Equities Poland by BiznesPolska/CEE Business Media

EquitiesPoland 2013

Foreign Investors Guidebook to Top 250 Warsaw Stock Exchange companies

BiznesPolska.pl

EquitiesPoland.pl

EquitiesPoland

ISSN 1643-4692

EquitiesPoland 2013

2013

Table of Contents

WIG20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 WIG40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Foreign Investors Guidebook to Top 250 Warsaw Stock Exchange companies

BiznesPolska.pl

EquitiesPoland.pl

Publisher: BiznesPolska 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 +48 694 492 067 wglinski@biznespolska.pl President: Thom Barnhardt +48 508 143 963 barnhardt@biznespolska.pl

Next Edition May 2013 Distribution at: CEE IPO Summit May 2013, Warsaw Stock Exchange

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

WIG80 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

Index 4Fun Media SA 79 ABC Data SA 37 AB SA 54 AC SA 57 Action SA 32 Agora SA 20 Agroton Public Limited 40 Alchemia SA 26 Alma Market SA 63 Ambra SA 61 Amica Wronki SA 32 AmRest Holdings SE 15 Apator SA 26 Aplisens SA 61 Arctic Paper SA 54 Armatura Kraków SA 72 ASBISc Enterprises PLC 64 Asseco Business 33 Solutions SA Asseco Central Europe a.s. 52 Asseco Poland SA 9 Asseco South Eastern 52 Europe SA Astarta Holding NV 16 Atlantis SA 45 Atlas Estates Limited 73 ATM Grupa SA 78 ATM SA 32 Automotive Components 43 Europe SA Bank BPH SA 23 Bank Gospodarki 47 Żywnościowej SA Bank Handlowy 5 w Warszawie SA Bank Millennium SA 11 Bank Ochrony Środowiska SA 23 Bank Polska Kasa Opieki SA 4 Bank Zachodni WBK SA 46 Barlinek SA 59 BBI Development Narodowy Fundusz Inwestycyjny SA 38 Belvedere SA 51 Benefit Systems SA 29 Berling SA 70 Best SA 58 Bioton SA 20 BNP Paribas Bank Polska SA 48 Boryszew SA 10 Bowim SA 70 BRE Bank SA 4 BSC Drukarnia Opakowań SA 63 BUDIMEX SA 16 Calatrava Capital SA 39 CD Projekt Red SA 21 Celtic Property 65 Developments SA Central European Distribution 21 Corporation Centrum Klima SA 67 Centrum Medyczne 76 SA Ceramika Nowa Gala SA 69 CEZ a.s. 48 Ciech SA 18 Cinema-City 16 International NV City Interactive SA 36 Coal Energy SA 46 Cognor SA 43 Colian SA 35 Comarch SA 29 Comp SA 33 Cyfrowy Polsat SA 13 Decora SA 72 Dom Development SA 28 Dom Maklerski IDM SA 23 Echo Investment SA 14

Eko Export SA 40 Eko Holding SA 54 Elektrobudowa SA 29 Elektrociepłownia 75 Będzin SA Elektrotim SA 77 EMC Instytut Medyczny SA 66 Emperia Holding SA 18 Enea SA 12 Energoinstal SA 55 Energopol-Południe SA 75 Erbud SA 60 Ergis-Eurofilms SA 67 ES-System SA 73 e-Star Alternative Plc 56 Eurocash SA 12 Eurohold Bulgaria AD 69 Europejski Fundusz 46 Hipoteczny SA Fabryka Farb i Lakierów 31 Śnieżka SA Fabryka Obrabiarek 76 Rafamet SA Fabryka Sprzętu i Narzędzi Górniczych Fasing SA 74 Fabryki Mebli Forte SA 35 Famur SA 24 Farmacol SA 50 Ferro SA 66 Ferrum SA 62 Firma Oponiarska Dębica SA 49 Fon SA 45 Gant Development SA 44 Getin Holding SA 13 Getin Noble Bank SA 12 Giełda Papierów Wartościowych w Warszawie SA 16 Globe Trade Centre SA 9 Graal SA 67 Grupa Kęty SA 17 Grupa Lotos SA 8 Grupa Żywiec SA 49 Harper Hygienics SA 71 Hawe SA 21 HUTMEN SA 74 Ideon SA 44 IMPEL SA 52 Impexmetal SA 19 Industrial Milk 31 Company SA Indykpol SA 68 ING Bank Śląski SA 10 Inpro SA 71 Instal Kraków SA 69 Integer.pl SA 27 Inter Cars SA 17 Interferie SA 79 Inter Groclin Auto SA 45 Introl SA 68 Ipopema Securities SA 39 Izostal SA 36 Jastrzębska Spółka 7 Węglowa SA J.W. Construction 40 Holding SA Kernel Holding SA 8 KGHM Polska Miedź SA 5 Kino Polska TV SA 63 Koelner SA 35 Kofola SA 27 Konsorcjum Stali SA 63 KOPEX SA 17 Korporacja Budowlana 64 Dom SA Kredyt Bank SA 10 Kredyt Inkaso SA 65 Kruk SA 18 KSG Agro SA 42 Kulczyk Oil Ventures Inc. 20 LC Corp SA 30 Libet SA 71

LPP SA 11 Lubawa SA 44 Lubelski Węgiel 8 Bogdanka SA Magellan SA 55 Makrum SA 78 Marvipol SA 54 MCI Management SA 33 Megaron SA 73 Mennica Polska SA 25 Mercor SA 38 Milkiland NV 30 Mirbud SA 75 MNI SA 41 Mo-Bruk SA 69 MOL Magyar Olaj és Gázipari Részvénytársaság 48 Mostostal Warszawa SA 36 Mostostal Zabrze - Holding SA 40 Narodowy Fundusz I nwestycyjny Empik Media 25 & Fashion SA Narodowy Fundusz Inwestycyjny Krezus SA 26 Narodowy Fundusz Inwestycyjny Midas SA 23 Narodowy Fundusz Inwestycyjny Octava SA 46 Netia SA 14 Neuca SA 31 NG2 SA 14 Nordea Bank Polska SA 48 Olympic Entertainment 49 Group AS Open Finance SA 27 Oponeo.pl SA 70 Orbis SA 15 Orco Property Group SA 60 Orzeł Biały SA 37 Ovostar Union N.V. 30 Paged SA 59 P.A. Nova SA 59 PCC Intermodal SA 64 Pegas Nonwovens SA 50 Pekaes SA 65 Pelion SA 34 Petrolinvest SA 22 Pfleiderer Grajewo SA 28 PGE Polska Grupa 5 Energetyczna SA Plaza Centers N.V. 50 Polimex-Mostostal SA 22 Polish Energy Partners SA 19 Polnord SA 37 Polska Grupa 61 Odlewnicza SA Polskie Górnictwo Naftowe i Gazownictwo SA 6 Polski Koncern Mięsny 43 Duda SA Polski Koncern Naftowy 6 Orlen SA Powszechna Kasa Oszczędności Bank Polski SA 4 Powszechne Towarzystwo 58 Inwestycyjne SA Powszechny Zakład 6 Ubezpieczeń SA Pozbud T&R SA 76 P.R.E.S.C.O. Group SA 65 Protektor SA 77 Przedsiębiorstwo Hydrauliki 79 Siłowej Hydrotor SA Przedsiębiorstwo Robót Inżynieryjnych 68 Pol-Aqua SA Przetwórstwo Tworzyw Sztucznych Plast-Box SA 71 PZ Cormay SA 22 Qumak-Sekom SA 73

Radpol SA 38 Rafako SA 42 Rank Progress SA 32 Relpol SA 75 Robyg SA 53 Ronson Europe N.V. 57 Rovese SA 19 Sadovaya Group SA 44 Sanockie Zakłady Przemysłu Gumowego Stomil 30 Sanok SA Seco/Warwick SA 53 Selena FM SA 62 Silvano Fashion Group AS 52 Skotan SA 38 Solar Company SA 57 Sopharma AD 51 Stalexport Autostrady SA 34 Stalprodukt SA 24 Stalprofil SA 36 Sygnity SA 41 Synthos SA 8 Tauron Polska Energia SA 7 Telekomunikacja Polska SA 7 TIM SA 68 Towarzystwo Finansowe Spółdzielczych Kas Oszczędnościowo51 -Kredytowych SA Toya SA 60 Trakcja-Tiltra SA 41 TVN SA 9 ULMA Construccion 57 Polska SA UniCredit S.p.A. 47 Vantage Development SA 77 Vistula Group SA 42 Warimpex Finanz & und 58 Beteiligungs AG Wasko SA 39 Wawel SA 25 Wielton SA 55 Work Service SA 56 Zakłady Azotowe 13 Puławy SA Zakłady Azotowe w Tarnowie13 -Mościcach SA Zakłady Chemiczne 27 Police SA Zakłady Lentex SA 34 Zakłady Magnezytowe 78 Ropczyce SA Zakłady Mięsne 56 Henryk Kania SA Zakłady Przemysłu Cukierniczego Mieszko SA 62 Zakłady Przemysłu Cukierniczego Otmuchów SA 74 Zakłady Tłuszczowe 50 Kruszwica SA Zakłady Urządzeń Kotłowych 72 Stąporków SA Zelmer SA 28 Zespół Elektrociepłowni Wrocławskich 24 Kogeneracja SA Zetkama SA 59 ZPUE SA 53 ZUE SA 66

Winter–Spring 2013 management services. Majority-owned by CommerzBank. Price performance:

Price performance: 50

350

Finance

190

3,421,704 3,871,231 1,144,495

1,178,745 1,279,172 318,392

150

3,020,876 3,439,763 893,196

140

872,511 1,467,127 354,412

130

872,511 872,511 354,412

641,602 1,134,972 280,064

170

Profit/loss from operations

160

Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities

Finance

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

120

Net cash flows from investing activities

-1,037,957 -1,111,805

–

-1,641,347 1,594,968

–

Net cash flows from financing activities

(2010 | 2011 | 2012Q3)

Net revenues

Total assets

6,551,215 7,404,220 2,116,644

2,796,293 2,934,055 689,587

7,084,560 7,595,957 1,867,877

3,101,512 3,101,512 996,333

2,525,234 2,899,414 798,303

-3,522,726 -974,939 561,715

-134,115 -187,372

–

737,505 -2,519,401

–

Profit/loss from operations

Liabilities and provisions for liabilities

Profit/loss before tax

Long term liabilities

Net cash flows

Short term liabilities

90,038,831 98,875,647 99,805,527 79 – –

Net cash flows from operating activities

Equity

Net cash flows from investing activities

Number of shares (in thousands)

Net cash flows from financing activities

Book value per share

Total assets

DilutedNumber of shares (in thousands)

47,150,953 54,244,388 57,228,772

6,909,303.00 8,048,755.00

9,161,888

6,337,087 -3,657,669 -2,402,418

168,347.00 168,411.00 168,548.00

-8,222,361 2,603,030 964,511

42,087.00 42,103.00 42,134.00

-1,637,452

164.17 191.17 217.45

15.25 26.96 6.65

Liabilities and provisions for liabilities

Diluted book value per share

Long term liabilities

Diluted earnings/loss per share

79,700 1,999,622

134,089,886 146,590,106 147,901,162

Short term liabilities

Equity

727,979 356,386 89494

99,807,236 108,436,964 106,821,931

Number of shares (in thousands)

20,174,112.00 21,271,463.00

Book value per share

22,304,030

262,364.00 262,382.00 262,404.00

262,361.00 262,382.00 262,404.00

DilutedNumber of shares (in thousands) Diluted book value per share

76.90 81.07 85.00

President: Stypułkowski Cezary Board: Carls Andre; Engels Stephan; Schuh, Dirk

Wilhelm; Sieber Ulrich; Leśny Maciej; Stypułkowski Cezary; Thor Wiesław; Hessenmüller Jörg; Kocik Cezary; Kemler, Hans-Dieter; Gdański Przemysław; Mastalerz Jarosław; Kanzler Thorsten; Wierzbowski Marek; Stawski Waldemar; Szomburg Jan; Mokrysz Teresa Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. Senatorska 18, 00-950 Warszawa T: +48 22 8290000; F: +48 22 8290033 info@brebank.com.pl KRS: 0000025237

Diluted earnings/loss per share

9.63 11.05 3.04 President: Lovaglio Luigi Board: Piwowar Grzegorz; Lovaglio Luigi; Iannaccone Marco; Woźnicki Jerzy; Biondo Diego; Nicastro Roberto; Pavoni Enrico; Kopyrski Andrzej; Decio Alessandro; Ważyński Marian; Dangel Paweł; Pawłowicz Leszek; Penna Laura; Tomanek Doris; Rosołowska Wioletta Auditors: KPMG Audyt Sp. z o.o. Sp.k. Address: ul. Grzyb owska 53/57, 00-950 Warszawa T: +48 22 6560000; F: +48 22 6560004 bri@pekao.com.pl KRS: 0000014843

BRE Bank SA BRE

www.brebank.pl

Market value: 2,817,280,560,000 WSE listing date: 1992-10-06 Shareholders: Gdański Przemysław; Mastalerz

Jarosław; Carls Andre; Thor Wiesław (0.01%); ING OFE (5.43%); Commerzbank AG (69.66%) Strategy: BRE Bank Group is an integrated commercial bank, providing corporate and retail banking services, as well as investment banking, private banking, and asset

Powszechna Kasa Oszczędności Bank Polski SA PKO

www.pkobp.pl

Market value: 841,522,251,000 WSE listing date: 2004-11-10 Shareholders: Skarb Państwa (33.39%); Papierski

Jakub; Jagiełło Zbigniew; ING OFE (5.16%); Bank Gospodarstwa Krajowego (10.24%); Wierzba Ryszard; Obłękowski Jacek; Alicki, Piotr Stanisław 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.

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2012-10-02

2012-07-04

2012-03-30

Finance

(2010 | 2011 | 2012Q3)

Net revenues

180

2012-01-02

2011-09-30

2011-07-04

2011-03-31

200

2010-12-31

200

2011-03-31

25 2010-12-31

225

2010-09-30

2010-01-04

250

2010-07-05

275

2010-09-30

(5.02%); Biondo Diego; UniCredit SpA (59.23%); Lovaglio Luigi (0.01%) 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. Price performance:

40 300

2010-07-05

Market value: 3,479,428,680,000 WSE listing date: 1998-06-30 Shareholders: Aberdeen Asset Managment PLC

325

2010-04-01

www.pekao.com.pl

PEO

2010-01-04

Bank Polska Kasa Opieki SA

2010-04-01

EquitiesPoland WIG20

(2010 | 2011 | 2012Q3)

Net revenues

10,415,315 12,037,762 3,297,130

3,880,863 3,837,165 955,880

10,021,899 10,999,779 2,880,019

4,080,051 4,800,512 1,135,653

4,079,236 4,079,236 1,144,052

3,216,883 3,807,195 921,016

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

-553,712 2,984,289

–

340,637 5,556,998

–

Net cash flows from financing activities Total assets

-1,967,767 -3,630,127

Liabilities and provisions for liabilities

1,073,418 1,057,418

Long term liabilities

Equity

3,370 3,454 2856

132,981,215 146,473,897 145,444,287

Number of shares (in thousands)

–

169,660,501 190,748,037 193,247,362

Short term liabilities

–

21,357,578.00 22,823,274.00

Book value per share

23,771,815

1,250,000.00 1,250,000.00 1,250,000.00

DilutedNumber of shares (in thousands) Diluted book value per share

17.09 18.26 19.02

2.57 3.05 0.74

Diluted earnings/loss per share

President: Jagiełło Zbigniew Board: Alicki, Piotr Stanisław; Obłękowski Jacek;

Marczak Piotr; Bossak Jan; Drabikowski Bartosz; Czekaj Mirosław; Jagiełło Zbigniew; Banasiński Cezary; Zganiacz Tomasz; Wierzba Ryszard; Dzik Zofia; Mroczkowski Marek; Kilian Krzysztof; Myjak Jarosław; Papierski Jakub Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. Puławska 15, 02-515 Warszawa T: +48 22 5217192; F: +48 22 5217144 lidia.wilk@pkobp.pl KRS: 0000026438

Bank Handlowy w Warszawie SA BHW

www.citibank.pl

Market value: 647,217,824,000 WSE listing date: 1997-06-30 Shareholders: Olechowski Andrzej; Dudzińska Iwona;

Citibank Overseas Investment Corporation, USA (75%) 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.

Winter–Spring 2013

EquitiesPoland Price performance:

Finance (2010 | 2011 | 2012Q3)

Finance

16,766,504 22,107,230 6,787,223

5,506,309 13,153,649 1,690,624

5,742,771 13,289,673 1,641,763

4,724,507 11,063,456 1,228,126

1,883,655 1,883,655

–

5,661,275 9,098,660

–

-3,070,123 3,048,579

–

-707,497 -2,978,408

–

Net revenues

1,973,413 1,927,390 531,596

Profit/loss from operations

747,091 752,733 173,492

Profit/loss before tax

2,564,751 2,416,271 682,241

Profit/loss

941,912 919,801 315,278

942,578 942,578 315,504

754,811 736,413 251,243

Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

-831,602 -2,257,607

–

-55,366 -1,442,267

–

-752,063 -769,303

–

Net cash flows from financing activities Liabilities and provisions for liabilities

Long term liabilities

37,517,540 42,278,198 36,502,253

3,431,049 6,011,378 2576528

23,865,762 24,095,847 20,895,986

Short term liabilities Equity

Number of shares (in thousands)

6,492,935.00 6,444,481.00

Book value per share

6,974,330

522,638.00 522,638.00 522,638.00

130,660.00 130,660.00 130,660.00

DilutedNumber of shares (in thousands) Diluted book value per share

49.69 49.32 53.38

5.78 5.64 1.92

Diluted earnings/loss per share

President: Sikora Sławomir Board: Ur-Rahman-Shah, Misbah; Volk Stephen; Mann-

Net revenues

(2010 | 2011 | 2012Q3)

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

21,240,729 30,553,874 34,160,550

6,318,606 7,171,517 13,142,671

2,915,769 2,806,375 7,287,397

3,402,837 4,365,142 5855274

14,666,234 23,099,450 20,775,888

2,000,000 2,000,000 2,000,000

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

200,000.00 200,000.00

Book value per share

200,000

73.33 115.50 103.88

23.62 55.32 6.14

Earnings/loss per share

President: Wirth Herbert Board: Kaczmarczyk Krzysztof; Krawczyk Dariusz;

ion Frank; Opolski Krzysztof; Luet Marc; Mioduski Dariusz; Chalupec Igor; Gryszka Mirosław; Ahmed, Adnan Omar; Turek Zdenek; Carney Brendan; Sikora Sławomir; Sołtysiński Stanisław; Apte Shirish; Olechowski Andrzej; Zieliński Witold; Simcock Stephen; Massey, Robert Daniel; Dudzińska Iwona Auditors: KPMG Audyt Sp. z o.o. Sp.k. Address: ul. Senatorska 16, 00-923 Warszawa T: +48 22 6577200; F: +48 22 6925023 listybh@citigroup.com KRS: 0000001538

Magaczewska Aleksandra; Wirth Herbert; Kiciński Włodzimierz; Włoch Dorota; Kędzia Wojciech; Opawski Krzysztof; Oliwa Robert; Piecuch Ireneusz; Białek Paweł; Poświata Jacek Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. Marii Skłodowskiej-Curie 48, 59-301 Lubin T: +48 76 7478200; F: +48 76 7478500 ir@kghm.pl KRS: 0000023302

KGHM Polska Miedź SA

Market value: 34,123,138,250 WSE listing date: 2009-11-06 Shareholders: Krystek Grzegorz; Skarb Państwa

KGH

PGE Polska Grupa Energetyczna SA PGE

www.kghm.pl

Market value: 35,600,000,000 WSE listing date: 1997-07-10 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.

www.pgesa.pl

(61.88%); Prus Katarzyna 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

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-01-04

2012-10-03

16 2010-01-05

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2012-07-05

2012-04-02

2012-01-03

2011-10-03

2011-07-05

2011-04-01

26 24

2011-01-03

2010-10-01

2010-07-06

100

2010-01-04

Price performance:

200 190 180 170 160 150 140 130 120 110 100 90 80

2010-04-06

105

2010-04-01

Price performance:

(2010 | 2011 | 2012Q3)

Net revenues

20,471,430 28,111,354 6,946,139

4,149,236 4,144,480 1,255,005

4,240,153 6,165,394 1,373,909

2,990,269 4,936,095 1,136,762

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

-4,969,075 -4,969,075

–

Net cash flows from operating activities

6,610,960 6,942,012

Net cash flows from investing activities

–

-7,468,274 -3,326,656

–

-4,111,761 -2,311,313

–

53,879,991 58,762,631 57,864,721

16,325,326 17,589,371 16,501,100

7,471,585 7,215,966 7,362,263

8,853,741 10,373,405 9138837

36,958,707 40,758,868 41,025,238

18,697,837 18,697,837 18,697,608

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

1,869,784.00 1,869,784.00

Book value per share

1,869,761

19.77 21.80 21.94

1.60 2.64 0.61

Earnings/loss per share

DilutedNumber of shares (in thousands)

1,869,783.73 1,869,783.73 1,869,783.73

Diluted book value per share

19.77 21.80 21.94

1.60 2.64 0.61

Diluted earnings/loss per share

President: Kilian Krzysztof Board: Prus Katarzyna; Dec Małgorzata; Zieliński

Marcin; Matuszewska Bogusława; Kilian Krzysztof; Szymanek Piotr; Ostrowski Wojciech; Barylski Jacek; Grzesiak Czesław; Krystek Grzegorz; Bałtowski Maciej Auditors: KPMG Audyt sp. z o.o., Warszawa Address: ul. Mysia 2, 00-496 Warszawa T: +48 22 3401000; F: +48 22 6285964 Przemyslaw.Wasilewski@pgesa.pl KRS: 0000059307

Powszechny Zakład Ubezpieczeń SA PZU

www.pzu.pl

Market value: 33,530,481,600 WSE listing date: 2010-05-12 Shareholders: Skuza Bogusław; Tarkowski Tomasz;

Skarb Państwa (35.18%); Maj Waldemar 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.

Winter–Spring 2013

EquitiesPoland Finance

(2010 | 2011 | 2012Q3)

-107,601 -107,601 226,609

6,110,199 761,106 2,654,067

-2,920,060 1,497,021 -675,520

-3,297,740

51,149,792 58,731,478 57,648,688

26,909,839 31,932,795 28,722,882

10,684,821 12,120,002 10,196,099

16,225,018 19,812,793 18526783

21,627,938 24,533,773 26,864,945

Liabilities and provisions for liabilities

1,057,635 1,057,635 1,057,635

Long term liabilities

Short term liabilities

50.57 57.36 62.81

Equity

5.54 5.53 3.19

Net revenues

21,281,161 23,003,534 5,299,849

2,886,689 1,685,526 -24,521

2,936,099 1,711,787

5,118

2,453,741 1,626,778

66,059

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

320

300

280

176,602 176,602

Net cash flows from operating activities

3,843,312 2,467,905

Total assets

3,029,431 3,029,431 1,390,143

2,439,231 2,345,424 1,122,738

Net cash flows from operating activities Net cash flows from investing activities

70,916 -186,946

–

Net cash flows from financing activities

469,423 1,587,572

–

5,329,478 -288,686

–

Total assets

Liabilities and provisions for liabilities

-5,727,985 -1,485,832

–

50,670,557 52,129,282 56,800,666

12,799,800 12,869,505 13,719,534

Long term liabilities

33,642,407 37,964,374 43,213,648

10,122,937 13,467,714 18,867,837

4,973,340 5,621,501 10,753,422

5,149,597 7,846,213 8114415

23,506,046 24,489,851 24,341,655

5,900,000 5,900,000 5,900,000

The Share Capital

Number of shares (in thousands)

5,900,000.00 5,900,000.00

Book value per share

5,900,000

3.98 4.15 4.13

0.42 0.28 0.01

Earnings/loss per share

President: Piotrowska-Oliwa Grażyna Board: Szkałuba Mirosław; Kawecki Mieczysław;

DilutedNumber of shares (in thousands)

Piotrowska-Oliwa Grażyna; Puławski Mieczysław; Głowacki Józef; Siergiej Jolanta; Chmielarz Agnieszka; Sibrecht-Ośka Ewa; Pilitowski Janusz; Hinc Sławomir; Chmielewski Wojciech; Dudziński Radosław; Moryń Marcin Auditors: Deloitte Audyt sp. z o.o. Address: ul. Marcina Kasprzaka 25, 01-224 Warszawa T: +48 22 5894555; F: +48 22 6918273 pr@pgnig.pl KRS: 0000059492

President: Klesyk Andrzej Board: Derdziuk Zbigniew; Daniluk Dariusz; Zgan-

Polski Koncern Naftowy ORLEN SA

Number of shares (in thousands)

86,352.00 86,352.00

86,352.00 86,352.00 86,352.00

Book value per share

86,352

Earnings/loss per share

148.23 149.04 158.88

28.25 27.16 13.00

iacz Tomasz; Trepczyński Ryszard; Skuza Bogusław; Tarkowski Tomasz; Dąbrowski Przemysław; Jaworski Witold; Ćwiąkalski Zbigniew; Maj Waldemar; Klesyk Andrzej; Piotrowski Maciej; Filar Dariusz; Nowak, Alojzy Zbigniew; Kiciński Włodzimierz Auditors: Deloitte Audyt sp. z o.o. Address: Al. Jana Pawła II 24, 00-133 Warszawa T: +48 22 5822100; F: +48 22 5822881 rzecznik@pzu.pl KRS: 0000009831

Polskie Górnictwo Naftowe i Gazownictwo SA PGN www.pgnig.pl

Market value: 25,665,000,000 WSE listing date: 2005-09-23 Shareholders: Kawecki Mieczysław; Szkałuba Mi-

rosław; Siergiej Jolanta; Skarb Państwa (72.4%) 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. Price performance: 5

PKN

www.orlen.pl

Market value: 19,666,059,820 WSE listing date: 1999-11-26 Shareholders: Skarb Państwa (27.52%); Borowiec

Grzegorz; Gabor Artur; ING OFE (5.01%); Aviva OFE (5.08%) 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. Price performance: 60

427,709.00 427,709.00

Book value per share

427,709

Earnings/loss per share

President: Krawiec, Dariusz Jacek Board: Mataczyński Maciej; Pater Krystian; Borowiec

Grzegorz; Gabor Artur; Gołębiowski Michał; Banasiński Cezary; Białek Paweł; Jędrzejczyk Sławomir; Podstawa Marek; Krawiec, Dariusz Jacek; Chełmiński Piotr; Sarota Angelina; Pawłowicz Leszek Auditors: KPMG Audyt Sp. z o.o. Address: ul. Chemików 7, 09-411 Płock T: +48 24 3650000; F: +48 24 3654040 zarzad@orlen.pl KRS: 0000028860

TELEKOMUNIKACJA POLSKA SA TPS

www.tp.pl

Market value: 16,054,500,980 WSE listing date: 1998-11-18 Shareholders: Capital Group International, Inc.

(5.05%); Telekomunikacja Polska SA (1.74%); Witucki Maciej; France Telecom SA (49.78%) 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. Price performance: 20 19 18 17 16 15 14 13 12 11 10

55 50

Finance

Net revenues

(2010 | 2011 | 2012Q3) 15,715,000 14,922,000 3,473,000

Profit/loss from operations

908,000 2,217,000 523,000

449,000 1,785,000 377,000

107,000 1,917,000 307,000

229,000 229,000 -401,000

Profit/loss before tax

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2012-10-02

2012-07-04

2012-03-30

2012-01-02

-2,015,000 -1,090,000 -766,000

Profit/loss from operations

-2,286,000 -3,663,000 -731,000

Profit/loss before tax

28,873,000 28,219,000 23,927,000

Profit/loss

14,239,000 13,885,000 10,980,000

6,094,000 5,765,000 4,613,000

2010-01-04

Net cash flows from operating activities

4,530,000 5,169,000 1,096,000

Net revenues

Net cash flows

Finance

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-01-04

Profit/loss 2010-04-01

Number of shares (in thousands)

2010-01-04

The Share Capital

2012-10-02

3,088,085 2,956,727 1,405,288

Equity

2012-07-04

–

Short term liabilities

2012-03-30

14,213,013 14,890,528 4,082,625

Net cash flows

-107,871 1,682,218

Long term liabilities

2012-01-02

2012-11-08

2012-08-09

2012-05-11

2012-02-08

Profit/loss

–

Net cash flows from financing activities

(2010 | 2011 | 2012Q3)

Net revenues

-3,558,839 -4,019,238

–

332,376 -1,751,938

Liabilities and provisions for liabilities

2011-09-30

Finance

2011-11-08

2011-08-09

2011-05-11

2011-02-08

2010-11-08

2010-08-10

2010-05-12

Net cash flows from investing activities

–

Total assets

2011-07-04

340

Net cash flows from financing activities

2011-03-31

360

Net cash flows from investing activities

2010-12-31

380

Net cash flows from operating activities

2010-09-30

400

2010-07-05

420

2010-04-01

Price performance:

Net cash flows

(2010 | 2011 | 2012Q3) 83,547,432 106,973,074 31,654,042

3,122,649 2,066,472 1,448,492

3,070,167 2,791,741 1,667,262

2,371,358 2,363,397 1,366,135

Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Winter–Spring 2013

EquitiesPoland

10.95 10.73 9.69

Earnings/loss per share

0.08 1.44 0.23 President: Witucki Maciej Board: Scheen Benoit; Muszyński Piotr; Lobry Vincent; de Galzain, Jacques; Kowalski Jacek; Witucki Maciej; Koźmiński, Andrzej K.; Champeaux Jacques; Boatman Timothy; Rozłucki Wiesław; Gronicki Mirosław; Lambert, Marie-Christine; Bonhomme Thierry; Ries Gérard; Louette Pierre; Bochniarz Henryka; Lachowski Sławomir; Clere Nathalie Auditors: Deloitte Audyt sp. z o.o. Address: ul. Twarda 18, 00-105 Warszawa T: +48 22 5272323; F: +48 22 5272341 investor.relations@telekomunikacja.pl KRS: 0000010681

Jastrzębska Spółka Węglowa SA JSW

www.jsw.pl

Market value: 9,792,160,800 WSE listing date: 2011-07-06 Shareholders: Zagórowski Jarosław; Skarb Państwa

(57.03%); Adamusiński Marek; Tor Andrzej; Wojtków Artur; Czornik Grzegorz; Wałach Adam; Baron Eugeniusz; Tomica Janusz 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) Price performance:

Tauron Polska Energia SA TPE

www.tauron-pe.pl

Market value: 7,798,843,050 WSE listing date: 2010-06-30 Shareholders: Skarb Państwa (30.06%); Stolarczyk

Dariusz; Zawadzki Krzysztof; Lubera Dariusz; Zamasz Krzysztof; Luty Włodzimierz; Kuciński Jacek; KGHM Polska Miedź SA (10.39%); ING OFE (5.06%) 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. Price performance: 7 6

Synthos SA SNS

www.synthosgroup.com

Market value: 6,748,575,000 WSE listing date: 2004-12-20 Shareholders: Kalwat Tomasz; Sołowow Michał (64%);

ING OFE (5.02%); Grodzki Jarosław 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. Price performance: 7 6 5 4 3 2 1 0

Finance

2012-10-02

1,335,649

2012-07-04

1,335,649.00 1,335,649.00

Book value per share

2012-03-30

2012-01-02

Number of shares (in thousands)

Tomasz; Zagórowski Jarosław; Wałach Adam; Wojtków Artur; Nowak, Alojzy Zbigniew; Kluza Stanisław; Myrczek, Józef Jan; Malinowski Antoni; Palarczyk Andrzej; Rozdeiczer-Kryszkowski, Łukasz; Kudelski Robert; Rybaniec Adam; Tor Andrzej; Kozłowski Robert Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. Armii Krajowej 56, 44-330 Jastrzębie-Zdrój T: +48 32 7564113; F: +48 32 4762671 jsw@jsw.pl KRS: 0000072093

2011-09-30

4,007,000 4,007,000 4,007,000

2011-07-04

2011-03-31

14,620,000 14,331,000 12,945,000

The Share Capital

133.60 17.50 2.11

2010-12-31

2010-09-30

President: Zagórowski Jarosław Board: Baron Eugeniusz; Czornik Grzegorz; Kusio

8,145,000 8,120,000 6367000

2010-07-05

Equity

Wardziński Rafał; Luty Włodzimierz; Ściążko Marek; Kuciński Jacek; Szyke Jacek Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Lwowska 23, 40-389 Katowice T: +48 32 7742700; F: +48 32 7742799 marcin.lauer@tauron-pe.pl KRS: 0000271562

2010-04-01

Earnings/loss per share

2010-01-04

Short term liabilities

(2010 | 2011 | 2012Q3)

Net revenues

150

3,860,697 5,440,709 1,587,797

140

565,656 1,032,303 133,641

130

586,564 1,079,402 125,703

120

476,161 960,277 110,833

110

100,295 100,295 156,645

449,315 748,584 211,274

-253,486 -310,813 -48,034

-95,534 -99,584 -6,595

Profit/loss from operations Profit/loss before tax Profit/loss

Finance

Net revenues

2012-10-04

2012-07-06

2012-04-03

2012-01-04

2011-10-04

2011-07-06

Finance

(2010 | 2011 | 2012Q3) 7,288,900 9,376,800 2,284,700

1,946,900 2,732,600 317,500

1,866,400 2,699,100 311,800

1,454,200 2,086,600 247,100

1,066,800 1,066,800

–

2,235,900 2,835,300

–

-797,900 -1,667,200

–

-371,200 -436,900

–

Profit/loss from operations Profit/loss before tax

Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

10,611,300 13,617,000 13,989,400

4,508,800 5,173,600 5,155,900

2,286,900 2,660,100 2,665,300

2,221,900 2,513,500 2490600

5,849,400 8,236,300 8,629,900

1,209,100 1,260,900 1,251,900

10,885.00 119,208.00

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands) Book value per share

2012-09-27

2012-06-29

2012-03-27

Net cash flows from investing activities

15,428,879 20,755,222 5,900,257

1,399,259 1,611,489 589,504

1,257,314 1,565,936 547,219

858,656 1,220,011 420,057

499,005 499,005

Profit/loss from operations

Profit/loss

Net cash flows from operating activities

(2010 | 2011 | 2012Q3)

Net revenues

2011-12-28

2011-09-27

2011-06-29

2011-03-28

2010-12-28

100

2010-09-27

2010-06-30

Net cash flows

117,412

537.38 69.09 73.50

Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities

2,520,345 2,213,651

Net cash flows from investing activities

-1,508,476 -5,689,534

Total assets

– –

Net cash flows from financing activities

–

-512,864 2,510,039

–

23,430,284 28,413,531 29,676,658

8,218,213 12,274,463 12,837,244

4,070,063 7,431,923 8,604,677

4,148,150 4,842,540 4232567

14,704,825 15,677,721 16,336,651

15,772,945 8,762,747 8,762,747

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

1,752,549.00 1,752,549.00

Book value per share

1,752,549

8.39 8.95 9.32

0.49 0.70 0.24

Earnings/loss per share

President: Lubera Dariusz Board: Trzaskalska Agnieszka; Tajduś Antoni; Zamasz

Net cash flows from financing activities Total assets

3,517,437 4,561,998 4,367,162

1,385,924 1,623,438 1,556,068

Liabilities and provisions for liabilities Long term liabilities

700,290 785,920 698,360

685,634 837,518 857708

Short term liabilities Equity

2,116,305 2,922,812 2,795,209

The Share Capital

39,698 39,698 39,698

Number of shares (in thousands)

1,323,250.00 1,323,250.00

Book value per share

1,323,250

1.60 2.21 2.11

0.36 0.73 0.08

Earnings/loss per share

DilutedNumber of shares (in thousands)

1,323,250.00 1,323,250.00 1,323,250.00

Diluted book value per share

1.60 2.21 2.11

0.36 0.73 0.08

Diluted earnings/loss per share

President: Kalwat Tomasz Board: Lange Zbigniew; Piec Tomasz; Kwapisz

Krzysztof; Miroński Grzegorz; Waniołka Mariusz; Oskard Robert; Grodzki Jarosław; Kalwat Tomasz; Warmuz Zbigniew Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. Chemików 1, 32-600 Oświęcim T: +48 33 8441821; F: +48 33 8424218 info@synthosgroup.com KRS: 0000038981

Krzysztof; Stolarczyk Dariusz; Zawadzki Krzysztof; Schmid Joanna; Lubera Dariusz; Koziorowski Leszek;

Winter–Spring 2013

EquitiesPoland

90 20

80 70

–

882,693 902,359

–

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Finance (2012Q2) Net revenues

584,417 Profit/loss from operations

94,620 Profit/loss before tax

68,577 Profit/loss

74,720 Net cash flows

-40,453 Net cash flows from operating activities

126,856 Net cash flows from investing activities

-48,109 Net cash flows from financing activities

-119,479 Total assets

2,100,487 Liabilities and provisions for liabilities

874,821 Long term liabilities

440,806 Short term liabilities

434015 Equity

1,195,815 The Share Capital

2,104 Number of shares (in thousands)

79,683 Book value per share

15.01 Earnings/loss per share

0.94 Board: Verewski Andriej; Lytvynskyi Kostiantyn; Kovalchuk Yuriy; Schurink Ton; Danilchuk Andrzej; Usachova Anastasia; Lukyanenko Viktoria; Neroschin Sergey; Tkachenko Oleg; Khvostova Natalia; Litvinskyi Konstantin; Gapchich Dmitriy; Yuriy Pugach; Litvinskaya Lesya Address: Grande-Duchesse Charlotte 65, L-1331 Luxembourg T: +352 264491; F: +352 26383506 p.comrad@kernel.ua KRS:

Grupa Lotos SA LTS

www.lotos.pl

Market value: 4,688,415,300 WSE listing date: 2005-06-09 Shareholders: Sokołowski Marek; 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

Net cash flows from investing activities

-1,055,590 -846,943

–

Net cash flows from financing activities

Total assets

458,688 -35,582

–

17,727,364 20,423,220 20,357,887

10,213,887 12,640,837 11,614,109

5,063,193 5,847,539 5,327,556

5,150,694 6,793,298 6286553

7,498,819 7,781,436 8,742,853

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

129,873 129,873 129,873

Number of shares (in thousands)

129,873.00 129,873.00

Book value per share

129,873

57.74 59.92 67.32

5.23 5.00 4.82

Earnings/loss per share

DilutedNumber of shares (in thousands)

129,873.36 129,873.36 129,873.36

Diluted book value per share

57.74 59.92 67.32

5.23 5.00 4.82

Diluted earnings/loss per share

President: Olechnowicz Paweł Board: Trzaskalska Agnieszka; Hirszel Małgorzata;

Olechnowicz Paweł; Majeranowski Marcin; Sokołowski Marek; Skwarko Wiesław; Pawłowski Oskar; Paszkowicz Zbigniew; Szozda Maciej; Machajewski Mariusz; Rumiński Michał Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Elbląska 135, 80-718 Gdańsk T: +48 58 3087111; F: +48 58 3018838 lotos@grupalotos.pl KRS: 0000106150

Lubelski Węgiel Bogdanka SA LWB

www.bogdanka.eu

Market value: 4,442,228,400 WSE listing date: 2009-06-25 Shareholders: Stopa Zbigniew (0.01%); Aviva OFE

(14.74%); OFE PZU Złota Jesień (9.76%); ING OFE (9.63%); Amplico OFE (5.09%); Taras Mirosław; Bernaciak Waldemar; Borkowska Krystyna; Tor Lech 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.

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

-209,558 -209,558

–

Net cash flows from operating activities

368,235 313,802

–

Net cash flows from investing activities

-577,793 -726,489

–

Net cash flows from financing activities

Total assets

– 43,406

–

2,828,045 3,076,228 3,394,709

859,026 933,582 1,111,180

455,887 626,566 731,167

403,139 307,016 380013

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

1,959,765 2,133,067 2,273,760

34,014.00 34,014.00

Number of shares (in thousands) Book value per share

34,014

57.62 62.71 66.85

6.76 6.50 3.05

Earnings/loss per share

President: Taras Mirosław Board: Karski Eryk; Eggink Raimondo; Kawalec Stefan;

Daniłowicz Witold; Taras Mirosław; Stopa Zbigniew; Bernaciak Waldemar; Borkowska Krystyna; Tor Lech; Formela Dariusz; Mosiek Tomasz; Bednarski Robert Auditors: Deloitte Audyt sp. z o.o. Address: Bogdanka, 21-013 Puchaczów T: +48 81 4625100; F: +48 81 4625191 bogdanka@lw.com.pl KRS: 0000004549

Asseco Poland SA ACP

www.asseco.pl

Market value: 3,327,581,400 WSE listing date: 1998-06-02 Shareholders: OFE PZU Złota Jesień (9.66%); Aviva OFE

(12.24%); Woźniak Wojciech; Smułkowski Robert; Duch Jacek (0.02%); Dyrga Tadeusz (0.02%); Góral Adam (10.42%) 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. Price performance: 65 60 55 50 45

40 35 2012-10-02

283,821 283,821

Net cash flows from operating activities

229,811 220,921 103,887

Net cash flows

2012-07-04

2012-03-30

679,180 648,994 625,969

Net cash flows

288,229 271,981 127,787

Profit/loss

2012-01-02

2011-09-30

721,939 551,379 748,934

Profit/loss

276,472 265,739 125,663

Profit/loss before tax

2011-07-04

2011-03-31

1,061,354 1,084,794 603,796

Profit/loss before tax

1,230,447 1,301,349 485,702

Profit/loss from operations

2010-12-31

(2010 | 2011 | 2012Q3)

2010-09-30

19,662,804 29,259,586 8,568,780

2010-07-05

Net revenues

2010-04-01

(2010 | 2011 | 2012Q3)

Profit/loss from operations

2010-07-05

2012-10-02

2012-07-04

2012-03-30

Finance

2010-01-04

Net revenues

2012-01-02

2011-09-30

2010-04-01

2010-01-04

Finance 70

130

100

2011-07-04

140

110

2010-01-04

Price performance:

120 40

2011-03-31

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. Price performance:

2010-12-31

Market value: 5,286,967,050 WSE listing date: 2007-11-23 Shareholders: Namsen Limited (38.22%) Strategy: Kernel Holding S.A. is a leading diversified

2010-09-30

www.kernel.ua

2010-07-05

KER

2010-04-01

Kernel Holding SA

paraffins. Operates a nationwide chain of petrol stations under the LOTOS brand. Price performance:

Winter–Spring 2013 440,313 -1,023,633

-40,611

Profit/loss from operations

181,251 -1,387,581

-96,036

Profit/loss before tax

166,159 -1,173,864

-64,379

Profit/loss

457,600 457,600

–

668,900 546,300

–

Net cash flows from operating activities Net cash flows from investing activities

-525,200 -359,300

–

310,101 279,409

Net cash flows from investing activities

– –

-207,285 -366,548

–

-82,519 -125,185

–

Net cash flows from financing activities Total assets

10,805,393 10,201,519 9,669,166

6,635,762 7,005,304 6,410,657

Liabilities and provisions for liabilities

5,888,747 5,471,780 4,743,212

Long term liabilities

747,015 1,533,524 1667445

Short term liabilities

3,995,124 3,287,196 3,394,691

Equity

Net cash flows from financing activities

Total assets

313,900 -65,100

–

8,465,900 9,483,800 9,293,800

2,124,800 2,430,900 2,141,700

688,100 832,200 902,600

1,436,700 1,598,700 1239100

4,459,400 4,861,300 4,790,600

The Share Capital

77,600 77,600 77,600

Number of shares (in thousands)

77,566.00 77,566.00

Book value per share

77,566

57.49 62.67 61.76

5.34 5.12 1.07

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

21,937 21,937 31,937

Number of shares (in thousands)

219,373.00 219,373.00

Book value per share

319,373

18.21 14.99 10.63

0.76 -5.35 -0.20

Earnings/loss per share

DilutedNumber of shares (in thousands)

Earnings/loss per share

DilutedNumber of shares (in thousands)

Diluted book value per share

0.76 -5.35 -0.20 Board: Wachowicz Jacek; Ickovics Alain; Kozłowski Mariusz; Kroenke Piotr; Napiórkowski Wojciech; Shouky Oren; Gerula Krzysztof; Kucharski Artur; Grunfeld Yosef; Brush, David Michael; Slootweg Jan; Grendowicz, Mariusz Cezary; Boniel Erez; Zatoński Witold; Carmi Yovav Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Wołowska 5, 02-675 Warszawa T: +48 22 6060700; F: +48 22 6060410 gtc@gtc.com.pl KRS: 0000061500

77,565.53 77,565.53 77,565.53

57.49 62.67 61.76

5.34 5.12 1.07

Diluted earnings/loss per share

President: Góral Adam Board: Woźniak Wojciech; Pomianek Zbigniew; Marek

Panek; Duch Jacek; Brzeski Dariusz; Kucharski Artur; Magdoń Antoni; Walendziak Wiesław; Kozłowski Rafał; Borzestowski Przemysław; Noga Adam; Góral Adam; Smułkowski Robert; Sęczkowski Przemysław; Dyrga Tadeusz; Serwiński Włodzimierz; Piwowar Paweł Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: Al. Armii Krajowej 80, 35-307 Rzeszów T: +48 17 8755400; F: +48 17 8755406 KRS: 0000033391

Globe Trade Centre SA GTC

www.gtc.com.pl

Market value: 2,484,721,940 WSE listing date: 2004-05-06 Shareholders: Grendowicz, Mariusz Cezary; ING OFE

(12.92%); Harel Hagai (0.06%); Kroenke Piotr (0.06%); Boniel Erez (0.04%); GTC Real Estate Holding BV (19.06%) 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. Price performance: 30

Diluted book value per share

18.21 14.99 10.63

Diluted earnings/loss per share

TVN SA TVN

www.tvn.pl

Market value: 2,458,584,700 WSE listing date: 2004-12-07 Shareholders: ITI Holdings SA (54%); Fanconi Roma-

no; Kostrzewa Wojciech (0.03%); Valsangiacomo Bruno (0.46%); ING OFE (5.1%) Strategy: TVN is a leading integrated media group in 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. Price performance:

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

1,238,685 924,029 906,065

The Share Capital

68,471 68,775 68,775

Number of shares (in thousands)

341,474.00 343,858.00

Book value per share

343,858

3.63 2.69 2.64

0.13 -0.92 0.18

Earnings/loss per share

DilutedNumber of shares (in thousands)

341,474.32 343,857.94 343,222.19

Diluted book value per share

3.63 2.69 2.64

0.13 -0.92 0.18

Diluted earnings/loss per share

President: Tellenbach Markus Board: Lorenz, Paul H.; Broniatowski Michał; Kostrzewa

Wojciech; Valsangiacomo Bruno; Tellenbach Markus; Walter Piotr; Wejchert Aldona; Fanconi Romano; Gricuk Paweł; Bahlmann Arnold; Rozłucki Wiesław; Wujek Gabriel; Rybicki Andrzej; Driscoll John; Bednarski Robert Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. Wiertnicza 166, 02-952 Warszawa T: +48 22 8566060; F: +48 22 8566666 investor@tvn.pl KRS: 0000213007

Boryszew SA BRS

www.boryszew.com.pl

Market value: 1,173,492,320 WSE listing date: 1996-05-20 Shareholders: Boryszew SA (4.02%); Karkosik, Roman

Krzysztof (56.87%) 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. Price performance: 7 6 5 4

(2010 | 2011 | 2012Q3) 3,134,792 4,332,124 1,198,629

Profit/loss from operations

2010-01-04

691,590 710,014 831867

Equity

675,119 633,110 164,256

Net revenues

3,261,207 3,478,473 3,161,335

Short term liabilities

Finance

Net revenues

(2010 | 2011 | 2012Q3)

3,952,797 4,188,487 3,993,202

Long term liabilities

Finance

5,191,482 5,111,958 4,886,863

Liabilities and provisions for liabilities

–

-174,391 -319,429

Total assets

2010-01-04

219,372.99 219,372.99 319,372.99

2012-10-02

Net cash flows

-3,363 -3,363

Net cash flows from operating activities

–

2012-07-04

414,300 397,100 82,900

-231,081 48,145

Net cash flows from financing activities

2012-03-30

Net cash flows

2012-01-02

494,100 714,200 152,800

–

2011-09-30

Profit/loss

504,060 435,232

Net cash flows from investing activities

2011-07-04

566,100 644,600 161,000

2011-03-31

Profit/loss before tax

2010-12-31

3,237,700 4,960,000 1,328,100

2010-09-30

2010-07-05

(2010 | 2011 | 2012Q3)

Net revenues

Net cash flows from operating activities

2010-04-01

Finance

EquitiesPoland Profit/loss from operations

(2010 | 2011 | 2012Q3) 1,925,130 1,959,843 310,914

585,361 549,261 66,730

318,876 -84,432 53,727

42,754 -317,365 61,967

98,588 98,588

Profit/loss before tax

Net cash flows

100,173 247,334 24,528

59,458 221,792 23,710

5,149 141,254 8,098

Profit/loss before tax

Profit/loss from operations

Profit/loss

–

Profit/loss Net cash flows

31,975 31,975

–

56,170 116,345

–

6,642 -217,949

–

-30,837 105,832

–

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

2,211,367 2,718,675 2,860,947

Winter–Spring 2013

EquitiesPoland WIG40

Liabilities and provisions for liabilities

1,220,918 1,516,778 1,618,444

Price performance: 20

Long term liabilities

2,256,716

0.46 0.31 0.32

0.01 0.06

Earnings/loss per share

DilutedNumber of shares (in thousands)

2 0

0.46 0.31 0.32

700

Finance

600

800

(2010 | 2011 | 2012Q3)

Net revenues

500

2,204,572 2,386,873 604,528

Profit/loss from operations

400

300

426,889 403,791 101,909

Profit/loss before tax

200

1,588,408 1,546,299 410,569

Profit/loss

100

231,483 427,168 142,697

234,707 234,707 142,697

185,936 327,244 110,264

Net cash flows

Finance

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

0 2010-07-05

0.01 0.06 – President: Szeliga Piotr Board: Jarosz Dariusz; Szeliga Piotr; Piętka Tadeusz; Bogusławski Sebastian; Wiśniewski Miłosz; Kutnik Mirosław; Urbaniak Zygmunt; Krężel Arkadiusz; Miller Paweł Auditors: Deloitte Audyt sp. z o.o. Address: ul. 15-go Sierpnia 106, 96-500 Sochaczew T: +48 46 8630201; F: +48 46 8630096 boryszew@boryszew.com.pl KRS: 0000063824

Net cash flows from operating activities Net cash flows from investing activities

(2010 | 2011 | 2012Q3)

Net revenues

1,210,302 -1,459,936 -378,118

Net cash flows from financing activities

2,948,700 3,385,500 963,200

4,141,098 -281,957 2,451,243

1,117,100 1,170,100 283,800

-1,333,245 1,127,371 -1,816,861

2,682,500 2,895,600 779,200

-1,597,551 -2,305,350 -1,012,500

934,100 934,100 252,700

43,374,246 42,003,084 43,634,953

753,100 880,100 203,200

Profit/loss from operations

Total assets

Profit/loss before tax

Liabilities and provisions for liabilities

Net cash flows

Long term liabilities

Net cash flows from operating activities

Short term liabilities

Net cash flows from investing activities

Equity

71,800 -762,900

Net cash flows from financing activities

Total assets

-1,290,300 -1,914,500 1,362,100 1,346,800

Liabilities and provisions for liabilities

– -195,200

Long term liabilities

6 32 12

–

25,660,758 28,043,157 29,751,248

–

2,828,224.00 3,065,625.00

–

1,358,294.00 1,358,294.00 1,358,294.00

–

Number of shares (in thousands) Book value per share

3,405,181

DilutedNumber of shares (in thousands)

271,659.00 271,659.00 271,659.00

Diluted book value per share

64,517,500 69,723,400 73,637,800

10.41 11.29 12.54

47,400,100 52,932,100 54,867,200

0.68 1.21 0.41

Equity

Number of shares (in thousands)

5,650,800.00 6,413,700.00

Book value per share

7,424,900

130,100.00 130,100.00 130,100.00

13,010.00 130,100.00 130,100.00

DilutedNumber of shares (in thousands) Diluted book value per share

434.34 49.30 57.07

57.89 6.77 1.56

Diluted earnings/loss per share

President: Kołakowska Małgorzata Board: Bolesławski Michał; Fornalczyk Anna; Hamers

Ralph; Boekhout Roland; Bartkiewicz Brunon; Popiołek Wojciech; Kołakowska Małgorzata; Boda Mirosław; Vilar, Ignacio Juliá; Kesler Justyna; Swan, Oscar Edward; Jue, Nicolaas Cornelis; Kośmider Mirosław Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Sokolska 34, 40-086 Katowice T: +48 32 3577000; F: +48 32 3577091 info@ing.pl KRS: 0000005459

Kredyt Bank SA KRB

www.kredytbank.pl

Market value: 52,712,201,880 WSE listing date: 1994-07-25 Shareholders: KBC Bank NV (80%) 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.

900

Diluted earnings/loss per share

1,128,357.85 2,256,715.69 2,256,715.69

Diluted book value per share

1000

2010-04-01

–

2012-10-02

1,128,358.00 2,256,716.00

Book value per share

2010-01-04

Jesień (5.09%) 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. Price performance:

2012-07-04

Number of shares (in thousands)

2012-03-30

121,972 234,807 234,807

2012-01-02

Market value: 633,715,215,000 WSE listing date: 1994-01-25 Shareholders: ING Bank NV (75%); OFE PZU Złota

2011-09-30

514,292 693,191 713,406

The Share Capital

www.ing.pl

2011-07-04

BSK

2011-03-31

Equity

ING Bank Śląski SA

2010-12-31

987,176 1,197,985 1311743

2010-09-30

2010-07-05

233,742 318,793 306,701

Short term liabilities

2010-01-04

2010-04-01

Diluted earnings/loss per share

President: Bardan Maciej Board: Arts Umberto; Bardan Maciej; Kaczmarek Mar-

iusz; Śledziewski Jerzy; Sztrauch Piotr; Kudaś Zbigniew; Witkowski Andrzej; Jabłonowska-Luba Lidia; Libot Guy; Voljc Marco; Kawalec Stefan; Delchambre Ronny; Noga Adam Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Kasprzaka 2/8, 01-211 Warszawa T: +48 22 6345400; F: +48 22 6345677 ir@kredytbank.pl KRS: 0000019597

Bank Millennium SA MIL

www.bankmillennium.pl

Market value: 19,072,808,640 WSE listing date: 1992-08-13 Shareholders: Boniuk-Gorzelańczyk Julianna (0.04%);

Haase Wojciech; Bednarkiewicz Maciej; Furtek Marek; Banco Comercial Portugues SA (65.51%); ING OFE (5.08%); Kott Bogusław (0.36%) 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.

