Muza Spolka Akcyjna (WSE:MZA) commences share repurchases on July 10, 2012 under the program mandated by the shareholders in the Annual General Meeting held on June 29, 2012. As per the mandate, the company is authorized to repurchase up to 400,000 own shares, at a price not lower than PLN 1 and not higher than PLN 15 per share, for a total cost of up to PLN 1.57 million. The repurchases will take place by way of placing broker orders, concluding blocks transactions and outside of a regulated market, as well as through the intermediary of financial institutions. The shares will be repurchased mainly for realization of the long-term incentive plan and for the current business activity. In order to finance the acquisition of its own shares, the company decided to create a capital reserve fund which amounts to PLN 1.57 million. The program will be carried out and managed by an investment firm or credit institution on behalf of the company. The own shares can be purchased both during the trading session and as a result of package transactions. The company will be able to purchase no more than 25% of the relevant average daily shares trading turnover at the Warsaw Stock Exchange during the 20 days preceding the date of each purchase, or by no more than 50% in case of exceptionally low liquidity of shares. The share buyback program will be valid until June 28, 2016, but no longer than to the moment of exhausting of the financial terms for repurchase. On July 9, 2012, the Board of the company adopted a resolution concerning the adoption of an own shares buy-back program on the basis of an authorization granted on June 29, 2012 to buy back own shares.