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					Introduction
Finances
Expansion Strategy
Advertising Market

Company Presentation
                                    Areas of Interest and Expansion Directions



                                                   Communication channels



                                 Traditional                                    Alternative




                                                                          Ambient    Product     Event       Mobile
           TV            Press      Radio   Internet   Outdoor   Indoor                                                 NEW!!!
                                                                           Media    Placement   Marketing   Marketing




Source: Starlink, 2008
                                   Areas of Interest and Expansion Directions



                                                          Growth in 2007

                %
               50                                              40,7%                                           40%

               40

               30                                                          19,4%             20%
                           17,4%
               20
                                                   9,3%
                                        4,2%
               10

                0
                    Television
                     Telew izja     Press
                                    Prasa      Radio
                                               Radio       Internet
                                                           Internet    Outdoor Cinema Advertising a
                                                                       Outdoor     Reklama kinow           Alternative
                                                                                                            Media
                                                                                                             Media
                                                                                                      niestandardow e




Source: the Issuer, 2008
                              Advertising Spending Dynamics in Poland
                                             2004 – 2007



                  mln zł
                PLN million
                      7000
                      6000
                      5000
                      4000                                         6600
                      3000                 4980            5560
                               4300
                      2000
                      1000
                         0
                              2004        2005         2006       2007




Source: the Issuer, 2008
          Outdoor Expenditure Dynamics in Poland - Companies Associated under IGRZ (the Outdoor
                                             Economic Chamber)
                                               2003 – 2007



                PLN million
                    mln zł

                           700

                           600

                           500

                           400
                                                                 524        626
                           300                       474
                                         376
                           200    319
                           100

                            0
                                 2003   2004       2005        2006        2007




Source: the Issuer, 2008
              Dynamics Juxtaposition




Traditional media                  Alternative media
 Growth: 14.5%                         Growth: 40%
Mission
Management Board
Media services
                         Mission




We ensure getting your message across to the target market
   via top-quality ambient communication creative ideas
CAM Media is a member of an international network of independent marketing
                   communication agencies worldwide
Agencies associated in the In-advertising network




                                                      Network establishement
                                                                              1992
                                                                         Members
                                                         92 advertising agencies
                                                                 5500 employees
                                                    over $ 0.5 billion of revenues
                                                                         Structure
                                                                     All continents
                                                                      90 countries
                                                                          140 cities
               Management Board of CAM Media S.A.

                Adam                                           Paweł                Krzysztof
                Michalewicz                                    Orłowski             Przybyłowski

Professional          10 years                                       15 years             18 years
Experience

Competence      Logistics                                      Finances             Marketing
                Process management                             Advertising          Research
                Change management                              Operations           Strategy

                                   Trzyletni Kontrakt z KZSM




Sectors         Lecturer at the Warsaw                         Brokerage house      Lecturer at the Warsaw
                School of Economics                            Advertising agency   School of Economics
                Consulting firm                                Media agency         Corporation
                Advertising agency                                                  Consulting firm
                Media agency                                                        Advertising agency
                                                                                    Media agency
Our Clients
Our Clients
Our Clients
                                      Current Structure

                                  Management Board




                                                                     PR         Strategy
Production    Accounting      Administration
                                                                  Marketing   and research

                                                                                        Internal support




                                                                                     Customer service
  Transit     Ambient              Mega         Event              Retail       Creative
Advertising   Solutions           Format       Unlimited           Ticket        Works




   2004                    2005                            2006                  2007
6 Departments
of CAM Media

                Whole range of creative solutions including the most
                spectacular forms of alternative advertising.
Advertising on busses and trams   Mega format mesh on elevations




City space installations          Advertising on the reverse of cash register
                                  receipts




Organisation of events            Full service advertising
                „People are anxious to enter Your packaging.”




