Slajd 1

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Investing in logistics and IT our
competitive edgeand key to success
10 April 2008
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OUR BUSINESS

• The ACTION Group is a leader in IT products
  distribution in Poland (second largest market
  player) and a major manufacturer of computer
  hardware
• ACTION is the largest manufacturer and the
  primary server vendor in Poland
• The Company has been building its market position
  for 17 years
• ACTION has an extensive warehouse facilities of
  11,500 sqm
• ACTION is expanding its operations in Ukraine a
  retail chain of 15 outlets with IT hardware,
  household appliances and consumer electronics
• ACTION owns 2 private brands Actina and
  ActiveJet
• The Group's business also includes a.pl (an
  e-commerce online galleria) and Sferis (a retail
  chain)
• The Company has been publicly listed at the
  Warsaw Stock Exchange for almost two years.

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ACTION AS IT DISTRIBUTOR

• ACTION distributes IT hardware products of over
  250 manufacturers
• Company's business partners include a majority of
  industry leaders, such as Samsung, Microsoft,
  Sony, LG, Intel, Creative, Asus, AMD or Lenovo
• The Company addresses its offering to independent
  resellers, SME sector and corporate customers

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SALES CHANNELS
Distribution
Corporate Sales Department
Retail sales channel ACTION Ukraina
Retail sales channel Sferis
Online sales channel A.pl
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SALES STRUCTURE
Sales structure by gross sales generated
IT Components Dept
Portable Equipment Dept
Multimedia Dept
Software Department
Corporate Sales Dept
Consumer Electronics Dept
ActiveJet Department
Advanced Technologies Dept
Network Solutions Dept
Other
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DISTRIBUTION STRUCTURE
By sales methods
Sales Department
Sales Department
Sales Department
Sales Department
Export Department
Commercial Chains Department
Sales Department
Corporate Sales Department
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CUSTOMERS OF ACTION

• The Company has a base of 40,000 customers, 9,000
  of whom buy from Action at least once per month
• Action exports its goods to 200 customers
• The Company is a supplier to most retail chains
  in Poland
• The Company is a partner to largest systems
  integrators on the public tender market

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WAREHOUSE FACILITIES

• Apart from the ACTION office buildings, the HQ
  location at Zamienie includes a huge warehouse
  complex used for order processing and constantly
  developed
• The warehouse base has just been expanded at the
  end of 2007 another storage building was
  commissioned contributing an additional area of
  4,500 sqm
• The total warehouse space currently used by the
  Company is 11,500 sqm

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WAREHOUSE PERFORMANCE

• Distribution warehouse
• Roller conveyor system
• Conveyor speed 0.7 m/sec., max. 1.2 m/sec.
• currently 10,000 shipments dispatched daily
• the maximum system capacity allows processing
  15,000 shipments per day
• a total of 16,500 price list items on offer
• it only takes 25 seconds to handle one item
• High storage warehouse
• first stocked at the beginning of October 2007
• receiving area moved from the distribution
  warehouse
• 8 unloading docks unloading ramp
• pallet conveyor a roll system between the
  storage and distribution warehouse
• 9 forklifts, including 3 inductive loop
  controlled ones integrated with the system

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ACTION PRIVATE BRANDS

• The ACTION Group has 2 private brands
• servers, PCs
• consumables and office products, UPS units,
  batteries and chargers, power protectors,
  cables
• At present the share of private branded
  products in Group's sales is approx, 10
• ACTION assumes its increase to 15 in
  financial year 2009/2010
•  

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ACTION IN UKRAINE

• Since 2004 the Company has been developing its
  business in Ukraine
• At present, it owns a total of 15 retail shops
  with IT products, household appliances and
  consumer electronics, operating as the SHOK and
  KREZ chains
• SHOK one of the first supermarket chains in
  Ukraine
• KREZ a chain of medium-sized outlets in centres
  of cities of Western Ukraine
• The largest locations have up to 10,000 items on
  stock
• ACTION Ukraina employs 400 staff
• The Compay co-operates with an experienced and
  reliable Ukrainian partner who has a stable
  market position, particularly strong in the
  western part of the country

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SFERIS

• Sferis - a retail chain, which has recently
  started offering Orange mobile telephony services
• Now part of the ACTION Group, Sferis runs 53 of
  its own shops
• The target size of the chain is 250 shops, 100 of
  which is to offer mobile products and services
• Those objectives are to be attained by 2012
• At the beginning of 2008 the Company plans to
  start building a franchise chain
• The future plans for Sferis include its stock
  exchange debut.

