August 2007 August 2007

Presentation Presentation for press and investorsfor press and investors

Financial results for Financial results for II--III QIII Q 2007 2007

NovemberNovember 2007 2007

2

Plan prezentacji

I. General information about PKM Duda S.A.

II. Financial results for I-III Q 2007

Appendices: Boards of PKM Duda S.A.

Financial data

Contact

3

Part 1General information about PKM Duda S.A.

4

PKM Duda – track record

1990

Specialization in slaughter and meat dissection

Acquisition of companies operating in production, agricultural and service sector

Development of Polski Koncern Mięsny (Polish Meat Company) with high profile in distribution sector

Foundation of a Company

IPO – PLN 20m (1m shares)

XII 2002 X 2003

Secondary offering –PLN 43m

(1m shares)

X 2004

Secondary offering in

order to finance the acquisition of Makton

2005

Further acquisitions in distribution

sector

2006

- Overseas expansion- Asian contracts-Game meat

- Announcement of new share issue

- Further acquisitions- Biofuel

- Acquisition of StółPolski

- Share issue –PLN 144.6m

- Acquisitions on the Ukrainian market

-Leasehold of land in Ukraine

-Acquisition of New Logistic

2007

5

PKM Duda – one of the biggest and most attractive meat capital groups in Poland

Animex Sp. z o.o. (Smithfield Group)

Activity: red and poultry meat production and processing, production of feeds

Revenues 2006: PLN 2.3bn

Main competitors

Sokołów S.A. (HK Ruokatalo, Danish Crown)

Activity: red meat production and processing, pet food production

Revenues 2006: PLN 1,585m

•No. 3 on Polish meat market, however:

•Specialization in slaughter – No. 1

•Strengthening position in the distribution sector – No. 1

•An attractive consolidation partner for smaller companies

•The perspective of revenues and profit growth of PKM Duda capital group

Polski Koncern Mięsny Duda

Activity: livestock farming, slaughter, red meat dissection and packaging, meat processing – premium brands, distribution of meat and meat processed products

Revenues 2006: PLN 1,041m

Attractive positioning

6

PKM Duda S.A. – Group leader

Agro-Duda

Wizental

PBI

Rolpol

Bioenergia

Agroprof

Agrohop

Poland

Overseas

PKM Duda

Hunter Wild

Euro-Duda

Meat Service

PolskaWołowina

Rosana MPCPP ZORIA

Makton

Fedrus

PKM Duda Distribution

NetBrokers

Eurosmak

PZZ Dystrybucja

Rosan-Agro

Stół Polski

Agronet

Rosan TradeBorys Ukraina

Rogatyn Feedmill

Pieprzyk Rogatyn

ZAT Zoria

Agroferm

PKM Duda - control over all segments of the value chain in the meat sector

Agricultural

and Livestock

base

Slaughter,

meat dissection

and storage

Meat

processingDistribution

Specialization SpecializationCo-operationSpecialization

7

Areas of operations of PKM Duda S.A.

Internet trade platform Fodder production

* Business line contains biofuel production. Revenues from biofuel farming components are given in the plant production business line.

Pork

Beef

Game meat

Production sector Agricultural sectorDistribution and Service sector

Actual business lines

New business

line

Meat processing -“premium” brand

Biofuels and biogas-plants*

Breeding

Fattening

Plant production

Distribution of meat and processed meat

Storage and refrigerating services

Meat dissection services

8

Part 2Financial results for I-III Q 2007

9

327341

289

174

133128134

10095

7261

216

180

234 239231

265 261

284

I Q

2003

II Q

2003

III Q

2003

IV Q

2003

I Q

2004

II Q

2004

III Q

2004

IV Q

2004

I Q

2005

II Q

2005

III Q

2005

IV Q

2005

I Q

2006

II Q

2006

III Q

2006

IV Q

2006

I Q

2007

II Q

2007

III Q

2007

Consolidated quarterly revenues of PKM Dudain period of 2003 – III Q 2007 (in PLN m)

757

I-III Q 2006

957

I-III Q 2007

+26%

Source: PKM Duda

� Full consolidation of companies acquired by PKM Duda in 2006, consolidation of financial results of Stół Polski from the march 1st, 2007, lack of consolidation of Jasanand Eko-Duda in 2007

� Financial reporting in compliance with IAS

� Stabilisation of the number of animals slaughtered due to a tense situation in the meat market

� Fluctuation of prices at the raw material market

� Optimum use of low slaughter animal prices against the background of market conditions

� International meat producers increased competition due to unfavorable exchange rates for Polish companies

� Consistent expansion of the capital group

� Process optimization and business integration of Makton Group and Stół Polski

137103

-25%

Quarterly revenues generated in Q3 of PLN 341 million were highest in the history of PKM Duda

101

+36%630

+20%

I-III Q 2005

I-III Q 2006

I-III Q 2007

I-III Q 2005

PKM Duda consolidated revenues

Export revenues (in PLN m)Revenues (in PLN m)

10

� Costs of management stock option program should be borne, even if the program is not executed (ca. PLN 6m p.a.)

