RB nr 35/2006

Legal basis: § 31 subpar. 2 of RO

The Management of MCI Management SA would like to inform the public about the correction of the forecast of MCI Management SA unit and consolidated net financial results and correction of the forecast of MCI Management SA assets valuation made with the use of directors’ valuation method for the end of 2006:

2006
Forecast from Feb. 8, 2006
Unit net financial result PLN 10.072 thousand
Consolidated net financial result PLN 10.818 thousand
Directors’ valuation of MCI assets PLN 133 – 150

Correctionof forecast
Unit net financial result PLN 12,385 thousand
Consolidated net financial result PLN 13.245 thousand
Directors’ valuation of MCI assets PLN 177 – 200 million

MCI assumes the growth of the forecast of unit result by 23% and consolidated by 22%. The growth is caused by implemented and planned cash exits of MCI from investments and expected results of mature portfolio companies in Q4 2006 better than planned. Furthermore, the Management of MCI Management SA raises the expected value of assets of the fund for the end of 2006 by 33% as the result of a significant growth of portfolio companies in the Internet and Mobile sectors as well as the growth of their valuation through successful public offerings at the Warsaw Stock Exchange (Bankier.pl, One-2-One).
The basis of the forecast for the end of 2006 are preliminary realized accrued results for three quarters and estimate results of Q4, assuming the number of consolidated companies remains the same.

By the end of Q3 2006 two portfolio companies of the fund (Bankier.pl, One-2-One) conducted successful public offerings of shares at the Warsaw Stock Exchange. Furthermore, MCI made three exits from companies: complete from Biprogeo SA in January 2006, partial during IPO from Bankier.pl SA in June 2006 and partial from Travelplanet.pl SA in August 2006. Additionally, MCI signed letters of intent for the sale of One-2-One SA shares for the value of PLN 3 million which is planned by the end of October 2006. At the same time MCI Management SA made investments in Telecom Media – a company in sector mobile and its first investment in the Czech Republic – Retail Info. There are 16 companies in the investment portfolio of the fund now.

By the end of 2006 MCI is planning 3-6 new investments.

The Management of the company makes an assessment of a possibility of realization of forecasted results once a quarter. The information about that is published in quarterly or current reports if at least one of the forecasted position changes by more than 10%.