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Advent International extends acceptance period for WSiP offer

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Warsaw, December 21, 2009 - Advent International, a leading global private equity fund, announced today an extension of the acceptance period for the public tender offer to acquire 100% of Wydawnictwa Szkolne i Pedagogiczne S.A. (WSiP) until the 29th January 2010.

Pahoa Investments Sp. z o.o., a company indirectly wholly owned by funds managed by Advent International, on 6th November 2009 announced a public tender offer for all outstanding shares in WSiP. Today Pahoa Investments Sp. z o.o., announced an extension of the acceptance period to the 29th January 2010.

Commenting on today’s announcement, Monika Morali-Efinowicz, Managing Director at Advent International said: "The purpose of the extension of the acceptance period is to give all shareholders the chance to benefit from distribution of cash out of the company through a buy-back mechanism on the terms set by the Shareholders’ Meeting on November 16th. After all, it is somewhat unusual for a public tender and a buy-back for shares of one company to happen at the same time. During a series of constructive meetings we had with the shareholders over the last couple of weeks, it became clear that extending the acceptance period by a few weeks would facilitate the logistics of having to deal with both processes."

About WSiP

Wydawnictwa Szkolne i Pedagogiczne are the largest Polish educational publisher offering a complete range of textbooks, supplementary books and multimedia for all types of schools and all school levels. Established in 1945, the company has been listed on the Warsaw Stock Exchange since November 3rd 2004.

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