                Advertising on busses is a highly potent city
                medium.
Top-Quality     Mega format in the city centers ensures long-
                lasting campaign results, capitalizing on a vital
Communication   psychological phenomenon of attention-
                absorbing movement. It just is the attention-
                catching medium considering both city
                inhabitants and visitors. Think about all these
                people!
                An extremely powerful group, isn’t it.
                      TRANSIT ADVERTISING




City busses



                       Special actions
              Trams
                                            Coaches
                                   Selected Transit Advertising Campaigns

Idea . . . . . . . . . . . . . . . .          Hestia . . . . . . . . . . . . . . . . . . .     TVP 1 . . . . . . . . . . . . . .

Orange . . . . . . . . . . . . .              Lucas Bank. . . . . . . . . . . . . .            TVP programmes . . . . . .

tp . . . . . . . . . . . . . . . . . .        Commercial Union . . . . . . .                   TVN Turbo . . . . . . . . .

Era . . . . . . . . . . . . . . . . .         Allianz. . . . . . . . . . . . . . . . . . .     TVN series . . . . . . . .

Plus . . . . . . . . . . . . . . . .          Kredyt Bank. . . . . . . . . . . . . .           Antyradio . . . . . . . . . .

Dialog . . . . . . . . . . . . . .            Benefia. . . . . . . . . . . . . . . . . .       Comedy Central . . . .

Kodak . . . . . . . . . . . . . .             Cropp Town. . . . . . . . . . . . . .            Radio PIN. . . . . . . . . . .

Canon. . . . . . . . . . . . . . .            Reserved. . . . . . . . . . . . . . . .          TNT. . . . . . . . . . . . . . . .

Ice Age. . . .                                Bata . . . . . . . . . . . . . . . . . . . . .   Polska The Times . . .

Pink Panther . . . . . .                      Electro World. . . . . . . . . . . .             Horton Hears a Who! . . .

South Park . . . . . . . . . . . .            Wola Park . . . . . . . . . . . . . . .          Fadesa Prokom . . . . . . . .

The Simpsons . . . . . . .                    Mokotów Gallery . . . . . . . . .

Lotto . . . . . . . . . . . . . . .           Targówek Centre . . . . . .
Transit Advertising Campaign Sample
Transit Advertising Regional Coverage




                                busses

                                 trams

                                 special offer
                                                               CAM Transit Advertising

                                                                             net income




                                                                                                       11 000
                                                                                9 456      9 703
                                                               8 589
                                          4 840


                                          2004             2005                 2006      2007P        2008P



                                 Share in CAM Media sales                                    market share in 2007; market value PLN 44 million


                                                                                                      22%


                           97%      87%
                                                 55%
                                                         34%
                                                                       21%

                       2004        2005     2006       2007P     2008P


Source: the Issuer, 2008
              „Nothing new happens any more...
              That’s a great starting point!”

              Pioneering advertising formats ensuring virtually
              unlimited freedom of creation may constitute an
              umbrella providing a coherent structure for all out-of-
              home activities.



Top-Quality
Environment
                           AMBIENT SOLUTIONS




                                                       Dedicated
                                                       solutions

                                  Flying / swimming
             Underground                     objects
Modern           passage
commercial
outlets
                                       Ambient Solutions Campaign Selection

Lech . . . . . . . . . . . . . .                TVP the First Channel Festival . . . . . . .      Adidas . . . . . . . . . . . . . .


Era . . . . . . . . . . . . . . .               TVP World Championships in ski jumping.           IMAX Cinema…. . . . . .
                                                . . . . . . . . . Zakopane‘05

US Pharmacia . . . . . .                        TVP LOST TV series. . . . . . . . . . . .         Samsung . . . . . . . . . . . . .


Electrolux . . . . . . . . .                    TVP Movie Festival . . . . . . . . . .            Skoda . . . . . . . . . . . . . . . .
Silent Kitchen                                  Gdynia ’05, ’06, ’07


Electrolux . . . . . . . . .                    TVP Barwy Szczęścia TV series….                   Polska The Times . . . . . .
Iron AID



MIX Plus . . . . . . . . . .                    TVP Historia . . . . . . . . . . . .              Cinema City Rybnik . . . . . . .
„Hot Hits” festival
                                                TVP Opole Festival     ‘07.   .......             Lotto . . . . . . . . . . . . . . . . . . .
Plus Xmas’07 . . . . . . . .
                                                TVP Wrocław      New Year’s Eve ’05 ‘07   ..
Plus       Het Great Sales   .......