Winter–Spring 2013

EquitiesPoland

Price performance:

Finance

4000

2,877,390 3,634,670 1,074,960

3500

1,256,289 1,216,184 283,125

2,253,039 3,124,966 554,221

4500

(2010 | 2011 | 2012Q2)

Net revenues

Profit/loss from operations Profit/loss before tax

3000

2500

2000

467,728 1,076,527

1500

467,021 467,021 99,041

450,096 950,073 82,399

Net cash flows

–

Total assets

-980,657 1,457,243

–

202,554 -1,702,264

–

Liabilities and provisions for liabilities Long term liabilities

46,984,418 50,838,099 52,256,672

35,395,147 37,427,835 41,293,339

Equity

Number of shares (in thousands)

4,090,972.00 4,586,245.00

1,213,117.00 1,213,117.00 1,213,117.00

Book value per share

4,674,708

DilutedNumber of shares (in thousands) Diluted book value per share

3.37 3.78 3.85

0.27 0.39 0.10

Diluted earnings/loss per share

President: Kott Bogusław Board: Boniuk-Gorzelańczyk Julianna; Haase Wojciech;

Furtek Marek; Rocki Marek; da Silva Amado, Nuno Manuel; Bednarkiewicz Maciej; Kott Bogusław; Bicho Fernando; Klimczak Artur; Jorge, Joao Bras; Koźmiński, Andrzej K.; Rosati Dariusz; de Campos Pereira de Braganca, Miguel; da Conceicao Mota Soares de Oliveira Calle Lucas, Maria; Kwiatkowski Krzysztof; Teixeira, Rui Manuel da Silva; F.C. Pereira Coutinho, Luis Maria; Campos, Maria Jose; Gliński Andrzej Auditors: KPMG Audyt sp. z o.o., Warszawa Address: ul. Stanisława Żaryna 2 A, 02-593 Warszawa T: 801331331; F: +48 22 5981113 ir@bankmillennium.pl KRS: 0000010186

LPP SA LPP

www.lpp.com.pl

Market value: 7,324,000,000 WSE listing date: 2001-05-16 Shareholders: Piechocki Marek (9.83%); Grangefont

Limited (19.66%); Monistor Ltd. (11.27%); LPP SA (1.2%); Lubianiec Jerzy (9.83%) 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.

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

-130,556 -39,608 -48,188

-167,917 -193,936 -19,496

1,426,369 1,613,868 1,777,978

953,763.00 953,763.00 953,763.00

Net cash flows from investing activities

3.45 4.26 4.54

Net cash flows from financing activities

0.47 1.00 0.09

Total assets

Liabilities and provisions for liabilities

692,474 704,674 714,130

281,231 89,356 147,781

411,243 615,318 566349

733,895 906,494 1,061,195

Long term liabilities

Short term liabilities Equity

The Share Capital

3,501 3,555 3,662

Number of shares (in thousands)

1,750.00 1,762.00

Book value per share

1,831

419.30 514.60 579.53

78.51 152.55 51.42

Earnings/loss per share

President: Piechocki Marek Board: Olszewski Krzysztof; Pachla Dariusz; Piechocki

Marek; Kujawa Jacek; Dyka Piotr; Komorowski Hubert; Olejniczak Wojciech; Fąferek Krzysztof; Matusiak Maciej; Lubianiec Jerzy Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka komandytowa Address: ul. Łąkowa 39-44, 80-769 Gdańsk T: +48 58 7696905; F: +48 58 7696909 lpp@lpp.com.pl KRS: 0000000778

Diluted book value per share

Diluted earnings/loss per share

President: Rosiński Krzysztof Board: Niedośpiał Dariusz; Szczechura Maciej; Karolk-

iewicz Karol; Stefurak Radosław; Tracz Grzegorz; Spyra Krzysztof; Baliński Remigiusz; Kühn Maurycy; Kowalczewski Michał; Rosiński Krzysztof; Czarnecki Leszek; Boniecki Radosław Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Domaniewska 39 b, 02-675 Warszawa T: +48 22 5415158; F: +48 22 5415159 kontakt@noblebank.pl KRS: 0000018507

Enea SA ENA

www.enea.pl

Market value: 6,776,150,050 WSE listing date: 2008-11-17 Shareholders: Dachowski Tadeusz; Vattenfall AB

(18.66%); Skarb Państwa (51.56%); Pluciński Mieczysław 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. Price performance: 26 24 22

Getin Noble Bank SA GNB

www.noblebank.pl

Market value: 6,841,469,520 WSE listing date: 2007-05-30 Shareholders: Boniecki Radosław; Czarnecki Leszek

(94.35%); Kühn Maurycy (1.03%); Spyra Krzysztof (0.88%); Baliński Remigiusz; Karolkiewicz Karol; Rosiński Krzysztof Strategy: The bank was formed by merging Getin Bank and Noble Bank under one umbrella. The firm was established by, and is controlled by Leszek Czarnecki and his holding LC Corp. Price performance:

20 18 16 14 12 10

8 7

Finance

(2010 | 2011 | 2012Q3)

Net revenues

Profit/loss from operations

2012-10-02

-91,456 628,972

Net cash flows from operating activities

2012-03-30

Net cash flows from financing activities

197,462 254,039 8,905

953,763.00 953,763.00 2,390,143.00

DilutedNumber of shares (in thousands)

2012-01-02

–

4,330,044

2011-09-30

-869,559 383,951

-101,011 -101,011 -58,779

Net cash flows

2011-07-04

3,293,705.00 4,058,548.00

Book value per share

2011-03-31

Net cash flows from investing activities

137,412 268,725 94,159

2010-12-31

325,997 466,464 125,138

Number of shares (in thousands)

2010-09-30

Net cash flows from operating activities

Profit/loss

Equity

2010-07-05

407,802 407,802 154,543

37,025,694 46,311,062 48,964,377

180,818 331,023 111,762

Long term liabilities

2010-04-01

Net cash flows

Liabilities and provisions for liabilities

2010-01-04

407,802 591,288 154,228

Profit/loss before tax

7,836,875 9,688,949 2,407,519

711,964 844,224 222,480

813,216 987,374 250,609

639,262 793,292 189,818

Profit/loss before tax Profit/loss Net cash flows

-2,916 -2,916

Net cash flows from operating activities

0 2012-10-02

42,797,808 53,542,074 57,100,679

199,016 343,106 113,265

2012-07-04

Profit/loss

2012-03-30

1,714,388 1,901,748 488,393

Profit/loss from operations

2012-01-02

–

2,079,358 2,492,510 843,592

2011-09-30

Profit/loss before tax

2,836,716 -404,568

Total assets

-1,451,349 904,329

2011-07-04

625,282 646,930 163,500

Net revenues

2011-03-31

–

2010-12-31

Profit/loss from operations

1,247,558 620,607

Net cash flows from financing activities

(2010 | 2011 | 2012Q3)

2010-09-30

2,359,969 2,719,920 794,814

-137,809 120,846

2010-07-05

93,011

Finance

2010-04-01

Net revenues

2010-04-01

2010-01-04

2012-10-02

2012-07-04

2012-03-30

(2010 | 2011 | 2012Q3)

2010-01-04

Finance

2012-01-02

2011-09-30

2011-07-04

0 2011-03-31

0 2010-12-31

Net cash flows from investing activities

2010-09-30

500 2010-07-05

2010-04-01

Net cash flows from operating activities

2010-01-04

1000

2012-07-04

Profit/loss

–

1,275,667 1,410,051

–

-1,067,613 -855,937

–

Net cash flows from investing activities

Winter–Spring 2013

EquitiesPoland

1,586,258 1,772,349 1440276

9,852,574 10,450,674 10,892,083

Equity

The Share Capital

588,018 588,018 588,018

Number of shares (in thousands)

441,443.00 441,443.00

Book value per share

441,443

22.32 23.67 24.67

1.45 1.80 0.43

Earnings/loss per share

DilutedNumber of shares (in thousands)

441,442.58 441,442.58

Diluted book value per share

22.32 23.67

Diluted earnings/loss per share

1.45 1.80

President: Owczarek Maciej Board: Malinowska Sandra; Chmielewski Wojciech;

– – –

Mikłosz Tadeusz; Wood Graham; Łyczyński Przemysław; Mordasewicz Jeremi; Brzeziński Sławomir; Bil Janusz; Rozpędek Hubert; Zborowski Krzysztof; Aniołek Małgorzata; Kowalewski Michał; Owczarek Maciej Auditors: KPMG Audyt sp. z o.o., Warszawa Address: ul. Nowowiejskiego 11, 60-967 Poznań T: +48 61 8561000; F: +48 61 8561117 enea@enea.pl KRS: 0000012483

Eurocash SA EUR

www.eurocash.com.pl

Market value: 5,572,149,300 WSE listing date: 2005-02-04 Shareholders: Kopaczewska Katarzyna (0.24%);

Owczarek Jacek (0.05%); Guerreiro Arnaldo (0.21%); Conceicao de Amaral, Luis Manuel (44%); Martinho Pedro (0.61%); Amaral Rui (0.29%) 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. Price performance:

457,093 548,494 661,622

136,430 136,983 137,873

The Share Capital

Number of shares (in thousands)

136,352.00 136,983.00

Book value per share

137,754

3.35 4.00 4.80

0.94 0.98 0.48

Earnings/loss per share

President: Conceicao de Amaral, Luis Manuel Board: Guerreiro Arnaldo; Lisowski Janusz; Conceicao

de Amaral, Luis Manuel; Wojnowski Ryszard; Casanova, Antonio Jose Santos Silva; Aguinaga de Moraes, Eduardo; Martinho Pedro; Borges de Assuncao, Joao; Owczarek Jacek; Saraiva, Carlos Henrique Levita Pedrosa; Amaral Rui; Kopaczewska Katarzyna Auditors: KPMG Audyt sp. z o.o., Warszawa Address: ul. Wiśniowa 11, 62-052 Komorniki T: +48 61 6513300; F: +48 61 6513304 eurocash@eurocash.com.pl KRS: 0000213765

Cyfrowy Polsat SA CPS

www.cyfrowypolsat.pl

Market value: 5,155,624,400 WSE listing date: 2008-05-06 Shareholders: Ruta Heronim (7.27%); Solorz-Żak

Zygmunt (44.26%) Strategy: Cyfrowy Polsat is Poland's largest and Europe's fourth largest satellite platform. Telewizja Polsat - a leading commercial broadcaster in Poland, has 15 popular TV channels, with a 21% audience share, and 22.6% of the TV advertising market. Since September 2008, CP has provided mobile telephony services as an infrastructural MVNO. In April 2012, CP included Polkomtel's mobile telephony services (Plus) in its offering under a strategic partnership. In February 2010, CP rolled out wireless broadband Internet access services based on the HSPA+ technology, and on August 30th 2011 the service was launched in the cutting-edge LTE technology. In April 2012, CP acquired the ipla Internet TV. Price performance: 18

262,500.00 348,352.84 348,352.84

Diluted book value per share

1.63 5.44 6.76

0.99 0.46 0.49

Diluted earnings/loss per share

President: Libicki Dominik Board: Papis Andrzej; Gwiazdowski Robert; Reksa

Leszek; Jaskólska Aneta; Działkowski Dariusz; Szeląg Tomasz; Libicki Dominik; Solorz-Żak Zygmunt; Ruta Heronim Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. Łubinowa 4a, 03-878 Warszawa T: +48 22 3566000; F: +48 22 3566003 ir@cyfrowypolsat.pl KRS: 0000010078

Getin Holding SA GTN

www.getinholding.pl

Market value: 4,545,600,300 WSE listing date: 2001-05-10 Shareholders: Czarnecki Leszek (55.66%); ING OFE

(5.21%); Getin Holding SA (0.23%); Aviva OFE (5.16%); Baliński Remigiusz (0.04%); Kula Longin; Beuch Katarzyna; Błażejewski Andrzej; Boniecki Radosław; Grzegorzewicz Marek (0.02%) 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. Price performance: 16 14 12 10 8 6 4

Finance

(2010 | 2011 | 2012Q3)

Net revenues

3,104,034 4,150,843 248,947

818,387 1,011,822 134,023

1,980,547 2,533,930 213,941

Profit/loss from operations

35 30

Profit/loss before tax

Finance

Net revenues

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-01-04

2010-04-01

Profit/loss

(2010 | 2011 | 2012Q3) 1,482,463 2,365,925 644,541

Profit/loss from operations

Finance

Net revenues

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

(2010 | 2011 | 2012Q3) 7,791,759 9,980,596 4,391,352

170,446 192,955 97,298

145,338 150,991 77,729

128,456 134,399 66,724

Profit/loss before tax Profit/loss Net cash flows

54,048 54,048

Net cash flows from operating activities

216,697 282,163

Net cash flows from investing activities

-410,821 -1,124,212

Net cash flows from financing activities

Total assets

248,172 919,363

325,754 560,300 197,659

321,282 192,066 198,270

258,447 160,190 172,062

-71,654 -71,654

–

197,534 347,046

–

-77,419 -2,426,751

–

-191,769 2,327,429

–

Profit/loss before tax

Profit/loss from operations

0.99 0.46 0.49

DilutedNumber of shares (in thousands)

2 16

50 45

1.63 5.44 6.76

Earnings/loss per share

2012-10-02

348,353

2012-07-04

1,373,976 1,447,783 1,472,842

Short term liabilities

1,638,972 3,318,405 3340663

Equity

262,500.00 348,353.00

Book value per share

2012-03-30

2012-01-02

2,960,234 3,220,132 2,913,118

Long term liabilities

306,904 711,680 543,171

Short term liabilities

10,733 13,934 13,934

2011-09-30

2011-07-04

12,836,705 13,699,894 13,831,750

Liabilities and provisions for liabilities

Number of shares (in thousands)

1,945,876 4,030,085 3,883,834

2011-03-31

Long term liabilities

2010-12-31

–

2010-09-30

-210,970 -235,380

2010-07-05

Total assets

The Share Capital

2010-04-01

Liabilities and provisions for liabilities

2010-01-04

Net cash flows from financing activities

– – – –

2,402,981 4,578,579 4,545,456

Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

1,015,195 5,325,168 5,514,874

587,257 3,429,125 3,159,959

68,817 2,476,485 2,150,257

518,440 952,640 1009702

427,938 1,896,043 2,354,915

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

454,689 1,306,092

485,188 485,188 45,934

421,091 1,004,800

Net cash flows

45,934

Net cash flows from operating activities

40,377

Net cash flows from investing activities

1,263,235 992,856

–

2,488,870 174,272

–

Net cash flows from financing activities Total assets

-7,489 -2,599

Liabilities and provisions for liabilities

–

-1,218,146 821,183

46,854,411 61,803,513 8,556,277

Long term liabilities

Short term liabilities

Equity

– 6,257

–

37,459,050 2,590,366 4,255,378

Number of shares (in thousands)

–

4,432,746.00 5,663,471.00

Book value per share

1,847,805

713,785.00 731,994.00 732,468.00

712,416.00 731,994.00 731,994.00

DilutedNumber of shares (in thousands) Diluted book value per share

6.22 7.74 2.52

0.59 1.37 0.06

Diluted earnings/loss per share

Winter–Spring 2013

EquitiesPoland

President: Juszczak Rafał Board: Juszczak Rafał; Grzegorzewicz Marek; Czarnecki

Leszek; Błażejewski Andrzej; Boniecki Radosław; Działak Robert; Kula Longin; Baliński Remigiusz Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Powstańców Śl. 2-4, 53-333 Wrocław T: +48 71 7977700; F: +48 71 7977716 info@getinsa.pl KRS: 0000004335

Tarnów T: +48 14 6330781; F: +48 14 6330718 azoty@azoty.tarnów.pl KRS: 0000075450

Zakłady Azotowe Puławy SA ZAP

Zakłady Azotowe w Tarnowie-Mościcach SA

www.azoty.tarnow.pl

Market value: 3,244,219,000 WSE listing date: 2008-06-30 Shareholders: Skarb Państwa (32.04%); Szczypiński

Witold; Klikowicz Tomasz; OFE PZU Złota Jesień (5.12%); Generali OFE (5.06%); Aviva OFE (9.35%); Marciniak Jerzy; ING OFE (12.92%); Norica Holding S.&224;.r.l. (13.22%) 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. Price performance:

www.zapulawy.pl

Market value: 2,502,153,500 WSE listing date: 2005-10-19 Shareholders: Jakubas Zbigniew (5.16%); ING OFE

(5.01%); Skarb Państwa (50.67%); Azoty Tarnów SA (10.29%) 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. Price performance: 150

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

Net revenues

877,633 Profit/loss from operations

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

37,222 Profit/loss before tax

(2010 | 2011 | 2012Q3) 1,901,784 5,338,029 1,697,152

Profit/loss from operations

422,206 581,327 20,744

417,007 563,556 27,077

390,953 461,527 11,644

Profit/loss before tax

–

115,161 -167,125

–

-63,996 -338,520

–

-16,393 462,189

–

Net cash flows from financing activities Total assets

3,246,701 4,946,229 5,340,472

1,296,599 1,793,562 1,885,627

Liabilities and provisions for liabilities Long term liabilities

366,989 639,017 723,562

929,610 1,154,545 1162065

1,502,176 2,750,470 3,032,553

Short term liabilities Equity

41,085 Profit/loss

34,336 Net cash flows

-17,448 Net cash flows from operating activities

80,565 Net cash flows from investing activities

-93,740 Net cash flows from financing activities

-4,273 Total assets

3,254,389 Liabilities and provisions for liabilities

760,660 Long term liabilities

196,541 Short term liabilities

564119 Equity

2,478,691 The Share Capital

191,150 Number of shares (in thousands)

19,115 Book value per share

129.67 Earnings/loss per share

Diluted earnings/loss per share

1.80 President: Jarczewski, Paweł Board: Wójtowicz Jacek Józef; Kulik-Zawadzka Marta; Ożóg Irena; Kozak Wojciech; Pokojski Zenon; Kapłucha Marek; Rybak Marian; Jarczewski, Paweł; Bartuzi Andrzej; Kudela Jacek; Możeński, Cezary Jan Auditors: Doradca Zespół Doradców Finansowo-Księgowych sp. z o.o. Grupa Finans-Serwis, Lublin Address: Al. Tysiąclecia Państwa Polskiego 13, 24-110 Puławy T: +48 81 5653000; F: +48 81 5652856 zapulawy@azoty.pulawy.pl KRS: 0000011737

President: Marciniak Jerzy Board: Klikowicz Tomasz; Lis Ewa; Jałosiński Krzysztof;

NG2 SA

The Share Capital

195,582 320,577 320,577

Number of shares (in thousands)

39,116.00 64,115.00

Book value per share

64,115

38.40 42.90 47.30

10.00 7.20 0.18

Earnings/loss per share

DilutedNumber of shares (in thousands)

39,116.42 64,115.44 64,115.44

Diluted book value per share

38.40 42.90 47.30

10.00 7.20 0.18

Skolmowski Andrzej; Kacprzyk-Wojdyga, Monika; Paprocki Zbigniew; Szczypiński Witold; Mroczkowski Marek; Marciniak Jerzy; Trepczyński Ryszard; Kucharski Artur; Obłękowski Jacek; Wais Jan; Kopeć Artur Auditors: KPMG Audyt sp. z o.o., Warszawa

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

(2010 | 2011 | 2012Q3) 1,028,559 1,091,260 298,621

129,119 159,052 24,260

122,609 151,374 20,375

117,856 122,776 17,391

Profit/loss before tax

Finance (2012Q3)

Net cash flows from investing activities

Profit/loss from operations

2010-04-01

Net cash flows from operating activities

2010-01-04

34,772 34,772

Net revenues

Finance

Net cash flows

2010-07-05

Profit/loss

2010-04-01

30 100

Net revenues

Gnych Mariusz (0.31%); Miłek Dariusz (40%); Gaczorek Leszek (7.83%) 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. Price performance:

125

Finance

Shareholders: ING OFE (6.45%); Aviva OFE (6%);

2010-01-04

ATT

Address: ul. Eugeniusza Kwiatkowskiego 8, 33-101

CCC

Market value: 2,417,280,000 WSE listing date: 2004-12-02

www.ng2.com.pl

Profit/loss Net cash flows

22,170 22,170

–

89,202 -13,360

–

-51,580 -96,180

–

-15,452 61,401

–

678,222 965,613 974,908

255,374 470,528 489,276

105,117 208,560 147,902

150,257 261,968 341374

422,848 495,085 485,632

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

3,840 3,840 3,840

Number of shares (in thousands)

38,400.00 38,400.00

Book value per share

38,400

11.01 12.89 12.65

3.07 3.20 0.45

Earnings/loss per share

President: Miłek Dariusz Board: Fenrich Wojciech; Nowjalis Piotr; Gnych

Mariusz; Szczepanik Adam; Kupiecka Martyna; Nadolski Piotr; Miłek Dariusz; Chojnacki Henryk Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. Strefowa 6, 59-101 Polkowice T: +48 76 8458400; F: +48 76 8458431 ng2@ng2.pl KRS: 0000211692

Echo Investment SA ECH

www.echo.com.pl

Market value: 2,091,600,000 WSE listing date: 1996-03-05 Shareholders: ING OFE (12.97%); Majcher Andrzej

(0.02%); Ciesielski Wojciech (0.28%); Echo Investment SA (1.74%); OFE PZU Złota Jesień (5.09%); Aviva OFE (8.73%); Sołowow Michał (44.74%) 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.

Winter–Spring 2013

EquitiesPoland Price performance:

Price performance:

Finance

(2010 | 2011 | 2012Q3)

Net revenues

426,396 406,935 158,710

168,691 539,365 -40,529

137,332 199,711 -22,131

147,738 176,493 -19,451

216,036 216,036

–

99,923 163,563

–

63,509 -157,371

–

52,604 163,760

–

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

4,490,959 5,367,318 5,265,774

2,615,443 3,303,164 3,196,408

1,853,680 2,371,823 2,273,783

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities

Equity

510,328 637,632 626233

1,875,575 2,064,213 2,069,345

The Share Capital

21,000 21,000 21,000

Number of shares (in thousands)

420,000.00 420,000.00

Book value per share

420,000

4.47 4.92 4.93

0.35 0.42 -0.05

Earnings/loss per share

DilutedNumber of shares (in thousands)

420,000.00 420,000.00 420,000.00

Diluted book value per share

4.47 4.92 4.93

0.35 0.42 -0.05

Diluted earnings/loss per share

President: Gromniak Piotr Board: Gromniak Piotr; Kalwat Tomasz; Żbikowski

Karol; Oskard Robert; Ciesielski Wojciech; Majcher Andrzej; Waniołka Mariusz; Langner Artur Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: Al. Solidarności 36, 25-323 Kielce T: +48 41 3333333; F: +48 41 3332333 office@echo.com.pl KRS: 0000007025

Netia SA NET

www.netia.pl

Market value: 2,066,009,500 WSE listing date: 2000-06-15 Shareholders: Eastick Jonathan (0.16%); Ruhan Tom

(0.15%); Karaplis George; ING OFE (12.43%); SISU Capital Ltd. (11.48%); Aviva OFE (5.24%); Netia SA (2.46%); Godlewski Mirosław (0.1%); Eggink Raimondo (0.01%); Maguin Nicolas; Abbeloos Stan; Radzimiński Tadeusz; de Vitry, Jerome; Third Avenue Management LLC (15.83%) 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

Net revenues

(2010 | 2011 | 2012Q3) 1,569,296 1,618,803 521,073

Profit/loss from operations

285,755 302,698 27,348

288,769 317,276 17,000

263,895 248,786 10,035

Profit/loss before tax Profit/loss Net cash flows

-7,505 -7,505

Net cash flows from operating activities

289,483 418,827

Net cash flows from investing activities

-289,056 -1,072,710

Total assets

– –

Net cash flows from financing activities

–

-7,932 635,822

–

2,568,569 3,549,184 3,374,046

271,023 1,048,811 929,386

Liabilities and provisions for liabilities Long term liabilities

31,871 549,185 485,124

239,152 499,626 444262

Short term liabilities Equity

2,297,546 2,500,368 2,444,660

The Share Capital

389,459 391,602 386,212

Number of shares (in thousands)

389,459.00 391,602.00

Book value per share

386,170

5.90 6.39 6.33

0.68 0.64 0.03

Earnings/loss per share

President: Godlewski Mirosław Board: Radzimiński Tadeusz; Eggink Raimondo; Ruhan

Tom; Eastick Jonathan; Suszek Mirosław; Godlewski Mirosław; Karaplis George; Pawluczuk Ewa; Maguin Nicolas; Abbeloos Stan; de Vitry, Jerome; Duster Benjamin Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Taśmowa 7, 02-677 Warszawa T: +48 22 3522000; F: +48 22 3302027 anna_kuchnio@netia.pl KRS: 0000041649

AmRest Holdings SE EAT

www.amrest.eu

Market value: 1,791,522,300 WSE listing date: 2005-04-27 Shareholders: OFE PZU Złota Jesień (7.29%); WP

Holdings VII BV (32.98%); McGovern Henry (3.21%); ING OFE (17.12%); AmRest Holdings SE (0.03%); Aviva OFE (6.65%) Strategy: AmRest Holdings SE (AmRest, WSE: EAT) is the largest independent restaurant operator in Central and Eastern Europe. Since 1993 we’ve been building a portfolio of well recognized power brands such as KFC, Pizza Hut, Burger King, Applebee’s and Starbucks based on solid franchise and joint venture partnerships. AmRest owns La Tagliatella brand which is being developed as Company operated restaurants as well as franchised stores. Today, AmRest operates almost 700 category leading Quick Service and Casual Dining restaurants. Through our 'Everything is Possible' culture, over 22 thousand AmRest employees deliver craveable taste and exceptional service at affordable prices every day. For a taste of our hospitality, please visit us in our restaurants.

Finance

Net revenues

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2010-01-04

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

0 2010-04-01

0 2010-01-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

(2010 | 2011 | 2012Q3) 2,033,816 2,624,171 602,735

Profit/loss from operations

68,662 103,015 40,099

50,959 49,290 26,450

40,598 48,485 24,307

85,282 85,282

Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities

168,149 216,359

Net cash flows from investing activities

-233,031 -808,927

Net cash flows from financing activities

Total assets

150,164 486,763

– – –

1,368,959 2,630,856 2,659,098

622,929 1,703,065 1,628,505

391,540 1,318,029 1,156,803

231,389 385,036 471702

731,499 772,214 878,029

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

623 714 714

Number of shares (in thousands)

18,934.00 21,214.00

Book value per share

21,214

38.63 36.40 41.39

Earnings/loss per share

2.14 2.29 1.15 Board: Sykora Jan; Mroczyński Wojciech; O&8217;Malley Drew; Chandler Mark; Breimyr, Per Steens; Landy, Joseph P.; Kseń Jacek; Feuer Robert; Eggink Raimondo; McGovern Henry Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: pl. Grunwaldzki 25-27, 50-365 Wrocław T: +48 71 3861000; F: +48 71 3861060

Orbis SA ORB

www.orbis.pl

Market value: 1,709,456,700 WSE listing date: 1997-11-20 Shareholders: Aviva OFE (10.1%); ACCOR SA

(52.68%); Węgłowski Ireneusz 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. Price performance: 50 45 40 35 30

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

–

Winter–Spring 2013 Total assets

The Share Capital

-596,800 34,971 -86,412

Profit/loss from operations

558,526 732,907 934,062

Profit/loss before tax

33,800 208,415 396,528

4,814 175,517 250,313

28,986 32,898 146215

Net cash flows from operating activities

523,843 523,209 533,236

Net cash flows from investing activities

63,865 63,865 63,865

Net cash flows from financing activities

Total assets

12.48 12.47 12.71

2.26 3.19 0.61

3,739 3,739 -22,056

175,627 176,380 50,700

-54,768 224,417 -13,981

-117,120 -247,561 -58,775

2,217,014 2,140,627 2,093,993

Liabilities and provisions for liabilities

407,166 211,874 163,050

192,451 36,214 37,761

214,715 175,660 125289

Long term liabilities

Short term liabilities Equity

1,809,120 1,928,474 1,930,670

The Share Capital

517,754 517,754 517,754

Number of shares (in thousands)

46,077.00 46,077.00

Book value per share

46,077

39.26 41.85 41.90

Earnings/loss per share

0.20 2.59 0.63 President: Picheral Laurent Board: Gabor Artur; Karaoglanian Christian; Procajło Andrzej; Boniel Erez; Caillere Yann; Vieilledent Marc; Przytuła Andrzej; Szewczykowski Marcin; Kseń Jacek; Moscheni Claude; Węgłowski Ireneusz; Picheral Laurent; Szymański Jarosław Auditors: Deloitte Audyt sp. z o.o. Address: ul. Bracka 16, 00-028 Warszawa T: +48 22 8293939; F: +48 22 8273301 orbissa@orbis.pl KRS: 0000022622

Giełda Papierów Wartościowych w Warszawie SA GPW

www.gpw.pl

Market value: 1,550,865,400 WSE listing date: 2010-11-09 Shareholders: Skarb Państwa (34.99%); Sobolewski

Ludwik

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. Price performance: 55

Equity

Cinema-City International NV CCI

www.cinemacity.nl

Market value: 1,546,240,000 WSE listing date: 2006-12-08 Shareholders: Aviva Investors Poland SA (5.85%); ING

OFE (5.23%); BZ WBK Asset Management SA (5.19%); Aviva OFE (9.77%); IT International Theatres Ltd. (53.88%) 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. Price performance: 50 45

2012-11-09

2012-08-10

2012-05-14

2012-02-09

2011-11-09

2011-08-10

2011-05-12

2011-02-09

2010-11-09

Net revenues

225,629 268,797 65,663

91,750 133,656 31,335

115,344 163,062 32,106

94,692 133,742 25,608

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-09-30

2010-07-05

2010-04-01

2010-12-31

(2010 | 2011 | 2012Q3)

234,549 267,459 74,917

36,349 24,729 10,138

34,074 21,088 9,129

30,410 20,925 8,242

Net cash flows

-11,890 -11,890

Net cash flows from operating activities

870

12,236 -75,070 -26,348

Profit/loss

-79,594 32,953 11,716

292,004 340,242 399,669

75,231 113,010 152,845

30,722 41,993 92,330

44,509 71,017 60515

Net cash flows from operating activities

90,042 129,986 40,236

130,191 18,528 50,569

Net cash flows from investing activities

331,752 326,579 75,714

267,409 260,874 54,552

731,164 731,164

–

1,191,133 351,404

–

Net cash flows from operating activities

Profit/loss before tax

4,393

331,366 319,436 52,958

Net cash flows

54,764 41,592 15,433

-376,567 -376,567

Profit/loss

4,430,269 5,516,675 1,696,667

Profit/loss before tax

Profit/loss from operations

Net cash flows

(2010 | 2011 | 2012Q3)

Profit/loss from operations

Profit/loss

110 105 100 95 90 85 80 75 70 65 60 55 50 45

Net revenues

Profit/loss before tax

(2010 | 2011 | 2012Q3)

www.budimex.pl

Złota Jesień (5.65%); Grupo Ferrovial SA (59.06%); Michałowski Marek (0.01%) 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 infrastructure facilities) and waste management. Price performance:

Finance

Profit/loss from operations

Finance

BDX

Market value: 1,475,634,000 WSE listing date: 1995-05-25 Shareholders: Węgłowski Marcin (0.01%); OFE PZU

Net revenues

0.59 0.41 0.16

President: Greidinger Moshe Board: Pierce, Arthur Frank; Weltsch Amos; Shilhav

BUDIMEX SA

41,972

Sebastian; Pawłowicz Leszek; Maciejewski Adam; Adamska Lidia; Jarosz Beata; Krupa Sławomir; Słomski Marek; Graniewski Paweł; Sobolewski Ludwik Auditors: KPMG Audyt sp. z o.o., Warszawa Address: ul. Książęca 4, 00-498 Warszawa T: +48 22 6283232; F: +48 22 6281754 gpw@gpw.pl KRS: 0000082312

Finance

President: Sobolewski Ludwik Board: Wierzbowski Marek; Lewandowski Jacek; Skuza

41,972.00 41,972.00

Book value per share

2010-01-04

4.33 4.48 4.82

Earnings/loss per share

Number of shares (in thousands)

20 45

Yair; Greidinger Israel; Weishut Peter; Twist Caroline; Rosenblum Scott; Greidinger Moshe Auditors: KMPG Accountants NV Address: Weena 210-212, 3012 N Rotterdam, Holandia T: +48 22 5666999; F: +48 22 5666984 ayelet@cinemacity.nl KRS: 0033260971

The Share Capital

51,200

2012-10-02

Net cash flows

Short term liabilities

51,200.00 51,200.00

Book value per share

2012-07-04

9,203 119,095 29,021

2012-03-30

Profit/loss

Long term liabilities

512 512 –

Number of shares (in thousands)

2012-01-02

22,914 161,761 35,397

2011-09-30

Liabilities and provisions for liabilities

2011-07-04

41,991 161,376 33,723

221,730 229,303 246,824

2011-03-31

2010-12-31

700,814 718,907 192,344

2010-09-30

2010-01-04

Net revenues

2010-07-05

(2010 | 2011 | 2012Q3)

Equity

2010-04-01

Finance

EquitiesPoland Net cash flows from financing activities

Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities

Net cash flows from investing activities

-5,184 -211,668

–

-454,785 -260,755

–

Net cash flows from financing activities Total assets

4,067,239 4,551,114 3,879,016

3,386,834 3,840,004 3,555,728

Liabilities and provisions for liabilities Long term liabilities

254,960 360,153 380,059

Short term liabilities

Equity

3,131,874 3,479,851 3175669

680,405 711,110 323,288

145,848 145,848 145,848

The Share Capital

Number of shares (in thousands)

25,530.00 25,530.00

Book value per share

25,530

26.65 27.85 12.66

10.47 10.22 2.14

Earnings/loss per share

President: Blocher Dariusz Board: Daniewski Jacek; Urbański Henryk; Blocher

Dariusz; Sielicki Tomasz; Węgłowski Marcin; Rodriguez, Ignacio Botella; Michałowski Marek; Hernandez, Javier

Winter–Spring 2013

EquitiesPoland

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

80,053 87,557 31,152

Net cash flows

315 315 –

Net cash flows from operating activities

25,205 6,927

Net cash flows from investing activities

-40,002 -90,837

–

Net cash flows from financing activities

15,112 85,987

Total assets

–

352,639 570,225 670,645

143,585 263,412 284,853

68,160 128,157 137,723

75,425 135,255 147130

208,942 306,461 385,529

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

250 250 250

Number of shares (in thousands)

25,000.00 25,000.00

Book value per share

25,000

8.36 12.26 15.42

3.20 3.50 1.25

Earnings/loss per share

President: Ivanchyk Viktor Board: Chiburovskiy Andriy; Kovalski, Mykola;

Kontiruk Sergiy; Rylik Igor; Stakh Sergiy; Rybin Petro; Bershadska Oksana; Ivanchyk Viktor; van Campen, Marc; Korotkow Valeri; Bartoszewski Władysław Address: Koningslaan 17, 1075AA Amsterdam, Holandia T: +31 0206731090; F: +31 0206730342 IR@astartakiev.com

KOPEX SA KPX

Market value: 1,286,704,230

www.kopex.com.pl

2012-10-02

2012-07-04

2012-03-30

112,279 129,378 53,918

89,702 114,249 44,012

2012-08-28

2012-05-29

2012-02-24

Profit/loss Net cash flows

(2010 | 2011 | 2012Q3) 2,134,176 2,125,767 531,969

83,238 171,383 60,187

42,559 177,923 54,673

23,717 147,740 42,637

22,481 22,481

–

220,778 90,233

–

-219,826 -183,030

–

Net cash flows from financing activities

79,626 89,996 31,490

Profit/loss

2012-01-02

2011-09-30

117,961 151,096 53,853

Profit/loss before tax

Net cash flows from investing activities

87,510 93,356 37,019

2011-07-04

Net cash flows from operating activities

Profit/loss before tax

2011-03-31

Net cash flows

1,232,715 1,523,470 444,161

Profit/loss from operations

Profit/loss

219,507 314,354 108,426

2010-12-31

Profit/loss before tax

Profit/loss from operations

(2010 | 2011 | 2012Q3)

Profit/loss from operations

2010-09-30

Net revenues

(2010 | 2011 | 2012Q3)

100

Finance

Net revenues

110

2010-01-04

Finance

120

2011-11-25

105 100 95 90 85 80 75 70 65 60 55 50 45 40 35

130

Viktor (36.98%) Strategy: “Astarta–Kyiv” is a vertically integrated agro-industrial holding specializing in sugar and agricultural production. Its agricultural business focuses primarily on the cultivation of sugar beet, grains and oilseeds, the production of sugar and related products (molasses and granulated beet pulp), and milk and meat production. In 2012, ASTARTA started to build a soybean processing plant. At the same time ASTARTA actively implements bio projects. In 2012, production of biogas from beet pulp will be started at one of the Group’s sugar plants. Price performance:

140

2010-07-05

www.astartaholding.com

2011-08-26

AST

Market value: 1,422,500,000 WSE listing date: 2006-08-17 Shareholders: Korotkow Valeri (25.98%); Ivanchyk

Price performance:

Aviva OFE (5.09%); ING OFE (5.91%); Jędrzejewski Krzysztof (59.05%) 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. Price performance:

2011-05-27

Astarta Holding NV

WSE listing date: 1998-06-04 Shareholders: Parzych Joanna; Kopex SA (0.37%);

2010-04-01

Galindo; Chalupec Igor; Garrido-Lestache Rodriguez, Jose Carlos; Weresa, Marzenna Anna; Kamiński Piotr; Stańczuk Maciej; de la Joya Ruiz de Velasco, Alejandro; Czynczyk Artur Auditors: Deloitte Audyt sp. z o.o. Address: ul. Stawki 40, 01-040 Warszawa T: +48 22 6236000; F: +48 22 6236001 info@budimex.pl KRS: 0000001764

Total assets

21,529 64,595

–

3,364,036 3,786,448 3,844,863

1,005,489 1,300,241 1,345,021

Liabilities and provisions for liabilities Long term liabilities

119,886 273,520 344,217

885,603 1,026,721 1000804

2,297,762 2,455,326 2,494,329

Short term liabilities Equity

The Share Capital

74,333 74,333 74,333

Number of shares (in thousands)

74,333.00 74,333.00

Book value per share

74,333

30.91 33.03 33.56

0.32 1.99 0.57

Earnings/loss per share

DilutedNumber of shares (in thousands)

74,332.54 74,332.54 74,332.54

Diluted book value per share

30.91 33.03 33.56

0.32 1.99 0.57

Diluted earnings/loss per share

President: Jagiello Andrzej Board: Rogatko Michał; Wolski Józef; Jędrzejewski

Krzysztof; Misiuna Marzena; Jagiello Andrzej; Kalkusiński Adam; Dzik Zofia; Napiórkowski Wojciech; Meder Andrzej; Kucharski Artur; Bobrowski Bogusław; Parzych Joanna Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. Grabowa 1, 40-172 Katowice T: +48 32 6047000; F: +48 32 6047100 kopex@kopex.com.pl KRS: 0000026782

Grupa KĘTY SA KTY

www.gk-kety.com.pl

Market value: 1,263,039,400 WSE listing date: 1996-01-30 Shareholders: Mańko Dariusz (0.79%); Aviva OFE

(17.74%); OFE PZU Złota Jesień (5.1%); ING OFE (17.76%) 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.

-62,257 -62,257

–

72,907 206,795

–

Net cash flows from operating activities Net cash flows from investing activities

-107,533 -112,295

–

Net cash flows from financing activities

Total assets

-27,631 -79,301

–

1,410,001 1,544,025 1,656,508

Liabilities and provisions for liabilities

542,860 594,512 647,499

144,639 137,581 117,428

398,221 456,931 530071

867,141 949,513 1,009,009

Long term liabilities

Short term liabilities Equity

The Share Capital

66,964 66,964 66,964

Number of shares (in thousands)

9,226.00 9,226.00

Book value per share

9,226

93.99 102.92 109.37

9.72 12.38 4.77

Earnings/loss per share

DilutedNumber of shares (in thousands)

9,225.66 9,225.66

Diluted book value per share

93.99 102.92

Diluted earnings/loss per share

9.72 12.38

President: Mańko Dariusz Board: Surma Jerzy; Piela Adam; Iwanowski Tadeusz;

– – –

Matusiak Maciej; Mańko Dariusz; Głogowski Krzysztof; Strublewski Szczepan Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. Kościuszki 111, 32-650 Kęty T: +48 33 8446000; F: +48 33 8453093 kety@gk-kety.com.pl KRS: 0000121845

Inter Cars SA CAR

www.intercars.com.pl

Market value: 1,153,824,000 WSE listing date: 2004-05-26 Shareholders: Oleksowicz Krzysztof (33.04%);

Kierzek Robert (0.28%); Amplico OFE (6.37%); ING OFE (8.57%); Aviva OFE (9.19%); Oliszewski Andrzej (10.1%); Milewski Wojciech (0.22%); Kraska Piotr (0.22%); Soszyński Krzysztof (0.28%) 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 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.

Winter–Spring 2013

EquitiesPoland Price performance:

Price performance:

2,413,008 2,764,514 795,489

115,255 160,998 36,667

77,494 130,265 25,492

63,683 108,229 23,291

Profit/loss before tax Profit/loss Net cash flows

7,424 7,424

Net cash flows from operating activities

80,157 54,326

Net cash flows from investing activities

– –

-21,213 -47,788

–

-51,520 19,370

–

Net cash flows from financing activities Total assets

1,322,301 1,547,470 1,621,488

Liabilities and provisions for liabilities

763,766 882,519 889,605

244,968 242,207 250,385

518,798 640,312 639220

558,535 668,804 736,428

28,336 28,336 28,336

Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

14,168.00 14,168.00

Book value per share

13,736

39.42 47.21 53.61

4.50 7.64 1.70

Earnings/loss per share

President: Kierzek Robert Board: Oleksowicz Krzysztof; Płoszajski Piotr; Klimczak

Jacek; Marczak Michał; Oleksowicz Maciej; Milewski Wojciech; Kmieciak Witold; Oliszewski Andrzej; Kraska Piotr; Soszyński Krzysztof; Kierzek Robert Auditors: KPMG Audyt Sp. z o.o. Sp.k. Address: ul. Powsińska 64, 02-903 Warszawa T: +48 22 7141916; F: +48 22 7141918 bzarzadu@intercars.com.pl KRS: 0000008734

Ciech SA CIE

www.ciech.com

Market value: 1,120,402,000 WSE listing date: 2005-02-10 Shareholders: Pioneer Pekao Investment Management

SA (9.99%); Skarb Państwa (38.72%); Osuchowski Artur; Krawczyk Dariusz (0.07%); OFE PZU Złota Jesień (5.1%); 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.

Net revenues

2010-01-04

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

Finance

2010-07-05

(2010 | 2011 | 2012Q3)

Profit/loss from operations

2010-04-01

2012-07-04

2012-03-30

2012-01-02

2010-01-04

Net revenues

2012-10-02

Finance

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

0 2010-01-04

(2010 | 2011 | 2012Q3) 3,960,316 4,174,486 1,065,036

Profit/loss from operations

146,853 118,715 22,770

54,479 8,630 -22,709

24,344 1,506 -23,325

Profit/loss before tax Profit/loss Net cash flows

153,574 153,574

–

318,351 -19,338

–

9,978 -63,660

–

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities

Total assets

-174,755 19,301

–

3,929,016 4,066,505 3,721,298

3,078,546 2,758,415 2,787,607

Liabilities and provisions for liabilities Long term liabilities

961,333 683,563 720,041

Short term liabilities

2,117,213 2,074,852 2067566

817,851 1,310,111 941,870

164,115 287,614 287,614

Equity

The Share Capital

Number of shares (in thousands)

28,000.00 52,700.00

Book value per share

52,700

29.21 24.86 17.87

0.87 0.03 -0.44

Earnings/loss per share

President: Krawczyk Dariusz Board: Krawczyk Dariusz; Osuchowski Artur; Kopeć

Andrzej; Sibrecht-Ośka Ewa; Cieszyński Przemysław; Stelmasiak Sławomir; Grabalski Arkadiusz; Maj Waldemar; Obszyński Mariusz; Kwiatkowski Zygmunt; Lipiec Maciej Auditors: KPMG Audyt sp. z o.o., Warszawa Address: ul. Puławska 182, 02-670 Warszawa T: +48 22 6391000; F: +48 22 6391451 ciech@ciech.com KRS: 0000011687

Emperia Holding SA EMP

Finance

Market value: 762,551,750 WSE listing date: 2002-01-03 Shareholders: Laskowski, Artur Jarosław (2.35%);

Kalinowski Dariusz (0.1%); Opoka TFI SA (9.64%); Aviva OFE (9.38%); Altus TFI SA, Warszawa (7.93%); Laskowski Piotr (2.55%); Emperia Holding SA (4.1%); Ipopema TFI SA (6.68%); Wawerski Grzegorz (2.38%) 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.

(2010 | 2011 | 2012Q3)

Net revenues

94,199 115,137 463,024

15,708 20,703 -37,688

15,530 627,494 -35,548

12,341 626,375 -28,390

9,218 9,218 -3,392

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities

275,891 125,208 10,765

-101,398 971,978 -8,589

-165,275 -68,306 -5,568

Net cash flows from investing activities

Net cash flows from financing activities Total assets

1,916,069 1,903,545 939,613

1,037,140 406,383 264,300

Liabilities and provisions for liabilities Long term liabilities

59,483 1,437 45,735

977,657 404,946 218565

878,816 1,497,162 675,313

Short term liabilities Equity

The Share Capital

15,115 15,115 15,115

Number of shares (in thousands)

15,115.00 15,115.00

Book value per share

15,115

58.14 99.05 44.68

0.82 41.44 -1.88

Earnings/loss per share

President: Kawa Artur Board: Laskowski, Artur Jarosław; Długosz Piotr;

Krysztofiak Tomasz; Zięba Ireneusz; Laskowski Piotr; Kawa Artur; Kalinowski Dariusz Auditors: Europejskie Centrum Audytu sp. z o.o., Kraków Address: ul. Mełgiewska 7-9, 20-952 Lublin T: +48 81 7485555; F: +48 81 7463289 emperia@emperia.pl KRS: 0000034566

Kruk SA www.emperia.pl

2012-10-02

10 60

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

30 90

2011-03-31

100

2010-12-31

130 120 110 100 90 80 70 60 50 40 30 20 10 0

2010-09-30

2010-07-05

110

2010-04-01

Price performance:

KRU

www.kruksa.pl

Market value: 757,120,000 WSE listing date: 2011-05-10 Shareholders: Okarma Urszula (0.65%); Kułton

Agnieszka (0.69%); Janiak Rafał (0.85%); Generali OFE (5.12%); Krupa Piotr (15.71%); Polish Enterprise Fund IV, LP (24.83%); Słomska Iwona (0.29%); Zasępa Michał (0.04%) 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.

Winter–Spring 2013

EquitiesPoland Price performance:

Price performance:

Finance

(2010 | | 2012Q2)

164,281 79,404

42,636 31,863

35,605 19,475

36,078 18,187

-3,019 -3,019 -6,398

-46,690 -21,507

-6,226 -1,103

49,897 16,212

317,553 820,463

185,539 549,285

77,996 323,138

107,543 226147

131,972 271,091

15,309 16,900

1,452.00 16,900

Net revenues

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands) Book value per share

90.88 16.04

24.85 1.08

Earnings/loss per share

DilutedNumber of shares (in thousands)

– –

Diluted book value per share

Diluted earnings/loss per share

Declared or paid dividend per share

– – President: Krupa Piotr Board: Prończuk Dariusz; Wancer Józef; Małek Wojciech; Stępniak Piotr; Kawalec Krzysztof; Zasępa Michał; Krupa Piotr; Słomska Iwona; Okarma Urszula; Kułton Agnieszka; Janiak Rafał Auditors: KPMG Audyt Sp. z o.o. Sp.k. Address: ul. Legnicka 56, 54-204 Wrocław T: +48 71 7902800; F: +48 71 7902867 info@kruksa.pl KRS: 0000240829

Rovese SA RSE

www.rovese.com

Market value: 635,628,000 WSE listing date: 1998-05-25 Shareholders: Mrowiec Piotr; Sołowow Michał

(54.39%); ING OFE (13.67%); Aviva OFE (9.56%); Kłoczko Artur (0.77%) 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

Net revenues

(2010 | 2011 | 2012Q3) 1,531,462 1,638,209 494,647

Profit/loss from operations

140,243 135,761 16,943

118,633 102,788 -22,304

94,966 87,698 -20,907

Profit/loss before tax Profit/loss Net cash flows

319,462 319,462

–

207,196 104,358

–

-67,370 -137,711

–

179,636 -18,783

–

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

2,990,115 3,237,268 3,075,387

1,671,896 1,629,672 1,489,851

Liabilities and provisions for liabilities Long term liabilities

759,883 802,340 638,951

912,013 827,332 850900

Short term liabilities Equity

1,318,265 1,598,037 1,576,030

The Share Capital

21,638 27,048 27,048

Number of shares (in thousands)

216,384.00 216,384.00

Book value per share

270,480

6.09 7.39 5.83

0.44 0.41 -0.08

Earnings/loss per share

DilutedNumber of shares (in thousands)

216,384.04 216,384.04 270,480.05

Diluted book value per share

6.09 7.39 5.83

0.44 0.41 -0.08

Diluted earnings/loss per share

President: Stankiewicz Wojciech Board: Kazimierski Ireneusz; Wólczyński Michał;

Rejman Tomasz; Waniołka Mariusz; Kuźnieców Jacek; Mrowiec Piotr; Tucharz Jacek; Miroński Grzegorz; Oskard Robert; Romański Michał; Stankiewicz Wojciech; Kłoczko Artur Auditors: Doradca Zespół Doradców Finansowo-Księgowych sp. z o.o. Grupa Finans-Serwis, Lublin Address: ul. Zagnańska 27, 25-528 Kielce T: +48 41 3631765; F: +48 41 3631767 ir@rovese.com KRS: 0000081341

Impexmetal SA IPX

www.impexmetal.com.pl

Market value: 634,000,000 WSE listing date: 1997-06-24 Shareholders: Karkosik, Roman Krzysztof (54%);

ING OFE (8.05%); Impexmetal SA (3.16%); Iwanejko Małgorzata (0.01%) 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

Net revenues

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

2012-10-17

2012-11-07

2012-08-08

2012-05-10

2012-02-07

2011-11-07

2011-08-08

2011-05-10

2012-07-19

2012-04-18

2012-01-18

(2010 | 2011 | 2012Q3) 2,417,583 2,806,117 647,777

Profit/loss from operations

105,544 142,022 19,239

94,243 126,618 17,376

76,786 104,581 13,422

12,510 12,510

Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities

–

110,656 137,818

–

23,859 -28,162

–

Net cash flows from investing activities

Net cash flows from financing activities

Total assets

-121,831 -106,883

–

1,642,167 1,671,847 1,729,314

Liabilities and provisions for liabilities

741,307 727,934 750,256

80,556 130,774 74,607

660,751 597,160 675649

839,665 843,404 879,792

94,661 94,661 94,661

Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

200,000.00 200,000.00

Book value per share

200,000

4.20 4.22 4.40

0.38 0.52 0.07

Earnings/loss per share

DilutedNumber of shares (in thousands)

200,000.00 200,000.00 200,000.00

Diluted book value per share

4.20 4.22 4.40

0.38 0.52 0.07

Diluted earnings/loss per share

President: Iwanejko Małgorzata Board: Skoczeń Robert; Zwierz Waldemar; Urbaniak

Zygmunt; Krężel Arkadiusz; Iwanejko Małgorzata; Szeliga Piotr Auditors: Deloitte Audyt sp. z o.o. Address: ul. Łucka 7/9, 00-842 Warszawa T: +48 22 6586568; F: +48 22 6586405 info@impexmetal.com.pl KRS: 0000003679

Polish Energy Partners SA PEP

www.pepsa.com.pl

Market value: 621,303,100 WSE listing date: 2005-05-13 Shareholders: Aviva OFE (10.1%); Generali OFE

(18.04%); ING OFE (10.64%); Pioneer Pekao Investment Management SA (10.63%); Aviva Investors Poland SA (5.03%); Fijołek Robert (0.04%); Prokopowicz Zbigniew (0.03%); Sobolewski, Krzysztof Robert (0.01%); Kozłowski Michał Strategy: Subject of takeover by Kulczyk (announced in September 2012). 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.

