TVN has provided positive initial feedback on the performance of its new thematic interactive channel TVN Gra (TVN Game), launched in autumn 2005. The channel, which is available free on cable and satellite, invites mostly day-time viewers to take part in easy quizzes and offers attractive prizes for viewers calling-in by telephone with an answer. TVN revenues come from a share in special-rate telecom fees and not advertising. TVN hopes to triple telephone revenues, which account for 7% of its revenues currently, over the next few years, based on initial TVN Gra performance and the extremely good performance of a similar format launched on German TV. While the initial costs are generally expected to keep TVN Gra EBITDA in the red for one or two years, we would expect faster progression towards break-even. We expect to learn more about TVN Gra performance on February 20, when TVN reports its 4Q05 results and announces guidance for 2006 revenues and earnings.