ANÁLISIS DE VARIABLES.

2.2.1 Compliance Statement and General Rules of Preparation

These interim condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), in particular with IAS 34 Interim Financial Reporting, and in compliance with the EU-endorsed accounting standards applicable to interim financial reporting, published and effective at the time of preparing these quarterly consolidated financial statements. Their scope also complies with the requirements of the Minister of Finance’s Regulation on current and periodic information to be published by issuers of securities of February 19th 2009. These consolidated financial statements give a true and fair view of the PBG Group’s financial position as at September 30th 2010, September 30th 2009 and December 31st 2009, as well as of its operating results for the nine months ended September 30th 2010 and September 30th 2009 and cash flows for the nine months ended September 30th 2010 and September 30th 2009.

PBG S.A.’s separate financial statements included in this report were also prepared in accordance with the above rules. Pursuant to Par. 83.1 of the Minister of Finance’s Regulation of February 19th 2009, an issuer which is a parent undertaking shall not be obliged to publish a separate quarterly report, provided that in its consolidated quarterly report the issuer discloses quarterly financial information in the form of condensed quarterly separate financial statements including: a balance sheet (statement of financial position), a profit and loss account (income statement), a statement of changes in equity (statement of changes in equity) and a cash-flow statement (statement of cash flows).

These interim condensed consolidated financial statements have been prepared on the assumption that the PBG Group companies would continue as a going concern in the foreseeable future. As at the date of approval of these condensed financial statements, no facts or circumstances have been identified that would indicate any threat to the Group continuing as a going concern.

2.2.2 Management Board's Representation

PBG S.A.'s Management Board hereby represents that to the best of its knowledge, these interim condensed consolidated financial statements and the comparative data have been prepared in compliance with the applicable accounting standards applied by the Group, and give a true, fair and clear view of the Group's assets, its financial standing and financial performance.

These interim condensed consolidated financial statements do not contain all information disclosed in the annual consolidated financial statements prepared in accordance with IFRS. These interim condensed financial statements should be read in conjunction with the 2009 consolidated financial statements of the PBG Group available at:

http://www.pbg-sa.pl/relacje-inwestorskie/raporty-okresowe/skonsolidowany-raport-roczny-2009- r.html

When compared with the accounting policies discussed in its most recent annual financial statements, the Group has implemented the following standards, amendments to accounting standards and interpretations in effect from January 1st 2010:

• Revised IFRS 3 Business Combinations. The revised IFRS 3 introduces a new approach to measurement of goodwill (entity approach), under which the goodwill relating to an acquisition is measured as at the date of obtaining control and with respect to the entire acquiree rather than, as it was the case previously, in proportion to the interest held by the acquirer. The existing principles providing for multi-step settlement of obtaining control cease to be valid. Furthermore, the standards implement changes to the measurement of equity attributable to non-controlling (minority) interests and recognition of transactions between the parent and minorities which do not result in a loss of control (equity transactions with no bearing on the income statement).

• Revised IAS 27 Consolidated and Separate Financial Statements.

• Amendments to IAS 39 Financial Instruments: Recognition and Measurement – Items Qualified for Hedge Accounting. The amendments clarify what qualifies as a hedging instrument or hedged item and provide guidelines to the assessment of hedge effectiveness.

• Amendments to IFRS 2 Share-Based Payment – Intra-Group Share-Based Payment Transactions Settled in Cash. The amendments clarify the manner of recognition of share-based payment programmes covering several Group undertakings.

• IFRIC 15 Agreements for the Construction of Real Estate endorsed by the European Union on July 22nd 2009 and effective for annual periods beginning on or after January 1st 2010. • IFRIC 17 Distributions of Non-Cash Assets to Owners.

• Improvements to the IFRS – a set of amendments to the IFRS; in most cases amendments are effective for annual periods beginning on or after January 1st 2010.

With the exception of revised IFRS 3 and revised IAS 27, the adoption of the standards and interpretations referred to above has not caused any material changes in the Group’s accounting policies or the presentation of its financial statements.

