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DI BRE has published an analysis report on ATM S.A.

ATM S.A. is currently preparing a second public issue of shares and due to that reason BRE Bank S.A. House of Investments (pl. Dom Inwestycyjny, abbr. DI BRE) has prepared an analysis report on ATM S.A.

Following a long period of silence in that matter this is the first independent analysis report. Previous analysis reports were published in August 2004 by the PKO BP S.A. and Millenium brokerages (pl. Dom Maklerski) pricing ATM S.A. stocks at the level of 24.80~26.30 PLN, and in April 2005 by AmerBrokers S.A. pricing the shares at the level of 33.90~43.20 PLN.

According to the Board of Directors the current analysis report well represents the Company’s various business aspects. It is said to include both an evaluation of core ATM S.A. business — sales of ICT services and the Company assets — and an evaluation of the top joint stock companies within the ATM S.A. Group. Considering all partial values of the Company, with an option of additional value provided by the Company’s innovative undertakings, the DI BRE analysis report has priced ATM S.A. shares at 268.59 PLN, while the "core" business has been priced at 125~162 PLN per share.

The maximum share price provided by the report seems to well reflect the actual Company value, despite a very cautious approach to the pricing of the mPay business, particularly the system deployments planned abroad. According to the report, the pricing of ATM S.A. shares was done with omission of the value of smaller, developing companies of the ATM S.A. Group, called “start-ups” due to their development phase. The report also reads that the pricing of ATM S.A. shares omits the effects of initiated capital cooperation with Linx Telecommunications and joint plans of launching a new generation ICT Provider company ranging across Central-East Europe region.

The ATM S.A. Board of Directors spoke well about the published analysis, nevertheless pointing out that the authors were very cautious approaching the Company’s growth perspectives. According to the Board of Directors, the additional potential of the Company may yet provide the analytics and investors with a pleasant surprise.

The analysis report issued by DI BRE is available on the ATM S.A. website. Please visit the Investor relations section.

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