Equities Poland

EquitiesPoland

2012 Foreign Investors Guidebook to Top 140 Warsaw Stock Exchange companies

EquitiesPoland

ISSN 1643-4692

2012

EquitiesPoland

2012 Foreign Investors Guidebook to Top 140 Warsaw Stock Exchange companies

Publisher: BiznesPolska Media Sp.z o.o. ul. Długa 44/50, bud. D, lok 704, 00-241 Warszawa tel./fax: 022 831 7062 Research Director: Magdalena Adamczyk madamczyk@biznespolska.pl Marketing Executive: Wiktor Gliński wglinski@biznespolska.pl President: Thom Barnhardt barnhardt@biznespolska.pl

Graphic Design/DTP: Sławek Parfianowicz sparfianowicz.wordpress.com

Table of Contents WIG20

4

Asseco Poland ..................................... 4 Bank Handlowy w Warszawie SA ...... 4 Bank Polska Kasa Opieki SA .............. 4 Boryszew SA ....................................... 4 BRE Bank SA ....................................... 4 Globe Trade Centre SA ....................... 4 Grupa Lotos SA ................................... 4 Jastrzębska Spółka Węglowa SA ........ 5 Kernel Holding SA .............................. 5 KGHM Polska Miedź SA .................... 5 Lubelski Węgiel Bogdanka SA ........... 5 PGE Polska Grupa Energetyczna SA . 5 Polski Koncern Naftowy Orlen SA ..... 5 Polskie Górnictwo Naftowe i Gazownictwo SA ............................... 6 Powszechna Kasa Oszczędności Bank Polski SA .................................... 6 Powszechny Zakład Ubezpieczeń SA 6 Synthos SA .......................................... 6 Tauron Polska Energia SA .................. 6 Telekomunikacja Polska SA ............... 6 TVN SA ............................................... 6

WIG40

7

Agora SA ............................................. 7 AmRest Holdings SE .......................... 7 Astarta Holding NV ............................ 7 Bank Millennium SA .......................... 7 Bioton SA ............................................ 7 Budimex SA ........................................ 7 CD Projekt Red SA .............................. 8 Central European Distribution Corporation ......................................... 8 Ciech SA .............................................. 8 Cinema-City International NV .......... 8 Cyfrowy Polsat SA ............................... 8 Dom Maklerski IDM SA ..................... 8 Echo Investment SA ........................... 9 Emperia Holding SA ........................... 9 Enea SA ............................................... 9 Eurocash SA ........................................ 9 Get Bank SA ........................................ 9 Getin Holding SA ................................ 9 Giełda Papierów Wartościowych w Warszawie SA .................................. 9 Grupa Kęty SA .................................. 10 Hawe SA ............................................ 10 Impexmetal SA ................................. 10 ING Bank Śląski SA .......................... 10 Inter Cars SA ..................................... 10 KOPEX SA ......................................... 10 Kredyt Bank SA ................................ 10

Next Edition – in English – November 2012

Kulczyk Oil Ventures Inc. ................. 11 LPP SA ............................................... 11 Narodowy Fundusz Inwestycyjny Midas SA .................... 11 Netia SA ............................................. 11 NG2 SA .............................................. 11 Orbis SA ............................................ 11 PBG SA .............................................. 11 Petrolinvest SA .................................. 12 Polimex-Mostostal SA ...................... 12 PZ Cormay SA ................................... 12 Rovese SA .......................................... 12 Towarzystwo Ubezpieczeń Europa SA ......................................... 12 Zakłady Azotowe Puławy SA ........... 12 Zakłady Azotowe w TarnowieMościcach SA .................................... 13

WIG80

13

AB SA........................................................ 13 ABC Data SA ..................................... 13 Action SA .......................................... 13 Agroton Public Limited .................... 13 Alchemia SA ..................................... 13 Amica Wronki SA ............................. 13 Apator SA .......................................... 14 Asseco Business Solutions SA .......... 14 Asseco Central Europe a.s. ............... 14 ATM SA ............................................. 14 Bank BPH SA .................................... 14 Bank Gospodarki Żywnościowej SA 14 BBI Development Narodowy Fundusz Inwestycyjny SA ................ 15 Benefit Systems SA ........................... 15 Bomi SA ............................................ 15 Calatrava Capital SA ......................... 15 City Interactive SA ............................ 15 Coal Energy SA ................................. 15 Cognor SA ......................................... 15 Colian SA ........................................... 16 Comarch SA ...................................... 16 Comp SA ........................................... 16 Dom Development SA ...................... 16 Elektrobudowa SA ............................ 16 Europejski Fundusz Hipoteczny SA 16 Fabryka Farb i Lakierów Śnieżka SA 16 Fabryka Maszyn Famur SA .............. 17 Fabryki Mebli Forte SA .................... 17 Ferrum SA ......................................... 17 Firma Oponiarska Dębica SA .......... 17 Gant Development SA ...................... 17 Herkules SA ....................................... 17 Hydrobudowa Polska SA .................. 18

Ideon SA ............................................ 18 Integer.pl SA ...................................... 18 Inter Groclin Auto SA ....................... 18 Ipopema Securities SA ..................... 18 J.W. Construction Holding SA ......... 18 Koelner SA ........................................ 18 Kruk SA ............................................. 19 KSG Agro SA ..................................... 19 LC Corp SA ........................................ 19 Lubawa SA ......................................... 19 MCI Management SA ....................... 19 Mennica Polska SA ........................... 19 Milkiland NV .................................... 19 Mirbud SA ......................................... 19 MNI SA .............................................. 20 Mostostal Warszawa SA ................... 20 Mostostal Zabrze - Holding SA ........ 20 Narodowy Fundusz Inwestycyjny Empik Media & Fashion SA ............. 20 Narodowy Fundusz Inwestycyjny Krezus SA .......................................... 20 Narodowy Fundusz Inwestycyjny Octava SA .......................................... 20 Open Finance SA .............................. 21 Orzeł Biały SA ................................... 21 Ovostar Union N.V. ........................... 21 Pelion SA ........................................... 21 Pfleiderer Grajewo SA ...................... 21 Polish Energy Partners SA ............... 21 Polnord SA ........................................ 21 Polski Koncern Mięsny Duda SA ..... 22 Radpol SA .......................................... 22 RAFAKO SA ...................................... 22 Rank Progress SA ............................. 22 Sadovaya Group SA .......................... 22 Sanockie Zakłady Przemysłu Gumowego Stomil Sanok SA ........... 22 SKOTAN SA ...................................... 22 Stalexport Autostrady SA ................. 23 Stalprodukt SA .................................. 23 Stalprofil SA ...................................... 23 Zakłady Chemiczne Police SA ......... 23 Zakłady Lentex SA ............................ 23 Zespół Elektrociepłowni Wrocławskich Kogeneracja SA ................................. 23

Następne Wydanie – po angielsku – listopad 2012

EquitiesPoland 2012

WIG20 Asseco Poland ASK [WIG20] www.asseco.pl Sector: Software/IT programming Shareholders: Aviva OFE (12.09%); Góral Adam (10.42%); OFE PZU Złota Jesień (6.44%) Strategy: Asseco Poland S.A. is the largest IT company listed on the Warsaw Stock Exchange and a major player in the European software production market. As an international IT integrator, the company became a major player in the European market of software producers.

The Asseco Group was placed among the top ten in the “TOP100 European Software Vendors” ranking (published

by Truffle Capital in 2010).

Finance (2009 | 2010 |2011): Revenues (net)

6,551,215

2,716,157 2,411,735

2,899,414

-3,522,726

-974,939

8,864,167

-3,657,669

-8,222,361

2,603,030

-1,637,452

79,700

134,089,886

146,590,106

106,600

Total Assets

–

245,000

Number of Shares Outstanding

–

-89,600

Book Value per Share

–

–

159,600

–

–

9,483,800

–

2,430,900

–

77,566

Board: Dangel Paweł; Pavoni Enrico; Pawłowicz Leszek; Greene Oliver; Pawłowski Krzysztof; Piwowar Grzegorz; Ważyński Marian; Kopyrski Andrzej; Biondo Diego; Iannaccone Marco; Nicastro Roberto; Lovaglio Luigi; Kornasiewicz Alicja; Woźnicki Jerzy; Decio Alessandro Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Dariusz Choryło (22 524 55 27; dariusz.chorylo@pekao.com.pl) ul. Grzybowska 53/57, 00-950 Warszawa T: 22 656 00 00

– –

Board: Góral Adam; Borzestowski Przemysław; Marek Panek; Pomianek Zbigniew; Sęczkowski Przemysław; Smułkowski Robert; Duch Jacek; Dyrga Tadeusz; Serwiński Włodzimierz; Noga Adam; Brzeski Dariusz; Piwowar Paweł; Kucharski Artur; Woźniak Wojciech; Magdoń Antoni; Bojdo Renata Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: Katarzyna Drewnowska (inwestor@ asseco.pl) Al. Armii Krajowej 80; 35-307 Rzeszów T: 17 875 54 00

Bank Handlowy w Warszawie SA BHW [WIG20] www.citibank.pl Sector: Banking Shareholders: Citibank Overseas Investment Corporation, USA (75.00%) Strategy: The second largest commercial bank in Poland, in terms of assets. Originally established in 1870. Majority-owned by Citigroup, the bank provides corporate and retail banking services, as well as asset management, leasing and investment banking.

Finance (2009 | 2010 |2011):

-5,455,672 -422,082

262,331 69.71 zł

262,361

262,382

76.90 zł

81.07 zł

Boryszew SA BRS [WIG20] www.boryszew.com.pl Sector: semi-ferrous metals and chemicals Shareholders: Karkosik, Roman Krzysztof (56.05%); Boryszew SA (3.98%) Strategy: The firm was formed in 1911, and debuted on the WSE in 1996. Boryszew later launched a series of acquisitions, including Impexmetal Group. In 2010 the Group acquired Boryszew Maflow in the automotive industry. Main business lines are: semi-ferrous metals and their alloys, automotive cables for global automakers, bearings and chemicals. One of the largest industrial groups in Poland comprising dozens of companies, the firm employs over 6000 people.

Finance (2009 | 2010 |2011): Revenues (net)

2,227,509

3,134,792

4,332,124

100,173

247,334

Operating Profit

137,958 Net Profit

Interest Income

2,098,938

1,973,413

1,927,390

Fee and Commission Income

660,011

747,091

752,733

504,399

754,811

736,413

Net Profit Net Cash Flow

525,861

-831,602

-2,257,607

-55,366

-1,442,267

CashFlow from Operations

913,234 CashFlow from Investing

–

-752,063 37,517,540

-769,303 42,278,198

Number of Shares Outstanding

130,660

130,660

130,660

49.69 zł

49.32 zł

Book Value per Share

47.45 zł

Board: Sikora Sławomir; Gryszka Mirosław; Sołtysiński Stanisław; Apte Shirish; Olechowski Andrzej; Zieliński Witold; Simcock Stephen; Chalupec Igor; Dudzińska Iwona; Volk Stephen; Verme Alberto; Massey, Robert Daniel; Mannion Frank; Opolski Krzysztof; Ur-Rahman-Shah, Misbah; Luet Marc; Mioduski Dariusz Auditors: KPMG Audyt Sp. z o.o. Sp.k.

Investors’ Contact: Katarzyna Otko-Dąbrowska (22 657 72 00; relacjeinwestorskie@citi.com) ul. Senatorska 16, 00-923 Warszawa T: 22 657 72 00

Bank Polska Kasa Opieki SA PEO [WIG20] www.pekao.com.pl Sector: Banking

5,149

141,254

56,170

116,345

6,642

-217,949

CashFlow from Investing

91,477 CashFlow from Financing

-30,837

105,832

2,211,367

2,718,675

1,220,918

1,516,778

Total Assets

2,007,340 Long-term Liabilities

Number of Shares Outstanding

Total Assets

37,633,063

263,497

1,111,666

–

CashFlow from Financing

-366,230

39,745 CashFlow from Operations

-371,216

62,687

1,594,968

-134,115

-187,372

737,505

-2,519,401

90,038,831

98,875,647

1,128,358

2,256,716

Board: Urbaniak Zygmunt; Krężel Arkadiusz; Iwanejko Małgorzata; Pietka Tadeusz; Bednarski Robert; Jarosz Dariusz; Kutnik Mirosław; Dobies Kamil; Miller Paweł Auditors: Deloitte Audyt Sp. z o.o.

Investors’ Contact: Małgorzata Goczyńska (46 863 02 01; mgoczynska@boryszew.com.pl) ul. 15-go Sierpnia 106, 96-500 Sochaczew T: 46 863 02 01

BRE Bank SA BRE [WIG20] www.brebank.pl Sector: Banking Shareholders: Commerzbank AG (69.71%); ING OFE (5.44%) Strategy: BRE Bank Group is an integrated commercial bank, providing corporate and retail banking services, as well as investment banking, private banking, and asset management services. Majority-owned by CommerzBank.

Finance (2009 | 2010 |2011):

42,087

42,103

164.17 zł

191.17 zł

Book Value per Share

138.77 zł 6,337,087

–

Number of Shares Outstanding

-1,641,347

Number of Shares Outstanding

CashFlow from Operations

–

Long-term Liabilities

1,134,972 -1,111,805

29,691

2,986,413

CashFlow from Financing

Total Assets

-670,750

Net Cash Flow

140,200

CashFlow from Financing

641,602 -1,037,957

CashFlow from Investing

Total Assets

2,525,234

1,279,172

CashFlow from Operations

2,934,055

–

–

128,928 -1,780,998

81,023,886

130,616,054

1,178,745

-983,417

2,796,293

Net Profit

3,871,231

Net Cash Flow

Fee and Commission Income

–

CashFlow from Investing

1,001,287

CashFlow from Financing

CashFlow from Investing

–

3,421,704

Net Profit

7,404,220

1,436,600

CashFlow from Operations

3,453,207

Fee and Commission Income

-126,831

6,747,925

–

Net Profit

Interest Income

Interest Income

– Operating Profit

4

Shareholders: UniCredit SpA (59.23%); Aberdeen Asset Managment PLC (5.02%) Strategy: Bank Pekao SA operates for 80 years and is now one of the largest banks in CEE in terms of market capitalization. It has the second largest network of branches (over 1000). Bank Pekao SA belongs to UniCredit Group which is present in 22 countries with over 160,000 employees, more than 40 million customers and a network of over 10,300 branches.

Finance (2009 | 2010 |2011):

Board: Mokrysz Teresa; Szomburg Jan; Leśny Maciej; Mastalerz Jarosław; Stawski Waldemar; Wierzbowski Marek; Gdański Przemysław; Kemler, Hans-Dieter; Klaus Sascha; Thor Wiesław; Stypułkowski Cezary; Kanzler Thorsten; Carls Andre; Sieber Ulrich; Engels Stephan; Kocik Cezary; Hessenmüller Jörg Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Wojciech Chmielewski (22 829 00 00; Wojciech.Chmielewski@brebank.pl) ul. Senatorska 18, 00-950 Warszawa T: 22 829 00 00

Globe Trade Centre SA GTC [WIG20] www.gtc.com.pl Sector: Commercial real estate development and investment Shareholders: GTC Real Estate Holding BV (27.75%); ING OFE (10.91%); Aviva OFE (7.23%) Strategy: Globe Trade Centre S.A. is a leading real estate developer in CEE and SEE and currently operates in Poland, Romania, Hungary, Croatia, Serbia, Bulgaria, Slovakia, the Czech Republic, Russia and Ukraine. The group was established in 1994. The portfolio comprises mostly office buildings and office parks; retail and entertainment centres, and residential projects, as well as a land bank of undeveloped plots of land. Since its establishment, the Group has developed over one million square meters of net space and has successfully sold more than fifteen properties.

Finance (2009 | 2010 |2011): Revenues (net)

676,625

675,119

633,110

-490,503

440,313

-1,023,633

-525,556

166,159

-1,173,864

Operating Profit Net Profit CashFlow from Operations

102,956

310,101

279,409

-207,285

-366,548

-82,519

-125,185

10,805,393

10,201,519

6,635,762

7,005,304

CashFlow from Investing

-1,212,295 CashFlow from Financing

1,072,978 Total Assets

10,774,077 Long-term Liabilities

6,621,795

Number of Shares Outstanding

219,373

219,373

219,373

Revenues (net)

Board: Kroenke Piotr; Boniel Erez; Harel Hagai; Grendowicz, Mariusz Cezary ; Slootweg Jan; Brush, David Michael; Grunfeld Yosef; Zatoński Witold; Kucharski Artur; Wachowicz Jacek; Carmi Yovav; Kozłowski Mariusz; Gerula Krzysztof; Shouky Oren; Ickovics Alain Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: Małgorzata Czaplicka (22 606 07 00; ir@gtc.com.pl) ul. Wołowska 5, 02-675 Warszawa T: 22 606 07 00

Grupa Lotos SA LTS [WIG20] www.lotos.pl Sector: Vertically integrated oil company Shareholders: Skarb Państwa (53.18%) Strategy: LOTOS Group is a vertically integrated oil company, whose business encompasses exploration for and production of crude oil, processing of crude oil, as well as wholesale and retail sale of high-quality petroleum products. Grupa LOTOS is a major producer and supplier of such products as unleaded petrol, diesel oil and aviation fuel; as well as Poland’s leading producer and supplier of engine oils, modified bitumens and paraffins. Operates a nationwide chain of petrol stations under the LOTOS brand.

Finance (2009 | 2010 |2011):

EquitiesPoland 2012 Revenues (net)

14,321,041

CashFlow from Investing

19,662,804

29,259,586

Operating Profit

-95,313

-125,649

-126,065

35,570

3,983

123,551

699,706

1,124,773

1,561,886

519,882

564,596

CashFlow from Financing

419,793

1,061,354

1,084,794

Net Profit

Total Assets

900,761

679,180

648,994

882,693

902,359

CashFlow from Operations

695,024

Long-term Liabilities

CashFlow from Investing

-3,333,619

Number of Shares Outstanding

-1,055,590

-846,943

CashFlow from Financing

458,688

-35,582

17,727,364

20,423,220

10,213,887

12,640,837

Total Assets Long-term Liabilities

8,379,807

68,741

73,191

Number of Shares Outstanding

129,873

129,873

129,873

Board: Olechnowicz Paweł; Sokołowski Marek; Machajewski Mariusz; Skwarko Wiesław; Hirszel Małgorzata; Szozda Maciej; Rumiński Michał; Pawłowski Oskar; Trzaskalska Agnieszka; Majeranowski Marcin Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (ir@grupalotos.pl) ul. Elbląska 135, 80-718 Gdańsk T: 58 308 71 11

Jastrzębska Spółka Węglowa SA JSW [WIG20] www.jsw.pl Sector: coking coal and coke producer Shareholders: Skarb Państwa (57.03%) Strategy: The JSW Group is the largest producer of high quality type 35 (hard) coking coal and a significant coke producer in the European Union. Jastrzębska Spółka Węglowa S.A. was established on 1 April 1993 as one of the seven coal companies founded at that time. It consisted of seven independently functioning mining companies, which were transformed into a state company (a company wholly-owned by the State Treasury) Finance (2009 | 2010 |2011): Revenues (net)

4,470,100

Board: Verewski Andriej; Danilczuk Andrzej; Schurink Ton; Lytvynskyi Kostiantyn; Kovalchuk Yuriy Auditors: Investors’ Contact: (p.comrad@kernel.ua) Grande-Duchesse Charlotte 65 L-1331 Luxembourg Luxembourg T: 35 226 44 91

KGHM Polska Miedź SA KGH [WIG20] www.kghm.pl Sector: Copper and silver producer Shareholders: Skarb Państwa (31.79%) Strategy: KGHM Polska Miedź S.A. is the 9th-largest producer of copper and the 3rd-largest producer of silver in the world. The electrolytic copper of KGHM is registered by the London Metal Exchange (LME) as „Grade A”, while its silver – in the form of bars – are registered under the KGHM HG brand, and hold a „Good Delivery” certificate, issued by the London Bullion Market Association (in 1995) and by the Dubai Multi Commodities Centre (in 2006). Other products of KGHM include gold, lead, sulphuric acid and rock salt.

Finance (2009 | 2010 |2011): 12,119,910

16,766,504

2,679,338

5,506,309

13,153,649

2,327,993

4,724,507

11,063,456

5,661,275

9,098,660

-3,070,123

3,048,579

Net Profit CashFlow from Operations

-716,500

1,946,900

2,732,600

CashFlow from Investing

-646,300

1,454,200

2,086,600

CashFlow from Financing

2,235,900

2,835,300

Total Assets

Net Profit CashFlow from Operations

-61,300 CashFlow from Investing

247,600

-797,900

-1,667,200

-371,200

-436,900

10,611,300

13,617,000

4,508,800

5,173,600

CashFlow from Financing

163,700 Total Assets Long-term Liabilities

4,334,800

Number of Shares Outstanding

10,885

10,885

119,208

Board: Zagórowski Jarosław; Czornik Grzegorz; Wojtków Artur; Tor Andrzej; Myrczek, Józef Jan; Malinowski Antoni; Wałach Adam; Adamusiński Marek; Karpiński Miłosz; Tomica Janusz; Kusio Tomasz; Rybaniec Adam; Baron Eugeniusz; Warych Mariusz; Nowak, Alojzy Zbigniew; Kluza Stanisław; Kozłowski Robert Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Paweł Warzecha (32 756 44 25; pwarzecha@jsw.pl) ul. Armii Krajowej 56, 44-330 Jastrzębie-Zdrój T: 32 756 41 13

Kernel Holding SA KER [WIG20] www.kernel.ua Sector: Producer of agricultural oils and grains Shareholders: Namsen Limited (37.59%); Comgest SA (5.96%) Strategy: Kernel Holding S.A. is a leading diversified agri-business company operating in Ukraine. With an extensive asset base spanning the production, processing, storage, transshipment and export of agricultural commodities, the company is a major supplier to the international market of grain, sunflower oil and meal produced in Ukraine and Russia; the largest supplier of bottled oil to the Ukrainian market; a key provider of grain silo services to the farmer;and provider of services for the transshipment and export of grain, oil and meal from Black Sea ports.

Finance (2009 | 2010 |2011) [in USD]: 1,020,471

1,899,118

Operating Profit

166,648

167,484

277,268

Net Profit

135,548

152,005

226,272

84,796

56,147

CashFlow from Operations

129,289

2,720,749 -1,255,747 -2,317,750 14,890,420

-707,497

-2,978,408

21,240,729

30,553,874

6,318,606

7,171,517

Long-term Liabilities

4,315,081

Number of Shares Outstanding

200,000

200,000

200,000

Board: Tybura Maciej; Wirth Herbert; Kędzia Wojciech; Jaroń Lech; Łaganowski Maciej; Markowski Paweł; Kaczmarczyk Krzysztof; Magaczewska Aleksandra; Oliwa Robert; Poświata Jacek; Białek Paweł; Krawczyk Dariusz; Piecuch Ireneusz Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Leszek Mierzwa (76 747 82 00; ir@ kghm.pl) ul. Marii Skłodowskiej-Curie 48, 59-301 Lubin T: 76 747 82 00

Lubelski Węgiel Bogdanka SA LWB [WIG20] www.bogdanka.eu Sector: Coal mining Shareholders: Aviva OFE (14.74%); OFE PZU Złota Jesień (9.76%); ING OFE (9.63%); Amplico OFE (5.09%) Strategy: Lubelski Węgiel „Bogdanka” S.A. is one of the leading manufacturers of hard coal market in Poland. Coal sold by the company is used mainly for the generation of electric and thermal energy as well as for cement production. Customers are mainly industrial companies, first of all those in the power generation industry and located in east and northeast Poland.

Finance (2009 | 2010 |2011): Revenues (net)

1,118,393

1,230,447

1,301,349

276,472

265,739

Operating Profit

226,710 Net Profit

191,472

229,811

220,921

368,235

313,802

-577,793

-726,489

–

43,406

CashFlow from Operations

365,586 CashFlow from Investing

-365,932 CashFlow from Financing

Revenues (net)

1,047,113

22,107,230

Operating Profit

9,376,800

Operating Profit

582,131 Total Assets

2,469,814

2,828,045

3,076,228

859,026

933,582

Long-term Liabilities

730,917

Number of Shares Outstanding

34,014

PGE Polska Grupa Energetyczna SA PGE [WIG20] www.pgesa.pl Sector: Power production, distribution and trade Shareholders: Skarb Państwa (61.88%) Strategy: PGE Polska Grupa Energetyczna S.A. is one of the largest power producers and suppliers in Poland and one of the biggest heat and power sector companies in Central and Eastern Europe. Due to a combination of its own fuel resources (lignite), power generation and final distribution networks, PGE provides power to over 5 million households, businesses and institutions. In 2011 the Group’s net power generation amounted to about 57 TWh. The PGE Group employs over 46,000 workers and has 13.1 GW of the installed generation capacities. New initiatives in wind sector via PGE EO subsidiary.

Finance (2009 | 2010 |2011): Revenues (net)

21,623,350

20,471,430

28,111,354

5,344,729

4,149,236

4,144,480

3,370,712

2,990,269

4,936,095

6,610,960

6,942,012

-7,468,274

-3,326,656

Operating Profit Net Profit CashFlow from Operations

7,298,888 CashFlow from Investing

-3,628,590 CashFlow from Financing

Revenues (net)

7,288,900

9,133,600

73,674

Revenues (net)

2,181,465 15,225,952

342,243

Board: Taras Mirosław; Borkowska Krystyna; Bernaciak Waldemar; Stopa Zbigniew; Karski Eryk; Kawalec Stefan; Tor Lech; Daniłowicz Witold; Formela Dariusz; Mosiek Tomasz; Bednarski Robert; Eggink Raimondo Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: (bogdanka@lw.com.pl) Bogdanka, 21-013 Puchaczów T: 81 462 51 00

34,014

34,014

1,898,319

-4,111,761

-2,311,313

53,879,991

58,762,631

16,325,326

17,589,371

Total Assets

54,447,798 Long-term Liabilities

15,598,046

Number of Shares Outstanding

1,730,090

1,869,784

1,869,784

Revenues (net)

Board: Szymanek Piotr; Zieliński Marcin; Bałtowski Maciej; Barylski Jacek; Dec Małgorzata; Prus Katarzyna; Szmuniewski Zbigniew; Żuk Krzysztof; Grzesiak Czesław; Krystek Grzegorz; Ostrowski Wojciech; Skowroński Paweł; Kilian Krzysztof; Matuszewska Bogusława Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Przemysław Wasilewski (22 340 10 00; Przemyslaw.Wasilewski@gkpge.pl) ul. Mysia 2, 00-496 Warszawa T: 22 340 10 00

Polski Koncern Naftowy Orlen SA PKN [WIG20] www.orlen.pl Sector: Producer and distributor of petroleum products and petrochemicals Shareholders: Skarb Państwa (27.52%); Aviva OFE (5.08%); ING OFE (5.01%) Strategy: PKN Orlen is the dominant producer and distributor of petroleum products and petrochemical products in Poland, involved with processing of oil products such as unleaded gasoline, diesel, heating oil, jet fuel, plastics and petrochemical products. Refineries belonging to the group of PKN Orlen include Plock and Trzebinia Jedlicze, which have about 70 percent of the Polish refinery capacity. The company has the largest network in central Europe, with petrol stations located in Poland, Germany, Czech Republic and Lithuania. PKN Orlen Group has more than 80 subsidiary companies.