                                             Ambient Solutions Service Range


Shopping malls. .                               Lighting. . . . . . . . . . . . . .            Underground passage . .

Installations . . . . . . . . . .               Wall murals . . . . . . . . . . .              Passage posts …... . . . .
Ambient Solutions Campaign Sample
Ambient Solutions Regional Coverage
                                                      CAM Ambient Solutions


                                                              net income




                                                                                    10000
                                                                    6714
                                                       4790
                                        516
                                     2005              2006       2007P             2008P


                           Share in CAM Media sales                        market share in 2007; market value app. PLN 140 mln




                                                                               5%


                     28%          24%          20%

                   2006         2007P         2008P

Source: the Issuer, 2008
Top-Quality
Size

              „Small is beautiful.
              On a large, top-quality screen, though.”



              Vinyl adverts on building elevations and
              aluminum scaffolding.
              Overwhelming size of this high-caliber
              medium will boost the power of your
              message, allowing for prompt and efficient
              building of brand awareness.
                 MEGA FORMAT




Permanent own                     Integrated
     locations    „As-you-like”   services all over
                                  Poland
                  locations
                                    Selection of Mega Format Campaigns



Nikon . . . . . . . . . . . . . .                            Brok beer. . . .. . . .


Winiary . . . . . . . . . . . .
                                                             Rybnicki beer .. . .

Kino IMAX . . . . . . . . .
                                                             Cadillac . . . . . . . .

Credit Suisse . . . . . . .
                                                             TVP (Cameraimage ’07)
Fadesa Prokom. . . . . .
                                                             TVP (32 Gdynia Polish
British Airways. . . . . .                                         Film Festival ’07)
Mega Format Campaign Sample
Mega Format regional coverage
                                                       CAM Mega Format
                                                                  net income




                                                                                        4 200


                                      721                                704
                                                            200
                                    2005               2006            2007P          2008P


                            Share in CAM Media sales                       market share in 2007; market value app. PLN 60 mln




                                                                                      1%

                           7,3%    1,0%      2,5%    8,2%
                           2005   2006      2007P   2008P

Source: the Issuer, 2008
              „A cash success
              bringing 5-million audience every day.”

              Advertising on the reverse of retail tickets
              in modern trade outlets is the sole
              advertising format to be so close to the
              Consumer and the product.




Top-Quality
Reach
        RETAIL TICKET




Image   Sales boosting   Loyalty
                         programmes
                          Selection of Retail Ticket Campaigns




Winiary . . . . . . . . . . .                         CCC retail network . . .




                                The medium. . . . .
Retail Ticket Campaign Sample
Retail Ticket Regional Coverage
                     Retail Network – Our Partners
         Selected          Retail tickets amount monthly   Total number of
No.
         networks                   per one outlet             outlets
   1. REAL                           300 000                     30
   2. GEANT                          300 000                     19
   3. E. Leclerc                     300 000                     17
   4. TESCO                          300 000                     89
   5. Leader Price                   120 000                    145
   6. Savia                           50 000                     31
   7. Carrefour                      300 000                     35
   8. Hypernova                      300 000                     14
   9. Albert                         100 000                    179
 10. Champion/ Globi                  80 000                     73
 11. KAUFLAND                        150 000                     89
 12. Piotr i Paweł                   150 000                     19
 13. Stokrotka                       120 000                     73
 14. Plus Discount                    45 000                    189
 15. Liedl                            55 000                    190

As at 17.01.2007                                                1192
                                                            CAM Retail Ticket
                                                                net income




                                            1 197
                                                                                 800


                                                                 65
                                        2006                   2007P           2008P


                              Share in CAM Media sales                  share in the retail ticket advertising market as of 2006,
                                                                                      market value app. PLN 2 mln

                                                                                                   55%




                            7,0%      0,2%           1,6%
                           2006     2007P           2008P

Source: the Issuer, 2008
              „If one cannot have everything, just give
              us 1000 elephants.”