Winter–Spring 2013

EquitiesPoland

Price performance: 40

Price performance:

0.2

0.1

0.3

35 30 25

Finance

(2010 | 2011 | 2012Q3)

Finance

(2010 | 2011 | 2012Q3)

175,966 215,964 28,463

7,469 28,337 20,686

78,971 93,455 -5,336

-8,776 4,492 5,656

79,714 87,602 -3,880

61,563 69,633 -2,632

Net revenues

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

-11,909 -11,909

–

Net cash flows from operating activities

22,260 50,152

–

Net cash flows from investing activities

-87,238 -156,407

–

Net cash flows from financing activities

53,069 191,212

Total assets

–

812,128 1,163,552 999,089

507,812 740,411 497,832

388,056 504,386 400,063

119,756 236,025 97769

303,197 421,966 500,018

39,488 42,628 42,628

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

19,259.00 21,314.00

Book value per share

21,314

15.74 19.80 23.46

3.20 3.27 -0.12

Earnings/loss per share

DilutedNumber of shares (in thousands)

19,259.50

Diluted book value per share

21,313.97

21,31 3.97

15.74 19.80 23.46

3.20 3.27 -0.12

Diluted earnings/loss per share

President: Prokopowicz Zbigniew Board: Prokopowicz Zbigniew; Krawczyk Dari-

usz; Gabryjelski Marek; Dzik Zofia; Fijołek Robert; Kaczmarczyk Krzysztof; Sobolewski, Krzysztof Robert; Kwarcińska Anna; Kozłowski Michał Auditors: KPMG Audyt Sp. z o.o. Address: ul. Wiernicza 169, 02-952 Warszawa T: +48 22 8407570; F: +48 22 6518901 info@pepsa.com.pl KRS: 0000026545

Kulczyk Oil Ventures Inc. KOV

www.kulczykoilventures.com Market value: 611,831,390 WSE listing date: 2010-05-25 Shareholders: Holton, Norman W. (0.63%); Beaman, Edwin A. (0.09%); Madnani, Manoj N. (0.07%); McVea, Michael A. (0.02%); King, Gary R. (0.01%); Kulczyk Investments SA (55.51%); Elliott, Timothy M. (0.98%); Graham, Jock M. (0.3%) 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

Net revenues

Profit/loss from operations Profit/loss before tax

-18,514 -13,694 -80,945

-18,621 -20,875 -85,089

Profit/loss Net cash flows

8,305 8,305 -5,715

-9,376 1,155 3,854

Net cash flows from operating activities Net cash flows from investing activities

-82,463 -30,721 -7,191

100,141 32,259 -1,070

197,325 220,275 172,425

19,106 45,748 50,482

– 20,800 17,361

14,114 18,751 26306

157,726 150,874 92,528

192,520 205,445 231,516

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

401,503.00 420,804.00

Book value per share

481,757

0.39 0.36 0.19

-0.05 -0.05 -0.18

Earnings/loss per share

President: Elliott, Timothy M. Board: Beaman, Edwin A.; Elliott, Timothy M.; Mad-

nani, Manoj N.; Akerfeldt, Stephen C.; Silenzi Alec; Graham, Jock M.; Holton, Norman W.; Rose, Paul H.; King, Gary R.; McVea, Michael A.; Langanger Helmut; Mioduski Dariusz; Korczak Jakub; Rehill Trent Auditors: KPMG LPP, Kanada Address: Suite 1170, 700 - 4th Avenue S.W., T2P 3J Calgary T: +1 403 2648877; F: +1 403 2648861 kov@kulczykoil.ca

Bioton SA BIO

www.bioton.pl

Market value: 584,197,200 WSE listing date: 2005-03-16 Shareholders: Troqueera Enterprises Ltd. (8.53%);

Krauze Ryszard (19.45%); Ratnicka-Kiczka, Barbara Halina (0.01%); Grelowski Maciej 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

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

2012-11-22

2012-08-23

2012-05-24

2012-02-21

2011-11-22

2011-08-23

2011-05-24

2011-02-21

2010-11-22

2010-05-25

2012-10-03

2012-07-05

2012-04-02

2012-01-03

2011-10-03

2011-07-05

2011-04-01

2011-01-03

2010-10-01

2010-07-06

2010-04-06

2010-01-05

2010-08-23

(2010 | 2011 | 2012Q3)

Net revenues

378,097 288,984 87,026

90,064 -51,059 1,823

99,838 -50,803 -13,039

117,180 -78,858 -13,278

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

2,970 2,970 69,028

27,170 -22,200 72,665

57,981 -97,065 -19,778

-82,181 84,978 16,141

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

1,584,748 2,024,549 2,007,255

Liabilities and provisions for liabilities

414,868 639,675 617,831

191,072 274,395 167,745

223,796 365,280 450086

Long term liabilities

Short term liabilities Equity

1,093,704 1,197,057 1,232,036

1,075,970 1,325,700 1,460,493

The Share Capital

Number of shares (in thousands)

5,379,851.00 6,025,305.00

Book value per share

7,302,465

0.20 0.20 0.17

0.02 -0.01

Earnings/loss per share

President: Ziegert Sławomir Board: Dukaczewski Marcin; Ziegert Sławomir; Wil-

–

częga Adam; Szymańska-Bulska Joanna; Polonek Adam; Błaszczyk Piotr; Bushara Leon; Dąbrowski Waldemar; Grelowski Maciej; Buzuk Tomasz; Walendziak Wiesław; Solorz-Żak Zygmunt; Ratnicka-Kiczka, Barbara Halina; Spark Andre; Krauze Ryszard; Borowicz Piotr Auditors: Deloitte Audyt sp. z o.o. Address: ul. Starościńska 5, 02-516 Warszawa T: +48 22 7214000; F: +48 22 7214004 bioton@bioton.pl KRS: 0000214072

AGORA SA AGO

www.agora.pl

Market value: 466,582,920 WSE listing date: 1999-04-20 Shareholders: Sielicki Tomasz; ING OFE (7.37%);

Niemczycki Piotr (3.03%); Rapaczyńska Wanda (1.81%); Turnau Stanisław (0.23%); Kossakowski Grzegorz (0.08%); Bąk Zbigniew (0.13%); Jackiewicz Marek (0.19%); Agora-Holding Sp. z o.o. (11.17%) Strategy: Agora was created in 1989 and is one of the largest and well known media companies in Poland. Since 1999 the Company has been listed on Warsaw Stock Exchange. Agora's portfolio of media consists of: Dailies Newspapers (Gazeta Wyborcza is primary title); Internet; Outdoor (AMS); Magazines; Radio (TOK FM, etc.); Cinemas. Apart from publishing, creating content for the needs of all media in the Group and advertising the Group is also engaged in printing and brokerage services and licensing content for digital media. (The shareholder structure gives unusually strong control to the founding shareholders, via Agora-Holding, which owns about 11% of the shares, yet exercises voting rights of nearly 40% directly and indirectly, which gives this minority shareholder de facto control over the firm. Analysts believe that, in the absence of such controlling shareholder, Agora would be a ripe takeover target.)

Winter–Spring 2013

EquitiesPoland Price performance:

Price performance: Price performance:

125

100 75 50

2 25

Net revenues

1,116,742 1,234,553 264,635

Profit/loss from operations

84,888 51,884 -10,111

87,875 55,015 -9,787

71,894 42,171 -8,730

58,133 58,133 -8,986

171,554 152,241 21,301

-138,104 -115,549 29,420

Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities

Total assets

24,683 -93,545 -59,707

1,805,476 1,803,720 1,692,240

Liabilities and provisions for liabilities

568,924 540,403 487,519

273,497 221,341 183,692

295,427 319,062 303827

Long term liabilities

Short term liabilities Equity

1,221,052 1,246,064 1,187,750

The Share Capital

50,937 50,937 50,937

Number of shares (in thousands)

50,937.00 50,937.00

Book value per share

50,937

23.97 24.46 23.32

Earnings/loss per share

Finance

(2010 | 2011 | 2012Q3)

Net revenues

101,096 140,091 12,221

43,133 61,599 -853

46,095 61,894 -353

37,232 51,612

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

554

3,827 3,827 -11,281

-28,299 -18,716 -4,364

-5,537 -14,756 -2,149

37,663 52,236 -4,768

384,089 505,047 544,866

138,349 219,947 241,073

31,054 162,256 178,610

107,295 57,691 62463

245,740 285,100 303,793

137,192 139,192 139,192

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

105,237.00 107,237.00

Book value per share

107,237

2.34 2.66 2.83

0.35 0.48 0.01

1.41 0.83 -0.17 President: Niemczycki Piotr Board: Rapaczynski Wanda; Sikora Sławomir; Sielicki Tomasz; Kossakowski Grzegorz; Szlęzak Andrzej; Niemczycki Piotr; Turnau Stanisław; Jackiewicz Marek; Bąk Zbigniew; Hejka Marcin Auditors: KPMG Audyt Sp. z o.o. Sp.k. Address: ul. Czerska 8/10, 00-732 Warszawa T: +48 22 5556000; F: +48 22 5554850 investor@agora.pl KRS: 0000059944

Tomasz; Podkański Lesław; Tian Quing; Likus Wiesław; Karney Jerzy; Jędrzejczyk Dariusz; Maciejuk Dariusz Auditors: Deloitte Audyt sp. z o.o. Address: ul. Franciszka Nullo 2, 00-486 Warszawa T: +48 22 5015500; F: +48 22 5015501 info@hawesa.pl KRS: 0000121430

Hawe SA

Central European Distribution Corporation

HWE

www.hawesa.pl

Market value: 428,948,000 WSE listing date: 2007-02-14 Shareholders: Falenta Marek (7.72%); Podkański

Lesław (0.11%); Falenta Waldemar (0.23%); Rybka Krzysztof (1.1%); Hawe SA (3.5%); Trinitybay Investments Ltd. (28.22%); Petrenams Ltd. (9.09%); Generali OFE (6.52%) 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.

Earnings/loss per share

President: Karney Jerzy Board: Falenta Waldemar; Rybka Krzysztof; Misiak

CDC

www.cedc.com.pl

Market value: 413,132,080 WSE listing date: 2006-12-20 Shareholders: Forysiak, Marek E. (0.01%); Roust

Trading Ltd. (21.74%); Kaufman Mark (8.82%); ING OFE (6.73%); Morgan Stanley (5.8%); Carey, William V. (5.43%); Blackrock Inc. (4.64%); CEDC (0.31%); Evangelou Evangelos (0.12%); Biedermann Chris (0.09%); Shanahan, William S. (0.08%); Archbold James (0.07%); Sieger Markus (0.02%); Bailey David; Koch, Robert P.; Fine, N. Scott 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

Net revenues

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-01-04

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

(2010 | 2011 | 2012Q3)

0 2010-04-01

2012-10-02

2012-07-04

2012-03-30

2012-01-02

0 2010-01-04

Finance

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

2010-04-01

(2010 | 2011 | 2012Q3)

711,537 877,587 191,331

-23,592 -981,283 15,179

Profit/loss from operations Profit/loss before tax

-135,257 -1,250,797

41,555

-104,667 -1,291,816

35,769

Profit/loss Net cash flows

-4,115 -4,115

–

-29,386 29,759

–

457,421 -56,854

–

-417,863 10,091

–

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

3,396,182 2,072,529 1,980,166

1,831,511 1,806,159 1,739,936

1,423,032 1,332,913 1,031,453

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities

408,479 473,246 708483

1,564,671 266,370 240,230

70,685.00 70,685.00

Equity

Number of shares (in thousands) Book value per share

22.14 3.77 3.05

-1.48 -18.28 0.45

Earnings/loss per share

President: Bailey David Board: Archbold James; Biedermann Chris; Forysiak,

Marek E.; Sieger Markus; Evangelou Evangelos; Tariko Roustam; Bailey David; Aragon Jose; Fine, N. Scott; Picchi Alessandro; Koch, Robert P. Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: 3000 Atrium Way, Suite 265, 08054 Mt. Laurel, NJ USA T: 856 273 6970; F: 856 273 6996 info@cedc.com.pl

CD Projekt Red SA CDR

www.cdprojektred.com

Market value: 408,100,000 WSE listing date: 2002-01-28 Shareholders: Iwiński Marcin (14.99%); PKO TFI

SA (9.47%); Kiciński Michał (16%); Ziółek Katarzyna; Nowakowski Michał; Kiciński Adam (3.28%); Aviva OFE (5.2%); Nielubowicz Piotr (6.3%) 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). Price performance: 8

2012-10-31

2012-08-02

2012-05-04

2012-02-01

2011-10-31

2011-08-02

78,842

Winter–Spring 2013 (2010 | 2011 | 2012Q3) 50,446 136,210 42,081

Net cash flows from investing activities

-9,747 2,334

–

Profit/loss from operations

-9,035 -35,041

–

Profit/loss before tax

23,171 38,687

–

85,065 159,660 171,690

18,615 52,297 52,265

5,633 26,853 30,493

12,982 25,444 21772

66,448 108,505 119,964

24,862 30,562 30,562

10,279

Net cash flows from operating activities Net cash flows from investing activities

185 13,828

36 -6,239

Net cash flows from financing activities

5,265 263 -18

Total assets

167,514 185,726 200,641

89,849 61,917 57,348

15,956 7,590 7,099

73,893 54,327 50249

77,665 123,809 143,293

82,837 94,950 94,950

Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

Liabilities and provisions for liabilities

Long term liabilities

2.67 3.55 3.93

Short term liabilities

– 0.45 0.19

The Share Capital

Number of shares (in thousands)

82,837.00 94,950.00

Book value per share

70,000

0.94 1.30 2.05

-0.04 0.25 0.08

Earnings/loss per share

President: Kiciński Adam Board: Kiciński Adam; Świetlicki Adam; Nielubowicz

Piotr; Majewski Maciej; Kujawski Grzegorz; Iwiński Marcin; Badowski Adam; Nowakowski Michał; Pągowski Piotr; Ziółek Katarzyna Auditors: Pro Audit Kancelaria Biegłych Rewidentów sp. z o.o., Kraków Address: ul. Jagiellońska 74, 03-301 Warszawa T: +48 22 3757700; F: +48 22 3757710 gielda@cdprojektred.com KRS: 0000006865

PZ Cormay SA CRM

www.pzcormay.pl

Market value: 386,609,300 WSE listing date: 2008-08-20 Shareholders: Jaworski Włodzimierz (0.05%); Nowak,

Paweł Edward (0.06%); Tuora-Wysocka, Barbara (0.42%); Jackowski Stefan (0.42%); Błażejewski Ryszard (0.57%); Ipopema TFI SA (22.6%); Tuora Tomasz (23.64%) 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. Price performance: 18 16

Earnings/loss per share

30,562

President: Tuora Tomasz Board: Tuora Tomasz; Tuora-Wysocka, Barbara; Jawor-

ski Włodzimierz; Nowak, Paweł Edward; Błażejewski Ryszard; Wojtkowski Maciej; Olszewski Artur; Jackowski Stefan Auditors: Doradca Zespół Doradców Finansowo-Księgowych sp. z o.o. Grupa Finans-Serwis, Lublin Address: ul. Wiosenna 22, 05-092 Łomianki T: +48 22 7517910; F: +48 22 7517911 office@cormay.pl KRS: 0000270105

Polimex-Mostostal SA PXM

www.polimex-mostostal.pl

Market value: 317,903,940 WSE listing date: 1997-10-15 Shareholders: ING OFE (16.21%); 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. Price performance: Price performance: 6

Profit/loss before tax 2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

5,098 12,767 4,496

6,191 12,051 6,161

– 13,711 5,692

2012-10-02

2012-07-04

2012-03-30

212,714 136,332 -239,653

155,203 92,309 -274,002

109,658 100,389 -232,253

-63,563 -63,563

Net cash flows

2012-01-02

Profit/loss

61,940 90,027 27,102

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-07-05

2010-09-30

4,160,901 4,826,795 1,069,032

Profit/loss from operations

Net cash flows from operating activities

37,238 61,614

Net cash flows from investing activities

– –

Profit/loss from operations

-128,248 -99,982

–

Profit/loss before tax

27,447 -62,626

–

Profit/loss Net cash flows

4,389 4,389

–

2.78 2.94 1.68

0.21 0.19 -0.45

Diluted earnings/loss per share

President: Oppenheim Robert Board: Woźniak Jan; Krawczyk Dariusz; Bartos Andrzej;

Kseń Jacek; Oppenheim Robert; Dłużniewski Paweł; Jędrzejewski, Artur Piotr; Formela Dariusz; Bednarski Robert; Artwik Zygmunt; Jonek Aleksander Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Czackiego 15/17, 00-950 Warszawa T: +48 22 8297100; F: +48 22 8260493 info@polimex-mostostal.pl KRS: 0000022460

Petrolinvest SA OIL

www.petrolinvest.pl

Market value: 64,018,500 WSE listing date: 2007-07-16 Shareholders: Masashi Holdings Ltd. (19.53%); Tabac-

chi Enterprises Ltd. (9.04%); Krauze Ryszard (12.42%); Grelowski Maciej (0.01%); Wilski, Krzysztof Jan (0.01%); Krok Franciszek; Wantke Maciej 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. Price performance: 40

(2010 | 2011 | 2012Q3)

Net cash flows from financing activities Total assets

3,923,518 4,511,465 4,151,391

2,464,820 2,965,496 3,271,388

Liabilities and provisions for liabilities Long term liabilities

149,957 105,735

-90,732 -68,993 -17,690

-159,732 -170,914 -17,293

-149,247 -142,479 -18,952

Profit/loss from operations

(2010 | 2011 | 2012Q3)

Net revenues

(2010 | 2011 | 2012Q3)

520,918.20 521,154.08 521,154.08

Diluted book value per share

Finance

0.21 0.19 -0.45

DilutedNumber of shares (in thousands)

2010-04-01

2010-01-04

2.78 2.94 1.68

Earnings/loss per share

521,154

2010-01-04

Equity

24,862.00 30,562.00

Book value per share

520,918.00 521,154.00

Book value per share

756,857 381,680 231,363

2012-10-02

15,580 15,580 13,815

2012-07-04

Net cash flows

Liabilities and provisions for liabilities

20,837 20,846 20,846

Number of shares (in thousands)

2012-03-30

-3,451 23,962 5,776

2012-01-02

Profit/loss

Total assets

1,449,011 1,533,820 873,693

The Share Capital

2011-09-30

-978 27,229 5,612

2011-07-04

Net cash flows from financing activities

2011-03-31

-675 27,622 5,777

1,707,963 2,583,816 3040025

Equity

2010-12-31

2010-09-30

2010-07-05

Net revenues

Short term liabilities

2010-04-01

Finance

EquitiesPoland Net cash flows from operating activities

Profit/loss before tax Profit/loss Net cash flows

19,994 19,994 -674

-59,697 -15,378 -13,665

-101,859 -60,978 10,226

181,550 85,387 2,765

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

1,184,959 1,515,640 1,517,343

Liabilities and provisions for liabilities

641,115 743,063 716,565

280,890 291,571 360,810

360,225 451,492 355755

522,473 763,806 796,639

505,177 1,285,536 1,902,966

Long term liabilities

Short term liabilities Equity

The Share Capital

Winter–Spring 2013 WIG80

EquitiesPoland Number of shares (in thousands)

50,518.00 128,554.00

32,830

Book value per share

10.34 5.94 24.27

-2.95 -1.11 -0.58

Earnings/loss per share

President: Le Guern, Bertrand Board: Wilski, Krzysztof Jan; Grelowski Maciej;

Le Guern, Bertrand; Spark Andre; Krauze Ryszard; Zaroda Piotr; Bertoncini, Jean-Paul; Chodak Donald; Osiadacz Andrzej; Dukaczewski Marcin; Buzuk Tomasz; Niewiadomski Roman; Krok Franciszek; Wantke Maciej; Pietruszewski Marek Auditors: BDO sp. z o.o. Address: ul. Podolska 21, 81-321 Gdynia T: +48 58 6288910; F: +48 58 6288912 sekretariat.rn@petrolinvest.pl KRS: 0000270970

Narodowy Fundusz Inwestycyjny Midas SA MDS

www.midasnfi.pl

Market value: WSE listing date: 1997-06-12 Shareholders: Solorz-Żak Zygmunt (65.99%); NFI Mi-

das SA; Majkowski Krzysztof (0.01%); ING OFE (5.02%) Strategy: Mercor offers the following products: fire partitions (doors, gates, section walls), and doors without a fire-resistance rating which are made exclusively to the customer’s order; rooflight systems as well as smoke and heat exhaust systems; fire ventilation systems; fireproofing systems for building structures. Price performance: 10 8

Bank BPH SA BPH

www.bph.pl

Market value: 189,601,466,040 WSE listing date: 1995-02-07 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. Price performance: 100

2 50

Finance

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

Krzysztof; Solorz-Żak Zygmunt; Adaszewski Krzysztof; Kotlicki Maciej; Żurek Jerzy; Chajec Andrzej; Mikołajczyk Mirosław Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Łucka 7/9, 00-842 Warszawa T: +48 22 5797900; F: +48 22 5977901 biuro@midasnfi.pl KRS: 0000025704

2010-07-05

President: Pytel Wojciech Board: Pytel Wojciech; Abramczuk Andrzej; Majkowski

2010-04-01

25 2010-01-04

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

0 2010-09-30

(9.99%); Leszczyński Grzegorz (9.51%); Abratański Rafał (5.61%); DM IDM SA (1.78%); Leszczyński Henryk (0.85%); Abratański Antoni (0.22%); Bogucki Władysław 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. Price performance:

2010-07-05

www.idmsa.pl

2010-04-01

IDM

Market value: 41,453,630 WSE listing date: 2005-07-27 Shareholders: Warsaw Equity Investments sp. z o.o.

2010-01-04

Dom Maklerski IDM SA

(2010 | 2011 | 2012Q3)

Net revenues

2,278,953 2,130,267 479,427

Profit/loss from operations

915,693 809,593 168,154

Profit/loss before tax

2,225,100 1,982,188 436,808

-132,007 -132,007 119,437

-135,209 218,157 92,790

Net cash flows

Net cash flows from operating activities

Net cash flows from investing activities 0

2,795,822 42,297

–

5,590,321 387,816

–

-17,961 -75,232

–

Finance

Net revenues

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Net cash flows from financing activities Total assets

(2010 | 2011 | 2012Q3)

123,216 125,740 18,017

58,282 -229,437 -150,161

53,921 -269,210 -160,581

41,026 -264,150 -142,851

61,226 61,226

–

23,119 -193,352

–

-94,695 14,209

–

132,802 132,621

–

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

Equity

1,290,326 1,112,472 651,740 721,613 458,117 193,975

Number of shares (in thousands)

218,177.00 218,177.00

Book value per share

218,177

3.31 2.10 0.89

0.19 -1.21 -0.66

Earnings/loss per share

DilutedNumber of shares (in thousands)

218,176.86 218,176.86 218,176.86

Diluted book value per share

3.31 2.10 0.89

0.19 -1.21 -0.66

Liabilities and provisions for liabilities

-2,776,538 -270,287

37,290,850 37,087,476 34,533,509

Long term liabilities

Short term liabilities

Equity

1,003 1,053 1028

15,652,938 13,618,079 12,347,085

Number of shares (in thousands)

4,252,787.00 4,470,356.00

DilutedNumber of shares (in thousands)

4,660,803

76,668.00 76,668.00 76,668.00

Diluted book value per share

55.47 58.31 60.79

-1.76 2.85 1.21

Diluted earnings/loss per share

President: Gaskin Richard Board: Nowaczewski Krzysztof; Utrata Grażyna;

Kostera Mariusz; Seidel, Wilfried Mathias; Bende, Andras Q.; Rozłucki Wiesław; Di Pietro-Bayus, Maria Ann; Rybkowski, Rafał Piotr; Gaskin Richard; Green, Robert Charles; Laxer, Richard Alan; Blazek Ales; Hall Denis; Kuzaj Lesław; Podedworna-Tarnowska Dorota; Słomka-Gołębiowska Agnieszka; Stamirowski Tomasz; Dąbrowski Grzegorz; Jurczyk Grzegorz Auditors: KPMG Audyt sp. z o.o., Warszawa Address: Al. Pokoju 1, 31-548 Kraków T: +48 12 6186344; F: +48 12 6186343 bankbph@bph.pl KRS: 0000010260

Diluted earnings/loss per share

Bank Ochrony Środowiska SA

President: Leszczyński Grzegorz Board: Maciejuk Dariusz; Banaszuk Mariusz; Szu-

Market value: 41,128,706,040 WSE listing date: 1997-02-03 Shareholders: Klimczak Mariusz; Topolski, Janusz

mański Andrzej; Szyszka Adam; Abratański Rafał; Abratański Antoni; Bogucki Władysław; Leszczyński Grzegorz; Leszczyński Henryk Auditors: Mazars & Guerard Audyt sp. z o.o., Warszawa Address: Mały Rynek 7, 31-041 Kraków T: +48 12 3970600; F: +48 12 3970601 biuro@idmsa.pl KRS: 0000004483

–

BOS

www.bosbank.pl

Marek; NFOŚiGW (56.62%); Kozioł Józef Strategy: BOŚ S.A. jest bankiem uniwersalnym, komercyjnym. Bank rozpoczął działalność 1991 roku. Specjalizuje się w finansowaniu przedsięwzięć służących ochronie środowiska. Uczestniczy w finansowaniu licznych przedsięwzięć w sferze ochrony środowiska angażując środki własne oraz środki powierzone przez fundusze ekologiczne. Głównymi udziałowcami banku

Winter–Spring 2013

EquitiesPoland

jest Narodowy Fundusz Ochrony środowiska. Bank świadczy także usługi dla firm i klientów detalicznych. Price performance:

Price performance:

100

120

110

100

90 2

Finance

653,705 823,941 233,462

145,224 144,457 33,610

461,768 497,033 117,209

73,369 76,891 11,760

73,369 73,369 11,760

63,182 62,418 8,075

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

645,206 -117,229

–

-100,560 -978,188

–

54,117 -297,881

–

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities

691,649 1,158,840

–

Long term liabilities

15,180,187 15,637,117 16,421,862

Short term liabilities

Equity

93 122 126

12,190,579 11,411,889 11,466,971

Number of shares (in thousands)

1,083,108.00 1,161,655.00

Book value per share

1,437,564

542,647.00 542,647.00 760,667.00

16,373.00 16,373.00 22,873.00

DilutedNumber of shares (in thousands) Diluted book value per share

66.15 70.95 62.85

Diluted earnings/loss per share

3.86 3.81 0.35 President: Klimczak Mariusz Board: Topolski, Janusz Marek; Kraszewski Andrzej; Rogala, Krzysztof Władysław; Ochwat Ryszard; Machlejd, Michał Juliusz; Kozioł Józef; Kolasiński Stanisław; Wasiak, Adam Grzegorz; Bajorek Jacek; Likierski Marcin; Klimczak Mariusz; Figarski Przemysław; Grzebieluch Adam; Telega Krzysztof Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: Al. Jana Pawła II nr 12, 00-950 Warszawa T: +48 22 8508720; F: +48 22 8508891 info@bosbank.pl KRS: 0000015525

Famur SA FMF

www.famur.com.pl

Market value: 2,316,015,000 WSE listing date: 2006-08-04 Shareholders: Aviva OFE (5.19%); Domogała Tomasz

(76.96%); ING OFE (6.23%); Domogała Jacek (0.64%); Łaski Waldemar (0.14%); Zawiszowska Beata (0.06%) 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.

(2010 | 2011 | 2012Q3)

Net revenues

664,923 923,104 421,699

84,183 154,365 106,118

94,881 133,919 112,871

80,024 119,184 88,177

48,864 48,864

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities

263,336 156,667

Net cash flows from investing activities

-199,677 -261,012

Total assets

– –

Net cash flows from financing activities

–

-14,795 28,574

–

1,277,677 1,213,595 1,543,551

Liabilities and provisions for liabilities

473,917 570,977 669,260

45,235 115,071 141,585

277,873 299,053 302948

803,760 612,919 831,498

Long term liabilities

Short term liabilities Equity

The Share Capital

4,815 4,815 4,815

Number of shares (in thousands)

481,500.00 481,500.00

Book value per share

481,500

1.67 1.27 1.73

0.17 0.25 0.18

Earnings/loss per share

DilutedNumber of shares (in thousands)

481,500.00 481,500.00 481,500.00

Diluted book value per share

1.67 1.27 1.73

0.17 0.25 0.18

Diluted earnings/loss per share

President: Łaski Waldemar Board: Tomecki, Ireneusz Wiesław; Bednarz Ryszard;

Zawiszowska Beata; Uhl Tadeusz; Domogała Jacek; Domogała Tomasz; Osowski Jacek; Łaski Waldemar; Kisiel Czesław; Wojciechowski Adam Auditors: Deloitte Audyt sp. z o.o. Address: ul. Armii Krajowej 51, 40-698 Katowice T: +48 32 3596300; F: +48 32 3596677 info@famur.com.pl KRS: 0000048716

Zespół Elektrociepłowni Wrocławskich KOGENERACJA SA KGN

www.kogeneracja.com.pl Market value: 1,210,625,000 WSE listing date: 2000-05-26 Shareholders: OFE PZU Złota Jesień (9.96%); ING OFE (8.72%); Aviva OFE (5.23%); Eggink Raimondo (0.16%); EDF International S.A.S. (50%) 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

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2010-01-04

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

Finance

(2010 | 2011 | 2012Q3)

Net revenues

2010-04-01

2010-01-04

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

2011-07-04

60 2011-03-31

2010-12-31

2010-09-30

1 25

2010-07-05

2010-04-01

(2010 | 2011 | 2012Q3)

Net revenues

991,734 1,041,606 147,591

184,695 182,656 -37,696

169,266 161,926 -40,606

137,494 122,661 -32,997

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

-7,559 -7,559

Net cash flows from operating activities

281,582 204,533

– –

Net cash flows from investing activities

-187,880 -155,817

–

-101,261 -128,359

–

Net cash flows from financing activities Total assets

1,853,252 1,881,610 1,662,259

Liabilities and provisions for liabilities

817,717 783,785 593,658

421,333 359,870 256,862

396,384 423,915 336796

Long term liabilities

Short term liabilities Equity

1,019,207 1,093,369 1,063,913

The Share Capital

252,503 252,503 252,503

Number of shares (in thousands)

14,900.00 14,900.00

Book value per share

14,900

68.40 73.38 71.40

9.23 8.23 -2.22

Earnings/loss per share

President: Gagneux Philippe Board: Traczyk Roman; Zajas Henryk; Driesen Francois;

Guillermin Laurent; Grodzki Mariusz; Nowak Roman; Augustyn Marian; Cecota Roman; Żeleźna Danuta; Szymanek Zbigniew; Castanet Philippe; Silvain Dominique; Gagneux Philippe; Eggink Raimondo; Wrzesiński Krzysztof; Fratzke-Weiss Birgit Auditors: KPMG Audyt sp. z o.o., Warszawa Address: ul. Łowiecka 24, 50-220 Wrocław T: +48 71 3238111; F: +48 71 3293521 kogeneracja@kogeneracja.com.pl KRS: 0000001010

Stalprodukt SA STP

www.stalprodukt.com.pl

Market value: 1,210,500,000 WSE listing date: 1997-08-06 Shareholders: ArcelorMittal Poland SA, Katowice

(33.76%); STP Investment SA, Bochnia (28.69%); Stalprodukt Profil SA, Bochnia (9.4%); Janeczek Piotr (1.7%); Sierpińska Maria (0.17%); Szydłowski Kazimierz (0.36%); Bodek Janusz (0.93%); Stalprodukt SA (1.03%); Ryszka Józef; Kurnik Stanisław (0.04%); Noszkowski Antoni (0.03%) 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.

Winter–Spring 2013

EquitiesPoland Price performance:

Price performance:

600 550 500 450 400 350 300 250 200 150 100 50 0

Price performance:

800

700

600 500

400 10

300 200

100

Profit/loss from operations

178,863 146,918 9,233

182,222 148,364 9,622

147,459 121,640 8,183

-46,102 -46,102

–

129,949 96,786

–

Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

-109,186 -57,138

–

-66,865 -30,358

–

Net cash flows from financing activities Total assets

1,732,371 1,835,078 1,883,351

Liabilities and provisions for liabilities

300,561 315,930 296,877

Long term liabilities

Short term liabilities

Equity

288,550 297,267 274798

1,409,495 1,502,783 1,572,544

The Share Capital

991 2,081 1,580

13,450 13,450 13,450

Number of shares (in thousands)

6,725.00 6,725.00

Book value per share

6,725

209.59 223.46 233.84

Earnings/loss per share

21.93 18.09 1.22 President: Janeczek Piotr Board: Sierpińska Maria; Noszkowski Antoni; Ryszka Józef; Kochuparampil Augustine; Samaddar Sanjay; Plaskura Tomasz; Bodek Janusz; Szydłowski Kazimierz; Janeczek Piotr; Kurnik Stanisław Auditors: Agencja Konsultingu i Audytingu Gospodarczego Accordab sp. z o.o., Wrocław Address: ul. Wygoda 69, 32-700 Bochnia T: +48 14 6151000; F: +48 14 6151118 biuro@stalprodukt.pl KRS: 0000055209

Narodowy Fundusz Inwestycyjny Empik Media & Fashion SA EMF

www.emf-group.eu

Market value: 1,129,820,100 WSE listing date: 1997-06-12 Shareholders: Szymański Maciej (0.32%); Penta Invest-

ments Ltd. (75.79%); ING OFE (17.03%); Dyjas Maciej (0.61%); Podgórska Ewa (0.07%) 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.

Net revenues

(2010 | 2011) 2,908,217 3,224,493

Profit/loss from operations

141,581 66,264

100,196 29,679

74,779 32,971

89,779 89,779

44,666 200,838

Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

-163,806 -174,070

Net cash flows from financing activities

Total assets

208,919 -61,520

2,459,339 2,707,972

1,984,117 2,183,548

Liabilities and provisions for liabilities Long term liabilities

763,467 773,561

Short term liabilities

Equity

1,220,650 1,409,987

472,046 515,034

309,699 309,699

The Share Capital

Number of shares (in thousands)

104,035.00 104,035.00

Book value per share

4.54 4.95

0.72 0.32

Earnings/loss per share

DilutedNumber of shares (in thousands)

– –

Diluted book value per share

Diluted earnings/loss per share

Declared or paid dividend per share

– – President: Szymański Maciej Board: Bagiński Jacek; Drozd Maciej; Janov Jozef; Dyjas Maciej; Kampa Fabian; Szubert Filip; Stolarczyk Dariusz; Grom Michał; Haluza Radim; Modecki Marek; Szymański Maciej Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. Żurawia 8, 00-503 Warszawa T: +48 22 5833771; F: +48 22 6274057 inwestorzy@emf-group.eu KRS: 0000043034

WAWEL SA WWL

www.wawel.com.pl

Market value: 1,086,000,000 WSE listing date: 1998-03-11 Shareholders: Orłowski Dariusz (2.11%); Amplico OFE

(13.31%); Hosta International AG (52%); Małek Eugeniusz; Winkel Wojciech; Bałaga Paweł (0.1%) Strategy: Produces and distributes sweets, most chocolate-based.

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

Finance

2010-07-05

(2010 | 2011 | 2012Q3) 1,732,272 2,002,895 459,680

2010-04-01

2012-07-04

2012-03-30

2012-01-02

2010-01-04

Net revenues

2012-10-02

Finance

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Finance (2012Q3) Net revenues

133,026 Profit/loss from operations

19,298 Profit/loss before tax

20,865 Profit/loss

16,898 Net cash flows

21,559 Net cash flows from operating activities

23,827 Net cash flows from investing activities

-2,133 Net cash flows from financing activities

-135 Total assets

397,938 Liabilities and provisions for liabilities

107,080 Long term liabilities

647 Short term liabilities

76890 Equity

290,858 The Share Capital

7,499 Number of shares (in thousands)

1,500 Book value per share

193.94 Earnings/loss per share

11.27 President: Orłowski Dariusz Board: Bałaga Paweł; Orłowski Dariusz; Małek Eugeniusz; Winkel Wojciech; Brukszo, Paweł Tomasz; Köhnlein Christoph; Richter Nicole; Opferkuch Hermann Auditors: Roedl Audit Sp. z o.o., Warszawa Address: ul. Władysława Warneńczyka 14, 30-520 Kraków T: +48 12 2542113; F: +48 12 2542112 mail@wawel.com.pl KRS: 0000014525

Mennica Polska SA MNC

www.mennica.com.pl

Market value: 1,063,592,640 WSE listing date: 1998-04-07 Shareholders: ING OFE (7.38%); Kula Leszek (0.01%);

Jakubas Joanna (5.7%); Amplico OFE (7.06%); OFE PZU Złota Jesień (6.82%); Jakubas Zbigniew (51.09%) 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. Price performance: 160

140 120 100 80 60 40 20

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Winter–Spring 2013

11,623 66,154 51,924

104,396 254,094 306995

417,295 372,327 479,602

59,138 59,138 51,832

Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

5,914.00 59,138.00

Book value per share

51,832

70.56 6.30 9.25

Earnings/loss per share

7.01 0.99 0.44 President: Zambrzycki Grzegorz Board: Felbur Marek; Panek Mirosław; Sendecki Piotr; Kula Leszek; Sissons Barbara; Zambrzycki Grzegorz; Jakubas Zbigniew; Brukszo Paweł Auditors: Misters Audytor Adviser Sp. z o.o. Address: ul. Pereca 21, 00-958 Warszawa T: +48 22 6564000; F: +48 22 6205222 mennica@mennica.com.pl KRS: 0000019196

Narodowy Fundusz Inwestycyjny Krezus SA KZS

www.nfikrezus.pl

Market value: 1,049,731,380 WSE listing date: 1997-06-12 Shareholders: 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. Price performance: 20

(6.13%); Apator SA (6.04%); Sosgórnik Tadeusz (5.74%); Guzowska Danuta (4.59%); Jaworski Zbigniew (4%); Marzygliński Janusz (3.16%); Wojnowski Ryszard (2.7%); Kuś Jerzy; Niedźwiecki Janusz (1.31%); Apator-Mining sp. z o.o., Katowice (10.87%) Strategy: The Grupa Apator is a dynamic business structure operating on switchgear and metering market which currently consisting of 9 entities – 7 domestic and 2 foreign. Apator focuses its activity on two segments in electrical engineering area: switchgear and metering. Apator S.A., FAP PAFAL S.A., Apator Powogaz S.A, Apator Metrix S.A., Apator Rector Sp. z o. o. i Apator GmbH operate in metering segment for utility services. Price performance:

Finance

409,222 537,019 188,804

45,265 71,760 43,519

45,199 64,367 42,401

33,371 47,296 32,887

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

6,616 6,616

Net cash flows from operating activities

32,567 44,703

-23,288 -37,265

–

Net cash flows from financing activities

-2,663 -372

Total assets

– –

Net cash flows from investing activities

–

365,859 475,410 537,200

164,354 238,943 236,975

60,714 62,973 53,198

103,640 175,970 183777

198,206 230,594 293,572

Liabilities and provisions for liabilities Long term liabilities

2 2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Finance (2012Q3)

Short term liabilities Equity

The Share Capital

Profit/loss from operations

Profit/loss before tax

Profit/loss

5.65 6.57 8.87

Total assets

0.95 1.35 0.99

Liabilities and provisions for liabilities

Short term liabilities

5.65 6.57 8.36

Equity

0.95 1.35 0.94

-1,653 838 838 77,690 14,467 3195 63,223 The Share Capital

5,470

3,511 3,511 3,311

Number of shares (in thousands)

35,107.00 35,107.00

Book value per share

(2010 | 2011 | 2012Q3)

Net revenues

(2010 | 2011 | 2012Q3)

Net revenues

10 8

18 14

Roman Krzysztof (64.18%); Karkosik Grażyna (9.38%); Alchemia SA (4.38%); Wściubiak Karina (0.53%) Strategy: Steel production. Operating activities are concentrated in subsidiaries. HUTA BATORY produces high quality seamless steel pipes from a wide range of steel grades. RUREXPOL is a manufacturer of specialist pipes of basic diameters 121-298 mm used mainly for carrying and exploiting crude oil and gas. WALCOWNIA RUR ANDRZEJ (WRA) manufactures hot-rolled seamless pipes of small diameters. HUTA BANKOWA is a renowned producer of square billets, square bars for pipe production, square bars for gas cylinder production, round bars, angles, bulb flats, railway and tramway wheel tyres as well as rolled rings. KUŹNIA BATORY offers forged products such as bars and forgings. Price performance:

www.alchemiasa.pl

33,107

Earnings/loss per share

DilutedNumber of shares (in thousands)

35,107.03 35,107.03 35,107.03

Diluted book value per share

Diluted earnings/loss per share

President: Niedźwiecki Janusz Board: Marzygliński Janusz; Lewicki Mariusz; Habryka

2012-10-02

116,019 320,248 358,919

ALC

Market value: 972,900,000 WSE listing date: 1998-05-19 Shareholders: Unibax sp. z o.o., Toruń (7%); Karkosik,

2012-07-04

Alchemia SA

2010-01-04

533,314 751,919 893,523

Liabilities and provisions for liabilities

Market value: 1,000,162,470 WSE listing date: 1997-04-24 Shareholders: Aviva OFE (8.77%); Lewicki Mariusz

2012-10-02

www.apator.com.pl

2012-07-04

-65,664 76,926 53,007

Total assets

APT

2012-03-30

Apator SA

2012-01-02

43,094 -168,359 -3,480

Net cash flows from financing activities

2011-09-30

2011-07-04

58,050 31,491 -35,936

Net cash flows from investing activities

2011-03-31

Net cash flows from operating activities

2010-12-31

35,480 35,480 13,591

2010-09-30

2010-07-05

41,460 58,228 22,921

Net cash flows

2010-04-01

Profit/loss

2010-01-04

46,918 69,368 26,384

2012-03-30

0.02 President: Jakubowski Wiesław Auditors: 4AUDYT Sp. z o.o. Address: ul. M. Skłodowskiej-Curie 73, 87-100 Toruń T: +48 22 6562662; F: +48 22 6562628 biuro@nfikrezus.pl KRS: 0000012206

Earnings/loss per share

2012-01-02

Profit/loss before tax

58,707 73,946 27,209

2011-09-30

1.16

2011-07-04

Book value per share

Profit/loss from operations

2011-03-31

54,702

2010-12-31

850,915 1,422,176 698,933

2010-09-30

2010-07-05

(2010 | 2011 | 2012Q3)

Net revenues

atkowski Krzysztof; Wojnowski Ryszard; Karski Eryk; Kuś Jerzy Auditors: KPMG Audyt Sp. z o.o. Sp.k. Address: ul. Żółkiewskiego 21/29, 87-100 Toruń T: +48 56 6191271; F: +48 56 6191274 apator@apator.com.pl KRS: 0000180735

2010-04-01

Finance

EquitiesPoland Number of shares (in thousands)

670,609 1,155,653 275,319

Profit/loss from operations

22,263 149,669 7,736

20,442 146,605 3,921

14,713 125,346 1,088

Profit/loss before tax Profit/loss Net cash flows

2,856 2,856

–

Net cash flows from operating activities

41,112 84,002

–

-59,977 25,810

–

21,721 -100,482

–

Net cash flows from investing activities

Net cash flows from financing activities

Total assets

829,400 956,444 927,483

307,407 320,964 299,320

69,588 77,688 74,211

237,819 243,276 225109

521,210 634,675 627,474

269,100 269,100 269,100

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

207,000.00 207,000.00

Book value per share

207,000

2.52 3.07 3.03

0.07 0.61 0.01

Earnings/loss per share

President: Wściubiak Karina Board: Misiakiewicz Marek; Zymek Wojciech; Wściubi-

ak Karina; Regulski Rafał; Karkosik, Roman Krzysztof; Kutnik Mirosław; Jarosz Dariusz; Antosik Jarosław Auditors: Grant Thornton sp. z o.o., Warszawa Address: ul. Łucka 7/9, 00-842 Warszawa T: +48 22 6586452; F: +48 22 6586455 biuro@alchemiasa.pl KRS: 0000003096

Tomasz; Niedźwiecki Janusz; Guzowska Danuta; Kwi-

Winter–Spring 2013

EquitiesPoland Finance

320,300 409,386 117,139

97,439 108,402 20,261

96,400 112,696 23,936

77,561 90,113 20,150

-9,556 -9,556

–

63,057 140,890

–

Profit/loss before tax Profit/loss

8 6

Net cash flows

Net cash flows from operating activities

Net cash flows from investing activities

-12,659 -188,192

–

-59,954 75,137

–

135,474 599,194 683,607

47,410 341,402 366,004

Profit/loss from operations

1,596 214,566 236,012

Profit/loss before tax

45,814 126,836 129992

88,064 257,792 317,603

29,355 257,711 29,911

5,178 244,797 34,938

27,434 311,900 28,627

-11,593 -11,593

–

-152,468 127,189

–

-25,970 -63,034

–

166,845 -55,996

–

28,258 19,340 -2,741

-47,326 -46,003 -20,949

24,939 13,022 2,227

199,909 282,849 299,864

127,020 186,566 185,961

57,954 82,034 86,784

69,066 104,532 99177

72,680 96,191 113,903

Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

5,938 5,938 5,938

Number of shares (in thousands)

5,938.00 5,938.00

Book value per share

5,938

12.24 16.20 19.18

2.75 3.87 4.53

Earnings/loss per share

President: Brzoska Rafał Board: Abratański Rafał; Popielski Zbigniew; Kołpa

Krzysztof; Izydorek-Brzoska Anna; Brzoska Rafał; Jastrzębski Arkadiusz; Setkowicz Krzysztof Auditors: AdAc sp. z o.o., Kraków Address: ul. Malborska 130, 30-624 Kraków T: +48 12 6199800; F: +48 12 6199801 biuro@integer.pl KRS: 0000276519

Zakłady Chemiczne Police SA PCE

www.zchpolice.com

Market value: 861,000,000 WSE listing date: 2005-07-14 Shareholders: Azoty Tarnów SA (66%); Markwas

Wiesław; Motyliński Janusz; Skarb Państwa (7.07%); Agencja Rozwoju Przemysłu SA, Warszawa (8.81%); Tarocińska Anna; Marciniak Jerzy 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 WSE.

750,000 750,000 750,000

Number of shares (in thousands)

75,000.00 75,000.00

Book value per share

75,000

7.47 11.64 13.02

Earnings/loss per share

0.37 4.16 0.38 President: Jałosiński Krzysztof Board: Kuźmiczonka Rafał; Tarocińska Anna; Góra Jerzy; Marciniak Jerzy; Skolmowski Andrzej; Jałosiński Krzysztof; Likierski Marcin; Markwas Wiesław; Naruć Wojciech Auditors: KPMG Audyt sp. z o.o., Warszawa Address: ul. Kuźnicka 1, 72-010 Police T: +48 91 3171717; F: +48 91 3173603 kontakt@zchpolice.pl KRS: 0000015501

500 542 542

Number of shares (in thousands)

50,000.00 54,250.00

Book value per share

54,250

1.76 4.75 5.85

1.55 1.66 0.37

Earnings/loss per share

President: Spyra Krzysztof Board: Augustyniak Jarosław; Kaczałko Marek;

Czarnecki Leszek; Gradowski Wojciech; Baliński Remigiusz; Sokalski Krzysztof; Spyra Krzysztof; Niedośpiał Dariusz Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Domaniewska 39, 02-672 Warszawa T: +48 22 5415100; F: +48 22 2888217 ir@open.pl KRS: 0000196186

Kofola SA KFL

www.kofola.pl

Market value: 816,597,600 WSE listing date: 2003-08-06 Shareholders: KSM Investment SA (51.18%); Jendrejek

Tomas (2.62%); Musila Rene (2.62%); CED Group S. a r. l. (43.11%) Strategy: KOFOLA Group is one of the leading producers of soft drinks in Central Europe, operating in Czech Republic, Slovakia, Poland and Russia (focusing on the Moscow Region). Brands include Hoop Cola, and company also is private-label producer. Price performance: 50 40 30

Open Finance SA OPF

www.open.pl

Market value: 835,450,000 WSE listing date: 2011-04-05 Shareholders: Baliński Remigiusz; Sokalski Krzysztof;

20 10

Getin Noble Bank SA (48.84%); Amplico OFE (5.92%); Czarnecki Leszek (5.53%); ING TFI SA (5.02%) 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'. Price performance:

Finance

-9,509 54,041 30,992

-19,896 37,479 22,925

-30,532 24,232 20,711

Net revenues

2012-10-02

560,548 873,158 976,767

The Share Capital

2012-07-04

5,871 5,871 -21,463

Net cash flows from operating activities

The Share Capital

2012-03-30

609,298 417,767 325720

Equity

2012-01-02

16,344 22,971 26,869

Net cash flows

Short term liabilities

2011-09-30

135,800 245,092 205,319

Short term liabilities

Long term liabilities

2011-07-04

20,280 23,713 26,162

Profit/loss

(2010 | 2011 | 2012Q3) 1,239,164 1,336,273 341,486

Profit/loss from operations

Profit/loss before tax Profit/loss

Net cash flows

4,760 4,760 5,577

132,692 105,255 28,493

-34,083 -57,401 -10,324

-93,849 -52,282 -12,592

Net cash flows from operating activities Net cash flows from investing activities

2 0 2012-10-05

745,098 662,859 531,039

Long term liabilities

2012-07-09

214

2012-04-04

23,493 28,438

Profit/loss before tax

1,309,284 1,540,343 1,510,708

Liabilities and provisions for liabilities

2012-01-05

2011-10-05

202,379 248,960 23,788

Profit/loss from operations

Total assets

2011-07-07

(2010 | 2011 | 2012Q3)

Liabilities and provisions for liabilities

2011-03-31

2012-10-02

2012-07-04

2012-03-30

2012-01-02

Net cash flows from financing activities

2011-04-05

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

Net cash flows from investing activities 2010-04-01

0 2010-01-04

Net cash flows from operating activities

Net revenues

2012-10-03

Finance

2012-07-05

2012-04-02

2012-01-03

2011-10-03

2011-07-05

2,022,636 2,765,561 759,640

Net cash flows

2011-04-01

(2010 | 2011 | 2012Q3)

Profit/loss

Total assets

2010-12-31

100

Net cash flows from financing activities

2010-09-30

125

2011-01-03

Finance

Net revenues

150

2010-10-01

2010-07-05

175

Profit/loss from operations

2010-07-06

(10.19%); Kołpa Krzysztof (9.22%); Brzoska Rafał (41.12%) 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 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. Price performance:

(2010 | 2011 | 2012Q3)

Net revenues

2010-04-01

Market value: 965,518,800 WSE listing date: 2007-10-30 Shareholders: Nordea OFE (5.3%); Generali OFE

Price performance:

2010-01-04

www.integer.pl

2010-04-06

ITG

2010-01-05

Integer.pl SA

Net cash flows from financing activities

Winter–Spring 2013

18.02 19.07 21.24

-1.17 0.93 0.79

Earnings/loss per share

DilutedNumber of shares (in thousands)

26,171.92 26,171.92 26,171.92

Diluted book value per share

18.02 19.07 21.24

Diluted earnings/loss per share

-1.17 0.93 0.79 President: Samaras Jannis Board: Sommer René; Mateas Martin; Prończuk Dariusz; Dokoupil Martin; Brown Anthony; Eggink Raimondo; Musila Rene; Jendrejek Tomas; Marczuk Bartosz; Samaras Jannis; Woźniak Jacek Auditors: PricewaterhouseCoopers Sp. z o.o. Address: ul. Jana Olbrachta 94, 01-102 Warszawa T: +48 22 3381818; F: +48 22 3381828 ri@hoop.pl KRS: 0000134518

www.domdevelopment.pl

www.pfleiderer.pl

Aviva OFE (9.93%); Pfleiderer Service GmbH (65.1%); Wierzbicki Radosław; Karcz Rafał; Tomaszewski Dariusz; Gątkiewicz Wojciech (0.01%) 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. Price performance:

2012-10-02

2010-01-04

(2010 | 2011 | 2012Q3) 1,390,388 1,725,231 448,587

47,100 136,205 36,345

-34,770 38,747 18,002

-15,183 33,208 14,145

-10,996 -10,996

113,612 175,404 90,771

-21,091 -33,602 -9,080

-103,517 -142,084 -82,561

1,852,471 1,935,970 1,901,725

1,356,297 1,369,489 1,321,496

1,032,164 941,509 832,950

324,133 427,980 488546

432,901 495,041 516,738

16,376 16,376 16,376

Profit/loss before tax

Profit/loss

Net cash flows 2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Net cash flows from operating activities

59,050 103,181 43,850

51,089 102,812 44,006

40,415 82,659 35,537

Profit/loss Net cash flows

203,844 203,844

–

267,231 -40,432

–

Net cash flows from operating activities Net cash flows from investing activities

-1,496 -1,099

Net cash flows from financing activities

Total assets

-61,891 -12,913

– –

1,623,749 1,916,100 1,913,651

850,369 1,081,031 1,047,403

415,166 320,593 488,939

435,203 760,438 558464

773,481 835,706 866,907

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

-870

Net cash flows from investing activities

Profit/loss before tax

640,022 674,987 158,787

49,205 42,851 13,168

47,544 30,417 12,665

37,764 48,264 10,592

1,250 1,250 -13,762

21,218 32,480 -8,114

-23,693 -8,394 -3,619

Profit/loss

(2010 | 2011 | 2012Q3)

Profit/loss before tax

Profit/loss from operations

513,679 584,266 305,096

Profit/loss from operations

2010-01-04

Net revenues

(2010 | 2011 | 2012Q3)

Finance

Net revenues

Finance

Gembarowski Janusz; PEF V Zelmer Holdings, Luxemburg (48.63%); OFE PZU Złota Jesień (9.89%) Strategy: ZELMER is the domestic market leader in vacuum cleaners, both classic and multi-functional, as well as small kitchen appliances such as: meat mincers, slicers, electric kettles, food processors, mixers and juice extractors. In November 2012, Bosch und Siemens made offer to purchase the firm, which had financial backing of Enterprise Investors. Soon to be de-listed. Price performance:

www.zelmer.pl

ZLR

Market value: 595,080,000 WSE listing date: 2005-01-27 Shareholders: Aviva OFE (7.08%); Płocica Janusz;

25 20

Szanajca Jarosław (6.21%); Aviva OFE (5.32%); Kiełpsz Grzegorz (5.19%); Zalewski Janusz (1.21%); Stolarczyk, Janusz Michał (0.46%); Roydon Terry (0.23%); Ślusarski, Jerzy Robert (0.16%); Dumas Markham (0.02%); Spiteri Mark 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. Price performance:

Zelmer SA

2012-07-04

DOM

Market value: 745,034,000 WSE listing date: 2006-10-24 Shareholders: Dom Development BV (61.63%);

GRJ

Market value: 608,390,240 WSE listing date: 1997-05-06 Shareholders: ING OFE (5.31%); Woźniak Jan (0.02%);

2012-03-30

Dom Development SA

Pfleiderer Grajewo SA

2012-01-02

2011-09-30

2011-07-04

Book value per share

26,173

2011-03-31

26,173.00 26,173.00

2010-12-31

2010-09-30

Number of shares (in thousands)

Marek; Dumas Markham; Szanajca Jarosław; Zalewski Janusz; Kiełpsz Grzegorz; Ślusarski, Jerzy Robert; Stolarczyk, Janusz Michał; Roydon Terry; Bogucki Włodzimierz; Cronk MIchael Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: Plac Piłsudskiego 3, 00-078 Warszawa T: +48 22 3516878; F: +48 22 3516311 finanse@domdevelopment.com.pl KRS: 0000031483

2012-10-02

26,173 26,173 26,173

2012-07-04

1.65 3.37 1.44

President: Szanajca Jarosław Board: Grzyliński Krzysztof; Spiteri Mark; Moczulski

2012-03-30

471,597 499,151 555,875

The Share Capital

2012-01-02

31.49 34.03 35.14

Earnings/loss per share

2011-09-30

499,584 578,930 579530

Equity

2011-07-04

24,670

2011-03-31

256,145 225,218 144,017

Short term liabilities

24,560.00 24,560.00

Book value per share

2010-12-31

H.; Wolff Michael; Wierzbicki Radosław; Tomaszewski Dariusz; Karcz Rafał; Gątkiewicz Wojciech; von Werder, Hans-Kurt Auditors: KPMG Audyt sp. z o.o., Warszawa Address: ul. Wiórowa 1, 19-203 Grajewo T: +48 86 2729600; F: +48 86 2723983 grajewo@pfleiderer.pl KRS: 0000011422

2010-09-30

755,729 804,148 723,547

Long term liabilities

24,560 24,560 24,670

Number of shares (in thousands)

2010-07-05

Board: Schapka Jochen; Woźniak Jan; Overdiek, Hans

2010-04-01

1,268,514 1,344,796 1,279,422

Liabilities and provisions for liabilities

2010-07-05

EquitiesPoland The Share Capital

2010-04-01

Total assets

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

49,624.00 49,624.00

Book value per share

49,624

8.72 9.98 10.41

-0.31 0.67 0.29

Earnings/loss per share

DilutedNumber of shares (in thousands)

49,624.00 49,624.00 49,624.00

Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities

3,725 -21,848 -2,029

488,300 627,851 593,138

193,528 310,537 290,260

13,784 75,874 69,028

179,744 234,663 221232

294,707 317,246 302,833

152,000 152,000 152,000

Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

15,200.00 15,200.00

Book value per share

19.39 20.87 19.92

2.48 3.18 0.70

Earnings/loss per share

President: Płocica Janusz Board: Małek Wojciech; Zdebski Andrzej; Gembarowski

Janusz; Józefiak Bartosz; M.A. Potters, Cornelis; McCloskey Eric; Płocica Janusz; Siwicki Jacek; Pióro Krzysztof; Chabowski Zdzisław Auditors: Deloitte Audyt sp. z o.o. Address: ul. Hoffmanowej 19, 35-016 Rzeszów T: +48 17 8522666; F: +48 17 8658140 ir@zelmer.pl KRS: 0000026109

Diluted book value per share

Comarch SA

Diluted earnings/loss per share

Market value: 547,536,000 WSE listing date: 1999-03-10

8.72 9.98 10.41

-0.31 0.67 0.29 President: Gątkiewicz Wojciech

15,200

CMR

www.comarch.pl

Winter–Spring 2013

EquitiesPoland

Finance

786,748 945,215 245,702

53,058 49,272 13,465

54,854 49,120 14,327

45,050 37,918 11,646

-60,528 -60,528 -1,012

12,719 4,330 14,155

-56,833 14,954 -6,396

-16,414 -28,536 -8,771

579,383 659,560 621,310

259,182 329,538 293,125

Net revenues

Profit/loss before tax

(2010 | 2011 | 2012Q3)

761,361 785,653 166,440

24,819 38,783 -5,377

24,979 39,764 -2,636

43,717 36,257 -1,403

-4,473 -4,473

–

34,739 58,530

–

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

-39,222 -82,283

–

Net cash flows from financing activities

Total assets

10 13,330

–

968,105 1,022,474 932,372

383,916 412,623 331,688

135,652 137,069 144,388

248,264 275,554 187300

574,947 600,354 595,205

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

8,051 8,051 8,051

Number of shares (in thousands)

8,052.00 8,052.00

Book value per share

8,052

71.41 74.56 73.92

5.43 4.50 -0.17

Earnings/loss per share

DilutedNumber of shares (in thousands)

8,051.64 8,051.64 8,051.64

Diluted book value per share

71.41 74.56 73.92

5.43 4.50 -0.17

Diluted earnings/loss per share

President: Filipiak Janusz Board: Kucharzyk Wojciech; Filipiak Elżbieta; Prokop

Paweł; Piątasa Piotr; Rymarczyk Zbigniew; Drobniak Danuta; Ławrynowicz Anna; Warwas Marcin; Filipiak Janusz; Brzeziński Maciej; Reichert Piotr; Tarański Konrad; Syryjczyk Tadeusz Auditors: Deloitte Audyt sp. z o.o. Address: Al. Jana Pawła II 39a, 31-864 Kraków T: +48 12 6461000; F: +48 12 6461100 investor@comarch.pl KRS: 0000057567

Elektrobudowa SA ELB

www.elbudowa.com.pl

Market value: 522,280,000 WSE listing date: 1996-02-09 Shareholders: AXA OFE (8.33%); Amplico OFE

(5.26%); Aviva OFE (15.19%); Generali OFE (9.82%); ING OFE (9.47%); OFE PZU Złota Jesień (8.42%) Strategy: ELEKTROBUDOWA SA provides a complete range of construction and installation services, for the power sector, petrochemical industry or mining and also turnkey of public utility facilities. The company is also

(2010 | 2011 | 2012Q3)

Profit/loss from operations

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Finance

Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities

8,584 10,896 13,033

250,598 318,642 280092

319,956 329,490 327,737

26,375 26,375 26,375

Equity

The Share Capital

Number of shares (in thousands)

4,748.00 4,748.00

Book value per share

4,748

67.39 69.40 69.03

Earnings/loss per share

9.49 7.99 2.45 President: Faltynowicz Jacek Board: Mosiek Tomasz; Faltynowicz Jacek; Juszczyk Janusz; Jaźwiński Tomasz; Mańko Dariusz; Klimowicz Arkadiusz; Tomaszewski Jarosław; Bober Ariusz; Żbikowski Karol; Tarnowski Paweł; Rafalski Ryszard; Godlewska Agnieszka; Karski Eryk Auditors: Deloitte Audyt sp. z o.o. Address: ul. Porcelanowa 12, 40-246 Katowice T: +48 32 2054600; F: +48 32 2052760 elbudowa@elbudowa.com.pl KRS: 0000074725

Benefit Systems SA BFT

2012-10-23

2012-07-25

(2010 | | 2012Q2)

165,044 81,554

20,842 10,966

20,699 11,937

16,506 9,811

14,954 14,954 -4,896

24,723 19,684

-6,727 -10,086

-3,042 -14,494

41,855 127,103

19,752 48,313

Profit/loss from operations

Net revenues

Finance

Net revenues

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-01-04

2010-07-05

2010-04-01

100 90 80

2012-04-24

2012-01-24

100

140 130 120 110

205 200 195 190 185 180 175 170 165 160 155 150 145 140 135 130 125 120

2011-10-21

110

190 180 170 160 150

Price performance:

2011-07-25

cin (0.07%); Piątasa Piotr (0.2%); Rymarczyk Zbigniew (0.34%); Prokop Paweł (0.5%); Filipiak Elżbieta (10.5%); Filipiak Janusz (32.54%); Reichert Piotr (0.07%) 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. Price performance:

focused on manufacturing electric power equipment medium and low voltage switchgear, power substations and systems. ELEKTROBUDOWA SA has participated in the construction of nearly all Polish and many foreign power stations and heat and power plants. Price performance:

2011-04-21

Shareholders: Tarański Konrad (0.07%); Warwas Mar-

www.benefitsystems.pl

Market value: 478,595,000 WSE listing date: 2011-04-21 Shareholders: Alfa 1CEE Investments Sicav-Sif SA

(5.13%); Benefit Invest Ltd (24.69%); ING OFE (10.81%); Amplico OFE (7.22%); Van Bergh, James (25.7%); Kamola Marek (11.13%) 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.