Finance (2009 | 2010 |2011): Revenues (net)

67,927,990

83,547,432

106,973,074

1,097,076

3,122,649

2,066,472

1,308,521

2,371,358

2,363,397

6,110,199

761,106

-2,920,060

1,497,021

-3,297,740

332,376

51,149,792

58,731,478

26,909,839

31,932,795

Operating Profit Net Profit CashFlow from Operations

5,161,793 CashFlow from Investing

-2,526,615 CashFlow from Financing

-1,034,966 Total Assets

49,088,070 Long-term Liabilities

27,380,859

Number of Shares Outstanding

427,709

427,709

427,709

Board: Pater Krystian; Mataczyński Maciej; Borowiec Grzegorz; Krawiec, Dariusz Jacek; Jędrzejczyk Sławomir; Sarota Angelina; Gabor Artur; Pawłowicz Leszek;

5

EquitiesPoland 2012 Gołębiowski Michał; Banasiński Cezary; Chełmiński Piotr; Podstawa Marek Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Dariusz Grębosz (24 365 00 00; dariusz.grebosz@orlen.pl) ul. Chemików 7, 09-411 Płock T: 24 365 00 00

Polskie Górnictwo Naftowe i Gazownictwo SA PGN [WIG20] www.pgnig.pl Sector: Oil and gas production and distribution Shareholders: Skarb Państwa (72.41%) Strategy: Polskie Górnictwo Naftowe i Gazownictwo is the largest Polish oil and gas exploration and production company. It is a leader in natural gas segments in Poland that are trade, distribution, oil and gas exploration and production as well as gas storage and processing. The company is also the largest importer of natural gas to Poland.

Finance (2009 | 2010 |2011): Revenues (net)

19,331,527

21,281,161

23,003,534

Operating Profit

PZU [WIG20] www.pzu.pl Sector: Insurance Shareholders: Skarb Państwa (35.18%); ING OFE (5.02%) Strategy: PZU Group is one of the oldest and largest insurance groups in Poland in terms of written premiums, according to the PFSA, with a broad range of insurance and financial products. Among Polish insurance companies, the PZU Group also has the most extensive network of sales and service outlets. According to data of January 2012, PZU Group had 433 outlets throughout Poland, including 313 shared outlets (PZU and PZU Zycie), 69 outlets of PZU Zycie and 51 outlets of PZU. As of December 31, 2011 PZU offered products in the following distribution channels: exclusive agents (over 6000), multiagencies (2200), insurance brokers (ca. 800), bancassurance, direct and PZU employees.

Finance (2009 | 2010 |2011): 14,485,214

14,213,013

– !!!Przychody z lokat!!!

1,235,239

2,453,741

1,626,778

!!!!Zysk strata z działalności operacyjnej!!!

3,843,312

2,467,905

Net Profit

-3,558,839

-4,019,238

-107,871

1,682,218

2,554,924 -3,637,658 CashFlow from Financing

858,187 Total Assets

31,074,364

33,642,407

37,964,374

10,122,937

13,467,714

Long-term Liabilities

9,639,036

Number of Shares Outstanding

5,900,000

5,900,000

5,900,000

Revenues (net)

Board: Puławski Mieczysław; Moryń Marcin; Chmielarz Agnieszka; Siergiej Jolanta; Hinc Sławomir; Dudziński Radosław; Kawecki Mieczysław; Szkałuba Mirosław; Chmielewski Wojciech; Głowacki Józef; Pilitowski Janusz; Piotrowska-Oliwa Grażyna; Sibrecht-Ośka Ewa Auditors: Deloitte Audyt Sp. z o.o.

Investors’ Contact: Aleksandra Dobosiewicz (22 589 45 55; aleksandra.dobosiewicz@pgnig.pl) ul. Marcina Kasprzaka 25, 01-224 Warszawa T: 22 589 45 55

Powszechna Kasa Oszczędności Bank Polski SA PKO [WIG20] www.pkobp.pl Sector: Banking Shareholders: Skarb Państwa (40.99%); Bank Gospodarstwa Krajowego (10.24%) Strategy: PKO Bank Polski is Poland’s largest bank and one of its oldest in continuous operation. Over recent years, PKO Bank has consolidated its market leadership, particularly in terms of new loan originations, while at the same time becoming the largest banking institution in CEE. Active in retail banking, commercial banking, asset management, leasing and investment banking.

Finance (2009 | 2010 |2011): Interest Income

9,031,330

10,415,315

12,037,762

Fee and Commission Income

17.09 zł

18.26 zł

86,352

2,510,039

23,430,284

28,413,531

8,218,213

12,274,463

7,921,827 13,986,284

1,752,549

Telekomunikacja Polska SA TPS [WIG20] www.tp.pl Sector: Telecommunications Shareholders: France Telecom SA (49.78%); Capital Group International, Inc. (5.05%); Telekomunikacja Polska SA (1.55%) Strategy: TP Group is Poland’s largest telecommunication provider, operating in all segments of the Polish telecom market. As of 1Q 2011 TP Group had 14.4 million mobile customers, 6.2 million fixed voice customers, 2.3 million broadband users and 0.6 million TV subscribers. TP owns the largest technical infrastructure in Poland supporting its key operations. Controlled by France Telecom.

Finance (2009 | 2010 |2011): Revenues (net) Revenues (net)

16,560,000

15,715,000

14,922,000

908,000

2,217,000

Operating Profit

2,097,000 Net Profit

107,000

1,917,000

4,530,000

5,169,000

-2,015,000

-1,090,000

-2,286,000

-3,663,000

28,873,000

28,219,000

14,239,000

13,885,000

178,215

565,656

1,032,303

CashFlow from Investing

164,234

476,161

960,277

CashFlow from Financing

449,315

748,584

Total Assets

-253,486

-310,813

2,291

-95,534

-99,584

2,948,546

3,517,437

4,561,998

1,385,924

1,623,438

CashFlow from Operations

395,765 -190,267

5,541,000 -2,281,000 -2,680,000 29,365,000 Long-term Liabilities

12,812,000

Number of Shares Outstanding

1,335,649

Total Assets Long-term Liabilities

1,295,734

Number of Shares Outstanding

1,323,250

1,323,250

1,323,250

Board: Miroński Grzegorz; Oskard Robert; Waniołka Mariusz; Grodzki Jarosław; Kalwat Tomasz; Piec Tomasz; Warmuz Zbigniew; Lange Zbigniew; Kwapisz Krzysztof Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Tomasz Kosowski (33 844 18 21; ir@ synthosgroup.com) ul. Chemików 1, 32-600 Oświęcim T: 33 844 18 21

1,752,549

Board: Lubera Dariusz; Stolarczyk Dariusz; Zamasz Krzysztof; Zawadzki Krzysztof; Tajduś Antoni; Trzaskalska Agnieszka; Luty Włodzimierz; Ściążko Marek; Kuciński Jacek; Szyke Jacek; Schmid Joanna; Koziorowski Leszek; Wardziński Rafał Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: Marcin Lauer (32 774 27 06; marcin. lauer@tauron-pe.pl) ul. Lwowska 23, 40-389 Katowice T: 32 774 27 00

1,281,000

Net Profit

190,748,037

16.34 zł

-5,689,534

-512,864

CashFlow from Operations

169,660,501

Board: Bossak Jan; Drabikowski Bartosz; Myjak Jarosław; Banasiński Cezary; Zganiacz Tomasz; Jagiełło Zbigniew; Papierski Jakub; Marczak Piotr; Alicki, Piotr Stanisław; Czekaj Mirosław; Kilian Krzysztof; Miklaszewska Ewa; Mroczkowski Marek; Wierzba Ryszard; Kołatkowski Andrzej; Obłękowski Jacek Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Lidia Wilk (22 521 71 92; lidia.wilk@ pkobp.pl) ul. Puławska 15, 02-515 Warszawa T: 22 521 71 92

-1,508,476

-1,354,024

5,440,709

1,057,418

1,250,000

2,213,651

3,860,697

2,600,952

1,073,418

1,250,000

2,520,345

CashFlow from Financing

Operating Profit

-3,630,127

1,250,000

1,220,011

1,963,199

Revenues (net)

-1,967,767

Book Value per Share

86,352

SNS [WIG20] www.synthosgroup.com Sector: manufacturers of chemical raw materials Shareholders: Sołowow Michał (64.44%); ING OFE (5.06%); Kalwat Tomasz (0.00%); Grodzki Jarosław (0.00%) Strategy: Synthos S.A. is one of the largest manufacturers of chemical raw materials in Poland, as well as being Europe’s No. 1 manufacturer of emulsion rubbers and third largest manufacturer of polystyrene for foaming applications. The company supplies advanced technological products. Synthos S.A. was established on the basis of Firma Chemiczna Dwory S.A. and Kaucuk a.s.

Finance (2009 | 2010 |2011):

5,556,998

156,478,685

-186,946 52,129,282

Synthos SA

340,637

Number of Shares Outstanding

70,916 50,670,557

86,352

CashFlow from Financing

Total Assets

2,345,424

Board: Klesyk Andrzej; Jaworski Witold; Maj Waldemar; Piszczek Marzena; Ćwiąkalski Zbigniew; Dąbrowski Przemysław; Filar Dariusz; Tarkowski Tomasz; Daniluk Dariusz; Derdziuk Zbigniew; Skuza Bogusław; Trepczyński Ryszard; Dresler Krzysztof Auditors: Deloitte Audyt Sp. z o.o.

Investors’ Contact: Piotr Wiśniewski (22 582 21 00; ir@ pzu.pl) Al. Jana Pawła II 24, 00-133 Warszawa T: 22 582 21 00

CashFlow from Investing

4,559,643

858,656

CashFlow from Investing

2,956,727

Number of Shares Outstanding

2,984,289

CashFlow from Financing

2,439,231

-166,405 53,176,209

-553,712

1,022,670

791,425 CashFlow from Operations

22,155,493

Total Assets

3,807,195

CashFlow from Investing

3,088,085

3,762,945

3,216,883

-4,860,163

1,611,489

Net Profit

Long-term Liabilities

Net Cash Flow

2,305,538 CashFlow from Operations

20,755,222

1,399,259

Number of Shares Outstanding

3,837,165

722,150

15,428,879

1,320,783

-543,464

–

4,601,751

3,880,863

Net Cash Flow

13,694,622 Operating Profit

Total Assets

–

3,335,347 Net Profit

Revenues (net)

–

1,685,526

CashFlow from Investing

14,890,528

!!!Wynik techniczny ubezpieczeń majątkowych i osobowych!!!!

2,886,689

CashFlow from Operations

Strategy: TAURON Polska Energia S.A. is the parent company of TAURON Polska Energia S.A. Capital Group.

Major subsidiaries include: Południowy Koncern Węglowy S.A. dealing with coal mining, TAURON Wytwarzanie S.A. dealing with electricity generation from conventional sources and biomas co-firing, TAURON EKOENERGIA sp. z o.o. dealing with electricity generation from renewable sources, TAURON Dystrybucja S.A. dealing with electricity distribution, TAURON Sprzedaż sp. z o.o. dealing with electricity supply to retail customers, TAURON Obsługa Klienta sp. z o.o. dealing with customer service and TAURON Ciepło S.A., dealing with heat distribution.

Finance (2009 | 2010 |2011):

!!!Składka na udziale własnym!!!

1,374,859 Net Profit

6

Powszechny Zakład Ubezpieczeń SA

1,335,649

1,335,649

Board: Champeaux Jacques; Boatman Timothy; Rajski Jerzy; Witucki Maciej; Rozłucki Wiesław; Gronicki Mirosław; Koźmiński, Andrzej K.; Muszyński Piotr; Lambert, Marie-Christine; Lobry Vincent; Bonhomme Thierry; de Galzain, Jacques; Kowalski Jacek; Ries Gérard; Louette Pierre; Scheen Benoit; Clere Nathalie; de Joux, Henri; Bochniarz Henryka; Lachowski Sławomir Auditors: Deloitte Audyt Sp. z o.o.

Investors’ Contact: Jacek Kunicki (22 527 23 23; jacek. kunicki@telekomunikacja.pl) ul. Twarda 18, 00-105 Warszawa T: 22 527 23 23

TVN SA

Tauron Polska Energia SA TPE [WIG20] www.tauron-pe.pl Sector: Power generation and distribution Shareholders: Skarb Państwa (30.06%); KGHM Polska Miedź SA (10.39%); ING OFE (5.06%)

TVN [WIG20] www.tvn.pl Sector: Media Shareholders: ITI Holdings SA (54.02%); ING OFE (5.10%) Strategy: TVN is a leading integrated media group in

EquitiesPoland 2012 Poland, operating under three main business segments: broadcasting and television production, digital satellite TV and pay online. The group operates the following TV channels: TVN, TVN 7, TVN 24, TVN Meteo, TVN Turbo, and TVN Style. Created in October 2006 a new generation digital platform ‘n’ and recently agreed to sell its market-leading portal Onet.pl.

Finance (2009 | 2010 |2011):

ed in 1993. Portfolio includes KFC, Pizza Hut, Burger King, Applebee’s and Starbucks based on franchise and joint venture partnerships. AmRest owns La Tagliatella brand which is being developed as a company-operated restaurants as well as franchised stores. AmRest also operates almost 700 Quick Service and Casual Dining restaurants. More than 22,000 employees.

Finance (2009 | 2010 |2011):

Finance (2009 | 2010 |2011):

Revenues (net)

Revenues (net)

CashFlow from Operations

2,115,123

2,490,697

1,959,843

363,761

549,261

Operating Profit

2,000,490

2,033,816

2,624,171

79,824

68,662

103,015

38,232

40,598

48,485

168,149

216,359

-233,031

-808,927

84,071

150,164

486,763

1,151,095

1,368,959

2,630,856

622,929

1,703,065

Operating Profit

612,090 Net Profit

Net Profit

420,821

42,754

-317,365

504,060

435,232

-231,081

48,145

-174,391

-319,429

5,191,482

5,111,958

3,952,797

4,188,487

CashFlow from Operations

479,767

CashFlow from Operations

CashFlow from Investing

-562,270

CashFlow from Investing

CashFlow from Financing

273,037

134,394 -96,065 CashFlow from Financing

Total Assets

Total Assets

4,983,496 Long-term Liabilities

Long-term Liabilities

3,698,342

Number of Shares Outstanding

340,432

341,474

343,858

Board: Fanconi Romano; Gricuk Paweł; Bahlmann Arnold; Rybicki Andrzej; Wejchert Aldona; Rozłucki Wiesław; Kostrzewa Wojciech; Valsangiacomo Bruno; Wujek Gabriel; Tellenbach Markus; Walter Piotr; Broniatowski Michał; Driscoll John; Lorenz, Paul H.; Bednarski Robert Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: (investor-relations@tvn.pl) ul. Wiertnicza 166 02-952 Warszawa T: 22 856 60 60

WIG40 Agora SA AGO [WIG40] www.agora.pl Sector: Media Shareholders: Agora-Holding Sp. z o.o. (11.17%); ING OFE (7.37%); Niemczycki Piotr (3.03%); Rapaczyńska Wanda (1.81%) Strategy: Agora was created in 1989 and is one of the largest media companies in Poland. Since 1999 the Company has been listed on the Warsaw Stock Exchange.

Apart from print publishing and creating content for all digital media in the group, Agora is also engaged in printing and advertising brokerage services and licensing content for digital media. Owns daily Gazeta Wyborcza.

Effectively controlled by its founding shareholders through super-voting rights.

Finance (2009 | 2010 |2011): Revenues (net)

1,110,127

1,116,742

1,234,553

84,888

51,884

Operating Profit

52,865 Net Profit

38,330

71,894

42,171

171,554

152,241

-138,104

-115,549

-88,029

24,683

-93,545

1,538,236

1,805,476

1,803,720

568,924

540,403

CashFlow from Operations

152,655 CashFlow from Investing

-204,144 CashFlow from Financing Total Assets Long-term Liabilities

342,161

Number of Shares Outstanding

50,937

50,937

768,204

Number of Shares Outstanding

50,937

Revenues (net)

Board: Sielicki Tomasz; Sikora Sławomir; Szlęzak Andrzej; Bąk Zbigniew; Niemczycki Piotr; Kossakowski Grzegorz; Hejka Marcin; Rapaczynski Wanda; Turnau Stanisław; Jackiewicz Marek Auditors: KPMG Audyt Sp. z o.o. Sp.k.

Investors’ Contact: Nina Graboś (22 555 60 00; investor@ agora.pl) ul. Czerska 8/10, 00-732 Warszawa T: 22 555 60 00

AmRest Holdings SE EAT [WIG40] www.amrest.eu Sector: Restaurants Shareholders: WP Holdings VII BV (32.98%); ING OFE (17.12%); BZ WBK Asset Management SA (9.58%); McGovern Henry (6.98%); (6.65%) Strategy: AmRest Holdings SE is the largest independent restaurant operator in Central and Eastern Europe, found-

14,186

18,934

21,214

Board: Sykora Jan; McGovern Henry; Eggink Raimondo; Feuer Robert; Kseń Jacek; Landy, Joseph P.; Chandler Mark; O’Malley Drew; Breimyr, Per Steens; Mroczyński Wojciech Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Maciej Mausch (71 386 10 00; maciej. mausch@amrest.eu) pl. Grunwaldzki 25-27, 50-365 Wrocław T: 71 386 10 00

Astarta Holding NV AST [WIG40] www.astartaholding.com Sector: Sugar production Shareholders: Ivanchyk Viktor (36.98%); Korotkow Valeri (25.98%) Strategy: Astarta-Kyiv is an agri-industrial holding and one of the leaders in the Ukrainian sugar sector.

Operations focused on production and sales of sugar from sugar beet, sugar by-products and related services. In 2011 production season assumed leading position as the biggest Ukrainian sugar producer with 16% share of domestic sugar production.

Finance (2009 | 2010 |2011) : Revenues (net)

128,239

219,507

314,354

87,510

93,356

Operating Profit

40,692 Net Profit

29,460

80,053

87,557

25,205

6,927

-40,002

-90,837

15,112

85,987

CashFlow from Operations

14,087 CashFlow from Investing

-5,149 CashFlow from Financing

-7,849 Total Assets

231,414

352,639

570,225

143,585

263,412

Long-term Liabilities

112,906

Number of Shares Outstanding

25,000

25,000

25,000

Board: van Campen, Marc; Korotkow Valeri; Bartoszewski Władysław; Ivanchyk Viktor; Rybin Petro; Stakh Sergiy; Rylik Igor; Karas Boris; Yuriy Matsak; Kontiruk Sergiy; Kovalski, Mykola; Chiburovskiy Andriy; Bershadska Oksana Auditors: Investors’ Contact: (IR@astartakiev.com) Koningslaan 17, 1075AA Amsterdam Holland T: 31 020 673 1090

Bank Millennium SA MIL [WIG40] www.bankmillennium.pl Sector: Banking Shareholders: Banco Comercial Portugues SA (65.51%); ING OFE (5.00%) Strategy: Bank Millennium was established in 1989 as Bank Inicjatyw Gospodarczych. In 1997 it changed its name to BIG Bank GDAŃSKI and in 2003 to its present name. Bank Millennium is a nationwide universal bank, offering its services to all market segments through a network of branches, individual advisors and electronic banking. The Bank is the core of the Bank Millennium Group, which also comprises: Millennium Leasing, Millennium Dom Maklerski, Millennium Towarzystwo Funduszy Inwestycyjnych.

Interest Income

2,373,617

2,359,969

2,719,920

Fee and Commission Income

576,378

625,282

646,930

1,495

325,997

466,464

1,188,922

-869,559

383,951

-91,456

628,972

-980,657

1,457,243

202,554

-1,702,264

46,984,418

50,838,099

Net Profit Net Cash Flow

1,853,733 CashFlow from Investing

-335,986 CashFlow from Financing

-328,825 Total Assets

44,913,824

Number of Shares Outstanding

849,182

1,213,117

1,213,117

3.37 zł

3.78 zł

Book Value per Share

3.28 zł

Board: Kott Bogusław; Bednarkiewicz Maciej; Koźmiński, Andrzej K.; Rocki Marek; Haase Wojciech; Bicho Fernando; Boniuk-Gorzelańczyk Julianna; Rosati Dariusz; Lopes Fernandes, Vitor Manuel; Bessa Machado, Nelson Ricardo; Klimczak Artur; F.C. Pereira Coutinho, Luis Maria; Furtek Marek; Jorge, Joao Bras; Gliński Andrzej; Palma Ramalho, António Manuela; Campos, Maria Jose; de Campos Pereira de Braganca, Miguel; da Conceicao Mota Soares de Oliveira Calle Lucas, Maria; Kwiatkowski Krzysztof; Teixeira, Rui Manuel da Silva; da Silva Amado, Nuno Manuel; Pospieszyński Ryszard; dos Santos Ferreira, Carlos Jorge Ramalho Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Artur Kulesza (22 598 11 16; ir@ bankmillennium.pl) ul. Stanisława Żaryna 2 A, 02-593 Warszawa T: 22 598 11 10

Bioton SA BIO [WIG40] www.bioton.pl Sector: Pharmaceuticals Shareholders: Krauze Ryszard (19.45%); Troqueera Enterprises Ltd. (8.24%) Strategy: Grupa Bioton manufactures and distributes products and generic drugs (mainly antibiotics). It is a dynamically developing and produces clinically important modern drugs, including recombinant human insulin and its pharmaceutical forms, formulations of the antibiotic cephalosporin, aminoglycoside and macrolide.

Finance (2009 | 2010 |2011): Revenues (net)

378,097

288,984

-576,908

216,846

90,064

-51,059

-567,545

117,180

-78,858

27,170

-22,200

Operating Profit Net Profit CashFlow from Operations

-79,516 CashFlow from Investing

-130,528

57,981

-97,065

-82,181

84,978

1,584,748

2,024,549

414,868

639,675

CashFlow from Financing

203,976 Total Assets

1,575,015 Long-term Liabilities

524,322

Number of Shares Outstanding

5,290,376

5,379,851

6,025,305

Board: Borowicz Piotr; Ratnicka-Kiczka, Barbara Halina; Walendziak Wiesław; Grelowski Maciej; Krauze Ryszard; Wilczęga Adam; Szymańska-Bulska Joanna; Buzuk Tomasz; Ziegert Sławomir; Solorz-Żak Zygmunt; Bushara Leon; Spark Andre; Dukaczewski Marcin; Błaszczyk Piotr; Dąbrowski Waldemar; Polonek Adam Auditors: Deloitte Audyt Sp. z o.o.

Investors’ Contact: Jacek Zawadzki (22 72140 00; jzawadzki@egzogroup.pl) ul. Starościńska 5, 02-516 Warszawa T: 22 721 40 00

Budimex SA BDX [WIG40] www.budimex.pl Sector: Construction Shareholders: Grupo Ferrovial SA (59.06%); OFE PZU Złota Jesień (5.65%) Strategy: Budimex has been operating for over 40 years, and is amongst the largest construction companies in Poland, and focuses primarily on infrastructure. The company operates as a general contractor in the following sectors of infrastructure: road, railway, airports, residential, energy, industrial and environmental construction. The company is gradually increasing its involvement in the sector of facility management (real estate and infrastruc-

7

EquitiesPoland 2012 ture facilities) and waste management.

Finance (2009 | 2010 |2011):

CashFlow from Financing

997,964

4,430,269

5,516,675

331,366

319,436

Operating Profit

200,511 Net Profit

173,658

267,409

260,874

1,191,133

351,404

CashFlow from Operations

964,451 CashFlow from Investing

-304,648

-5,184

-211,668

-454,785

-260,755

4,067,239

4,551,114

3,386,834

3,840,004

CashFlow from Financing

-253,630 Total Assets

3,339,623 Long-term Liabilities

2,753,443

Number of Shares Outstanding

25,530

25,530

25,530

Board: Hernandez, Javier Galindo; Węgłowski Marcin; Garrido-Lestache Rodriguez, Jose Carlos; Urbański Henryk; Daniewski Jacek; Chalupec Igor; Rodriguez, Ignacio Botella; Michałowski Marek; Blocher Dariusz; Weresa, Marzenna Anna; Kamiński Piotr; Stańczuk Maciej; Sielicki Tomasz; de la Joya Ruiz de Velasco, Alejandro Auditors: Deloitte Audyt Sp. z o.o.

Investors’ Contact: Michał Parafiniuk (22 623 60 00; relacje.inwestorskie@budimex.pl) ul. Stawki 40, 01-040 Warszawa T: 22 623 60 00

CD Projekt Red SA CDR [WIG40] www.cdprojektred.com Sector: Computer games Shareholders: Kiciński Michał (17.00%); Iwiński Marcin (16.00%); PKO TFI SA (9.47%); Nielubowicz Piotr (5.99%); Kiciński Adam (2.99%) Strategy: CD Projekt RED exists for 17 years, as a group of companies engaged in the distribution of computer games and videos (CD Projekt Sp.), production of their own computer games (Witcher brand) and digital distribution of games to customers around the world (GOG Ltd).

Finance (2009 | 2010 |2011): Revenues (net)

1,272

50,446

136,210

-2,150

-675

27,622

-2,325

-3,451

23,962

10,279

185

36

-6,239

16,161

5,265

263

35,227

167,514

185,726

89,849

61,917

Operating Profit Net Profit CashFlow from Operations

-4,489 CashFlow from Investing

-13,886 CashFlow from Financing Total Assets Long-term Liabilities

31,607

Number of Shares Outstanding

28,152

82,837

94,950

Board: Ziółek Katarzyna; Kujawski Grzegorz; Iwiński Marcin; Kiciński Adam; Nielubowicz Piotr; Świetlicki Adam; Majewski Maciej; Pągowski Piotr; Badowski Adam; Nowakowski Michał Auditors: Investors’ Contact: (gielda@cdprojekt.com) ul. Jagiellońska 74 03-301 Warszawa T: 22 375 77 00

Central European Distribution Corporation CDC [WIG40] www.cedc.com.pl Sector: Vodka production Shareholders: Roust Trading Ltd. (23.61%); Kaufman Mark (9.51%); ING OFE (5.66%); Blackrock Inc. (5.00%) Strategy: The world’s largest vodka producer. Leading positions in key markets of Poland, Russia and Hungary.

Brand portfolio includes BOLS, Żubrówka, Absolwent and Soplica in Poland; Green Mark and Parliament in Russia; and Royal Vodka in Hungary. Each of these is a leader of their segment in those markets.

