Kulczyk Holding plans to hold onto TP S.A. shares for the near future

In a report from Credit Suisse First Boston (CSFB) in London dated January 14, Istvan Mate-Toth suggested that later in Q1, Kulczyk Holding would sell his stake in the telecom company on the behalf of France Telecom. Since last October and through January 2007, he can exercise the option of selling 13.75% of stock to the French partner. The consortium of FT and Kulczyk Holding controls 47.5% stake in the national telecom, which it bought from the State Treasury. Recently the Treasury stated several times that it was negotiating the issue to sell 3.9% of its shares in TP SA to the French company. Analysts from CSFB claim that the transaction could only be carried out if FT purchases shares from KH. "I am a long-term investor," said Kulczyk. (Puls Biznesu, p. 1) M.M.