The resolution to issue shares of Series C was taken by the general meeting of shareholders on 25 October 2006. Rights to the shares of NTT System SA, debuting on the Warsaw  stock exchange rose at the opening by more than 31% to 5.90 zł per share. Issue price of the issuer  shares  was set at 4.5 zł. From the IPO company acquired 49.69 million zł. The NTT has offered investors 11 042 750 shares Series C, divided into two tranches. Open tranche, addressed to individual investors  consisted of 3 042 750 shares. 8 million shares were allocated for institutional investors. Subscription for individual investors participating in the IPO  resulted in book-building process of reduction at the level of 95.53% and for the other investors in the open tranche 97.77%.Overall, in the open tranche  736 people filed for more than 73.5 million worth of shares- more than six of what was offered to them. The offer also attracted large interest of institutional investors, who had made 44 reservations. In this tranche, due to the construction of the offer, the reduction did not occur. Total value of subscriptions and sales of equities  amounted to 87.3 million

The IPO  offered 11 042 750 shares of ordinary bearer series C.
- Institutional investors - 8 000 000 shares
- Open  tranche - 3 042 750 shares

For trade on the market it was planned
- 900 347 ordinary bearer shares of series A,
- 44 009 350 ordinary  shares bearer series B,
- Not more than 11 042 750 rights shares of Series C,
- Not more than 11 042 750 shares of ordinary bearer series C

Price range was set at 3,5-5 zł per share. Offering has been Brokerage House BH. On 19 March 2007, the issue price of shares of Series C (the Offered Shares) was set at 4,50 zł per share.

Offering schedule
Book-building: 15 - March 19, 2007.
Specifying the issue price: before subscriptions begin
Subscription for Shares offered: 21-26 March 2007.

Planned net earnings from the IPO - about 48 million zł

Implementation:

12.04.2007 - IPO. The issue price was fixed at 4.5 zł.
From the public offering of shares the company acquired 49.69 million zł.
21-26.03.2007 - Subscription for shares
15-19.03.2007 - Book-building
07.03.2007 - Press conference at the Sheraton - the details of an initial public offering of NTT System SA shares
02.03.2007 - KNF approves the NTT System SA  prospectus
19/12/2006 - Submission of the NTT System prospectus to the Financial Supervision Commission
14/02/2007 - IPO Day, Stock Exchange in Warsaw - Presentation of the NTT System