The first public offering 2005

Submission of Applications for Admission and Public Trading

On 28 February, 2005, the following applications were submitted to Giełda Papierów Wartościowych S.A.: the application for admission to listing on the basic market regarding 3 904 150 A shares, B shares and C shares; and the application for admission to listing on the basic market of the rights to 850 000 new C shares. On 1 March, 205, the application for admission to listing on the basic market of the rights to 850 000 new C shares was submitted to Giełda Papierów Wartościowych S.A.

Admission to Listing and Allotment Certificates

In Resolution No. 82 /2005 of the Management Board of Giełda Papierów Wartościowych S.A. in Warsaw, of 2 March, 2005, the Management Board of the Stock Exchange admitted the following to listing on the basic market:
– 2,101,750 A ordinary bearer shares,
– 952,400 B ordinary bearer shares,

– 850,000 C ordinary bearer shares, and
– 850,000 C ordinary bearer allotment certificates.

Acceptance of A and B Shares and C Allotment Certificates to the PFSA

In Resolution No. 137/05, the Management Board of Krajowy Depozyt Papierów Wartościowych S.A., of 2 March, 2005, the following were accepted to the PFSA:
– 3 054 150 A and B ordinary bearer shares of the Company, with the code PLZTKMA00017; and
– 850 000 C ordinary bearer allotment certificates of the Company, with the code PLZTKMA00025.

Listing of Allotment Certificates

In Resolution No. 83 /2005, the Management Board of Giełda Papierów Wartościowych S.A. in Warsaw, of 2 March, 2005, regarding admission of allotment certificates of the Company to listing on the basic market, the Management Board of the Stock Exchange decided, based on Resolution No. 82/2005, to admit, as of 4 March, 2005, in the regular course, 850.000 allotment certificates to listing on the basic market, with PFSA’s code: PLZTKMA00025. They were listed in the continuous listing system under the short name ZETKAMA-PDA and designation ZKAA.

Registration of C Shares in PFSA
After registration of an increase in the Share Capital of the Company by C Shares issue by KRS (National Court Register), on 22 April, 2005, PFSA adopted Resolution No. 233/05 by which on 29 April, 2005, 850 000 C ordinary bearer shares were admitted to PFSA and marked with code PLZTKMA00017.

The Last Listing Day of C Allotment Certificates and Introduction of A, B and C Shares to Listing
On 25 April, 2005, the Management Board of Giełda Papierów Wartościowych in Warsaw S.A., in Resolution No. 139/2005, determined the day of 28 April, 2005 as the last listing day of 850 000 C ordinary bearer allotment certificates of the Company. Moreover on 25 April, 2005, the Management Board of Giełda Papierów Wartościowych in Warsaw S.A., in Resolution No. 140/2005, decided to list, on 29 April, 2005, in a regular course, 3 904 150 C ordinary bearer shares of ZETKAMA, including:

2,101,750 A ordinary bearer shares,

952,400 B ordinary bearer shares,

850,000 C ordinary bearer shares,

The flotation of A, B and C shares occurred on 29 April, 2005. Shares of the Company are listed in the continuous listing system under the short name ZETKAMA and designation “ZKA.”

Public offering of Zetkama Fm S.A. shares
Shres of ZETKAMA FAM S.A.approved for public tading