Results 3Q 2008

November 2008

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Disclaimer

The present study has been prepared only for information purposes. It does not constitute an advertisement or offer for securities in public trading. It uses sources of information that Sygnity S.A. has acknowledged as reliable and exact, however it is not represented that the information is comprehensive and fully reflecting the real state. The presentation may include forward-looking statements which constitute an investment risk or a source of uncertainty and may substantially differ from actual results. Sygnity S.A. bears no responsibility for the effects of decisions taken on the basis of the present study. The responsibility rests only on the user of the present study. The study is subject to a protection resulting from the law on copyright and related laws. Copying, publishing and distribution of the study is subject to a written consent of Sygnity S.A.

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Q3 2008 results

[PLN ‘000] Q3 2007 Q3 2008

Revenues 236 910* 183 653

Operating profit (loss) (54 579) 11 837

Operating profit (loss) without restructuring deductions/revenues from asset sales

(17 792) 250

Net profit (loss) (50 077) 6 364

Factors influencing the results:

GM1** margin higher by 19 percentage points than in Q3 2007

Lower than planned revenues from the utilities and the banking and finance sectors

Revenues of PLN 11.5m from the sale of ZPC (NFZ contract)

* After a correction resulting from recommendations by the new auditor (the MPK Poznań project)

** The GM1 margin – revenues decreased by the external costs of the purchase of goods and services

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Sales structure

445 890

389 406

438 809

225 864

0

100 000

200 000

300 000

400 000

500 000

600 000

700 000

800 000

900 000

Q1-Q3 2007 Q1-Q3 2008

Growing share of services and own software sales in total revenues

Lower revenues from the sale of equipment and infrastructure

141 049

95 861

146 589

37 064

0

50 000

100 000

150 000

200 000

250 000

Q3 2007 Q3 2008

Goods and materials

Products andservices

Q1-Q3 2007 vs Q1-Q3 2008 Q3 2007 vs Q3 2008

[PLN ‘000] [PLN ‘000]

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Q1 - Q3 2008 revenues by sector

Sector [PLN ‘000]

Q1-Q3 2008

Public 291 357

Banking and finance 180 327

Utilities 51 618

Telco-Industry 141 369

Total 664 673

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GM1 margin 2008 vs 2007 by quarter

[PLN mln] Q1 2007 Q2 2007 Q3 2007 Q4 2007

Revenues 266 302 332 084 236 910 371 217

Margin 82 230 93 388 70 971 128 357

Margin as percentage of revenues

30.9 28.1 30.0 34.5

[PLN mln] Q1 2008 Q2 2008 Q3 2008

Revenues 211 259 269 762 183 653

Margin 74 784 104 626 89 700

Margin as percentage of revenues

35.4 38.8 48.8

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Debt [PLN mln] 30.09.07 31.12.07 31.03.08 30.06.08 30.09.08 Current

Bonds -85 -60 -57 -58 -63 -63

Credit -192 -107 -84 -68 -56 -43

CashFunds on escrow* acct’s.

24 51 4813

3618

40 23

Net debt -253 -116 -93* -90* -79 -83

As at 30 September 2008 the Sygnity Group’s total debt from bank credit and issued bonds amounted to PLN 119m (currently PLN 106m), as compared to total debt from credit and bonds of PLN 277m as of 30 September 2007.

The Group’s net debt, calculated as the balance of used bank credit and issued bonds, decreased by the balance of cash, amounted to PLN 79m as at 30 September 2008 (currently PLN 83m), as compared to PLN 253m as of 30 September 2007.

* Excluding funds placed on escrow accounts under contracts

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Plan for 2008

Revenues ≈ PLN 1bln

Operating profit on core business (without assets) – as compared with a loss of PLN 54m in 2007

Revenues from asset sales will increase the operating result by PLN 12m to 22m (1-2 more transactions)

Operating profitability of 1-2 per cent (together with asset sales)

GM1 margin growth by expanding projects related to the sale of services and own software

Wage increases initially planned at PLN 12m (altogether PLN 20m over the course of the year)

Significant drop in orders from the utilities sector

Lower than planned revenues on bank automation solution sales

Lower export revenues

Greater growth of bank credit repayment

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Q4’08 – H1’09: sector outlook & strategy (1)Banking and finance sector

revenue growth in Q4, maintaining high margins

roll-out projects for bank networks

own solutions for brokerages

strengthening relationships with clients using the model applied at Santander bank (other banks, other countries)

new infrastructure projects (data center, bank automation)

sales support and risk management systems

Public sector:

maintenance of revenues and margins

continuation of projects for Poczta Polska, PFRON and the Labour Ministry

sale of infrastructure solutions for the uniformed services

implementation of own solutions for the Foreign Ministry and UDSC (small border traffic)

implementation of projects for the Justice Ministry

projects for the National Health Fund

crisis management projects

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Q4’08 – H1’09: sector outlook & strategy (2)Utilities sector:

expected revenues growth in the power sector and maintenance of a high market share

increased profitability of current projects by concentrating on the sale of own solutions

expanding the relationship with PSE-Operator – a PLN 19.4m contract (only own services)

working with PGNiG – conclusion of service and maintenance contracts

sale of a new product for the gas sector – a system for gas billing, chemical analysis and meter management (positive reference from the GSG SA project)

working with clients in the communal sector (first contracts with water and sewage companies in Wrocław and Krakow)

sales growth in the gas sector (including PGNiG and Gaz System)

Telco-industry sector:

moderate sales growth (due to the weakening of economic growth) while maintaining higher profitability

continuation of work for TP SA

development of relationships with rapidly growing television cable network operators

work for the PKP Group (PKP Informatyka and PKP PLK) based on new contracts

expanding the range of products and services (Microsoft, Cisco, NetCracker)

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Backlog

Sector Backlog for 2008 [PLN mln]

Banking 225 354

Utilities 77 712

Telco-Industry 192 030

Public 363 579

Total 857 675

current 2009 backlog in excess of PLN 150 mln, PLN 200 mln including contracts awarded yet not signed