Acqusitions of Significant Holdings in Netia's Share Capital.

Business Editors

WARSAW, Poland--(BUSINESS WIRE)--Feb. 17, 2003

Netia Holdings S.A. ("Netia") (WSE: NET, NET2), Poland's largest alternative provider of fixed-line telecommunications services, announced today that it was informed about acquisitions of significant stakes in Netia's share capital. In accordance with received notices, as of February 10, 2002, each of the following entities owned significant stakes in Netia's share capital:

(i) affiliates of Montpelier Asset Management Ltd together

acquired 33,932,573 series H shares representing 9.86% of

Netia's share capital and 9.86% of the total voting power at

Netia's general meeting of shareholders.

                                             Percentage of Netia's
                               Number of       share capital and
           Company              series H      percentage of voting
                                  shares      power at the general
                                             meeting of shareholders
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(1) Consulta Emerging Markets
 Debt Fund Limited              20,931,435                     6.084%
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(2) Montpelier Funds Plc,
 Montpelier Global High Yield    6,234,393                     1.812%
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(3) Cusco LLC                    5,449,848                     1.584%
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(4) Ashfield Investments NV        664,265                     0.193%
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(5) Bessemer Trust Company         652,632                      0.19%
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In addition, Consulta Emerging Markets Debt Fund Limited owns 20,000 series A shares, Cusco LLC owns 20,000 shares and Nicholas Cournoyer, Managing Director of Montpelier Asset Management Ltd owns 3,000 series A shares of Netia Holdings S.A.

As a result, Montpelier Asset Management Ltd and its affiliates jointly own 33,975,573 shares of Netia Holdings S.A. representing 9.87% of Netia's share capital and 9.87% of the total voting power at Netia's general meeting of shareholders;

(ii) affiliates of SISU Capital Limited together acquired

23,743,225 series H shares representing 6.9% of Netia's share

capital and 6.9% of the total voting power at Netia's general

meeting of shareholders.

                            Number of   Percentage of Netia's share
          Company            series H     capital and percentage of
                               shares    voting power at the general
                                           meeting of shareholders
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(1) SISU Capital Fund
 Limited                     12,583,340                         3.66%
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(2) SISU Capital Fund
 Limited II, Ltd              4,020,311                         1.17%
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(3) SISU Capital Fund LP      4,454,645                         1.29%
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(4) AVRO Master Fund          2,684,929                         0.78%
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and

(iii) affiliates of Griffin Capital Management Ltd together

acquired 20,464,262 series H shares representing 5.95% of

the share capital of Netia Holdings S.A. and 5.95% of the

total voting power at Netia's general meeting of

shareholders.

                                          Percentage of Netia's share
                             Number of     capital and percentage of
          Company             series H        voting power at the
                                shares        general meeting of
                                                  shareholders
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(1) Griffin Eastern
 European Fund                 15,005,430                       4.36%
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(2) Griffin European Equity
 Fund                             151,799                      0.044%
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(3) Griffin European
 Opportunities Fund               804,431                       0.23%
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(4) Griffin Eastern
 European Value Fund            4,502,966                        1.3%
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Some of the information contained in this news release contains forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. For a more detailed description of these risks and factors, please see Netia's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F filed with the Commission on March 28, 2002, its Current Report on Form 6-K filed with the Commission on April 3, 2002, its Current Reports on Forms 6-K filed with the Commission on May 6, 2002, its Current Report on Form 6-K filed with the Commission on May 7, 2002, its Current Report on Form 6-K filed with the Commission on May 20, 2002, its Current Report on Form 6-K filed with the Commission on May 24, 2002, its Current Report on Form 6-K filed with the Commission on June 28, 2002, its Current Report on Form 6-K filed with the Commission on July 2, 2002, its Current Report on Form 6-K filed with the Commission on July 31, 2002, and its Current Report on Form 6-K filed with the Commission on August 2, 2002, its Current Reports on Form 6-K filed with the Commission on August 6, 2002, its Current Report on Form 6-K filed with the Commission on August 9, 2002, its Current Report on Form 6-K filed with the Commission on August 15, 2002 its Current Report on Form 6-K filed with the Commission on August 16, 2002, its Current Report on Form 6-K filed with the Commission on August 28, 2002, its Current Report on Form 6-K filed with the Commission on August 30, 2002, its Current Report on Form 6-K filed with the Commission on September 16, 2002, its Current Report on Form 6-K filed with the Commission on September 20, 2002, its Current Report on Form 6-K filed with the Commission on September 24, 2002, its Current Report on Form 6-K filed with the Commission on October 1, 2002, its Current Report on Form 6-K filed with the Commission on October 15, 2002, its Current Report on Form 6-K filed with the Commission on October 17, 2002, its Current Report on Form 6-K filed with the Commission on October 22, 2002, its Current Report on Form 6-K filed with the Commission on October 25, 2002, its Current Report on Form 6-K filed with the Commission on November 5, 2002, its Current Report on Form 6-K filed with the Commission on November 5, 2002, its Current Report on Form 6-K filed with the Commission on November 6, 2002, its Current Report on Form 6-K filed with the Commission on November 18, 2002 , its Current Report on Form 6-K filed with the Commission on November 21, 2002, its Current Reports on Form 6-K filed with the Commission on December 3, 2002, its Current Reports on Form 6-K filed with the Commission on December 10, 2002, its Current Report on Form 6-K filed with the Commission on December 23, 2002, its Current Report on Form 6-K filed with the Commission on January 8, 2003, its Current Report on Form 6-K filed with the Commission on January 16, 2003, its Current Report on Form 6-K filed with the Commission on January 29, 2003, its Current Report on Form 6-K filed with the Commission on February 3, 2003, its Current Report on Form 6-K filed with the Commission on February 13, 2003 and its Current Report on Form 6-K filed with the Commission on February 14, 2003. Netia undertakes no obligation to publicly update or revise any forward-looking statements.