Finance (2009 | 2010 |2011) [in USD]: 711,537

877,587

-23,592

-981,283

Operating Profit

184,465 Net Profit

78,329

-104,667

-1,291,816

CashFlow from Operations

89,752

-29,386

29,759

457,421

-56,854

CashFlow from Investing

-1,067,129

8

349,686

292,004

340,242

75,231

113,010

Long-term Liabilities

4,439,100

3,396,182

2,072,529

Long-term Liabilities

2,753,938 38,692

169,877

Number of Shares Outstanding

1,831,511

1,806,159

Number of Shares Outstanding

70,685

70,685

Board: Carey, William V.; Archbold James; Biedermann Chris; Evangelou Evangelos; Sieger Markus; Shanahan, William S.; Bailey David; Fine, N. Scott; Forysiak, Marek E.; Koch, Robert P.; Picchi Alessandro; Aragon Jose Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: () 3000 Atrium Way, Suite 265, 08054 Mt. Laurel New York, USA T: 856 273 6970

50,834

51,200

51,200

Board: Greidinger Moshe; Weltsch Amos; Greidinger Israel; Pierce, Arthur Frank; Twist Caroline; Weishut Peter; Shilhav Yair; Rosenblum Scott Auditors: Investors’ Contact: Joanna Kotłowska (22 566 69 60; j.kotlowska@cinema-city.pl) Weena 210-212 3012 N Rotterdam Holland T: 22 566 69 99

Cyfrowy Polsat SA

Ciech SA CIE [WIG40] www.ciech.com Sector: Chemicals production Shareholders: Skarb Państwa (44.00%); Pioneer Pekao Investment Management SA (9.99%); ING OFE (5.31%) Strategy: Ciech Chemical Group is one of the leaders in the European chemical market. It comprises more than 40 companies and counts itself among the 50 largest business organisations in Poland. The main products of the Group are: soda ash (the second largest producer in Europe) and TDI (number 1 on the Polish market), epoxy & polyester resins, plant protection chemicals and fertilizers, as well as other chemical products which are used in glass, furniture, chemical, food, agriculture and construction industries.

Finance (2009 | 2010 |2011): Revenues (net) Revenues (net)

3,684,225

3,960,316

4,174,486

128,242

146,853

118,715

-92,255

24,344

1,506

318,351

-19,338

CPS [WIG40] www.cyfrowypolsat.pl Sector: Cable TV and Internet access Shareholders: Pola Investments Ltd. (44.26%); Sensor Overseas Ltd. (7.27%) Strategy: A leading integrated multimedia group in Poland with the number one position in subscriber-based pay-TV through Cyfrowy Polsat, and a leading position in TV broadcasting through TV Polsat. As part of their multi-play offer, firm provides DTH, broadband Internet and mobile telephony services in MVNO model. Next to HSPA+ Internet, recently launched Internet access services with the latest LTE technology- the first provider to offer this technology in Poland.

Finance (2009 | 2010 |2011): Revenues (net) Revenues (net)

1,266,137

2,365,925

276,050

325,754

560,300

230,319

258,447

160,190

Net Profit

Net Profit

CashFlow from Operations

CashFlow from Operations

393,616

1,482,463

Operating Profit

Operating Profit

183,442

-318,378

197,534

347,046

-77,419

-2,426,751

-191,769

2,327,429

1,015,195

5,325,168

587,257

3,429,125

CashFlow from Investing

CashFlow from Investing

-61,483

9,978

-63,660

-64,157

-174,755

19,301

4,017,749

3,929,016

4,066,505

Long-term Liabilities

3,078,546

2,758,415

Number of Shares Outstanding

CashFlow from Financing

CashFlow from Financing

-268,826 Total Assets

Total Assets

774,846

Long-term Liabilities

3,163,942

452,433

Number of Shares Outstanding

28,000

28,000

52,700

Board: Osuchowski Artur; Stelmasiak Sławomir; Sibrecht-Ośka Ewa; Grabalski Arkadiusz; Maj Waldemar; Cieszyński Przemysław; Obszyński Mariusz; Krawczyk Dariusz; Kwiatkowski Zygmunt Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Mariusz Babula (22 639 14 51; mariusz.babula@ciech.com) ul. Puławska 182, 02-670 Warszawa T: 22 639 14 51

Cinema-City International NV CCI [WIG40] www.cinemacity.nl Sector: Multiplex cinema operator Shareholders: IT International Theatres Ltd. (53.88%); Aviva OFE (9.77%); Aviva Investors Poland SA (5.85%); ING OFE (5.23%); BZ WBK Asset Management SA (5.19%) Strategy: Cinema City International is one of the largest entertainment groups in Europe and in Israel. The cinema chain of Cinema City International spans 7 countries: Poland, Israel, Hungary, Czech Republic, Bulgaria, Romania and Slovakia. The Company operates 97 multiplexes with 919 screens and 180,600 seats. In 9 multiplexes CCI also runs the 3D Imax theatres. In certain select locations, like Cinema Parks and Hokus Pokuses in Poland, the Company operates education and entertainment centres.

The Company also runs film distribution and maintains a small-scale cinema-related real estate presence.

Finance (2009 | 2010 |2011): Revenues (net)

188,533

262,500

262,500

Dom Maklerski IDM SA IDM [WIG40] www.idmsa.pl Sector: Brokerage and fund management Shareholders: Leszczyński Grzegorz (12.05%); Warsaw Equity Investments sp. z o.o. (9.99%); Abratański Rafał (6.76%); DM IDM SA (3.55%) Strategy: IDMSA Brokerage House is an independent leader in Polish financial services. IDM was the first stockbroker in Poland to have been listed on the Warsaw Stock Exchange (2005). IDMSA Group operates in the broad area of financial services beyond brokerage.

Finance (2009 | 2010 |2011): Revenues (net)

138,331

123,216

125,740

49,948

58,282

-229,437

39,470

41,026

-264,150

23,119

-193,352

-94,695

14,209

Operating Profit Net Profit CashFlow from Operations

-30,168 CashFlow from Investing

18,282 CashFlow from Financing

267,459

30,219

36,349

24,729

Total Assets

24,426

30,410

20,925

Long-term Liabilities

54,764

41,592

Number of Shares Outstanding

12,236

-75,070

-79,594

32,953

Net Profit CashFlow from Operations

43,111 CashFlow from Investing

-38,499 CashFlow from Financing

5,440

348,353

Board: Jaskólska Aneta; Libicki Dominik; Działkowski Dariusz; Szeląg Tomasz; Solorz-Żak Zygmunt; Ruta Heronim; Papis Andrzej; Gwiazdowski Robert; Reksa Leszek Auditors: KPMG Audyt Sp. z o.o. Sp.k.

Investors’ Contact: Bartłomiej Drywa (22 356 60 00; bdrywa@cyfrowypolsat.pl) ul. Łubinowa 4a, 03-878 Warszawa T: 22 356 60 00

234,549

Operating Profit

Revenues (net)

689,414

10,091

Total Assets

Revenues (net)

3,289,866

Total Assets

-417,863

6,948

132,802

132,621

1,031,772

1,290,326

1,112,472

– 218,177

– 218,177

218,177

Board: Leszczyński Grzegorz; Abratański Rafał; Abratański Antoni; Leszczyński Henryk; Bogucki Władysław; Szumański Andrzej; Szyszka Adam; Maciejuk Dariusz; Karney Jerzy

EquitiesPoland 2012 Auditors: Mazars & Guerard Audyt sp. z o.o., Warszawa Investors’ Contact: (biuro@idmsa.pl) Mały Rynek 7, 31-041 Kraków T: 12 397 06 00

Echo Investment SA ECH [WIG40] www.echo.com.pl Sector: Real estate development Shareholders: Sołowow Michał (44.23%); ING OFE (12.97%); Aviva OFE (8.73%); OFE PZU Złota Jesień (5.09%); Echo Investment SA (1.74%) Strategy: Echo Investment SA is among the largest real estate developers in Poland. The company targets four key sectors of the real estate market: residential, shopping centers, office buildings and hotels. Since 1996, the company has been quoted on the Warsaw Stock Exchange. The company has completed over 90 projects in several Polish cities, with a total area of ca. 800,000 sq m. The company also has investments in Romania, Hungary and Ukraine.

Finance (2009 | 2010 |2011): Revenues (net)

Sector: electricity trading, generation and distribution Shareholders: Skarb Państwa (51.70%); Vattenfall AB (18.66%) Strategy: ENEA Capital Group’s operations are based on electricity trading, generation and distribution. Market share of about 16 per cent of the electricity consumed in Poland. Distribution network covers 20 per cent of the country, with focus on western and north-western Poland.

Almost 8 per cent of domestically generated electricity comes from ENEA power plants.

Finance (2009 | 2010 |2011): Revenues (net)

7,153,509

7,836,875

9,688,949

Operating Profit

505,605

711,964

844,224

513,589

639,262

793,292

1,275,667

1,410,051

-1,067,613

-855,937

-210,970

-235,380

12,836,705

13,699,894

2,960,234

3,220,132

Net Profit CashFlow from Operations

850,134 CashFlow from Investing

-2,332,519 CashFlow from Financing

-235,731

426,396

406,935

Total Assets

196,140

168,691

539,365

Long-term Liabilities

103,696

147,738

176,493

Number of Shares Outstanding

99,923

163,563

63,509

-157,371

63,275

52,604

163,760

4,272,284

4,490,959

5,367,318

2,615,443

3,303,164

Board: Pluciński Mieczysław; Wood Graham; Owczarek Maciej; Kowalewski Michał; Lisiewicz Paweł; Aniołek Małgorzata; Zborowski Krzysztof; Rozpędek Hubert; Chmielewski Wojciech; Dachowski Tadeusz; Mordasewicz Jeremi; Mańkowska Agnieszka; Brzeziński Sławomir; Bil Janusz Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Wojciech Iwaniuk (504 207 566;) ul. Nowowiejskiego 11, 60-967 Poznań T: 61 856 10 00

431,426 Operating Profit Net Profit CashFlow from Operations

185,026 CashFlow from Investing

-393,400 CashFlow from Financing Total Assets Long-term Liabilities

2,538,606

Number of Shares Outstanding

420,000

420,000

420,000

Board: Oskard Robert; Żbikowski Karol; Ciesielski Wojciech; Kalwat Tomasz; Majcher Andrzej; Gromniak Piotr; Langner Artur; Waniołka Mariusz Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Robert Król (ir@echo.com.pl) Al. Solidarności 36 25-323 Kielce T: 41 333 33 33

Emperia Holding SA EMP [WIG40] www.emperia.pl Sector: Retailing Shareholders: Aviva OFE (9.38%); Wawerski Jarosław (7.26%); Kawa Artur (6.64%); PZU Asset Management SA (5.01%); Emperia Holding SA (4.10%); Laskowski Piotr (2.55%); Wawerski Grzegorz (2.37%); Laskowski, Artur Jarosław (2.34%) Strategy: Grupa Handlowa Emperia (Emperia Trading Group) is one of the largest and most active trading groups in Poland. A Polish public company listed on the Warsaw Stock Exchange, Emperia Holding S.A. coordinates the operations of the Emperia Trading Group. The retail business of the Emperia Trading Group is run through a chain of supermarkets. The Emperia Trading Group jointly with Polish retailers develops chains of varied formats, best suited to meet the expectations and needs of the customers.

Finance (2009 | 2010 |2011): Revenues (net)

1,601,037

94,199

115,137

45,351

15,708

20,703

69,862

12,341

626,375

275,891

125,208

-101,398

971,978

16,460

-165,275

-68,306

1,830,168

1,916,069

1,903,545

1,037,140

406,383

Operating Profit Net Profit CashFlow from Operations

101,346 CashFlow from Investing

-127,774 CashFlow from Financing Total Assets Long-term Liabilities

1,024,331

Number of Shares Outstanding

15,115

15,115

15,115

Board: Kawa Artur; Laskowski, Artur Jarosław; Długosz Piotr; Zięba Ireneusz; Laskowski Piotr; Krysztofiak Tomasz; Kalinowski Dariusz; Wawerski Grzegorz Auditors: Europejskie Centrum Audytu sp. z o.o., Kraków Investors’ Contact: (emperia@emperia.pl) ul. Mełgiewska 7-9 20-952 Lublin, T: 81 748 55 55

Enea SA ENA [WIG40] www.enea.pl

12,229,688 2,857,060 441,443

441,443

441,443

Eurocash SA EUR [WIG40] www.eurocash.com.pl Sector: Wholesale distribution Shareholders: Conceicao de Amaral, Luis Manuel (51.17%); FMR LLC (5.00%) Strategy: Eurocash Group is one of the largest groups in Poland in terms of the value of sales and the number of locations engaged in the distribution of food products, household chemicals, alcohol, and tobacco products (fast moving consumer goods - FMCG). Through a range of distribution formats, Eurocash Group focuses its business on the wholesale distribution of products to clients from all significant segments of the traditional wholesale market, in particular, to traditional retail stores throughout Poland and to the petrol station segment, as well as to restaurants and hotels.

Finance (2009 | 2010 |2011): Revenues (net)

6,698,341

7,791,759

9,980,596

145,201

170,446

192,955

102,536

128,456

134,399

216,697

282,163

Operating Profit Net Profit CashFlow from Operations

198,040 CashFlow from Investing

-86,476

-410,821

-1,124,212

-98,260

248,172

919,363

1,392,252

2,402,981

4,578,579

1,945,876

4,030,085

CashFlow from Financing Total Assets Long-term Liabilities

1,025,442

Number of Shares Outstanding

134,705

136,352

136,983

Board: Conceicao de Amaral, Luis Manuel; Amaral Rui; Kopaczewska Katarzyna; Guerreiro Arnaldo; Martinho Pedro; Borges de Assuncao, Joao; Aguinaga de Moraes, Eduardo; Wojnowski Ryszard; Lisowski Janusz; Casanova, Antonio Jose Santos Silva; Saraiva, Carlos Henrique Levita Pedrosa; Owczarek Jacek Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: (investor.relations@eurocash.com.pl) ul. Wiśniowa 11, 62-052 Komorniki T: 61 651 33 00

Get Bank SA GTB [WIG40] www.getbank.pl Sector: Banking Shareholders: LC Corp BV (42.13%); Czarnecki Leszek (10.94%); ING OFE (8.56%); Aviva OFE (5.28%) Strategy: Get Bank operates in the segment of retail banking, mortgage lending and loans, focused on Poland.

Finance (2009 | 2010 |2011):

Interest Income

24,913

60,268

Fee and Commission Income

1,867

5,268

-126,161

-133,047

Net Profit Net Cash Flow

25,565

17,603

CashFlow from Operations

-57,669

-131,889

CashFlow from Investing

-71,763

-407

CashFlow from Financing

154,997

149,899

Total Assets

706,881

1,024,600

Number of Shares Outstanding

78

93

Book Value per Share

2,661.43 zł

2,419.55 zł

Board: Stefurak Radosław; Słoka Grzegorz; Dec Marcin; Karolkiewicz Karol; Radowski Radosław; Baliński Remigiusz; Czarnecki Leszek; Juszczak Rafał; Kowalczewski Michał; Kula Longin Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: () ul. Domaniewska 39, 02-672 Warszawa T: 22 288 80 10

Getin Holding SA GTN [WIG40] www.getinholding.pl Sector: Financial intermediary Shareholders: Czarnecki Leszek (55.00%); ING OFE (5.21%); Aviva OFE (5.16%) Strategy: GETIN Holding SA provides banking and other financial services (brokerage, consulting, leasing) in Poland and Russia. The Getin Holding SA includes, among others: Noble Bank SA, Getin Leasing, Inrofactor, and Open Finance.

Finance (2009 | 2010 |2011): Interest Income

2,819,726

3,104,034

4,150,843

Fee and Commission Income

588,165

818,387

1,011,822

276,024

421,091

1,004,800

Net Profit Net Cash Flow

440,846

1,263,235

992,856

2,488,870

174,272

-7,489

-2,599

-1,218,146

821,183

46,854,411

61,803,513

CashFlow from Operations

2,448,116 CashFlow from Investing

-21,608 CashFlow from Financing

-1,985,662 Total Assets

35,559,331

Number of Shares Outstanding

712,416

712,416

731,994

6.22 zł

7.74 zł

Book Value per Share

5.37 zł

Board: Grzegorzewicz Marek; Baliński Remigiusz; Czarnecki Leszek; Beuch Katarzyna; Błażejewski Andrzej; Kula Longin; Boniecki Radosław; Juszczak Rafał; Działak Robert Auditors: Ernst & Young Audit sp. z o.o., Warszawa ul. Powstańców Śl. 2-4, 53-333 Wrocław T: 71 797 77 00

Giełda Papierów Wartościowych w Warszawie SA GPW [WIG40] www.gpw.pl Sector: Stock exchange Shareholders: Skarb Państwa (34.99%) Strategy: Warsaw Stock Exchange is the largest national stock exchange in the CEE and one of the fastest-growing exchanges in Europe. WSE Group offers a wide range of products and services within its trading markets of equity, derivative, fixed income and structured products; it also distributes market data. WSE is one of the most recognizable Polish financial institutions worldwide.

Finance (2009 | 2010 |2011): Revenues (net)

199,498

225,629

268,797

79,515

91,750

133,656

100,762

94,692

133,742

90,042

129,986

130,191

18,528

Operating Profit Net Profit CashFlow from Operations

71,108 CashFlow from Investing

183,882 CashFlow from Financing

–

-596,800

34,971

1,055,551

558,526

732,907

Total Assets

9

EquitiesPoland 2012 Long-term Liabilities

533,743

33,800

208,415

Number of Shares Outstanding

41,972

41,972

41,972

Board: Sobolewski Ludwik; Adamska Lidia; Jarosz Beata; Maciejewski Adam; Pawłowicz Leszek; Wierzbowski Marek; Skuza Sebastian; Lewandowski Jacek; Graniewski Paweł; Krupa Sławomir; Jaszczołt Jacek Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Łucja Didkowska (ir@gpw.pl) ul. Książęca 4 00-498 Warszawa T: 22 628 32 32

Grupa Kęty SA KTY [WIG40] www.gk-kety.com.pl Sector: Aluminium Shareholders: ING OFE (17.76%); Aviva OFE (17.74%); OFE PZU Złota Jesień (5.10%) Strategy: Kęty Group is leader in the Polish aluminium industry. The corporate holding consists of 25 subsidiaries, with the total volume of nearly 45,000 tons of processed aluminium raw materials and product sales to several countries in Europe and worldwide.

Finance (2009 | 2010 |2011): Revenues (net)

1,095,430

1,232,715

1,523,470

112,242

117,961

151,096

70,593

89,702

114,249

72,907

206,795

Operating Profit Net Profit CashFlow from Operations

212,842 CashFlow from Investing

-39,985

-107,533

-112,295

-27,631

-79,301

1,410,001

1,544,025

542,860

594,512

CashFlow from Financing

-111,633 Total Assets

1,303,346 Long-term Liabilities

491,150

Number of Shares Outstanding

9,226

9,226

9,226

Board: Mańko Dariusz; Piela Adam; Iwanowski Tadeusz; Surma Jerzy; Matusiak Maciej; Głogowski Krzysztof; Strublewski Szczepan Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Michał Malina (33 844 60 00; mmalina@grupakety.com) ul. Kościuszki 111, 32-650 Kęty T: 33 844 60 00

Hawe SA HWE [WIG40] www.hawesa.pl Sector: Telecoms and construction holdings Shareholders: Presto Sp. z o.o., Lubin (26.00%); Falenta Marek (9.57%); Petrenams Ltd. (9.09%); Generali OFE (6.52%); Idea TFI SA (5.01%); Hawe SA (3.50%); Rybka Krzysztof (1.10%) Strategy: HAWE S.A. is a publicly traded company whose shares have been listed on the Warsaw Stock Exchange since 2007. Since March 2012 its shares have been included in the mWIG40. It is the parent company of the HAWE Group, which conducts operations through its subsidiaries HAWE Telekom Ltd. and HAWE Budownictwo Ltd., which are 100% owned by HAWE S.A. The main areas of HAWE S.A.’s activity are managing the assets of its subsidiaries, obtaining capital and financing, and providing support in establishing the Group’s strategic directions of development.

Finance (2009 | 2010 |2011): Revenues (net)

51,758

101,096

140,091

43,133

61,599

Operating Profit

4,254 Net Profit

6,154

37,232

51,612

-28,299

-18,716

-5,537

-14,756

35,915

37,663

52,236

296,386

384,089

505,047

138,349

219,947

CashFlow from Operations

-8,810 CashFlow from Investing

-23,943

ul. Franciszka Nullo 2, 00-486 Warszawa T: 22 501 55 00

Impexmetal SA IPX [WIG40] www.impexmetal.com.pl Sector: Non-ferrous metals Shareholders: Karkosik, Roman Krzysztof (54.00%); ING OFE (8.05%); Impexmetal SA (3.05%) Strategy: Focused on the non-ferrous metal sector, with over 50 years of experience in the foreign trade of non-ferrous metals, semi-finished products, and bearings.

Traded on the London Metal Exchange (LME) since the mid-1970s. Impexmetal expanded into steel business in the late 1980s. Impexmetal SA shares have been listed on the Warsaw Stock Exchange since 24 June 1997.

Finance (2009 | 2010 |2011): Revenues (net)

1,785,001

Long-term Liabilities

87,875

Number of Shares Outstanding

105,237

105,237

107,237

Board: Maciejuk Dariusz; Podkański Lesław; Falenta Waldemar; Karney Jerzy; Rybka Krzysztof; Tian Quing; Likus Wiesław; Misiak Tomasz; Jędrzejczyk Dariusz Auditors: Deloitte Audyt Sp. z o.o.

Investors’ Contact: (inwestorzy@hawesa.pl)

10

Revenues (net)

2,065,634

2,413,008

2,764,514

119,872

115,255

160,998

68,222

63,683

108,229

80,157

54,326

Operating Profit Net Profit CashFlow from Operations

109,793 CashFlow from Investing

-19,728

-21,213

-47,788

-87,623

-51,520

19,370

1,272,993

1,322,301

1,547,470

763,766

882,519

CashFlow from Financing Total Assets

2,417,583

2,806,117

73,284

105,544

142,022

Number of Shares Outstanding

25,630

76,786

104,581

110,656

137,818

23,859

-28,162

-121,831

-106,883

1,642,167

1,671,847

741,307

727,934

Board: Oleksowicz Maciej; Marczak Michał; Milewski Wojciech; Oliszewski Andrzej; Kraska Piotr; Soszyński Krzysztof; Klimczak Jacek; Płoszajski Piotr; Oleksowicz Krzysztof; Kierzek Robert Auditors: KPMG Audyt Sp. z o.o. Sp.k.

Investors’ Contact: Zenon Kosicki (22 714 19 16; Zenon.

Kosicki@intercars.eu) ul. Powsińska 64, 02-903 Warszawa T: 22 714 19 16

Operating Profit Net Profit CashFlow from Operations

176,959 CashFlow from Investing

17,396 CashFlow from Financing

-212,555 Total Assets

1,670,305 Long-term Liabilities

741,287

Number of Shares Outstanding

213,512

200,000

200,000

Board: Krężel Arkadiusz; Szeliga Piotr; Iwanejko Małgorzata; Urbaniak Zygmunt; Zwierz Waldemar; Skoczeń Robert Auditors: Deloitte Audyt Sp. z o.o.

Investors’ Contact: (info@impexmetal.com.pl) ul. Łucka 7/9, 00-842 Warszawa T: 22 658 65 68

ING Bank Śląski SA BSK [WIG40] www.ing.pl Sector: Banking Shareholders: ING Bank NV (75.00%) Strategy: ING Bank Śląski is a nationwide, universal bank, offering its services to all market segments through an extensive branch network, private networks and electronic banking advisors.

Finance (2009 | 2010 |2011): Interest Income

3,077,718

2,948,700

3,385,500

Fee and Commission Income

1,085,074

1,117,100

1,170,100

595,052

753,100

880,100

71,800

-762,900

Net Profit Net Cash Flow

-1,086,063 CashFlow from Operations

-1,362,946

-1,290,300

-1,914,500

1,362,100

1,346,800

–

–

-195,200

59,883,456

64,517,500

69,723,400

CashFlow from Investing

276,883 CashFlow from Financing Total Assets

Number of Shares Outstanding

13,010

13,010

130,100

434.34 zł

49.30 zł

Book Value per Share

375.43 zł

Board: Hamers Ralph; Kośmider Mirosław; Popiołek Wojciech; Boda Mirosław; Fornalczyk Anna; Swan, Oscar Edward; Jue, Nicolaas Cornelis; Kesler Justyna; Bolesławski Michał; Kołakowska Małgorzata; Bartkiewicz Brunon; Boekhout Roland; Vilar, Ignacio Juliá Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (info@ing.pl) ul. Sokolska 34 40-086 Katowice T: 32 357 70 00

CashFlow from Financing Total Assets

signed a merger agreement with JC Auto Company – a leader of spare parts distribution for Japanese and Korean cars in Poland. Since the merger, the position of Inter Cars SA on the European and Polish automotive aftermarket has increased substantially.

Finance (2009 | 2010 |2011):

Inter Cars SA CAR [WIG40] www.intercars.com.pl Sector: Automotive spare parts and accessories Shareholders: Oleksowicz Krzysztof (33.04%); Oliszewski Andrzej (10.32%); Aviva OFE (9.19%); ING OFE (8.57%); Amplico OFE (6.37%) Strategy: Inter Cars S.A. is the largest automotive spare parts distributor for passenger cars, commercial vehicles and trucks in CEE. Since May 2004 the company is quoted on Warsaw Stock Exchange. In June 2007 the company

Long-term Liabilities

774,102 14,168

14,168

14,168

KOPEX SA KPX [WIG40] www.kopex.com.pl Sector: Mining equipment Shareholders: Jędrzejewski Krzysztof (59.05%); ING OFE (5.91%); Aviva OFE (5.09%) Strategy: The Kopex-Group offers complex solutions for underground and open-pit mining. It is an acknowledged manufacturer and supplier of high-quality machineries and equipment as well as modern mining technologies.

Kopex Group combines several leading manufacturers of high quality machinery, equipment and modern technologies for mining.

