2’08 revenues breakdown (%)

5,0% 1,5%

300 14

4 8,3% 23

200 3

3 9 ('000)

236 100 158

85,2% 0 Q2' 0707 Q2' 0808 O ther operating rev enues Sales of signal transmission serv ices Sales of satellite telev ision receiv ing equipment Subscription fees

(mln PLN) Q2’07 Q2’08 Change

Operating revenues 173.1 277.3 60%

Subscription fees 158.1 236.2 49%

e television receivinggqp equipment 2 0 150% Sales of satelit 9. 23. Sales of signal transmission services Other operating revnues 21

3.1

2.6 4.3

13.7 37%

>100% Operating costs grew slower than revenues

Operating costs (mln PLN) Share on variable/fixed/SAC costs in revenues (%)

200 100%

24 21% 36% 37% 37% 31

12 17 36% 100 45 20 23% 19% 21% ('000) 50% 6 24 14 22% 19% 25% 22% 11

46 36 21% 23% 18% 20% 0 45 0% QQ02'07 QQ082'08 Other operating costs 2007 Q1'08 Q2'08 Q1-Q2'08 C osts of satellite telev ision receiv ing equipment sold Salaries and employ ee-related expenses Variable costs Fixed costs SAC EBITDA margin Distribution and marketing costs Signal transmission serv ices costs Programming costs (mln PLN) Q2’07 Q2’08 Change A mortisation Operating costs 118.3 177.9 50%

Amortisation

Programming costs

Signal transmission services costs Distribution and marketing costs

Salaries and employee-related expenses Costs of receiving equipment sold 22 Other operating costs 4.4 35.6

10.9 4.5 24.3 46.1

6.2 14.1 2% 20.1 45.1 29%

16.8 12.1 30% 31.6 86%

24.3 96% 57%

45% EBITDA margin pre SAC and STB subsidy was 55%

An increase in subscription fees and a decrease in SACs positively impact EBITDA mar gin

EBITDA margin, DTH EBITDA margin and DTH EBITDA margin pre SAC and STB subsidy

60% 55,0%

39,7% 37,5%

10%

EBITDA margin DTH EBITDA margin DTH EBITDA margin pre SAC and STB subsidy

EBITDA margin pre SAC and STB subsidy increased to 55% from 52% in Q2’07 23 Net income increased by 69%

Net income (mln PLN )

100 40

80 79,8 27,5 30 28,8 60 48,0 %) n PLN) 20 ll ((

(m 40

10 20

0 0 Q2'07 Q2'08 Net income Net income margin

We paid dividend of PLN 0,14 per share from 2007 profits

We adopted a dividend policy 24 Net debt ratio

Net debt decrease due to the partial repayment of bank debt of PLN 50 mln

Net debt (mln PLN )

100 50

40 70,2

30 ln PLN) ln 50 (%) mm ( 20 29,5

10

0,1 0 0 31 December 2007 30 June 2008 Net debt Net debt/annualized EBITDA (rhs)

Net debt to annualized EBITDA decreased to 0.1x 25 Cash flow

NtNet cas hflh flow (m ln PLN PLN) )

300

84,5 28,7

50,9 200

8,1 150,7 10,2 137,3 (mln PLN)

100

0 Cash at the C ash flow from C apex Debt repay ment Interest repay ment O ther C ash at the end of begining of the operations the period period

26 Additional information

Appendix

27 Milestones in our history

1996 1999 2000 2003 2004 2005 2006 2007 2008

1996 Joint stock company established under the business name of Market S.A.

1999 Started to broadcast satellite signal in December 1999

Full commercial launch; entered into co-operation agreement with Telewizja 2000 Polsat S.A. acting as commission-based distributor for its digital platform Granted licence for wireless satellite network broadcasting services to become 2003 a fully independent operator of the digital platform; acquired DTH operations from S.A. and other related businesses 2004 Changed name to Cyfrowy Polsat S .A .

2005 Merged with Polsat Sp. z o.o., lessor of distributed STBs

Acquired HQ building; became largest DTH satellite broadcasting operator in 2006 Poland by subscribers

2007 Launched production of own STBs in November 2007

2008 Successfully completed IPO in May 2008 28 Corporate governance

Supervisory Board

Heronim Ruta Robert Gwiazdowski Chairman Member

Andrzej Papis Leszek Reksa Zygmunt Solorz-Żak Member Member Member

Management Board

Dominik Libicki Maciej Gruber Chief Executive Officer and the Chief Financial Officer President of the Management Board

Andrzej Matuszyński Dariusz Działkowski Chief Marketing Officer Chief Technology Officer

29 Shareholding structure lp Shareholder No. shares % shares No. votes % votes 1. Polaris Finance B . V. 1 182,943,750 68.18% 357,968,750 78.53% 2. Others2 85,381,250 31.82% 97,856,250 21.47% Total 268,325,000 100.00% 455,825,000 100.00%

% of shares % of votes 21,47

31,82 68,18 78,53

Polaris Finance BV Others Polaris Finance BV Others

Notes: 1 85% of shares belongs to Mr Zygmunt Solorz-Żak and 15% of shares belongs to Mr Heronim Ruta 2 3.95% of shares belongs to Mr Zygmunt Solorz-Żak , 0.70 % of shares belongs to Mr Heronim Ruta and 0.24% shares belongs to the members of the Management Board 30 Our DTH satellite distribution network

5

6

3 1

4

7

KEY: = Cyfrowy Polsat’s 25 wholesale distributors 8 2 = Cyfrowy Polsat’s 1,200 PoS

1 5 Gdańsk

2 Kraków 6 Szczecin

3 Poznan 7 Wroclaw

4 Łódź 8 Katowice

Specialised DTH network 31