RB nr 28/2006

Legal basis: Art. 56, subpar. 1, pt. 1 of the Act on Public Offering

The Management Board of MCI Management SA informs that on August 14, 2006 there will be a subscription of shares within the public offering of One-2-One SA – a portfolio company of the fund. The book building took place from July 31 to August 2. The issue price was set on August 3 at the upper level price spread that is PLN 10.00 per share. The subscription for the shares was held from August 4 to 8. The results of the subscription confirmed great interest of the investors of One-2-One offer: the demand during the subscription was for over 37 million shares whereas there were 1.3 million shares to be on offer.
One-2-One Capital Group will gain PLN 13 million from the new issue. The capital obtained from the exchange will allow for takeovers consolidating the mobile sector in the Polish market and the development of operations in the region of Central and Eastern Europe or carrying out the projects connected with Digital Signature and other internal technological projects.

The set issue price indicates the value of the company at the level of over PLN 63 million, taking into account the capital gained from public offering. The value of the shares belonging to MCI Management after the debut is estimated at about PLN 25 million. This means that the fund which made investments in the company in 2002 will generate fantastic, probably the highest in Europe Central, growth of value of this investment at the level of 5000% over 4 years.
In spite of that MCI Management is not going to sell the shares in the exchange debut. The strategy of the fund assumes maintaining a significant engagement in One-2-One S.A. at the level of at least 25% shareholding over at least 3 years. After completion of IPO MCI will hold 39.69% of shares in One-2-One which means that over the period of 36 months it may decide to sell part of the stake (up to 14%) to financial investors. Within one year after IPO MCI Management S.A. wants to interest financial investors in the purchase of almost 6% of shares in One-2-One held by the Fund and still maintain its shareholding over 33%.

In 2005 the revenues of One-2-One group increased by 107% up to PLN 9.2 million. The firm generated PLN 985 thousand in EBITDA and PLN 558 thousand in net profit compared with PLN 234 thousand and PLN 221 thousand respectively a year earlier. The expected growth of revenues in 2006 is PLN 17.6 million in revenues and up to PLN 2.048 million in EBITDA, which shall produce about PLN 1.5 million in net profit.