Finance (2009 | 2010 |2011): Revenues (net)

2,299,132

2,134,176

2,125,767

83,238

171,383

Operating Profit

120,481 Net Profit

67,264

23,717

147,740

220,778

90,233

-219,826

-183,030

21,529

64,595

3,364,036

3,786,448

1,005,489

1,300,241

CashFlow from Operations

28,488 CashFlow from Investing

-198,372 CashFlow from Financing

150,852 Total Assets

3,333,376 Long-term Liabilities

1,018,394

Number of Shares Outstanding

74,333

74,333

74,333

Board: Parzych Joanna; Wolski Józef; Kalkusiński Adam; Bobrowski Bogusław; Jędrzejewski Krzysztof; Rogatko Michał; Misiuna Marzena; Meder Andrzej; Kucharski Artur; Dzik Zofia Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: (kopex@kopex.com.pl) ul. Grabowa 1 40-172 Katowice T: 32 604 70 00

Kredyt Bank SA KRB [WIG40] www.kredytbank.pl Sector: Banking Shareholders: KBC Bank NV (80.00%) Strategy: Kredyt Bank S.A. is commercial and retail bank, and one of the first on the market to offer bancassurance services - in collaboration with Grupa Ubezpieczeniowo Finansowa WARTA. Finance (2009 | 2010 |2011): Interest Income

2,290,209

2,204,572

2,386,873

Fee and Commission Income

433,717

426,889

403,791

34,559

185,936

327,244

1,210,302

-1,459,936

4,141,098

-281,957

Net Profit Net Cash Flow

229,888 CashFlow from Operations

1,592,689

EquitiesPoland 2012 CashFlow from Investing

-1,982,927

Long-term Liabilities

-1,333,245

1,127,371

CashFlow from Financing

620,126

-1,597,551

-2,305,350

Total Assets

39,076,598

43,374,246

42,003,084

Number of Shares Outstanding

271,659

271,659

271,659

Book Value per Share

9.53 zł

10.41 zł

11.29 zł

Board: Arts Umberto; Witkowski Andrzej; Bardan Maciej; Delchambre Ronny; Kudaś Zbigniew; Kawalec Stefan; Voljc Marco; Parkot Jarosław; Noga Adam; Sztrauch Piotr; Libot Guy; Śledziewski Jerzy; Kaczmarek Mariusz Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (ir@kredytbank.pl) ul. Kasprzaka 2/8, 01-211 Warszawa T: 22 634 54 00

Kulczyk Oil Ventures Inc. KOV [WIG40] www.kulczykoilventures.com Sector: International oil and gas upstream Shareholders: Kulczyk Investments SA (49.12%); Titirus (SPF) Aktiengesellschaft Societe Anomyme (4.39%); Elliott, Timothy M. (1.12%) Strategy: Kulczyk Oil Ventures is an international oil and gas upstream company. The company has a diversified asset base with exposure to development and appraisal prospects and significant exploration upside. KOV’s principal assets include five producing gas fields in Ukraine, licenses in onshore Brunei and a large onshore exploration block in Syria. The Company’s shares were listed for trading on the Warsaw Stock Exchange on May 25, 2010. Kulczyk Investments S.A., the largest shareholder, is an international investment house founded by Polish businessman Dr. Jan Kulczyk.

Finance (2009 | 2010 |2011) [in USD]: Revenues (net)

–

7,469

28,337

-4,743

-8,776

4,492

-12,196

-18,621

-20,875

-9,376

1,155

Operating Profit Net Profit CashFlow from Operations

-9,702 CashFlow from Investing

-5,135

-82,463

-30,721

6,300

100,141

32,259

85,236

197,325

220,275

19,106

45,748

CashFlow from Financing Total Assets Long-term Liabilities

22,350

Number of Shares Outstanding

200,492

401,503

420,804

Board: Mioduski Dariusz; Madnani, Manoj N.; Akerfeldt, Stephen C.; Korczak Jakub; Rehill Trent; Holton, Norman W.; Graham, Jock M.; Beaman, Edwin A.; Rose, Paul H.; Elliott, Timothy M.; King, Gary R.; McVea, Michael A.; Langanger Helmut; Silenzi Alec; Kulczyk Jan Auditors: KPMG LPP, Kanada Investors’ Contact: Jakub Korczak (22 414 21 00; jkorczak@kulczykoil.com) Suite 1170, 700 - 4th Avenue S.W. T2P 3J Calgary, Canada T: 1 403 264 8877

LPP SA LPP [WIG40] www.lpp.com.pl Sector: Clothing retailer Shareholders: Monistor Ltd. (11.27%); Piechocki Marek (9.83%); Lubianiec Jerzy (9.83%); LPP SA (1.20%) Strategy: LPP S.A. is a Polish company whose field of activity concerns designing and distribution of clothing.

It is listed on the Warsaw Stock Exchange since 2001. LPP S.A. currently owns 5 clothing brands, such as Reserved and Mohito. The company’s headquarters are located in Gdańsk, including designing resources for all its brands.

Most production sourced in China.

Finance (2009 | 2010 |2011): Revenues (net)

2,003,095

2,079,358

2,492,510

181,278

199,016

343,106

104,634

137,412

268,725

Operating Profit Net Profit CashFlow from Operations

318,099

197,462

254,039

-130,556

-39,608

-167,917

-193,936

1,426,369

1,613,868

CashFlow from Investing

-71,177 CashFlow from Financing

-139,271 Total Assets

1,361,603

676,014

692,474

704,674

Number of Shares Outstanding

1,750

1,750

1,762

Board: Piechocki Marek; Pachla Dariusz; Lubianiec Jerzy; Olejniczak Wojciech; Fąferek Krzysztof; Matusiak Maciej; Olszewski Krzysztof; Komorowski Hubert; Dyka Piotr; Kujawa Jacek Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka komandytowa Investors’ Contact: (lpp@lpp.com.pl) ul. Łąkowa 39-44, 80-769 Gdańsk T: 58 769 69 05

Narodowy Fundusz Inwestycyjny Midas SA MDS [WIG40] www.midasnfi.pl Sector: Financial holding Shareholders: Solorz-Żak Zygmunt (65.99%) Strategy: Grupa NFI Midas is focused on business in the TMT (technology, media, telecommunications) sectors, in particular: services and wholesale access to the Internet for telecommunications networks based on advanced standard HSPA + and LTE, building a modern telecommunications network through a nationwide network of base stations belonging to Aero2, provision of telecommunications services in the virtual operator model to business customers in the small and medium-sized local players, and providing internet access services to business customers in the small and medium-sized local players.

Finance (2009 | 2010 |2011): Board: Żurek Jerzy; Chajec Andrzej; Kotlicki Maciej; Adaszewski Krzysztof; Majkowski Krzysztof; Solorz-Żak Zygmunt; Mikołajczyk Mirosław; Abramczuk Andrzej; Pytel Wojciech Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: Wojciech Iwaniuk (504 207 566; wi@ innervalue.pl) ul. Łucka 7/9, 00-842 Warszawa T: 22 579 79 00

Netia SA NET [WIG40] www.netia.pl Sector: Telecommunications Shareholders: Third Avenue Management LLC (16.01%); ING OFE (12.57%); SISU Capital Ltd. (11.61%); Aviva OFE (5.30%) Strategy: Netia SA is a leading independent provider of fixed telephony in Poland. It works on the basis of its own backbone network, reaching the largest Polish cities and local access networks. Netia provides a wide range of telecommunications services including voice telephony, data and transmission services.

Finance (2009 | 2010 |2011): Revenues (net)

1,505,871

1,569,296

1,618,803

14,268

285,755

302,698

88,697

263,895

248,786

289,483

418,827

-289,056

-1,072,710

-7,037

-7,932

635,822

2,341,569

2,568,569

3,549,184

271,023

1,048,811

Operating Profit Net Profit CashFlow from Operations

300,119 CashFlow from Investing

-303,317 CashFlow from Financing Total Assets Long-term Liabilities

315,392

Number of Shares Outstanding

389,277

389,459

391,602

Board: Eggink Raimondo; Eastick Jonathan; Ruhan Tom; Godlewski Mirosław; Radzimiński Tadeusz; Karaplis George; Duster Benjamin; de Vitry, Jerome; Abbeloos Stan; Maguin Nicolas; Pawluczuk Ewa; Suszek Mirosław Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: Andrzej Kondracki (22 352 20 61; andrzej_kondracki@netia.pl) ul. Taśmowa 7, 02-677 Warszawa T: 22 352 20 00

NG2 SA CCC [WIG40] www.ng2.com.pl Sector: Retailer Shareholders: Miłek Dariusz (40.00%); Gaczorek Leszek (7.83%); ING OFE (6.45%); PKO TFI SA (6.12%); Aviva OFE (6.00%) Strategy: NG2 Group is market leader in the Polish footwear retail market and one of its biggest producers. As of March, 2012, NG2’s sales network consisted of 705 outlets, which consisted of 301 showrooms in Poland, under brand

CCC, 54 CCC stores in the Czech Republic, 36 own Quazi boutiques and 198 Boti shops, 55 franchise stores CCC (including 5 CCC franchised stores in Russia and 1 CCC living in Latvia) and 60 franchise Boti shops.

Finance (2009 | 2010 |2011): Revenues (net)

922,408

1,028,559

1,091,260

108,159

129,119

159,052

83,603

117,856

122,776

89,202

-13,360

Operating Profit Net Profit CashFlow from Operations

124,659 CashFlow from Investing

-44,838

-51,580

-96,180

-34,284

-15,452

61,401

551,125

678,222

965,613

255,374

470,528

CashFlow from Financing Total Assets Long-term Liabilities

210,916

Number of Shares Outstanding

38,400

38,400

38,400

Board: Miłek Dariusz; Kupiecka Martyna; Chojnacki Henryk; Gnych Mariusz; Nowjalis Piotr; Fenrich Wojciech; Nadolski Piotr; Szczepanik Adam Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Piotr Nowjalis (76 845 84 00; ir@ng2. pl) ul. Strefowa 6, 59-101 Polkowice T: 76 845 84 00

Orbis SA ORB [WIG40] www.orbis.pl Sector: Hotels Shareholders: ACCOR SA (52.68%); Aviva OFE (10.10%) Strategy: Orbis Hotel Group is the largest hotel network in Poland, managing nearly 60 hotels with 10,500 rooms under the Etap, Ibis, Mercure, Novotel, Sofitel and Orbis Hotels brands. The Orbis Hotel Group consist of Orbis SA and Hekon-Hotele Ekonomiczne SA, UAB Hekon and Orbis Kontrakty. They are operated under the well-known brands of Accor: Sofitel, Novotel, Mercure, Ibis i Etap, as well as under the own brand Orbis Hotels. The latter will be progressively upgraded and adapted to the standards of Accor brands.

Finance (2009 | 2010 |2011): Revenues (net)

853,922

700,814

718,907

41,991

161,376

Operating Profit

65,199 Net Profit

-5,384

9,203

119,095

175,627

176,380

-54,768

224,417

-117,120

-247,561

2,217,014

2,140,627

407,166

211,874

CashFlow from Operations

211,853 CashFlow from Investing

-87,647 CashFlow from Financing

-128,514 Total Assets

2,355,477 Long-term Liabilities

554,698

Number of Shares Outstanding

46,077

46,077

46,077

Board: Węgłowski Ireneusz; Moscheni Claude; Szymański Jarosław; Gabor Artur; Karaoglanian Christian; Procajło Andrzej; Szewczykowski Marcin; Kseń Jacek; Boniel Erez; Caillere Yann; Vieilledent Marc; Przytuła Andrzej; Picheral Laurent Auditors: Deloitte Audyt Sp. z o.o.

Investors’ Contact: Katarzyna Gronek (22 829 38 03; gronek.k@orbis.pl) ul. Bracka 16 00-028 Warszawa T: 22 829 39 39

PBG SA PBG [WIG40] www.pbg-sa.pl Sector: Construction and Engineering Shareholders: Wiśniewski Jerzy (27.15%); ING OFE (12.92%); Pioneer Pekao Investment Management SA (12.29%) Strategy: PBG provides comprehensive, specialist contracting services for natural gas, crude oil, and fuel facilities. It acts as a general contractor, consortium member, or sub-contractor with respect to engineering design work, construction, repairs, operation, and maintenance in the field of production of natural gas and crude oil, transmission of natural gas and crude oil, storage of natural gas and fuels (LNG, LPG, C5+, and CNG). In the fuel segment, PBG carries out projects involving both construction of new facilities and modernization of existing fuel terminals, together with auxiliary infrastructure.

11

EquitiesPoland 2012 Operating Profit

Finance (2009 | 2010 |2011):

264,935

Revenues (net)

2,572,509

136,332

Net Profit

3,670,739

284,316

285,380

269,312

CashFlow from Operations

209,094

186,074

160,883

CashFlow from Investing

433,582

-498,017

CashFlow from Financing

-529,951

-156,038

Total Assets

144,866

500,891

4,745,329

6,506,964

Number of Shares Outstanding

2,931,391

4,236,418

Board: Jaskóła Konrad; Jonek Aleksander; Artwik Zygmunt; Szkopek Grzegorz; Formela Dariusz; Krawczyk Dariusz; Bartos Andrzej; Woźniak Jan; Kseń Jacek; Jędrzejewski, Artur Piotr; Dłużniewski Paweł Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: Marek Grabarek (22 829 72 24; marek. grabarek@polimex.pl) ul. Czackiego 15/17 00-950 Warszawa T: 22 829 71 00

156,402 544,396

Net Profit

-349,077

CashFlow from Operations

305,060

-53,183

CashFlow from Investing

-350,566

3,807,342

CashFlow from Financing

416,920 4,015,446

2,444,263 464,356

Long-term Liabilities

2,396,624

Number of Shares Outstanding

14,295

14,295

14,295

Board: Wiśniewski Jerzy; Szkudlarczyk Przemysław; Bednarkiewicz Maciej; Tomczak Tomasz; Łożyński Mariusz; Wiśniewska Małgorzata; Sarnowski Dariusz; Madej Andreas; Bień Piotr; Różacki Wiesław Auditors: Grant Thornton Frąckowiak Sp. z o.o., Poznań Investors’ Contact: Michał Maćkowiak (61 665 17 00; michal.mackowiak@pbg-sa.pl ) Wysogotowo, ul. Skórzewska 35 62-081 Przeźmierowo T: 61 665 17 00

Petrolinvest SA OIL [WIG40] www.petrolinvest.pl Sector: Fuel imports Shareholders: Masashi Holdings Ltd. (29.27%); Krauze Ryszard (12.42%) Strategy: Formed in April 1991 as one of the first importers of fuels to Poland, at first focusing on wholesale of imported fuels: petrol and diesel oil. Now focused on trading in liquefied petroleum gas and crude oil. Firm has imported and sold more than a million tonnes of various oil products on the Polish market. Direct suppliers are refineries from Lithuania, Belarus, Russia, Germany, Czech Republic, Finland and Norway. Client base includes both major domestic refineries and a large number of smaller but equally important retail clients.

Finance (2009 | 2010 |2011): Revenues (net)

38,451

159,660 52,297

181,550

85,387

997,587

1,184,959

1,515,640

641,115

743,063

Polimex-Mostostal SA PXM [WIG40] www.polimex-mostostal.pl Sector: Engineering and construction Shareholders: ING OFE (12.39%); Polimex-Mostostal SA (2.52%) Strategy: Polimex-Mostostal is an engineering and construction company that has been on the market since 1945.

Wide range of services provided on general contractorship basis for the chemical as well as refinery and petrochemical industries, power engineering, environmental protection, industrial and general construction. Also operates in the field of road and railway construction as well as municipal infrastructure. Polimex-Mostostal is the largest manufacturer and exporter of steel products, including platform gratings, in Poland.

Finance (2009 | 2010 |2011): Revenues (net)

4,396,778

4,160,901

4,826,795

2,990,115

3,237,268

1,671,896

1,629,672

7,946

Number of Shares Outstanding

21,862

144,256

24,862

30,562

Revenues (net)

Board: Tuora Tomasz; Tuora-Wysocka, Barbara; Jackowski Stefan; Jaworski Włodzimierz; Nowak, Paweł Edward; Błażejewski Ryszard; Wojtkowski Maciej Auditors: Doradca Zespół Doradców Finansowo-Księgowych sp. z o.o. Grupa Finans-Serwis, Lublin Investors’ Contact: Bogna Sikorska (501 239 339; office@ cormay.pl) ul. Wiosenna 22 05-092 Łomianki T: 22 751 79 10

Rovese SA RSE [WIG40] www.rovese.com Sector: Ceramics Shareholders: Sołowow Michał (49.70%); ING OFE (10.25%); Aviva OFE (7.96%) Strategy: ROVESE S.A. is one of the leading manufacturing companies with Polish capital in the European market.

The Group’s principal business involves the manufacturing and distribution of products used to finish and equip bathrooms (sanitary ceramic products, ceramic tiles, shower cubicles, acrylic bathtubs and shower trays, bathroom furniture and bathroom accessories). The main direction of foreign sales expansion is Eastern European markets (Russia, Ukraine) and EU Member State markets.

Finance (2009 | 2010 |2011): 1,531,462

1,638,209

168,101

140,243

135,761

-8,130

94,966

87,698

207,196

104,358

Operating Profit Net Profit CashFlow from Operations

157,712

216,384

Towarzystwo Ubezpieczeń Europa SA ERP [WIG40] www.tueuropa.pl Sector: Insurance (property) Shareholders: Getin Holding SA (66.54%); ING OFE (9.98%) Strategy: The Europa Insurance Group is composed of TU Europa SA and TU na Życie Europa SA, and, from the beginning of 2012, Open Life Towarzystwo Ubezpieczeń Życie SA. Towarzystwo Ubezpieczeń Europa SA was founded in 1994 and received permission from the Minister of Finance to conduct both direct and indirect insurance and reinsurance activities within the field of non-life and personal insurance on the territory of Poland and abroad. On 8 June 1999, the company was listed on the Warsaw Stock Exchange.

Finance (2009 | 2010 |2011): Net Profit

120,359

150,517

173,472

9,366

-21,349

15,307

4,730,286

6,866,961

5,339,106

Net Cash Flow

7,875

9,450

9,450

Board: Podoba Jacek; Baliński Remigiusz; Stefurak Radosław; Mędrala Krzysztof; Sztuba Piotr; Czarnecki Leszek; Boniecki Radosław; Lipińska Ewa; Juszczak Rafał Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Piotr Sztuba (71 334 17 77; inwestor@ tueuropa.pl) ul. Powstańców Śląskich 2-4 53-333 Wrocław T: 71 334 17 00

Zakłady Azotowe Puławy SA ZAP [WIG40] www.zapulawy.pl Sector: Fertilizers Shareholders: Skarb Państwa (50.67%); Kompania Węglowa SA, Katowice (9.90%); Jakubas Zbigniew (5.16%); ING OFE (5.01%) Strategy: Zaklady Azotowe “PULAWY” has been the leader of the Polish fertilizers sector for over forty years.

Present on both the European Union markets and developing eastern markets. The company products are also constantly present in the American market. According to recent ratings the company is one of the Polish twenty biggest exporters; almost half of its production is exported.

Finance (2009 | 2010 |2011): Revenues (net)

–

2,061,584

2,882,320

–

9,935

327,638

–

31,819

279,357

5,537

498,872

Operating Profit Net Profit CashFlow from Operations

– CashFlow from Investing

–

-43,775

-372,702

–

-156,386

-127,090

–

2,054,896

2,498,924

400,343

571,727

CashFlow from Financing Total Assets Long-term Liabilities

–

Number of Shares Outstanding

Revenues (net)

1,415,186

216,384

Board: Mrowiec Piotr; Miroński Grzegorz; Waniołka Mariusz; Kłoczko Artur; Oskard Robert; Kazimierski Ireneusz; Tucharz Jacek; Stankiewicz Wojciech; Romański Michał; Wólczyński Michał; Rejman Tomasz; Kuźnieców Jacek Auditors: Doradca Zespół Doradców Finansowo-Księgowych sp. z o.o. Grupa Finans-Serwis, Lublin Investors’ Contact: Robert Król (41 363 17 65; ir@rovese. com) ul. Zagnańska 27, 25-528 Kielce T: 41 363 17 65

12,767

18,615

95,617

128,554

5,098

85,065

Long-term Liabilities

50,518

-18,783

Number of Shares Outstanding

50,754

-60,978

-3,221

1,559,211

90,027

38,687

-101,859

21,527

61,940

23,171

Total Assets

Board: Krauze Ryszard; Wilski, Krzysztof Jan; Grelowski Maciej; Buzuk Tomasz; Pietruszewski Marek; Spark Andre; Le Guern, Bertrand; Niewiadomski Roman; Krok Franciszek; Wantke Maciej; Dukaczewski Marcin; Osiadacz Andrzej; Chodak Donald Auditors: BDO sp. z o.o.

Investors’ Contact: (relacje.inwestorskie@petrolinvest.pl) ul. Podolska 21 81-321 Gdynia T: 58 628 89 10

179,636

Total Assets

20,178

-15,378

Number of Shares Outstanding

521,154

-35,041

-59,697

748,440

2,965,496

520,918

-9,035

CashFlow from Financing

Long-term Liabilities

2,464,820

2,334

-142,479

Total Assets

4,511,465

13,711

-149,247

CashFlow from Financing

3,923,518

–

-415,193

2,625,367

-62,626

-9,747

CashFlow from Investing

-52,737

27,447

2,956 -1,582

-653,794

Number of Shares Outstanding

3,211

-68,993

CashFlow from Investing

-137,711

Long-term Liabilities

Net Profit

-90,732

-51,528

61,614 -99,982

Operating Profit

-205,241 CashFlow from Operations

37,238 -128,248

Revenues (net)

CashFlow from Operations

Net Profit

-67,370

Total Assets

CRM [WIG40] www.pzcormay.pl Sector: Biomedicals Shareholders: Tuora Tomasz (23.64%); Ipopema TFI SA (22.60%) Strategy: PZ Cormay SA is a manufacturer of diagnostic reagents and distributor of diagnostic equipment. The company manufactures and markets in vitro assays for clinical chemistry, electrophoresis, Hematology, Coagulation and blood grouping. The company also offers automated hematology analyzers and biochemistry. It also offers an automated system for the analysis of parasitological and a vacuum blood collection system.

Finance (2009 | 2010 |2011):

105,735

Operating Profit

100,389

PZ Cormay SA

149,957

75,740

109,658

Long-term Liabilities

Total Assets

-119,137 CashFlow from Financing

2,739,166

Operating Profit

12

CashFlow from Investing

212,714

–

19,115

19,115

–

19,115

19,115

Revenues (net)

Board: Wójtowicz Jacek Józef; Kulik-Zawadzka Marta; Jarczewski, Paweł; Możeński, Cezary Jan; Pokojski Zenon; Kopeć Andrzej; Kozak Wojciech; Rybak Marian; Kapłucha Marek; Ożóg Irena; Bartuzi Andrzej; Kudela Jacek Auditors: Doradca Zespół Doradców Finansowo-Księ-

EquitiesPoland 2012 gowych sp. z o.o. Grupa Finans-Serwis, Lublin Investors’ Contact: (zapulawy@azoty.pulawy.pl) Al. Tysiąclecia Państwa Polskiego 13 24-110 Puławy T: 81 565 30 00

ab.pl) ul. Kościerzyńska 32 51-416 Wrocław T: 71 324 05 00

ABC Data SA Zakłady Azotowe w Tarnowie-Mościcach SA ATT [WIG40] www.azoty.tarnow.pl Sector: Chemicals and fertilizers Shareholders: Skarb Państwa (32.04%); ING OFE (12.92%); Aviva OFE (8.39%); PZU SA (5.37%); Generali OFE (5.06%) Strategy: Azoty Tarnów’s core activity is production, services and trade in the field of construction plastics, as well as the raw materials for their manufacturing and mineral fertilizers. Azoty Tarnów is an integrated manufacturer of polyamide 6, trading under the name Tarnamid, which is produced through the polymerization of manufactured caprolactam. The company is the country’s sole producer of polyacetal resin sold as Tarnoform.

Finance (2009 | 2010 |2011):

ABC [WIG80] www.abcdata.com.pl Sector: Computer and electronics distribution Shareholders: MCI Management SA (62.54%); Arthur Holding GmbH (8.89%); OFE PZU Złota Jesień (7.53%) Strategy: Leader on IT distribution market in CEE, operating on Polish market for 21 years and expanded business to Czech Republic and Slovakia several years ago, to Lithuania in September 2010 and to Latvia and Estonia oin December 2011. Planning to enter Hungary, Bulgaria and Slovenia in 2012. Since December 2011, ABC Data owns 51% shares in Scop Computer – the leading Romanian IT distributor. The range of offer is the most extensive of all distributors, with over 30,000 products from 300 vendors.

Finance (2009 | 2010 |2011): Revenues (net)

2,373,668

Revenues (net)

1,214,638

1,901,784

5,338,029

2,730,270

3,271,634

54,103

53,027

60,745

25,395

38,404

53,831

-102,667

42,905

Operating Profit

Operating Profit

-14,353

422,206

581,327

Net Profit

-4,249

390,953

461,527

CashFlow from Operations

115,161

-167,125

CashFlow from Investing

-63,996

-338,520

CashFlow from Financing

21,792

-16,393

462,189

1,581,318

3,246,701

4,946,229

Long-term Liabilities

1,296,599

1,793,562

Number of Shares Outstanding

Net Profit

102,177

CashFlow from Operations

-43,288

-1,522

CashFlow from Investing

222,648

-103,481

CashFlow from Financing

583,973 457,802

Long-term Liabilities

99,472

Number of Shares Outstanding

39,116

39,116

64,115

Revenues (net)

Board: Marciniak Jerzy; Szczypiński Witold; Skolmowski Andrzej; Obłękowski Jacek; Paprocki Zbigniew; Klikowicz Tomasz; Lis Ewa; Wais Jan; Kucharski Artur; Mroczkowski Marek; Trepczyński Ryszard; Jałosiński Krzysztof; Kacprzyk-Wojdyga, Monika; Kopeć Artur Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Joanna Barnaś (14 633 07 81; joanna. barnas@azoty.tarnow.pl) ul. Eugeniusza Kwiatkowskiego 8 33-101 Tarnów T: 14 633 07 81

WIG80 AB SA ABE [WIG80] www.ab.pl Sector: IT and consumer electronics distribution Shareholders: Przybyło Iwona (18.18%); ING OFE (14.15%); Aviva OFE (9.26%); Przybyło Andrzej (8.13%); Aviva Investors Poland TFI SA (7.91%); PKO BP Bankowy OFE (5.50%) Strategy: AB S.A. is one of the largest IT and consumer electronics distributors in the CEE region. According to industry rankings, such Computerworld TOP 200 in Poland and “Reseller Magazine” in the Czech Republic, AB S.A. is the largest distributor revenue-wise in the region of Poland, the Czech Republic and Slovakia.

Finance (2009 | 2010 |2011): 2,882,109

3,562,156

76,509

58,276

61,411

26,920

35,127

52,695

2,497

-6,388

Operating Profit Net Profit CashFlow from Operations

148,929 CashFlow from Investing

-24,828

-7,195

-16,018

7,467

20,236

788,409

909,768

504,787

576,183

CashFlow from Financing

-130,519 Total Assets

673,012 Long-term Liabilities

409,117

Number of Shares Outstanding

15,950

909,333

981,872

706,505

700,758

121,757

121,849

Board: Kottmann Ulrich; Ständer, Hans Peter; Kemler, Hans-Dieter; Warzocha Ryszard; Rumiński Michał; Zatorski Tomasz; Wereszko Dobrosław; Sadowski Marek; Godlewski Mirosław; Sitnik Konrad; Łastowiecki Wojciech; Czechowicz Tomasz Auditors: Ernst & Young Audit sp. z o.o.

Investors’ Contact: Karolina Gnaś (516 091 124; kg@ innervalue.pl) ul. Daniszewska 14 03-230 Warszawa T: 22 676 09 00

Action SA ACT [WIG80] www.action.pl Sector: IT distributor and computer hardware manufacturer Shareholders: Bieliński Piotr (25.77%); Matyka Olgierd (21.32%); Generali OFE (10.13%); Wietrzykowski Wojciech (8.53%) Strategy: ACTION S.A. is one of the largest IT distributors and computer hardware manufacturers in Poland. The Company was established in 1991 and has been listed at the Warsaw Stock Exchange since 2006.

