Download Warszawa, 26 lutego 2004 roku

Warsaw, August 10, 2006
85/2006
Pursuant to Par. 5.1 item 1) of the Regulation of the Minister of Finance dated October
19th 2005 on current and periodic information to be published by issuers of securities
(Journal of Laws of 2005 No 209, item 1744), the Management Board of ComputerLand
Spółka Akcyjna with its corporate seat in Warsaw hereby informs of the divestment of
assets of a significant value.
On August 9, 2006, the Management Board of ComputerLand S.A. (“the Company”) has been
informed of the execution, on August 8, 2006, of the Contract for Purchase and Sale by and
between the company of HELIOS Spółka z ograniczoną odpowiedzialnością with its
corporate seat in St Petersburg, Russia (“the Buyer”) and ComputerLand S.A. (“the Seller”).
The object of this Contract comprises sale of 212,772 (two hundred and twelve thousand
seven hundred and seventy-two) ordinary, registered, dematerialised shares in a
ComputerLand subsidiary, Computer System for Business International Eastern Europe with
its corporate seat in St Petersburg, Russia (“CSBI”) with a nominal value of RUR 7.50 (seven
roubles and fifty kopecks) each (“the Shares”), constituting 75.0005% of the share capital of
CSBI and entitling the holder to 75.0005% of all the votes at CSBI’s General Shareholders
Meeting.
The value of the Contract in Polish złoty is PLN 3,754,375 (three million seven hundred and
fifty-four thousand three hundred and seventy-five złoty), constituting the equivalent of USD
1,250,000 (one million two hundred and fifty thousand American dollars) as per the average
exchange rate for American dollars announced by the National Bank of Poland on August 10,
2006.
Ownership title in the Shares shall be transferred onto the Buyer as at the moment of their
entry to the Buyer’s individual account in the system for management of the CSBI
shareholder register.
The assets being divested meet the criteria of assets of a significant value in that they
correspond to at least 20% of the share capital of the CSBI in which were financial assets of
the Issuer.
Following divestment of the 212,772 shares in CSBI, ComputerLand S.A. still holds 70,922
shares in CSBI, constituting 24.9995% of the share capital of CSBI and entitling the holder to
24.9995% of all the votes at CSBI’s General Shareholders Meeting.
This transaction is part of the strategy for expanding ComputerLand’s presence in the Russian
market, which provides for a focus on sale of i-Flex banking systems (FLEXCUBE) and of
associated services and complementary applications.
CSBI will continue to concentrate its activities on private banks – current as well as future
users of its flagship Banker product and its auxiliary solutions. Within two years, these
entities may become potential buyers of the FLEXCUBE systems.
ComputerLand, meanwhile, will work through its second Russian company, ComputerLand
CIS Spółka z ograniczoną odpowiedzialnością with its corporate seat in Moscow, to develop
cooperation with what are presently the two most promising market segments from the
perspective of potential FLEXCUBE sales: large, state-owned banks placing strong emphasis
on their organisational and business development and foreign banks planning to rely for
purposes of their Russian activities on global cooperation with i-Flex and its partners.
The effectiveness of such a focus is confirmed by the fact that ComputerLand is already
involved in three FLEXCUBE implementation projects at banks from the segments just
mentioned; at least one more such project will be commenced in 2006.
The new shareholder in CSBI will ensure that the company is well placed to establish
relationships with, and to win projects for, the Russian Federation’s public sector and to
pursue development of its business in this direction. CSBI and ComputerLand will continue
expanding their cooperation geared at drawing on the unique product and service offer of
ComputerLand and at their joint promotion in CSBI’s market. Activities towards this end are
already underway.
ComputerLand intends to re-invest proceeds from the sale of a part of its stake in CSBI in the
expansion of ComputerLand CIS and in upgrade of its capability to execute projects
associated with the FLEXCUBE system. Two scenarios are presently being considered:
acquisition of shares in an extant company active in the Russian IT market with a profile more
closely matched to the requirements of specific market segments and organic development of
ComputerLand CIS. Final decisions in this respect will most likely be reached in the third
quarter of 2006.