              It is hard to hit anyone by surprise these
              days.
              Thus, the development and execution of
              events of any rank – special corporate,
              consumer or cultural events – requires
              one thing: a Vision, with the rest being just
              decisive project implementation– from the
              first draft up to the final report.

              Let us astonish you with our ideas. We
              guarantee that it will be the only eye-
              opening part of the venture. Apart from,
              maybe, the spectacular show we will
              design for you.
Top-Quality
Events
                       EVENT UNLIMITED




Corporate
   events


            Cultural    Road Shows
                                         Special projects
            events
                                               Selection of Events by Event Unlimited
                                                                    Brand image building / PR events

    TVP 1                                                        BR TVP                                                TVP 2
    44. Opole Festival2007 .                                     New offer celebrations 2008. . . . . .                Wrocław, New Year’s Eve ’07 . . . . . .
    Press conference
    HARIBO                                                      MAOAM                                                   Parkridge
    Press conference. . . . . .                                 Press conference . . . . .                              Focus Park Opening. . . . . . .


    Strzelec                                                    Kredyt Bank i Warta                                     TVP 1
    Football tournament. . . . . . . . . .                      Equestrian picnics. . . . . . . .                       Film Festival . . . . . . . . . . .

    Totalizator Sportowy                                        Totalizator Sportowy                                     VoestAlpine
    Contract with PKOL . . . . . . . . . . .                    Sportsman of the year 2007 ..                            Opening of steelworks . . . . . . . . . .



                                                                                Corporate Events

Polkomtel                                      Polkomtel                                    Kredyt Bank i Warta                 PEPSICO
10th anniversary                               Carnival ball. . . . . . .                   X-mas dinner . . .                  Sales conference . . . . .
of Plus network . . . . . . . . . .

                                                                  Complete Alternative Media Support

              TVP                                                                                                 TVP 1
              Polish Film Festival in Gdynia. .                                                                   Channel One Festival in Sopot
Event Unlimited Project Sample
                                                    CAM Event Unlimited

                                                         net income




                                                                          6 000
                                                          4 057
                                         1 597

                                        2006             2007P          2008P




                            Share in CAM Media sales                  market share, market value’2007 app. PLN 110 mln




                                                                                  4%



                       9%         14%              12%

                     2006       2007P            2008P


Source: the Issuer, 2008
              „Form and content do not matter much,
Top-quality   without bringing great results”
Results
              Full-service, result-focused advertising.
              Creative Works will surely find a way to
              fulfill your wishes, to boost your sales,
              brand image or brand awareness,
              whatever goals you set.
              While caring for top-caliber solutions, we
              do not leave budget restrictions behind.
              When looking for ground-breaking, truly
              startling communication , we are not
              afraid to make your message stand out in
              any environment.
              The final goal being: you are left on the
              arena alone.
                                  Creative Works Project Selection


Visual identification. . . . .                          BIG Bank (outdoor). . . . . . . . . . . . . . . . . . .


                                                        Millennium Biznes (BTL materials) . . . . . .
ATL campaigns . . . . . . . . . . .
                                                        Kredyt Bank & Warta (graphic                design)   .
BTL materials . . . . . . . . . . . .
                                                        CitiHandlowy (BTL materials). . . . . . . . . . . . . . . .
Sales support/POS ………
                                                        ERA (loyalty programme). . . . . . . . . . . . . .

Culture support . . . . . . . . .
                                                        Fadesa Prokom (ATL campaign) . . . . . . . .

Graphic design…. . . . . . . .                          GP (ATL campaign) . . . . . . . . . . . . . . . . . . . .