Finance (2009 | 2010 |2011): Revenues (net)

3,079,437

16,295

16,334

Board: Przybyło Andrzej; Mądry Zbigniew; Łapiński Jacek; Jażdrzyk Katarzyna; Bator Andrzej; Kiełbasiński Radosław; Ochędzan Grzegorz; Łapiński Jan; Przybyło Iwona; Kucharski Krzysztof Auditors: AVANTA Audit sp. z o.o. SK Investors’ Contact: Grzegorz Tkacz (71 324 05 72; ir@

Revenues (net)

76,095

97,100

Operating Profit

16,639

29,475

5,070

15,719

Net Profit CashFlow from Operations

6,688

-1,787

CashFlow from Investing

-769

-10,590

CashFlow from Financing

28,379

-7,325

126,044

144,299

Total Assets Long-term Liabilities

69,627

22,182

Number of Shares Outstanding

12,000

16,000

Board: Żurawłow Jurij; Supihanow Borys; Łapta Tamara; Olshanskiy Oleksandr; Kudryavtsev Volodymyr; Orlova Larisa Auditors: Investors’ Contact: Markian Senyk (38 0642 34 71 05 ; markian.senyk@agroton.lg.ua) Lampousas Street P.C. 1 Nikozja Cypr T: 38 0642 345 379

Alchemia SA ALC [WIG80] www.alchemiasa.pl Sector: Production of steel Shareholders: Karkosik, Roman Krzysztof (65.78%); Karkosik Grażyna (10.88%); Pioneer Pekao Investment Management SA (4.98%); Alchemia SA (1.79%) Strategy: Alchemia is a group of metallurgical firms. The objective of the management is building an environmentally-friendly steel conglomerate. Alchemia focuses on production of a wide range of pipes and other steel products. Group’s products are used in the petroleum, mining and gas industries, which set high requirements for the standards of strength and quality of products used.

Finance (2009 | 2010 |2011): Revenues (net)

596,144

670,609

1,155,653

31,459

22,263

149,669

18,683

14,713

125,346

41,112

84,002

Operating Profit Net Profit CashFlow from Operations

82,936 CashFlow from Investing

-23,766

-59,977

25,810

-77,150

21,721

-100,482

764,148

829,400

956,444

307,407

320,964

CashFlow from Financing

2,105,901

2,804,768

38,050

34,551

57,326

Long-term Liabilities

23,326

26,288

42,409

Number of Shares Outstanding

-8,364

5,059

-1,334

-5,926

10,552

1,308

585,027

777,092

396,349

554,675

Operating Profit Net Profit CashFlow from Operations

165,362 CashFlow from Investing

Revenues (net)

2,839,738

11,070 -50,489

Total Assets

Total Assets

468,023

-16,168 118,927

Shareholders: IFG DIRECTORS LIMITED (51.03%); BNY (NOMINEES) LIMITED (18.45%); Templeton Asset Management Ltd. (12.62%); BPH TFI SA (5.21%); Generali OFE (5.02%) Strategy: Agroton is a diversified vertically integrated agricultural producer in Eastern Ukraine. The Group’s core business is crop production, comprising principally sunflower seeds and wheat, as well as the processing, storage and sale of such crops. In addition, the Group is engaged in livestock and food processing.

Finance (2009 | 2010 |2011) [in USD]:

-28,324 CashFlow from Financing

-139,021 Total Assets

549,809 Long-term Liabilities

372,816

Number of Shares Outstanding

16,410

16,410

16,410

Board: Kosmala Piotr; Antczak Rafał; Bocianowska Iwona; Wojtysiak Edward; Bieliński Piotr; Jakubowski Marek; Pawłowski Łukasz; Harazin Sławomir Auditors: BDO sp. z o.o.

Investors’ Contact: (ir@ab.pl) Zamienie, ul. Dawidowska 10 02-800 Warszawa T: 22 332 16 00

Agroton Public Limited AGT [WIG80] www.agroton.com.ua Sector: Agriculture - sunflower seeds and wheat

Total Assets

252,911 224,984

207,000

207,000

Board: Wściubiak Karina; Bentke Jakub; Zymek Wojciech; Karkosik, Roman Krzysztof; Kutnik Mirosław; Antosik Jarosław; Regulski Rafał; Misiakiewicz Marek Auditors: Grant Thornton Frąckowiak Sp. z o.o., Poznań Investors’ Contact: (22 658 64 52; sekretariat@alchemiasa.pl) ul. Łucka 7/9 00-842 Warszawa T: 22 658 64 52

Amica Wronki SA AMC [WIG80] www.amica.com.pl Sector: Manufacturer of household appliances Shareholders: Holding Wronki SA, Wronki (41.08%); Noble TFI SA (7.51%); ING OFE (7.15%); Querrcus TFI SA (6.92%); Amica Wronki SA (1.77%) Strategy: Amica Wronki is one of the largest manufacturers of household appliances in Poland. The company produces free-standing appliances and buildings. More than half of its products are exported - mainly to Scandinavia and Eastern Europe. The company owns the football club Lech Poznan.

13

EquitiesPoland 2012 Long-term Liabilities

Finance (2009 | 2010 |2011):

29,545

Revenues (net)

1,317,567

1,359,594

1,454,300

41,544

33,915

53,223

5,422

15,143

80,959

-2,420

52,768

191,180

-17,752

-65,596

-203,494

-38,645

940,423

780,154

796,893

475,392

436,059

CashFlow from Operations

145,892 CashFlow from Investing

-85,356 CashFlow from Financing Total Assets Long-term Liabilities

665,111

Number of Shares Outstanding

8,738

7,775

7,775

Board: Rynarzewski Tomasz; Rutkowski Jacek; Sawala Piotr; Sikorska, Bogna Katarzyna; Kochanek Wojciech; Golec Grzegorz; Antkowiak Wojciech; Kocikowski Wojciech; Bilik Marcin; Dudek Tomasz Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka komandytowa Investors’ Contact: Aneta Banach (67 254 03 20; aneta. banach@amica.com.pl) ul. Mickiewicza 52, 64-510 Wronki T: 67 254 61 11

Apator SA APT [WIG80] www.apator.com.pl Sector: Electromechanical industry - metering and switching Shareholders: Apator-Mining sp. z o.o., Katowice (15.95%); Lewicki Mariusz (5.78%); Apator SA (5.69%); Sosgórnik Tadeusz (5.41%); Guzowska Danuta (4.33%); Jaworski Zbigniew (3.78%); Marzygliński Janusz (2.99%); Wojnowski Ryszard (2.72%); Niedźwiecki Janusz (1.24%) Strategy: Grupa Apator is a Polish capital group, currently including nine companies – seven Polish and two foreign.

Grupa Apator focuses its activity in two segments of the electromechanical industry: metering and switchgear.

Finance (2009 | 2010 |2011): Revenues (net)

366,925

409,222

537,019

Operating Profit

49,488

45,265

71,760

Net Profit

29,582

33,371

47,296

32,567

44,703

-23,288

-37,265

-2,663

-372

CashFlow from Operations

45,928 CashFlow from Investing

-32,493 CashFlow from Financing

-23,332 Total Assets

304,868

365,859

475,410

164,354

238,943

Long-term Liabilities

126,848

Number of Shares Outstanding

35,107

35,107

35,107

Board: Niedźwiecki Janusz; Guzowska Danuta; Marzygliński Janusz; Kwiatkowski Krzysztof; Habryka Tomasz; Kuś Jerzy; Wojnowski Ryszard; Lewicki Mariusz; Karski Eryk Auditors: KPMG Audyt Sp. z o.o. Sp.k.

Investors’ Contact: (relacje.inwestorskie@grupa-apator. com.pl) ul. Żółkiewskiego 21/29, 87-100 Toruń T: 56 619 12 71

Asseco Business Solutions SA ABS [WIG80] www.assecobs.pl Sector: IT and programming Shareholders: Asseco Poland SA (46.46%); Amplico PTE SA (12.41%); Barczentewicz, Wojciech Juliusz (3.16%); Masłowski Piotr (2.94%); Rutkowski Romuald (1.27%) Strategy: Asseco Business Solutions offers dedicated IT solutions to companies involved in the manufacture of and trade in fast-moving consumer goods (FMCG).

Finance (2009 | 2010 |2011): Revenues (net)

156,196

33,418

130,276

127,264

133,485

14,016

16,167

18,001

10,750

9,414

14,894

22,691

31,658

Operating Profit Net Profit CashFlow from Operations

10,903 CashFlow from Investing

-18,434

33,150

31,617

9,828

20,438

16,323

81,187

56,486

-29,805

-45,329

-25,203

-17,074

5,141

366,719

536,865

538,638

261,592

255,548

CashFlow from Operations

43,774 CashFlow from Investing

-16,592 CashFlow from Financing Total Assets

Number of Shares Outstanding

36,343

BPH [WIG80] www.bph.pl Sector: Banking Shareholders: GE Investments Poland sp. z o.o. (89.15%) Strategy: Bank BPH Group includes BPH PBK Zarządzanie Funduszami Sp. z o.o. (a 100% subsidiary of the Bank), which is the majority shareholder possessing 50.14% shares of BPH Towarzystwo Funduszy Inwestycyjnych (BPH TFI) – the asset management company.

Finance (2009 | 2010 |2011): Interest Income

2,454,876

915,693

809,593

52,806

-135,209

218,157

2,795,822

42,297

5,590,321

387,816

-17,961

-75,232

-2,776,538

-270,287

37,290,850

37,087,476

-7,294

Net Cash Flow

144,027

155,569

175,619

56,195

68,662

51,308 21,360

21,360

21,360

Board: Góral Adam; Kosári Andrej; Sęczkowski, Przemysław Piotr; Marek Panek; Klein Jozef; Handlovský Ján; Morávek Martin; Navrátil Michał; Osusky Tomas; Řezniček Miroslav; Leviček Radek; Stoppani David; Štasnỳ Petr; Grác Marek Auditors: Investors’ Contact: Ivona Žitná (421 2 20 838 447;) Trenčianska 56, 821-09 Bratislava, Slovakia T: 421 2208 38 400

ATM SA ATM [WIG80] www.atm.com.pl Sector: telecommunications Shareholders: Czichon Tadeusz (16.39%); OFE Polsat (9.84%); ING OFE (9.47%); Szwed Roman (9.04%); Puteczny Piotr (5.12%) Strategy: Under the ATMAN brand, ATM S.A. provides for enterprises and other institutions telecommunications services based on its own fiber networks and data centers.

Prime elements of ATM’s offer include: Internet access, broadband data transmission, colocation and hosting. The company provides telephony services and telecommunications outsourcing. Major consumers of the services are carriers, traditional media, Internet portals and enterprises from finance, manufacturing and retail market sectors.

Finance (2009 | 2010 |2011): Revenues (net)

286,462

401,779

444,582

33,150

31,617

Operating Profit

16,878

2,130,267

942,445

-7,632

Number of Shares Outstanding

2,278,953

Fee and Commission Income

-11,309 Long-term Liabilities

36,343

Bank BPH SA

Net Profit

Total Assets

36,343

Board: Czichon Tadeusz; Tuchołka Tomasz; Kamiński Sławomir; Panek Mirosław; Domagała Grzegorz; Krzyżanowski Maciej Auditors: PKF Audyt sp. z o.o.

Investors’ Contact: Maciej Klepacki (22 515 66 14; maciej. klepacki@atm.com.pl) ul. Grochowska 21A, 04-186 Warszawa T: 22 515 61 00

-4,573

33,940 CashFlow from Operations

413,343 CashFlow from Investing

-159,206 CashFlow from Financing

-220,197 Total Assets

35,214,893

Number of Shares Outstanding

76,668

76,668

76,668

55.47 zł

58.31 zł

Book Value per Share

57.25 zł

Board: Podedworna-Tarnowska Dorota; Słomka-Gołębiowska Agnieszka; Dąbrowski Grzegorz; Blazek Ales; Hall Denis; Kuzaj Lesław; Stamirowski Tomasz; Rozłucki Wiesław; Jurczyk Grzegorz; Nowaczewski Krzysztof; Utrata Grażyna; Di Pietro-Bayus, Maria Ann; Laxer, Richard Alan; Rybkowski, Rafał Piotr; Green, Robert Charles; Gaskin Richard; Seidel, Wilfried Mathias; Newcomb George; Kostera Mariusz Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Ewa Piwowar (22 531 86 02; ewa. piwowar@ge.com) Al. Pokoju 1, 31-548 Kraków T: 12 618 63 44

Bank Gospodarki Żywnościowej SA BGZ [WIG80] www.bgz.pl Sector: Banking Shareholders: Rabobank International Holding BV (59.35%); Skarb Państwa (25.51%) Strategy: Commercial bank with focus on agricultural sector.

Finance (2009 | 2010 |2011): Interest Income

Net Profit

1,274,163

1,376,609

1,692,151

Fee and Commission Income

9,828

20,438

16,323

81,187

56,486

CashFlow from Operations

30,092

29,834

CashFlow from Financing

43,669

33,955

Total Assets

-38,729

2,346

-15,041

-25,935

-30,532

288,916

297,765

288,308

Total Assets

16,878

-16,593

CashFlow from Financing

22,427

CashFlow from Financing

14

Revenues (net)

CashFlow from Investing

-8,653

444,582

Net Profit

110,684

www.asseco-ce.com Sector: IT and programming Shareholders: Asseco Poland SA (40.07%); ING TFI SA (6.58%); Kosári Andrej (2.44%); Morávek Martin (1.40%); Klein Jozef (1.28%) Strategy: Asseco Central Europe is a part of one of the strongest software houses in Europe - Asseco Group.

Company was established in July 2009 with the integration of Asseco Slovakia and Asseco Czech Republic, but has been gradually expanding further. Trade name Asseco Central Europe has been registered in both countries in spring 2010. The Company holds a stake in a number of companies with an IT and telecommunications focus. The entire Asseco Central Europe Group currently employs more than 1,600 people.

Finance (2009 | 2010 |2011) [in EUR]:

34,940

CashFlow from Investing

33,418

ACS [WIG80]

35,778

38,881

33,418

Asseco Central Europe a.s.

26,758 CashFlow from Operations

401,779

Long-term Liabilities

158,125

Net Profit

286,462 Operating Profit

Board: Rutkowski Romuald; Pomianek Zbigniew; Adamski Jarosław; Barczentewicz, Wojciech Juliusz; Masłowski Piotr; Lizon Mariusz; Pawłowicz Adam; Góral Adam; Ogonowski Grzegorz Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (info@assecobs.pl) ul. Konrada Wallenroda 4c 20-607 Lublin T: 81 745 88 88

168,587

Operating Profit

24,151

Number of Shares Outstanding

Operating Profit Net Profit

Revenues (net)

33,366

43,774 -16,592 -25,203

281,884

305,736

310,857

100,643

112,341

128,097

56,851

-18,189

-11,551

-3,355,096

Net Profit Net Cash Flow

-29,805

-45,329

-297,558 CashFlow from Operations

-17,074

5,141

-763,216 CashFlow from Investing

366,719

536,865

538,638

261,592

255,548

Long-term Liabilities

110,684

Number of Shares Outstanding

36,343

-383,342

-427,473

-331,792

495,875

3,668,699

28,629,599

33,407,213

CashFlow from Financing

36,343

849,000 Total Assets

36,343

24,433,710

EquitiesPoland 2012 Number of Shares Outstanding

43,137

43,137

43,137

57.84 zł

61.15 zł

Book Value per Share

55.32 zł

Board: Bartkiewicz Jacek; Embrechts, Gerardus Cornelis (Geert); Okarma Witold; Sieradz Andrzej; Beuming, Johannes Gerardus (Geert-Jan); Odzioba Dariusz; Sass Wojciech; Pruijs, Jan Alexander; Zdebski Andrzej; Iwanicki Jarosław; de Roo, Harry; Maj Waldemar; Adams Hendrik; Nachyła Monika; Filar Dariusz; Legęć Magdalena; Dekker Roelof Auditors: Investors’ Contact: Tadeusz Pawlak (22 860 41 94; relacje. inwestorskie@bgz.pl) ul. Kasprzaka 10/16, 01-211 Warszawa T: 22 860 40 00

BBI Development Narodowy Fundusz Inwestycyjny SA BBD [WIG80] www.bbidevelopment.pl Sector: Financial Intermediary -real estate Shareholders: BB Investment SA, Poznań (20.01%); Pioneer Pekao Investment Management SA (10.02%); Quercus TFI SA (5.80%); Szymański Jakub (5.03%); Szczepański Rafał (2.75%); Tyszkiewicz Krzysztof (2.75%); Skotnicki Michał (1.40%) Strategy: BBI Development is focused on real estate development. Having merged with Juvenes Sp. z o.o. in May 2010, BBI Development is a developer capable of handling the entire scope of the investment process, from identifying and acquiring new properties and projects, arranging architectural designs, underwriting, project management and comprehensive legal services for the investment process, to the sale of the newly created premises and the management of real estate portfolios.

Finance (2009 | 2010 |2011):

Board: Van Bergh, James; Gacek Przemysław; Marczuk, Marcin Paweł; Kuźnicka Mirosława; Sanderson Michael; Szpara Agnieszka Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka komandytowa Investors’ Contact: Artur Małek (22 531 32 01; a.malek@ benefitsystems.pl) ul. Fredry 6, 00-097 Warszawa T: 22 531 30 00

Strategy: City Interactive is an international publisher, developer and distributor of interactive entertainment products with sales in more than 40 countries worldwide.

It was established in 2002 and is listed on the Warsaw Stock Exchange. City Interactive has development and publishing offices throughout the world including Poland, United States, Germany, UK, Canada, and Romania.

Finance (2009 | 2010 |2011):

Bomi SA

Operating Profit

BMI [WIG80] www.bomi.pl Sector: Retail food network Shareholders: Supernova IDM Fund SA (10.22%); Marteria Ltd. (6.73%); Pietkun Krzysztof (3.20%); Pyzik Jarosław (2.63%) Strategy: The company sells consumer goods through the retail chain stores such as delicatessens located in Gdynia, Gdansk, Warsaw, Legionowo, Legnica, Katowice, Slupsk, Malbork and Bydgoszcz. The company specializes in supplying a wide range of premium foods and economy foods.

Finance (2009 | 2010 |2011): 1,492,718

1,426,800

1,418,914

58,739

-85,918

-61,237

40,109

-106,833

-85,761

-10,908

30,777

-26,803

-13,670

13,685

40,669

-20,780

1,087,179

1,127,149

1,111,491

505,337

563,922

Operating Profit Net Profit CashFlow from Operations

819 CashFlow from Investing

-19,104 CashFlow from Financing Total Assets Long-term Liabilities

363,595

69,916

69,639

Number of Shares Outstanding

-7,870

28,351

24,374

-9,060

11,962

15,817

-6,382

-37,962

Board: Zientara Maciej; Jesionowski, Witold Jerzy; Wiśniewski, Wiesław; Matczuk Tomasz; Cieszyński Przemysław; Kostura Marek; Grzybowski Wojciech; Kwaśniewski Piotr; Górczak Jarosław Auditors: PKF Audyt sp. z o.o.

Investors’ Contact: Piotr Piotrowski (22 440 1 440; biurozarzadu@bomi.pl) ul. Gryfa Pomorskiego 71, 81-572 Gdynia T: 58 627 34 60

Operating Profit Net Profit CashFlow from Operations

-5,653 CashFlow from Investing

10,564

-5,712

9,412

84

5,960

38,527

426,872

470,214

494,936

225,710

233,814

CashFlow from Financing Total Assets Long-term Liabilities

218,818

Number of Shares Outstanding

460,309

523,078

523,078

Board: Zagajewski Ewaryst; Litwiński Piotr; Kurzyński Michał; Turno Paweł; Głowacki Włodzimierz; Nowacki Paweł; Skotnicki Michał; Lorek Rafał; Rościszewski, Jan Emeryk; Szczepański Rafał; Tyszkiewicz Krzysztof Auditors: PKF Audyt sp. z o.o.

Investors’ Contact: (biuro@bbidevelopment.pl) ul. Emilii Plater 28, 00-688 Warszawa T: 22 630 33 88

38,862

39,459

BFT [WIG80]

Calatrava Capital SA CTC [WIG80] www.calatravacapital.pl Sector: Financial advisory Shareholders: Narkiewicz Paweł (30.76%); Postino Holdings Limited (10.14%); Idea TFI SA (4.79%); Calatrava Capital SA (3.90%) Strategy: CALATRAVA CAPITAL SA is an independent investment company, advising on mergers and takeovers, restructuring of companies and ventures characterized by non-standard investment risk.

Finance (2009 | 2010 |2011): 42,481

41,611

24,012

-3,083

8,447

32,910

828

10,042

29,088

www.benefitsystems.pl Sector: Employee benefit systems Shareholders: Van Bergh, James (25.70%); Benefit Invest Ltd (24.69%); Kamola Marek (11.13%); ING OFE (10.81%); Alfa 1CEE Investments Sicav-Sif SA (5.13%) Strategy: Since 2004 Benefit Systems has specialized in providing employers with innovative fringe benefit system solutions, involving sports, leisure, cultural events and entertainment, as well as tailor-made flexible benefits schemes. Benefit Systems products are used by about 4,000 firms and nearly 330,000 people.

Finance (2009 | 2010 |2011):

Operating Profit

Revenues (net)

Number of Shares Outstanding

94,482

39,487

Revenues (net)

Benefit Systems SA

165,044

Operating Profit

Net Profit CashFlow from Operations

-42

-3,280

19,200

-22,729

-34,358

252

24,978

14,691

75,770

163,342

208,607

CashFlow from Investing

-475 CashFlow from Financing Total Assets Long-term Liabilities

13,754 125,025

62,517 165,325

73,049 193,325

-6,727

Board: Narkiewicz Adam; Narkiewicz Henryka; Perlik Jarosław; Narkiewicz Paweł; Pańczyk Tomasz; Wróbel Tomasz Auditors: Investors’ Contact: (biuro_zarzadu@ibsystem.pl) Aleje Ujazdowskie 6A, 00-461 Warszawa T: 22 398 96 71

-2,000

-3,042

City Interactive SA

16,658

41,855

6,275

20,842

5,167

16,506

Net Profit CashFlow from Operations

2,615

24,723

CashFlow from Investing

-2,282 CashFlow from Financing Total Assets Long-term Liabilities

8,053

19,752

Number of Shares Outstanding

2,205

2,205

29,600

CIA [WIG80] www.city-interactive.com Sector: Producer of electronic games Shareholders: Tymiński Marek (51.19%); Aviva Investors Poland TFI SA (5.40%); Sokolski Michał (2.54%)

86,071

81,718

-15,933

34,188

21,120

-13,563

26,893

16,923

28,771

25,492

Net Profit CashFlow from Operations

3,416 CashFlow from Investing

-8,072

-11,493

-19,064

3,839

-2,888

-5,249

35,713

59,617

70,654

16,655

12,882

CashFlow from Financing Total Assets Long-term Liabilities

18,908

Number of Shares Outstanding

12,650

Revenues (net)

Revenues (net)

990

Revenues (net)

12,650

12,650

Board: Tymiński Marek; Sroczyński Krzysztof; Tymiński, Lech Zygmunt; Dworak Marek; Leszczyński Grzegorz; Litwiniuk Tomasz; Jaeger Andreas Auditors: CSWP Audyt Sp. z o.o.

Investors’ Contact: (ir@city-interactive.com) ul. Żupnicza 17, 03-821 Warszawa T: 22 619 85 90

Coal Energy SA CLE [WIG80] www.coalenergy.com.ua Sector: Coal mining Shareholders: Lycaste Holdings Limited (75.00%); ING OFE (8.50%); Generali OFE (5.22%) Strategy: Coal Energy is the third-largest private coal producer in Ukraine in terms of reserves (as of the end of 2010) and the seventh-largest private coal producer in the country by output. The principal business of Coal Energy is mining, beneficiation and sale of thermal and coking coal. The Group mines and sells thermal coal grades, coking coals and dual-purpose coals. The Group works directly with majority of large Ukrainian power generation plants, coking plants and steel mills. Coal Energy is actively expanding its export operations, mainly through thermal coal sales to power generation plants in Moldova, Bulgaria, Slovakia and other countries.

Board: Vyshnevetskyy Viktor; Zolotarov Mykhailo; Reznyk Oleksandr; Johnson, Arthur David; Cousin, Gwenaëlle Bernadette Andrée Dominique; Muddle Jacob; Ilchenko Oleksandr; Nikitenko Igor; Kopytko Yulia; Chausovskyy Oleksandr Auditors: Investors’ Contact: Elena Belousova (38 062 337 05 30; Ir@coalenergy.com.ua) avenue J. F. Kennedy 46A, L-1855 Luksemburg, Luksemburg T: 352 4271 711

Cognor SA COG [WIG80] www.cognor.eu Sector: Steelworks Shareholders: PS Holdco sp. z o.o. (64.42%); PZU Asset Management SA (5.01%) Strategy: Grupa COGNOR operates in two main areas: manufacturing division, represented by the company: Qualitative Steelworks SA based in Stalowa Wola and Ferrostal Łabędy Sp. of o.o. located in Gliwice, producing semi-finished steel and steel products, both long (plain bars, flat bars, profiles) and flat (and thin plates) and the raw material division, represented by the company Zlomrex Metal Sp. of o.o. based in Poraj leading buying, processing and sale of scrap steel and nonferrous metals manufacturing to entities of the Group and external customers.

Finance (2009 | 2010 |2011): Revenues (net)

948,968

975,282

1,549,647

-109,631

-35,423

100,482

-35,361

-179,919

115,820

Operating Profit Net Profit CashFlow from Operations

37,799

37,846

-38,090

42,755

269,136

-74,311

-51,147

-141,413

621,702

1,436,178

979,617

CashFlow from Investing

28,868 CashFlow from Financing Total Assets

15

EquitiesPoland 2012 Long-term Liabilities

337,408

1,344,320

803,176

Number of Shares Outstanding

51,187

66,222

66,222

Board: Sztuczkowski Przemysław; Janiszewski, Hubert Andrzej; Kak, Jerzy Jan; Freyberg Piotr; Łapiński Zbigniew; Rocki Marek; Grzesiak, Przemysław Andrzej Auditors: KPMG Audyt Sp. z o.o. Sp.k.

Investors’ Contact: Przemysław Małoszyc (34 316 01 25; pmaloszyc@cognor.eu) ul. Zielona 26, 42-360 Poraj T: 58 341 92 20

Colian SA COL [WIG80] www.colian.pl Sector: Confectionery and spices Shareholders: Kolański, Jan i Barbara (62.63%); Aviva OFE (6.79%); Colian SA (3.26%) Strategy: Confectionery manufacturer operating under the brands Jutrzenka, Goplana, Kaliszanka and the firm Ziołopex, a manufacturer, exporter and importer of spices, tea, nuts, raisins and almonds. Company has achieved the position of one of the largest confectionery manufacturers on the Polish market (12%) and has a strong position on the spices market.

Finance (2009 | 2010 |2011): Revenues (net)

580,413

T: 12 646 10 00

Comp SA CMP [WIG80] www.comp.com.pl Sector: Systems integrator Shareholders: Papaj Jacek (13.81%); Comp SA (12.06%); Amplico OFE (10.35%); Generali OFE (5.69%); OFE Aegon (5.64%); ING OFE (5.56%); Aviva Investors Poland SA (5.18%); Aviva OFE (4.10%); Wąsowski, Andrzej Olaf (1.57%) Strategy: Provides professional IT services, successfully integrating its own products with the solutions offered by hardware and software suppliers. The Company provides full scope of services: from developing a concept and designing a solution, to selecting optimum technologies, to implementing and adapting operation procedures, to service support and additional services such as consultancy and training. The company Comp S.A. is a leader in special security, electronic signatures, authorization and authentication solutions as well as one of the largest providers of support, infrastructure maintenance and IT training services.