Profit/loss before tax Profit/loss

Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

186 290

Short term liabilities

19,566 48023

22,111 78,811

2,205 2,405

2,205.00 2,405

10.03 32.77

7.49 4.08

Equity

The Share Capital

Number of shares (in thousands) Book value per share

Earnings/loss per share

DilutedNumber of shares (in thousands)

– –

Diluted book value per share

Diluted earnings/loss per share

Declared or paid dividend per share

– – President: Van Bergh, James Board: Marczuk, Marcin Paweł; Van Bergh, James; Gacek Przemysław; Szpara Agnieszka; Sanderson Michael; Kuźnicka Mirosława; Józefacki Tomasz Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka komandytowa Address: ul. Fredry 6, 00-097 Warszawa T: +48 22 5313000; F: +48 22 8317920 info@benefitsystems.pl KRS: 0000370919

Sanockie Zakłady Przemysłu Gumowego STOMIL SANOK SA SNK

www.stomilsanok.com.pl

Market value: 476,192,900 WSE listing date: 1997-01-16 Shareholders: Młodecki Mariusz (0.22%); Łęcki Marek

(11.08%); OFE PZU Złota Jesień (10.01%); Aviva Investors Poland SA (5.35%); ING OFE (12.54%); 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.

Winter–Spring 2013

EquitiesPoland Price performance: 1.75

37,454 53,068 19,699

27,167 39,803 15,594 4,834 4,834

Net cash flows from operating activities

58,070 43,553

– –

Net cash flows from investing activities

-29,788 -35,494

–

-23,448 -8,065

–

368,410 433,553 458,245

134,977 172,772 173,848

34,238 31,896 34,153

100,739 140,876 139695

231,293 258,954 279,131

Net cash flows from financing activities

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities

The Share Capital

5,262 5,262 5,262

Number of shares (in thousands)

26,309.00 26,309.00

Book value per share

26,309

8.79 9.84 10.61

1.03 1.51 0.59

Earnings/loss per share

DilutedNumber of shares (in thousands)

26,308.50 26,308.50 26,308.50

Diluted book value per share

8.79 9.84 10.61

Diluted earnings/loss per share

1.03 1.51 0.59 President: Łęcki Marek Board: Stulgis Grzegorz; Saramak Marcin; Kotar Grażyna; Gabrielczyk Jerzy; Łęcki Marek; Adamczyk Wojciech; Rysz Grzegorz; Suflida Michał; Rudnicka Marta; Młodecki Mariusz Auditors: PKF Audyt sp. z o.o. Address: ul. Reymonta 19, 38-500 Sanok T: +48 13 4654444; F: +48 13 4654455 sekretariat@stomilsanok.com.pl KRS: 0000099813

LC Corp SA LCC

2012-10-02

2012-07-04

2012-03-30

2012-01-02

Profit/loss

2011-09-30

60,669 66971

2011-07-04

2011-03-31

Profit/loss before tax

2010-12-31

84,287 97,408

2010-09-30

2010-07-05

Profit/loss from operations

2010-04-01

144,956 164,379

Total assets

156,202 146,736 29,035

65,943 100,640 -11,335

73,271 75,291 -1,627

49,557 61,318 5,570

79,758 79,758

–

51,927 -42,896

–

114,702 -2,738

–

-86,871 77,127

–

Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities

Market value: 474,411,480 WSE listing date: 2007-06-29 Shareholders: Aviva OFE (8.22%); Czarnecki Leszek

(51.19%); ING OFE (7.3%); OFE PZU Złota Jesień (5.38%); Błażejewski Andrzej (0.03%); Baliński Remigiusz (0.01%); Dorenda Zbigniew; Czarnecki Ludwik; Jaskólska Joanna; Niedośpiał Dariusz 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.

Long term liabilities

Short term liabilities Equity

The Share Capital

116,847 171,359

3,125 3,125

Number of shares (in thousands)

31,250.00 31,250

Book value per share

3.74 5.48

0.70 0.14

Earnings/loss per share

DilutedNumber of shares (in thousands)

– –

Liabilities and provisions for liabilities

– –

Long term liabilities

– –

Short term liabilities

– – President: Yurkevych Anatoliy Board: Yurkevych Olga; Rekov Vyacheslav; van Walt Meijer, Willem; Yurkevych Anatoliy; Rozhko Oleg Auditors: BDO Audit & Assurance BV Address: Reinwardtstraat 232, 1093 H Amsterdam T: + 380443695253; F: + 380443695254 office@milkiland.com KRS: 0034278769

1,278,942 1,467,371 1,618,689

307,521 433,941 565,739

229,703 352,819 445,305

77,818 81,122 120434

Equity

943,970 1,005,288 1,024,050

447,558 447,558 447,558

The Share Capital

Number of shares (in thousands)

447,558.00 447,558.00

Book value per share

447,558

2.11 2.25 2.29

0.11 0.14 0.01

Earnings/loss per share

President: Niedośpiał Dariusz Board: Niedośpiał Dariusz; Wróbel Tomasz; Błażejewski

Andrzej; Czarnecki Ludwik; Kujawski Mirosław; Baliński Remigiusz; Dorenda Zbigniew; Jaskólska Joanna; Czarnecki Leszek Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Powstańców Śląskich 2-4, 53-333 Wrocław T: +48 71 7988010; F: +48 71 7988011 wiza@lcc.pl KRS: 0000253077

Diluted book value per share

Diluted earnings/loss per share

Declared or paid dividend per share

Ovostar Union N.V. OVO

www.ovostar.ua

Market value: 468,000,000 WSE listing date: 2011-06-29 Shareholders: Aviva OFE (5.02%); Prime One Capital

Ltd. (75%); 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. Price performance: 130

120

Milkiland NV

110

MLK

www.milkiland.com

Market value: 468,750,000 WSE listing date: 2010-12-06 Shareholders: ING OFE (5.5%); 1 Inc. Cooperatief U.A.

(73.03%) www.lcc.pl

Liabilities and provisions for liabilities

Total assets

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. Price performance: 50 40

100 90 80 70 60 50 40

Finance

(2010 | | 2012Q3)

38,170 12,707

9,504 2,023

9,270 2,122

9,731 2,073

Net revenues

Profit/loss from operations

Profit/loss before tax

Profit/loss 10

Net cash flows

-93

-93 -8,349

Net cash flows from operating activities

0 2012-09-06

Equity

Net revenues

2012-06-08

Total assets

267,934 342,457

Net cash flows from financing activities

(2010 | 2011 | 2012Q3)

2012-03-06

Finance

2011-12-06

30,127 14,743

2011-09-06

Net cash flows

2011-06-07

Profit/loss

14,553 229

2012-09-27

Profit/loss before tax

2012-06-29

39,645 60,170 20,664

31,107 31,107 -6,135

2012-03-27

Profit/loss from operations

2011-12-28

470,861 566,912 180,152

21,777 4,420

-13,807 -21,107

2010-01-04

Net cash flows from investing activities

2011-03-07

Net revenues

21,847 5,472

2012-10-02

2012-07-04

2012-03-30

(2010 | 2011 | 2012Q3)

Net cash flows from operating activities

2010-12-06

Finance

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

0 2010-04-01

8 2010-01-04

0.25

34,827 6,295

Net cash flows

0.5

Profit/loss

0.75 12

258,495 72,495

Profit/loss before tax

Profit/loss from operations

1.25

(2010 | | 2012Q3)

Net revenues

1.5

Finance

2011-09-27

2011-06-29

Price performance:

5,250 10

Net cash flows from investing activities

-687 -8,228

Winter–Spring 2013

EquitiesPoland Net cash flows from financing activities

Total assets

Liabilities and provisions for liabilities

1.62 0.35

DilutedNumber of shares (in thousands)

– –

Diluted book value per share

Diluted earnings/loss per share

Declared or paid dividend per share

– – President: Belikow Boris Board: Woron Witalij; Malowana Natalia; Bakumenko Oleksandr; van Campen, Marc; Weresenko Witalij; Belikow Boris; Ukraińskij Dymitro; Czerniak Lilia; Własniuk Natalia; Doroszew Jurij Address: Koningslaan 17, 1075 A Amsterdam T: 31206731090 info@marketing.ovostar.ua KRS: 0052331008

Fabryka Farb i Lakierów ŚNIEŻKA SA SKA

www.sniezka.pl

Market value: 467,509,500 WSE listing date: 2003-12-29 Shareholders: Mikrut Rafał (9.25%); Mikrut Piotr

(9.25%); Śnieżka SA (6.88%); Mikrut Stanisław (0.24%); Waśko Witold; Amplico OFE (12.62%); Cymbor Stanisław (18.75%); Pater Jerzy (18.75%) 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. Price performance: 44 42 40 38 36 34 32 30 28 26 24 22 20

15.22 14.92 14.59

3.36 1.27 1.73

Earnings/loss per share

President: Mikrut Piotr Board: Mikrut Stanisław; Pater Jerzy; Cymbor

Stanisław; Waśko Witold; Łapiński Zbigniew; Wróbel-Lipa, Joanna; Mikrut Piotr; Orłowski Dariusz; Pater Anna Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: Lubzina 34A, 39-102 Lubzina T: +48 14 6811111; F: +48 14 6822222 sekretariat@sniezka.pl KRS: 0000060537

Industrial Milk Company SA IMC

www.imcagro.com.ua

Market value: 453,850,000 WSE listing date: 2011-05-04 Shareholders: Amplico OFE (5.09%); Russian Com-

mercial Bank (Cyprus) Ltd. (9.58%); Agrovalley Limited (68.19%) Strategy: Industrial Milk Company (IMC) is an integrated agricultural company in Ukraine. In May 2011 IMC listed on the Warsaw Stock Exchange. The main areas of IMC’s activities are: cultivation of grain & oilseeds crops, potato production; dairy farming; storage and processing of grain & oilseeds crops. IMC is among Ukraine’s top-10 industrial milk producers. Price performance: 18 14 10 8

2012-10-03

2012-07-05

2012-04-02

2012-01-03

2011-10-03

2011-07-05

2011-04-01

2011-01-03

2010-10-01

2010-07-06

2010-04-06

2010-01-05

62,226 40,836 28,991

58,669 22,222 28,922

45,541 17,170 23,456

Profit/loss before tax Profit/loss Net cash flows

9,565 9,565

Net cash flows from operating activities

40,452 59,238

Net cash flows from investing activities

– –

-25,734 -29,872

–

-5,153 -36,710

–

Net cash flows from financing activities

(2010 | 2011 | 2012Q3) 6,131,679 6,388,658 1,360,801

63,542 77,881 21,300

45,792 54,663 18,029

37,563 53,192 15,746

Profit/loss from operations Profit/loss before tax

Finance

(2010 | | 2012Q3)

45,036 22,226

14,492 -1,043

12,627 -3,583

14,374 -3,535

1,947 1,947 -8,284

12,283 -9,257

2,125 -1,871

Net cash flows from investing activities

Net cash flows from operating activities

531,699 550,640 197,706

Net cash flows

Profit/loss from operations

100

Net revenues

Profit/loss

Tadeusz; FPT Foundation (10.56%); Herba, Kazimierz Michał (23.07%); Neuca SA (0.33%); Herba Wiesława (23.07%) Strategy: One of the biggest pharmaceuticals wholesale distributors in Poland, with over 20 entities offering a wide range of services and products on the healthcare market in Poland. Headquartered in Toruń, the company employs about 4,000 people. Price performance:

Finance

Profit/loss before tax

(2010 | 2011 | 2012Q3)

www.neuca.pl

Profit/loss from operations

Net revenues

NEU

Market value: 443,025,800 WSE listing date: 2004-09-30 Shareholders: Sucharski Piotr (0.11%); Wesołowski

Net revenues

Finance

Neuca SA

2012-10-02

4.85 15.62

Earnings/loss per share

2012-07-04

13,551

2012-03-30

6,000.00 6,000

Book value per share

13,551.00 13,551.00

Book value per share

– – President: Osypov Ievgen Board: Martyniuk Dmytro; Sturen Carl; Petrov Oleksandr; Starostyshen Volodymyr; Todchuk Oleg; Osypov Ievgen; Lissitsa Alex Auditors: Baker Tilly Ukraine Address: 16 avenue Pasteur, L-2310 Luksemburg T: 3522747848822 office.kyiv@imcagro.com.ua

2012-01-02

– –

Declared or paid dividend per share

2011-09-30

45 77

Number of shares (in thousands)

13,551 13,551 13,551

Number of shares (in thousands)

2011-07-04

– –

Diluted earnings/loss per share

2011-03-31

29,072 93,694

206,192 202,228 197,700

The Share Capital

2010-12-31

The Share Capital

– –

Diluted book value per share

2010-09-30

9,144 7561

138,503 143,180 192966

Equity

2010-07-05

Equity

0.58 -0.11

DilutedNumber of shares (in thousands)

2010-04-01

235 986

2010-01-04

Short term liabilities

11,325 2,586 6,867

Short term liabilities

2012-11-02

2012-08-03

9,379 8,547

Long term liabilities

149,828 145,766 199,833

Long term liabilities

2012-05-07

2012-02-02

40,804 105,242

Liabilities and provisions for liabilities

365,040 355,838 406,492

2011-11-02

2011-08-03

-4,656 -131

2011-05-05

Earnings/loss per share

Net cash flows from financing activities

-12,461 2,844

Total assets

87,440 208,492

20,237 78,801

11,998 44,191

8,239 34610

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

69,759 127,887

46 56

Number of shares (in thousands)

24,800.00 31,300

Book value per share

2.81 4.09

Profit/loss Net cash flows

-10,718 -10,718

–

14,111 166,079

–

Net cash flows from operating activities Net cash flows from investing activities

6,415 -1,253

–

Net cash flows from financing activities

Total assets

-31,244 -165,843

–

2,079,315 1,970,067 1,929,275

1,835,944 1,683,203 1,606,050

Liabilities and provisions for liabilities Long term liabilities

165,529 122,252 93,654

Short term liabilities

Equity

1,670,415 1,560,951 1512396

The Share Capital

233,244 279,268 317,183 4,429 4,441 4,457

Number of shares (in thousands)

4,429.00 4,441.00

Book value per share

4,457

52.66 62.89 71.17

8.48 11.98 3.53

Earnings/loss per share

President: Sucharski Piotr Board: Styka Jacek; Wesołowski Tadeusz; Herba, Ka-

zimierz Michał; Sucharski Piotr; Dzik Grzegorz; Herba Wiesława; Sierzputowska Iwona; Śliwa Bożena Auditors: KPMG Audyt Sp. z o.o. Sp.k. Address: ul. Szosa Bydgoska 58, 87-100 Toruń T: +48 56 6694000; F: +48 56 6694039 neuca@neuca.pl KRS: 0000049872

Winter–Spring 2013

EquitiesPoland www.rankprogress.pl

Market value: 407,480,650 WSE listing date: 2010-07-08 Shareholders: Mroczka Jan (26.43%); Rank Progress

Price performance:

50 45

SA (0.06%); MB Progress Capital Limited (23.71%); Bartnicki Andrzej (26.43%) 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. Price performance:

40 35 30

25 20

Finance

Net revenues

(2010 | 2011 | 2012Q3) 1,359,594 1,454,300 427,006

Profit/loss from operations

33,915 53,223 28,003

21,704 44,232 22,695

15,143 80,959 17,583

Profit/loss before tax

Profit/loss

Finance

2012-10-19

2012-07-23

2012-04-20

2012-01-20

2011-10-19

2011-07-21

2011-04-19

2011-01-20

2010-10-19

2010-07-22

Net cash flows

(2010 | 2011 | 2012Q3)

Net revenues

52,873 168,584 8,896

95,178 156,491 28,678

84,579 111,846 32,768

90,971 151,687 36,038

24,867 24,867

–

4,187 -95,972

–

-50,044 166,880

–

70,724 -71,227

–

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

853,157 967,556 841,999

507,543 480,918 401,547

331,706 369,111 363,491

175,837 111,807 38056

345,614 486,638 440,452

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities

-14,734 -14,734

–

Net cash flows from operating activities

-2,420 52,768

–

Net cash flows from investing activities

191,180 -17,752

–

-203,494 -38,645

–

Net cash flows from financing activities Total assets

780,154 796,893 864,880

475,392 436,059 463,471

40,045 47,791 29,461

370,184 328,906 323488

304,977 361,141 402,011

15,551 15,551 15,551

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

7,775.00 7,775.00

Book value per share

7,775

39.22 46.45 51.70

1.95 10.41 2.26

Earnings/loss per share

President: Rutkowski Jacek Board: Kocikowski Wojciech; Rutkowski Jacek; Sikor-

Earnings/loss per share

ska, Bogna Katarzyna; Rynarzewski Tomasz; Sawala Piotr; Bilik Marcin; Dudek Tomasz; Golec Grzegorz; Kochanek Wojciech; Antkowiak Wojciech Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka komandytowa Address: ul. Mickiewicza 52, 64-510 Wronki T: +48 67 2546111; F: +48 67 2540320 aneta.banach@amica.com.pl KRS: 0000017514

President: Mroczka Jan Board: Kaczmarek Mariusz; Domszy Dariusz; Bartnicki

Action SA

Equity

The Share Capital

3,715 3,715 3,715

Number of shares (in thousands)

37,145.00 37,145.00

Book value per share

37,145

9.30 13.10 11.86

2.45 4.08 0.97

Andrzej; Mroczka Jan; Kurdyś Łukasz; Górski Jakub; Puterko Paweł; Kowalski Piotr Auditors: 4AUDYT Sp. z o.o. Address: ul. Złotoryjska 63, 59-220 Legnica T: +48 76 7467771; F: +48 76 7467770 sekretariat@rankprogress.pl KRS: 0000290520

AMICA Wronki SA AMC

www.amica.com.pl

Market value: 382,530,000 WSE listing date: 1997-09-08 Shareholders: Kadziński Andrzej (0.05%); 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%); Rynarzewski Tomasz; Bilik Marcin (0.14%) Strategy: Amica Wronki is one of the largest manufacturers of household appliances in Poland. The Company manufactures freestanding appliances and components. More than half of the company’s products are exported - mainly to Scandinavia and Eastern Europe - under the brand names Hans and Gram. The company owns the football club KKS Lech Poznań.

ACT

www.action.pl

Market value: 359,379,000 WSE listing date: 2006-07-24 Shareholders: Wietrzykowski Wojciech (8.53%); Biel-

iński Piotr (24.55%); Matyka Olgierd (21.32%); Generali OFE (12.24%) 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 (GPW) since 2006. ACTION S.A. sells products of the largest global vendors as well as several ranges of its private brands. Group is also the largest manufacturer and the primary supplier of high-performance servers in Poland. The Group also operates the Sferis retail chain, which currently includes 35 proprietary shops, 57 island stands and 28 partner shops, with plans of further development of its franchise network.

Finance

Net revenues

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-01-04

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-01-04

10 2010-04-01

2010-09-30

2010-07-05

RNK

2010-04-01

Rank Progress SA

(2010 | 2011 | 2012Q3) 2,105,901 2,804,768 827,372

Profit/loss from operations

34,551 57,326 16,047

30,420 52,193 14,171

26,288 42,409 11,042

Profit/loss before tax Profit/loss Net cash flows

854 854 –

Net cash flows from operating activities

-8,364 5,059

–

-1,334 -5,926

–

10,552 1,308

–

Net cash flows from investing activities

Net cash flows from financing activities Total assets

585,027 777,092 826,872

396,349 554,675 584,078

21,688 12,537 5,719

374,661 542,138 578359

188,772 222,417 242,794

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

1,641 1,641 1,641

Number of shares (in thousands)

16,410.00 16,410.00

Book value per share

16,410

11.50 13.55 14.80

1.60 2.58 0.67

Earnings/loss per share

DilutedNumber of shares (in thousands)

16,410.00 16,410.00

–

Diluted book value per share

11.50 13.55

–

Diluted earnings/loss per share

1.60 2.58

President: Bieliński Piotr Board: Wojtysiak Edward; Jakubowski Marek; Antczak

–

Rafał; Bieliński Piotr; Kosmala Piotr; Harazin Sławomir; Bocianowska Iwona; Pawłowski Łukasz Auditors: BDO sp. z o.o. Address: Zamienie, ul. Dawidowska 10, 02-800 Warszawa T: +48 22 3321600; F: +48 22 3321610 action@action.com.pl KRS: 0000214038

ATM SA ATM

www.atm.com.pl

Market value: 325,269,850 WSE listing date: 2004-09-28 Shareholders: ING OFE (9.47%); Puteczny Piotr

(5.12%); ATM SA (0.03%); Krzyżanowski Maciej (0.15%); ATP Invest sp. z o.o. S.K.A (19.88%); OFE Polsat (9.84%); Szwed Roman (9.04%) Strategy: ATM S.A. entered the ICT market in 1991 and since September 2004 ATM is listed on Warsaw Stock Exchange. The company is a leader of colocation and hosting services as well as broadband data transmission, offering Internet access and other advanced telecommunications services with added value under the brand of ATMAN. The major products and services consumers are telecommunications operators and corporate institutions of significant telecommunications needs. Presently ATM S.A. employs over 170 people.

Winter–Spring 2013

EquitiesPoland Price performance:

Price performance:

12 10

9 50

Finance

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

40 2010-01-04

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

7 2010-01-04

2010-01-04

(2010 | 2011 | 2012Q3)

Finance (2012Q3)

Finance

401,779 444,582 40,803

32,175

259,917 429,018 84,190

33,150 31,617 5,282

23,535 34,526 -13,722

25,941 22,806 4,160

26,848 41,172 -15,377

20,438 16,323 3,698

25,427 28,772 -15,395

34,308 34,308

–

-13,277 -13,277 -6,087

81,187 56,486

–

-3,636 38,802 3,569

-9,204 -15,155 -10,173

Net revenues

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

-29,805 -45,329

–

-17,074 5,141

–

536,865 538,638 387,320

261,592 255,548 154,258

55,871 63,359 91,977

205,721 192,189 62281

267,462 275,771 230,716

34,723 34,723 34,723

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

36,343.00 36,343.00

Book value per share

36,343

7.36 7.59 6.35

0.56 0.45 0.10

Earnings/loss per share

DilutedNumber of shares (in thousands)

36,343.34 36,343.34 36,343.34

Diluted book value per share

7.36 7.59 6.35

Diluted earnings/loss per share

0.56 0.45 0.10 President: Krzyżanowski Maciej Board: Czichon Tadeusz; Krzyżanowski Maciej; Tuchołka Tomasz; Szwed Roman; Domagała Grzegorz; Panek Mirosław; Kamiński Sławomir Auditors: PKF Audyt sp. z o.o. Address: ul. Grochowska 21A, 04-186 Warszawa T: +48 22 5156100; F: +48 22 5156600 customer@atm.com.pl KRS: 0000034947

Asseco Business Solutions SA ABS

www.assecobs.pl

Market value: 324,154,600 WSE listing date: 2007-11-19 Shareholders: Masłowski Piotr (2.94%); Rutkowski

Romuald (1.27%); Lizon Mariusz (0.73%); Asseco Poland SA (46.46%); Amplico PTE SA (12.41%); Barczentewicz, Wojciech Juliusz (3.16%) Strategy: Asseco Business Solutions S.A. has been operating since 2007. It emerged through the merger of IT industry leaders: Incenti, Safo, Softlab and WA-PRO. On 1 April 2009 Asseco BS merged with Anica System, hence its product and service portfolio expanded by mobile systems, factoring systems and integration and analytical services. IT solutions are delivered by more than 700 specialists available in several Polish cities cooper with more than 500 technology and business partners.

Net revenues

Profit/loss from operations

7,329 Profit/loss before tax

7,746 Profit/loss

6,215 Total assets

263,691 Liabilities and provisions for liabilities

13,944 Long term liabilities

266 Short term liabilities

13678 Equity

249,747 The Share Capital

167,091 Number of shares (in thousands)

33,418 Book value per share

7.47 Earnings/loss per share

0.19 President: Barczentewicz, Wojciech Juliusz Board: Pomianek Zbigniew; Ogonowski Grzegorz; Pawłowicz Adam; Rutkowski Romuald; Lizon Mariusz; Góral Adam; Adamski Jarosław; Masłowski Piotr; Barczentewicz, Wojciech Juliusz Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Konrada Wallenroda 4c, 20-607 Lublin T: +48 81 7458888; F: +48 81 7458642 info@assecobs.pl KRS: 0000028257

Comp SA CMP

www.comp.com.pl

Market value: 316,613,000 WSE listing date: 2005-01-14 Shareholders: Bogutyn Tomasz (0.01%); Amplico OFE

(10.35%); Comp Centrum Innowacji sp. z o.o. (12.06%); Papaj Jacek (13.81%); Aviva Investors Poland SA (9.16%); Generali OFE (5.69%); OFE Aegon (5.64%); ING OFE (5.56%); Wąsowski, Andrzej Olaf (1.57%); Łatka Bogusław (0.27%); Tomaszewski Robert (0.25%); Morawski Krzysztof (0.05%); Wawer Andrzej (0.03%); Comp SA 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.

Net revenues

(2010 | 2011 | 2012Q3)

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities

Total assets

-437 5,224 517

460,219 617,950 580,627

126,909 214,326 201,578

22,596 45,794 37,521

104,313 168,532 164057

331,995 379,947 365,336

11,870 14,795 14,795

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

4,748.00 5,918.00

Book value per share

5,918

69.93 64.20 61.73

5.36 4.86 -2.60

Earnings/loss per share

President: Papaj Jacek Board: Hausner Włodzimierz; Lachowski Sławomir;

Wojnicz Kajetan; Jastrzębski Arkadiusz; Morawski Krzysztof; Wąsowski, Andrzej Olaf; Bogutyn Tomasz; Papaj Jacek; Łatka Bogusław; Wawer Andrzej; Tomaszewski Robert; Klimczak Jacek Auditors: Deloitte Audyt sp. z o.o. Address: ul. Jutrzenki 116, 02-230 Warszawa T: +48 22 5703800; F: +48 22 6626371 info@com.waw.pl KRS: 0000037706

MCI Management SA MCI

www.mci.pl

Market value: 304,253,360 WSE listing date: 2001-02-01 Shareholders: Sitnik Konrad (0.25%); Czechowicz To-

masz (45.67%); Quercus TFI SA (5.28%); MCI Management SA (2.94%); Janik Sylwester (0.04%); Janiszewski, Hubert Andrzej (0.03%); Siewierski Wojciech (0.02%); Pasecka Magdalena (0.01%); Adamiuk Dariusz (0.01%) 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, infrastructure) 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.

Winter–Spring 2013

EquitiesPoland Price performance:

Price performance:

34 32

28 26

156,080 18,679 -6,097

18,464 18,464 1,358

-4,639 47,175

Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

381

290 -67,887 -2,996

Net cash flows from financing activities

22,799 26,324 3,973

634,960 640,629 764,214

136,802 114,649 202,483

118,066 60,573 36,603

18,736 54,076 165880

498,075 525,886 561,731

51,970 62,347 62,347

Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

51,970.00 62,347.00

Book value per share

62,347

9.58 8.44 9.01

3.00 0.30 -0.10

Earnings/loss per share

DilutedNumber of shares (in thousands)

51,970.24 62,346.63 62,346.63

Diluted book value per share

9.58 8.44 9.01

3.00 0.30 -0.10

Diluted earnings/loss per share

President: Czechowicz Tomasz Board: Czechowicz Tomasz; Janiszewski, Hubert

Andrzej; Adamiuk Dariusz; Dąbrowski Jarosław; Góra Marek; Siewierski Wojciech; Janik Sylwester; Pasecka Magdalena Address: ul. Emili Plater 53, 00-113 Warszawa T: +48 22 5407380; F: +48 22 5407381 rzecznik@mci.com.pl KRS: 0000004542

Pelion SA PEL

www.pelion.eu

Market value: 303,688,000 WSE listing date: 1998-02-17 Shareholders: Kalinka, Jan Aleksander (0.1%);

Biendara Anna (0.06%); Legg Mason Zarządzanie Aktywami SA (9.96%); Szwajcowski Jacek (10.18%); ING OFE (9.58%); Aviva OFE (8.56%); Molenda Zbigniew (6.26%); Pelion SA (1.83%); Przystalski Ignacy (0.61%); Dauenhauer Jacek (0.15%) 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.

84,382 65,502 12,992

70,663 80,231 6,524

Profit/loss Net cash flows

-34,514 -34,514

–

56,759 256,738

–

27,350 -46,676

–

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities

Total assets

-118,623 -146,096

–

2,339,196 2,474,487 2,524,622

1,873,119 1,934,211 2,015,881

Liabilities and provisions for liabilities Long term liabilities

483,809 362,478 311,798

Short term liabilities

Equity

1,389,310 1,571,733 1704083

454,835 537,620 506,743

24,836 24,834 24,139

The Share Capital

Number of shares (in thousands)

12,230.00 12,248.00

Book value per share

11,900

37.19 43.89 42.58

5.78 6.55 0.55

Earnings/loss per share

President: Szwajcowski Jacek Board: Tucharz Jacek; Biendara Anna; Szwajcowski

Jacek; Leszczyński Jerzy; Pyśkiewicz Sylwia; Dauenhauer Jacek; Janiszewski, Hubert Andrzej; Przystalski Ignacy; Molenda Zbigniew; Kalinka, Jan Aleksander Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Zbąszyńska 3, 91-342 Łódź T: +48 42 6133444; F: +48 42 6133535 investor_relations@pgf.com.pl KRS: 0000049482

Zakłady Lentex SA LTX

www.lentex.com.pl

Market value: 302,462,400 WSE listing date: 1997-05-08 Shareholders: Sobik Leszek (23.4%); EBOiR (5.63%);

Banaszak Jakub; Lentex SA (2.15%); Moska Krzysztof (18.53%) Strategy: Lentex SA is a renowned manufacturer of flexible 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.

2012-10-03

155,809 24,232 -9,066

Profit/loss

112,712 96,368 20,013

Profit/loss before tax

2012-07-05

2012-04-02

163,738 14,514 -7,577

Profit/loss before tax

5,799,423 6,569,927 1,609,572

Profit/loss from operations

Finance

2012-01-03

(2010 | 2011 | 2012Q3)

2011-10-03

11,506 34,095 7,811

Profit/loss from operations

2010-01-05

Net revenues

2012-09-03

Finance

2012-06-04

2011-12-01

(2010 | 2011 | 2012Q3)

2012-03-01

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

Finance

Net revenues

2010-12-31

2010-09-30

2010-07-05

2010-04-01

20 2010-01-04

2011-07-05

2011-04-01

2011-01-03

2010-10-01

2010-07-06

2010-04-06

Price performance:

(2010 | 2011 | 2012Q3)

Net revenues

173,137 325,334 146,365

Profit/loss from operations

2,550 44,828 15,790

3,897 43,362 13,997

3,240 37,269 9,323

10,737 10,737 1,919

10,342 43,784 27,454

-1,264 -127,503 -1,694

1,659 69,428 -23,841

213,211 477,237 638,584

30,843 178,106 228,989

7,700 71,935 79,436

23,143 106,171 149553

182,368 272,945 293,499

22,328 24,379 25,835

Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

10,892.00 59,461.00

Book value per share

63,013

16.74 4.59 4.66

0.30 0.63 0.15

Earnings/loss per share

DilutedNumber of shares (in thousands)

10,892.12 59,460.60 63,013.10

Diluted book value per share

16.74 4.59 4.66

0.30 0.63 0.15

Diluted earnings/loss per share

President: Hoffmann Wojciech Board: Mazur Marek; Synytsya Boris; Markiewicz

Halina; Pawlak Anna; Hoffmann Wojciech; Muzioł Radosław; Malarz Janusz Auditors: Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o. Address: ul. Powstańców 54, 42-700 Lubliniec T: +48 34 3515600; F: +48 34 3515601 flooring@lentex.com.pl KRS: 0000077520

Stalexport Autostrady SA STX

www.stalexport-autostrady.pl

Market value: 291,769,160 WSE listing date: 1994-10-26 Shareholders: Wąsacz Emil (0.02%); Autostrade per

lItalia SpA (60.63%); 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.

Winter–Spring 2013

EquitiesPoland Finance

(2010 | 2011 | 2012Q3)

3,116 31,283 6,050

Profit/loss from operations

-2,389 68,231 3,824

Profit/loss before tax

5,220 5,220 6,823

Profit/loss

32,483 50,702 29,573

-9,308 -22,664 -3,226

Net cash flows from operating activities

-17,955 -19,848 -19,524

Net cash flows from investing activities

649,180 751,200 788,165

361,454 378,656 416,797

96,878 136,857 119,664

Liabilities and provisions for liabilities

264,576 241,799 297133

Long term liabilities

270,204 353,931 352,002

Short term liabilities

32,560 32,560 32,560

Equity

-15,124 -15,124 17,482

0.5

46,729 48,194 21,434

-8,552 -30,995 -4,580

Net cash flows from financing activities

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

-53,301 13,564

791,538 868,733 833,418

203,883 267,492 221,212

Profit/loss from operations

59,630 68,538 73,451

Profit/loss before tax

144,253 198,954 147761

Profit/loss

587,655 601,241 612,206

22,930 22,930 22,930

Finance

Total assets

(2010 | 2011 | 2012Q3)

Net revenues

165,219 179,763 52,960

61,979 63,275 27,822

19,610 15,797 16,449

10,248 5,287 12,310

81,969 81,969 -38,118

94,303 106,564 34,637

-226,719 -96,284 -46,692

214,385 -81,406 -26,063

Net cash flows

The Share Capital

Number of shares (in thousands)

Net cash flows from operating activities

Net cash flows from investing activities

4.10 4.19 4.27

Net cash flows from financing activities

0.21 0.14 0.04

Total assets

1,382,758 1,368,002 1,289,978

1,202,676 1,188,412 1,102,417

1,042,843 986,777 925,435

159,833 201,635 176982

176,187 175,051 183,452

494,524 185,447 185,447

143,359.00 143,359.00

628

Book value per share

143,359

Earnings/loss per share

DilutedNumber of shares (in thousands)

143,359.46 143,359.46 143,359.46

Diluted book value per share

Liabilities and provisions for liabilities

4.10 4.19 4.27

Long term liabilities

0.21 0.14 0.04

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

247,262.00 247,262.00

Book value per share

247,262

0.71 0.71 0.74

Earnings/loss per share

0.04 0.02 0.05 President: Wąsacz Emil Board: Caffo Nicolo; Cusmai Stefano; Galos Aleksander; Mengucci Roberto; Wąsacz Emil; Damasco Michelangelo; Skołożyński Mieczysław; Ivoi Costantino; Włudyka Tadeusz Auditors: Deloitte Audyt sp. z o.o. Address: ul. Mickiewicza 29, 40-085 Katowice T: +48 32 2512181; F: +48 32 2512822 info@stalexport-autostrady.pl KRS: 0000016854

Colian SA COL

www.colian.pl

Market value: 289,585,180 WSE listing date: 1995-05-17 Shareholders: Aviva OFE (6.79%); Kolański, Jan i Barbara

(61.09%); Colian SA (3.69%); Szuława Marcin (0.01%) 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. Price performance:

Diluted earnings/loss per share

President: Kolański Jan Board: Mikołajczyk Jan; Szuława Marcin; Kolański Jan;

Matuszczak Marcin; Sadlej Marcin; Łagowski Piotr; Dziekoński Jacek Auditors: PKF Audyt sp. z o.o. Address: ul. Zdrojowa 1, 62-860 Opatówek T: +48 62 5903300; F: +48 62 5903310 opatowek@colian.pl KRS: 0000009994

Koelner SA KLR

www.koelner.pl

Market value: 280,016,000 WSE listing date: 2004-11-30 Shareholders: Koelner Przemysław (0.08%); ING OFE

(8.72%); Koelner Krystyna (0.58%); BZ WBK Asset Management SA (7.91%); Mogilski Tomasz (0.3%); Kopydłowski Piotr (0.09%); Szczypiński Zbigniew; Amicus Poliniae sp. z o.o. (58.66%); 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. Price performance: 17.5 15

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

32,560.00 32,560.00

Book value per share

8.30 10.87 10.81

-0.07 2.10 0.12

Earnings/loss per share

President: Koelner Radosław Board: Heydel Wojciech; Stabiszewski Zbigniew;

Koelner Przemysław; Szczypiński Zbigniew; Pamuła Zbigniew; Kopydłowski Piotr; Mogilski Tomasz; Koelner Krystyna; Koelner Radosław Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka komandytowa Address: ul. Kwidyńska 6, 51-416 Wrocław T: +48 71 3260100; F: +48 71 3726111 info@koelner.com.pl KRS: 0000033537

Fabryki Mebli FORTE SA FTE

www.forte.com.pl

Market value: 271,711,440 WSE listing date: 1996-07-24 Shareholders: Sebastian Zbigniew; 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 in Russia and Ukraine. Price performance: 18 16 14 12 10 8 6 4 2 0

Finance

12.5

32,560

Net revenues

2012-10-02

Net cash flows

Net cash flows from investing activities

2012-07-04

30,673 19,534 5,269

2012-03-30

Net cash flows from operating activities

2012-01-02

35,348 25,861 6,278

2011-09-30

Net cash flows

2011-07-04

35,377 26,536 4,818

2011-03-31

Profit/loss

2010-12-31

621,591 638,719 153,849

2010-09-30

1.5

2010-07-05

Net revenues

2010-04-01

2010-01-04

Price performance:

Profit/loss before tax

(2010 | 2011 | 2012Q3)

468,888 527,208 137,324

38,844 48,354 11,617

38,087 43,482 12,089

2.5

29,102 38,416 9,580

1.5

-24,780 -24,780 -19,785

10,760 15,690 13,585

-18,203 19,555 -8,195

-17,337 -20,874 -25,175

467,372 473,797 484,080

0.5

Finance

Net revenues 2012-11-06

2012-08-07

2012-05-09

2012-02-06

2011-11-04

2011-08-05

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

Net cash flows 2011-03-31

Profit/loss

2010-12-31

2.5

Profit/loss before tax

2010-09-30

7.5

2010-07-05

Profit/loss from operations

2010-04-01

2010-01-04

3.5

(2010 | 2011 | 2012Q3)

559,632 662,165 173,021

18,216 50,544 10,334

Profit/loss from operations

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

Winter–Spring 2013

EquitiesPoland

Liabilities and provisions for liabilities

Earnings/loss per share

Long term liabilities

President: Tymiński Marek Board: Tymiński Marek; Leszczyński Grzegorz; Lit-

City Interactive SA CIA

www.city-interactive.com Market value: 259,325,000 WSE listing date: 2007-11-30 Shareholders: Aviva Investors Poland TFI SA (5.4%); Tymiński Marek (50.16%); Jaeger Andreas (0.03%); Tymiński, Lech Zygmunt (0.07%) 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. Price performance: 40

Finance

36,912 55,592 6,950

29,715 37,101 3,771

26,162 26,162 -29,280

11,457 47,480 -11,951

-10,328 -40,820 -7,060

25,033 -1,600 -10,269

469,664 552,921 603,080

199,560 242,544 277,826

47,091 82,714 72,564

152,469 159,830 205262

220,891 253,495 264,865

Profit/loss Net cash flows

Net cash flows from operating activities

Finance

Net revenues

Net cash flows from investing activities

(2010 | 2011 | 2012Q3) 2,570,369 3,396,338 879,843

30,879 30,879 38,219

Net cash flows

Net cash flows from operating activities

127,356 -192,612 -15,189

-36,061 -8,973 1,063

-60,416 42,681 52,345

Net cash flows from financing activities

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Net cash flows from investing activities

Total assets

32,543 22,308 -3,113

26,893 16,923 -2,838

14,390 14,390 9,825

28,771 25,492 2,215

-11,493 -19,064 -6,870

-2,888 -5,249 14,480

59,617 70,654 80,787

16,655 12,882 28,400

Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

201 342 218

Short term liabilities

16,454 12,540 28182

42,962 57,772 52,387

1,265 1,265 1,265

Equity

The Share Capital

Number of shares (in thousands)

12,650.00 12,650.00

Book value per share

12,650

3.40 4.57 4.14

2012-10-02

62,488 -124,530 -17,014

2012-07-04

42,771 59,684 10,179

Profit/loss before tax

34,188 21,120 -3,532

2012-03-30

Profit/loss

Profit/loss before tax

2012-01-02

87,981 -149,102 -25,335

2011-09-30

630,751 795,254 231,318

86,071 81,718 10,051

2011-07-04

Profit/loss from operations

Profit/loss before tax

Profit/loss from operations

(2010 | 2011 | 2012Q3)

Net revenues

(2010 | 2011 | 2012Q3)

84,333 -144,767 -22,443

Net revenues

2011-03-31

Finance

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. Price performance:

Profit/loss from operations

2010-12-31

Market value: 245,000,000 WSE listing date: 1993-10-14 Shareholders: Acciona SA, Hiszpania (50.09%); OFE

www.mostostal.waw.pl

2010-09-30

1.23 1.62 0.40 President: Formanowicz Maciej Board: Sebastian Zbigniew; Formanowicz Maciej; Domagalski Tomasz; Rogowski Robert; Rocki Marek; Frasyniuk Władysław; Dahlem, Klaus Dieter; Coopmann Gert; Krauz Stanisław Auditors: BDO sp. z o.o. Address: ul. Biała 1, 07-300 Ostrów Mazowiecka T: +48 29 6442222; F: +48 29 6442110 forte@forte.com.pl KRS: 0000021840

MSW

2010-07-05

Mostostal Warszawa SA

2010-04-01

13.16 13.10 14.15

Earnings/loss per share

darność Mittal Steel Poland SA (7.54%); ArcelorMittal Poland SA, Katowice (31.47%); MZZ Pracowników ArcelorMittal Dąbrowa Górnicza (17.91%) 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. Price performance:

2010-01-04

23,751

2012-10-03

23,748.00 23,751.00

Book value per share

2012-07-05

2012-04-02

23,751 23,751 23,751

Number of shares (in thousands)

2012-01-03

2011-10-03

312,431 311,161 336,113

The Share Capital

2011-07-05

Equity

winiuk Tomasz; Sroczyński Krzysztof; Jaeger Andreas; Tymiński, Lech Zygmunt; Dworak Marek Auditors: CSWP Audyt Sp. z o.o. Address: ul. Żupnicza 17, 03-821 Warszawa T: +48 22 6198590; F: +48 22 6199935 info@city-interactive.com KRS: 0000282076

2011-04-01

112,515 73,087 86098

2011-01-03

2.13 1.34 -0.22

2010-10-01

47,071 86,462 58,268

Short term liabilities

2010-07-06

2010-04-06

159,586 159,549 144,366

2010-01-05

Shareholders: Aviva OFE (9.84%); MOZ NSZZ Soli-

1,627,475 1,939,793 2,122,464

1,039,814 1,493,210 1,713,075

Liabilities and provisions for liabilities Long term liabilities

114,422 121,565 106,795

925,392 1,371,645 1606280

517,633 381,528 348,181

44,801 44,801 44,801

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

20,000.00 20,000.00

Book value per share

20,000

25.88 19.08 17.41

3.12 -6.23 -0.85

Earnings/loss per share

President: Józefiak Marek Board: Wysłocki Leszek; Balfour, Neil Roxburgh; Gaw-

ryś Piotr; Andueza Retegui, Fidel; Laborde, Raimundo Fernández-Cuesta; Lopez, Jose Angel Andres; Józefiak Marek; Vazquez, Francisco Adalberto Claudio; Mateos, Jose Manuel Terceiro; Solano, Miguel Vegas; Llorente, Fernando Minguez; Szymanek Jacek Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. Konstruktorska 11A, 02-673 Warszawa T: +48 22 5485600; F: +48 22 5485666 info@mostostal.waw.pl KRS: 0000008820

STALPROFIL SA STF

Market value: 245,000,000 WSE listing date: 2000-04-26

www.stalprofil.com.pl

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

1,750 1,750 1,750

Number of shares (in thousands)

17,500.00 17,500.00

Book value per share

17,500

12.62 14.49 15.14

1.70 2.12 0.22

Earnings/loss per share

DilutedNumber of shares (in thousands)

17,500.00 17,500.00 17,500.00

Diluted book value per share

12.62 14.49 15.14

1.70 2.12 0.22

Diluted earnings/loss per share

President: Bernhard Jerzy Board: Orczykowski Henryk; Mendelak Zdzisław;

Zub Jacek; Lis Krzysztof; Stiers Gaetan; Kuna Jarosław; Dzienniak Stefan; Ślęzak Tomasz; Goinski Jerzy; Gamrot Marcin; Bernhard Jerzy; Potocka-Lewicka, Sylwia Auditors: Revision-Katowice sp. z o.o. Address: ul. Roździeńskiego 11a, 41-308 Dąbrowa Górnicza T: +48 32 2616000; F: +48 32 2616009 biuro@stalprofil.com.pl KRS: 0000113043

Izostal SA IZS

www.izostal.com.pl

Market value: 238,703,760 WSE listing date: 2011-01-11 Shareholders: BPH TFI SA (5.02%); Mazurek Marek

(0.01%); Mendelak Zdzisław (0.01%); Podwiński Jacek; Stalprofil SA (60.28%); Aviva OFE (5.09%) Strategy: Izostal is a manufacturing company, and the leading supplier of pipes for the gas industry in Poland and other countries of CEE. The company supplies pipes for the fuel industry, heat engineering, water supply and sewage systems. Izostal distributes steel pipes, metallurgical products and steel fixtures.