� Costs of acquisition and integration of acquired companies with the PKM Duda capital group

� A difficult situation in the EU pig market

� Significant surplus in the production of pigs for slaughter

� No possibility to export meat products to Russia and Belarus

� Unfavourable situation in the currency market

� Increase scale of inflow of meat surplus from Western Europe to Poland

� Vertical integration of PKM Duda largely balances the impact of the changing meat market on financial results

� New investments and consolidation of position in the Ukrainian market

� Further share increase in supplies from own grown livestock to Grąbkowo

Considering the market situation, the results generated by the PKM Duda Capital group in Q3 2007 are satisfactory

60.3

62.0+3%

39.3

+53%

45.1 42.3

-6%

29.6

+52%37.2 35.3

-5%

21.1

+76%

I-III Q 2006

I-III Q 2007

I-III Q 2005

I-III Q 2006

I-III Q 2007

I-III Q 2005

I-III Q 2006

I-III Q 2007

I-III Q 2005

PKM Duda consolidated results

Source: PKM Duda * Net profit attributable to the shareholders of PKM Duda

EBITDA (in PLN m) EBIT (in PLN m) Net profit* (in PLN m)

11

20,0

30,021,5

5,7

8,2

12,5

-0,2

4,65,9

-1

9

19

29

39

49

59

I-III Q 2005 I-III Q 2006 I-III Q 2007

production distibution-service agricultural

30,2

43,134,2

8,5

13,321,6

4,9

7,8 10,3

0

10

20

30

40

50

60

70

80

I-III Q 2005 I-III Q 2006 I-III Q 2007

production distibution-service agricultural

354502 478

367

388559

38

35

21

0

200

400

600

800

1 000

1 200

I-III Q 2005 I-III Q 2006 I-III Q 2007

production distibution-service agricultural

� ProductionPKM DUDA

Polska Wołowina

Borys Ukraina

Hunter Wild

Eurosmak

Rosana MPC

25.5

39.9

Segment’s line-up

� Distribution-serviceMakton

Fedrus

Stół Polski

Eurosmak

NetBrokers

Euro-Duda

New Logistic

PKM Duda Distribution

Meat Service

Rosan Trade

Rogatyn Feedmill

� AgriculturalAgro Duda

Agroprof

PZZ Dystrybucja

Rolpol

Wizental

Bioenergia

Agrohop

Agronet

Agroferm

PP ZORIA

ZAT ZORIA

PBI

Rosan Agro

9121,075

64.1 66.1756

43.7

42.8

Segment results of PKM Duda Group

* In order to compare with 2005 data, 2006 and 2007 EBITDA as well as the net profit were adjusted upwards (by PLN 4,332 thous.) by the amount of the costs of management stock option program

Source: PKM Duda

Source: PKM Duda Source: PKM Duda

Total segment net profit of PKM Duda (in PLNm)*

Total segment revenues of PKM Duda (in PLNm) Total segment EBITDA of

PKM Duda (in PLNm)*

12

475

556545

I-III Q 2005 I-III Q 2006 I-III Q 2007

• Stabilisation of the number of animals slaughtered

• Tension in the meat market and fluctuations of live animal price

• Effective usage of livestock low prices

• A difficult situation in the EU pig market

• Significant surplus in the production of pigs for slaughter

• No possibility to export meat products to Russia and Belarus

• Unfavourable situation in the currency market

• International meat producers increased competition due to unfavorable exchange rates for Polish companies

• Fulfilling of meat supply contracts to EU, South Korea, China, Belarus, Kazakhstan as well as other markets

• Activities of Red Meat Controlling Authorities in order to reduce „black economy” and unfair competition

• Rosana MPC – restructuring of production processes

• Hunter Wild – preparation for the hunting season PolskaWołowina– further dynamic increase in scale of operations, results improvement and capacity development

+15%+2%

Production segment

I-III Q 2007 feedback Segment data

Prices of pork half-carcasses class R in PLN /kg *

Number of slaughtered pieces in Grąbkowoplant (in ‘000 pieces)

