RB nr 26/2005

Legal basis: Art. 81 subpar. 1 pt. 2 PPO

Management Board of MCI Management SA informs that Travelplanet.pl SA – internet multi-agent in sale of tourist services, portfolio company of MCI Management S.A. Fund successfully completed an over 9-month long process of going public.

As a result of book-building performed on June 22-23, 2005 the issuing price of new shares of Travelplanet.pl was set at 18 PLN – the upper level of the price range set for 16.2-18 PLN. During the term of the offer both individual and institutional investors showed great interest and they submitted subscriptions for 1 008 670 shares, i.e. almost three times more shares than on the offer. The allocation of shares was made by the Management of Travelplanet.pl SA on July 4, 2005. The reduction of orders submitted by the investors who did not submit subscriptions during the demand during the book-building was 79.65%. The reduction of orders of investors who took part in the demand during the book-building was 59.3% due to twice bigger allocation of subscriptions for the shares for those investors. After such a successful issuance MCI is relying on as positive debut on the stock exchange.

Travelplanet is the first representative of e-commerce branch on WSE. Going on WSE is the beginning of the next, dynamic period of expansion of the company in the Polish market. It also creates opportunities of conducting consolidation processes in the CEE area. One can expect that the dynamics of growth shall be maintained at current high level. The best confirmation of the belief in such a chance is the direct participation of the representatives of the Supervisory Board and the Founders of the company in the public offer of the company. For MCI the success of the offer of Travelplanet creates a chance for next successful offers of other portfolio companies of the fund which we are going to realize in the years 2005-2007.

New Travelplanet.pl investors appreciated the company’s business model which is consistently followed and great prospects of the development of the company selling tourist services online. Such a positive reaction of the investors when Travelplanet.pl went public results in the market valuation of the company (calculated at the issuing price) at the level of 38.6 million PLN. This valuation confirms and favorably verifies the directors’ valuation of Travelplanet.pl presented by the Management of MCI in the annual consolidated report for 2004.

After the issuance MCI Management SA still remains the leading shareholder with 54% share in capital. Medium-term strategy of MCI regarding the investment in Travelplanet assumes the remaining of least 40% of the company shares on the floor, support of the company in the process of growth in the Polish market and expansion in Central and Eastern Europe. Ultimately the fund will be looking for the complete exit through consolidation with global strategic investors.

As of June 30, 2005 the fund gained the total return on investment in Travelplanet.pl SA at the level of 103% IRR annually; the total return includes the profit realized in the pre-IPO transaction from 2004 and updated valuation of MCI share held in Travelplanet.pl S.A. against market valuation as of June 30, 2005.