Winter–Spring 2013

EquitiesPoland Finance

(2010 | 2011 | 2012Q3)

74,389 65,845 81,093

Profit/loss from operations

19,946 24,066 34,213

Profit/loss before tax

54,443 41,779 46880

Profit/loss

209,190 260,988 245,185

48,130 76,370 61,701

73,077 65,350 17,509

51,562 70,859 10,665

-6,988 -6,988

–

-48,841 85,543

–

66,757 -4,513

–

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

-24,904 -80,397

–

2,140,775 2,221,231 2,325,060

Net revenues

981,268 938,658 1,021,396

Profit/loss from operations

621,197 366,749 488,945

Profit/loss before tax

360,071 571,909 532451

Profit/loss

Net cash flows

Net cash flows from operating activities

Net cash flows from investing activities

Net cash flows from financing activities

Finance (2012Q3) 102,671 8,100 5,889 4,720 -23,563 -18,460 168 -5,271 Total assets

296,267 Liabilities and provisions for liabilities

146,109 Long term liabilities

43,302 Short term liabilities

102807 Equity

150,158 The Share Capital

65,488 Number of shares (in thousands)

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

1,159,507 1,282,573 1,303,664

The Share Capital

44,437 47,606 47,606

Number of shares (in thousands)

22,218.00 22,394.00

Book value per share

22,394

52.19 57.27 58.22

Earnings/loss per share

2.32 3.16 0.48 President: Puzdrowski Bartosz Board: Buzuk Tomasz; Spark Andre; Krauze Ryszard; Sęczkowski Przemysław; Wawrzynowicz Piotr; Grelowski Maciej; Walendziak Wiesław; Puzdrowski Bartosz; Ratnicka-Kiczka, Barbara Halina; Świerczyński Michał; Podgórski, Andrzej Tadeusz; Wesołowski Piotr; Dukaczewski Marcin; Sznajder Tomasz Auditors: BDO sp. z o.o. Address: ul. Śląska 35/37, 81-310 Gdynia T: +48 58 6288950; F: +48 58 6288960 polnord@polnord.pl KRS: 0000041271

Orzeł Biały SA

4.59

Market value: 236,127,570 WSE listing date: 2007-10-22 Shareholders: NEF Battery Holdings (60.67%); OFE

Earnings/loss per share

0.14 President: Mazurek Marek Board: Kruczak Jan; Mendelak Zdzisław; Chebda Jan; Podwiński Jacek; Majchrzak Lech; Mazurek Marek; Matkowski Adam; Bernhard Jerzy Auditors: Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o. Address: ul. Polna 3, 47-120 Zawadzkie T: +48 77 4056500; F: +48 77 4056501 info@izostal.com.pl KRS: 0000008917

OBL

www.orzel-bialy.com.pl

Net revenues

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

Finance

332,246 383,634 97,483

38,542 36,161 -1,351

26,370 26,370

–

35,490 9,304

–

-4,035 -17,437

–

-5,085 -10,134

–

Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities 2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

(2010 | 2011 | 2012Q3) 2,730,270 3,271,634 892,003

53,027 60,745 8,699

48,572 38,917 6,292

38,404 53,831 5,024 92

Total assets

92 5,972

-102,667 42,905 39,936

-16,168 11,070 -296

118,927 -50,489 -33,668

909,333 981,872 743,853

706,505 700,758 476,296

32,872 20,809 20,726

673,633 679,949 455570

202,828 281,114 267,557

121,757 121,849 124,728

Net cash flows from investing activities

(2010 | 2011 | 2012Q3)

2010-09-30

Net cash flows from operating activities

2010-07-05

48,077 45,526 -1,472

2010-04-01

Net cash flows

Profit/loss

2010-01-04

ment SA (62.54%); Arthur Holding GmbH (8.89%); OFE PZU Złota Jesień (7.53%); Sadowski Marek (0.17%); Zatorski Tomasz (0.06%); Wereszko Dobrosław (0.02%); Rumiński Michał (0.01%); Kottmann Ulrich; Łastowiecki Wojciech Strategy: ABC Data SA is the largest Polish IT distribution company, including programming and used-electronics. The firm distributes via a network of 280 dealers. Price performance:

Profit/loss

www.abcdata.com.pl

Profit/loss before tax

ABC

Market value: 235,735,920 WSE listing date: 2010-06-17 Shareholders: ABC Data SA (1.08%); MCI Manage-

Profit/loss from operations

47,833 41,830

ABC Data SA

Profit/loss before tax

Zbigniew; Mellinger Pierre; Lewicki Tomasz; Waliszewski Leszek; Bogucki Marek; Błażejewska Agnieszka; Opawski Krzysztof; Wolarek Józef Auditors: Mazars & Guerard Audyt sp. z o.o., Warszawa Address: ul. Siemianowicka 98, 41-902 Bytom T: +48 32 2813481; F: +48 32 2813491 office@orzel-bialy.com.pl KRS: 0000099792

2.32 2.18 -0.08

President: Rybakiewicz Zbigniew Board: Wojtaszek, Tomasz Jakub; Rybakiewicz

Net revenues

Profit/loss from operations

Finance

2010-07-05

ING TFI SA (5.1%); Templeton Asset Management Ltd. (5.2%) 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. Price performance:

12.57 15.71 14.76

Earnings/loss per share

2010-04-01

www.polnord.pl

16,617

2010-01-04

PND

Market value: 236,256,700 WSE listing date: 1998-12-18 Shareholders: Prokom Investments SA (33.44%);

16,642.00 16,617.00

Book value per share

PZU Złota Jesień (11.22%); ING OFE (6.04%) Strategy: Orzeł Biały specializes in the recycling of used lead-acid batteries and other lead-bearing materials. Its customers are mainly manufacturers of batteries. Price performance:

Polnord SA

32,744 Book value per share

7,156 7,145 7,145

Number of shares (in thousands)

2012-10-08

2012-07-10

2012-11-16

2012-08-20

2012-05-21

2012-02-16

2011-11-17

2011-08-18

2011-05-19

2011-02-16

The Share Capital

2012-04-05

Equity

2012-01-09

Net cash flows

Short term liabilities

2011-10-06

Long term liabilities

2011-07-08

180,264 289,109 48,989

2011-04-06

2011-01-07

Net revenues

2010-10-06

2010-07-09

Price performance:

Liabilities and provisions for liabilities

473

286,726 329,805 329,831

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

121,757.00 121,849.00

Book value per share

124,728

1.67 2.31 2.15

0.32 0.44 0.04

Earnings/loss per share

Winter–Spring 2013

EquitiesPoland

2012-10-02

2012-07-04

2012-03-30

(2010 | 2011 | 2012Q3) 1,016 – –

-4,267 -4,306 -1,754

13,987 -37,135

11,201 -31,425 -1,231

Profit/loss before tax Profit/loss Net cash flows 2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Profit/loss from operations

6,885 Profit/loss before tax

4,704 Profit/loss

3,336 Net cash flows

1,341 Net cash flows from operating activities

9,396 Net cash flows from investing activities

-2,262 Net cash flows from financing activities

-5,793 Total assets

545,332 Liabilities and provisions for liabilities

220,596 Long term liabilities

20,521 Short term liabilities

200075 Equity

322,436 The Share Capital

3,915 Number of shares (in thousands)

15,659 Book value per share

20.59 Earnings/loss per share

0.21 DilutedNumber of shares (in thousands)

15,658.54 Diluted book value per share

203 203 –

-5,601 -3,529

Net cash flows from investing activities

5,832 3,804

Net cash flows from financing activities

– –

-28 -47 –

Total assets

101,072 63,286 69,313

15,223 8,838 14,894

14,069 8,357 6,542

1,154 481 1887

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

85,849 54,448 54,419

65,880 65,880 65,880

The Share Capital

Number of shares (in thousands)

54,000.00 54,000.00

Book value per share

54,000

1.59 1.01 1.01

0.21 -0.58 -0.02

Earnings/loss per share

DilutedNumber of shares (in thousands)

54,000.00 54,000.00 54,000.00

Diluted book value per share

1.59 1.01 1.01

0.21 -0.58 -0.02

Diluted earnings/loss per share

President: Pawełczak Marek Board: Pawełczak Marek; Wściubiak Karina; Kostrzewa

Jacek; Nadachewicz Jakub; Karkosik, Roman Krzysztof; Sobczak Wojciech Auditors: 4AUDYT Sp. z o.o. Address: ul. Uniwersytecka 13, 40-007 Katowice T: +48 32 6030630; F: +48 32 6030620 biuro@skotansa.pl KRS: 0000031886

20.59

Radpol SA

0.21 President: Krempeć Krzysztof Board: Karski Eryk; Lisewski Grzegorz; Popinigis Marian; Górski Wojciech; Krawczyk Krzysztof; Rutowski Tomasz; Krempeć Krzysztof; Myrda Lucjan; Nagulewicz Grzegorz Auditors: Deloitte Audyt sp. z o.o. Address: ul. Grzegorza z Sanoka 2, 80-408 Gdańsk T: +48 58 3414245; F: +48 58 3413985 mercor@mercor.com.pl KRS: 0000217729

Market value: 203,702,400 WSE listing date: 2007-05-10 Shareholders: Aviva OFE (9.33%); Firczyk To-

Diluted earnings/loss per share

-932

Net cash flows from operating activities

RDL

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

112,394 132,193 42,703

16,633 22,701 5,436

15,983 19,113 4,789

13,427 15,205 3,789

Profit/loss before tax

Profit/loss from operations

90,971

2010-12-31

Profit/loss from operations 2012-01-02

Net revenues

(2010 | 2011 | 2012Q3)

Net revenues

Finance (2012Q2)

2010-09-30

Finance

Net revenues

2010-07-05

2010-04-01

2010-01-04

Finance

2011-09-30

2010-01-04

heat shrink producer with its own complete technological line for heat shrink production as long as two accelerators for their radiation crosslinking. Price performance:

2011-07-04

SA (5.39%); ING OFE (7.66%); Aviva OFE (9.7%); N50 Cyprus Ltd. (10.43%); Krempeć Krzysztof (26.2%) Strategy: The Mercor group is the largest manufacturer and provider of comprehensive passive fire protection systems with a well-developed sales network in CEE. With a leading position in the Polish, Czech, and Slovakian markets, Price performance:

Pawełczak Marek (0.37%); Sobczak Wojciech (0.02%); Kostrzewa Jacek; NFI Krezus SA (5.04%); Karkosik Grażyna (16.29%) 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. Price performance:

2011-03-31

www.mercor.com.pl

www.skotansa.pl

2010-12-31

MCR

Market value: 225,333,010 WSE listing date: 2007-07-19 Shareholders: Lisewski Grzegorz (0.06%); Quercus TFI

SKT

Market value: 217,620,000 WSE listing date: 1999-01-11 Shareholders: Karkosik, Roman Krzysztof (32.93%);

2010-09-30

Mercor SA

SKOTAN SA

2010-07-05

Czechowicz Tomasz; Kottmann Ulrich; Zatorski Tomasz; Wereszko Dobrosław; Sitnik Konrad; Ständer, Hans Peter; Godlewski Mirosław; Sadowski Marek; Łastowiecki Wojciech; Rumiński Michał Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Daniszewska 14, 03-230 Warszawa T: +48 22 6760900; F: +48 22 6760902 info@abcdata.com.pl KRS: 0000287132

2010-04-01

President: Rumiński Michał Board: Kemler, Hans-Dieter; Warzocha Ryszard;

www.radpol.com.pl

masz; Radpol SA (0.61%); Sielski Andrzej (1.73%); Pożarowszczyk Andrzej (3.38%); Allianz Polska OFE (6.54%); ING OFE (7.05%); PKO TFI SA (7.32%); Aviva Investors Poland SA (8.88%); BZ WBK Asset Management SA (9.11%); Wysocki Marcin (11.78%); Bielowicki Grzegorz (11.9%) 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

Profit/loss Net cash flows

45 45 –

Net cash flows from operating activities

18,248 11,437

–

Net cash flows from investing activities

-22,186 -19,583

–

Net cash flows from financing activities

3,983 11,363

Total assets

–

143,580 165,959 181,232

59,415 71,374 92,155

23,158 18,268 46,521

36,257 53,106 45634

84,165 94,585 89,077

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

772 772 772

Number of shares (in thousands)

25,190.00 25,720.00

Book value per share

25,720

3.34 3.68 3.46

0.53 0.59 0.15

Earnings/loss per share

DilutedNumber of shares (in thousands)

25,190.20 25,719.75

–

Diluted book value per share

3.34 3.68

–

0.53 0.59

–

Diluted earnings/loss per share

President: Sielski Andrzej Board: Sielski Andrzej; Bielowicki Grzegorz; Rusiecki

Marcin; Dombrowski Adam; Pożarowszczyk Andrzej; Kurowski Krzysztof; Iwaniec Leszek; Tomasik Jacek; Janas Zbigniew; Firczyk Tomasz Auditors: Europejskie Centrum Audytu sp. z o.o., Kraków Address: ul. Batorego 14, 77-300 Człuchów T: +48 59 8342271; F: +48 59 8342551 radpol@radpol.com.pl KRS: 0000057155

BBI Development Narodowy Fundusz Inwestycyjny SA BBD

www.bbidevelopment.pl

Market value: 198,769,640 WSE listing date: 1997-06-12 Shareholders: Skotnicki Michał (1.4%); Nowacki Paweł

(0.01%); Turno Paweł (0.26%); Quercus TFI SA (5.8%); Szymański Jakub (5.03%); Szczepański Rafał (2.75%); Tyszkiewicz Krzysztof (2.75%); BB Investment SA, Poznań (17.14%); Pioneer Pekao Investment Management SA (10.02%) 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

Winter–Spring 2013

EquitiesPoland Price performance:

Finance

(2010 | 2011 | 2012Q3)

41,611 24,012 2,888

Profit/loss from operations Profit/loss before tax

12,386 28,397 -994

10,042 29,088 -964

-1,031 -1,031 -143

-3,280 19,200 5,784

-22,729 -34,358 6,266

24,978 14,691 -12,193

163,342 208,607 395,665

62,517 73,049 109,911

9,079 26,543 38,484

53,438 46,506 71427

93,320 135,945 286,219

82,662 96,662 250,000

Profit/loss Net cash flows

Net cash flows from operating activities

Net cash flows from investing activities

69,916 69,639 15,756

28,351 24,374

872

23,462 21,915

-76

11,962 15,817 -385

10,142 10,142

–

-6,382 -37,962

–

10,564 -5,712

–

5,960 38,527

–

Profit/loss from operations Profit/loss before tax

Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

470,214 494,936 540,008

225,710 233,814 277,152

70,051 85,453 133,279

155,659 148,361 143873

233,838 250,513 252,247

52,308 52,308 52,308

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

523,078.00 523,078.00

Book value per share

523,078

0.45 0.48 0.48

0.02 0.03

Earnings/loss per share

President: Skotnicki Michał Board: Zagajewski Ewaryst; Szczepański Rafał; Turno

–

Paweł; Skotnicki Michał; Głowacki Włodzimierz; Nowacki Paweł; Litwiński Piotr; Tyszkiewicz Krzysztof; Rościszewski, Jan Emeryk; Lorek Rafał; Kurzyński Michał Auditors: PKF Audyt sp. z o.o. Address: ul. Emilii Plater 28, Warsaw Corporate Center, 00-688 Warszawa T: +48 22 6303388; F: +48 22 6303390 fundusz@bbidevelopment.pl KRS: 0000033065

Ipopema Securities SA IPE

www.ipopema.pl

Market value: 195,654,100 WSE listing date: 2009-05-26 Shareholders: Lewandowski Jacek (21.38%); Piskorski

Mariusz (2.35%); Aviva OFE (5.28%); Lewandowska Katarzyna (7.06%); OFE PZU Złota Jesień (7.61%); Waczkowski Stanisław (10.63%); Ipopema TFI SA (17.05%); Kryca Bogdan (1.49%); Borys Mirosław (3.26%) 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.

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

Total assets

(2010 | 2011 | 2012Q3)

Net revenues

100,451 112,338 18,644

26,381 30,547 1,559

23,541 31,707

828

18,002 24,487

419

46,466 46,466 -25,214

64,478 9,061 -12,253

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

Net cash flows from operating activities

Net cash flows from investing activities

0.56 0.70 0.57

Net cash flows from financing activities

0.06 0.15

Total assets

-10,525 5,304 1,253

-7,487 -7,733 -14,214

408,402 631,175 476,410

67,458 77,545 68,864

Equity

Number of shares (in thousands)

29,342.00 29,555.00

Book value per share

29,555

2.30 2.62 2.33

0.61 0.83 0.01

Earnings/loss per share

DilutedNumber of shares (in thousands)

29,342.30 29,554.80 29,554.80

Diluted book value per share

2.30 2.62 2.33

0.61 0.83 0.01

Diluted earnings/loss per share

President: Lewandowski Jacek Board: Lewandowski Jacek; Diemko Janusz; Wacz-

kowski Stanisław; Borys Mirosław; Piskorski Mariusz; Kryca Bogdan; Adamkiewicz Małgorzata; Mrowiec Zbigniew; Jonak Jacek Auditors: BDO sp. z o.o. Address: ul. Waliców 11, 00-851 Warszawa T: +48 22 5839298; F: +48 22 583-92ipopema@ipopema.pl KRS: 0000230737

Calatrava Capital SA CTC

www.calatravacapital.pl

Market value: 190,000,000 WSE listing date: 1997-11-07 Shareholders: Invista SA (3.66%); Calatrava Capital SA

(3.39%); Zaleńska Marta (6.52%); Wiśniewski Dariusz (9.1%); Postino Holdings Limited (8.82%); Narkiewicz Paweł (30.25%) 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. Price performance: 0.75

165,325.00 193,325.00

Book value per share

500,000

Earnings/loss per share

DilutedNumber of shares (in thousands)

–

165,325.00 193,325.00 243,325.00

Diluted book value per share

0.56 0.70 1.18

0.06 0.15

Diluted earnings/loss per share

President: Narkiewicz Paweł Board: Perlik Jarosław; Wróbel Tomasz; Pańczyk To-

–

masz; Narkiewicz Paweł; Narkiewicz Adam; Narkiewicz Henryka Auditors: Audyt i doradztwo księgowo-podatkowe Address: Aleje Ujazdowskie 6A, 00-461 Warszawa T: +48 22 398 96; F: +48 22 398 96 centrala@ibsystem.pl KRS: 0000017521

Wasko SA WAS

www.wasko.pl

Market value: 187,847,280 WSE listing date: 2001-05-24 Shareholders: Kosobucki Tomasz (0.04%); Wajda Wo-

jciech (66.53%); Wajda Krystyna (14.39%); Kuch Paweł (2.87%); Rymuza Andrzej (1%) Strategy: WASKO S.A. is one of the leading Polish IT&T companies. For 23 years the Company has provided its solutions to middle and large enterprises, mainly in power&energy, telecom and banking sectors as well as to public and governmental administration. Design and production of software and render complex services in maintenance and exploitation of IT systems. Price performance: 2

1.5

0.5

0 0.5

Finance

0.25

Net revenues

(2010 | 2011 | 2012Q3) 294,417 272,575 66,302

Profit/loss from operations

8,554 21,009 3,376

9,810 20,959 2,683

7,369 16,333 1,886

3,898 3,898 -11,394

Profit/loss before tax 2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Net cash flows from financing activities

2012-03-27

(2010 | 2011 | 2012Q3)

Profit/loss

2010-07-05

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Finance

Net revenues

2010-04-01

2010-01-04

0 0

543

10 0.25

8,447 32,910

2012-09-27

0.5

Net revenues

2012-06-29

created premises and the management of real estate portfolios. Price performance:

Profit/loss Net cash flows

Winter–Spring 2013

EquitiesPoland

Net cash flows from operating activities

Number of shares (in thousands)

Net cash flows from investing activities

Book value per share

106,593 78,566 145,870

5,717 5,066 57,029

100,876 73,500 88841

159,694 171,874 172,190

91,187 91,187 91,187

Number of shares (in thousands)

91,188.00 91,188.00

1.75 1.89 1.89

Earnings/loss per share

0.08 0.18 0.02 President: Wajda Wojciech Board: Świtoński Eugeniusz; Wajda Wojciech; Kuch Paweł; Rymuza Andrzej; Dudek Piotr; Gdula Andrzej; Rozłucki Wiesław; Kosobucki Tomasz; Nawrat Aleksander; Gawlik Krzysztof Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Berbeckiego 6, 44-100 Gliwice T: +48 32 3325500; F: +48 32 3325505 wasko@wasko.pl KRS: 0000026949

Krzysztof (30.1%); Opach Zbigniew (24.75%); Mostostal Zabrze - Holding SA (3.16%); Farmus Eliza (1.19%); Juchniewicz, Leszek Zenobiusz 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. Price performance: 5

(2010 | 2011 | 2012Q3) 891,269 929,916 176,275

14,545 37,510 6,014

12,112 38,759 3,122

Profit/loss from operations

Profit/loss before tax

Profit/loss

6,680 27,855

Net cash flows 2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Finance

(2010 | 2011 | 2012Q3)

Net revenues

620,026 378,632 55,960

142,422 63,865 1,367

113,401 39,474 -7,333

92,012 31,256 -6,079

40,911 40,911 8,438

217,127 56,379 -3,491

-132,236 -80,581 -7,516

-43,980 -875 19,445

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

1,382,179 1,380,806 1,570,079

919,634 887,358 1,073,929

414,762 457,348 505,923

504,872 430,010 568006

462,545 493,448 496,150

10,815 10,815 10,815

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

20 15

Finance

(2010 | | 2012Q2)

97,100 35,247

29,475 16,539

15,849 13,677

15,719 12,863

-19,702 -19,702 3,039

-1,787 32,634

-10,590 -27,256

-7,325 -2,339

144,299 218,131

22,182 67,921

2,800 48,445

19,382 19476

Profit/loss

Profit/loss before tax

Profit/loss from operations

Net revenues

Finance

2010-11-08

2012-10-02

2010-01-04

erali OFE (5.02%); Templeton Asset Management Ltd. (12.62%); IFG Directors Ltd. (51.03%) 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. In 2001-2009, Agroton tripled its harvested area from 41,000 hectares to almost 140,000 hectares. At present Agroton harvests 151,000 hectares of 'black soil' arable land, operates storage facilities with a combined capacity of 285,000 tonnes, and produces and sells high quality livestock. Currently, Agroton is the fourth largest producer in Ukraine and sixth largest producer in Europe by harvested land among publicly traded agribusinesses. Price performance:

2012-07-04

SA (9.99%); PKO TFI SA (6%); Wojciechowski Józef (62.84%) 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. Price performance:

www.agroton.com.ua

10 4

2012-03-30

www.jwconstruction.com.pl

Market value: 176,277,980 WSE listing date: 2007-06-04 Shareholders: Pioneer Pekao Investment Management

2012-01-02

J.W. Construction Holding SA JWC

www.mostostal.zabrze.pl

2011-09-30

MSZ

Market value: 174,483,270 WSE listing date: 1994-10-05 Shareholders: ING OFE (5.96%); Jędrzejewski

2011-07-04

Book value per share

91,188

2011-03-31

Mostostal Zabrze - Holding SA

2010-12-31

The Share Capital

2010-09-30

Equity

2010-07-05

Short term liabilities

2010-04-01

Long term liabilities

AGT

Market value: 168,000,000 WSE listing date: 2010-11-08 Shareholders: BNY (Nominees) Ltd. (18.45%); Gen-

2012-11-08

269,192 250,440 325,425

Liabilities and provisions for liabilities

Agroton Public Limited

2012-08-09

Total assets

1.70 0.58 -0.11 Board: Łopuszyńska Irmina; Rajchert Wojciech; Wójcik Robert; Starzyńska Magdalena; Panabażys Tomasz; Wojciechowski Józef; Oleksy Józef; Michnicki Marcin; Podsiadło Andrzej; Król Jarosław Auditors: BDO sp. z o.o. Address: ul. Radzymińska 326, 05-091 Ząbki T: +48 22 7717777; F: +48 22 7717907 relacje.inwestorskie@jwconstruction.com.pl KRS: 0000028142

2012-05-11

-2,933 -8,734 44,492

8.55 9.13 9.18

Earnings/loss per share

2012-02-08

54,073

2011-11-08

-4,307 -19,387 -58,856

Net cash flows from financing activities

54,073.00 54,073.00

2011-08-09

2011-05-11

11,138 35,691 2,970

2011-02-08

post@mz.pl KRS: 0000049844

279

15,637 15,637 6,625

32,800 -99,881 13,409

-14,388 -13,923 3,185

-2,775 28,703 -9,969

724,860 660,955 540,908

478,598 397,639 273,239

75,944 61,445 40,487

402,654 336,194 232752

225,524 241,538 246,245

149,131 149,131 149,131

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

149,131.00 149,131.00

Book value per share

149,131

1.51 1.62 1.65

0.05 0.19

Earnings/loss per share

President: Bobrowski Bogusław Board: Farmus Eliza; Wieszołek Jarosław; Balcer Alek-

–

sander; Litwiński Maciej; Bobrowski Bogusław; Obłąk Jan; Panek Mirosław; Opach Zbigniew; Kucharski Artur Auditors: Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o. Address: ul. Wolności 191, 41-800 Zabrze T: +48 32 2713221; F: +48 32 2715047

Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

121,837 149,925

661 661

Number of shares (in thousands)

16,000.00 16,000

Book value per share

7.62 9.37

0.98 0.80

Earnings/loss per share

DilutedNumber of shares (in thousands)

– –

Diluted book value per share

Diluted earnings/loss per share

Declared or paid dividend per share

– – President: Żurawłow Jurij Board: Supihanow Borys; Żurawłow Jurij; Łapta Tamara; Kudryavtsev Volodymyr; Orlova Larisa Address: Lampousas Street, P.C. 1 Nikozja T: +38 0642345379; F: +38 0642345379 info@agroton.lg.ua KRS: 0000255059

Winter–Spring 2013

EquitiesPoland

4 3

2 4 1 3

289,392 357,619 61,896

69,853 62,821 5,364

59,937 45,676

52,439 31,386 1,188

Profit/loss from operations 5

Profit/loss before tax Profit/loss 2012-09-27

2012-06-29

2012-03-27

2011-12-28

2011-09-27

2011-06-29

2011-03-28

2010-12-28

Finance (2012Q3) Net revenues

941 Profit/loss from operations

3,479 Profit/loss before tax

3,454 Profit/loss

2,776 Net cash flows

701 Net cash flows from operating activities

-372 Net cash flows from investing activities

-1,799 Net cash flows from financing activities

2,872 Total assets

36,433 Liabilities and provisions for liabilities

7,566 Long term liabilities

485 Short term liabilities

5877 Equity

28,866 The Share Capital

1,040 Number of shares (in thousands)

10,405 Book value per share

2.77 Earnings/loss per share

0.27 Declared or paid dividend per share

0.20 President: Dziedzic Jacek Board: Sidzina-Bokun Jolanta; Bokun Agnieszka; Bednarczyk Marzena; Bokun Igor; Dziedzic Jacek; Dziedzic Marcel Auditors: Przedsiębiorstwo Usługowe Book-Keeper Kancelaria Biegłych Rewidentów sp.z.o.o. Address: ul. Strażacka 81, 43-382 Bielsko-Biała T: +48 33 8196288; F: +48 33 8196287 info@ekoexport.pl KRS: 0000308459

MNI SA MNI

www.mni.pl

Market value: 161,281,980 WSE listing date: 1999-04-13 Shareholders: Piechocka Agata (5.26%); Piechocki

Andrzej (37.04%); MNI SA (11.66%); Aviva Investors Poland SA (7.43%); Południkiewicz Marek (0.16%) Strategy: MNI S.A. is an investment company in telecommunications, media, mobile tech and tourism

Net cash flows

238

1,634 1,634

Net cash flows from operating activities

–

63,663 44,594

–

-112,607 -8,534

–

50,578 -32,059

–

Net cash flows from investing activities

Net cash flows from financing activities Total assets

691,846 793,967 636,757

295,949 344,969 250,754

145,267 147,882 78,544

131,035 178,620 168340

319,759 353,660 330,350

98,946 98,946 98,946

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

98,946.00 98,946.00

Book value per share

98,946

3.23 3.57 3.34

0.53 0.32 0.01

Earnings/loss per share

DilutedNumber of shares (in thousands)

98,946.28 98,946.28 98,946.28

Diluted book value per share

3.23 3.57 3.34

0.53 0.32 0.01

Diluted earnings/loss per share

President: Piechocki Andrzej Board: Wojnicz Kajetan; Rywin Marcin; Tomczak

Michał; Gadkowski Krzysztof; Piechocki Andrzej; Gwiazdowski Robert; Malinowski Marek Auditors: Grant Thornton sp. z o.o., Warszawa Address: ul. Żurawia 8, 00-503 Warszawa T: +48 22 5833744; F: +48 22 6270914 spolka@mni.pl KRS: 0000003901

Trakcja-Tiltra SA TRK

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

44,109 129,434 5,868

40,804 74,786 2,382

32,586 109,417 -1,119

20,730 20,730

–

51,653 35,475

–

Profit/loss before tax

(2010 | 2011 | 2012Q3)

Net revenues

491,163 2,143,586 404,013

Profit/loss from operations

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Finance

(2010 | 2011 | 2012Q3)

Net revenues 0

2011-07-04

Finance

25 20

2011-03-31

0 2

2010-12-31

(2%); PZU Asset Management SA (6.32%); Bokun Agnieszka (11.94%); DAZI Investment SA (7.72%); Sidzina-Bokun Jolanta (12.72%) Strategy: EKO EXPORT specializes in the purchase and sale of microspheres. The company imports raw material mainly from Russia, Kazakhstan and Ukraine and, after processing it in Bielsko-Biala plant, almost 100% of the final product is sold to customers in western Europe. Microspheres are particles of slag originating during coal dust burning process in big furnaces, mainly in power stations. Microspheres have very wide applications in many branches, including car industry, power engineering and technology, building industry, recreation, plastics, and ceramics. Price performance:

2010-09-30

Market value: 162,318,000 WSE listing date: 2009-07-16 Shareholders: Eko Export SA (0.95%); Dziedzic Jacek

Price performance:

2010-07-05

www.ekoexport.pl

2010-04-01

EEX

2010-01-04

Eko Export SA

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 Price performance:

www.trakcjatiltra.com

Market value: 157,831,400 WSE listing date: 2008-04-01 Shareholders: Kałdonek Tadeusz (1.09%); Comsa SA

(34%); AB INVALDA (12.5%); Pilkauskas Jonas (8.46%); ING OFE (7.1%); Radziwiłł Maciej; Przybył Roman; Mańkowski Dariusz (0.19%) Strategy: Trakcja - Tiltra S.A. is one of the largest companies in the infrastructure construction and energy in Poland. Scope of Group activities: comprehensive designing of railway and road infrastructure and civil engineering, Construction and modernization of engineering structures, Construction and modernization of roads and highways, Construction and modernization of ports and airports.

Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

-25,543 -58,628

Net cash flows from financing activities

-5,380 39,364

Total assets

– –

754,365 1,928,263 1,383,537

350,173 1,375,486 860,113

Liabilities and provisions for liabilities Long term liabilities

52,004 354,867 260,160

Short term liabilities

298,169 1,020,619 599953

404,051 536,643 521,490

16,011 23,211 23,211

Equity

The Share Capital

Number of shares (in thousands)

160,105.00 232,105.00

Book value per share

232,105

2.52 2.31 2.25

0.20 0.47 -0.01

Earnings/loss per share

DilutedNumber of shares (in thousands)

160,105.48 232,105.48 232,105.48

Diluted book value per share

2.52 2.31 2.25

0.20 0.47 -0.01

Diluted earnings/loss per share

President: Przybył Roman Board: Przybył Roman; Vallespinosa, Miquel Llevat;

Napiórkowski Wojciech; Bogdan Tadeusz; Montserrat, Jorge Miarnau; López, Rodrigo Pomar; Radziwiłł Maciej; Stalmokas Julijus; Kałdonek Tadeusz; Mańkowski Dariusz; Banys Alvydas Auditors: BDO sp. z o.o. Address: ul. Złota 59, 00-120 Warszawa T: +48 22 6286263; F: +48 22 4741285 recepcja@trakcja.com KRS: 0000084266

Sygnity SA SGN

www.sygnity.pl

Market value: 147,267,540 WSE listing date: 1995-10-27 Shareholders: Wojnowski Ryszard (3.06%); OFE Polsat

(5.06%); Allianz FIO (5.11%); ING OFE (5.15%); Legg Mason Zarządzanie Aktywami SA (12.47%); Ducal Krzysztof (0.02%); Kseń Jacek (0.03%); Sielicki Tomasz (2.49%); Sygnity SA (2.5%) Strategy: Offers a full range of IT services for large and medium-sized companies and public administration institutions, with solutions developed in-house or by leading international IT companies. Basic areas of our company’s activities include: IT consulting, Software production and implementation, Solution integration, Software audit and testing, IT infrastructure delivery, and IT outsourcing.

Winter–Spring 2013

EquitiesPoland

Price performance:

(2010 | | 2012Q3)

32,547 16,850

11,607 3,871

10,049 2,232

9,362 2,517

-2,534 -2,534 1,283

10,027 8,526

Net revenues

Profit/loss from operations

Finance

Profit/loss before tax

20 18

Profit/loss

16 14

Net cash flows

Net cash flows from operating activities

Net cash flows from investing activities

-3,503 -43,084

–

Total assets

487,521 438,076 432,591

260,025 205,832 212,267

23,693 14,200 13,838

236,332 191,632 198429

225,223 229,868 217,814

15,082 15,082 15,082

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

11,886.00 11,886.00

Book value per share

11,886

18.95 19.34 18.33

-3.60 0.68 -0.52

Earnings/loss per share

DilutedNumber of shares (in thousands)

–

– 11,886.24

–

– 18.33

Diluted book value per share

Diluted earnings/loss per share

– – -0.52 Board: Guy, Janusz R.; Kseń Jacek; Sielicki Tomasz; Szymański Grzegorz; Wojnowski Ryszard; Taczanowska Magdalena; Ducal Krzysztof; Arkadiusz, LewKiedrowski Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: Al. Jerozolimskie 180, 02-486 Warszawa T: +48 22 5711000; F: +48 22 5711001 biuro_zarzadu@sygnity.pl KRS: 0000008162

RAFAKO SA RFK

www.rafako.com.pl

Market value: 140,940,000 WSE listing date: 1994-03-07 Shareholders: Różacki Wiesław (0.01%); PBG SA

(60.62%); 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.

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

–

-14,819 227,485

–

148,175 -165,022

–

-25,792 -39,514

–

948,245 1,386,076 1,242,968

548,504 920,461 788,648

39,943 112,062 44,376

508,561 808,399 744272

390,445 409,431 443,876

139,200 139,200 139,200

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities

2,628 149

Number of shares (in thousands)

3,100.00 14,926

Book value per share

3.32 5.49

3.02 0.17

Earnings/loss per share

DilutedNumber of shares (in thousands)

– –

Liabilities and provisions for liabilities

– –

Long term liabilities

– –

Short term liabilities

– – President: Mazin Sergii Board: Mazin Sergii; Kasianow Sergiy; Kozenko Irina; Palivoda Irina; Wasiluk, Waldemar Cezary; Colett Konstancja; Galii Christophe; Draganchiuk Vladimir; Velichko Larisa Auditors: BDO LLC Address: 46A Avenue J-F. Kennedy, L-1855 Luksemburg T: 3524271711 info@ksgagro.com

Total assets

Equity

The Share Capital

Number of shares (in thousands)

69,600.00 69,600.00

Book value per share

17,400

5.61 5.88 25.51

0.69 0.84 0.18

Earnings/loss per share

President: Różacki Wiesław Board: Dusiło Jarosław; Karwacki Dariusz; Wiśniewski

Jerzy; Wawrzynowicz Piotr; Wiśniewska Małgorzata; Różacki Wiesław; Szkudlarczyk Przemysław; Wysłocki Leszek; Rutkowski Piotr; Burek Krzysztof; Kawałko Bożena Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Łąkowa 33, 47-401 Racibórz T: +48 32 4154862; F: +48 32 4153427 info@rafako.com.pl KRS: 0000034143

Diluted book value per share

Diluted earnings/loss per share

Declared or paid dividend per share

Vistula Group SA VST

www.vistula.pl

Market value: 125,830,280 WSE listing date: 1993-09-30 Shareholders: BNP Paribas Bank Polska SA (6.16%);

Żmijewski Mateusz (0.26%); Pilch Grzegorz (0.14%); Sobierajewicz Aldona (0.04%); OFE PZU Złota Jesień (16.33%); ING OFE (11.34%); Kruk Wojciech (7.75%); Alma Market SA (7.71%) Strategy: Design, production, and distribution of jewellery and clothing to both women and men. Price performance: 3.5

KSG Agro SA KSG

www.ksgagro.com

Market value: 138,662,540 WSE listing date: 2011-05-05 Shareholders: Generali OFE (10%); Kasianow Sergiy

(65.65%)

Strategy: KSG ?gro is one of the largest vertically inte-

grated 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. Price performance: 30

3 2.5 2 1.5 1 0.5 0

25 20

Finance

Net revenues

(2010 | 2011 | 2012Q3) 353,921 387,703 90,094

Profit/loss from operations

2012-10-02

Net cash flows from financing activities

107,564 107,564

2012-07-04

–

2012-03-30

-6,796 -13,307

Net cash flows

The Share Capital

2012-01-02

10,299 81,931

48,030 58,439 3,088

2011-09-30

Net cash flows from investing activities

–

2011-07-04

4,895 4,290

Profit/loss

Equity

2011-03-31

12,301 75062

62,012 79,105 4,678

2010-12-31

Net cash flows from operating activities

–

2010-09-30

-5,404 -5,404

Profit/loss before tax

Short term liabilities

2010-07-05

2,367 14,695

65,600 64,311 7,100

Long term liabilities

2010-04-01

Net cash flows

Liabilities and provisions for liabilities

2010-01-04

-42,766 8,077 -6,221

Profit/loss from operations

1,143,081 1,118,499 281,065

23,265 25,329

Profit/loss before tax

-22

1,558 1,461 -4,532

1,663

3,544 3,544 -6,378

Profit/loss 2012-11-02

Profit/loss

14,668 89,757

2012-08-03

-43,787 1,970 -5,485

Net revenues

2012-05-07

Profit/loss before tax

-11,802 284

Total assets

26,330 191,364

2012-02-02

-34,296 7,995 -2,650

(2010 | 2011 | 2012Q3)

2011-11-02

Profit/loss from operations

-759 -7,527

Net cash flows from financing activities

2011-08-03

524,018 566,021 100,729

2010-07-05

Finance

2010-04-01

2010-01-04

2012-07-04

2012-03-30

(2010 | 2011 | 2012Q2)

2011-05-05

Net revenues

2012-10-02

Finance

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

5 2010-01-04

Net cash flows

6 1,360

Winter–Spring 2013

EquitiesPoland Net cash flows from operating activities

Liabilities and provisions for liabilities

Net cash flows from investing activities

Long term liabilities

196,121 186,777 167,514

145,842 152,911 137145

301,027 303,217 324,573

24,541 24,541 29,003

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

111,551.00 111,551.00

Book value per share

133,862

2.70 2.72 2.43

0.02

Earnings/loss per share

DilutedNumber of shares (in thousands)

– 0.01

111,551.36 111,551.36 111,551.36

Diluted book value per share

2.70 2.72 2.91

Diluted earnings/loss per share

0.02 – 0.01 President: Pilch Grzegorz Board: Mazgaj Jerzy; Pilch Grzegorz; Malik Ilona; Wójtowicz Grzegorz; Jędrzejewski, Artur Piotr; Panek Mirosław; Mierzejewski Michał; Żmijewski Mateusz; Jakociuk Radosław Auditors: Pro Audit Kancelaria Biegłych Rewidentów sp. z o.o., Kraków Address: ul. Starowiślna 48, 31-035 Kraków T: +48 12 6561832; F: +48 12 6565098 vistula@vistula.pl KRS: 0000047082

Polski Koncern Mięsny Duda SA DUD

www.pkmduda.pl

Market value: 122,320,880 WSE listing date: 2002-12-20 Shareholders: Formela Dariusz (0.07%); Oleszak

Rafał (0.11%); Duda Maciej (0.16%); Kredyt Bank SA (10.26%); Bank Handlowy SA (7.32%); Duda-Jankowiak, Bogna Maria (1.79%); Miler Roman (0.2%); ING Bank Śląski SA (10.78%) 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. Price performance: 2

1.5

308,891 278,002 278,002

Number of shares (in thousands)

308,891.00 278,002.00

Book value per share

278,002

1.00 1.25 1.24

0.10 0.14 -0.01

Earnings/loss per share

DilutedNumber of shares (in thousands)

308,891.00 278,002.29 278,002.29

Diluted book value per share

1.00 1.25 1.24

Diluted earnings/loss per share

0.10 0.14 -0.01 President: Duda Maciej Board: Dybalski Marek; Cholewa Mariusz; Popiołek Michał; Formela Dariusz; Tomczyk Jarosław; Kostrzewa Maksymilian; Duda Maciej; Oleszak Rafał; Janowski Filip; Dubiński Jarosław; Baranek Jacek; Miler Roman; Duda-Jankowiak, Bogna Maria; Piskorski Mariusz Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Kłobucka 25, 02-699 Warszawa T: +48 65 5477000; F: +48 65 5477001 duda@pkmduda.pl KRS: 0000094093

Automotive Components Europe SA ACE

www.acegroup.lu

Market value: 108,490,410 WSE listing date: 2007-06-01 Shareholders: Noble Funds TFI SA (5.07%); Pioneer

Pekao Investment Management SA (5%); OFE PZU Złota Jesień (19.84%); ING OFE (17.38%); Casting Brake (11.44%); Aviva Investors Poland SA (5.17%); Aviva OFE (5.09%) Strategy: ACE Group focuses on production of high-quality automotive and commercial vehicles casting components, including brake components for disc brake systems (iron anchors , aluminium and iron calipers), as well as tandem master cylinders (TMC) for a large number of brake platforms utilized by European car manufactures. The aluminium casting division adds also machining of aluminium and iron parts to the ACE Group’s product range. Our customers include the largest European suppliers of brake modules such as Continental Teves, TRW Automotive and Chassis Brakes International - CBI, former Robert Bosch being the main suppliers of these modules in our continent. Price performance: 13

Net revenues

(2010 | 2011 | 2012Q3) 1,455,295 1,669,969 557,922

Profit/loss from operations

56,818 54,407 1,214

37,737 42,458 -3,000

31,348 39,265 -3,634

15,536 15,536

–

23,109 57,112

–

13,912 11,523

–

Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities

-21,485 -90,943

783,382 764,564 812,544

Total assets

–

21,231.00 21,231.00

Book value per share

21,231

1.83 1.82 1.89

0.12 0.10 0.03

Earnings/loss per share

President: Corrales Jose Board: Caba Carlos; Corrales Jose; Serrano Raul Address: 82, route dArlon, L-1150 Luxembourg T: +352 263771-1; F: +352 26377150

ace@acegroup.lu

Cognor SA COG

www.cognor.eu

Market value: 107,492,700 WSE listing date: 1997-03-19 Shareholders: PZU Asset Management SA (5.04%); PS

Holdco sp. z o.o. (65.38%) 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. Price performance: 6 5 4 3 2 1 0

(2010 | 2011 | 2012Q3) 975,282 1,549,647 311,332

-35,423 100,482 3,672

-87,148 2,003 3,764

-179,919 115,820 1,429

29,454 29,454 -41,423

37,846 -38,090 -21,850

42,755 269,136

Profit/loss from operations Profit/loss before tax Profit/loss

Net cash flows

Net cash flows from operating activities

Finance

Net revenues

Net cash flows from investing activities

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Finance

Net revenues

4 0

3,220 3,098 3,450

Number of shares (in thousands)

Finance

0.5

12 10

38,799 38,609 40,159

The Share Capital

2012-10-02

2012-07-04

341,963 339,688 304,659

Long term liabilities

308,680 348,198 344,465

The Share Capital

20,182 25,736 20415

Equity

2012-03-30

2012-01-02

642,990 642,905 629,232

Liabilities and provisions for liabilities

267,461 231,895 300866

Equity

21,637 20,502 22,160

Short term liabilities

2011-09-30

2011-07-04

162 -16,154 3,875

Total assets

205,622 182,976 166,190

Short term liabilities

2011-03-31

41,819 46,238 42,575

2010-12-31

276 -1,037

2010-09-30

-7,274

Net cash flows from financing activities

473,083 414,871 467,056

2010-07-05

2010-04-01

10,656 3,886 -9,216

2010-01-04

Net cash flows from financing activities

(2010 | 2011 | 2012Q3) 86,296 100,689 23,060

Profit/loss from operations

3,519 4,898 605

3,216 3,315 468

2,548 2,088 655

5,512 5,512

–

9,802 7,816

–

Profit/loss before tax Profit/loss

Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

-2,899 -2,816

–

-1,391 -1,971

–

80,618 84,847 82,734

Net cash flows from financing activities Total assets

Total assets

128

-51,147 -141,413 -19,701

1,436,178 979,617 923,025

1,344,320 803,176 734,539

525,393 548,729 504,308

818,927 254,447 230231

83,055 164,240 175,792

132,444 132,444 132,444

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

66,222.00 66,222.00

Book value per share

51,187

1.25 2.48 3.43

-2.72 1.75 0.03

Earnings/loss per share

President: Sztuczkowski Przemysław

Winter–Spring 2013

EquitiesPoland

156,610 279,335 44,042

26,587 49,767 -10,465

14,641 30,167 -13,794

7,774 30,630 -13,112

Net cash flows from operating activities 2012-10-01

2012-07-03

2012-03-29

2011-12-30

2011-09-29

2011-07-01

2011-03-30

2010-12-30

Profit/loss

2,059 Net cash flows

276 Net cash flows from operating activities

237 Net cash flows from investing activities

-5,275 Net cash flows from financing activities

5,314 Total assets

124,845 Liabilities and provisions for liabilities

52,842 Long term liabilities

40,655 Short term liabilities

12187 Equity

71,943 The Share Capital

431 Number of shares (in thousands)

43,086

21,828 21,828

-40,934 -16,461

–

-71,874 -11,535

–

134,636 15,377

–

Net cash flows from investing activities

Net cash flows from financing activities Total assets

1,413,511 1,562,393 1,463,513

Liabilities and provisions for liabilities

753,633 869,878 794,732

502,049 380,781 348,157

251,584 489,097 446575

614,443 636,581 612,169

20,500 20,500 20,120

Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

20,500.00 20,500.00

Book value per share

29.97 31.05 30.43

0.38 1.49 -0.65

Earnings/loss per share

President: Antkowiak Karol Board: Jasiński Maciej; Brzeziński Krzysztof; Berg

Luiza; Konopka Janusz; Sikorska Bogna; Kadłubowski Mirosław; Antkowiak Karol; Dudek Tomasz; Sven-Torsten, Kain; Szornak Andrzej; Siemieniuk Adam Auditors: Deloitte Audyt sp. z o.o. Address: ul. Rynek 28, 59-220 Legnica T: +48 76 8565027; F: +48 76 8565030 gant@gant.pl KRS: 0000025000

Earnings/loss per share

Market value: 57,239,000 WSE listing date: 1996-11-18 Shareholders: Silver Hexarion Holdings Limited

Gant Development SA GNT

www.gant.pl

20,120

LUBAWA SA

0.05 President: Synyanskyy Sergiy Board: Mestdagh Pierre; Tolstoukhov Olexandr; Guillet Pierre-Siffrein; Stetsurin Sergiy; Synyanskyy Sergiy Address: route d Esch 412F, L2086 Luksemburg T: +380 644252552; F: +380 644255558 info@sadovayagroup.com KRS: 0000153489

–

Book value per share

1.67

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

-2,288 9,597 -775

-5,326 41,863 -1,759

-4,971 39,726 -1,470

Profit/loss

(2010 | 2011 | 2012Q3)

Net cash flows

1,860

38,242 164,005 34,967

Profit/loss before tax

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

Profit/loss before tax

Profit/loss from operations

Profit/loss

2,722

(2010 | 2011 | 2012Q3)

Net revenues

Profit/loss from operations

2010-07-05

Finance

Profit/loss before tax

12,768

2010-04-01

2010-01-04

Profit/loss from operations

Net revenues

0.75

Net revenues

Finance (2012Q2)

Finance

1.25

1.5

0.25

1.75

2010-01-04

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

Price performance:

0.5

2011-03-31

www.sadovayagroup.com

2010-12-31

SGR

Market value: 78,847,380 WSE listing date: 2010-12-30 Shareholders: Connektico Ventures Limited (75%) Strategy: Registered in the Grand Duchy of Luxem-

2010-09-30

Sadovaya Group SA

2010-07-05

Przemysław; Kak, Jerzy Jan; Grzesiak, Przemysław Andrzej; Janiszewski, Hubert Andrzej; Rocki Marek Auditors: KPMG Audyt Sp. z o.o. Sp.k. Address: ul. Zielona 26, 42-360 Poraj T: +48 58 3419220; F: +48 58 3494078 cognor@cognor.eu KRS: 0000071799

SA (0.06%); Siemieniuk Adam (0.08%); Małaszkiewicz Dariusz (0.13%) Strategy: he 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. Price performance:

2010-04-01

Board: Łapiński Zbigniew; Freyberg Piotr; Sztuczkowski

LBW

www.lubawa.com.pl

(26.57%); Litwin Łukasz (0.05%); Kois Paweł (0.16%); Kubica Marcin (0.16%); Litwin Stanisław (4.73%); Łukjanow Jacek (5.21%) 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.

Net cash flows

-677 -677

–

Net cash flows from operating activities

1,074 6,939

–

Net cash flows from investing activities

-1,286 -24,463

–

Net cash flows from financing activities

-465 14,075

Total assets

–

62,637 306,631 301,139

13,520 114,680 103,700

3,636 36,958 31,573

9,884 77,722 72127

49,117 191,951 197,439

16,354 21,854 21,854

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

81,770.00 109,270.00

Book value per share

81,770

0.60 1.76 2.42

-0.06 0.36 -0.02

Earnings/loss per share

President: Kubica Marcin Board: Litwin Łukasz; Szkurłat Piotr; Kubica Marcin;

Kois Paweł; Politowski Zygmunt; Szpak Jarosław Auditors: MW Rafin Marian Wcisło SK Address: ul. Staroprzygodzka 117, 64-400 Ostrów Wielkopolski T: +48 62 7375700; F: +48 62 7375708 info@lubawa.com.pl KRS: 0000065741

Ideon SA IDE

www.ideon.eu

Market value: 54,958,560 WSE listing date: 1999-09-01 Shareholders: Kus Damian; Kowalczyk Wiesław

(0.49%); CMS SA (14.6%); Skołożyński Mieczysław (0.08%); Szotowski Adam (0.09%); Nawrocki Ireneusz (0.1%); Wysocki Adam (0.12%); Konrad-Dziwisz Barbara (0.16%); Król Ireneusz (0.05%); Baraniewski Krzysztof (0.48%) 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.

Market value: 59,354,000 WSE listing date: 1998-12-02 Shareholders: Konopka Janusz (0.99%); Ipopema TFI

SA (19%); Bieliński Mirosław (13.4%); Antkowiak Karol (7.94%); Zaremba-Śmietański Adam (5.69%); Brzeziński Krzysztof; Dudek Tomasz (0.01%); Gant Development

Winter–Spring 2013

EquitiesPoland Price performance: 30

(2010 | 2011 | 2012Q3)

524 1,568 -4,578

-630 -1,729 1,982

Net revenues

Profit/loss from operations

Profit/loss before tax

20 0.1

Finance

12,697

Profit/loss

8,886 3,421 22,185

Net cash flows

220 24,975

Net cash flows from operating activities

-9,145 -57,836 7,182

-14,812 -5,041 -5,083

26,617 62,425 -1,895

309,680 322,260 407,595

168,782 176,181 231,905

20,521 26,845 64,174

148,261 149,336 167731

136,076 139,997 162,382

305,000 343,491 343,491

Net cash flows from investing activities

Net cash flows from financing activities

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities

Number of shares (in thousands)

305,000.00 343,491.00

343,491

0.45 0.41 0.47

-0.03 -0.06 0.02

Earnings/loss per share

DilutedNumber of shares (in thousands)

305,000.00 343,490.78 343,490.78

Diluted book value per share

0.45 0.41 0.47

-0.03 -0.06 0.02

Diluted earnings/loss per share

President: Król Ireneusz Board: Dworzecki Zbigniew; Jabłoński Mariusz; Kow-

alczyk Wiesław; Konrad-Dziwisz Barbara; Skołożyński Mieczysław; Król Ireneusz; Wysocki Adam; Chojna Jerzy; Kus Damian; Nawrocki Ireneusz; Szotowski Adam; Baraniewski Krzysztof Auditors: Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o. Address: ul. Paderewskiego 32 C, 40-282 Katowice T: +48 32 7829771; F: +48 32 7829701 poczta@ideon.eu KRS: 0000068749

Inter Groclin Auto SA GCN

6,376 14,152 26,495

Profit/loss from operations

4,379 2,253 8,945

Profit/loss before tax

1,997 11,899 17550

18,395 63,722 191,733

4,753 44,100 132,300

www.groclin.com.pl

Market value: 53,350,000 WSE listing date: 1998-11-24 Shareholders: Witkowski Wojciech (0.01%); Sikorska

Barbara; 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.