Source: PKM Duda

* Purchase price

0,0

1,0

2,0

3,0

4,0

5,0

6,0

9.1

1.0

7

12.1

0.0

7

7.0

9.0

7

03.0

8.0

7

29.0

6.0

7

25.0

5.0

7

20.0

4.0

7

16.0

3.0

7

09.0

2.0

7

05.0

1.0

7

01.1

2.0

6

27.1

0.0

6

22.0

9.0

6

18.0

8.0

6

14.0

7.0

6

09.0

6.0

6

5.0

5.0

6

31.0

3.0

6

24.0

2.0

6

20.0

1.0

6

16.1

2.0

5

11.1

1.0

5

07.1

0.0

5

02.0

9.0

5

29.0

7.0

5

24.0

6.0

5

13

• Integration and process optimization in Makton Group and Stół Polski

• Profitability increase due to utilization of synergy effects after taking over of Stół Polski

• Shares increase in actually operating markets

• Opening new branch of Makton in Katowice

• Increase scale of inflow of meat surplus from Western Europe to Poland

• Utilization of strong negotiation position towards suppliers and buyers

• Increase of product portfolio towards perspective products with high margin of profit

• Introducing into the market products under own brands

• Development of deliveries for HORECA segment and preparing an offer for retail chains

• Receipt of SAPARD funds

• Intensification of trade operations of NetBrokers–import of selected meat products and supplement of the offer of PKM Duda

• PKM Duda Distribution –acquisition of distribution channels and game sales intensification in EU market

• Costs of acquisition and integration of newly acquired companies

•

•

Gdynia

Warszawa

Gdańsk

Kraków

Poznań

Olsztyn

Katowice

Rzeszów

Szczecin

ZielonaGóra

Wrocław

Wałbrzych

Łódź

Legend

Maków

Siedlce

Białystok

Ciechanowiec

Service and distribution segment

Markets serviced

Markets to be serviced

I-III Q 2007 feedback Segment data of Makton group and Stół Polski

14

• Further increase in supplies from own grown livestock to Grąbkowo plant –improvement of quality and efficiency of livestock

• Gaining incremental independence from range of livestock on free market –elimination of purchase of dissatisfying quality of livestock or significant cut in prices

• Productivity improvement in agriculture affiliates

• Major growth of fodder prices

• Modernisation of newly taken over farms – costs related to start-up

• Introduction of central fodder purchase and equipment for farmers cooperating with PKM Duda as well as implementation FARMER OF THE YEAR program

• Construction of an elevator for plant production of farms belonging to PKM Duda

• Rosan-Agro – implementation of PKM Duda standards

• Rent of over high quality 15,000 ha in Ukraine, plant production for fodder and biofuel components

• New investments and consolidation of position in the Ukrainian market

• Work on new acquisitions in the segment of raw materials

Agricultural segment

Source: Agricultural Market Agency, September 2007 Source: Agricultural Market Agency, September 2007

Source: Agricultural Market Agency, September 2007Source: Agricultural Market Agency, September 2007

I-III Q 2007 feedback Segment data

CSO

Prices of rye

forecast

CSO

Prices of wheat

forecast

Prices of pork livestock

CSO

forecast

Prices of cattle livestock

CSOforecast

Livestock in general Veal livestock

CSO- Central Statistical Office

15

Breeding

Slaughter,

dissection and

meat

processing

Distribution and

services

Plant

production

Fodder

production

Current state Plan for 2-3 years

• Lease of 15 000 hectares of high class acreages

• Purchase / lease of over 50 000 hectares of high class acreages, plant production to satisfy the needs of fodder production and biofuel production

• Production capacity: 100 tons of fodders per day

• Production capacity increase in linewith the development of the own raw materials base and external sale capacity

• Production capacity: 67 000 porkers per year

• Breeding up to 250 000 porkers per year

• Production capacity: 3 720 tons of cured meat products and 3 600 tons of meat per year

• Production capacity increase in line with the development of the own raw materials base and porkers market purchase

• Premium ROSANA brand, and medium “home recipes” brand

• Construction of own distribution network

• Brand image creation of a few brands in different price and quality segments

Building a strong position of PKM Duda on the Ukrainian market

16

Appendices

Boards of PKM DudaFinancial Data Contact details

17

Boards of PKM Duda

President of the BoardMaciej Duda

Vice-President of the Board

Bogna Duda-Jankowiak

Vice-President of the BoardRoman Miler

Board MemberFinancial Director Rafał Oleszak

Management Board of PKM Duda S.A.

Supervisory Board of PKM Duda S.A.