Finance (2009 | 2010 |2011): Revenues (net)

–

–

168,788

–

–

12,654

Operating Profit Net Profit

621,591

638,719

52,600

35,377

26,536

CashFlow from Operations

32,776

30,673

19,534

CashFlow from Investing

46,729

48,194

CashFlow from Financing

-8,552

-30,995

-42,381

-53,301

13,564

799,827

791,538

868,733

Number of Shares Outstanding

203,883

267,492

Board: Wąsowski, Andrzej Olaf; Papaj Jacek; Tomaszewski Robert; Hausner Włodzimierz; Bogutyn Tomasz; Morawski Krzysztof; Wawer Andrzej; Klimczak Jacek; Wierzbicki Marcin; Lachowski Sławomir; Bieliński Włodzimierz; Łatka Bogusław Auditors: Deloitte Audyt Sp. z o.o.

Investors’ Contact: Rafał Garszczyński (22 570 38 00; info@comp.com.pl) ul. Jutrzenki 116, 02-230 Warszawa T: 22 570 38 00

Operating Profit Net Profit CashFlow from Operations

83,425 CashFlow from Investing

-18,847 CashFlow from Financing Total Assets Long-term Liabilities

243,961

Number of Shares Outstanding

143,359

143,359

143,359

Board: Mikołajczyk Jan; Kolański Jan; Matuszczak Marcin; Szuława Marcin; Sadlej Marcin; Łagowski Piotr; Dziekoński Jacek Auditors: PKF Audyt sp. z o.o.

Investors’ Contact: Piotr Piotrowski (22 440 14 40; colian@ccgroup.com.pl) ul. Zdrojowa 1, 62-860 Opatówek T: 62 590 33 00

–

–

10,722

–

46,332

–

-9,607

–

–

-11,695

–

–

603,142

–

214,262

–

5,918

– – Total Assets Long-term Liabilities

– –

Dom Development SA Comarch SA CMR [WIG80] www.comarch.pl Sector: Software house and IT systems integrator Shareholders: Filipiak Janusz (32.54%); Filipiak Elżbieta (10.50%) Strategy: Comarch SA - Software house and IT systems integrator. Comarch SA specializes in the design, implementation and integration of advanced IT systems and infrastructure, as well as technology-based business solutions. The company distinguishes itself through its comprehensive range of solutions for Telecommunications, Financial Services, Large Enterprises, Public Administration and Small and Medium Companies.

Finance (2009 | 2010 |2011): Revenues (net)

729,403

761,361

785,653

Operating Profit

Revenues (net)

704,363

10

13,330

968,105

1,022,474

383,916

412,623

Long-term Liabilities

340,790

Number of Shares Outstanding

7,961

8,052

8,052

Board: Filipiak Janusz; Prokop Paweł; Filipiak Elżbieta; Ławrynowicz Anna; Kucharzyk Wojciech; Piątasa Piotr; Syryjczyk Tadeusz; Brzeziński Maciej; Rymarczyk Zbigniew; Warwas Marcin; Reichert Piotr; Tarański Konrad; Drobniak Danuta Auditors: Deloitte Audyt Sp. z o.o.

Investors’ Contact: Aleksandra Zaniewska (608 646 251; Aleksandra.Zaniewska@comarch.pl) Al. Jana Pawła II 39a, 31-864 Kraków

45,050

37,918

12,719

4,330

-56,833

14,954

-14,788

-16,414

-28,536

474,004

579,383

659,560

259,182

329,538

65,150 CashFlow from Investing

-27,137 CashFlow from Financing Total Assets Long-term Liabilities

184,825

Number of Shares Outstanding

4,748

EFH [WIG80] www.efh.com.pl Sector: Financial intermediary Shareholders: Waksmundzki Jacek (15.75%); Al Saad Alternative Capital Investments Ltd. (10.23%); Wierzbowski, Mirosław Jerzy (4.88%) Strategy: Europejski Fundusz Hipoteczny SA is a hotel operator. Company since December 2007 has been listed on the Warsaw Stock Exchange main market. EFH has four other high-class spa hotel facilities: Hotel King Kazimierz, Hotel Masuria near Ostróda, Hotel Millenium in Bochnia, and the Hotel Leba. The company also runs two other hotel investments in the three / four-star hotel in Malbork, and together with the built-star Sheraton hotel in Mikolajki. In the immediate vicinity of the company also will build luxury apartments. EFH is active in commercial real estate market - has Yona Warsaw office and office building in Warsaw’s Wilanow DLKF. The company has a land investment in Piaseczno near Warsaw.

Finance (2009 | 2010 |2011): Revenues (net)

35,076

49,985

38,573

629

24,155

29,012

-22,554

8,948

14,623

17,257

-9,842

Operating Profit

-1,099

CashFlow from Financing

Net Profit CashFlow from Operations

6,801

-98,370

-1,443

-24,696

19,375

106,113

-12,091

252,907

395,694

391,796

183,920

165,284

3,057

-61,891

-12,913

1,578,299

1,623,749

1,916,100

Long-term Liabilities

850,369

1,081,031

Number of Shares Outstanding

Long-term Liabilities

829,635

Number of Shares Outstanding

24,560

24,560

24,560

Board: Szanajca Jarosław; Roydon Terry; Stolarczyk, Janusz Michał; Bogucki Włodzimierz; Cronk MIchael; Ślusarski, Jerzy Robert; Kiełpsz Grzegorz; Zalewski Janusz; Moczulski Marek; Grzyliński Krzysztof; Spiteri Mark; Dumas Markham Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: Magdalena Cumanis (22 351 68 49; magdalena.cumanis@domdevelopment.com.pl) Plac Piłsudskiego 3, 00-078 Warszawa T: 22 351 68 78

Elektrobudowa SA ELB [WIG80] www.elbudowa.com.pl

4,748

Europejski Fundusz Hipoteczny SA

-1,496

-489

4,748

Board: Faltynowicz Jacek; Bober Ariusz; Tomaszewski Jarosław; Mańko Dariusz; Rafalski Ryszard; Mosiek Tomasz; Żbikowski Karol; Klimowicz Arkadiusz; Jaźwiński Tomasz; Godlewska Agnieszka; Karski Eryk; Juszczyk Janusz; Tarnowski Paweł Auditors: Deloitte Audyt Sp. z o.o.

Investors’ Contact: (elbudowa@elbudowa.com.pl) ul. Porcelanowa 12, 40-246 Katowice T: 32 205 46 00

CashFlow from Investing

Total Assets

-26,138

54,527 CashFlow from Operations

-40,432

58,530

895,106

49,272

267,231

4,582

34,739

Total Assets

53,058

82,659

CashFlow from Financing

-82,283

68,952 Net Profit

40,415

36,257

-39,222

945,215

80,207 CashFlow from Operations

38,783

-73,425

786,748

103,181

43,717

CashFlow from Financing

700,948 Operating Profit

59,050

24,819

CashFlow from Investing

Revenues (net)

111,157

32,306 87,064

584,266

Net Profit

14,373 CashFlow from Operations

513,679

Operating Profit

CashFlow from Investing

Net Profit

16

DOM [WIG80] www.domdevelopment.pl Sector: Residential real estate developer Shareholders: Dom Development BV (61.63%); Szanajca Jarosław (6.21%); Aviva OFE (5.32%); Kiełpsz Grzegorz (5.19%); Zalewski Janusz (1.21%) Strategy: Established in 1996, Dom Development S.A. is one of Poland’s leading residential developers. Its shares have been listed on Warsaw Stock Market since 2006.

Finance (2009 | 2010 |2011):

Sector: Construction and installation services for electricity and energy firms Shareholders: Aviva OFE (15.19%); ING OFE (9.95%); OFE PZU Złota Jesień (9.78%); Generali OFE (8.64%); AXA OFE (8.33%); Amplico OFE (5.65%) Strategy: ELEKTROBUDOWA SA provides a complete range of construction and installation service, executing projects for power sector, petrochemical industry or mining and also turnkey of public utility facilities. The company is also focused on manufacturing electric power equipment - medium and low voltage switchgear, power substations and systems. The firm has participated in the construction of nearly all Polish and many foreign power stations and heat and power plants.

Finance (2009 | 2010 |2011):

Total Assets

190,291 25,273

146,600

146,600

Board: Bekkar Riad; Gałązka Izabela; Hosin Adam; Łukasiewicz Sławomir; Kachniewska Magdalena; Leszczyński Grzegorz; Nauman Aleksander; Dubiński Jarosław Auditors: BDO sp. z o.o.

Investors’ Contact: (efh@efh.com.pl) ul. Wiertnicza 107, 02-952 Warszawa T: 22 651 63 34

Fabryka Farb i Lakierów Śnieżka SA SKA [WIG80] www.sniezka.pl Sector: Producer of paints Shareholders: Cymbor Stanisław (18.75%); Pater Jerzy

EquitiesPoland 2012 (18.75%); Amplico OFE (12.62%); Mikrut Rafał (9.25%); Mikrut Piotr (9.25%) Strategy: “Śnieżka” Paints and Varnishes Plant S.A. is currently number two in the industry in Poland, both in terms of quantity and value. Initially, nitro-products, thinners, polyesters, polyvinyl products were made and as time passed, the company range was gradually extended with further products such as: emulsion and phthalic goods, glues, and putties. Even then these high-quality products were popular on the local market.The Company started to operate under the name of “Chemal” S.c. Paints and Varnishes Plant in Brzeźnica in 1990. Firm has two further manufacturing subsidiaries: in Lubzina and in Pustków.

Finance (2009 | 2010 |2011):

in Russia and Ukraine.

Finance (2009 | 2010 |2011):

-134,499

501,839

468,888

527,208

38,844

48,354

Operating Profit

44,119 Net Profit

42,717

29,102

38,416

10,760

15,690

CashFlow from Operations

57,935 CashFlow from Investing

-8,310

-18,203

19,555

-29,515

-17,337

-20,874

447,748

467,372

473,797

159,586

159,549

CashFlow from Financing Total Assets

531,699

550,640

61,507

62,226

40,836

Number of Shares Outstanding

40,734

45,541

17,170

40,452

59,238

-25,734

-29,872

Board: Formanowicz Maciej; Sebastian Zbigniew; Frasyniuk Władysław; Krauz Stanisław; Rocki Marek; Domagalski Tomasz; Dahlem, Klaus Dieter; Coopmann Gert; Rogowski Robert Auditors: Forbiznes Audyt - Lipsz Kępka Zielińska - Biegli rewidenci spółka partnerska Investors’ Contact: (zarzad@forte.com.pl) ul. Biała 1, 07-300 Ostrów Mazowiecka T: 29 644 22 22

Long-term Liabilities

Operating Profit

144,675

Net Profit CashFlow from Operations

72,398 CashFlow from Investing

-23,320 CashFlow from Financing

-53,776

-5,153

-36,710

312,982

365,040

355,838

149,828

145,766

Total Assets Long-term Liabilities

121,451

Number of Shares Outstanding

13,554

13,551

13,551

Board: Mikrut Piotr; Łapiński Zbigniew; Waśko Witold; Pater Jerzy; Pater Anna; Wróbel-Lipa, Joanna; Orłowski Dariusz; Mikrut Stanisław; Cymbor Stanisław Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (sekretariat@sniezka.com) Lubzina 34A, 39-102 Lubzina T: 14 681 11 11

Fabryka Maszyn Famur SA FMF [WIG80] www.famur.com.pl Sector: Manufacturer of mining machinery and equipment Shareholders: Domogała Tomasz (76.96%); ING OFE (6.53%); Aviva OFE (5.60%) Strategy: Famur Group is a world renowned manufacturer of mining machinery and equipment, focusing on complete automation of longwall systems as well as on developing IT-based master systems for managing the coal extraction process from the face to the mine surface.

The primary area of the FAMUR Group’s operations is manufacturing of automated longwall systems enabling the exploitation of coal seams even under the toughest geo-mining conditions.

Finance (2009 | 2010 |2011): Revenues (net)

688,729

23,748

FER [WIG80] www.ferrum.com.pl Sector: Manufacture of pipes for transmission media Shareholders: HW Pietrzak Holding sp. z o.o., Boryszewo Nowe (32.99%); Bajor Sławomir (28.91%); Ferrum SA (5.26%) Strategy: Ferrum is a domestic leader in the manufacture of pipes for transmission media, specializing in the production of welded steel pipes and structural hollow section. They are used in gas industry (especially for the construction of transfer and distribution pipelines), district heating sector, water and sewages (for sewage, drinking water and soline water trans), engineering and construction industry.

Finance (2009 | 2010 |2011): Revenues (net)

295,650

274,091

363,573

13,970

-13,598

12,369

8,845

-9,900

3,946

-28,981

4,048

-5,209

-5,069

10,088

33,351

30,207

303,207

339,122

446,813

178,220

284,699

Operating Profit Net Profit CashFlow from Operations

-7,291 CashFlow from Investing

-4,208 CashFlow from Financing

923,104

Total Assets

84,183

154,365

Long-term Liabilities

102,507 Net Profit

58,027

23,751

Ferrum SA

664,923

Operating Profit

23,748

136,852

80,024

119,184

Number of Shares Outstanding

263,336

156,667

-199,677

-261,012

-90,727

-14,795

28,574

1,053,161

1,277,677

1,213,595

473,917

570,977

Board: Pietrzak Sławomir; Szymczyk Grzegorz; Bilkiewicz Krzysztof; Marszałek Witold; Leśnodorski Bogusław; Stańczyk Przemysław; Chała Piotr; Zuzelski Jarosław Auditors: Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o.

Investors’ Contact: Marek Królik (32 730 42 01; ferrum@ ferrum.com.pl) ul. Porcelanowa 11, 40-246 Katowice T: 32 255 58 42

CashFlow from Operations

47,500 CashFlow from Investing

-17,845 CashFlow from Financing Total Assets Long-term Liabilities

329,640

Number of Shares Outstanding

481,500

481,500

481,500

Board: Zawiszowska Beata; Domogała Jacek; Domogała Tomasz; Uhl Tadeusz; Bednarz Ryszard; Osowski Jacek; Łaski Waldemar; Kisiel Czesław; Tomecki, Ireneusz Wiesław; Wojciechowski Adam Auditors: Deloitte Audyt Sp. z o.o.

Investors’ Contact: (22 327 16 90; famur@genesispr.pl) ul. Armii Krajowej 51, 40-698 Katowice T: 32 359 63 00

Fabryki Mebli Forte SA FTE [WIG80] www.forte.com.pl Sector: Furniture producer Shareholders: MaForm Holding AG (29.53%); Amplico OFE (18.15%); ING OFE (9.91%); Eno Holding GmbH (6.15%); Vita Holding GmbH (5.61%); Revilo Holding GmbH (5.12%) Strategy: The company’s main business is production and wholesale and retail trade of furniture. A significant part of production is exported. The main foreign customers include: Germany, Holland, Belgium, Czech Republic, Slovakia, Ukraine. The company also has a retail company

24,543

24,543

24,543

Firma Oponiarska Dębica SA DBC [WIG80] www.debica.com.pl Sector: Tires Shareholders: Goodyear (66.05%); OFE PZU Złota Jesień (5.82%) Strategy: Dębica S.A. is the leading Polish maker of passenger and commercial tires. It also holds the leading position in the market of all-steel truck tires, off-road tires, for agricultural machinery and other products from the tire industry.

Finance (2009 | 2010 |2011): Revenues (net)

1,422,559

1,793,351

2,321,586

102,930

110,320

134,994

72,029

81,686

90,795

102,409

163,595

-67,853

-98,240

Operating Profit Net Profit CashFlow from Operations

247,522 CashFlow from Investing

-68,973

-61,686

-53,570

1,377,530

1,454,724

609,238

636,494

Total Assets

Revenues (net)

Revenues (net)

526,224

CashFlow from Financing

1,141,820 Long-term Liabilities

393,101

Number of Shares Outstanding

13,803

13,803

13,803

Board: Cichocki Leszek; Pryczek Jacek; Rzonzef Michel; Mataczyński Maciej; Cieszkowski Stanisław; Ferenc, Aleksander Marcin; Wójcik Piotr; Degeer Philippe; Golsong Dominikus; Eggink Raimondo; Archer, Ronald Michael; Bółkowski Radosław Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Mateusz Perec (14 670 28 31; mateusz_perec@goodyear.com) ul. 1-go Maja 1, 39-200 Dębica T: 14 670 28 31

Gant Development SA GNT [WIG80] www.gant.pl Sector: Real estate development Shareholders: Ipopema TFI SA (13.00%); Bieliński Mirosław (13.15%); Antkowiak Karol (10.23%); Zaremba-Śmietański Paweł (5.58%); Gant Development SA (1.66%) Strategy: The company is a holding of several dozen SPVs in real estate development and building activity. The building activity is focused on constructing housing units and business premises as well as on selling and managing the built real estates. It is present in seven Polish cities: Warsaw, Wroclaw, Poznan, Gdansk, Krakow, Opole and Polanica Zdroj.

Finance (2009 | 2010 |2011): Revenues (net)

342,921

156,610

279,335

79,385

26,587

49,767

53,749

7,774

30,630

-40,934

-16,461

-71,874

-11,535

Operating Profit Net Profit CashFlow from Operations

78,946 CashFlow from Investing

-37,684 CashFlow from Financing

-102,491

134,636

15,377

1,413,511

1,562,393

753,633

869,878

Total Assets

1,148,811 Long-term Liabilities

582,169

Number of Shares Outstanding

16,130

20,500

20,500

Board: Berg Luiza; Kain Sven-Torsten; Konopka Janusz; Dudek Tomasz; Sikorska Bogna; Brzeziński Krzysztof; Antkowiak Karol; Szornak Andrzej; Małaszkiewicz Dariusz; Kadłubowski Mirosław; Siemieniuk Adam; Michalski Adam; Jasiński Maciej Auditors: Deloitte Audyt Sp. z o.o.

Investors’ Contact: Andrzej Szornak (inwestor@gant.pl) ul. Rynek 28, 59-220 Legnica T: 76 856 50 27

Herkules SA HRS [WIG80] www.herkules-polska.pl Sector: Crane operation and leasing Shareholders: Kwieciński Tomasz (18.99%); Mieszało Wiesław (12.28%); Koprowski, Jan Maria (1.63%); Żółcik, Grzegorz Piotr (1.20%) Strategy: HERKULES, previously named GASTEL ŻURAWIE S.A., is a joint-stock company established as a result of a merger of EFH ŻURAWIE WIEŻOWE S.A. and GASTEL S.A. Company owns and operates cranes, and targets the commercial real estate sector, and select industry groups (such as wind turbines).

Finance (2009 | 2010 |2011): Operating Profit

13,629

10,590

21,274

2,734

557

10,046

26,325

14,787

Net Profit CashFlow from Operations

18,123 CashFlow from Investing

-22,472

-374

-11,484

4,166

-25,995

-2,154

202,469

315,262

340,273

185,951

158,785

CashFlow from Financing Total Assets Long-term Liabilities

172,095

Number of Shares Outstanding

49,052

108,530

217,061

Board: Żółcik, Grzegorz Piotr; Wysocki Robert; Guzowski Piotr; Kwieciński Tomasz; Oleński Krzysztof; Kwiecińska Beata; Subczyński Mirosław; Koprowski, Jan Maria; Sołdaczuk Jan; Kwieciński Michał

17

EquitiesPoland 2012 Auditors: Kancelaria Rewidentów i Doradców KRD Investors’ Contact: (22 331 82 60;) ul. Annopol 5, 03-236 Warszawa T: 22 331 82 60

Hydrobudowa Polska SA HBP [WIG80] www.hbp-sa.pl Sector: Construction and engineering - water industry Shareholders: PBG SA (63.04%); ING OFE (11.03%) Strategy: HYDROBUDOWA POLSKA S.A. was established as a result of the merger between HYDROBUDOWA Włocławek and Hydrobudowa Śląsk.

Finance (2009 | 2010 |2011): Revenues (net)

1,673,865

Revenues (net)

Revenues (net) Revenues (net)

CashFlow from Financing

135,874

202,379

248,960

23,493

28,438

12,333 10,406

CashFlow from Financing

77,076

-83,398

-92,712

-8,230

Long-term Liabilities

-10,533

17,925

91,036

Number of Shares Outstanding

1,456,080

1,425,946

1,676,397

985,957

1,223,797

1,068,336

Number of Shares Outstanding

210,558

210,558

210,558

Board: Zwierzchowski Andrzej; Wiśniewska Małgorzata; Wilczyński Andrzej; Szkudlarczyk Przemysław; Ciechanowski Jerzy; Krzyżaniak Jacek; Dusiło Jarosław; Damasiewicz Rafał; Hamrol Adam; Obrusiewicz Marek; Czarny-Kropiwnicki Radosław Auditors: Grant Thornton Frąckowiak Sp. z o.o., Poznań Investors’ Contact: Krzysztof Woch (781 859 191; krzysztof.woch@hbp-sa.pl) ul. Skórzewska 35, Wysogotowo, 62-081 Przeźmierowo T: 61 664 19 50

Ideon SA IDE [WIG80] www.ideon.eu Sector: Electric energy, gas and biomass trading Shareholders: CMS SA (14.60%) Strategy: Ideon SA Capital Group consists of companies actively involved in business activities in the energy market, especially in the area of electric energy, gas and biomass trading. We are a legal successor of Centrozap SA, former state foreign trade company founded in 1951, which has executed a large number of commercial contracts in the world’s largest markets.

Finance (2009 | 2010 |2011): Revenues (net)

99,472

236,261

560,590

-26,838

-32,888

-21,101

-35,775

-8,689

-21,752

-9,145

-57,836

Operating Profit Net Profit CashFlow from Operations

-17,599 CashFlow from Investing

-30,672

-14,812

-5,041

CashFlow from Financing

48,663

26,617

62,425

Total Assets

131,628

309,680

322,260

168,782

176,181

Long-term Liabilities

35,800

Number of Shares Outstanding

229,902

305,000

343,491

Board: Nawrocki Ireneusz; Kowalczyk Wiesław; Król Ireneusz; Szotowski Adam; Baraniewski Krzysztof; Konrad-Dziwisz Barbara; Skołożyński Mieczysław; Wysocki Adam; Chojna Jerzy; Jabłoński Mariusz; Dworzecki Zbigniew; Kus Damian Auditors: Revision-Katowice sp. z o.o.

Investors’ Contact: (poczta@ideon.eu) ul. Paderewskiego 32 C 40-282 Katowice T: 32 782 97 71

Integer.pl SA ITG [WIG80] www.integer.pl Sector: Postal and promotional services Shareholders: Brzoska Rafał (41.06%); Generali OFE (10.19%); Kołpa Krzysztof (9.22%); Nordea OFE (5.30%) Strategy: Integer.pl is the leader in the door drops and addressed marketing materials distribution in Poland. We have 109 regional branches and a central warehouse in Piotrków Trybunalski. Their couriers distribute letters and

24,487

64,478

9,061

-10,525

5,304

-3,602

-7,487

-7,733

386,005

408,402

631,175

CashFlow from Investing

-6,164 Total Assets Long-term Liabilities

–

37,087 -53,490

-47,326

-46,003

24,919

24,939

13,022

144,265

199,909

282,849

127,020

186,566

Total Assets

87,895 5,938

5,938

5,938

Board: Brzoska Rafał; Kołpa Krzysztof; Izydorek-Brzoska Anna; Popielski Zbigniew; Abratański Rafał; Setkowicz Krzysztof; Olszewski Artur Auditors: AdAc sp. z o.o., Kraków Investors’ Contact: (biuro@integer.pl) ul. Malborska 130 30-624 Kraków T: 12 619 98 00

Inter Groclin Auto SA GCN [WIG80] www.groclin.com.pl Sector: Car parts, interiors and accessories Shareholders: Drzymała Zbigniew (26.81%); Drzymała Maria (26.81%) Strategy: Inter Groclin Auto produces car seat covers, complete seats for passenger cars, trucks and buses, headrests and armrests, side door panels and trimming elements. Inter Groclin’s products can be found in the passenger cars of each class, starting from small city cars, through large family cars and luxurious models of E and F segment.

Finance (2009 | 2010 |2011): 141,218

180,791

3,885

6,593

Operating Profit

11,034 Net Profit

1,533

516

625

-3,758

-17,148

9,601

12,902

-33,862

-10,105

-1,348

283,877

277,606

288,241

93,437

97,262

CashFlow from Operations

15,614

28,929

29,342

29,555

J.W. Construction Holding SA JWC [WIG80] www.jwconstruction.com.pl Sector: Residential and commercial real estate development Shareholders: Wojciechowski Józef (62.84%); Pioneer Pekao Investment Management SA (9.99%); PKO TFI SA (6.00%) Strategy: J.W. Construction Holding S.A. debuted on WSE in June 2007. Primarily a residential real estate developer but also developing offices. Family houses finished by the company exceed 25,000 apartments and 350 houses.

Finance (2009 | 2010 |2011): Revenues (net)

713,284

620,026

378,632

142,732

142,422

63,865

100,397

92,012

31,256

217,127

56,379

-132,236

-80,581

-43,980

-875

1,382,179

1,380,806

919,634

887,358

Operating Profit Net Profit CashFlow from Operations

108,900 CashFlow from Investing

-15,265 CashFlow from Financing

-103,159 Total Assets

1,522,963 Long-term Liabilities

Revenues (net)

171,015

–

Board: Lewandowski Jacek; Piskorski Mariusz; Borys Mirosław; Waczkowski Stanisław; Jonak Jacek; Miler Roman; Diemko Janusz; Kryca Bogdan; Sliwinski Wiktor Auditors: Investors’ Contact: (ipopema@ipopema.pl) ul. Waliców 11, 00-851 Warszawa T: 22 583 92 98

14,663

Long-term Liabilities

18,002

12,918

19,340

7,927

Total Assets

11,756 CashFlow from Operations

28,258

96,152

CashFlow from Financing

30,547

Number of Shares Outstanding

CashFlow from Investing

-16,296

26,381

22,971

45,506

CashFlow from Investing

15,144 Net Profit

16,344

47,917

35,813

112,338

CashFlow from Operations

113,486 CashFlow from Operations

100,451

Net Profit

1,809,532

Net Profit

70,503 Operating Profit

Operating Profit

1,581,632

Operating Profit

18

parcels in more than 500 towns and cities across Poland; distribute about 90m handbills and leaflets a month.

Cooperates with the largest chain stores in Poland, such as Auchan, Elea, Leclerc, Lidl, or Real. Since October 2004, Integer.pl has been a company listed on the Warsaw Stock Exchange. The money collected in the public issue of shares was invested in the development and modernisation of the services offered by the company.