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A.PL

• An online shopping galleria launched in 2007
• Unique domain name
• Almost 92,000 products
• 114,000 images
• Departments delicatessen food, consumer
  electronics, household appliances, IT, mobile
  telephony, multimedia (music, films, games),
  books, office products, pet products, premium
  wines
• Dedicated grocery
• Unlimited number of concurrent user sessions

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Results of the ACTION Group for Q2
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KEY EVENTS OF QUARTER 2

• Sales dynamics of 33
• Performance gain on further expansion of
  warehouse facilities present area 11,500 sqm
• Opera FIZ increased ownership share in the
  Company to 10.08
• All-times high share price of 35 PLN (7 Dec 2007)
• New brands added to the distribution offering
  Kingston, D-Link
• New customer access channels launched -
  I-Partner- Webserwis

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RESULTS FOR QUARTER 2
Sales revenue (PLN M)
Operating profit (PLN M)

• Sales revenue increased compared to Q2 2006/2007
  by 33
• Operating profit increased compared to Q2
  2006/2007 by 172

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RESULTS FOR QUARTER 2
Gross margin ()

• Gross margin increased compared to Q2 2006/2007
  by 1.5 pp
• Return on Equity (ROE) increased by 9.4 pp.
• RoE based on net profit values for the last 4
  quarters

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RESULTS FOR HALF-YEAR 1
Sales revenue (PLN M)
Operating profit (PLN M)

• Sales revenue increased compared to half-year 1
  of 2006/2007 by over 28
• Operating profit increased compared to half-year
  1 by nearly 169

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RESULTS FOR HALF-YEAR 1
Gross margin ()
Net profit ()

• Gross margin increased compared to half-year 1 of
  2006/2007 by 1.7 pp.
• Net profit increased compared to half-year 1 of
  2006/2007 by 111.9

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DETAILED FINANCIALS
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FINANCIAL TARGETS 2007/2008
Sales revenue
Net profit
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TARGET ACHIEVEMENT LEVEL
Sales revenue (PLN MM)
Net profit (PLN MM)

• After 2 quarters of 2007/2008 the sales revenue
  forecast for 2007/2008 was achieved in 53.4
• In the same period the net profit reached 61.6
  of the annual target

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DEVELOPMENT STRATEGY IN ACTION

• Development of IT hardware distribution
• Further expansion of the distribution centre
• Development of sales systems
• Further growth of subsidiaries
• ACTION Ukraina, SFERIS, A.PL
• Acquisition plans

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WAREHOUSE EXPANSION

• The target complex is to have the following
  parameters
• area 25,000 sqm
• 35 000 pallet places
• maximum order processing rate of 80,000 shipments
  per day

• The dispatch part of the warehouse will be
  completed in June 2008, which will expand the
  Company's operating area by another 2,300 sqm
• The main warehouse building (the original one)
  will continue to be expanded an additional floor
  will increase its area by 6,000 sqm and double
  its efficiency
• In 2008 - 2010 Action plans building another such
  facility.
• The construction is going to be a three-stage
  process.

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LOGISTICS CENTRE A beneficial investment

• An investment of value of 7,300,000
• Increasing performance and the number of SKUs
  handled
• Planned completion time November 2008

Expected changes of the maximum daily metrics
performance number of invoice items (lines) /
number of hours of work
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DEVELOPMENT OF SALES SYSTEMS

• I-Serwis
• English language version of that sales
  communications platform implemented for export
  customers
• Webserwis
• A platform which integrates the sales system of
  ACTION with e-commerce sites of the Company's
  customers
• I-Partner
• An electronic online sales system developed with
  independent resellers in mind
• I-Partner provides our customers with 24/7 access
  to ACTION products

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GROWTH OF SUBSIDIARIES

• SFERIS
• Quarter 2 of 2007/2008 saw the opening of 5
  new shops at new locations and 5 partner shops
• Chain rebranding continues the new visual
  identification implemented with 40 of the
  shops
• Further shops to be opened by the end of June
  2008
• 15 partner shops
• 5 Sferis shops

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GROWTH OF SUBSIDIARIES

• ACTION Ukraina
• At present the SHOK and KREZ chains operate a
  total of 15 shops
• In 2008, 3 more are planned to be opened
  (Zaporizhia, Vinnytsia, Donetsk)
• A.PL
• A constant growth of the number of new
  customers
• Growing average order value
• Introducing a full range of office products
• Plans to add books to product categories

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DEVELOPMENT PROSPECTS

• Steady growth of the commercial offer in the
  nearest future by approx. 5,000 items
• Further expansion of the logistics and shipping
  centre by increasing its area by 2,400 sqm
• Focusing on export now easier thanks to the
  English language version of I-Serwis
• Participation in numerous tenders pending in
  2008
• Ministry of Education, ZUS (National Social
  Insurance Company), PZU (a major commercial
  insurer), Ministry of Interior and Administration
  

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THANK YOU FOR YOUR ATTENTION