Concepts. . . . . . . . . . . . . . . .                 KZSM (mix of ATL, BTL, Event) . . . . . . . . . . . . .

                                                        TVP (graphic design). . . . . . . . . . . . . . . . . .
Creative Works Execution Sample
                              CREATIVE WORKS




Full service
advertising
                                    Promotion
                    Loyalty         of culture
               programmes                        Concept trade
                                                      CAM Creative Works

                                                          net income




                                                                 7 000

                                                6 757


                                              2007P            2008P

                               Share in CAM Media sales
                                                                 market share, market value’ 2007 app. PLN 240 mln




                                                                                     3%

                             24,1%            13,7%

                           2007P            2008P


Source: the Issuer, 2008
                          Three-year contract with KZSM
                    (the National Union of Dairy Co-operatives)



•   EUR 9,525,304         – Total net income gained directly under the
                            Programme within three years
•   EUR 3,175,101         – Total annual net income under the Programme
•   EUR 352,923           – Annual net CAM Media commission

The contract budgeting structure:
    – 20% of the budget – KZSM, the Dairy Promotion Fund
                               Trzyletni Kontrakt z KZSM




    – 30% of the budget – the Agency for Restructuring and Modernisation
                            of Agriculture
    – 50% of the budget – the European Union
                  CAM Media Advertising Campaign Execution Growth Dynamics
                                                    2004 – 2007



                           Number of
                               Liczba
                           campaigns
                              kam panii
                                   250


                                   200

                                                                      243
                                   150

                                                              130
                                   100
                                                   102
                                    50      64


                                     0
                                          2004   2005       2006    2007




Source: the Issuer, 2008
                                                             Income By Region


                       PLN thousand )
                              ( tys. zł
                              12 000
                                                               2004
                                                               2005
                              10 000
                                                               2006
                                8 000                          2007*

                                6 000

                                4 000

                                2 000

                                     0
                                          Warszaw Kraków
                                          Warsaw aKrakow   Wrocław   Poznań   Łódź   Trójmiasto   GOP   Szczecin Pozostałe Kampanie
                                                                                                                 Other Campaigns
                                                                                                                  miasta zagraniczne
                                                                                                                    foreign cities




Source: the Issuer, 2008
* Estimates
        Pre-Issue Sharholding Structure


                The company share capital
                           528,450 zł


Divided into 5,284,500 shares of par value PLN 0.10 each, including:


              975,000 A series ordinary bearer shares
             1,225,500 B series ordinary bearer shares
          3,000,000 C series preference registered shares
             84,000 D series ordinary registered shares
Growth Dynamics




       net income   gross profit
                           Structure of Income Forecast (PLN mln)

                                                                               800 CAM Retail Ticket plan
                                                                             4 200 CAM Mega Format plan

                                                                             6 000 CAM Event Unlimited plan


                                                                             7 000 CAM Creative Works plan



                                                                            10 000 CAM Ambient Solutions plan



                                                                            11 000 CAM Transit Advertising plan



                                                                          12 000 contract with KZSM




                                             net income    gross profit


Source: the Issuer, 2008
                           Sales Seasonality
                              2004 – 2007




Source: the Issuer, 2008
                                                     Basic Financial Data
                                                Podstawowe dane finansowe
       Basic financial data of CAM Media S.A.

       Data ( PLN thousand )                                        2004     2005     2006     2007E      2008E

       Equity                                                        982    1 857    3 760      6 269     36 469



       Sales                                                       4 990    9 826   17 242     28 000     51 000

       Operating profit                                            1 132    1 105    2 377      3 680      5 949

       Net profit                                                    922      875    1 903      2 762      5 090

       Operating profit margin                                    22.69%   11.25%   13.79%    13.14%     11.66%

       Return on sales (gross)                                    42.79%   33.85%   35.69%   No data    No data

       Net profit margin                                          18.48%   8.90%    11.04%   No data    No data

       ROE – return on equity                                     93.89%   47.12%   50.61%    44.06%     13.96%

