Dividend policy change

Current report 25/2006 dated 08.06.2006

The Management Board of ATM S.A. adopt a new dividend policy which provides that the shareholders of ATM S.A., apart from benefits resulting from the Company’s stock market value increase, should be certain that regardless of the stock market situation their investment in the ATM S.A. shares is a safe and favorable one compared to other investing methods. That is why the Management Board believe that the Company should pay the shareholders a dividend higher than interest from monetary deposits. It is therefore resolved that they will strive at running the Company operations in a way making it possible to pay an annual dividend NOT LOWER than the EURIBOR rate of interest for 1-year deposits in Euros, increased by 0.5%, calculated on the current market value of the Company. The market value of the Company shall be calculated as the arithmetic average of share quotations at the Stock Exchange at close in the last month of the financial year. The EURIBOR rate of interest shall be taken for the last quotation on the last day of the financial year.

The Management Board of ATM S.A. shall recommend to the General Meeting of Shareholders of the Company to resolve to pay dividends after each ended financial year at amounts set forth above.

Thus, the Management Board of the Company believe that shareholders’ right to receive dividends from the Company should be considered regardless of the Company’s demand for capital necessary for further rapid growth, financing long-term investments, or acquiring other entities. Dividends are vested in shareholders who trusted the Company and gave it their assets. Offers to increase capital shall be addressed to new investors or investors planning to increase their capital involvement in the Company, who see a possibility to draw significant benefits from such an investment in the future.

In view of the above, the Management Board also modify its announcement on the 2005 dividend amount. As the average ATM S.A. stock price at close of quotations in December 2005 was PLN 64.1571, and the EURIBOR rate for 1-year deposits in Euros as of 12/31/2005 was 2.8360, the Management Board shall recommend to the General Meeting of Shareholders to pass a dividend for 2005 at PLN 2.15 per share, i.e. in total PLN 6,938,136 instead of the dividend announced before, amounting to PLN 1 per share. The proposed new amount of the dividend is approx. 36% of the net profit generated by the Company in 2005.


Roman Szwed — President of the Management Board,
Tadeusz Czichon — Vice-President of the Management Board