Finance (2009 | 2010 |2011):

CashFlow from Investing

19,928 CashFlow from Financing Total Assets

1,151,448

Number of Shares Outstanding

54,698

54,073

54,073

Board: Rajchert Wojciech; Wojciechowski Józef; Podsiadło Andrzej; Król Jarosław; Panabażys Tomasz; Wójcik Robert; Oleksy Józef; Michnicki Marcin; Łopuszyńska Irmina; Malinowska, Bożena Regina; Starzyńska Magdalena Auditors: BDO sp. z o.o.

Investors’ Contact: Małgorzata Szwarc-Sroka (22 771 77 77; relacje.inwestorskie@jwconstruction.com.pl) ul. Radzymińska 326, 05-091 Ząbki T: 22 771 77 77

Long-term Liabilities

101,985

Number of Shares Outstanding

5,500

5,500

5,500

Board: Drzymała Monika; Drzymała Zbigniew; Frąckowiak Waldemar; Jordan Krzysztof; Witkowski Wojciech; Brzeziński Janusz; Sikorska Barbara; Doliwa Mirosława Auditors: CGS Audytor sp. z o.o., Poznań Investors’ Contact: (61 443 63 66 ; e.nowak@groclin. com.pl) ul. Jeziorna 3, 64-200 Wolsztyn Karpicko T: 61 443 61 00

Ipopema Securities SA IPE [WIG80] www.ipopema.pl Sector: Financial intermediary Shareholders: Lewandowski Jacek (21.38%); Ipopema TFI SA (17.05%); Waczkowski Stanisław (10.63%); OFE PZU Złota Jesień (7.61%); Lewandowska Katarzyna (7.06%); TFI Allianz Polska SA (6.50%); Aviva OFE (5.28%); Borys Mirosław (3.26%); Piskorski Mariusz (2.35%); Kryca Bogdan (1.49%) Strategy: Ranking among Poland’s fastest developing financial institutions, IPOPEMA Securities S.A. specializes in investment banking services and brokerage services as well as company analyses. The IPOPEMA Group also includes the IPOPEMA Towarzystwo Funduszy Inwestycyjnych - fully owned by IPOPEMA Securities, IPOPEMA Asset Management, and IPOPEMA Business Consulting.

Finance (2009 | 2010 |2011):

Koelner SA KLR [WIG80] www.koelner.pl Sector: Mechanical fasteners Shareholders: Amicus Poliniae sp. z o.o. (58.66%); ING OFE (8.72%); BZ WBK Asset Management SA (7.91%); OFE Polsat (5.01%); Koelner Radosław (1.67%) Strategy: Koelner Group is an international holding company, comprising manufacturing and distribution companies from 16 countries worldwide. Distribution range of products offered by the group comprises approximately of 50 countries on five continents. Koelner Group develops innovative solutions for fastening techniques, their design, production and distribution. The Group’s product portfolio includes high-quality mechanical fasteners, threaded products, chemical anchors, drills, circular saws , tools and power tools.

Finance (2009 | 2010 |2011): Revenues (net)

529,715

559,632

662,165

18,216

50,544

Operating Profit

11,049 Net Profit

-9,325

-2,389

68,231

32,483

50,702

-9,308

-22,664

-17,955

-19,848

CashFlow from Operations

68,302 CashFlow from Investing

-9,592 CashFlow from Financing

-58,076

EquitiesPoland 2012 Total Assets

654,229

649,180

751,200

361,454

378,656

Long-term Liabilities

361,802

Number of Shares Outstanding

32,560

32,560

32,560

Board: Koelner Radosław; Pamuła Zbigniew; Szczypiński Zbigniew; Arkuszewski Wojciech; Kopydłowski Piotr; Koelner Przemysław; Koelner Krystyna; Mogilski Tomasz; Stabiszewski Zbigniew Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka komandytowa Investors’ Contact: Piotr Kopydłowski (71 326 01 00 w.

119; piotr.kopydlowski@koelner.pl) ul. Kwidyńska 6, 51-416 Wrocław T: 71 326 01 00

46A Avenue J-F. Kennedy, L-1855 Luksemburg, Luksemburg T: 352 427 1711

LC Corp SA LCC [WIG80] www.lcc.pl Sector: Real estate development Shareholders: Czarnecki Leszek (51.19%); Aviva OFE (8.22%); ING OFE (7.30%); OFE PZU Złota Jesień (5.38%) Strategy: LC Corp SA controls a group of developer companies, implementing residential and commercial investments in the largest cities in Poland, such as Warsaw, Wroclaw, Krakow, Lodz, and Gdansk. Since 29 June 2007 LC Corp SA has been listed on the Warsaw Stock Exchange.

Finance (2009 | 2010 |2011): Revenues (net)

113,765

Kruk SA KRU [WIG80] www.kruksa.pl Sector: Debt collection Shareholders: Polish Enterprise Fund IV, LP (24.83%); Krupa Piotr (15.71%); Generali OFE (5.12%) Strategy: KRUK is a bulk debt collection company.

Purchasing and collection of past due consumer debt portfolios (mainly banking receivables) is KRUK’s largest business segment (84% of revenues in 2011). The second key business segment is contingency debt collection where revenues are commission-based. KRUK is the owner of Rejestr Dłużników ERIF (ERIF Register of Debtors), one of three licensed credit information bureaus in Poland.

Finance (2009 | 2010 |2011): Revenues (net)

128,575

42,636

23,411

36,078

Net Profit CashFlow from Operations

53,981

-46,690

CashFlow from Investing

-3,652

-47,354

65,943

100,640

-45,134

49,557

61,318

Operating Profit Net Profit CashFlow from Operations

4,171

51,927

-42,896

114,702

-2,738

-9,347

-86,871

77,127

1,301,785

1,278,942

1,467,371

307,521

433,941

CashFlow from Investing

-17,366 CashFlow from Financing Total Assets Long-term Liabilities

380,912

Number of Shares Outstanding

447,558

447,558

447,558

-6,226

CashFlow from Financing

-51,598

49,897

207,930

317,553

LBW [WIG80]

Long-term Liabilities

185,539

Number of Shares Outstanding

1,452

1,452

Board: Krupa Piotr; Janiak Rafał; Kułton Agnieszka; Okarma Urszula; Słomska Iwona; Zasępa Michał; Prończuk Dariusz; Kawalec Krzysztof; Stępniak Piotr; Małek Wojciech; Wancer Józef Auditors: KPMG Audyt Sp. z o.o. Sp.k.

Investors’ Contact: Michał Zasępa (71 790 28 51; ir@ kruksa.pl) ul. Legnicka 56, 54-204 Wrocław T: 71 790 28 00

www.lubawa.com.pl Sector: Ballistic protection equipment Shareholders: Silver Hexarion Holdings Limited (26.57%); Litwin Stanisław (5.59%); Łukjanow Jacek (5.21%); Fijałkowski Krzysztof (4.99%) Strategy: Experts in the field of ballistic protection, technical and pneumatic tents as well as special coated fabrics. The experience of Lubawa has been confirmed

by NATO certificates, quality management standards as well as special production and trade controlling systems.

Substantial export sales.

Finance (2009 | 2010 |2011): Revenues (net)

–

38,242

164,005

–

-2,288

9,597

–

-4,971

39,726

1,074

6,939

-1,286

-24,463

Operating Profit

KSG Agro SA KSG [WIG80] www.ksgagro.com Sector: Agriculture Shareholders: Kasianow Sergiy (65.65%); Generali OFE (10.00%); ING TFI SA (5.30%) Strategy: KSG Аgro is one of the largest vertically integrated agricultural groups in the Dnipropetrovsk region, which works almost in all segments of the agricultural market, including production, storage, processing, and sale of the agricultural products.

Finance (2009 | 2010 |2011): Revenues (net)

18,036

32,547

Operating Profit

5,240

11,607

2,287

9,362

Net Profit CashFlow from Operations

1,306

10,027

CashFlow from Investing

-654 -873

-11,802

26,133

26,330

Total Assets Long-term Liabilities

21,135

14,668

Number of Shares Outstanding

3,100

Net Profit CashFlow from Operations

– CashFlow from Investing

– CashFlow from Financing

–

-465

14,075

–

62,637

306,631

13,520

114,680

Total Assets Long-term Liabilities

–

Number of Shares Outstanding

–

81,770

109,270

Board: Ostaszewski Piotr; Kois Paweł; Kubica Marcin; Politowski Zygmunt; Szkurłat Piotr; Litwin Łukasz; Szpak Jarosław Auditors: MW Rafin Marian Wcisło SK Investors’ Contact: (ri@lubawa.com.pl) ul. Staroprzygodzka 117, 64-400 Ostrów Wielkopolski T: 62 737 57 00

-759

CashFlow from Financing

3,100

Board: Kasianow Sergiy; Mazin Sergii; Draganchiuk Vladimir; Kozenko Irina; Palivoda Irina; Velichko Larisa; Wasiluk, Waldemar Cezary; Colett Konstancja; Galii Christophe Auditors: BDO LLC Investors’ Contact: Aleksandr Perov (aperov@ksgagro.com)

Mennica Polska SA MNC [WIG80] www.mennica.com.pl Sector: Mintage of coins and currency Shareholders: Jakubas Zbigniew (45.63%); Mennica Polska SA (12.35%); ING OFE (6.47%); Amplico OFE (6.19%); OFE PZU Złota Jesień (5.98%) Strategy: Since 1766, Mennica Polska S.A. has been a leading issuer of coins and collector items both in Poland and in Europe. Currently, Mennica Polska S.A. is the sole issuer of circulation and collector coins emitted by the National Bank of Poland. The designers and the minters complete orders for foreign emitters and numismatic firms as well.

Finance (2009 | 2010 |2011): Revenues (net)

1,040,073

850,915

1,422,176

121,696

58,707

73,946

99,278

41,460

58,228

Operating Profit Net Profit CashFlow from Operations

96,557

58,050

31,491

43,094

-168,359

-31,366

-65,664

76,926

521,505

533,314

751,919

116,019

320,248

CashFlow from Investing

-44,768 CashFlow from Financing Total Assets

Lubawa SA

Total Assets

107,894

146,736

Board: Czarnecki Leszek; Niedośpiał Dariusz; Czarnecki Ludwik; Błażejewski Andrzej; Baliński Remigiusz; Jaskólska Joanna; Wróbel Tomasz; Kujawski Mirosław; Dorenda Zbigniew Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (gielda@lcc.pl) ul. Powstańców Śląskich 2-4, 53-333 Wrocław T: 71 798 80 10

164,281

Operating Profit

31,723

156,202

ture) and MCI Gandalf Aktywnej Alokacji SFIO (absolute return). The value of MCI’s AUM exceeds 800 million PLN. The MCI Group has so far closed over 50 investment projects, and over 20 full exits.

Finance (2009 | 2010 |2011): Board: Czechowicz Tomasz; Siewierski Wojciech; Sitnik Konrad; Janiszewski, Hubert Andrzej; Janik Sylwester; Góra Marek; Pasecka Magdalena; Dąbrowski Jarosław; Adamiuk Dariusz Auditors: Grant Thornton Frąckowiak Sp. z o.o., Poznań Investors’ Contact: Barbara Kocot-Ilka (697 888 101; ilka@mci.eu) ul. Emili Plater 53, 00-113 Warszawa T: 22 540 73 80

MCI Management SA MCI [WIG80] www.mci.pl Sector: Private equity investments Shareholders: Czechowicz Tomasz (45.60%); Quercus TFI SA (5.28%); MCI Management SA (2.94%) Strategy: MCI is a private equity groups operating in CEE, managing a diversified portfolio of alternative assets. Currently MCI manages 7 funds: MCI.EuroVentures (expansion, buy-out), MCI.TechVentures (growth, expansion), MCI.BioVentures (growth, expansion), Helix Ventures Partners (seed, start-up), Internet Ventures (early stage, growth), MCI.ImmoVentures (real estate, infrastruc-

Long-term Liabilities

93,210

Number of Shares Outstanding

6,570

5,914

59,138

Board: Jakubas Zbigniew; Sissons Barbara; Kula Leszek; Felbur Marek; Sendecki Piotr; Brukszo Paweł; Panek Mirosław; Zambrzycki Grzegorz Auditors: Misters Audytor Adviser Sp. z o.o.

Investors’ Contact: Mariusz Przybylski (22 656 40 00; mariusz_przybylski@mennica.com.pl) ul. Pereca 21, 00-958 Warszawa T: 22 656 40 00

Milkiland NV MLK [WIG80] www.milkiland.com Sector: Milk and cheese production Shareholders: 1 Inc. Cooperatief U.A. (72.79%); ING OFE (5.50%) Strategy: Milkiland is a diversified dairy producer operating in Russia and Ukraine, with a wide range of dairy products such as fresh dairy, cheese, and butter. Every day supplies over 500 tons of high quality fresh dairy, cheese and butter to more than 10,000 retail stores across Russia, Ukraine and other CIS countries - from the firm’s 11 factories.

Finance (2009 | 2010 |2011) [in: EUR] Revenues (net)

200,008

258,495

Operating Profit

22,202

34,827

8,109

21,777

Net Profit CashFlow from Operations

8,724

14,553

CashFlow from Investing

-2,045

-13,807

CashFlow from Financing

-2,918

30,127

184,048

267,934

Total Assets Long-term Liabilities

133,838

144,956

Number of Shares Outstanding

25,000

31,250

Board: Yurkevych Anatoliy; Yurkevych Olga; Rekov Vyacheslav; Yokhym Pavlo; van Walt Meijer, Willem Auditors: BDO Audit & Assurance B.V. Investors’ Contact: Sergey Trifonov (380 44 369 5238; ir@ milkiland.com) Reinwardtstraat 232, 1093 H Amsterdam, Holland T: 380 443 69 5254

19

EquitiesPoland 2012 Revenues (net)

Mirbud SA MRB [WIG80] www.mirbud.com.pl Sector: General contractor and residential developer Shareholders: Mirgos Jerzy (42.52%); Pioneer Pekao Investment Management SA (8.23%) Strategy: The company acts mainly as a general contractor.

The scope of construction and assembly services offered to clients includes such sectors as: Housing; Public utility buildings; Production, services, commercial facilities; Engineering and road construction works. Since 2006, Mirbud S.A. has entered residential development.

Finance (2009 | 2010 |2011):

2,712,141

301,443

548,468

24,688

42,381

41,270

181,230

13,942

26,536

25,192

36,100

-32,966

-126,715

-9,659

31,693

93,390

48,873

281,158

433,334

610,878

242,985

343,248

CashFlow from Operations

-12,017 CashFlow from Investing

-16,472 CashFlow from Financing Total Assets Long-term Liabilities

205,037

Number of Shares Outstanding

45,000

75,000

75,000

Board: Mirgos, Halina Zofia; Zakrzewski Andrzej; Bujnowska, Agnieszka Maria; Jankowski Dariusz; Borzykowski Waldemar; Jóźwiak Agnieszka Auditors: Bggm Audyt sp.zo.o.

Investors’ Contact: (sekretariat@mirbud.com.pl ) ul. Unii Europejskiej 18, 96-100 Skierniewice T: 46 833 98 28

MNI SA MNI [WIG80] www.mni.pl Sector: Telecommunications Shareholders: Piechocki Andrzej (34.01%); Aviva Investors Poland SA (7.43%); Piechocka Agata (5.26%); MNI SA (3.66%) Strategy: MNI S.A. is an investment company in telecommunications, media, mobile tech and tourism industries.

Currently, MNI SA serves as a holding company, which is responsible for financial management of subsidiaries and strategic supervision over their development. It is also the largest shareholder in two other entities listed on the Warsaw Stock Exchange - MIT Mobile Internet Technology SA and through its subsidiary MNI Telecom SA in Hyperion SA Finance (2009 | 2010 |2011): Revenues (net)

252,593

289,392

357,619

39,035

69,853

62,821

33,133

52,439

31,386

63,663

44,594

Operating Profit Net Profit CashFlow from Operations

51,562 CashFlow from Investing

-40,246

-112,607

-8,534

-20,076

50,578

-32,059

454,572

691,846

793,967

295,949

344,969

CashFlow from Financing Total Assets Long-term Liabilities

193,097

Number of Shares Outstanding

90,286

98,946

98,946

Board: Malinowski Marek; Tomczak Michał; Piechocki Andrzej; Gwiazdowski Robert; Rywin Marcin; Gadkowski Krzysztof; Wojnicz Kajetan Auditors: Grant Thornton Frąckowiak Sp. z o.o., Poznań Investors’ Contact: (sekretariat@mni.pl) ul. Żurawia 8, 00-503 Warszawa T: 22 583 37 44

Mostostal Warszawa SA MSW [WIG80] www.mostostal.waw.pl Sector: General contractor Shareholders: Acciona SA, Hiszpania (50.09%); OFE PZU Złota Jesień (17.13%); Aviva OFE (5.09%) Strategy: The Mostostal Warszawa Group is active in all basic sectors of the construction market. It acts as a general contractor of investment projects and provides turnkey execution of construction assignments for local and foreign investors.

Finance (2009 | 2010 |2011):

208,919

-61,520

84,333

-144,767

2,161,082

2,459,339

2,707,972

1,984,117

2,183,548

Long-term Liabilities

117,309

62,488

-124,530

127,356

-192,612

CashFlow from Operations

213,780 -69,467

-36,061

-8,973

-24,376

-60,416

42,681

1,504,919

1,627,475

1,939,793

1,039,814

1,493,210

CashFlow from Financing Total Assets Long-term Liabilities

948,775

Number of Shares Outstanding

20,000

20,000

20,000

Board: Balfour, Neil Roxburgh; Wysłocki Leszek; Gawryś Piotr; Solano, Miguel Vegas; Llorente, Fernando Minguez; Vazquez, Francisco Adalberto Claudio; Sitkiewicz Andrzej; Mateos, Jose Manuel Terceiro; Lopez, Jose Angel Andres; Szymanek Jacek Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: (info@mostostal.waw.pl) ul. Konstruktorska 11A, 02-673 Warszawa T: 22 548 56 00

Mostostal Zabrze - Holding SA MSZ [WIG80] www.mostostal.zabrze.pl Sector: General contractor Shareholders: Opach Zbigniew (31.55%); Jędrzejewski Krzysztof (23.13%); ING OFE (5.96%); Mostostal Zabrze Holding SA (3.16%); Farmus Eliza (1.70%) Strategy: Core business includes comprehensive contracting of various facilities and subcontracting of specialist work within the industrial sector, power engineering, environmental protection, public utility facilities and transport infrastructure sectors. Provides services within the scope of training, verification and extension of welders’ qualifications, transport and lifting equipment, e.g. cranes as well as fabrication of aluminium elements.

Finance (2009 | 2010 |2011): 891,269

929,916

54,893

14,545

37,510

38,181

6,680

27,855

32,800

-99,881

Operating Profit Net Profit CashFlow from Operations

69,430 CashFlow from Investing

-27,208

-14,388

-13,923

-33,150

-2,775

28,703

624,392

724,860

660,955

478,598

397,639

CashFlow from Financing Total Assets Long-term Liabilities

361,869

Number of Shares Outstanding

149,131

149,131

149,131

Board: Opach Zbigniew; Panek Mirosław; Farmus Eliza; Balcer Aleksander; Kucharski Artur; Wieszołek Jarosław; Litwiński Maciej; Bobrowski Bogusław Auditors: Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o.

Investors’ Contact: Anna Hadzik-Rozmus (32 373 43 39; Anna.Hadzik-Rozmus@mz.pl) ul. Wolności 191, 41-800 Zabrze T: 32 271 32 21

Narodowy Fundusz Inwestycyjny Empik Media & Fashion SA EMF [WIG80] www.emf-group.eu Sector: Holding company - retailer Shareholders: Penta Investments Ltd. (33.41%); Empik Centrum Investments SA (31.35%); ING OFE (17.24%); ECI Holdings S.a.r.l. (9.58%) Strategy: Empik Media & Fashion Group (EM&F Group) is a leading distributor of products from the following categories: media, entertainment, clothing, shoes, children’s toys and accessories, and language courses and cosmetics. The Group is composed of operating and retail companies with NFI Empik Media & Fashion S.A. as a holding company.

Finance (2009 | 2010 |2011): Revenues (net)

2,719,527

103,730

104,035

104,035

Board: Szumański Andrzej; Bagiński Jacek; Stolarczyk Dariusz; Drozd Maciej; Prokopowicz Zbigniew; Dyjas Maciej; Szymański Maciej; Kampa Fabian; Grom Michał; Janov Jozef; Modecki Marek; Haluza Radim; Szubert Filip Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Katarzyna Perzak (22 461 08 51; katarzyna.perzak@emf-group.eu) ul. Żurawia 8, 00-503 Warszawa T: 22 583 37 71

Narodowy Fundusz Inwestycyjny Krezus SA KZS [WIG80] www.nfikrezus.pl Sector: Financial intermediary Shareholders: Karkosik, Roman Krzysztof (49.12%); Karkosik Grażyna (28.56%) Strategy: Initially the National Investment Fund Krezus S.A. has operated as restructuring fund controlling over 30 companies of different industry branches. At present it has focused on investments in trades and services sector. In 2007 by the resolution of the General Meeting the name of the Fund was changed: from Second National Investment Fund S.A. to National Investment Fund Krezus S.A. Finance (2009 | 2010 |2011): Revenues (net)

14,791

14,791

-11,727

4,537

4,537

-22,093

6,301

6,301

-18,096

384

-84

Operating Profit Net Profit CashFlow from Operations

384 CashFlow from Investing

–

–

CashFlow from Financing

-103

-103

73,203

73,203

54,656

1,833

1,383

54,703

54,703

Total Assets

Revenues (net)

983,991

1,667,792

Number of Shares Outstanding

CashFlow from Investing

Long-term Liabilities

1,833 Number of Shares Outstanding

54,703

Board: Zielińska-Dalasińska Agnieszka; Krohn Marlena; Jackowska Daria; Pakulski Damian; Urbaniak Agnieszka; Jakubowski Wiesław Auditors: Europejskie Centrum Audytu sp. z o.o., Kraków Investors’ Contact: (biuro@nfikrezus.pl) ul. M. Skłodowskiej-Curie 73 87-100 Toruń T: 22 656 26 62

Narodowy Fundusz Inwestycyjny Octava SA 08N [WIG80] www.octava.com.pl Sector: Financial intermediary Shareholders: Elliott International LP (37.44%); NFI Octava SA (25.11%); ING OFE (5.88%) Strategy: NFI OCTAVA S.A. is an investment fund listed on the Warsaw Stock Exchange since 1997. Initially a restructuring fund with controlling interests in over 30 companies from various sectors, in 2004 OCTAVA entered the real estate market as an active financial investor. Main investment targets are medium term, medium size real estate projects which allow for value creation through full scale development or redevelopment.

Finance (2009 | 2010 |2011): Revenues (net)

-69,477

53,591

176,610

-78,855

45,159

160,816

-53,835

7,486

131,521

7,011

276,087

Operating Profit Net Profit CashFlow from Operations

58,782 CashFlow from Investing

–

–

CashFlow from Financing

150,203

-31,247

-183,184

1,083,459

507,075

575,900

20,033

Total Assets

1,129,080 Long-term Liabilities

2,908,217

3,224,493

83,391

141,581

66,264

Number of Shares Outstanding

50,598

74,779

32,971

Board: Wieczorkiewicz Andrzej; Kryca Bogdan; Rymaszewski Piotr; DeBenedetti, Charles David; Chojnacki Arkadiusz; Gunn Iain; Sliwinski Wiktor Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka

Operating Profit Net Profit CashFlow from Operations

76,684

44,666

200,838

-163,806

-174,070

CashFlow from Investing

51,115

20

-66,709 Total Assets

Net Profit

Operating Profit Net Profit

3,396,338

Operating Profit

Revenues (net)

214,492

CashFlow from Financing

2,570,369

600,886 125,844

125,844

125,844

EquitiesPoland 2012 komandytowa Investors’ Contact: (fundusz@octava.com.pl) ul. Wspólna 47/49 00-684 Warszawa T: 22 356 18 90

Finance (2009 | 2010 |2011): 28,302

320,300

409,386

79,873

97,439

108,402

64,922

77,561

90,113

63,057

140,890

Operating Profit Net Profit CashFlow from Operations CashFlow from Investing

-6,013

-12,659

-188,192

-34,330

-59,954

75,137

112,214

135,474

599,194

47,410

341,402

CashFlow from Financing Total Assets Long-term Liabilities

46,711

Number of Shares Outstanding

500

50,000

54,250

Board: Spyra Krzysztof; Sokalski Krzysztof; Gradowski Wojciech; Baliński Remigiusz; Niedośpiał Dariusz; Augustyniak Jarosław; Kaczałko Marek; Tymoszyk Krzysztof Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (ir@open.pl) ul. Domaniewska 39 02-672 Warszawa T: 22 541 51 00 OBL [WIG80] www.orzel-bialy.com.pl Sector: recycling of used lead-acid batteries Shareholders: NEF Battery Holdings (60.67%); ING OFE (6.04%); OFE PZU Złota Jesień (5.41%) Strategy: Orzeł Biały specializes in the recycling of used lead-acid batteries and other lead-bearing materials. Its customers are mainly manufacturers of batteries.

Finance (2009 | 2010 |2011): Revenues (net)

383,634

47,833

41,830

Operating Profit

18,829 14,545

38,542

-41,748

35,490

9,304

-4,035

-17,437

-1,467

-5,085

-10,134

242,196

286,726

329,805

74,389

65,845

CashFlow from Investing

-7,358 CashFlow from Financing Total Assets Long-term Liabilities

64,720

Number of Shares Outstanding

16,642

16,642

16,617

Board: Rybakiewicz Zbigniew; Lewicki Tomasz; Wolarek Józef; Błażejewska Agnieszka; Wojtaszek, Tomasz Jakub; Mellinger Pierre; Opawski Krzysztof; Waliszewski Leszek; Bogucki Marek Auditors: Mazars & Guerard Audyt sp. z o.o., Warszawa Investors’ Contact: Łukasz Wójcik (509 945 906; lwojcik@nbs.com.pl) ul. Siemianowicka 98 41-902 Bytom T: 32 281 34 81

Ovostar Union N.V. OVO [WIG80] www.ovostar.ua Sector: Agroindustrial Shareholders: Prime One Capital Ltd. (75.00%); Generali OFE (12.15%) Strategy: Ovostar Union is one of Ukraine’s leading agroindustrial companies, entering Top 3 Ukrainian egg producers. Vertically integrated business model.

1,369,489

5,250

Number of Shares Outstanding

5,152

1,872,896 1,355,583 49,624

CashFlow from Investing

-808

-687

CashFlow from Financing

-3,406

-4,656

41,806

40,804

Total Assets Long-term Liabilities

11,797

9,379

Number of Shares Outstanding

6,000

6,000

Board: Belikow Boris; Weresenko Witalij; van Campen, Marc; Bakumenko Oleksandr; Malowana Natalia; Woron Witalij; Doroszew Jurij; Własniuk Natalia; Czerniak Lilia; Procyszyn Wiaczesław; Ukraińskij Dymitro Auditors: Investors’ Contact: Ekaterina Pavlovskaya (38 044 354 29 60; e.pavlovskaya@invest.ovostar.ua) Koningslaan 17 1075 A Amsterdam Holland T: 312 067 31 090

Pelion SA PEL [WIG80] www.pelion.eu Sector: Pharmaceuticals distribution Shareholders: Szwajcowski Jacek (10.03%); Legg Mason Zarządzanie Aktywami SA (9.68%); ING OFE (8.98%); Aviva OFE (8.16%); Molenda Zbigniew (6.08%) Strategy: Pelion Healthcare Group, formerly Polska Grupa Farmaceutyczna S.A., has been present on the market for twenty-one years now. Today, the Pelion Healthcare Group is one of the largest groups operating on the healthcare markets in Poland, Lithuania, and the United Kingdom.