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

141,218 180,791 38,369

3,885 6,593 757

1,337 91 627

516 625 137

Profit/loss

Net cash flows

-4,262 -4,262

–

-3,758 -17,148

–

Net cash flows from operating activities Net cash flows from investing activities

9,601 12,902

–

-10,105 -1,348

–

277,606 288,241 278,685

93,437 97,262 90,128

2,531 2,265 14,016

82,112 87,466 76112

184,191 191,000 188,579

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

5,500 5,500 5,500

Number of shares (in thousands)

5,500.00 5,500.00

Book value per share

5,500

33.49 34.73 34.29

0.09 0.11 0.03

Earnings/loss per share

DilutedNumber of shares (in thousands)

5,500.00 5,500.00

Diluted book value per share

33.49 34.73

Diluted earnings/loss per share

0.09 0.11

– – –

President: Drzymała Zbigniew Board: Frąckowiak Waldemar; Brzeziński Janusz; Drzy-

mała Zbigniew; Jordan Krzysztof; Witkowski Wojciech; Sikorska Barbara; Drzymała Monika; Doliwa Mirosława Auditors: CGS Audytor sp. z o.o., Poznań Address: ul. Jeziorna 3, 64-200 Wolsztyn Karpicko T: +48 61 4436100; F: +48 61 4445757 groclin@groclin.com.pl KRS: 0000136069

ATLANTIS SA ATS

Long term liabilities Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

13,580.00 126,000.00

Book value per share

378,000

1.36 0.51 0.51

0.65 0.03 0.06

Earnings/loss per share

President: Kajkowska Anna Board: Patrowicz Marianna; Hetkowski Wojciech; Ko-

ralewski Jecek; Patrowicz Małgorzata; Kajkowska Anna; Patrowicz Damian Auditors: Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o. Address: ul. Padlewskiego 18c, 09-402 Płock T: +48 24 3673131; F: +48 24 3660626 biuro@atlantis-sa.pl KRS: 0000033281

Fon SA FON

www.fon-sa.pl

Market value: 36,960,000 WSE listing date: 1999-05-27 Shareholders: DAMF Invest SA (65.99%); Hetkowski

Wojciech

Strategy: FON has transformed itself, by selling its

development business in December 2009, and the estabilshment of FON ECOLOGY SA, engaged in the production of electricity. In August 2010, the firm listed its subsdiary FON ECOLOGY SA on the Newconnect market. Price performance: 0.75

0.5

0.25

www.atlantis-sa.pl

Market value: 52,920,000 WSE listing date: 1997-06-05 Shareholders: DAMF Invest SA (66%) Strategy:

Price performance:

Finance

2012-03-30

2,660 2,660 204

Book value per share

Net revenues

Liabilities and provisions for liabilities

2012-01-02

-8,689 -21,752 7,980

26,609 101,439 272,340

(2010 | 2011 | 2012Q3)

2011-09-30

The Share Capital

Finance

2011-07-04

-3,100 -30,701 7,559

Equity

9,486 113,734 -2,981

Total assets

2011-03-31

Profit/loss before tax

Total assets

2010-12-31

-32,888 -21,101 -7,000

-8,694 -105,343 -9,275

Net cash flows from financing activities

2010-09-30

Profit/loss from operations

Net cash flows

2010-07-05

236,261 560,590 201,236

Profit/loss

2010-04-01

-739 -139 14,396

Net cash flows from investing activities 2010-01-04

(2010 | 2011 | 2012Q3)

Net revenues

2010-01-04

Finance

2012-11-21

2012-08-22

2012-05-23

53 2,140

2012-10-02

0.2

2012-07-04

Price performance:

(2010 | 2011 | 2012Q3)

Net revenues

909 378 70

-863 -715 -406

Profit/loss from operations 2

Profit/loss before tax

9,617 15,180 -3,803

4,993 15,149

1,515 1,515 2,475

2,067 12,214 14,852

Profit/loss 1

Net cash flows

-92

Net cash flows from operating activities Net cash flows from investing activities

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

-19,536 -103,824

Net cash flows from financing activities

3,543

18,984 91,347 -15,920

Winter–Spring 2013

EquitiesPoland

1,558 1,426 2,597

3,130 7,401 8970

17,535 69,304 65,289

10,803 33,600 33,600

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

36,011.00 336,000.00

Book value per share

336,000

0.49 0.21 0.19

0.14 0.05

Earnings/loss per share

DilutedNumber of shares (in thousands)

–

36,010.81 336,000.00 336,000.00

Diluted book value per share

0.49 0.21 0.19

0.14 0.05

Diluted earnings/loss per share

President: Jarota-Wahed, Izabela Board: Patrowicz Małgorzata; Patrowicz Damian;

–

Patrowicz Marianna; Hetkowski Wojciech; Jarota-Wahed, Izabela; Koralewski Jacek Auditors: Audyt Krystyna Adamus, Jadwiga Faraon Spółka Komandytowa Address: ul. Stary Rynek 6, 09-400 Płock T: +48 24 3673132; F: +48 24 3673132 biuro@fon-sa.pl KRS: 0000028913

Narodowy Fundusz Inwestycyjny Octava SA 08N

www.octava.com.pl

Market value: 30,806,640 WSE listing date: 1997-06-12 Shareholders: Elliott International LP (16.27%); NFI

Octava SA (66%) Strategy: NFI OCTAVA S.A. is a company 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. Our main investment target are medium term, medium size real estate projects which allow for value creation through full scale development or redevelopment. Price performance: 4

0.06 1.05 0.27

President: Rymaszewski Piotr Board: Kryca Bogdan; Gunn Iain; Sliwinski Wiktor;

DeBenedetti, Charles David; Rymaszewski Piotr; Wieczorkiewicz Andrzej; Chojnacki Arkadiusz Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka komandytowa Address: ul. Wspólna 47/49, 00-684 Warszawa T: +48 22 3561890; F: +48 22 3561899 fundusz@octava.com.pl KRS: 0000038064

Europejski Fundusz Hipoteczny SA EFH

www.efh.com.pl

Market value: 29,320,000 WSE listing date: 2007-12-21 Shareholders: Europejski Fundusz Hipoteczny SA

(13.88%); Gałązka Izabela (0.36%); Waksmundzki Jacek (15.75%) 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 / fourstar 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. Price performance: 1.5

0.25

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

(2010 | 2011 | 2012Q3)

49,985 38,573 8,711

24,155 29,012 1,216

0.5

11,539 17,461 -1,806

8,948 14,623 -1,761

25,000 25,000 -755

17,257 -9,842 4,343

Profit/loss from operations

OFE (8.5%); 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. Price performance: 30 25 20

President: Vyshnevetskyy Viktor Board: Johnson, Arthur David; Cousin, Gwenaëlle

Net revenues

1.5

www.coalenergy.com.ua

0.5

Finance

CLE

Market value: WSE listing date: 2011-08-04 Shareholders: Lycaste Holdings Limited (75%); ING

0.75

Coal Energy SA

2.5

Nauman Aleksander; Korwin-Małaszyński, Piotr; Tober Michał; Ratajczak Przemysław; Markiewicz, Waldemar Auditors: BDO sp. z o.o. Address: ul. Wiertnicza 107, 02-952 Warszawa T: +48 22 6516334; F: +48 22 8422791 info@efh.com.pl KRS: 0000134613

1.25

3.5

0.06 0.10 -0.01

President: Migut Wiesław Board: Bogutyn Jan; Stupnicka Barbara; Migut Wiesław;

2012-11-05

2012-08-06

4,688 8,827 11,567

Long term liabilities

2.98 3.85 1.50

Earnings/loss per share

2012-05-08

2012-02-03

28,186 88,671 211,810

Liabilities and provisions for liabilities

Diluted earnings/loss per share

2011-11-03

Book value per share

2011-08-04

Total assets

Bernadette Andrée Dominique; Zolotarov Mykhailo; Vyshnevetskyy Viktor; Reznyk Oleksandr; Chausovskyy Oleksandr; Kopytko Yulia; Nikitenko Igor; Ilchenko Oleksandr; Muddle Jacob Address: avenue J. F. Kennedy 46A, L-1855 Luksemburg T: +352 4271711 Ir@coalenergy.com.ua

Profit/loss before tax

Finance

Net cash flows

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Profit/loss

Net cash flows from operating activities

(2010 | 2011 | 2012Q3)

Net revenues

53,591 176,610 12,585

45,159 160,816 11,773

22,733 139,208 11,689

7,486 131,521 11,369

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

-24,236 -24,236

–

7,011 276,087

–

Net cash flows from operating activities Total assets

1,083,459 507,075 71,972

Liabilities and provisions for liabilities

575,900 20,033 6,650

539,333 4,362 3,009

36,567 15,671 3641

375,574 484,840 64,215

12,584 12,584 4,279

Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

125,844.00 125,844.00

42,787

Net cash flows from investing activities

-98,370 -1,443

106,113 -12,091 -5,139

395,694 391,796 337,624

183,920 165,284 168,219

137,653 119,295 114,093

33,235 30,970 39766

211,774 226,512 169,405

146,600 146,600 146,600

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

146,600.00 146,600.00

Book value per share

146,600

1.45 1.55 1.16

0.06 0.10 -0.01

Earnings/loss per share

DilutedNumber of shares (in thousands)

146,600.00 146,600.00 146,600.00

Diluted book value per share

1.45 1.55 1.16

Winter–Spring 2013 157,000 employees. The Group operates in 22 European countries. Price performance: 30

60 55

50 45

Finance

(2010 | 2011)

Net revenues

225

16,128,000 15,813,000

Profit/loss from operations

200

9,946,000 9,387,000

Profit/loss before tax

– –

Profit/loss 175

Net cash flows

2,776,000 2,776,000

1,860,000 280,000

Net cash flows from operating activities 2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

150

Net cash flows from investing activities

– –

(2010 | 2011 | 2012Q3)

– –

3,130,301 3,413,733 983,491

– –

1,555,947 1,558,664 400,582

– –

3,491,056 3,773,146 986,205

1,352,729 1,531,326 425,334

– –

1,357,181 1,357,181 431,288

– –

974,223 1,184,347 334,738

– –

627,707 2,954,682

–

1,387,232 1,759,465

–

– –

-14,059 1,749,986

–

– –

-745,466 -554,769

–

Finance

Net revenues

Net cash flows from financing activities Total assets

Profit/loss from operations

Liabilities and provisions for liabilities

Profit/loss before tax

Long term liabilities

Profit/loss

Short term liabilities

Net cash flows

929,488,000 926,769,000

Equity

Net cash flows from operating activities

The Share Capital

Net cash flows from investing activities

Number of shares (in thousands)

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

64,224,000.00 51,480,000.00

Book value per share

Earnings/loss per share

DilutedNumber of shares (in thousands)

19,297,582.00 1,929,849.00

Diluted book value per share

53,153,871 59,873,339 59,872,077

3.33 26.68

41,970,454 46,829,482 46,397,791

0.10 0.15

Equity

Number of shares (in thousands)

6,623,056.00 7,355,575.00

Book value per share

8,316,407

730,760.00 730,760.00 746,376.00

73,076.00 73,076.00 74,638.00

DilutedNumber of shares (in thousands) Diluted book value per share

90.63 100.66 111.42

13.33 16.21 4.49

Diluted earnings/loss per share

President: Morawiecki Mateusz Board: Prell Marcin; Power John; Rojas, Marco Antonio

Silva; Partyga Piotr; De Mora, Jose Luis; Varela, Jose Manuel; Alvarez, Jose Antonio; Byrne Gerry; McCarthy Michael; Skiba Mirosław; de Porras Aguirre, Juan; Crowley Eamonn; Burliga Andrzej; Surma Jerzy; Jurcewicz Witold; Szyszkowiak Feliks; Morawiecki Mateusz Auditors: Deloitte Audyt sp. z o.o. Address: Rynek 9/11, 50-950 Wrocław T: +48 61 8564900; F: +48 71 3701603 investor@bzwbk.pl KRS: 0000008723

UniCredit S.p.A. UCG

www.unicreditgroup.eu Market value: 746,460,000,000 WSE listing date: 2007-12-20 Shareholders: Pamplona Capital Management LLP (5%); Aabar Luxembourg S.a.r.l. (6.49%) Strategy: UniCredit is a leading European commercial bank with an international network spanning 50 markets, with about 9,400 branches and more than

Diluted earnings/loss per share

Declared or paid dividend per share

– – President: Vita Giuseppe Board: Capellini Graziella; Faruque Nadine; de Marchis, Raniieri; Cornetta Paolo; Sorbo Tommaso; Lampiano Lorenzo; Ghizzoni Federico; Bischoff Manfred; Giacomin Francesco; Kadrnoska Friedrich; Maramotti Luigi; Marocco, Antonio Maria; Li Calzi, Marianna; Reichlin Lucrezia; Wyand Anthony; Jung Helga; Bochniarz Henryka; Caltagirone Alessandro; Cordero di Montezemolo, Luca; Sassoli de Bianchi, Lorenzo; Palenzona Fabrizio; Buonaura, Vincenzo Calandra; Qubaisi, Khadem Abdualla Al; Fois Candido; Vita Giuseppe; Decio, Alessandro Maria Address: via Alessandro Specchi 16, 00186 Roma T: +39 0288622612; F: +39 0288622802 info@unicreditgroup.eu

Bank Gospodarki Żywnościowej SA BGZ

www.bgz.pl

Market value: 216,755,905,800 WSE listing date: 2011-05-27 Shareholders: Rabobank International Holding BV

(87.95%); Cooperatieve Centrale Raffeisen - Boerenleenbank B.A. (9.97%) Strategy: Commercial bank with focus on agricultural sector.

Finance

2012-08-28

2012-05-29

2012-02-24

2011-11-25

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

250

2011-03-31

2011-08-26

2010-12-31

zny Justyn; Morawiecki Mateusz; Skiba Mirosław; Krawczyk Janusz; Burliga Andrzej; Prell Marcin; Szyszkowiak Feliks Strategy: Bank Zachodni WBK Capital Group, majority-owned by Spanish bank Santandar, is made up of the following entities: Bank BZ WBK, BZ WBK Investment Fund Company, BZ WBK Brokerage House, BZ WBK Leasing, BZ WBK Finanse & Leasing, BZ WBK Factor, BZ WBK Real Estate. Price performance:

2010-09-30

Market value: 1,979,304,866,000 WSE listing date: 2001-06-25 Shareholders: Banco Santander SA (94.23%); Koniec-

2010-07-05

www.bzwbk.pl

2010-04-01

BZW

2010-01-04

Bank Zachodni WBK SA

Price performance:

2011-05-27

EquitiesPoland Other

(2010 | 2011 | 2012Q3)

Net revenues

1,376,609 1,692,151 550,142

Profit/loss from operations

305,736 310,857 91,794

Profit/loss before tax

1,024,007 1,216,213 369,364

Profit/loss

125,191 147,096 50,809

126,865 126,865 51,904

112,341 128,097 38,202

56,851 -18,189 375,878

Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities

Total assets

-11,551 -3,355,096

928,760

-427,473 -331,792 -998,958

495,875 3,668,699 446,076

Liabilities and provisions for liabilities Long term liabilities

28,629,599 33,407,213 36,258,770

21,051,715 22,941,652 25,654,452

Equity

Number of shares (in thousands)

2,495,017.00 2,637,862.00

Book value per share

3,319,386

43,137.00 43,137.00 51,137.00

DilutedNumber of shares (in thousands) Diluted book value per share

57.84 61.15 64.91

2.60 2.97 0.75

Diluted earnings/loss per share

President: Bartkiewicz Jacek Board: Sieradz Andrzej; Okarma Witold; Embrechts,

Gerardus Cornelis (Geert); Bartkiewicz Jacek; Filar Dariusz; Legęć Magdalena; Drok Eric; Nachyła Monika; de Roo, Harry; Iwanicki Jarosław; Pruijs, Jan Alexander; Sass Wojciech; Odzioba Dariusz; Beuming, Johannes Gerardus (Geert-Jan) Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Kasprzaka 10/16, 01-211 Warszawa T: +48 22 8604000; F: +48 22 8605000 relacje.inwestorskie@bgz.pl KRS: 0000011571

BNP Paribas Bank Polska SA BNP

www.bnpparibas.pl

Market value: 84,791,377,400 WSE listing date: 1994-11-07 Shareholders: Dominet SA, Warszawa (18.27%); BNP

Paribas SA (81.61%) Strategy: BNP Paribas Branch in Poland is focused on corporate and investment banking for the largest Polish and multinational companies as well as financial institutions and local governments. The bank provides them with direct access to international expertise and sources of financing, combined with intimate and up-todate knowledge of local conditions. Through specialised subsidiaries of the BNP Paribas Group, other services are provided such as securities services, insurance, leasing and fleet management. In May 2009 Fortis Bank joined BNP Paribas under the name BNP Paribas Fortis, since May 2011 rebranded to BNP Paribas Bank Polska.

Winter–Spring 2013

EquitiesPoland

Finance

(2010 | 2011 | 2012Q3)

Net revenues

898,044 997,862 247,744

214,837 192,893 47,152

Profit/loss from operations Profit/loss before tax

820,061 791,478 196,522

57,463 57,463 15,438

41,574 39,442 6,307

Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

339,805 -58,829

–

380,552 -815,678

–

-726,228 -171,058

–

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities

685,481 927,907

Long term liabilities

–

18,539,076 22,479,304 19,863,374

8,195,268 8,828,685 8,818,744

Equity

Number of shares (in thousands)

1,334,083.00 1,403,922.00

1,206,175.00 1,206,175.00 1,434,646.00

Book value per share

1,699,226

CEZ a.s. CEZ

110

Finance www.cez.cz

Market value: 61,330,860,000 WSE listing date: 2006-10-25 Shareholders: CEZ a.s. (0.74%); Ministerstwo Fi-

nansów Republiki Czeskiej (69.77%) Strategy: CEZ Group is an integrated electricity conglomerate with operations in a number of countries in Central and Southeastern Europe and Turkey, headquartered in the Czech Republic. Its principal businesses encompass generation, trading, and distribution of power and heat, as well as coal mining. The shares of the Group's parent company, ČEZ, a. s., are traded on the Prague and Warsaw Stock Exchanges. As of December 31, 2011, the Czech Republic remained the company's largest shareholder with a nearly 70% stake in the stated capital. CEZ Group also deals in telecommunications, informatics, nuclear research, planning, construction and maintenance of energy facilities, mining raw materials, and processing energy by-products. CEZ Group is currently one of the three largest heat suppliers in the CzechRepublic.

Net revenues

2012-10-02

100 2012-07-04

2012-10-31

2012-08-02

2012-05-04

2012-02-01

2011-10-31

2011-08-02

2011-05-04

120

2012-03-30

130

2012-01-02

140

2011-09-30

150

2011-07-04

1.72 1.64 0.22 President: Amoudru Frédéric Board: Amoudru Frédéric; Rodes Stéphane; Deullin Jean; Bauc Jarosław; Kembłowski Wojciech; Benaroya Francois; Dierckx Filip; Dubourg Helene; Parfiniewicz Adam; Wojtyna Andrzej; Bednarek Monika; Oracz Marta; Thebault Michel; Fohl, Camille Nicolas; Bujak Jan; Pelczarski Jaromir Auditors: Mazars & Guerard Audyt sp. z o.o., Warszawa Address: ul. Suwak 3, 02-676 Warszawa T: +48 22 5669000; F: +48 22 5669010 info@bnpparibasfortis.pl KRS: 0000006421

2011-03-31

100

55.30 58.20 59.22

Diluted earnings/loss per share

160

2010-12-31

Price performance:

2010-09-30

125

24,124.00 24,124.00 28,693.00

Diluted book value per share

2010-07-05

2010-04-01

150

2010-01-04

Price performance:

DilutedNumber of shares (in thousands)

(2010 | 2011 | 2012Q3)

198,848,000 209,761,000 49,450,000

64,788,000 61,542,000 9,278,000

58,680,000 51,952,000 7,815,000

47,051,000 40,756,000 6,614,000

-4,541,000 -4,541,000

–

77,165,000 61,773,000

–

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

-65,584,000 -52,876,000

–

-15,592,000 -8,419,000

–

544,375,000 598,107,000 625,668,000

317,323,000 366,029,000 380,419,000

198,061,000 223,691,000 241,719,000

101,071,000 125,392,000 110675000

221,431,000 226,713,000 240,949,000

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

Winter–Spring 2013

EquitiesPoland

400

600

380 360

550

340 500

320 300

Finance

220 2012-10-02

172,014,000 218,396,000 106,512,000

103,958,000 153,674,000 67,546,000

124,175,000 124,175,000 93,312,000

378,886,000 372,950,000 205,717,000

-279,475,000 -198,709,000 -77,713,000

24,764,000 -188,903,000 -34,692,000

Net cash flows

Net cash flows from operating activities

Net cash flows from investing activities

Net cash flows from financing activities

Total assets 2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Finance (2012Q3) Net revenues

310,693 Profit/loss from operations

39,239 Profit/loss before tax

225,240 Net cash flows

36,470 Net cash flows from operating activities

20,617 Long term liabilities

32,648,294 Equity

12,426,950 Number of shares (in thousands)

2,233,846 Book value per share

277,494.00 DilutedNumber of shares (in thousands)

55,499.00 Diluted book value per share

40.25 Diluted earnings/loss per share

0.37 Board: Osewska-Mądry Emilia; Siksnis Valdis; Żygowski Sławomir; Rybowski Wojciech; Dobrzyniecki Maciej; Päivinen Rauno; Tuomi Esa; Kwiatkowski Eugeniusz; Wańkowicz Jacek; Kalisz Jacek; Tillack Bohdan; Głuchowski Marek; Domaradzka Agnieszka; Leikol Ossi Auditors: KPMG Audyt Sp. z o.o. Sp.k. Address: ul. Kielecka 2, 81-303 Gdynia T: +48 58 6691000; F: +48 58 6691001 poczta@nordea.pl KRS: 0000021828

MOL Magyar Olaj - és Gázipari Részvénytársaság MOL

www.mol.hu

Market value: 26,965,902,000 WSE listing date: 2004-12-22 Shareholders: Surgutneftegas OJSC (21.22%); CEZ

a.s. (7.34%); Sándor Csányi; Horváth Gábor (0.01%); Paterson Iain (0.02%); Dobák Miklós (0.03%); József Molnár (0.05%); György Mosonyi (0.08%); Zsolt Hernádi (0.17%); Oman Oil Company S.A.O.C. (7%); ING Bank NV (5.02%); Magnolia Finance Limited (5.74%); MOL Rt. (5.28%); OTP Bank Plc. (6.19%)

4,485,729,000 4,992,801,000 4,854,760,000

2,147,483,647 2,147,483,647 2,147,483,647

1,392,867,000 1,346,312,000 1,134,454,000

1,118,385,000 1,403,384,000 1499837000

1,435,070,000 1,651,902,000 1,669,105,000

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

79,202,000 79,202,000 79,202,000

104,519.00 104,519.00

Number of shares (in thousands) Book value per share

104,519

13,730.22 15,804.79 15,969.38

Earnings/loss per share

994.63 1,470.30 646.26

President: Zsolt Hernádi Board: Zsigmond Járai; Roman Martin; Mulham Al-Jarf;

György Mosonyi; Sándor Csányi; Oszkár Világi; József Molnár; Horváth Gábor; Chikán Attila; László Parragh; Dobák Miklós; Paterson Iain; Primorac Žarko; Töröcskei István; Puskás Sándor; Kohán József; Juhász Attila; Hatina Slavomir; Zsolt Hernádi; Charody, John I. Address: Október huszonharmadika utca 18, 1117 Budapest T: +36 1 4641000; F: +36 1 4641335 investorrelations@mol.hu

Grupa Żywiec SA ZWC

www.grupazywiec.pl

Market value: 4,899,267,000 WSE listing date: 1991-09-24 Shareholders: Brau Union AG (61.94%); Jasek

Krzysztof; McKeown Michael; Gerula Jacek; Harbin BV (36.22%) Strategy: Owns five breweries in Poland. 50,000 points of sale in 3 channels: retail, gastronomy and wholesale. At present Grupa Żywiec employs over 6000 people. Every third bottle of beer purchased in Poland has been manufactured by Grupa Żywiec S.A. The most important brands of the group include Żywiec, Heineken, Warka, Strong, Tatra.

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

398,858 318,421 145,085

Net cash flows

3,115 3,115

Net cash flows from operating activities

–

692,903 605,497

–

-79,353 -164,208

–

-610,435 -465,498

–

Net cash flows from investing activities

Net cash flows from financing activities Total assets

2,309,190 2,272,522 2,318,147

1,720,277 1,919,841 1,998,446

Liabilities and provisions for liabilities Long term liabilities

447,573 823,007 836,694

Short term liabilities

1,272,704 1,096,834 1161752

Equity

588,913 352,681 319,701

25,678 25,678 25,678

The Share Capital

Number of shares (in thousands)

10,271.00 10,271.00

Book value per share

10,271

57.34 34.34 31.13

38.83 31.00 14.13

Earnings/loss per share

President: Belison Xavier Board: McKeown Michael; Sheehan, Barry; Rzehak-Ma-

jcherek, Grażyna Stanisława; van Karnebeek, Jan Derck; Sikorsky Radovan; Higgins John; Jasek Krzysztof; Loth Krzysztof; Hazelwood David; Lubelska, Małgorzata Joanna; Belison Xavier; Myers, Allan James; Gerula Jacek; Polanyi Thomas Auditors: KPMG Audyt Sp. z o.o. Sp.k. Address: ul. Browarna 88, 34-300 Żywiec T: +48 33 8619900; F: +48 33 8619666 zywiec@grupazywiec.pl KRS: 0000018602

Olympic Entertainment Group AS OEG

www.olympic-casino.com

Market value: 983,645,000 WSE listing date: 2007-09-26 Shareholders: HansaAssets OÜ (45.17%); Hendaya

Invest OÜ (18.98%) Strategy: Casino operator in CEE. Bought Casinos Poland in 2007. Price performance: 8 7 6 5 4 3 2 1 0 2012-10-02

Profit/loss

424,858 326,312 181,345

Profit/loss

2012-07-04

245,478,000 253,182,000 103,042,000

Profit/loss before tax

2012-03-30

461,119 374,463 195,202

Profit/loss before tax

2012-01-02

2012-07-04

2012-03-30

2012-01-02

4,299,654,000 5,343,234,000 1,432,110,000

Profit/loss from operations

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

(2010 | 2011 | 2012Q3)

Net revenues

3,631,089 3,605,938 987,706

Profit/loss from operations

2011-07-04

Finance

2011-03-31

(99.21%); Rybowski Wojciech Strategy: The main shareholder of Nordea Bank is Nordea Bank AB, with more than 99% of shares. Price performance:

2010-07-05

www.nordea.pl

(2010 | 2011 | 2012Q3)

Net revenues 2010-04-01

NDA

Market value: 60,313,842,000 WSE listing date: 1996-09-18 Shareholders: Dobrzyniecki Maciej; Nordea AB

2011-07-04

240

2011-03-31

260

2010-12-31

450

280

200

Nordea Bank Polska SA

650

2010-09-30

87.46 75.76 12.29 President: Benes Daniel Board: Novák Martin; Pleskač Tomás; Roman Martin; Klosik Lubomir; Foltýn Ivo; Šimek Drahoslav; Hronek Vladimír; Kohout Jan; Kadrnka Jiří; Gross Petr; Vacek Robert; Bodnár Peter; Hlavinka, Temelin Vladimír; Bajgar Milan; Volf Jiří; Cyrani Pavel; Chaloupková Michaela; Benes Daniel Address: Duhova 2/1444, 140 53 Praha 4 T: +420 211041111; F: +420 211042001 cez@cez.cz KRS: 0045274649

2010-12-31

2010-07-05

Earnings/loss per share

700

2010-09-30

411.59 421.41 447.87

2010-01-04

537,990

750

2010-04-01

537,990.00 537,990.00

Book value per share

Price performance:

2010-07-05

and East European oil and gas corporation with an extensive international Upstream portfolio. Shares are listed on the Budapest, Luxembourg and Warsaw Stock Exchanges, and depository receipts are traded on London’s International Order Book and OTC in the USA. Price performance:

2010-01-04

53,799,000 53,799,000 53,799,000

Number of shares (in thousands)

2010-04-01

Strategy: MOL Group is a leading integrated Central

2010-01-04

The Share Capital

Winter–Spring 2013 109,856 126,367 33,886

Short term liabilities

Earnings/loss per share

1,824

Profit/loss from operations

522869

Profit/loss before tax

848,480

20,172 33,861

–

-303 -11,517

–

-9,289 -18,111

–

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

107,696 100,964 118,123

22,962 19,305 31,956

6,544 3,226 922

16,418 16,079 31034

80,702 77,070 80,814

96,717 81,718 60,532

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

151,330.00 151,330.00

Book value per share

151,330

0.53 0.51 0.53

Earnings/loss per share

0.01 0.09 0.05

President: Jääger Madis Board: Jääger Madis; Linsi Liina; Korpusov Jaan; Karu

Armin; Pielberg Meelis; Vain Peep Address: Pronksi 19, 10124 Tallinn T: +372 667 1250; F: +372 667 1270 info@oc.eu

Firma Oponiarska DĘBICA SA DBC

www.debica.com.pl

Market value: 702,572,700 WSE listing date: 1994-11-24 Shareholders: Cieszkowski Stanisław; Pryczek Jacek;

Eggink Raimondo; OFE PZU Złota Jesień (5.96%); PZU Asset Management SA (10.35%); Goodyear (66.05%) 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. Price performance: 85 80

13,803 Book value per share

61.47 Earnings/loss per share

2.80 Declared or paid dividend per share

3.29 President: Pryczek Jacek Board: Cieszkowski Stanisław; Degeer Philippe; Golsong Dominikus; Eggink Raimondo; Archer, Ronald Michael; Bółkowski Radosław; Cieszyński Przemysław; Hadała Renata; Cichocki Leszek; Pryczek Jacek; Rzonzef Michel; Mataczyński Maciej Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. 1-go Maja 1, 39-200 Dębica T: +48 14 6702831; F: +48 14 6700957 mateusz_perec@goodyear.com KRS: 0000045477

FCL

www.farmacol.com.pl

Market value: 665,496,000 WSE listing date: 1999-04-23 Shareholders: Olszewska Anna (1.15%); Farmacol

SA (1.63%); Olszewski Andrzej (26.88%); Olszewska Zyta (23.53%); ING OFE (8.54%); Aviva OFE (6.72%); Olszewski Maciej (1.16%) Strategy: Farmacol S.A. is Poland's leading pharmaceutical distributor. Since 1999 company’s shares have been registered at the Warsaw Stock Exchange. Farmacol’s distribution network covers most of Poland and enables the firm to supply pharmaceuticals and similar products to a few thousand pharmacies and a few hundred hospitals. Farmacol is the owner, since 2009, of Cefarm Białystok, a distributor of medicines. Price performance: 50

21,898 18,283 10,167

21,039 13,966 8,594

Profit/loss

Net cash flows

Net cash flows from operating activities

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-07-05

2010-04-01

2010-09-30

(2010 | 2011 | 2012Q3)

91,632 70,869 21,730

70,490 60,041 15,272

-5,670 -5,670 5,796

-52,251 233,640 83,697

-15,081 -8,246 -10,523

61,662 -129,276 -67,378

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Profit/loss

38,576 Net cash flows

-66,926 Net cash flows from operating activities

-32,597 Net cash flows from investing activities

-33,397 Net cash flows from financing activities

-932 Total assets

1,456,178 Liabilities and provisions for liabilities

607,698

–

29,495 20,892

–

-8,194 -41,586

–

-17,089 22,251

–

251,221 302,943 331,686

122,180 172,179 191,248

106,239 137,904 153,234

15,941 34,275 38014

129,041 130,764 140,438

11,444 11,444 11,444

Net cash flows from financing activities

86,361 66,298 13,233

47,882

4,212 4,212

Net cash flows from investing activities

5,101,518 5,114,757 1,294,278

Profit/loss before tax

(2010 | 2011 | 2012Q3)

18,865 26,853 8,411

44,970

Finance

Profit/loss before tax

Profit/loss from operations

534,272

Net revenues

148,150 165,848 47,914

Finance (2012Q3)

Profit/loss from operations

Net revenues

Finance

2010-01-04

www.pegas.cz

(9.78%); Wood & Company Funds SICAV PLC (15.02%) Strategy: Company produces synthetic nonwoven textiles from polypropylene or polyethylene filaments. Based in Czech Republic, the production of nonwoven textiles is carried out at two plants, one in Znojmo – Přímětice and the other in Bučovice. A new production plant in Egypt is under construction. Price performance:

Net revenues

PGS

Market value: 661,257,850 WSE listing date: 2006-12-21 Shareholders: Templeton Asset Management Ltd.

Farmacol SA

Pegas Nonwovens SA

2012-10-02

–

2012-07-04

10,580 10,580

Number of shares (in thousands)

Barbara; Olszewski Maciej; Kowalewski Jan; Olszewski Andrzej; Olszewska Anna; Sitko Krzysztof Auditors: Mazars & Guerard Audyt sp. z o.o., Warszawa Address: ul. Rzepakowa 2, 40-541 Katowice T: +48 32 2080700; F: +48 32 2022497 farmacol@farmacol.com.pl KRS: 0000038158

2012-03-30

110,422

2012-01-02

1,143 13,830 7,337

Net cash flows

The Share Capital

2011-09-30

Profit/loss

3.01 2.57 0.65

President: Smuga Andrzej Board: Smuga Andrzej; Olszewska Zyta; Kaszowicz

2011-07-04

5,332 19,336 8,935

2011-03-31

Equity

2010-12-31

5,738 18,825 8,017

31.75 34.40 36.98

2010-09-30

2010-07-05

(2010 | 2011 | 2012Q3)

2010-04-01

Net revenues

Book value per share

2010-01-04

Finance

EquitiesPoland Long term liabilities

Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

1,798,123 1,848,816 1,906,861

1,043,043 1,037,117 1,035,186

Liabilities and provisions for liabilities Long term liabilities

58,146 55,399 62,186

984,897 981,718 973000

742,951 804,893 865,379

23,400 23,400 23,400

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

23,400.00 23,400.00

23,400

Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

9,229.00 9,229.00

Book value per share

9,229

13.98 14.17 15.22

2.28 1.51 0.93

Earnings/loss per share

President: Řezáč Frantisek Board: Sykora Jan; Klaska Frantisek; Rasik Marian;

Řezáč Frantisek; Modecki Marek; Vrbácký Rostislav Address: 68-70, boulevard de la Pétrusse, L-2320 Luxembourg T: +352 26496527; F: +452 26496564 info@pegas.cz

Plaza Centers N.V. PLZ

www.plazacenters.com

Market value: 578,845,080 WSE listing date: 2007-10-19 Shareholders: Elbit Ultrasound BV (Holandia)

(62.19%); Plaza Centers NV (4.87%); ING OFE (5.8%);

Winter–Spring 2013

EquitiesPoland

60 50

11,676 11,941

-2,985 -2,718

-27,991 -7,916

716,443 715,850

Net revenues

902,211 913,529

Profit/loss from operations

128,455 97,349

Profit/loss before tax

773,756 816,180

Profit/loss

Total assets

Liabilities and provisions for liabilities

Long term liabilities

-65.39 -64.49

Short term liabilities

-18.08 -17.09

Equity

– –

The Share Capital

– –

Number of shares (in thousands)

– –

Book value per share

– – President: Rouvroy Jacques Board: Rouvroy Jacques; Rudnik Waldemar; Perrin, Alain-Dominique; Trylinski Krzysztof; Demarre Luc; Heringer Serge; Skora, Erick Antony Address: ul. Bellottiego 1, 01-022 Warszawa T: +48 22 8683798; F: +48 22 8684723 dyrekcja@belvedere.pl

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

Net cash flows from investing activities

126,937 24,134

Net cash flows from financing activities Total assets

1,426,296 1,348,526

Liabilities and provisions for liabilities

801,847 798,364

449,776 373,750

352,071 424,614

600,195 542,122

Long term liabilities

Short term liabilities Equity

The Share Capital

2,967 2,972

Number of shares (in thousands)

292,346.00 292,346.00

Book value per share

2.05 1.85

0.04 0.03

Earnings/loss per share

DilutedNumber of shares (in thousands)

– –

Diluted book value per share

Diluted earnings/loss per share

Declared or paid dividend per share

– – President: Shtarkman Ran Board: Zisser Mordechay; Wichers Marco; van Eibergen Santhagens, Marius; Paap Edward; Yitzhaki Shimon; Shtarkman Ran Address: Keizersgracht 241, 1016EA Amsterdam, Holandia T: +31 20 3449560; F: +31 20 3449561 info@plazacenters.com

Zakłady Tłuszczowe Kruszwica SA KSW

www.ztkruszwica.pl

Market value: 560,882,800 WSE listing date: 1997-01-06 Shareholders: Bunge Investments France SAS

(64.23%); Windstorm Trading & Investments Limited (25.26%) Strategy: The largest processor of oil seeds and manufacturer of vegetable fats in Poland and one of the largest in CEE. Core business is the production of bottled oils, consumer margarines and fats for industrial applications, also trade in oilseeds and supply crude and refined vegetable oils for industrial applications, mostly for biofuels and biocomponents producers, including of rape meal. Part of the Bunge Group, the world's leading processor of oil seeds.

22,987 26.28 Earnings/loss per share

0.31 President: Jachimczyk Wojciech Board: Latawiec Stefan; Jensen, Tommy Gade; Górny Roman; Brodowski Marcin; Hardie Gordon; Bauman Wojciech; Glinka Jacek; Jachimczyk Wojciech; Szymański, Dariusz Cezary; Piotrowski Piotr; Rajski Jerzy; Wika Tomasz; Szeliga Mariusz; Terazzi, Maurizio Maria; Shaleva Vesselina; Rybacki Roman; Ludwikowski Sławomir; Costa Jordi Auditors: Deloitte Audyt sp. z o.o. Address: ul. Niepodległości 42, 88-150 Kruszwica T: +48 52 3535100; F: +48 52 3515199 ztkruszwica@ztkruszwica.pl KRS: 0000019414

Belvedere SA BVD

www.belvedere.pl

Market value: 553,427,000 WSE listing date: 2008-04-21 Shareholders: Angostura Holdings (4.63%); Trylinski

Krzysztof (0.06%); Belvedere SA (0.41%) Strategy: Belvedere is a wine and spirits company based in Europe and in the United-States with strong local presence. The group owns a portfolio of spirit brands in particular: Sobieski, now the 7th largest Premium Vodka brand worldwide, William Peel, the first Whisky brand in France with 16% market share, Marie Brizard, the emblematic brand sold in 130 countries, Danzka, the famous Danish vodka, the 4 th brand in the duty free stores. Price performance: 350

Long term liabilities

Short term liabilities Equity

The Share Capital

-195,209 -206,309 6,265 6,398

Number of shares (in thousands)

2,985.00 3,199.00

Book value per share

Earnings/loss per share

DilutedNumber of shares (in thousands) Diluted book value per share

Diluted earnings/loss per share

Declared or paid dividend per share

Sopharma AD SPH

www.sopharma.bg

Market value: 528,000,000 WSE listing date: 2011-11-28 Shareholders: Donev, Ognian Ivanov (24.66%);

Sopharma AD (2.41%); Gramercy Emerging Markets Fund (5.88%); Gramercy Select Master Fund (6.35%); Pavlov, Liubomir Vladimirov (16.24%); Telekomplekt AD (20.41%) Strategy: A Bulgarian-based pharmaceutical development group, with a product portfolio of 110 products, across multiple pharmaceutical groups. Well-known in Bulgaria and CEE, the pharmaceuticals with Sopharma's trademark are well-recognized brands. Price performance: 8

300 0

250 200 150

2012-08-29

-24,626 -7,461

Liabilities and provisions for liabilities

2012-05-30

Net cash flows from investing activities

185,076

Total assets

2012-02-27

-87,035 -95,406

Net cash flows from financing activities

2011-11-28

604,065

Finance (2012Q2) Net revenues

100

172,387 Profit/loss from operations

15,319 Profit/loss before tax

0 2012-10-02

Net cash flows from operating activities

945491

2012-07-04

15,205 15,205

6,822

2012-03-30

Net cash flows

952,313

2012-01-02

10,273 9,346

1,556,378

2011-09-30

Profit/loss

7,031

2011-07-04

12,940 29,050

8,697

2011-03-31

Profit/loss before tax

15,870

2010-12-31

34,498 -36,143

-53,963 -54,655 19,070 19,070

2010-09-30

Profit/loss from operations

Net cash flows from operating activities

2010-07-05

37,641 57,074

-58,657 -54,737

2010-04-01

2010-01-04

Net revenues

11,033 -18,351

Net cash flows

2010-01-04

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-07-05

2010-04-01

2010-01-04

2010-09-30

(2010 | 2011)

Profit/loss

609,172

Finance

860,734 910,617

Profit/loss before tax

Finance (2012Q3)

Profit/loss from operations

(2010 | 2011)

Net revenues

2010-09-30

Finance

2010-07-05

Price performance:

2010-04-01

BZ WBK Asset Management SA (5.94%); Aviva OFE (7.63%) Strategy: Plaza Centers is a developer of shopping and entertainment centres in CEE and emerging markets, focusing on developing new centres and, where there is significant redevelopment potential, redeveloping existing centres, in both capital cities and important regional centres. Price performance:

13,878 Profit/loss

13,256 Net cash flows

15,329

Winter–Spring 2013

EquitiesPoland

Net cash flows from operating activities

The Share Capital

Asseco South Eastern Europe SA

Net cash flows from investing activities

Number of shares (in thousands)

Market value: 453,034,620 WSE listing date: 2009-10-28 Shareholders: European Bank For Reconstruction and

Equity

334,730 The Share Capital

132,000 Number of shares (in thousands)

132,000 Book value per share

2.54

Silvano Fashion Group AS

0.10 President: Donev, Ognian Ivanov Board: Tchaouchev, Alexander Victorov; Palaveeva, Ogniana Kirilova; Donev, Ognian Ivanov; Breshkov, Andrey Liudmilov; Stoeva, Vessela Liubenova Address: 16 Iliensko Shosse, Sofia T: +3592 8134200; F: +3592 9360286 mail@sopharma.bg KRS: 831902088

Market value: 493,750,000 WSE listing date: 2007-07-23 Shareholders: Tool Toomas (21.51%); Silvano Group

450,336 461,867 103,369

51,068 54,902 11,857

51,796 62,099 11,613

43,647 54,764 10,965

Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities

Net cash flows from investing activities 2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

(2010 | 2011 | 2012Q3)

17,658 27,885 4,801

19,356 46,292 5,716

12,240 21,501 2,824

11,361 11,361

–

16,854 28,080

–

-1,293 -3,590

–

-4,200 -13,263

–

65,085 68,485 73,933

12,069 16,333 14,913

Profit/loss from operations Profit/loss before tax

Profit/loss

Net cash flows

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Net cash flows from operating activities

Profit/loss from operations

3,576 Profit/loss before tax

1,490 Profit/loss

2,460 Net cash flows

-7,841 Net cash flows from operating activities

9,520 Net cash flows from investing activities

1,529 Net cash flows from financing activities

-18,890 Total assets

485,109 Liabilities and provisions for liabilities

147,977 Long term liabilities

26,930 Short term liabilities

117350 Equity

337,132

Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

– 1,921 2,742

Short term liabilities

12,069 14,412 12171

42,042 42,464 49,071

25,313 15,800 15,800

Equity

The Share Capital

Number of shares (in thousands)

39,607.00 39,500.00

Book value per share

39,500

1.06 1.08 1.24

Earnings/loss per share

–

62,955 43,829

–

-46,282 -30,785

–

-17,127 -19,274

–

728,634 821,016 750,990

131,370 115,205 96,189

Net cash flows from financing activities

27,055

-454 -454

93,292 103,558 32,406

Net revenues

(2010 | 2011 | 2012Q3)

Profit/loss from operations

Finance (2012Q3)

Net revenues

8 7

Finance

11 10 9

Net revenues

2011-07-04

14 13 12

Finance

2011-03-31

tusiak Rafał; SKOK Stefczyka (65.98%); SKOK Holding S.a.r.l. (32.34%); Bierecki Grzegorz (0.06%); Buczkowski, Grzegorz Paweł (0.05%); Sosnowski Andrzej (0.03%) Strategy: A complex provider of IT services for business and entities representing the financial sector, supporting the operations and development of the entities acting under the system of Cooperative Savings and Credit Unions (SKOK), through providing them with IT solutions and services and through offering the telephone and Internet-based distribution channels. Price performance:

16 15

2010-12-31

Market value: 527,916,440 WSE listing date: 2008-05-09 Shareholders: Kuran-Kawka, Alicja; Golas Marcin; Ma-

2010-09-30

www.tfskok.pl

AS (0.01%); SEB PANK AS (20.25%); KDPW SA, Warszawa (20.91%) Strategy: AS Silvano Fashion is an international lingerie distribution group involved in design, manufacturing and marketing of women’s lingerie. In addition, the Group provides a limited volume of sewing services to other manufacturers of women’s lingerie. Price performance:

2010-07-05

SKO

www.silvanofashion.com

2010-04-01

Towarzystwo Finansowe Spółdzielczych Kas Oszczędnościowo-Kredytowych SA

SFG

2010-01-04

Earnings/loss per share

2012-10-02

279483

2012-07-04

Short term liabilities

2012-03-30

70,709

2012-01-02

Long term liabilities

Development (9.27%); Asseco Poland SA (51.05%); Żukowicz Gabriela; Kozłowski Rafał; Jeleński Piotr; Pehar Draľen (1.83%); Liatris d.o.o. (7.39%) Strategy: Asseco SEE is the largest operator in South-Eastern Europe in terms of revenue derived from sales of its software and services, and came into being as a result of the merger of several major segment-leading IT companies operating in the region. The company focuses on developing their own software solutions in their market segments. Price performance:

2011-09-30

350,192

0.01 President: Bereśniewicz-Kozłowska, Ewa Board: Krasiński Tomasz; Szumański Andrzej; Bereśniewicz-Kozłowska, Ewa; Kuran-Kawka, Alicja; Matusiak Rafał; Buczkowski, Grzegorz Paweł; Bierecki Grzegorz; Sosnowski Andrzej; Golas Marcin Auditors: Zespół Ekspertów Finansowych Auditor sp. z o.o. Address: ul. Arkońska 11, 80-387 Gdańsk T: +48 58 5112000; F: +48 58 5112001 tf@tfskok.pl KRS: 0000213059

2011-07-04

Liabilities and provisions for liabilities

Earnings/loss per share

2011-03-31

730,270

1.78

2010-12-31

Total assets

Book value per share

www.asseco-see.com

2010-09-30

37,188

ASE

2010-07-05

Net cash flows from financing activities

189,898

2010-04-01

-28,823

189,898

2010-01-04

6,392

0.31 0.54 0.07 Board: Frisenberg Alexander; Meerits Märt; Daneyko Pavel; Mägi Risto; Balkin, Stephan David; Susi Ants; Kadorko Aleksei Address: Tulika 15/17, 10613 Tallinn, Estonia T: +372 684 5000; F: +372 68453000 info@silvanofashion.com KRS: 0010175491

Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities

6,968 6,011 6,349

124,402 109,194 89840

597,264 705,811 654,627

509,921 518,942 518,942

Equity

The Share Capital

Number of shares (in thousands)

50,992.00 51,894.00

Book value per share

51,894

11.71 13.60 12.62

0.86 1.06 0.21

Earnings/loss per share

President: Jeleński Piotr Board: Duch Jacek; Malis Miljan; Mauberg Andrzej;

Sęczkowski Przemysław; Żukowicz Gabriela; Jeleński Piotr; Barseti Calin; Mirčetić Miodrag; Pehar Draľen; Ayas Hatice; Rulnicki Marcin; Góral Adam; Petreski Mihail; Dauman Jan Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Armii Krajowej 80, 35-307 Rzeszów T: +48 17 8755400; F: +48 17 8755406 inwestor@asseco-see.com KRS: 0000284571

Asseco Central Europe a.s. ACS

www.asseco-ce.com

Market value: 429,336,000 WSE listing date: 2006-10-10 Shareholders: Navrátil Michał (0.01%); ING TFI SA

(6.08%); PKO BP Bankowy OFE (5%); Kosári Andrej (2.44%); Morávek Martin (1.4%); Asseco Poland SA (40.07%); Klein Jozef (1.28%) Strategy: Asseco Central Europe (Asseco CE) is one of the strongest software houses in Central and Eastern Europe. It is active in Slovakia, the Czech Republic and Hungary. The company provides comprehensive IT solutions and services, and implements projects

Winter–Spring 2013

EquitiesPoland Finance

284,789 160,470 111,333

46,877 10,690 24,628

47,548 1,362 21,359

31,695 22,319 16,092

120,824 120,824 6,214

142,772 112,397 40,163

-1,325 -53,173 -9,267

-20,623 -120,238 -24,682

Profit/loss from operations

Profit/loss before tax Profit/loss

Net cash flows from operating activities Net cash flows from investing activities

-7,632 -7,294 -2,171

155,569 175,619 143,969

56,195 68,662 39,002

13,712 6,365 4,473

42,483 62,297 34529

94,273 101,969 101,263

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

709 709 709

Number of shares (in thousands)

21,360.00 21,360.00

Book value per share

21,360

4.41 4.77 4.74

0.44 0.70 0.18

Earnings/loss per share

DilutedNumber of shares (in thousands)

21,360.00 21,360.00 21,360.00

Diluted book value per share

4.41 4.77 4.74

0.44 0.70 0.18

Diluted earnings/loss per share

President: Klein Jozef Board: Sęczkowski, Przemysław Piotr; Štasn&7923;

Petr; Morávek Martin; Handlovský Ján; Kosári Andrej; Stoppani David; Leviček Radek; Řezniček Miroslav; Góral Adam; Grác Marek; Klein Jozef; Osusky Tomas; Marek Panek; Navrátil Michał Address: Trenčianska 56, 821-09 Bratislava T: +421 220838400; F: +421 220838444 sales@asseco-ce.com

IMPEL SA IPL

www.impel.pl

Market value: 373,085,000 WSE listing date: 2003-10-16 Shareholders: Dzik Grzegorz (41.89%); Biegaj Józef

(28.87%); OFE PZU Złota Jesień (7.1%); Dzik Jakub (0.43%) Strategy: Impel offers the biggest number of business services on the Polish market, in the following areas: Maintenance Solutions – cleaning services, technical maintenance of facilities, services for airports, facility furnishings; Security – manned guarding of property, electronic security systems, monitoring, cash handling; Accounting, Personnel & IT Services – payroll services, accounting services, tax advice, temporary work, insurance broker; Delivery Services – clothes rental and service, laundry service, delivery logistics, catering. The company is expanding in new segments, such as airplane cleaning, and expanding outside Poland (Latvia and Ukraine).