       ROA – return on assets                                     41.07%   32.15%   25.49%   No data    No data

       Debt to equity ratio                                      128.62%   46.58%   98.54%   No data    No data

Source: the Issuer, 2008
                                       Operating Profit Margin




                  %
                 25

                 20

                 15
                            22,69
                 10
                                                13,79      13,14
                                     11,25                          11,66
                   5

                   0
                           2004     2005       2006       2007P    2008P




Source: the Issuer, 2008
                                          Liquidity and Working Capital Turnover




       Liquidity and working capital turnover :                         06.2007    2006   2005   2004

       Receivables turnover ( in days )                                       76    52     40     37

       Liabilities turnover ( in days )                                       52    31     23     27

       Current liquidity ratio                                              1.66   2.16   3.38   2.11

       Quick liquidity ratio                                                1.03   2.15   3.36    2.1




Source: the Issuer, 2008
                                                  Market Valuation Ratios



       Selected CAM Media S.A. ratios assuming issue price of PLN 10.00


       Data ( PLN thou. )                        2004               2005        2006       2007E       2008E       2008E



       number of shares                      5 284 500          5 284 500   5 284 500   5 284 500   5 284 500   7 284 500


       P/E                                       57.32              60.39      27.77       19.13       10.38       14.31




       Selected CAM Media S.A. ratios assuming issue price of PLN 14.00


       Dane ( PLN thousands )                    2004               2005        2006       2007E       2008E       2008E


       number of shares                      5 284 500          5 284 500   5 284 500   5 284 500   5 284 500   7 284 500


       P/E                                       80.24              84.55      38.88       26.79       14.53       20.04


Source: the Issuer, 2008
                                                    Market Valuation Ratios




                                                                                58,22
                           60

                           50

                           40                                      33,51                 33,4
                                            26,79       28,4
                           30                                                                    23,35
                                  19,13
                           20

                           10

                            0
                                CAM 10    CAM 14     Średnia
                                                     Sector        City      Netmedia   TVN     Agora
                                                     sektora
                                                     average   Interactive




Source: the Issuer, 2008
Growth Strategy
CAM Ukraine
Corporate seat
IT system
Takeovers
New Departments
Offer Summary
                         Issue Goals and Cost (PLN thousand)




                        3 000.- office premises
                                                  1 000.- IT system

    3 200.- expansion into foreign markets        800.- issue cost

                                                             15 000.- takeovers and acquisitions
5 000.- new product launches
                                            Growth Strategy                       2008          2009



                                                                                  CAM          CAM
                            CAM Media                                            Ukraine      Ukraine
                                                                                  (outlet)    (expansion)



                                                                                             Takeover 1


                                                                                             Takeover 2



  Transit     Ambient       Mega         Creative      Retail    Event                          New
Advertising   Solutions    Format         Works        Ticket   Unlimited                    department



                                                       Retail
                                                       Space
                                                                     IT system


                          Office premises (level II)
             Issue Proceeds Allocation




Takeovers and acquisitions : approximately PLN 15 million
                   Issue Proceeds Allocation

       Takeovers and acquisitions: approximately PLN 15 million

Takeover selection criteria:


            •   Companies with annual turnover of PLN 2 mln up
                to PLN 10 mln
            •   Companies offering complementary products, high-
                tech solutions, empowering interactive marketing
                communication
        Issue Proceeds Allocation




New product launches : approximately PLN 5 mln
                  Issue Proceeds Allocation
                     New products: PLN 5 mln



New product development strategy:


           •   Sms and mms technology
           •   Bluetooth technology - outdoor and indoor
           •   New online media
           •   Shopping malls and public utility buildings
         Interactive Advertising in Poland


Online advertising spending in Poland (PLN mln)




     Source:
           Interactive Advertising in Poland


    share in advertising sector per media category




                                            change



      Television
      Magazines
      Newspapers
      Outdoor
      Radio
      Internet
      Cinema


Source::
      Issue Proceeds Allocation




Expansion to foreign markets - CAM Ukraine:
        approximately PLN 3.2 mln
                  Issue Proceeds Allocation
                    CAM Ukraine: PLN 3.2 mln



Why Ukraine?


