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First foreign capital investment of ATM S.A.

Having fulfilled the provisions of the investment agreement we had notified of in the current report no. 24/2007 dated May 11, 2007, today the Company has become a minority shareholder of the Dutch telecommunications operator Linx Telecommunications B.V.

The deal was effected by assuming shares of a new issue for a total amount of EUR 16.5 million in cash, which gives ATM a 22-percent shareholding in the increased capital. Thus, starting from September 1, Linx shall contribute to the consolidated profit of the capital group ATM S.A.

Linx Telecommunications B.V. is one of the most dynamically developing independent operators in Central and Eastern Europe, having an extremely solid and competent management staff originating from leading international telecommunications corporations. The company has systematically been completing its financial plans, and expanding successfully in the region. It is already present e.g. in Russia, Estonia, Lithuania, Latvia, and Ukraine. It has an extensive network ranging from London to Moscow, and from Helsinki to Tbilisi.

Yet before signing the agreement, ATM S.A. had taken up operational cooperation with Linx Telecommunications, setting up first international connections, and the experience gained so far reassures the Management Board that the decision made was a right one. ATM faces a unique chance of efficient geographic expansion with a complete portfolio of telecommunications services. ATM intends to systematically increase its capital involvement in Linx Telecommunications. It should be noted that while raising the Company value, the Management Board of ATM is simultaneously trying to invest in a reasonable way, reducing risks that it exposes its shareholders to. The agreement with Linx provides for ATM's assumption of a minority share — which is a safe starting point, giving a high potential also for the nearest future, and a perspective of assuming subsequent portions of shares making it possible to finally take over full control over the company.

More information on Linx Telecommunications is available on the website: http://www.linxtelecom.com

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