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

-31,758 -31,758

–

Net cash flows from operating activities

43,167 25,232

–

Net cash flows from investing activities

-15,352 -30,161

–

-59,573 -17,195

–

585,477 660,035 672,111

279,076 320,320 408,002

36,422 47,121 58,505

242,654 273,199 349497

301,588 333,178 258,841

60,757 60,757 60,757

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

12,151.00 12,151.00

Book value per share

12,865

24.82 27.42 20.12

Earnings/loss per share

4.44 4.85 1.01 President: Dzik Grzegorz Board: Dzik Jakub; Malinowski Andrzej; Obłój Krzysztof; Czajka Danuta; Biegaj Józef; Dzik Grzegorz; Rembikowski Wojciech; Urbańczyk Piotr; Pawłowski Piotr Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Ślężna 118, 53-111 Wrocław T: +48 71 7110000; F: +48 71 7110001 cc.info@impel.pl KRS: 0000004185

Robyg SA ROB

www.robyg.com.pl

Market value: 366,269,120 WSE listing date: 2010-11-03 Shareholders: Ceglarz Artur (0.39%); Nanette Real

Estate Group (32.48%); LBPOL William (39.15%); Kazanelson Oscar (1.19%); Robyg BV (12.03%) Strategy: Residential real estate developer operating primarily in Warsaw, Wroclaw, and Gdansk. Price performance: 2.25

Number of shares (in thousands)

257,390.00 257,390.00

Book value per share

257,936

1.58 1.61 1.64

0.12 0.09 0.06

Earnings/loss per share

President: Okoński, Zbigniew Wojciech Board: Goor Alex; Keltsh Eyal; Ceglarz Artur; Van

Oosterom, Anne Sophie; Markowski Zbigniew; Schmid Klaus; Buczyński, Józef Stanisław; Okoński, Zbigniew Wojciech; Okolski Dariusz; Kazanelson Oscar Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. L. Rydygiera 15, 01-793 Warszawa T: +48 22 4191100; F: +48 22 4191103 sekretariat@robyg.com.pl KRS: 0000280398

Seco/Warwick SA SWG

www.secowarwick.com.pl

Market value: 350,946,000 WSE listing date: 2007-12-05 Shareholders: Bleauhard Holdings LLC (8.63%); SW

Poland Holding BV (39.32%); Klinowski Witold (0.55%); Wyrzykowski Paweł (0.12%); Kula Piotr (0.08%); Modrzyk Wojciech; Pilarski Henryk; Olejnik Józef (0.55%); Boswell Jeffrey (2.19%); ING OFE (5.72%); Spruce Holding LLC (16.47%) Strategy: One of the world’s leading producers of heat processing furnaces for metals, in terms of sales volume and product range, and one of the technological leaders in the field. A state-of-the-art R&D division equipped with a metallography laboratory, and cooperation with the leading academic centers in Poland, allows the firm to provide innovative solutions not offered anywhere else in the world. The business includes production of five main product groups: vacuum furnaces, aluminum heat exchanger brazing systems, aluminum heat treatment systems, atmospheric furnaces and vacuum metallurgy furnaces. Price performance: 40

2 10 1.75 0

1.5 1.25

Finance

Net revenues

2012-10-02

-16,593 -4,573 -3,567

25,739 25,739 25,794

2012-07-04

Net cash flows from investing activities

Net cash flows

The Share Capital

2012-03-30

22,691 31,658 8,292

407,069 414,821 423,761

53,961 58,976 12,956

2012-01-02

Net cash flows from operating activities

2011-09-30

-1,534 -1,534 2,554

Profit/loss

Equity

2011-07-04

Net cash flows

147,765 366,816 324693

63,412 49,204 16,143

Short term liabilities

2011-03-31

9,414 14,894 3,857

Long term liabilities

2010-01-04

Profit/loss

Profit/loss before tax

2012-09-06

16,254 18,817 4,747

349,659 304,404 333,926

66,057 54,608 19,635

2012-06-08

Profit/loss before tax

2012-03-06

16,167 18,001 4,565

1,046,466 1,216,465 1,208,908

Liabilities and provisions for liabilities

Profit/loss from operations

1,148,352 1,278,330 366,985

2011-12-06

Profit/loss from operations

497,424 671,220 658,619

2011-09-06

127,264 133,485 31,433

Total assets

(2010 | 2011 | 2012Q3)

2011-06-07

Net cash flows from financing activities

Net revenues

2011-03-07

(2010 | 2011 | 2012Q3)

Net revenues

2010-07-05

2012-10-02

2012-07-04

2012-03-30

Finance

2010-12-06

Finance

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

2010-04-01

2010-01-04

2010-12-31

Net cash flows

2010-09-30

(2010 | 2011 | 2012Q3)

Net revenues

2010-07-05

Price performance:

2010-04-01

for commercial sector, as well as for public sector and central and local governments. Price performance:

(2010 | 2011 | 2012Q3) 194,797 370,964 119,993

Profit/loss from operations

781 29,026 13,967

15,274 19,736 14,530

Profit/loss before tax

Winter–Spring 2013

21,678 -12,499

–

Net cash flows from financing activities Total assets

338,818 390,364 417,980

130,816 159,032 170,158

28,945 30,783 31,980

101,871 128,249 138178

208,002 231,540 247,293

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

3,652 3,652 3,652

Number of shares (in thousands)

10,431.00 10,476.00

Book value per share

10,476

19.94 22.10 23.61

Earnings/loss per share

1.45 1.44 0.95 President: Wyrzykowski Paweł Board: Olejnik Józef; Modrzyk Wojciech; Wyrzykowski Paweł; Boswell Jeffrey; Pilarski Henryk; Zawistowski Andrzej; Czaplicki Mariusz; Goltz, James A.; Kowalewski Piotr; Klinowski Witold Auditors: PKF Audyt sp. z o.o. Address: ul. Sobieskiego 8, 66-200 Świebodzin T: +48 68 3820500; F: +48 68 3820555 info@secowarwick.com.pl KRS: 0000271014

ZPUE SA PUE

www.zpue.pl

Market value: 343,156,000 WSE listing date: 2000-08-23 Shareholders: Amplico OFE (8.32%); Grzybek Henry-

ka; Wypychewicz Bogusław (60.66%); Toborek Stanisław (0.02%); Grzybek Andrzej (0.07%); Wypychewicz Małgorzata (2.39%); Aviva Investors Poland SA (7.68%) Strategy: ZPUE S.A. products equipment for cable lines and overhead power lines such as: container transformer stations, MV switchgears, LV switchgears, pole transformer stations and apparatus for overhead power lines. This equipment is used in secondary distribution in power distribution companies and industrial plants in Poland, Europe and the world. The company offers comprehensive realization of power engineering installations in new, modernized and renovated power plants. Delivers turnkey LV and MV stations. Price performance: 250 240 230 220 210 200 190 180 170 160 150 140 130 120 110 100

144,969 164,950 208,831

The Share Capital

8,990 8,990 12,362

Number of shares (in thousands)

1,018.00 1,018.00

1,418

Book value per share

142.41 162.03 147.27

14.34 19.21 5.94

Earnings/loss per share

President: Grzybek Andrzej Board: Kukurba Piotr; Wypychewicz Małgorzata;

MVP

EKO

Wojciech (80.23%); Cosinda Holdings Ltd. (13.93%); Nizio Andrzej (4.41%); Wajsgerber Tomasz (0.02%) Strategy: Warsaw-based real estate developer, mostly in the residential segment. Price performance: 25

www.ekoholdingsa.pl

Market value: 333,512,620 WSE listing date: 2010-03-24 Shareholders: Eko Holding SA (0.31%); Orlicz Robert

(0.01%); Kruszelnicki Krzysztof (0.02%); Śmigrodzki Jarosław (0.92%); Gradecki Krzysztof (39.93%); Amplico OFE (10.61%); Gradecka Marzena (15.42%); PZU Asset Management SA (5.08%); TFI PZU SA (5.48%); Zabilski Grzegorz (6.62%) Strategy: EKO Holding Group operates in the FMCG consumer sector, with the following branded networks: EKO, 279 retail outlets; Polska Grupa Drogeryjna, cosmetics and hygiene products; Rabat, with 715 franchised outlets; Jasmin, pharmaceuticals network with 150 franchised outlets; Aligator, convenience stores, in early stage of development with 19 outlets. Price performance: 10

6 4

18,440 25,010 10,521

14,601 19,558 8,426

Profit/loss before tax Profit/loss Net cash flows

-27

-27 -2,611

Net cash flows from operating activities

15,898 38,451 20,928

-19,697 -36,921 -4,580

3,772 9,454 -18,959

276,301 333,151 371,009

Net cash flows from investing activities

Net cash flows from financing activities Total assets

344,898 318,951 67,475

Profit/loss from operations

42,844 70,132

121

35,967 60,625 -3,997

29,541 49,065 -4,150

10,433 10,433 2,980

-53,246 -147,386 -27,777

Net cash flows from investing activities

86 -12,261

-620

Net cash flows from financing activities

1,254,159 1,505,937 425,910

31,153 10,412

27,007 4,043 -1,726

20,660 3,414 -1,868

68,438 68,438

–

32,424 22,761

–

Net cash flows from operating activities Net cash flows from investing activities

468

-35,945 -21,662

–

71,959 -32,732

–

Net cash flows from financing activities Total assets

489,062 579,523 558,706

284,318 370,221 350,035

41,025 42,473 43,752

243,293 327,748 306283

203,960 206,276 205,184

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

4,862 4,862 4,862

Number of shares (in thousands)

48,617.00 48,617.00

63,593 147,107 31,377

466,575 680,925 847,930

319,451 490,666 650,748

118,523 340,034 370,200

200,928 150,632 280548

147,124 190,259 197,182

Liabilities and provisions for liabilities

(2010 | 2011 | 2012Q3)

Net cash flows

Total assets

2012-10-09

2012-07-11

2012-04-10

2012-01-10

2011-10-07

2011-07-11

2011-04-07

2011-01-10

2010-10-07

2010-07-12

2010-04-12 2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

19,862 26,471 10,703

(2010 | 2011 | 2012Q3)

Net revenues

Profit/loss

Finance

Net cash flows from operating activities

Profit/loss before tax

Profit/loss from operations

Net cash flows

Profit/loss from operations

310,296 381,399 111,837

Profit/loss

Profit/loss before tax

Net revenues

www.marvipol.pl

Eko Holding SA

Finance

(2010 | 2011 | 2012Q3)

Marvipol SA

Market value: 332,307,000 WSE listing date: 2008-06-19 Shareholders: Marvipol SA (0.16%); Książek, Mariusz

Synowiec Mariusz; Toborek Stanisław; Wypychewicz Bogusław; Grzybek Andrzej; Jamróz Krzysztof; Stępień Tomasz Auditors: Europejskie Centrum Audytu sp. z o.o., Kraków Address: ul. Jędrzejowska 79c, 29-100 Włoszczowa T: +48 41 3881000; F: +48 41 3881001 board@zpue.pl KRS: 0000052770

Finance

lnicki Krzysztof; Forszewski Jarosław; Gradecki Krzysztof; Okniński Adam; Orlicz Robert; Gradecki Bartosz; Mróz Urszula; Śmigrodzki Jarosław Auditors: PKF Audyt sp. z o.o. Address: ul. Paprotna 3, 51-114 Wrocław T: +48 71 3955600; F: +48 71 3955601 zarzad@eko.pl KRS: 0000302877

2012-10-02

–

2012-07-04

-15,474 -8,760

109,584 131,071 117875

Equity

2012-03-30

0.43 0.07 -0.04

President: Gradecki Krzysztof Board: Stawski Andrzej; Wrzesiński Michał; Krusze-

2012-01-02

–

2011-09-30

-16,344 26,551

Net cash flows from investing activities

5,233 21,050 11,621

Short term liabilities

2011-07-04

4.20 4.24 4.22

2011-03-31

–

2010-12-31

-10,140 -10,140

Net cash flows from operating activities

Earnings/loss per share

131,323 168,191 162,099

2010-09-30

Long term liabilities

2010-07-05

15,165 15,093 9,972

Net cash flows

Book value per share

2010-04-01

EquitiesPoland Liabilities and provisions for liabilities

2010-01-04

Profit/loss

48,617

Long term liabilities

Short term liabilities Equity

The Share Capital

7,385 7,385 7,385

Number of shares (in thousands)

36,923.00 36,923.00

Book value per share

36,923

3.99 5.15 5.34

0.80 1.33 -0.11

Earnings/loss per share

President: Książek, Mariusz Wojciech Board: Wajsgerber Tomasz; Nizio Ewa; Rapacki Ryszard;

Horbaczewski Sławomir; Nizio Andrzej; Książek, Mariusz Wojciech; Chłopecki Aleksander; Książek Claudia Auditors: CSWP Audyt Sp. z o.o. Address: ul. Prosta 32, 00-838 Warszawa T: +48 22 5365000; F: +48 22 5365001 marvipol@marvipol.pl KRS: 0000250733

AB SA ABE

www.ab.pl

Market value: 305,953,200 WSE listing date: 2006-09-21 Shareholders: Przybyło Iwona (18.18%); ING OFE

(14.15%); Aviva OFE (9.26%); Przybyło Andrzej

Winter–Spring 2013

EquitiesPoland Price performance:

15 40 10 35

Finance

Net revenues

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

1,122,742 Profit/loss from operations

11,878 Profit/loss before tax

11,587 Profit/loss

9,263 Net cash flows

5,938 Net cash flows from operating activities

-49,345 Net cash flows from investing activities

-1,637 Net cash flows from financing activities

56,920 Total assets

1,151,725 Liabilities and provisions for liabilities

759,910 Long term liabilities

5,834 Short term liabilities

754076 Equity

391,674 The Share Capital

16,188 Number of shares (in thousands)

16,188 Book value per share

24.20 Earnings/loss per share

0.57 President: Przybyło Andrzej Board: Kucharski Krzysztof; Łapiński Jacek; Przybyło Iwona; Jażdrzyk Katarzyna; Łapiński Jan; Kiełbasiński Radosław; Ochędzan Grzegorz; Przybyło Andrzej; Bator Andrzej; Mądry Zbigniew Auditors: AVANTA Audit sp. z o.o. SK Address: ul. Kościerzyńska 32, 51-416 Wrocław T: +48 71 3240500; F: +48 71 3240529 sekretariat@ab.pl KRS: 0000053834

Arctic Paper SA ATC

www.arcticpaper.com

Market value: 289,762,920 WSE listing date: 2009-10-23 Shareholders: Arctic Paper AB (74.79%); Grund-

berg, Rolf Olof (0.01%); Plyhr, Fredrik Lars (0.03%); Jarczyński, Michał Piotr (0.15%) Strategy: Arctic Paper SA is the second largest in terms of volume of production among European producers of bulky book paper and one of the leading manufacturers of graphic fine paper in Europe. The Group produces many types of uncoated wood-free uncoated paper and wood for printing and end-users with industry publishers of books, magazines and the advertising industry. Group product portfolio make up brands such as Amber, Arctic, G-Print, Munken, Pamo and L-Print. The Group has four paper mills: in Kostrzyn (Poland), Munkedal and Grycksbo (Sweden) and Mochenwangen (Germany). The total production capacity of the four paper mills in the Group is over 800,000 tons of paper per year.

2012-10-02

2012-07-04

2012-03-30

66,279 90,622 30,237

29,959 38,665 11,731

29,808 38,266 11,620

23,563 30,452 9,294

-879 -879 -3,029

17,680 3,115 10,502 7,350

128 -1,140

28,817 12,066 -1,483

19,800 19,800 -14,301

120,408 162,245 9,015

-230,583 -56,375 -14,630

129,975 -121,613 -8,686

Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities

1,910,769 1,924,531 1,811,222

1,242,825 1,248,969 1,134,290

Liabilities and provisions for liabilities Long term liabilities

500,218 636,696 320,717

742,607 612,273 813573

667,719 675,337 676,707

554,035 554,035 554,035

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

55,404.00 55,404.00

Book value per share

55,404

12.05 12.19 12.21

0.52 0.22 -0.03

Earnings/loss per share

President: Jarczyński, Michał Piotr Board: Grundberg, Rolf Olof; Onstad Thomas; Bart-

kowiak, Michał Jan; Łoś Jacek; Skoglund Per; Luebbert Wolfgang; Jarczyński, Michał Piotr; Ingvarsson, Rune Roger; Grendowicz, Mariusz Cezary; Ohlsson Jan; Plyhr, Fredrik Lars Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Jana Henryka Dąbrowskiego 334 A, 60-406 Poznań T: +48 61 6262000; F: +48 61 6262001 biuro@arcticpaper.com KRS: 0000306944

MAG

2012-01-02

Profit/loss

Magellan SA

2011-09-30

2,287,731 2,527,189 672,820

2011-07-04

(2010 | 2011 | 2012Q3)

Profit/loss before tax

Total assets

2011-03-31

Finance

Net revenues

2010-12-31

(2010 | 2011 | 2012Q3)

Profit/loss from operations

Finance (2012Q3)

2010-09-30

2010-01-04

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

30 2010-01-04

2010-07-05

28 27 26 25 24 23 22 21 20 19 18 17 16 15 14

Price performance:

2010-04-01

(8.13%); Aviva Investors Poland TFI SA (7.91%); PKO BP Bankowy OFE (5.5%); Kucharski Krzysztof (0.15%); Ochędzan Grzegorz (0.09%) Strategy: AB S.A. is one of the largest IT and consumer electronics distributors in the CEE region. AB S.A. is the largest distributor revenue-wise in the region of Poland, the Czech Republic and Slovakia. AB is also one of the longest-standing IT distributors in Poland, with its roots dating back to 1990. Price performance:

www.magellan.pl

Market value: 280,102,000 WSE listing date: 2007-10-01 Shareholders: Kawalec Krzysztof (1.1%); Kielichowski

Urban (0.1%); Magellan SA (0.41%); Grabowicz Grzegorz (0.69%); Polish Enterprise Fund IV LP (67.73%); PKO TFI SA (7.15%); PZU Asset Management SA (5.05%) Strategy: Magellan is a leader on the market of financial services in the health protection sector. A leading partner to hospitals providing them with financing for their current activities and to suppliers of medical products and services.

Net revenues

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities

-160,463 -209,235 -54,884

Net cash flows from investing activities

-638 -2 20

Net cash flows from financing activities

160,222 216,148 51,835

495,178 734,730 884,678

343,968 555,232 677,737

124,095 201,641 265,260

219,873 353,591 412477

151,210 179,498 206,941

Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

1,954 1,954 1,954

Number of shares (in thousands)

6,514.00 6,514.00

Book value per share

6,514

23.21 27.56 31.77

3.62 4.68 1.43

Earnings/loss per share

DilutedNumber of shares (in thousands)

6,514.09 6,514.09 6,514.09

Diluted book value per share

23.21 27.56 31.77

3.62 4.68 1.43

Diluted earnings/loss per share

President: Kawalec Krzysztof Board: Kielichowski Urban; Kawalec Krzysztof;

Kołodziejski Marek; Krupa Piotr; Wójtowicz Marek; Grabowicz Grzegorz; Owczarek Jacek; Król Sebastian; Burnos Krzysztof; Żbikowski Karol; Prończuk Dariusz Auditors: Deloitte Audyt sp. z o.o. Address: Al. Marszałka Józefa Piłsudskiego 76, 90-330 Łódź T: +48 42 2723100; F: +48 42 2723101 magellan@magellan.pl KRS: 0000263422

Wielton SA WLT

www.wielton.com.pl

Market value: 259,008,750 WSE listing date: 2007-11-28 Shareholders: Szataniak Paweł (6.67%); Prozner Jakub

(16%); Ipopema TFI SA (37.62%); Śniatała Tomasz (0.05%); Szczepek, Jarosław Andrzej (0.04%); Szataniak Mariusz (6.67%); Tylkowski Łukasz (10.76%); Golec Mariusz (0.13%); Masłowski Włodzimierz (0.14%) Strategy: Wielton is Poland’s biggest semi-trailers and trailers producer, and one of the 10 leading producers in Europe. Its customers consist of Polish transportation, construction, production, agriculture and distribution companies, also foreign vehicle and semi-trailers dealers, especially from: Russia, Ukraine, Lithuania, Latvia, Czech Republic, Bulgaria, Romania and European Union e.g. Italy.

Winter–Spring 2013

EquitiesPoland Price performance:

Price performance:

3.5 3 2.5

2 1.5

-5,429 18,721 7,318

-5,817 11,633 6,989

-8,804 10,368 5,567

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

-23 -23 –

Net cash flows from operating activities

20,590 22,096

–

-6,432 -11,481

–

-14,187 -10,306

–

319,142 381,451 398,956

176,881 229,038 239,086

46,960 41,801 56,765

129,921 187,237 182321

142,261 152,413 159,870

12,075 12,075 12,075

Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

60,375.00 60,375.00

Book value per share

60,375

2.36 2.52 2.65

Earnings/loss per share

-0.15 0.17 0.09 President: Szczepek, Jarosław Andrzej Board: Golec Mariusz; Podsiadło Andrzej; Kamiński Piotr; Tylkowski Krzysztof; Szataniak Mariusz; Półgrabia Krzysztof; Prozner Ryszard; Szataniak Paweł; Szczepek, Jarosław Andrzej; Masłowski Włodzimierz; Śniatała Tomasz Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka komandytowa Address: ul. Baranowskiego 10A, 98-300 Wieluń T: +48 43 8434510; F: +48 43 8431273 info@wielton.com.pl KRS: 0000225220

Energoinstal SA ENI

www.energoinstal.pl

Market value: 258,120,000 WSE listing date: 2007-09-25 Shareholders: Więcek Jarosław (7.54%); Amplico PTE

SA (5.99%); Więcek Michał (7.51%); Więcek Stanisław (56.8%) Strategy: Energoinstal is the only such firm in Poland and one of five manufacturers of finned tubes in Europe - basic elements of heat recovery steam generators and heat exchangers. Finned tubes are used in the largest heat recovery steam generators in Europe. The EU is the largest market, with the German market the most important. Many years of cooperation with Standardkessel Lentjes, a known European producer of industrial and energy boilers has enable Energoinstal to achieve a high technical level in construction of pressure parts of boilers and auxiliary equipment. Further specialisation in the production and installation of one/two/ three-pressure heat recovery steam generators.

2012-11-22

2012-08-23

2012-05-24

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

Finance (2012Q2)

185,987 247,203 99,388

182,814

-9,856 13,886 7,131

-9,359 13,515 5,178

-8,659 10,585 3,026

-4,179 -4,179 19,147

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities

6,084

Net cash flows from investing activities

143 24,448

-16,769 -4,145 -476

Net cash flows from financing activities

6,506

Total assets

769 -4,825

208,334 263,739 240,716

92,226 137,172 107,196

18,753 18,149 18,149

73,473 119,023 89047

110,411 120,873 126,700

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

1,800 1,800 1,800

Number of shares (in thousands)

18,000.00 18,000.00

Book value per share

18,000

6.13 6.72 7.04

-0.48 0.59 0.17

Earnings/loss per share

DilutedNumber of shares (in thousands)

18,000.00 18,000.00 18,000.00

Diluted book value per share

6.13 6.72 7.04

-0.48 0.59 0.17

Diluted earnings/loss per share

President: Więcek Michał Board: Kowalski Andrzej; Komarnicki Władysław;

Więcek Stanisław; Olszewski Artur; Więcek Michał; Więcek Jarosław; Kawalski Henryk Auditors: Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o. Address: Al. Roździeńskiego 188 d, 40-203 Katowice T: +48 32 7357200; F: +48 32 7357257 energoinstal@energoinstal.pl KRS: 0000048929

Work Service SA WSE

www.workservice.pl

Market value: 244,077,120 WSE listing date: 2012-04-01 Shareholders: HMS Best Management Idea LTI sp.

z o.o. SKA, Wrocław (15.96%); Supernova IDM Fund SA (7.27%); ProLogics (UK) LLP (39.19%); Rochman Dariusz (0.3%); Ambrozowicz Piotr (0.2%) Strategy: The biggest player on the Polish HR services market, which also conducts its business in five other CEE countries: Czech Republic, Slovakia, Russia, Germany and Ukraine. Work Service evolved from delivering temporary workers to providing modern employee outsourcing models for the largest production companies.

Net revenues

Profit/loss from operations

8,416 Profit/loss before tax

4,840 Profit/loss

3,424 Net cash flows

-21,482 Net cash flows from operating activities

-25,491 Net cash flows from investing activities

-38,707 Net cash flows from financing activities

42,716 Total assets

343,240 Liabilities and provisions for liabilities

232,724 Long term liabilities

79,516 Short term liabilities

153208 Equity

101,612 The Share Capital

4,795 Number of shares (in thousands)

48,428 Book value per share

2.10 Earnings/loss per share

0.07 President: Hanczarek Tomasz Board: Kamin Everett; Christodoulou, Paul Andrew; Grzybowski Wojciech; Kukowski Piotr; Sofianos Panagiotis; Ignasiak Arkadiusz; Knights Robert; Ambrozowicz Piotr; Rochman Dariusz; Hanczarek Tomasz; Misiak Tomasz; Skrobowski, Wiesław Jerzy Auditors: BDO sp. z o.o. Address: ul. Ruska 51, 50-079 Wrocław T: +48 71 3710900; F: +48 71 3710938 work@workservice.pl KRS: 0000083941

Zakłady Mięsne Henryk Kania SA KAN

www.zmkania.pl

Market value: 229,084,890 WSE listing date: 2008-12-01 Shareholders: Delmairena Ltd. (11.4%); Matuszek

Andrzej (0.21%); Malirz Dariusz (0.18%); Kania Henryk (65.98%); Winbay Management Ltd. (7.82%) Strategy: Produces and sells meat-based food products, with substantial export sales. Price performance: 2.5 2 1.5 1 0.5 0 2012-09-27

261,793 496,045 156,164

(2010 | 2011 | 2012Q3)

Net revenues

2012-06-29

2011-07-04

Finance

2011-03-31

(2010 | 2011 | 2012Q3)

2010-12-31

2012-07-04

2012-03-30

2012-01-02

2010-01-04

Net revenues

2012-10-02

Finance

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

1 0.5 0

2010-09-30

5 4.5 4

2010-07-05

2010-04-01

5.5

2012-03-27

Price performance:

Winter–Spring 2013

EquitiesPoland

5,866 -26,283 1,731

Profit/loss Net cash flows

-995 -995

Net cash flows from operating activities

3,830 1,214

Net cash flows from investing activities

-6,195 -3,686

Net cash flows from financing activities

2,998 2,317

Total assets

– – – –

28,161 20,731 348,639

5,836 7,803 216,623

1,595

4,241 7,089 114926

22,325 12,928 132,016

Net cash flows from investing activities

-5,425,140 Net cash flows from financing activities

5,158,790 Total assets

17,473,698 Liabilities and provisions for liabilities

13,482,994 Long term liabilities

7,589,229 Short term liabilities

5,893,765 Equity

Liabilities and provisions for liabilities

3,996,178

Long term liabilities

Short term liabilities

714 101,697

The Share Capital

24,000

Number of shares (in thousands)

24,000.00 Book value per share

166.51

60.25

Number of shares (in thousands)

–

Book value per share

–

Earnings/loss per share

–

DilutedNumber of shares (in thousands)

– Board: Bakacsi Gyula; Pataki, George Elemer; Veress József; Soós Csaba; Molnos Daniel; Krawczyk, Jacek Piotr; Teleki, Maximilian N.; Kazár András

Equity

The Share Capital

738 738 6,259

14,756.00 14,756.00 125,183

1.51 0.88 1.06

0.40 -1.78 0.01

14,756.23 14,756.23 125,183.38

Diluted book value per share

1.51 0.88 1.06

Diluted earnings/loss per share

0.40 -1.78 0.01 President: Kania Henryk Board: Sobków Paweł; Parzonka Jacek; Malirz Dariusz; Wasielewski Błażej; Minczanowski Grzegorz; Matuszek Andrzej; Kania Henryk Auditors: Europejskie Centrum Audytu sp. z o.o., Kraków Address: ul. Korczaka 5, 43-200 Pszczyna T: +48 32 2103247; F: +48 32 2104834 biuro@zmkania.pl KRS: 0000053415

e-Star Alternative Plc EST

Market value: 224,664,000 WSE listing date: 2011-03-22 Shareholders: OTP Founds (10.84%); Soós Csaba

(24.33%); Aegon Magyarorszag Befektetesi Alapkezelo Zrt. (5.32%); Utilico Emerging Markets Ltd. (5.41%); Laszlo, Jozsef Makra (10.18%) Strategy: E-Star Alternative Plc. (formerly RFV Plc) is an alternative energy company specialising in the implementation of self-financed, technology-independent and supplier-independent complex energy efficiency-improvement projects, based on the optimal combination of fossil and renewable energy sources. The firm was established by two Hungarian private investors, Csaba Soós and József Makra, in 2000. Price performance: 200

Earnings/loss per share

DilutedNumber of shares (in thousands) Diluted book value per share

Diluted earnings/loss per share

Declared or paid dividend per share

AC SA ACG

www.ac.com.pl

Market value: 222,145,500 WSE listing date: 2011-08-11 Shareholders: Rutkowska Katarzyna (0.7%); BOS In-

vestments S.a.r.l. (32.41%); BOS Investments Laskowski Piotr i wspólnicy s.k. (42.8%); ING OFE (5.39%); Timoszuk Anatol (0.11%) Strategy: AC SA is a Polish leader and also an important world manufacturer of automotive LPG/CNG systems under STAG brand. AC SA has been operating on the Polish automotive market for more than 25 years and currently is the largest company in the segment of gas installations in Poland. According to its own estimates, AC SA has more than 50% share of the Polish market. The products offered by AC SA are delivered to more than 30 countries all over the world. In 2011, sales to foreign contractors represented 63% of the total income of AC SA. The key foreign clients of AC SA include Germany, Russia, Ukraine, Turkey, and Thailand. Price performance:

2012-09-21

2012-06-25

2012-03-21

2011-12-21

2011-09-21

2011-06-22

2011-03-22

1,727,227

Number of shares (in thousands)

9,453 Book value per share

8.71 Earnings/loss per share

0.73 Declared or paid dividend per share

2.38 President: Rutkowska Katarzyna Board: Mierzejewski, Zenon Andrzej; Laskowski Piotr; Krysztofiak Tomasz; Laskowski, Artur Jarosław; Timoszuk Anatol; Rutkowska Katarzyna Auditors: Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o. Address: ul. 27 Lipca 64, 15-182 Białystok T: +48 85 7438100; F: +48 85 6538649 info@ac.com.pl KRS: 0000294978

Ronson Europe N.V. RON

www.ronson.pl

Market value: 217,888,000 WSE listing date: 2007-11-05 Shareholders: ITR Dori BV (64.21%); Amplico OFE

(5.5%); ING OFE (8.45%); GE Real Estate CE Residential BV (15.34%) Strategy: Residential real estate developer operating in most larger Polish cities Price performance: 2.5 2 1.5 1 0.5 0

33,122

35,105 5,431 -2,132

35,091 6,826 -1,610

36,844 36,844

Profit/loss before tax Profit/loss Net cash flows

824 -2,336

Net cash flows from operating activities

112,335 -14,897

Net cash flows from investing activities 2012-11-12

2012-08-13

2012-05-15

2012-02-10

2011-11-10

Profit/loss from operations

Profit/loss before tax

2,363

36,109

2,091,100

The Share Capital

Profit/loss from operations

82,345

241,265 96,674 31,054

Net revenues

7,895,392

Equity

Profit/loss from operations

Finance (2012Q3)

Net revenues

9809

Finance (2010)

Short term liabilities

2011-08-11

100

4,819

(2010 | 2011 | 2012Q3)

125

Long term liabilities

Net revenues

150

28,419

Finance

175

Liabilities and provisions for liabilities

2012-10-02

7,787 -31,023 1,963

110,764

2012-07-04

Net cash flows from operating activities

2012-03-30

1,432,762

-940 -1,065 4,849

Total assets

2012-01-02

Profit/loss before tax

1,166,412 1,166,412

2011-09-30

2011-07-04

Profit/loss from operations

-18,263

2011-03-31

Net cash flows

2010-12-31

1,446,024

2010-09-30

24,212 4,233 104,814

2010-07-05

2010-04-01

(2010 | 2011 | 2012Q3)

Net revenues

Net cash flows from financing activities

2010-01-04

Finance

Profit/loss

6,694 Profit/loss before tax

8,728 Profit/loss

6,940 Net cash flows

4,556 Net cash flows from operating activities

4,165 Net cash flows from investing activities

18,654

– –

-8,657 -9,044

–

-66,834 23,675

–

675,030 765,961 841,871

257,653 337,504 413,384

58,576 120,345 134,032

199,077 217,159 279352

417,377 424,203 424,502

20,762 20,762 20,762

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

272,360.00 272,360.00

Book value per share

272,360

1.53 1.56 1.56

Winter–Spring 2013

EquitiesPoland

Earnings/loss per share

0.13 0.03 -0.01

President: Weisman Shraga Board: Łapiński Tomasz; Roseen Frank; Sharoni

Reuven; Kowalczyk Przemysław; Mientkavich Ari; Segall Mark; Shilhav Yair; Pilniewicz Karol; Greidinger Israel; Ashkenazi Ronen; Gutowski Andrzej; Weisman Shraga Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: Weena 210-212, 3012NJ Rotterdam, Holandia T: +48 22 8239798; F: +48 22 8239799 info@ronson.pl KRS: 0024416758

80 20

70 60

Net revenues

2012-10-02

2012-07-04

2012-03-30

2012-01-02

(2010 | 2011 | 2012Q3)

215,351 294,490 65,265

27,329 72,508 7,947

13,460 60,939 6,480

10,231 49,349 5,144

-17,455 -17,455 -15,233

110,220 147,609 31,995

-81,946 -48,715 -18,779

-45,729 -83,503 -28,449

511,769 507,741 466,844

243,615 203,111 161,171

144,611 94,430 61,546

99,004 108,681 99625

268,154 304,630 305,673

10,511 10,511 10,511

Profit/loss before tax Profit/loss

Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities 2012-10-18

2012-07-20

2012-04-19

Finance (2012Q2) Net revenues

32,692 Profit/loss from operations

6,562 Profit/loss before tax

6,598 Profit/loss

5,250 Net cash flows

-3,838 Net cash flows from operating activities

-2,886 Net cash flows from investing activities

-906 Net cash flows from financing activities

-46 Total assets

149,641 Liabilities and provisions for liabilities

10,180 Long term liabilities

1,612 Short term liabilities

8568 Equity

139,461 The Share Capital

Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

5,256.00 5,256.00

Book value per share

5,256

51.02 57.96 58.16

1.95 9.39 0.98

Earnings/loss per share

President: Kozłowski Andrzej Board: Esperesate Gutierrez, Felix; Alwasiak Ra-

fał; Ugarte, Lourdes Urzelai; Orzełowski Krzysztof; Kozłowski Andrzej; Ayastuy, Aitor Ayastuy; Escudero, Ernesto Julian Maestre; Odriozola, Ander Ollo; Sterczyński Andrzej; Aguirre, Jose Ramon Anduaga; Lasa, Jose Irizar Auditors: KPMG Audyt Sp. z o.o. Sp.k. Address: ul. Klasyków 10, 03-115 Warszawa T: +48 22 5102300; F: +48 22 8143131 info@ulma-c.pl KRS: 0000055818

30,000

BEST SA

30,000

Market value: 204,750,000 WSE listing date: 1997-05-30 Shareholders: Borusowski Krzysztof (73.33%); Kucner

Number of shares (in thousands) Book value per share

4.65 Earnings/loss per share

0.18 President: Bogacki, Stanisław Antoni Board: Pyzio Maria; Pyzio Radosław; Bogacki, Stanisław Antoni; Nowak Paweł; Bartkowiak Robert; Samol Sebastian; Bogacki, Stanisław Wojciech; Nowak Dymitr Auditors: PKF Audyt sp. z o.o. Address: ul. Torowa 11, 61-315 Poznań T: +48 61 8713020; F: +48 61 8713031 info@solar-company.com.pl KRS: 0000385070

ULM

BST

www.best.com.pl

Marek (13.33%); Best SA (11.11%) Strategy: BEST S.A. is one of the leading debt collection companies within the Polish financial services market and an expert in the field of charge-off debt services. The company recovers debt portfolios and offers debt recovery services, which are particularly suitable for large-scale operating banks, financial institutions and telecommunication companies, whereupon BEST S.A. presently services the biggest banks operating in Poland. The company has been one of the largest debt recovery companies listed on the Warsaw Stock Exchange since 1997.

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

Finance

(2010 | 2011 | 2012Q3)

22,462 55,150 12,772

1,254 31,992 6,057

2,497 28,899 5,225

1,996 23,068 4,085

1,014 1,014

–

2,602 10,716

–

Net revenues

Profit/loss from operations

2010-04-01

2010-01-04

Finance

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

30 2010-07-05

Veraques Ltd. (14.99%); Wakon Investments Ltd. (29.98%); Nowak Paweł (0.01%); ING OFE (9.66%); Bogacki, Stanisław Antoni Strategy: Retailer with leading brand SOLAR, targeting womens clothing segment. Price performance:

2010-04-01

www.solar-company.com.pl

Market value: 216,000,000 WSE listing date: 2012-04-01 Shareholders: Pyzio Maria; Stanmax Co Ltd. (14.99%);

ULMA Construccion Polska SA

SOLAR Company SA SOL

Price performance:

services and solutions for formwork, shoring and scaffolding to the construction sector. Price performance:

2010-01-04

Strategy: ULMA Construcción offers industrialized

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

-1,588 -41,346

–

Net cash flows from financing activities

– 36,620

28,350 101,839 123,506

3,765 50,246 57,261

1,210 31,423 25,480

2,555 18,823 31781

24,585 51,531 66,174

23,512 23,512 23,512

Total assets

–

Liabilities and provisions for liabilities Long term liabilities Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

5,850.00 5,850.00

Book value per share

5,850

4.20 8.81 11.31

0.34 3.94 0.70

Earnings/loss per share

President: Borusowski Krzysztof Board: Pawłowicz Leszek; Borusowski Krzysztof;

Krużewski Bartosz; Lachowski Sławomir; Rudziks Barbara; Kucner Marek; Borusowska Katarzyna; Holzapfel Bernd; Kucner Patrycja Auditors: Deloitte Audyt sp. z o.o. Address: ul. Morska 59, 81-323 Gdynia T: +48 58 7699299; F: +48 58 7699226 best@best.com.pl KRS: 0000017158

Warimpex Finanz & und Beteiligungs AG WXF

www.warimpex.com

Market value: 204,660,000 WSE listing date: 2007-01-29 Shareholders: Amber Privatstiftung (10.65%); Folian

Georg (14.13%); Jurkowitsch Franz (14.01%); Bocca Privatstiftung (10.59%); BPH TFI SA (5.09%); Aviva OFE (5.04%) Strategy: Warimpex Finanz- und Beteiligungs AG, Vienna, is a real estate development and investment company with special focus on hotel properties in Central and Eastern Europe. Among the leading players in the hotel and real estate sector, Warimpex develops and invests in projects in the Czech Republic, Poland, Hungary, Romania, France, Germany and Russia with a strategy to expand further in other CEE countries.

www.ulma-c.pl

Market value: 212,868,000 WSE listing date: 1997-05-21 Shareholders: Aviva OFE (9.83%); ULMA CyE S. Coop.

(75.48%)

Winter–Spring 2013

EquitiesPoland

Liabilities and provisions for liabilities

Profit/loss before tax

Long term liabilities

5,923 26,366 18,089

6,259 26,180 17,850

5,040 25,149 14,214

Profit/loss Net cash flows

-966 -966 -44

Net cash flows from operating activities

-1,671 -17,455 -6,118

Net cash flows from investing activities

-172 -1,860 1,651

877 16,668 4,423

Net cash flows from financing activities

324,994 335,702 339,481

240,489 243,268 251,753

84,505 92,434 87728

73,768 79,383 79,681

54,000 54,000 54,000

Long term liabilities

Short term liabilities

The Share Capital

Number of shares (in thousands)

54,000.00 54,000.00

Book value per share

54,000

1.37 1.47 1.48

Earnings/loss per share

-0.01 0.12

President: Jurkowitsch Franz Board: Jurkowitsch Franz; Folian Georg; Korp Günter;

–

Aistleitner Thomas; Fojtl Christian; Jurkowitsch Alexander; de Gelsey, William Henry Marie; Wengust Herald; Geyer Heinrich Address: Floridsdorfer Hauptstrasse 1, A-1210 Wiedeń T: +43 1 310 55 0; F: +43 1 310 55 0 office@warimpex.com

Powszechne Towarzystwo Inwestycyjne SA PTI

www.ptisa.pl

Market value: 194,880,000 WSE listing date: 2009-05-18 Shareholders: Krzysztof Zalewski (26.55%); Mostostal

Wrocław SA (10.34%); ZM Henryk Kania SA (6.89%); Jankowski Kamil (5.12%); Krzysztof Skrzypski (0.06%); Jakub Zalewski (3.79%) Strategy: Provides investment capital and advice to businesses in the MSP market segment. Price performance: 16

0.42 1.73 0.98

President: Jankowski Kamil Board: Jakub Zalewski; Jankowski Kamil; Miodusze-

wski, Andrzej Dariusz; Ziółkowski Jacek; Krzysztof Skrzypski; Maciej Karczewski Auditors: Europejskie Centrum Audytu sp. z o.o., Kraków Address: ul. Dąbrowskiego 49/13, 60-842 Poznań T: +48 61 8534274; F: +48 61 8534505 biuro@ptisa.pl KRS: 0000319603

Zetkama SA ZKA

50 45

6,409 -14,291 -11,552

1,484 -17,686 -12,756

6,325 6,325 -4,410

64,446 68,002 10,876

-21,192 -33,057 -1,145

-36,929 -33,197 -14,141

Profit/loss

Net cash flows

Net cash flows from operating activities

Net cash flows from investing activities

(2010 | 2011 | 2012Q3)

7,354 32,606 7,381

5,163 26,370 5,991

Profit/loss

Net cash flows

-1,820 -1,820

–

2,909 29,122

–

Net cash flows from operating activities 2012-09-03

2012-06-04

2012-03-01

2011-12-01

(2010 | 2011 | 2012Q3)

2011-09-01

28,722 24,377 6,241

2011-06-02

Profit/loss before tax

2011-03-02

Sołowow Michał (40.92%) Strategy: Barlinek SA jest liderem przemysłu podłóg drewnianych w Polsce oraz jednym z czołowych producentów w Europie i na świecie. Spółka eksportuje swoje produkty do ponad 30 krajów w Europie oraz Ameryce Północnej i Środkowej. Jego sztandarowym produktem jest deska barlinecka, okleiny naturalne oraz ekologiczne biopaliwo z odpadków drewna. Spółka ma trzy linie produkcyjne w Barlinku i tartak na Ukrainie. Price performance:

10,314 32,877 7,763

2010-12-01

www.barlinek.com.pl

Profit/loss before tax

BRK

Market value: 193,076,480 WSE listing date: 2005-09-22 Shareholders: Wrona, Roman Paweł; Janke Marek;

588,108 651,038 180,256

24,430 20,810 3,016

Barlinek SA

Profit/loss from operations

munt; Jurczyk Jan; Jurasz Leszek; Stamirowski Tomasz; Jurczyk Tomasz Auditors: BDO sp. z o.o. Address: ul. 3 Maja 12, 57-410 Ścinawka Średnia T: +48 74 8652100; F: +48 74 8652101 biuro.zarzadu@zetkama.com.pl KRS: 0000084847

196,422 239,169 71,786

Net revenues

1.05 5.38 1.22

President: Jurasz Leszek Board: Zawisza Michał; Kożuch Jerzy; Mrożek Zyg-

Net revenues

Profit/loss from operations

(2010 | 2011 | 2012Q3)

Finance

16.72 21.74 25.18

Earnings/loss per share

www.zetkama.com.pl

(2.17%); Kożuch Jerzy (1.13%); Avallon MBO SA, Łódź (15.65%); Jurczyk Tomasz (10.33%); Jurczyk Maciej (10.33%); Jurczyk Jan (9.13%); Mrożek Zygmunt (7.97%); Generali OFE (7.63%); Jurczyk Jakub (6.48%) Strategy: The company is a manufacturer of industrial valves and cast iron (pressure and mixed), produced for the production of valves and pumps. Also manufactures screws and connecting parts. Price performance:

Net revenues

4,904

Market value: 194,688,800 WSE listing date: 2005-03-04 Shareholders: ING OFE (5.85%); Jurasz Leszek

Finance

4,904.00 4,904.00

Book value per share

2012-10-02

394,806 412,285 416,812

Liabilities and provisions for liabilities

Earnings/loss per share

2012-07-04

2.06 4.87 6.05

981 981 981

Number of shares (in thousands)

2012-03-30

-5,496 -6,605 -4,800

2012-01-02

Net cash flows from financing activities

14,500

81,971 106,590 123,498

The Share Capital

2011-09-30

-1,009 -1,523 -539

12,000.00 14,500.00

Book value per share

2011-07-04

Net cash flows from investing activities

2012-10-02

6,496 8,211 4,429

12,000 14,500 14,500

Number of shares (in thousands)

2012-07-04

2012-03-30

Net cash flows from operating activities

24,659 70,659 87,748

The Share Capital

2012-01-02

-9 -9 -910

2011-09-30

-529 6,479 -220

269 9,835 2992

2011-07-04

Equity

2011-03-31

-3,036 7,078 725

2010-12-31

Short term liabilities

2010-09-30

14,666 9,663 4,396

Profit/loss before tax

Equity

5,501 13,247 27,447

2010-07-05

Profit/loss from operations

Total assets

2010-04-01

58,389 64,925 19,408

5,770 23,082 30,439

Long term liabilities

2010-01-04

Net cash flows

52,917 60,082 73873

Equity

2011-03-31

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

(2010 | 2011 | 2012Q2)

Profit/loss

30,429 97,503 122,077

Liabilities and provisions for liabilities

Finance

Net revenues

2010-12-31

Total assets

32,217 45,728 34,188

Short term liabilities

2010-09-30

2010-07-05

85,134 105,810 108,061

2010-04-01

2010-01-04

Price performance:

Profit/loss from operations

Net cash flows from investing activities

-5,286 -26,058

Net cash flows from financing activities

Total assets

557 8,929

– –

171,737 214,022 233,334

Net cash flows from financing activities Total assets

1,000,494 1,083,874 1,019,399

Liabilities and provisions for liabilities

659,958 733,244 626,580

251,739 205,918 158,933

408,219 527,326 467647

340,536 350,630 392,819

145,170 145,170 254,048

Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

145,170.00 145,170.00

Book value per share

254,048

2.35 2.42 1.55

0.01 -0.12 -0.05

Earnings/loss per share

President: Wrona, Roman Paweł

Winter–Spring 2013

EquitiesPoland

Finance

Net revenues

(2010 | 2011 | 2012Q3)

146,486 173,926 36,677

25,740 29,687 4,336

24,546 26,414 3,130

20,176 21,172 2,500

-9,320 -9,320 2,962

3,079 29,272 2,492

Profit/loss before tax

Profit/loss

Net cash flows

Finance

Net revenues

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

(2010 | 2011 | 2012Q3)

346,346 538,958 150,178

15,703 45,603 11,736

16,919 34,890 11,104

15,881 26,568 7,851

8,387 8,387 9,057

25,373 44,509 27,448

-59,328 -18,601 -6,190

42,342 -28,405 -12,201

457,563 486,896 665,614

284,821 283,704 313,143

136,735 106,830 134,579

148,086 176,874 178564

159,904 188,362 299,362

22,289 23,089 36,289

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

8,100.00 8,100.00 15,100

Book value per share

19.74 23.26 19.83

1.96 3.28 0.52

Earnings/loss per share

President: Mzyk Daniel Board: Spaczyński Piotr; Bielecka Zofia; Kubica Grze-

gorz; Ditrych Robert; Wójcik Tomasz; Mzyk, Edmund Zygmunt; Mzyk Daniel Auditors: Deloitte Audyt sp. z o.o. Address: ul. Żurawia 45, 00-680 Warszawa T: +48 22 8468576; F: +48 22 8468577 paged@paged.pl KRS: 0000015401

P.A. Nova SA NVA

www.pa-nova.com.pl

Market value: 188,700,000 WSE listing date: 2007-07-20 Shareholders: PA Nova SA (0.17%); Kamiński Sławom-

ir (0.02%); Biel Jerzy (0.01%); Wolański Miłosz; Broda Jarosław (0.55%); Żur Przemysław (0.67%); Jurek-Lessaer Katarzyna (2.76%); Bobkowski Grzegorz (4.45%); Bobkowski Maciej (5.35%); Lessaer Stanisław (6.37%); Amplico OFE (7.1%); Bobkowska Ewa (8.39%); Aviva

Net cash flows from operating activities Net cash flows from investing activities

-100,860 -80,318 -43,634

Net cash flows from financing activities

88,461 40,803 44,104

391,732 400,350 535,238

155,853 150,346 275,434

91,874 101,481 175,381

53,447 40,177 90693

235,879 250,004 259,804

Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

8,000 10,000 10,000

Number of shares (in thousands)

8,000.00 10,000.00

Book value per share

10,000

29.49 25.00 25.98

2.52 2.12 0.25

Earnings/loss per share

President: Bobkowska Ewa Board: Wolański Miłosz; Lessaer Stanisław; Żur Prze-

mysław; Broda Jarosław; Iwaniec Leszek; Bobkowski Grzegorz; Jurek-Lessaer Katarzyna; Biel Jerzy; Bednarski Robert; Kamiński Sławomir; Bobkowska Ewa Auditors: MW Rafin Marian Wcisło SK Address: ul. Górnych Wałów 42, 44-100 Gliwice T: +48 32 4004100; F: +48 32 4004110 pa-nova@pa-nova.com.pl KRS: 0000272669

Toya SA TOA

189,136 210,308 50,485

28,642 35,207 6,138

25,518 31,253 5,354

17,682 25,627 4,254

Profit/loss from operations

(2010 | 2011 | 2012Q3)

Net revenues

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

Finance

2012-09-11

2012-06-13

2011-09-09

2011-03-31

2010-12-31

0.5

2010-09-30

Edmund Zygmunt (13.29%); Ditrych Robert (0.12%); CI Consulting sp. z o.o. SKA (6.96%); Yawal SA (11.11%) Strategy: Design, production, and distribution of wood-based furniture. Price performance:

2010-07-05

Market value: 191,468,000 WSE listing date: 1996-10-10 Shareholders: Lasy Państwowe PP (15.61%); Mzyk,

2.5

2010-04-01

www.paged.pl

1.5

2010-01-04

PGD

3.5

35 30

PAGED SA

Price performance:

2012-03-09

Mariusz; Kwapisz Krzysztof; Miroński Grzegorz; Oskard Robert; Janke Marek; Wrona, Roman Paweł Auditors: Doradca Zespół Doradców Finansowo-Księgowych sp. z o.o. Grupa Finans-Serwis, Lublin Address: Al. Solidarności 36, 25-323 Kielce T: +48 41 3331111; F: +48 41 3330000 biuro@barlinek.com.pl KRS: 0000018891

Investors Poland SA (8.93%); Budoprojekt sp. z o.o., Gliwice (24.35%) Strategy: P.A. NOVA is a general contractor, offering services in real estate development, construction, architectural urban planning and information systems. Price performance:

2011-12-09

Board: Waniołka Mariusz; Bartosz Wioleta; Gromek

www.toya.pl

Market value: 187,282,860 WSE listing date: 2011-08-12 Shareholders: Wojciechowski Piotr (6.72%); Generali

OFE (6.38%); Mondalski Piotr; Szmidt Jan (37.45%); Koprowski Tomasz (19.46%); Szałagan Romuald (14.54%) Strategy: One of the leading producers and distributors of power tools and hand tools.

Profit/loss before tax Profit/loss Net cash flows

290 290 –

Net cash flows from operating activities

6,566 7,142

–

Net cash flows from investing activities

-1,758 -2,844

–

11,595 -2,858

–

Net cash flows from financing activities Total assets

212,670 160,243 162,146

131,762 74,634 60,681

Liabilities and provisions for liabilities Long term liabilities

11,638 261 146

Short term liabilities

120,124 74,373 60535

80,908 85,609 101,465

Equity

The Share Capital

6,557 7,484 7,502

Number of shares (in thousands)

65,574.00 74,837.00

Book value per share

75,214

1.23 1.14 1.35

0.27 0.34 0.06

Earnings/loss per share

President: Pinkosz Grzegorz Board: Maciąg Grzegorz; Mondalski Piotr; Pinkosz

Grzegorz; Szałagan Romuald; Hajek Dariusz; Wojciechowski Piotr; Koprowski Tomasz; Górka Dariusz; Szmidt Jan Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. Sołtysowicka 13-15, 51-168 Wrocław T: +48 71 3246200; F: +48 71 3246216 ir@toya.pl KRS: 0000066712

Erbud SA ERB

www.erbud.pl

Market value: 183,831,000 WSE listing date: 2007-05-11 Shareholders: Zubelewicz, Józef Adam (1.97%); Wolff

& Mueller Holding GmbH &Co. KG (32.84%); Juladal Investments Ltd., Nikozja (22.28%); ING OFE (10.04%); Aviva OFE (9.35%); Grzeszczak Dariusz (5.93%) Strategy: The ERBUD Group currently consists of the following companies: ERBUD International Sp. z o. o. dealing with export of construction services, production, innovation and implementation activity, marketing, brokering and commissioning, also in the area of foreign trade (export/import) – in the field of building, transport and engineering. GWI Bauunternehmung GmbH – execution of general building, bricklaying and other fit out works, as well as sale of construction materials. ERSTEEL Sp. z o. o. operating in the segment of steel structures. The company also manufactures structural steel elements and joinery for industrial, commercial, public utility and residential projects. BUDLEX S.A., a developer operating for 25 years on the markets of Toruń and Bydgoszcz. Przedsiębiorstwo Budownictwa Drogowo-Inżynieryjnego S.A, a road-engineering company. ERBUD ENERGETYKA Sp. z o. o. specializes in building of structures and facilities for the power industry.

