The Company is projecting full year net sales to be approximately $290- $295 million and net income to be approximately $1.28-$1.30 per fully diluted share.

The Company announced preliminary net sales for the third quarter would be approximately $66.5 million and net income would be approximately $0.17 per fully diluted share.

William Carey, Chairman and CEO, commented, "The Polish government reduced the excise tax on spirits by 30% as of October 1, 2002, which was in line with their August 2002 declaration. As a result, the alcohol beverage market experienced a substantial inventory reduction in August and September as wholesalers and retailers significantly reduced their stock levels in anticipation of the price reduction on October 1. The effect of the inventory reduction was evidenced in our third quarter results as purchase unit prices were lowered, but as the initial fourth quarter results are showing, we expect the excise reduction to be positive for the combined third and fourth quarter net income in comparison to our previous projections."

"Our record sales in October and continued strong sales in November are showing evidence that the black market sales are slowing considerably and moving into official channels. The positive net effect of the excise reduction should continue into 2003, which guidance we will release later this week," Mr. Carey continued.

Neil Crook, Chief Financial Officer, added, "We continue to see the sales and operating leverage flow into solid operating margins of 4.0%, or $11.6 million, for full year projected 2002 vs. 2.7%, or $4.8 million, in year 2001. This translates into an 11% increase of projected net income above our previous guidance for year 2002. Our acquisition last month of "Onufry" is positively integrating into CEDC. We expect Onufry to be accretive to fourth quarter projections by approximately $0.04-$0.05 per fully diluted share."

CEDC is one of the leading importers of beers, wines and spirits, as well as one of the largest distributors of domestic vodka on a nationwide basis in Poland. The Company operates thirty regional distribution centers in major urban areas throughout Poland. It distributes many of the world's leading brands, including brands such as Johnnie Walker Scotch, Stock Brandy, Sutter Home, Torres, Mondavi and Concha y Toro wines, Corona, Beck's, Foster's, Budweiser Budvar and Guinness Stout beers.

Contact:
Jim Archbold,
Investor Relations Officer
Central European Distribution Corporation
941-330-1558