The revised IFRS 3 introduces a new approach to measurement of goodwill (entity approach) under which the goodwill relating to an acquisition is measured as at the date of obtaining control

and with respect to the entire acquiree and not, as it was the case previously, in proportion to the interest held by the acquirer. The existing principles providing for multi-step settlement of obtaining control cease to be valid. Furthermore, the standards implement changes to the measurement of equity attributable to non-controlling (minority) interests and recognition of transactions between the parent and minorities which do not result in a loss of control (equity transactions with no bearing on the income statement). The revised standard further requires that the consideration for acquisition be measured at fair value as at the acquisition date. This also applies to fair value of any due contingent consideration. Under IFRS 3, it is in exceptional cases only that the initially recognised settled value of a business combination may be revalued (only if justified by additional information received concerning facts and circumstances existing as at the acquisition date). Any other change is recognised in profit or loss. The revised standard also introduces the obligation to recognise acquisition-related cost in the income statement when it is incurred. The application of these amendments had no effect of the condensed consolidated financial statements for the nine months ended September 30th 2010.

The revised IAS 27 Consolidated and Separate Financial Statements stipulates that the changes in the parent undertaking’s interests in a subsidiary undertaking which do not result in a loss of control are to be settled against equity as transactions with owners fulfilling ownership functions. For such transactions, the financial result is not recognised, nor is goodwill revalued. Any difference between a change in non-controlling interests and fair value of consideration paid or received is recognised directly in equity and attributed to the owners of the parent. The standard defines accounting policies which the parent undertaking should apply having lost control of a subsidiary undertaking. The application of these amendments had no effect of the consolidated financial statements for the nine months ended September 30th 2010.

The revised standards are effective prospectively for business combinations with transaction date falling on or after January 1st 2010.

The following standards and interpretations in the form published by the IASB have not yet been endorsed by the European Union:

Amendments to IAS 24 Related Party Disclosures. The amended standard provides for exemptions from disclosures related to state-controlled entities and introduces a new definition of related parties. It is effective for financial statements prepared for annual periods beginning on or after January 1st 2011. The amendments have not been endorsed by the European Commission;

IFRS 9 Financial Instruments. The International Accounting Standards Board has launched a project plan for the replacement of IAS 39 with a new standard on financial instruments, with a view to simplifying the requirements for financial instruments. The project plan will be implemented in three phases. The new standard is effective for financial statements prepared for periods beginning on January 1st 2013;

IFRIC 14 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction. The amended interpretation modifies the principles of recognition of prepaid contributions. The amendment is effective for financial statements prepared for periods beginning on or after January 1st 2011, though it has not yet been endorsed by the European Commission;

IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments. The new interpretation addresses the issue of settling financial liabilities with entity’s own equity instruments. Pursuant to the interpretation, the entity’s equity instruments issued to extinguish a liability are measured at their fair value. The difference between the carrying amount of the financial liability extinguished and the initial measurement amount of the equity instruments issued is included in the entity’s profit or loss. The new interpretation is effective for financial statements prepared for periods beginning on or after July 1st 2010, though it has not yet been endorsed by the European Union;

IFRS 1 First-Time Adoption of International Financial Reporting Standards. Pursuant to the amendment, companies which in 2010 adopt IFRSs for the first time are exempted from the obligation to disclose comparative figures for fair value of financial instruments, to the extent required under IFRS 7. The amendment is effective for financial statements prepared for periods beginning on or after July 1st 2010.

In the Group’s opinion, the above regulations will not have any impact on its consolidated financial statements.

Draft standards and interpretations published by the International Accounting Standards Board: IFRS 9 Financial Instruments. The IASB has published the second out of three documents, which

are to replace the currently effective IAS 39. The document focuses on amortised cost and impairment. The draft standard also suggests how to simplify, in practice, the application of requirements contained therein.

IFRS 37 Provisions, Contingent Liabilities and Contingent Assets – Under the draft standard, the amount of a liability should be determined as the present value of the resources required to fulfil the obligation. Changes in the carrying amount of a liability resulting from the passage of time, which are to be reflected in the measurements performed as at subsequent balance- sheet dates, should be recognised as interest (borrowing costs).

The Group intends to implement the above standards and interpretations as of their effective dates.

The Parent Undertaking’s Management Board monitors the new standards and interpretations on an ongoing basis and analyses their impact on the financial statements.