          •    One of the ten most rapidly growing markets in the world
          •    Market value boost of 77.8 percent in 2010 against 2007
          •    Capitalizing on product experience
          •    Capitalizing on successful solutions already proven in Poland
          •    Ukrainian market know-how and experience
          •    Rapid development of the Ukrainian market
                      Issue Proceeds Allocation
                         CAM Ukraine: PLN 3.2 mln


                     in $ million

                                    Dynamics
                                      in %




*forecast based on current advertising pricing
source: ZenithOptimedia Group
                                              Issue Proceeds Allocation
                                                CAM Ukraine: PLN 3.2 mln


                              Polish investments in Ukraine   Trade turnover with Ukraine
                                        in $ million          in 2007 reached




                                                                                   $ billion
                                                               export:




                                                               $ billion          $ billion


Source: Embassy of Ukraine in Poland, 2008
          Issue Proceeds Allocation




Purchase of office premises: approximately PLN 3 mln
                  Issue Proceeds Allocation
                    Office premises: PLN 3 mln



Why new office?


           •   Increased need of office facilities
               following company expansion
           •   No change to corporate seat address
           •   No need for costly removal
           •   Constant communication between
               departments maintained
        Issue Proceeds Allocation




Implementation of IT management support system:
           approximately PLN 1 mln
               Issue Proceeds Allocation
                    IT system: PLN 1 mln


Why IT management support system?


        •   Automation of „BackOffice” operations
        •   Accrual of economic data
        •   Reports to support corporate decisions
        •   Increased operation standardization
        •   Improved organization performance
        •   Enhanced information flow
        •   Betterment of control system
        •   Lowering the costs of functioning
Digest
                                              Shareholding Structure



       Shareholding structure prior to the issue:                Shareholding structure following the issue:
                                                                    Struktura akcjonariatu po emisji:
           Struktura akcjonariatu przed emisją:


                   16,07%
                                                                    35,69%
                                                                                               52,65%
                                83,93%
                                                                         11,65%




                 Zarząd CAM Media S.A.of CAM Media S.A
                  Management Board                                      Management Board of CAM up 24M)
                                                                       Zarząd CAM Media S.A.(lockMedia S.A (lock up 24M)
                 Pracownicy i współpracownicy
                  Employees and partners                               Pracownicy i współpracownicy
                                                                        Employees and partners
                                                                        New Shareholders
                                                                       Nowi akcjonariusze




•   Shareholding structure following the issue, assuming all E series and on-sale shares have been purchased
•   24-month lock up of shares in direct and indirect possesion of the Management Board
•   D series employee shares (registered) – to be converted and restored to trading in 2011
          Shares Under Lockup and Shares Traded at GPW
                  (the Warsaw Stock Exchange)



                        Up to 7 284 500 of all shares:
                    up to 3 365 000 shares in free turnover
                   3 835 500 shares under 24-month lockup
84 000 registered shares assigned to incentive programme ( in trading as of 2011
            provided that 2008–2010 plans will have been implemented )
                         Public Offerring Roundup




Up to 2 000 000 E series ordinary bearer shares under offering (with the exclusion
                              of pre-emptive rights)

                      up to 600 000 B series shares on sale

           TMI (SIT) – Small Investors Tranche up to 600 000 shares

    TDI (LIT) – Large Investors Tranche up to 2 000 000 allotment certificates

                       Price spread PLN 10–14 per share
                Public Offerring Roundup
                      Issue schedule



18–22 April                Bookbuilding in LIT (TDI)


22 April                   Public announcement of issue price


23–25 April                Subscriptions for LIT (TDI) and SIT (TMI)


till 29 April              A and B series share allocation


7 May                      First quotation of E series allotment certificates

				
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