Its services cover all market segments (wholesale, retail sale and sale to hospitals) and are targeted at individual patients, pharmacies, hospitals and manufacturers.

Finance (2009 | 2010 |2011): 5,427,373

5,799,423

6,569,927

114,579

112,712

96,368

63,815

70,663

80,231

56,759

256,738

27,350

-46,676

-118,623

-146,096

2,339,196

2,474,487

1,873,119

1,934,211

Operating Profit Net Profit CashFlow from Operations

234,977 CashFlow from Investing

33,359 CashFlow from Financing

-204,211 2,191,370 1,779,090

36,161

1,935,970

1,356,297

Long-term Liabilities

Number of Shares Outstanding

CashFlow from Operations

1,852,471

9,731

Long-term Liabilities

Net Profit

-142,084

2,695

Total Assets

332,246

-103,517

Total Assets

Revenues (net)

Orzeł Biały SA

198,521

274,963

9,504

CashFlow from Operations

Revenues (net) Revenues (net)

-33,602

3,613 Net Profit

www.open.pl Sector: Financial intermediary Shareholders: Getin Noble Bank SA (48.84%); ING TFI SA (6.32%); Amplico OFE (5.92%); Czarnecki Leszek (5.53%) Strategy: The company operates in the field of financial advisory services, assisting consumers in finding the optimal financial solutions for them. The company does not offer its own financial products, but specializes in the “independent financial advice”.

Finance (2009 | 2010 |2011):

-21,091

CashFlow from Financing

38,170

Operating Profit

OPF [WIG80]

60,554

-255,019

Revenues (net)

Open Finance SA

267,073

CashFlow from Investing

12,335

12,230

12,248

Board: Szwajcowski Jacek; Molenda Zbigniew; Leszczyński Jerzy; Kalinka, Jan Aleksander; Przystalski Ignacy; Janiszewski, Hubert Andrzej; Dauenhauer Jacek; Tucharz Jacek; Pyśkiewicz Sylwia; Biendara Anna Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (investor_relations@pelion.eu) ul. Zbąszyńska 3, 91-342 Łódź T: 42 613 34 44

Pfleiderer Grajewo SA GRJ [WIG80] www.pfleiderer.pl Sector: Producer of resins Shareholders: Pfleiderer Service GmbH (65.10%); Aviva OFE (9.93%); ING OFE (5.31%) Strategy: Pfleiderer Grajewo SA Group has been the central-European Business Centre of the Pfleiderer concern for almost six years. It consists of factories in Grajewo, Wieruszów, Veliky Novgorod (Russia), factory of adhesive resins and hardeners “Silekol” in Kędzierzyn Koźle and a shipping company Jura Polska.

Finance (2009 | 2010 |2011): Revenues (net)

1,233,832

1,390,388

1,725,231

13,142

47,100

136,205

-40,218

-15,183

33,208

113,612

175,404

Operating Profit Net Profit CashFlow from Operations

-3,019

49,624

49,624

Board: Overdiek, Hans H.; Karcz Rafał; Tomaszewski Dariusz; Wolff Michael; Gątkiewicz Wojciech; Wierzbicki Radosław; Woźniak Jan; von Werder, Hans-Kurt; Schapka Jochen Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Katarzyna Sadowska (22 440 14 40; pfleiderer@ccgroup.com.pl) ul. Wiórowa 1, 19-203 Grajewo T: 86 272 96 00

Polish Energy Partners SA PEP [WIG80] www.pepsa.com.pl Sector: Energy distribution and production Shareholders: Generali OFE (18.04%); ING OFE (10.64%); Pioneer Pekao Investment Management SA (10.63%); Aviva OFE (10.10%); Aviva Investors Poland SA (5.03%) Strategy: PEP offers its services in two main segments of the energy market: outsourcing the production of energy in combination for industrial customers (in particular for the paper industry) and the generation and supply, renewable energy from biomass and wind. The Company estimates that it has more than 70% of industrial energy outsourcing market in Poland, and more than 5% of renewable energy is produced in sources managed by it.

Finance (2009 | 2010 |2011): Revenues (net)

106,141

175,966

215,964

40,437

78,971

93,455

46,866

61,563

69,633

22,260

50,152

Operating Profit Net Profit CashFlow from Operations

35,456 CashFlow from Investing

-24,973

-87,238

-156,407

37,205

53,069

191,212

664,986

812,128

1,163,552

507,812

740,411

CashFlow from Financing Total Assets Long-term Liabilities

429,645

Number of Shares Outstanding

19,259

19,259

21,314

Board: Kwarcińska Anna; Kozłowski Michał; Prokopowicz Zbigniew; Sobolewski, Krzysztof Robert; Kaczmarczyk Krzysztof; Fijołek Robert; Gabryjelski Marek; Dzik Zofia; Krawczyk Dariusz Auditors: KPMG Audyt Sp. z o.o.

Investors’ Contact: (info@pepsa.com.pl) ul. Wiernicza 169, 02-952 Warszawa T: 22 840 75 70

Polnord SA PND [WIG80] www.polnord.pl Sector: Construction and property development Shareholders: Prokom Investments SA (33.44%); Templeton Asset Management Ltd. (11.57%) Strategy: POLNORD SA is one of the most experienced in the construction and property development companies in Poland. It was founded in 1977 as an office building in exports of general contractor. Active in both residential and office development sectors.

Finance (2009 | 2010 |2011): Revenues (net)

221,282

180,264

289,109

48,130

76,370

Operating Profit

104,907 Net Profit

63,634

51,562

70,859

-48,841

85,543

66,757

-4,513

-24,904

-80,397

2,140,775

2,221,231

981,268

938,658

CashFlow from Operations

-86,434 CashFlow from Investing

-37,581 CashFlow from Financing

151,985 Total Assets

2,022,481 Long-term Liabilities

895,811

Number of Shares Outstanding

22,178

22,218

22,394

Board: Ratnicka-Kiczka, Barbara Halina; Wesołowski Piotr; Walendziak Wiesław; Podgórski, Andrzej Tadeusz; Grelowski Maciej; Buzuk Tomasz; Świerczyński Michał;

21

EquitiesPoland 2012 Juszczak Rafał; Spark Andre; Puzdrowski Bartosz; Krauze Ryszard; Dukaczewski Marcin; Sęczkowski Przemysław Auditors: BDO sp. z o.o.

Investors’ Contact: Anna Kreft (58 628 89 50; ir@polnord. pl) ul. Śląska 35/37, 81-310 Gdynia T: 58 628 89 50

Polski Koncern Mięsny Duda SA DUD [WIG80] www.pkmduda.pl Sector: Meat processing Shareholders: ING Bank Śląski SA (10.78%); Kredyt Bank SA (10.26%); Bank Handlowy SA (7.32%); BZ WBK Asset Management SA (4.99%); Duda-Jankowiak, Bogna Maria (1.79%) Strategy: Polski Koncern Mięsny DUDA is the largest company in Poland in the red meat slaughtering and packaging industry (pork, beef, game). The Company controls and is the most important part of the capital group now made up of about 30 companies operating in the agricultural and food sectors all over Poland.

Finance (2009 | 2010 |2011): Revenues (net)

1,576,508

RFK [WIG80] www.rafako.com.pl Sector: Power generation equipment market Shareholders: PBG SA (66.00%); BZ WBK Asset Management SA (12.54%) Strategy: Established in 1949 and employing ca. 1900 people RAFAKO has been always tied to power generation industry offering design and manufacture of boilers and environment protection plants. Since 1993 RAFAKO S.A. is a joint stock company. RAFAKO is a leader on the Polish power generation equipment market and the biggest boiler producer in Europe. Ca. 80% of boilers operated by Polish utilities had been delivered by RAFAKO. The Company is also a leader within the field of flue gas desulfurization plants based on wet lime and semi-dry methods.

Finance (2009 | 2010 |2011): Revenues (net)

960,345 53,425 37,749

48,030

58,439 227,485

148,175

-165,022

-16,696

-25,792

-39,514

792,447

948,245

1,386,076

548,504

920,461

56,818

54,407

CashFlow from Financing

-330,721

31,348

39,265

Total Assets

78,419

23,109

57,112

-19,370

13,912

11,523

-49,272

-21,485

-90,943

749,659

783,382

764,564

473,083

414,871

CashFlow from Financing Total Assets Long-term Liabilities

521,742

Number of Shares Outstanding

226,423

308,891

278,002

Revenues (net)

Board: Duda Maciej; Duda-Jankowiak, Bogna Maria; Miler Roman; Oleszak Rafał; Popiołek Michał; Cholewa Mariusz; Dybalski Marek; Tomczyk Jarosław; Piskorski Mariusz; Dubiński Jarosław; Kostrzewa Maksymilian; Formela Dariusz; Baranek Jacek; Janowski Filip Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (duda@pkmduda.pl) ul. Kłobucka 25, 02-699 Warszawa T: 65 547 70 00

Radpol SA RDL [WIG80] www.radpol.com.pl Sector: heat shrink producer Shareholders: Bielowicki Grzegorz (11.90%); GJB Assets Management Limited (11.90%); Wysocki Marcin (11.78%); BZ WBK Asset Management SA (9.11%); Aviva Investors Poland SA (8.88%); Aviva OFE (8.11%); PKO TFI SA (7.30%); ING OFE (7.05%); Pożarowszczyk Andrzej (3.38%); Sielski Andrzej (1.73%) Strategy: RADPOL S.A. has been in business for over 30 years and has a 50-70% share of the domestic market of the goods it manufactures. RADPOL is the only Polish heat shrink producer with its own complete technological line for heat shrink production as long as two accelerators for their radiation crosslinking.

Finance (2009 | 2010 |2011): Revenues (net)

52,532

112,394

132,193

7,302

16,633

22,701

5,331

13,427

15,205

18,248

11,437

-22,186

-19,583

-3,333

3,983

11,363

81,801

143,580

165,959

59,415

71,374

Operating Profit Net Profit CashFlow from Operations

5,345 CashFlow from Investing

-3,931 CashFlow from Financing Total Assets Long-term Liabilities

22,036

Number of Shares Outstanding

23,952

25,190

25,720

Board: Sielski Andrzej; Bielowicki Grzegorz; Kurowski Krzysztof; Iwaniec Leszek; Pożarowszczyk Andrzej; Tomasik Jacek; Dombrowski Adam; Janas Zbigniew; Firczyk Tomasz; Rusiecki Marcin Auditors: Europejskie Centrum Audytu sp. z o.o., Kraków Investors’ Contact: Joanna Paczkowska-Tatomir (513 083 322; jp@innervalue.pl) ul. Batorego 14, 77-300 Człuchów T: 59 834 22 71

64,311

-14,819

11,641

-229,602

CashFlow from Investing

65,600

CashFlow from Operations CashFlow from Investing

CashFlow from Operations

1,118,499

Net Profit

1,669,969

Net Profit

1,143,081

Operating Profit

1,455,295

Operating Profit

22

RAFAKO SA

375

Long-term Liabilities

415,241

Number of Shares Outstanding

69,600

69,600

69,600

Board: Różacki Wiesław; Burek Krzysztof; Wysłocki Leszek; Wiśniewska Małgorzata; Rutkowski Piotr; Szkudlarczyk Przemysław; Wawrzynowicz Piotr; Kawałko Bożena; Dusiło Jarosław; Karwacki Dariusz; Wiśniewski Jerzy Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (info@rafako.com.pl) ul. Łąkowa 33, 47-401 Racibórz T: 32 415 48 62

Rank Progress SA RNK [WIG80] www.rankprogress.pl Sector: Shopping centre developer Shareholders: MB Progress Capital Limited (23.71%); Bartnicki Andrzej (23.60%); Mroczka Jan (23.60%) Strategy: RANK PROGRESS SA is a property investment and development company. Actively involved in developing shopping centres in smaller, regional towns. Firm sold several shopping centres to US-based Blackstone in 2011.

Finance (2009 | 2010 |2011): Revenues (net)

order to capitalise on its established positions on the Ukrainian coal market and its strong export potential.

Finance (2009 | 2010 |2011) [in USD]: 32,314

–

Revenues (net)

13,322

–

Operating Profit

-7,296

–

-9,479

–

Net Profit CashFlow from Operations

864

–

CashFlow from Investing

-2,577

–

CashFlow from Financing

372

–

49,248

–

Total Assets Long-term Liabilities

22,983

–

Number of Shares Outstanding

32,314

–

Board: Tolstoukhov Olexandr; Stetsurin Sergiy; Guillet Pierre-Siffrein; Mestdagh Pierre Investors’ Contact: Alex Dubyna (380 9527 64 539; dubyna@sadovaya.com.ua) route d Esch 412F, L2086 Luxembourg , Luxembourg T: 380 6442 52 552

Sanockie Zakłady Przemysłu Gumowego Stomil Sanok SA SNK [WIG80] www.stomilsanok.com.pl Sector: Manufacturer of technical rubber products Shareholders: ING OFE (12.54%); Łęcki Marek (11.08%); OFE PZU Złota Jesień (10.01%); Aviva Investors Poland SA (5.35%); PKO BP Bankowy OFE (5.22%); Rudnicka Marta (4.83%) Strategy: Sanok Rubber Industry Plant STOMIL SANOK are among the leading domestic manufacturers of technical rubber products, rubber-metal, a combination of rubber with other materials. The production is designed for such industries as automotive, construction, agriculture, home appliances, and pharmaceuticals. The company is also designing the composition of rubber, machinery manufacturing, and research materials, rubber, prototypes.

Finance (2009 | 2010 |2011): Revenues (net)

390,241

470,861

566,912

35,186

39,645

60,170

20,851

27,167

39,803

58,070

43,553

-29,788

-35,494

-51,613

-23,448

-8,065

348,484

368,410

433,553

134,977

172,772

Operating Profit Net Profit CashFlow from Operations

63,910 CashFlow from Investing

-14,347

52,873

168,584

CashFlow from Financing

98,428

95,178

156,491

Total Assets

73,762

90,971

151,687

Long-term Liabilities

4,187

-95,972

Number of Shares Outstanding

-50,044

166,880

62,984

70,724

-71,227

648,359

853,157

967,556

507,543

480,918

Board: Łęcki Marek; Rudnicka Marta; Suflida Michał; Gabrielczyk Jerzy; Stulgis Grzegorz; Młodecki Mariusz; Rysz Grzegorz; Gawryś Piotr; Kotar Grażyna; Saramak Marcin Auditors: PKF Audyt sp. z o.o.

Investors’ Contact: (sekretariat@stomilsanok.com.pl) ul. Reymonta 19, 38-500 Sanok T: 13 465 44 44

145,612 Operating Profit Net Profit CashFlow from Operations

-7,404 CashFlow from Investing

-58,126 CashFlow from Financing Total Assets Long-term Liabilities

436,639

Number of Shares Outstanding

32,502

37,145

37,145

Board: Mroczka Jan; Domszy Dariusz; Kaczmarek Mariusz; Bartnicki Andrzej; Górski Jakub; Puterko Paweł; Kowalski Piotr; Kurdyś Łukasz Auditors: 4AUDYT Sp. z o.o.

Investors’ Contact: Joanna Szuman (76 746 77 71; joannaszuman@rankprogress.pl) ul. Złotoryjska 63, 59-220 Legnica T: 76 746 77 71

Sadovaya Group SA SGR [WIG80] www.sadovayagroup.com Sector: Coal mining Shareholders: Connektico Ventures Limited (75.00%); BZ WBK TFI SA (5.05%) Strategy: Registered in the Grand Duchy of Luxembourg and headquartered in eastern Ukraine, Sadovaya Group S.A. is a leading private Ukrainian resources company whose operations are focused on coal mining activities, notably the extraction, recovery, enrichment, and trading of coal.

Sadovaya Group is in the midst of a a dynamic development phase, targeting an active and responsible expansion in

131,961 26,309

26,309

26,309

SKOTAN SA SKT [WIG80] www.skotansa.pl Sector: Biofuels Shareholders: Karkosik, Roman Krzysztof (31.09%); Karkosik Grażyna (7.45%); NFI Krezus SA (5.04%) Strategy: The company operates in the fuel sector, which will seek to obtain and maintain leadership in the production and sale of biofuels in Poland.

Finance (2009 | 2010 |2011): Revenues (net)

1,508

1,016

Operating Profit

3,127

-4,267

-4,306

-12,238

11,201

-31,425

-5,601

-3,529

Net Profit CashFlow from Operations

-3,044 CashFlow from Investing

2,233

5,832

3,804

-70

-28

-47

82,740

101,072

63,286

CashFlow from Financing Total Assets

EquitiesPoland 2012 Long-term Liabilities

8,092

15,223

8,838

Number of Shares Outstanding

54,000

54,000

54,000

Board: Wściubiak Karina; Pawełczak Marek; Kostrzewa Jacek; Sobczak Wojciech; Karkosik, Roman Krzysztof; Nadachewicz Jakub Auditors: 4AUDYT Sp. z o.o.

Investors’ Contact: (biuro@skotansa.pl) ul. Uniwersytecka 13, 40-007 Katowice T: 32 603 06 30

Stalexport Autostrady SA STX [WIG80] www.stalexport-autostrady.pl Sector: Road construction Shareholders: Autostrade per l’Italia S.p.A. (58.26%); Kairos Investment Management Ltd. (5.01%) Strategy: Stalexport Autostrady S.A. is focusing its activity on the construction and exploitation of motorways. The presence and experience of the strategic investor, the company Atlantia S.p.A., allows the Company to offer the highest standard of services on the motorway market in Poland and in CEE. Finance (2009 | 2010 |2011): Revenues (net)

138,842

165,219

179,763

42,869

61,979

63,275

3,787

10,248

5,287

94,303

106,564

-226,719

-96,284

47,200

214,385

-81,406

1,077,854

1,382,758

1,368,002

1,202,676

1,188,412

Operating Profit Net Profit CashFlow from Operations

2,571 CashFlow from Investing

-33,563 CashFlow from Financing Total Assets Long-term Liabilities

905,400

Number of Shares Outstanding

247,262

247,262

247,262

Revenues (net)

Board: Wąsacz Emil; Skołożyński Mieczysław; Damasco Michelangelo; Ivoi Costantino; Galos Aleksander; Włudyka Tadeusz; Mengucci Roberto; Caffo Nicolo; Cusmai Stefano Auditors: Deloitte Audyt Sp. z o.o.

Investors’ Contact: (info@stalexport-autostrady.pl ) ul. Mickiewicza 29, 40-085 Katowice T: 32 251 21 81

Stalprodukt SA STP [WIG80] www.stalprodukt.com.pl Sector: Manufacturer and exporter of steel products Shareholders: ArcelorMittal Poland SA, Katowice (33.76%); STP Investment SA, Bochnia (28.78%); Stalprodukt Profil SA, Bochnia (9.40%); Janeczek Piotr (1.70%); Stalprodukt SA (1.03%) Strategy: Stalprodukt S.A. is a leading manufacturer and exporter of highly processed steel products: grain oriented electrical steels, cold formed sections, road barriers and toroidal cores. The Company also possesses its own well-developed distribution network of metallurgical products. It consists of wholesale warehouses and offices in several cities in Poland. Stalprodukt’s warehouses managed

by Stalprodukt-Centrostal Kraków sp. z o.o.

Finance (2009 | 2010 |2011): Revenues (net)

1,657,848

1,732,272

2,002,895

347,959

178,863

146,918

286,759

147,459

121,640

129,949

96,786

-109,186

-57,138

Operating Profit Net Profit CashFlow from Operations

289,903 CashFlow from Investing

-182,773 CashFlow from Financing

-64,759

-66,865

-30,358

1,564,675

1,732,371

1,835,078

300,561

315,930

Total Assets Long-term Liabilities

220,169

Number of Shares Outstanding

6,725

6,725

6,725

Board: Bodek Janusz; Janeczek Piotr; Kochuparampil Augustine; Samaddar Sanjay; Noszkowski Antoni; Kurnik Stanisław; Sierpińska Maria; Szydłowski Kazimierz; Ryszka Józef; Plaskura Tomasz Auditors: Agencja Konsultingu i Audytingu Gospodarczego Accord’ab sp. z o.o., Wrocław Investors’ Contact: Robert Kożuch (14 615 11 02; robert. kozuch@stalprodukt.pl)

ul. Wygoda 69, 32-700 Bochnia T: 14 615 10 00

Stalprofil SA STF [WIG80] www.stalprofil.com.pl Sector: Steel distributors Shareholders: ArcelorMittal Poland SA, Katowice (31.47%); MZZ Pracowników ArcelorMittal Dąbrowa Górnicza (17.91%); Aviva OFE (9.84%); MOZ NSZZ Solidarność Mittal Steel Poland SA (7.54%) Strategy: Since its establishment in 1988 Stalprofil S.A. has been part of the national steel industry. Today, the company is one of the major steel distributors in Poland, selling steel products to domestic and foreign markets.

Finance (2009 | 2010 |2011): Revenues (net)

464,521

ible PVC floor coverings designed for residential spaces and commercial as well as sports facilities; it also ranks among the leaders of the Polish market of nonwoven fabric production. Lentex SA is a company combining 100-year long traditions with modern approach which results in a well-known brand and established position of the company in Poland and abroad.

Finance (2009 | 2010 |2011): Revenues (net)

167,518

173,137

325,334

5,432

2,550

44,828

5,232

3,240

37,269

10,342

43,784

Operating Profit Net Profit CashFlow from Operations

11,477 CashFlow from Investing

-1,264

-127,503

-13,084

506

1,659

69,428

206,843

213,211

477,237

30,843

178,106

CashFlow from Financing

630,751

795,254

17,774

42,771

59,684

Total Assets

11,964

29,715

37,101

Long-term Liabilities

11,457

47,480

Number of Shares Outstanding

-10,328

-40,820

62,794

25,033

-1,600

372,328

469,664

552,921

199,560

242,544

Operating Profit Net Profit CashFlow from Operations

32,245 CashFlow from Investing

-69,449 CashFlow from Financing Total Assets Long-term Liabilities

192,728

Number of Shares Outstanding

17,500

17,500

17,500

Revenues (net)

Board: Bernhard Jerzy; Mendelak Zdzisław; Orczykowski Henryk; Gamrot Marcin; Goinski Jerzy; Zub Jacek; Potocka-Lewicka, Sylwia; Ślęzak Tomasz; Kuna Jarosław; Stiers Gaetan; Dzienniak Stefan Auditors: Revision-Katowice sp. z o.o.

Investors’ Contact: Leszek Jarząbek (32 261 60 07; biuro@ stalprofil.com.pl) ul. Roździeńskiego 11a, 41-308 Dąbrowa Górnicza T: 32 261 60 00

Zakłady Chemiczne Police SA PCE [WIG80] www.zchpolice.com Sector: Chemicals production Shareholders: Azoty Tarnów SA (66.00%); Agencja Rozwoju Przemysłu SA, Warszawa (8.81%); Skarb Państwa (7.07%) Strategy: Zakłady Chemiczne “POLICE” SA belongs to the largest chemical companies in Poland. The former state owned company was in 1995 transformed into a joint stock company, and since July 2005 Zakłady Chemiczne “POLICE” SA has been a public company quoted on the Stock Exchange.

Finance (2009 | 2010 |2011): Revenues (net)

37,616 10,892

10,892

Zespół Elektrociepłowni Wrocławskich Kogeneracja SA KGN [WIG80] www.kogeneracja.com.pl Sector: Electricity generation and production Shareholders: EDF International S.A.S. (50.00%); OFE PZU Złota Jesień (9.39%); ING OFE (5.36%); Aviva OFE (5.08%) Strategy: Zespół Elektrociepłowni Wrocławskich KOGENERACJA S.A. comprises three production plants: EC Wrocław, EC Czechnica and EC Zawidawie of the total electric capacity of 363 MW and thermal capacity of 1083,2 MWt, and that, in the group of commercial heat and power plants, permits it to take the leading position.

KOGENERACJA S.A. is the producer of heat and electric power mainly in the process of cogeneration.

Finance (2009 | 2010 |2011): Revenues (net)

992,755

991,734

1,041,606

225,885

184,695

182,656

163,970

137,494

122,661

Operating Profit Net Profit CashFlow from Operations

256,603

281,582

204,533

-187,880

-155,817

-650

-101,261

-128,359

1,810,166

1,853,252

1,881,610

817,717

783,785

2,022,636

2,765,561

CashFlow from Investing

-409,403

29,355

257,711

CashFlow from Financing

-422,873

27,434

311,900

Total Assets

-152,468

127,189

Long-term Liabilities

-25,970

-63,034

Number of Shares Outstanding

-78,354

166,845

-55,996

Revenues (net)

1,257,661

1,309,284

1,540,343

745,098

662,859

1,486,608 Operating Profit

-174,420

Net Profit CashFlow from Operations

45,589 CashFlow from Investing

-69,587 CashFlow from Financing Total Assets Long-term Liabilities

718,779

Number of Shares Outstanding

75,000

75,000

75,000

Board: Tarocińska Anna; Markwas Wiesław; Marciniak Ireneusz; Likierski Marcin; Motyliński Janusz; Naruć Wojciech; Jałosiński Krzysztof; Góra Jerzy; Marciniak Jerzy; Majchrzak Jerzy Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Jacek Umiastowski (91 317 24 36; jumiastowski@zchpolice.com) ul. Kuźnicka 1, 72-010 Police T: 91 317 17 17

59,461

Board: Synytsya Boris; Hoffmann Wojciech; Oleszczuk Paweł; Malarz Janusz; Markiewicz Halina; Mazur Marek; Mazur Marek; Muzioł Radosław Auditors: Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o.

Investors’ Contact: Mateusz Gorzelak (34 351 56 25; mgorzelak@lentex.com.pl) ul. Powstańców 54, 42-700 Lubliniec T: 34 351 56 00

861,102 14,900

14,900

14,900

Board: Augustyn Marian; Wrzesiński Krzysztof; Driesen Francois; Żeleźna Danuta; Fratzke-Weiss Birgit; Silvain Dominique; Eggink Raimondo; Castanet Philippe; Traczyk Roman; Gagneux Philippe; Cecota Roman; Nowak Roman; Szymanek Zbigniew; Zajas Henryk; Grodzki Mariusz; Guillermin Laurent Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Jacek Wardaszko (71 323 81 11; jacek. wardaszko@kogeneracja.com.pl) ul. Łowiecka 24, 50-220 Wrocław T: 71 323 81 11

Zakłady Lentex SA LTX [WIG80] www.lentex.com.pl Sector: PVC floor coverings Shareholders: Sobik Leszek (23.40%); Moska Krzysztof (18.53%); Gerega Oleksandr (9.75%); EBOiR (5.63%); Lentex SA (1.43%) Strategy: Lentex SA is a renowned manufacturer of flex-

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