RB nr 51/2007

Legal basis: § 5 subpar. 25 and § 31 subpar. 2 of RO

The Management Board of MCI Management SA informs of the correction of the forecast of the unit net financial result of MCI Management SA and correction of the forecast of MCI Management SA assets valuation made with the use of directors’ valuation method for the end of 2007:

2007 Forecast
Unit net financial result PLN 77.3 million
Directors’ valuation of MCI assets PLN 604.1 million

MCI assumes growth of the unit net result by over 91% compared to the earlier forecast (published on February 21, 2007 in the current report no. 9/2007) and by over 200% compared to the unit net result achieved in 2006 (PLN 25.5 million). The reason of such a substantial increase of the forecast is the positively realized results in Q1 2007 (PLN 13.1 million), growth of the value of planned cash exits in H2 2007 and planned further growth of the value of assets in MCI portfolio. At the same time MCI expects to achieve 3-digit profits in 2008.

MCI Management SA is also increasing the forecast of the directors’ valuation of MCI assets by over 101% compared to the earlier forecast (published on February 21, 2007 in the current report no. 9/2007) and by over 186% compared to the directors’ valuation of MCI assets for the end of 2006 (PLN 210.7 million). This is the effect of the positive assessment of the execution of the process of closing the investment in the companies from ACTEBIS Holding GmbH group and conducting public offers of four portfolio companies of the fund (ITG SA, Hoopla.pl SA, S4E SA, Digital Avenue SA) which after completion shall significantly affect their valuation level in fund assets. The directors’ valuation of MCI assets is the estimate valuation of the expected value of sale of all assets a discounted at the end of 2007.

The Management Board of MCI Management SA makes an assessment of a possibility of realization of forecasted results at least 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%.