Initial Public Offer took place in 2006, when Investors could sign up for 2.500.000 C class stocks (33% of the share capital) in accordance with Regulation number 2 of AGM from 16th February 2006. Prospectus was approved by Polish Securities and Exchange Commission in 29th March 2006.

Shares were offered in two tranches:

• Tranche for individual investors – 1.000.000 shares
• Tranche for institutional investors – 1.500.000 shares

Public offer was conducted between 19th April and 28th April 2006. Price differentials for 1 C class share was set between 6 and 8 PLN. Issue price of 8 PLN was established in 25th April 2006 and all shares were allocated to investors according to demand and declared price. Because of high demand the average reduction in our stocks was 96,535% (96,535% in Individual Investor Tranche and 84,599%. In Institutional Investor Tranche).

CASH FLOW S.A. obtained from public offer 20.000.000 PLN, total cost of issuance was 570.000 PLN (average cost per share was only 0,22 PLN). Financial resources were allocated as follows:

• 90 percent of obtained resources were allocated to developing of factoring services or purchasing and selling goods
• 10 percent of obtained resources minus cost of public offer were used to develop other services offered