On 3 March 2006, the Polish Securities and Exchange Commission (KPWiG) accepted the issuing prospectus of North Coast S.A.

On 16 March 2006, North Coast S.A. published the issuing prospectus. The initial public offering of North Coast shares took place on 29 - 31 March 2006. The offer encompassed 15 million shares of two series: C Series - 7 million shares, offered by the Company under Subscription, and B Series - up to 8 million shares sold by the existing Shareholders.

The Company planned to obtain around 23PLN million from the issue of C Series shares (costs deducted).

The offer was split into two tranches: the Individual Tranche comprised 3 000 000 shares and the Institutional Tranche - 12 000 000 shares.

Initial Public Offering was carried out on the following dates:

• 27 March 2006 - the beginning of book building
• 28 March 2006, at 3PM - the end of book building
• 29 March 2006 - start of accepting orders for Institutional and Individual Tranches
• 31 March 2006 - the end of accepting orders for Institutional and Individual Tranches
• 7 April 2006 - close of Public Offering and allotment of the Offered Shares

All shares offered, which numbered 15 million, were allotted. For the Individual Tranche, the reduction rate was 83.75%. According to previous propositions, 12 million of the company’s shares were allotted in the Institutional Tranche and the remaining 3 million shares in the Individual Tranche.

North Coast S.A. staged IPO on Warsaw Stock Exchange on 10 April 2006.