Chairman of the Board: Rafał Abratański

Vice-Chairman of the Board Tomasz Łuczyński

Board Member: Marek Dybalski

Board Member: Rafał Tuzimek

Board Member: Maciej Zientara

Board Member: Jarosław Tomczyk

Board Member: Michał Dworzyński

18

2005 2006 I-III Q 2006 I-III Q 2007

870 019

765 408

12.0%

33 620

49 083

21 908

2.5%

20 310

3 490

38 728

4.5%

7 303

13 558

32 477

6 060

27 103

3.1%

Financial results

1 041 207

907 242

12.9%

51 993

38 444

43 528

4.2%

24 541

5 071

62 998

6.1%

6 190

9 363

59 825

8 954

50 318

4.8%

956 821

849 669

11.2%

48 570

34 201

24 381

2.5%

21 731

3 828

42 284

4.4%

11 369

11 713

41 940

6 323

35 300

3.7%

757 138

662 981

12.4%

29 908

34 729

29 520

3.9%

17 552

2 006

45 066

6.0%

6 814

6 937

44 943

7 272

37 200

4.9%

Revenues

Cost of goods sold

gross margin on sales

Sales costs

General and Administrative Expenses

Profit on sales

margin on sales

Other operating income

Other operating costs

EBIT

EBIT margin

Financial income

Financial costs

Gross profit

Income tax

Net profit attributable to shareholders of

PKM Duda

net margin

Consolidated data. Source: PKM Duda S.A.

Profit and loss statement

PLN ‘000

19

466 981

269 436

197 545

58 921

104 736

466 981

206 425

1 065

103 028

139 307

17 156

2005 2006 I-III Q 2006 I-III Q 2007

596 379

357 461

238 918

71 873

119 787

596 379

268 114

1 097

134 082

172 099

20 987

546 687

316 288

230 299

64 884

123 093

546 687

257 678

692

98 746

173 236

15 982

850 410

552 511

297 899

86 503

163 709

850 410

449 088

1 387

135 256

241 505

22 792

Financial results

Assets

Non current assets

Current assets, incl.

Inventories

Receivables

Equity & Liabilities

Shareholders’ Equity

Provisions

Long-term liabilities

Short-term liabilities

Accruals and deferred income

PLN ‘000

Balance sheet

Consolidated data. Source: PKM Duda S.A.

20

Disclaimer

• The following document concerning financial results and potential investment projects of PKM Duda was prepared by PKM Duda

(„the Company”)

• The following documents contains presentation of only the key elements of investments and the basic investments conditions

connected with the potential investment projects. The following document does not present the whole and comprehensive picture of

the potential investment projects, as well as the position and perspectives of the Company. The following documents and the

accompanying slides and their description may present statements concerning future. Statements concerning future does not

guarantee fulfillment of expectations about the future results and are connected with risk and uncertainty and real financial

situation of the PKM Duda group in the future may differ considerably from the expectations described or presumed from the above

mentioned statements concerning the future.

• The Company conveys existing picture of potential investment projects, prepared according to the best knowledge of the Board of

Directors, with the reservation, that it is not possible to give full information concerning financial statements and operational data of

the potential investment projects. The realization of the projects, described in the following document depends on the fulfillment of

many conditions, that may not be fulfilled.

• With respect to the comprehensibility or the reliability of information presented hereby the Company cannot grant any guarantees

or statements. The Company cannot take any responsibility from any reason connected with using the following document. The

following document was prepared solely for the information and promotion sake and may be treated neither as a purchase or sales

offer nor as an offer aiming at gaining any offer for purchase or sales of any kind of securities or financial instruments or

participation in any trade enterprise. The following document is not an offer or invitation to purchase or subscribe for any kind of

securities in any jurisdiction and no decision included in it cannot be base for any agreement, liability or investment decision and

one should not rely on it in connection with any agreement, liability or investment decision.

21

HeadquartersHeadquarters

PolskiPolski KoncernKoncern MiMięęsnysny DUDA S.A.DUDA S.A.

ulul. . KKłłobuckaobucka 25, 0225, 02--699 Warszawa699 Warszawa

tel. (+48) 22 319 94 00 tel. (+48) 22 319 94 00

www.pkmduda.plwww.pkmduda.pl

GrGrąąbkowobkowo Production PlantProduction Plant

PolskiPolski KoncernKoncern MiMięęsnysny DUDA S.A. DUDA S.A.

GrGrąąbkowobkowo 73, 6373, 63--930 930 JutrosinJutrosin

tel. (+48) 65 547 70 00 tel. (+48) 65 547 70 00

duda@pkmduda.plduda@pkmduda.pl