Winter–Spring 2013

EquitiesPoland (2010 | 2011 | 2012Q2)

Net cash flows from operating activities

Finance

340,618 177,162 31,932

Net cash flows from investing activities

50,966 39,945 -16,283

230,818 -47,108 -8,420

233,410 -53,257 -9,836

Net revenues

-2,540

Profit/loss before tax

35,369

Profit/loss

463,570

Net cash flows

Net cash flows from operating activities

-4,131 -4,131

–

130,764 39,460

–

45,757 99,764

–

Net cash flows from investing activities

Finance

Net revenues

Net cash flows from financing activities

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Total assets

(2010 | 2011 | 2012Q3) 1,103,907 1,527,832 362,368

-180,652 -153,284

–

1,902,305 1,702,373 1,622,360

1,546,336 1,427,174 1,277,941

303,056 263,195 334,470

-25,318 -25,318 23,304

23,558 -66,781 14,675

Number of shares (in thousands)

14,054.00 17,054.00

Book value per share

17,054

Net cash flows from operating activities

21.56 15.43 19.61

Net cash flows from investing activities

16.61 -3.12 -0.58

-44,301 1,430 1,094

-4,575 79,413 7,535

623,886 774,762 890,704

375,306 544,315 648,107

53,904 108,668 103,517

321,402 435,647 544590

239,199 220,464 232,058

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

1,260 1,264 1,264

Number of shares (in thousands)

12,603.00 12,644.00

Book value per share

12,678

18.98 17.44 18.30

Earnings/loss per share

0.96 -1.61 0.33 Board: Otto Michał; Dzik Zofia; Wysokiński Lech; Główka Gabriel; Zubelewicz, Józef Adam; Dürr Albert; Grzeszczak Dariusz; Olszyński Józef; Berner Udo Auditors: TPA Horwath Horodło Audit sp. z o.o. Address: ul. Puławska 300A, 02-819 Warszawa T: +48 22 5487000; F: +48 22 5487002 info@erbud.pl KRS: 0000268667

Orco Property Group SA OPG

www.orcogroup.com

Market value: 182,477,800 WSE listing date: 2007-06-21 Shareholders: MTone Ltd. (9.8%); Vobruba Ales; Orco

Property Group SA (0.02%); Ott Jean-François (0.03%); Tommasini Nicolas (0.07%); Morgan Stanley Real Estate Investing (5.64%); August Finance Fund SPC (6.82%); Maple Leaf Macro Volatility Master Fund (7%) Strategy: Real estate developer focused on 4 major cities in CEE: Berlin, Prague, Warsaw and Budapest. Residential developments include Zlota 44 in Warsaw and Vaci 1 in Budapest. Also owns hotels, and provides asset management services. In November 2012, Czech investors bought up more than 20% of shares. Price performance: 40

Earnings/loss per share

President: Ott Jean-François Board: Vobruba Ales; Lahyani Gabriel; Ummels David;

Tommasini Nicolas; Kettlitz Christian; Colasa Benjamin; Ott Jean-François; Zdenkova Petra; Villeneuve Julien; Riboton Philippe; Jaksic Ogi; Désiront Yves; Taylor Brad; Bonnafont Jacques Address: 42, rue de la Vallée, L-2661 Luxembourg T: +352 2647671; F: +352 26476767 contact@orcogroup.com

AMB

www.ambra.com.pl

Market value: 178,465,560 WSE listing date: 2005-06-22 Shareholders: Reh, Nick Gunther (0.57%); Seiler, Wil-

helm Max Ludwig (0.01%); Kaźmierczak Piotr (0.24%); Dziarski Piotr (0.44%); Ogór, Robert Piotr (0.75%); Aviva OFE (7.6%); Sektkellerei Schloss-Wachenheim AG (61.12%) Strategy: The AMBRA Group is a leading producer, importer and distributor of wines in the Central and Eastern Europe. It is present in the markets of Poland, the Czech Republic, Slovakia and Romania. The main sources of revenue include AMBRA Group’s brands of sparkling wines, vermouths and alcohol free beverages for children. The most famous ones include Dorato, Cin&Cin, Fresco and Piccolo, which are the leaders in their respective market segments. Nearly 40% of revenue is made up by the growing segment of wines imported from the most renowned manufacturers of France, Italy, Spain, Bulgaria, Chile and Australia. Over two thirds of revenue is earned in Poland. Price performance: 12

25,207 Number of shares (in thousands) Book value per share

Earnings/loss per share

DilutedNumber of shares (in thousands) Diluted book value per share

8.22 Diluted earnings/loss per share

0.06 President: Ogór, Robert Piotr Board: Konieczny, Rafał Dominik; Gloden Oliver; Meier Andreas; Seiler, Wilhelm Max Ludwig; Szlendak Jarosław; Ogór, Robert Piotr; Kaźmierczak Piotr; Nowak, Grzegorz Stanisław; Reh, Nick Gunther Auditors: Mazars & Guerard Audyt sp. z o.o., Warszawa Address: ul. Puławska 336, 02-819 Warszawa T: +48 22 5663300; F: +48 22 5663303 warszawa@ambra.com.pl KRS: 0000041726

Polska Grupa Odlewnicza SA

www.pgo-sa.com.pl

Market value: 178,155,000 WSE listing date: 2011-10-10 Shareholders: Aviva OFE (5.41%); Zawiszowska Beata

(0.06%); TDJ SA (67%); ING OFE (6.53%); Domogała Tomasz (5.68%); Domogała Jacek (0.64%) Strategy: One of Poland's largest manufacturers of iron alloy castings, mainly cast iron and steel castings. Price performance: 2.5 2 1.5 1 0.5 0

Finance

Net revenues

(2010 | 2011 | 2012Q3) 172,344 255,366 59,250

Profit/loss from operations

7,552 30,032 5,354

7,014 24,798 5,489

4,827 20,067 4,394

Profit/loss before tax Profit/loss

Net cash flows 2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

The Share Capital

PGO

Ambra SA

207,227

25,206.64

Equity

Profit/loss Net cash flows

175174

0.06

643,256 917,735 704557

12,094 -20,358 4,122

Short term liabilities

54,790

8.22

Profit/loss before tax

18,988 -21,003 5,722

Long term liabilities

903,080 509,439 573,384

229,964

25,207

20,872 -12,261 9,359

Liabilities and provisions for liabilities

Profit/loss from operations

Total assets

2012-10-10

Net cash flows from financing activities

2012-07-12

Profit/loss from operations

2012-04-11

-32,080

2012-01-11

2011-10-10

Price performance:

Finance (2012Q3)

-4,124 -4,124

–

4,953 23,707

–

-6,022 1,821

–

-3,055 -19,533

–

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities

Net revenues

Profit/loss from operations

226,829 236,491 234,573

Profit/loss before tax

105,907 91,966 70,243

Profit/loss

56,727 30,007 29,589

Net cash flows

49,180 61,959 40654

80,006

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

1,623

2010-09-30

0 2010-07-05

3,769 2010-04-01

5 2010-01-04

5,337

749

Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities

Winter–Spring 2013

EquitiesPoland

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

59,780 69,311 23,280

12,035 16,367 6,200

12,437 14,295 6,390

9,682 12,010 4,865

Profit/loss before tax Profit/loss Net cash flows

-1,014 -1,014

10,305 12,906 7,065

-11,633 -13,118 -3,059

Net cash flows from operating activities

793

Net cash flows from investing activities

Net cash flows from financing activities

314

Total assets

12 -3,213

87,853 106,532 117,404

6,499 12,083 13,630

1,038 817 808

5,461 11,266 12822

80,418 94,012 103,106

Liabilities and provisions for liabilities Long term liabilities Short term liabilities Equity

The Share Capital

2,548 2,570 2,570

Number of shares (in thousands)

12,739.00 12,849.00

2012-10-02

-37,429 -37,429

–

14,753 -22,199

–

-51,456 -57,292

–

(2010 | 2011 | 2012Q3)

274,091 363,573 114,104

-13,598 12,369 3,994

-16,424 5,315 -168

-9,900 3,946 -735 -839 -839 -5,234

-28,981 4,048 7,681

-5,209 -5,069 -2,007

33,351 30,207 -10,908

339,122 446,813 395,915

178,220 284,699 239,132

26,840 21,624 38,254

151,380 263,075 200878

160,902 162,114 156,783

75,839 75,839 75,839

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

24,543.00 24,543.00

Book value per share

-726 86,491

Total assets

Net cash flows from investing activities

Profit/loss from operations

24,090 17,774 15,433

Net cash flows from financing activities

2012-10-02

2012-07-04

2012-03-30

Net cash flows from operating activities

Net cash flows from investing activities

(2010 | 2011 | 2012Q3)

28,182 6,340 17,695

Net cash flows from operating activities

Net cash flows

Net revenues

Net cash flows

Profit/loss

Finance

31,820 5,201 24,811

Profit/loss

Profit/loss before tax

Profit/loss from operations

878,676 1,022,067 329,478

Profit/loss from operations

Net revenues

(2010 | 2011 | 2012Q3)

Finance 12

Finance

Net revenues

2012-01-02

2011-09-30

Żurawski (17.34%); Mirosław Dawidonis (14.78%); Janusz Szewczyk (12.8%); Piotr Zubkow (8.56%); Andrzej Kobiałka (8.41%); OFE PZU Złota Jesień (5.06%); Kozak Edmund Strategy: APLISENS Group is a leader among domestic providers and manufacturers of integrated solutions operating in the field of industrial measurement and control instrumentation and automatics. The company offers a wide range of high quality devices provided for pressure measurement, regulation and processing, applied in numerous industries, from power engineering to chemical, refinery, pharmaceutical or food industries. Aplisens distributes its products in Poland and abroad. Sales activities have been spread out across markets of high technological demands, comprising, mainly, EU countries and members of the Commonwealth of Independent States (incl. Russia, Belarus, Ukraine, Kazakhstan) and Asia. The Group’s manufacturing output has been supported by 5 manufacturing plants located in Poland, and one branch based in Belarus. Price performance:

2011-07-04

www.aplisens.pl

Market value: 176,031,300 WSE listing date: 2009-05-25 Shareholders: Mirosław Karczmarczyk (9.88%); Adam

(28.42%); HW Pietrzak Holding sp. z o.o., Boryszewo Nowe (32.99%) 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. Price performance:

2012-07-04

www.ferrum.com.pl

2011-03-31

APN

FER

Market value: 170,573,850 WSE listing date: 1997-06-27 Shareholders: Ferrum SA (5.64%); Bajor Sławomir

2010-12-31

Aplisens SA

Ferrum SA

24 22 20 18 16 14 12 10 8 6 4 2 0

2012-03-30

Czesław; Bendzera Mirosław; Jackowicz-Korczyńska Magdalena; Zawiszowska Beata Auditors: Deloitte Audyt sp. z o.o. Address: ul. Armii Krajowej 41, 40-698 Katowice T: +48 32 3596310; F: +48 32 3596354 pgo-sa@pgo-sa.com.pl KRS: 0000305325

2012-01-02

0.12 0.21 0.05

President: Bendzera Mirosław Board: Domogała Tomasz; Domogała Jacek; Kisiel

2011-09-30

Earnings/loss per share

Kozłowska Anna (0.01%); Domarecki Krzysztof (77.02%); Kozłowski Andrzej (0.57%) Strategy: Selena Group is a global manufacturer and distributor of a wide range of construction chemicals for professional contractors and home users. Selena distributes its products in more than 70 countries of the world. Price performance:

2011-07-04

2.90 1.50 1.71

www.selenafm.com

2011-03-31

SEL

Market value: 161,208,040 WSE listing date: 2008-04-18 Shareholders: Przełomski Kazimierz (0.04%);

2010-12-31

96,300

2010-09-30

41,760.00 96,300.00

Book value per share

2010-07-05

0.76 0.94 0.38 President: Adam Żurawski Board: Piotr Zubkow; Andrzej Kobiałka; Mirosław Karczmarczyk; Tuzimek Rafał; Kozak Edmund; Adam Żurawski Auditors: PKF Audyt sp. z o.o. Address: ul. Morelowa 7, 03-192 Warszawa T: +48 22 8140777; F: +48 22 8140778 aplisens@aplisens.pl KRS: 0000302835

2010-04-01

Number of shares (in thousands)

Selena FM SA

2010-09-30

41,760 96,300 96,300

6.31 7.32 8.02

Earnings/loss per share

2010-07-05

2010-04-01

120,922 144,525 164,330

The Share Capital

2010-01-04

Book value per share

2010-01-04

Equity

24,543

6.56 6.61 6.39

-0.40 0.16 -0.03

Earnings/loss per share

President: Szymczyk Grzegorz Board: Szymczyk Grzegorz; Marszałek Witold; Skrzyp-

czyk Lech; Chała Piotr; Leśnodorski Bogusław; Markowicz Bartłomiej; Zuzelski Jarosław; Pietrzak Sławomir; Kropka Marcin Auditors: MW Rafin Marian Wcisło SK Address: ul. Porcelanowa 11, 40-246 Katowice T: +48 32 2555842; F: +48 32 2554294 ferrum@ferrum.com.pl KRS: 0000063239

–

602,528 737,143 815,553

244,713 358,141 434,345

61,779 55,748 46,331

182,934 302,393 388014

357,092 378,274 380,665

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

1,136 1,136 1,142

Number of shares (in thousands)

22,724.00 22,724.00

Book value per share

22,834

15.71 16.65 16.67

1.06 0.78 0.68

Earnings/loss per share

President: Michniuk Jarosław Board: Pawłowska Beata; Michniuk Jarosław; Przełom-

ski Kazimierz; Domarecki Krzysztof; Krämer Andrzej; Wyrzykowski Paweł; Kostrzyński Grzegorz; Kluza Krzysztof Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Strzegomska 2-4, 53-611 Wrocław T: +48 71 7838290; F: +48 71 7838291 selenafm@selena.pl KRS: 0000292032

Zakłady Przemysłu Cukierniczego MIESZKO SA MSO

www.mieszko.com.pl

Market value: 158,968,740 WSE listing date: 1997-06-17 Shareholders: Noble Funds TFI SA (5.04%); Bisantio

Investments Ltd. (65.9%) Strategy: Manufacturer of sweets, with a long history and a widely-recognized brand. From the beginning the company specialized in the production of chocolate goods and hard candy, whereas from 2000, in connection with the acquisition of Walter Cooperative, the range of products was extended with confectionery. In 2011 Mieszko acquired TB Investica – a Lithuanian company, thus becoming the owner of Vilniaus Pergale. In July 2011 the company purchased Lider Artur company, which enabled it to enter a new market category.

12,849

Winter–Spring 2013

EquitiesPoland Price performance:

Price performance:

Finance

(2010 | 2011 | 2012Q3)

Net revenues

263,178 457,749 113,940

18,029 43,989 7,496

15,261 34,094 2,394

12,241 30,471 1,875

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

608 608 –

Net cash flows from operating activities

15,851 22,621

–

-7,172 -35,681

–

-8,071 15,160

–

Net cash flows from investing activities

Net cash flows from financing activities Total assets

241,473 552,887 562,917

122,972 379,523 396,128

57,299 250,704 252,851

65,673 128,819 143277

118,501 172,471 165,877

40,866 40,866 40,866

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

40,866.00 40,866.00

Book value per share

40,866

2.90 4.22 4.06

0.30 0.75 0.05

Earnings/loss per share

President: Malinowski Marek Board: Książek Daniel; Nikolajuk Dariusz; Jezepčikas

Finance

Net revenues

(2010 | 2011 | 2012Q3)

100,130 116,651 38,892

18,963 19,438 5,383

17,506 19,593 6,241

14,659 16,193 4,961

40,633 40,633 -1,438

15,784 16,478 1,022

-16,140 -29,887 -1,377

40,989 -5,566 -1,083

177,506 191,293 199,637

43,961 41,654 41,240

25,870 24,905 21,893

18,091 16,749 19347

133,545 149,639 158,397

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

9,808 9,808 9,808

Number of shares (in thousands)

9,808.00 9,808.00

Book value per share

9,808

13.62 15.26 16.15

1.50 1.65 0.51

Earnings/loss per share

President: Schwark Janusz Board: Schwark Janusz; Abratański Rafał; Borowiński

Rytis; Langaitis Tomas; Jakubczyk Marek; Mokrikas Tomas; Malinowski Marek; Prasek Gerard; Ciemała Tomasz Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Chrzanowskiego 8b, 04-392 Warszawa T: +48 32 4152141; F: +48 32 4153653 mieszko@mieszko.com.pl KRS: 0000073310

Andrzej; Schwark Anna; Katzer, Hans Jürgen; Kehren Henrik; Bestehorn Stephan; Czysz Arkadiusz; Baranowski Andrzej; Bestehorn, Hans Christian Auditors: 4AUDYT Sp. z o.o. Address: ul. Żmigrodzka 37, 60-171 Poznań T: +48 61 8676061; F: +48 61 8676066 relacje-inwestorskie@bsc-packaging.com KRS: 0000032771

BSC Drukarnia Opakowań SA

Alma Market SA

Market value: 155,456,800 WSE listing date: 2011-01-04 Shareholders: Baranowski Andrzej (0.01%); Schwark

Market value: 152,760,670 WSE listing date: 1994-07-28 Shareholders: Mazgaj Wojciech; Mazgaj Jerzy

BSC

www.bsc-packaging.com

Violetta (8.67%); Czysz Arkadiusz (11.56%); Schwark Janusz (12.08%); COLORPACK GmbH Berlin Verpackungen mit System (36.69%); PKO BP Bankowy OFE (7.35%) Strategy: As a member of rlc | packaging group, BSC Drukarnia Opakowán S.A. manufactures high-end folding boxes, package inserts, wet-glue and self-adhesive labels for fast moving consumer goods and pharmaceuticals at two plants in Poznan. Strategy of one-stop shopping approach and a wide range of finishing techniques aims to meet the requirements of these industries.

ALM

(28.19%); Ipopema TFI SA (20.57%); OFE PZU Złota Jesień (14.61%); PZU Asset Management SA (7.29%); Pioneer Pekao Investment Management SA (7.2%); Wojdon Mariusz (1.61%); Moska Małgorzata (0.35%); Mazgaj Barbara Strategy: Alma Market S.A. owns 50 percent of Krakchemia S.A. shares, as well as 100 percent of shares in the following companies: Krakowski Kredens Tradycja Galicyjska S.A., Alma Development Sp. z o. o., Paradise Group Sp. z o. o. and in seven SPV companies. The company's main activity is the retail of FMCG (Fast Moving Consumer Goods) items through the Alma delicatessen chain. Currently the chain constitutes 35 locations in major Polish cities. In March 2007 Alma Market introduced its own brand, Krakowski Kredens, classified in the premium grocery product category.

Net revenues

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

Finance

(2010 | 2011 | 2012Q3) 1,245,066 1,421,887 357,862

Profit/loss from operations

26,502 24,423 -2,631

12,815 9,292 -6,711

9,188 7,010 -9,517

14,921 14,921 17,517

25,721 45,460 8,268

1,707 7,595 14,203

Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities

-12,507 -49,849 -4,954

776,575 757,999 770,252

498,954 473,243 495,120

194,756 164,091 169,404

304,198 309,152 325716

249,605 253,238 242,071

5,429.00 5,561.00

Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

Number of shares (in thousands) Book value per share

5,561

45.98 45.54 43.53

1.69 1.26 -1.71

Earnings/loss per share

President: Mazgaj Jerzy Board: Moska Małgorzata; Wojdon Mariusz; Malik

Ilona; Byczkowska Krystyna; Mazgaj Wojciech; Mazgaj Jerzy; Wyrobiec Andrzej; Mazgaj Barbara Auditors: Kancelaria Biegłych Rewidentów Konto sp. z o.o., Kraków Address: ul. Pilotów 6, 30-964 Kraków T: +48 12 6276320; F: +48 12 6276165 info@almamarket.pl KRS: 0000019474

Konsorcjum Stali SA KST

www.almamarket.pl

2010-09-30

2010-01-04

2012-11-13

2012-08-14

2012-05-16

2012-02-13

2011-11-14

2011-08-12

2011-05-16

2011-02-11

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

12 2010-09-30

0 2010-07-05

2010-04-01

2010-01-04

2010-07-05

2010-04-01

www.konsorcjumstali.com.pl

Market value: 152,732,300 WSE listing date: 2007-12-06 Shareholders: Koclęga Janusz (14.97%); TFI Allianz

Polska SA (9.27%); Dembowska Barbara (13%); Borysiewicz Krystyna (13%); Konsorcjum Stali SA (7.47%); Skwarski Marek (6.78%); Wojdyna Jerzy (3.05%); Aviva OFE (5.93%); Wojdyna Robert (6.78%) Strategy: Begun 20 years ago, trading in construction materials and steel. Ten years ago, three companies selling metallurgical products: Stalko, Stal-Hurt and Budo-Market merged to form one large entity – Konsorcjum Stali (Steel Consortium). In December 2007 entered the Warsaw Stock Exchange. Now the largest distributor of steel in Poland, with 10 sales branches, four construction reinforcement production plants, and a steel structures plant.

Winter–Spring 2013

EquitiesPoland

Price performance:

Finance

(2010 | 2011 | 2012Q3)

Net revenues

67,257 48,246

Profit/loss from operations

103

-28,867 -14,690 -7,666

-47,785 -25,093 -16,130

-45,767 -23,095 -16,088

-4,089 -4,089 -102

-5,143 -1,416 -7,417

5,349 -287 23

-4,295 2,317 7,292

Profit/loss before tax

Profit/loss

2012-08-28

2012-05-29

2012-02-24

(2010 | 2011 | 2012Q3)

1,132,874 1,458,700 297,916

48,454 84,727 25,255

11,221 9,806 4,307

12,338 10,148 3,973

10,436 8,520 3,350

-24,709 -29,772

Net cash flows from investing activities

Net cash flows from financing activities

996

86,240 -22,255 7,343

574,345 649,575 605,019

303,485 352,980 325,552

Total assets

Liabilities and provisions for liabilities Long term liabilities

381 200 319

Short term liabilities

292,154 341,496 312481

270,860 296,595 279,467

Equity

The Share Capital

5,897 5,897 5,897

Number of shares (in thousands)

5,897.00 5,897.00

Book value per share

5,897

45.93 50.29 47.39

4.32 4.37 -1.32

Earnings/loss per share

President: Wojdyna Robert Board: Maciążek Mieczysław; Wojdyna Jerzy; Wojdyna

Robert; Koclęga Janusz; Dembowski Ireneusz; Borysiewicz Tadeusz; Skwarski Marek; Mikuła Elżbieta; Pilarczyk, Jan Walenty Auditors: Mazars & Guerard Audyt sp. z o.o., Warszawa Address: ul. Stężycka 11, 04-462 Warszawa T: +48 22 8791131; F: +48 22 8791131 sekretariat@ks.mail.pl KRS: 0000279883

Kino Polska TV SA

76,529 93,347 22627

Profit/loss

31,992 50,499 226,611

34,004 59,331 198,537

Net cash flows

517

517 -5,284

8,008

197 -3,099

www.kinopolska.pl

Polska sp. z o.o. (62.27%); Ipopema TFI SA (13.47%); Pioneer Pekao Investment Management SA (8.54%); Kino Polska TV SA (0.24%) Strategy: The group’s main business branches are: broadcasting and production of TV channels, distribution, publishing activity, film production, services for the reconstruction and archiving of digital works of Polish cinematography and Internet. Kino Polska TV Sp. z o.o. was created in June 2003. In December 2003 its first TV channel – Kino Polska Television started to broadcast. In 2007 SPI International Polska became a majority shareholder of Kino Polska TV S.A. (in 2008 SPI International Polska Sp. z o.o. became the only owner). In 2010 Kino Polska TV Sp. z o.o. has been transformed into a joint-stock company.

The Share Capital

Number of shares (in thousands)

Net cash flows from operating activities

Net cash flows from investing activities

-7,239 -20,872 -1,398

Net cash flows from financing activities

-252 35,506 -787

29,850 72,652 68,289

7,373 5,862 4,919

Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities

269 443 658

7,104 5,419 4261

21,805 66,026 62,765

Equity

The Share Capital

987 1,387 1,387

Number of shares (in thousands)

9,870.00 13,870.00

Book value per share

13,870

2.21 4.76 4.53

1.06 0.61 0.24

Earnings/loss per share

President: Reisch Piotr Board: Farhi Loni; Orłowski Piotr; Szymański Krzysztof;

Adamek Witold; Kisielewski Bogusław; Reisch Piotr; Sobel Stacey Auditors: System Rewident sp. z o.o. Address: ul. Puławska 61, 02-595 Warszawa T: +48 22 3567400; F: +48 22 3567401 sekretariat@kinopolska.pl KRS: 0000363674

45,951.00 296,655.00

Book value per share

992,686

0.70 0.17 0.23

Earnings/loss per share

-1.00 -0.08 -0.02 Board: Behnke Piotr; Bilski Andrzej; Wesołowski Piotr; Stroniawski Adam; Dzięgielewska Małgorzata; Jakóbiak Rafał; Sznajder Tomasz; Gradowski Stefan; Skowroński Adam Auditors: Perfekta-Audytor Sp. z o.o. Address: ul. Marcinkowskiego 154, 88-100 Inowrocław T: +48 52 3584130; F: +48 52 3571126 sekretariat@tras-intur.com.pl KRS: 0000024482

PCC Intermodal SA PCI

www.pccintermodal.pl

Market value: 147,375,400 WSE listing date: 2009-12-18 Shareholders: Adam Adamek (0.6%); Stefański Dariusz

(0.94%); DB Schenker Rail Polska SA (13.93%); PCC SE (61.88%) Strategy: Firm organises intermodal transport for goods in containers, on the basis of regular rail connections coordinated with road transport, at a stage enabling completion of orders for door-to-door services. PCC Intermodal began its operations as a company in July 2005 as PCC Rail Containers Sp. z o.o. Price performance: 8 7 6

Korporacja Budowlana DOM SA

Market value: 152,431,300 WSE listing date: 2011-04-12 Shareholders: Reisch Piotr (5.33%); SPI International

Equity

565

KBD

www.trion.pl

Market value: 148,902,900 WSE listing date: 2001-07-01 Shareholders: Polnord SA (7.07%); Behnke Piotr

(0.74%); Alterco SA (5.42%); Slidellco Holdings Ltd. (28.78%); Zandell Holdings Ltd. (8.72%); Vamasol Ltd. (8.72%); Benefia TU na Życie SA Vienna Insurance Group (7.87%); SGB-Bank SA (5.99%) Strategy: Construction and development in the residential sector, including pre-fab homes. Price performance: 0.2

5 4 3 2 1 0 2012-11-07

-62,859 53,442 -13,557

Profit/loss before tax

2012-08-08

Net cash flows from operating activities

69,480 48,151

Short term liabilities

2012-05-10

-1,328 -1,328 -5,218

2012-02-07

Net cash flows

Profit/loss from operations

2011-11-07

25,452 25,759 -7,765

146,009 141,498 23,192

Long term liabilities

2011-08-08

Profit/loss

2011-05-10

32,201 31,653 -8,008

183,327 193,367 249,803

Liabilities and provisions for liabilities

2011-02-07

Profit/loss before tax

Net revenues

2010-11-05

34,673 39,055 -5,081

KPL

2011-11-25

2011-05-27

2012-10-02

2012-07-04

2012-03-30

2012-01-02

Finance

Total assets

(2010 | 2011 | 2012Q3)

Profit/loss from operations

Net cash flows from financing activities

2010-08-09

Net cash flows from investing activities

Finance (2012Q3) Net revenues

45,465 Profit/loss from operations

-1,986 Profit/loss before tax

0.1

-2,213 Profit/loss

-2,374 Net cash flows

-1,418 Net cash flows from operating activities

-281

0 2012-09-17

Net revenues

Net cash flows from operating activities

2012-06-19

Finance

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Net cash flows

2011-08-26

2010-05-11

2010-02-08

Net cash flows from investing activities

-2,513 Net cash flows from financing activities

1,376

Winter–Spring 2013

EquitiesPoland Total assets

Long term liabilities

Liabilities and provisions for liabilities

Short term liabilities

100 75

12 10

8 6

4 2

Finance (2012Q2)

27,045

Net revenues

Profit/loss from operations

11,482

Profit/loss before tax

4,124 Profit/loss

3,350 Net cash flows

Finance

Net revenues

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

(2010 | 2011 | 2012Q3) 1,435,063 1,482,074 433,542

Profit/loss from operations

9,429 15,660 5,058

2,252 6,867 2,589

949 5,417 2,023

Profit/loss before tax Profit/loss

Net cash flows

-15,202 -15,202 6,499

-16,179 11,062 1,453

-5,597 -3,470 -495

6,574 -9,711 5,541

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

465,627 438,751 451,461

373,860 342,980 353,311

Liabilities and provisions for liabilities

-9,094 Net cash flows from operating activities

8,101 Net cash flows from investing activities

-540 Net cash flows from financing activities

-16,655 Total assets

849,339 Liabilities and provisions for liabilities

299,328 Long term liabilities

248,206 Short term liabilities

50842 Equity

549,863 The Share Capital

12,937 Number of shares (in thousands)

12,937 Book value per share

42.51 Earnings/loss per share

0.26

2012-10-02

2012-07-04

125

2010-01-04

2012-03-30

prises PLC (0.27%); Christou Marios (0.63%); Journoud Laurent (0.72%); ING OFE (5.17%); Aviva Investors Poland SA (5.26%); Alpha Ventures SA (5.76%); Kostevitch Siarhei (46.33%); Tziamalis Constantinos (0.06%) Strategy: ASBIS Group is one of the leading distributors of Information Technology products in Europe, Middle East and Africa Emerging Markets: Central and Eastern Europe, the Baltic States, the Commonwealth of Independent States, the Middle East and Africa, combining a broad geographical reach with a wide range of products distributed on a "one-stop-shop" basis. The Group distributes IT components (to assemblers, system integrators, local brands and retail) as well as A-branded finished products like desktop PCs, laptops, servers, and networking (to SMB and retail). Currently purchase the majority of products from leading international manufacturers, including Intel, AMD, Seagate, Western Digital, Samsung, Microsoft, Toshiba, Dell, Acer, Hitachi and Apple in certain countries. In addition, a significant part of revenue is comprised of sales of IT and consumer electronic products under private labels, Prestigio and Canyon. Price performance:

Sławomir (2.86%); Górnik, Artur Maksymilian (3.92%); Chadaj, Ireneusz Andrzej (3.98%); Aviva Investors Poland SA (6.2%); Pioneer Pekao Investment Management SA (7.09%); Dekra Holding Limited (7.24%); Generali OFE (12.34%) Strategy: Operates in the debt management branch. This industry provides financial services in the following categories: preventive management of debts and payments monitoring, collection of overdue debts on commission (including also on behalf of securitization funds), trade in overdue receivables and their collection on the purchaser’s own account. Also offers factoring and other services connected with management of debts. Price performance:

2012-01-02

Market value: 147,075,000 WSE listing date: 2007-10-30 Shareholders: Quercus TFI SA (5.9%); ASBISc Enter-

www.kredytinkaso.pl

2011-09-30

www.asbis.com

KRI

Market value: 146,446,840 WSE listing date: 2007-06-11 Shareholders: Buchajska Agnieszka (23.39%); Ćwik

www.celtic.pl

Dziewicze) (6.45%); Coöperatieve Laxey Worldwide W.A., Amsterdam (Holandia) (29.59%); Horseguard Trading Ltd, Nikozja (Cypr) (17.54%); The Value Catalyst Fund plc, Georgetown (Wyspy Kajmańskie) (13.18%); QVT Fund LP, Georgetown (Wyspy Kajmańskie) (11.28%); LP Alternative Fund LP, City of Dover (USA) (6.44%); Bruce, Christopher (0.19%); Jones, Aled Rhys (0.16%); Shepherd, Andrew Morrison (0.16%); Wiczkowska, Elżbieta Donata (0.07%) Strategy: Celtic Property Developments concentrated on real estate development projects in the market segment of offices and apartments. The ompany’s activity consists in purchase of lands, on which it constructs apartments or offices, and in purchase of existing real properties with a potential for creation of additional value by change of their intended usage, increase of their standard or optimisation of their area. The Company has offices in Warsaw, London, Milan and Budapest. The Company’s main market is Warsaw. So far, the main role in the business has been the offices segment, but at present the Company is concentrated on residential activity, mainly realisation of its key project in Ursus, a district of Warsaw. Price performance:

2011-07-04

ASB

Kredyt Inkaso SA

CPD

Market value: 145,470,360 WSE listing date: 2010-12-23 Shareholders: LP Value Ltd, Tortola (Brytyjskie Wyspy

2011-03-31

ASBISc Enterprises PLC

vitch Siarhei; Journoud Laurent; Pavlou Chris; Papadakis Efstathios Address: Diamond Court, 43, Kolonakiou Street, 4103 Ayios Athanasios, Limassol - Cypr T: + 357 25857101; F: + 357 25857288 welcome@asbis.pl

Celtic Property Developments SA

2010-12-31

-0.03 President: Stefański Dariusz Board: Stefański Dariusz; Ozon Daniel; Jędrzejewski, Artur Piotr; Wojciech Paprocki; Adam Adamek; Hesse Thomas; Alfred Pelzer Auditors: BDO sp. z o.o. Address: ul. Hutnicza 16, 81-068 Gdynia T: +48 58 5858200; F: +48 58 5858201 info@pccintermodal.pl KRS: 0000297665

0.02 0.10 0.04

President: Kostevitch Siarhei Board: Christou Marios; Tziamalis Constantinos; Koste-

2010-09-30

Earnings/loss per share

2010-07-05

1.01

1.65 1.72 1.77

Earnings/loss per share

2010-04-01

Book value per share

Gajor Robert; Szewczyk Robert; Dłużniewski Paweł; Górnik, Artur Maksymilian; Filipiak Tomasz; Misiak Krzysztof; Ćwik Sławomir Auditors: Przedsiębiorstwo Doradztwa Ekonomiczno-Finansowego Eurofin sp. z o.o. Address: ul. Okrzei 32, 22-400 Zamość T: +48 84 5381010; F: +48 22 8718570 sekretariat@kredytinkaso.pl KRS: 0000270672

2010-01-04

77,566

55,500

2012-10-02

Number of shares (in thousands)

55,500.00 55,500.00

Book value per share

2012-07-04

77,566

2012-03-30

The Share Capital

11,100 11,100 11,100

Number of shares (in thousands)

2012-01-02

78,236

2011-09-30

Equity

91,335 95,376 98,018

The Share Capital

2011-07-04

21901

2011-03-31

Short term liabilities

Equity

2010-12-31

7,140

368,419 338,532 349216

2010-09-30

Long term liabilities

5,441 4,448 4,095

2010-07-05

29,727

2010-04-01

107,963

President: Górnik, Artur Maksymilian Board: Gabryjelski Marek; Chadaj, Ireneusz Andrzej;

Finance

(2010 | | 2012Q2)

46,616 6,165

Net revenues

Profit/loss from operations

-14,890 -101,661

3,000 -103,400

81,847 -102,367

-12,813 -12,813 29,664

-25,083 -15,936

34,626 38,788

-22,356 6,812

951,755 571,070

126,277 132,917

103,756 107,884

Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities

22,521 23937

Equity

The Share Capital

825,478 438,153 3,483 3,407

Number of shares (in thousands)

34,833.00 34,068

Book value per share

23.70 12.86

2.35 -3.01

Earnings/loss per share

Winter–Spring 2013

EquitiesPoland

Finance

(2010 | | 2012Q2)

45,151 21,276

15,877 2,695

15,358 1,143

15,128 1,143

Net revenues

2012-09-20

forwarding services. Price performance:

2012-06-22

Strategy: A logistics operator, provider of transport and

2012-03-20

(63.01%)

Profit/loss from operations

Profit/loss before tax

Profit/loss

6 4

Net cash flows

Net cash flows from operating activities

Net cash flows from investing activities

Finance

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

521,330 637,584 135,921

Profit/loss from operations

-2,941 46,601

Profit/loss before tax

759

-626 52,485 2,053

-735 47,156 2,518

Profit/loss Net cash flows

14,796 14,796

–

4,124 58,150

–

9,807 -8,300

–

865 -29,733

–

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

402,879 429,389 390,166

106,783 119,690 108,416

15,094 11,671 10,055

91,689 82,730 81900

295,568 309,178 281,698

33,021 33,021 30,521

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

33,021.00 33,021.00

Book value per share

30,521

8.95 9.36 9.23

Earnings/loss per share

-0.02 1.43 0.08 President: Bachman Maciej Board: Kiełczewski Jacek; Bachman Maciej; Gerula Krzysztof; Filipowski Arkadiusz; Rutkowski Piotr; Rutkowski Krzysztof; Sroka Jarosław; Schmidt Przemysław Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. Spedycyjna 1, 05-870 Błonie T: +48 22 4602626; F: +48 22 4602727 kontakt@pekaes.com.pl KRS: 0000022906

P.R.E.S.C.O. Group SA PRE

Market value: 139,082,000

23,706 9,193

-22,377 -8,666

-2,254 -1,502

61,527 175,134

7,075 81,250

164 59,934

6,911 21316

54,452 93,884

12,198 19,700

16,000.00 19,700

Net cash flows from financing activities

(2010 | 2011 | 2012Q3)

Net revenues

-925 -925 -975

www.presco.pl

Total assets

Liabilities and provisions for liabilities Long term liabilities Short term liabilities Equity

The Share Capital

Number of shares (in thousands) Book value per share

3.40 4.77

0.95 0.06

Earnings/loss per share

DilutedNumber of shares (in thousands)

– –

Diluted book value per share

Diluted earnings/loss per share

Declared or paid dividend per share

– – President: Piwoński Krzysztof Board: Piwoński Krzysztof; Wiśniewska Agnieszka; Makarewicz Andrzej; Kamiński Rafał; Szejko Paweł; Andrzejewski Wojciech; Różański Tadeusz; Piwoński Wojciech Auditors: BDO sp. z o.o. Address: al. Jana Pawła II 15, 00-828 Warszawa T: +48 22 6976455; F: +48 67 3520004 sekretariat@presco.pl KRS: 0000372319

EMC Instytut Medyczny SA EMC

www.emc-sa.pl

Market value: 133,481,810 WSE listing date: 2005-07-29 Shareholders: Netskill Management Ltd. (23.81%);

Finance

Net revenues

2012-10-02

2012-07-04

2012-03-30

Market value: 139,175,760 WSE listing date: 2004-11-26 Shareholders: ING OFE (10%); Kulczyk Holding SA

15 6

2012-01-02

www.pekaes.com.pl

2011-12-20

PEK

2011-09-20

PEKAES SA

2011-09-30

– – President: Shepherd, Andrew Morrison Board: Oleś Wiesław; Shepherd, Andrew Morrison; Wiczkowska, Elżbieta Donata; Jones, Aled Rhys; Bielecka Marzena; Kingsnorth Colin; Gronicki Mirosław; Rozłucki Wiesław Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. Cybernetyki 7B, 02-677 Warszawa T: +48 22 3210500; F: +48 22 3210501 info@celtic.pl KRS: 0000277147

2011-07-04

– –

Declared or paid dividend per share

2011-03-31

Diluted earnings/loss per share

(5%); Andrzejewski Investments Ltd (40.6%); Szejko Paweł (0.14%); Andrzejewski Wojciech (0.01%); Piwonski Investments Ltd (40.6%) Strategy: One of the leading players on the debt trading market in Poland, specialized in acquiring debt packages. Extensive experience in buying debts from telecommunications, insurance, cable television and Internet providers, utilities providers and the financial sector. Price performance:

2010-12-31

– –

2010-09-30

2010-07-05

– –

Diluted book value per share

facilities, expanding consistently in Poland, as well as abroad. The group currently consists of 8 hospitals and 16 outpatient specialty and primary care clinics. EMC’s main medical activity is: specialist hospital medicine, hospitalizations in general hospitals and outpatient counseling in the outpatient specialty and primary healthcare clinics. Price performance:

2010-04-01

WSE listing date: 2011-07-29 Shareholders: Legg Mason Zarządzanie Aktywami SA

2010-01-04

DilutedNumber of shares (in thousands)

(2010 | 2011 | 2012Q3) 125,777 144,940 38,804

Profit/loss from operations

3,144 4,782 1,330

1,142 537 448

830 239 428

-804 -804 252

Profit/loss before tax Profit/loss

Net cash flows

Net cash flows from operating activities

1,645 14,964 2,740

-28,134 -9,097 -1,343

25,685 -5,257 -1,145

137,068 135,554 146,849

79,243 77,198 77,905

17,663 28,093 43,926

61,580 49,105 33979

54,854 55,279 65,713

28,550 28,550 33,309

Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

7,138.00 7,138.00

Book value per share

8,327

7.69 7.75 7.89

0.12 0.03 0.05

Earnings/loss per share

President: Gerber Piotr Board: Łopatniuk Jacek; Gerber Piotr; Smoleń Danuta;

Szuba Marcin; Juros, Józef Tomasz; Cepiel Zdzisław; Żmudzińska Aleksandra; Wider-Poloch Krystyna; Michalski Marek; Kalbarczyk, Witold Paweł; Gerber, Hanna Marzena Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Pilczycka 144-148, 54-144 Wrocław T: +48 71 3566476; F: +48 71 3532841 biuro@emc-sa.pl KRS: 0000055343

ZUE SA ZUE

www.grupazue.pl

Market value: 133,100,000 WSE listing date: 2010-10-01 Shareholders: Wiśniewski Marcin; Nowak Wiesław

(72.72%); PKO BP Bankowy OFE (5.11%); Nowak Maciej (0.03%); Lis Magdalena (0.01%); Czeremuga Jerzy Strategy: ZUE Capital Group acts as the main contractor for designing and delivery of comprehensive tram line and railway construction and modernisation systems, together with the accompanying infrastructure consisting of earth works, railway beds, drainage systems, as well as engineering and building objects, including stations.

Gerber, Hanna Marzena (2.88%); Gerber Piotr (8.49%); PZU Asset Management SA (12.16%) Strategy: EMC Instytut Medyczny S.A. is the largest owner of hospitals and outpatient clinics in the Polish private medical services market. Over the last 10 years, from a local company managing a hospital in Wroclaw, the Company has developed a network of medical

Winter–Spring 2013

EquitiesPoland Price performance:

Price performance:

5 4

12 10 8

Finance

(2010 | 2011 | 2012Q3)

Net revenues

392,353 525,341 142,292

25,616 28,696 1,531

21,149 27,325

880

16,806 21,264

426

31,517 31,517 -742

-42,072 21,866 -8,238

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

13,232 -7,852

60,357 -19,296 7,256

418,995 426,472 501,119

255,307 241,119 310,156

44,824 43,557 46,333

210,483 197,562 263823

155,147 176,412 181,507

Net cash flows from financing activities Total assets

240

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

5,500 5,500 5,500

Number of shares (in thousands)

22,000.00 22,000.00

Book value per share

22,000

7.05 8.02 8.25

0.76 0.97 0.02

Earnings/loss per share

President: Nowak Wiesław Board: Lis Michał; Nowak Maciej; Wiśniewski Marcin;

Finance

(2010 | 2011 | 2012Q3)

Net revenues

165,576 259,793 73,630

13,036 33,575 8,076

12,444 21,195 7,503

10,207 18,113 6,163

-3,858 -3,858

–

-11,662 27,313

–

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

501 -135,870

–

7,303 111,384

–

Net cash flows from financing activities Total assets

127,553 348,229 361,829

61,342 170,725 184,332

Liabilities and provisions for liabilities Long term liabilities

620 91,537 82,259

60,722 79,188 102073

66,188 177,502 177,495

10,479 21,183 21,183

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

10,479.00 21,183.00

Book value per share

21,183

6.32 8.38 8.38

0.97 0.86 0.29

Earnings/loss per share

President: Raczek Aneta Board: Raczek Aneta; Hołda Artur; Hołój Bartosz;

Finance

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

2012-10-11

2012-07-13

2012-04-12

2012-01-12

2011-10-11

2011-07-13

2011-04-11

2011-01-12

2010-10-11

2010-07-14

0 2010-04-14

2012-09-07

2012-06-11

2012-03-07

2011-12-07

2011-09-07

2011-06-08

0 2011-03-08

4 2011-01-25

2010-11-03

(2010 | 2011 | 2012Q3)

Net revenues

597,254 622,385 171,558

12,070 16,038 7,847

8,111 -32,770 6,262

7,551 -27,435 4,790

7,594 7,594 -8,856

44,057 24,765 -33,638

-8,666 -25,483 -1,371

-27,797 5,450 26,153

427,709 457,917 469,654

252,269 284,689 291,563

91,097 99,340 94,334

161,172 185,349 197229

174,696 172,827 177,678

23,662 23,662 23,662

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

39,436.00 39,436.00

Book value per share

39,436

4.43 4.38 4.51

0.19 -0.70 0.12

Earnings/loss per share

President: Nowicki Tadeusz Board: Górski Marek; Kurbiel Beata; Mazgaj Stanisław;

Czeremuga Jerzy; Nowak Wiesław; Szubra Mariusz; Lis Magdalena; Korzeniowski Piotr; Lipiński Bogusław Auditors: Deloitte Audyt sp. z o.o. Address: ul. Jugowicka 6A, 30-443 Kraków T: +48 12 2663939; F: +48 12 2693589 biuro@grupazue.pl KRS: 0000135388

Tomasik Jacek; Depta Artur; Gonsior Zbigniew; Gniadek Jan; Szczygieł Przemysław; Hołój Andrzej Auditors: KPMG Audyt Sp. z o.o. Sp.k. Address: ul. Przemysłowa 7, 32-050 Skawina T: +48 12 2562100; F: +48 12 2767606 info@ferro.pl KRS: 0000289768

Polaczek Jan; Nowicki Tadeusz; Dąbrowski Zenon; Grelowski Maciej; Kaczorowski Paweł; Korpała Jacek Auditors: Roedl Audit Sp. z o.o., Warszawa Address: ul. Tamka 16, 00-349 Warszawa T: +48 22 8280410; F: +48 22 8280414 mail@ergis-eurofilms.eu KRS: 0000057820

Ferro SA

Ergis-Eurofilms SA

Centrum Klima SA

FRO

www.ferro.pl

Market value: 128,580,810 WSE listing date: 2010-04-14 Shareholders: Ferro SA; Gniadek Jan (14.39%); Hołój

Andrzej (15.77%); ING OFE (17.7%); Depta Artur (0.4%); Szczygieł Przemysław (0.49%); Raczek Aneta (0.49%); Aviva OFE (5.24%); Gonsior Zbigniew (0.4%) Strategy: The group is one of the top selling companies in the sanitary and heating sector on the Polish market. Products include sanitary and installation fittings under their own brand name FERRO as well as elements of heating systems under their own brand name Weberman. Furthermore, the group represents in the Polish market well-known Italian Brands Caleffi and Cimm. The group operates in the Polish market and has sales activities in Romania, France, Ukraine, Belorussia, Bulgaria and Russia. Domestic sales are carried out through the distribution chain to the Polish wholesalers, wholesale chains and the chain of building and DIY supermarkets. Production is carried out in China by Yuhan AMG Just Valve Co Ltd. (50% owned by Ferro), and additionally by other producers in China, Turkey and Poland.

EEF

www.ergis-eurofilms.eu Market value: 121,857,240 WSE listing date: 2006-06-12 Shareholders: OFE PZU Złota Jesień (8.36%); Mazgaj Stanisław (1.93%); Finergis Investments Limited (58.88%) Strategy: Poland’s biggest plastics processing company and PVC products manufacturer, and Central and Eastern Europe’s leading specialist in the field. Product range is wide, including stretch films, PVC thermoshrink films, insulation, roofing and construction films, PVC compounds, interior and exterior plastic panels, artificial leathers, technical fabrics, PVC-coated fabrics, food wraps and tablecloths, wallpapers, and a wide range of other plastics products on the basis of PVC. Also an important producer of PE-Stretch films and PET straps.

CKL

www.centrumklima.pl

Market value: 121,798,600 WSE listing date: 2008-05-27 Shareholders: Lindab A.B. (97.28%) Strategy: Centrum Klima SA is a leader on the Polish

market and an important European producer and distributor of HVAC systems, belonging to the Lindab Group - a Swedish leader in the field of construction industry. The company was established in 1995 and in 2012 joined the Lindab Group. Products offered by Centrum Klima SA are used while building new facilities or improving standard of the existing ones. In particular, they are applicable to housing, commercial construction and public facilities. The Company owns one of the most modern machine parks in Europe, including products of leading manufacturers, such as: Spiro Int. S.A. (Switzerland), Wammes Machinery (Germany), Tormec (Switzerland), Drossbach (Germany), Cidan (Denmark), Omera (Italy).

Winter–Spring 2013

EquitiesPoland

4,501 4,501 -2,991

19,673 27,675 -698

Net cash flows from operating activities Net cash flows from investing activities

-10,114 -18,271

Net cash flows from financing activities

-5,058 -2,911 -2,153

510,501 556,864 568,193

267,322 298,588 267,750

52,503 62,920 52,189

214,819 235,668 215561

243,167 258,261 268,129

80,565 80,565 80,565

Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities

70,535 The Share Capital

847 Number of shares (in thousands)

8,470 Book value per share

8.33 Earnings/loss per share

0.24 President: Perendyk Marek Board: Jakrzewski, Wojciech Stanisław; Michalak Katarzyna; Andersson, Nils-Johan; Perendyk Marek; Nilsson, Carl Gustav; Klinke Tomasz; Nilsson Per Auditors: PKF Audyt sp. z o.o. Address: Wieruchów, ul. Sochaczewska 144, 05-850 Ożarów Mazowiecki T: +48 22 2505050; F: +48 22 2505060 klient@centrumklima.pl KRS: 0000299712

Graal SA GRL

www.graal.pl

Market value: 120,678,880 WSE listing date: 2005-02-11 Shareholders: Graal SA (7.6%); OFE Aegon (5.97%);

Kowalski Bogusław (41.5%) Strategy: Graal is the biggest national producer of tinned fish. Products include: tinned fish, tinned meat, smoked fish, sea food, caviars, frozen fish, pickles, salinity, fish salads, vegetable salads and ready dishes. Price performance:

IND

www.indykpol.pl

Market value: 120,312,500 WSE listing date: 1994-10-12 Shareholders: Legg Mason Zarządzanie Aktywami SA

(12.43%); Rolmex SA, Warszawa (62.66%) Strategy: Indykpol is the major Polish turkey meat and processed goods producer, having a 20% share in this market segment. Specializing in breeding and commercial growing of turkeys, wholesale and retail sale of whole birds, poultry elements, turkey meat and turkey processed goods. Price performance: 75

10,139 13,718

Net cash flows

-1,742 11,044

–

3,360 -13,561

–

-17,036 -11,628

–

272,895 288,319 270,612

70,139 77,523 74,280

1,870 2,390 4,469

68,269 75,133 69811

202,756 205,308 191,437

21,790 21,790 22,199

4,716 8,631 -1,222

(2010 | 2011 | 2012Q3)

-7,450 -7,450 1,912

21,930 -13,553 4,017

-24,218 -23,480 -1,127

-5,162 39,153 -978

391,909 462,242 471,682

232,932 296,608 307,186

147,702 143,174 66,593

85,230 153,434 240593

158,393 165,235 164,090

Net cash flows from operating activities Net cash flows from investing activities 2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

6,613 6,454 7,757

–

Net cash flows from investing activities

Net cash flows

-15,418 -15,418

Net cash flows from operating activities

9,976 10,665 8,842

872

6,413 5,348 -1,255

Profit/loss

691

Profit/loss

332,317 396,354 86,083

12,892 16,932 1,183

Profit/loss

Profit/loss before tax

(2010 | 2011 | 2012Q3)

20,425 25,676 5,900

Finance

16,118 13,526 1,505

10,632 15,473

Profit/loss before tax

Profit/loss from operations

Profit/loss before tax

492,104 521,193 131,671

854,239 978,419 257,277

(2010 | 2011 | 2012Q3)

Profit/loss from operations

Net revenues

Finance

Net revenues

ciej (0.26%); Folta Krzysztof (16.66%); Wieczorkowski Krzysztof (13.51%); Amplico OFE (11.4%); ING TFI SA (8.71%); Nowakowski Mirosław (5.5%); Aviva OFE (5.3%) Strategy: TIM S.A. is one of the largest distributors of electrotrechnical products in Poland, with 25 years of experience in this sector. It employs almost 400 people, has a chain of 30 branches in all major cities of Poland. Price performance:

Finance

www.tim.pl

Indykpol SA

18 14

TIM

Market value: 116,988,730 WSE listing date: 1998-02-16 Shareholders: Piekarczyk Artur (0.62%); Posadzy Ma-

2012-10-03

Equity

TIM SA

2012-07-05

13379

Feliks; Kulikowski Piotr; Malinowski Roman; Madejska Dorota; Dorosz Andrzej Auditors: BDO sp. z o.o. Address: ul. Jesienna 3, 10-370 Olsztyn T: +48 89 5262222; F: +48 89 5262223 info@indykpol.com.pl KRS: 0000037732

2012-04-02

Short term liabilities

1.51 2.76 -0.39

President: Kulikowski Piotr Board: Pacuk Stanisław; Sutarzewicz Alfred; Kulikowski

2012-01-03

27,815

2011-10-03

Long term liabilities

50.69 52.88 52.52

Earnings/loss per share

2011-07-05

41,194

3,125

2011-04-01

Liabilities and provisions for liabilities

2012-10-02

111,729

0.82 0.80 0.96 President: Kowalski Bogusław Board: Frankowska Justyna; Wijata Robert; Kowalski Bogusław; Bronk, Gerard Józef; Kubica Grzegorz; Łatała Wiesław; Dukowski Piotr; Bykowski Piotr Auditors: Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o. Address: ul. Zachodnia 22, 84-200 Wejherowo T: +48 58 6720580; F: +48 58 6723498 biuro@graal.pl KRS: 0000205630

2012-07-04

Total assets

2012-03-30

2,070

30.18 32.06 33.28

2012-01-02

Profit/loss

8,056

Earnings/loss per share

2011-09-30

2,410

2011-07-04

Profit/loss before tax

Book value per share

2011-03-31

2,760

8,056.00 8,056.00

2010-12-31

Profit/loss from operations

2010-09-30

25,792

Number of shares (in thousands)

2010-07-05

Net revenues

The Share Capital

2010-04-01

Finance (2012Q3)

Equity

2010-01-04

2012-10-03

2012-07-05

2012-04-02

2012-01-03

2011-10-03

2011-07-05

2011-04-01

2011-01-03

2010-10-01

2010-07-06

2010-04-06

2010-01-05

3,125.00 3,125.00

Book value per share

2011-01-03

2010-10-01

-140

15,623 15,623 15,623

Number of shares (in thousands)

2010-07-06

2010-04-06

The Share Capital

2010-01-05

Price performance:

Net cash flows

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

21,790.00 21,790.00

Book value per share

22,199

9.31 9.42 8.62

0.47 0.63 0.04

Earnings/loss per share

President: Folta Krzysztof Board: Wieczorkowski Krzysztof; Folta Krzysztof;

Dzik Grzegorz; Posadzy Maciej; Piekarczyk Artur; Kusz Andrzej; Świętoń Marek; Nowjalis Piotr Auditors: HLB M2 Audyt sp. z o.o. Address: ul. Eugeniusza Kwiatkowskiego 24, 55-011 Siechnice T: +48 71 3761600; F: +48 71 3761620 zarzad@tim.pl KRS: 0000022407

Winter–Spring 2013

EquitiesPoland Introl SA INL

www.introlsa.pl

Market value: 116,146,040 WSE listing date: 2007-11-08 Shareholders: Bodziony Józef (38.16%); Kapral,

Price performance: 25

46,993 51,499 13,012

5,039 2,734 2,491

4,688 3,013 2,438

4,168 2,444 2,170

Profit/loss from operations Profit/loss before tax

Profit/loss

Net cash flows

11,245 11,245

–

12,985 7,163

–

Net cash flows from operating activities

(2010 | 2011 | 2012Q3)

Net revenues

Wiesław Józef (39.32%) Strategy: The INTROL S.A. Capital Group currently consists of 14 companies active in the field of industrial automation, energetics and environmental protection. Price performance:

Finance

Net cash flows from investing activities

238,636 280,180 88,335

Profit/loss from operations

16,193 9,371 6,649

15,003 8,166 5,542

13,160 7,480 4,380

Profit/loss before tax Profit/loss

Net cash flows

-19,312 -19,312

–

Net cash flows from operating activities

4,466 2,231

Net cash flows from investing activities

–

-11,778 -2,667

-12,000 819 –

184,519 209,396 214,874

70,271 100,169 105,380

7,226 10,911 15,934

63,045 89,258 89446

113,264 109,592 109,839

Net cash flows from financing activities Total assets

–

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

5,328 5,328 5,328

Number of shares (in thousands)

26,639.00 26,639.00

Book value per share

26,639

4.25 4.11 4.12

0.49 0.28 0.16

Earnings/loss per share

DilutedNumber of shares (in thousands)

26,638.80 26,638.80 26,638.80

Diluted book value per share

4.25 4.11 4.12

0.49 0.28 0.16

2012-10-02

2012-07-04

17,554 77,088 88,791

Profit/loss from operations

8,741 53,920 53,016

Profit/loss before tax

8,813 23,168 35775

Profit/loss

62,058 64,501 67,246

23,414 23,414 23,414

1,309,677 733,864 260,137

-282,831 33,957 -42,334

-290,681 29,485 -43,128

-284,639 25,266 -35,928

Net cash flows

-25,545 -25,545

–

8,362 -131,989

–

Net cash flows from operating activities Net cash flows from investing activities

-1,364 5,294

Net cash flows from financing activities

-32,543 12,623

822,252 642,060 772,917

581,555 374,318 565,030

88,675 68,175 48,872

492,880 306,143 516158

242,570 267,785 207,930

27,500 27,500 27,500

Total assets

–

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

27,500.00 27,500.00

Book value per share

27,500

8.82 9.74 7.56

Earnings/loss per share

-10.35 0.92 -1.31

President: Chełkowski Piotr Board: Villate, Mario Serrano; Marti, Servando Sierra;

Gerula Krzysztof; Simavilla, Alberto Laverón; Sobiecki Marek; Ayuso, Gustavo Tunell; Chełkowski Piotr; Sobisch, Gregor Siegmund; Molo Robert; Martinez, Eduardo Martinez; Cuesta Casti&241;eyra, Ricardo Eduardo Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Adama Branickiego 15, 02-972 Warszawa T: +48 22 2017300; F: +48 22 2017301 recepcja@pol-aqua.com.pl KRS: 0000044166

Mo-Bruk SA

President: Jeziorowski, Piotr Jan Board: Bodziony Józef; Jurczyński, Stanisław Jerzy; Zy-

Market value: 114,709,000 WSE listing date: 2010-06-01 Shareholders: Union Investment TFI SA (7.01%);

Pekao Investment Management SA (5.99%); Dragados SA (66%); Altus TFI SA, Warszawa (10.74%); ING OFE (5.12%) Strategy: Offers a wide range of construction services in the field of engineering, environmental, high capacity, road and fuel sector.

Mokrzycka, Anna Magdalena (12.71%); Mokrzycki, Tobiasz Jan (12.71%); Mokrzycki, Wiktor Jakub (12.71%); Mokrzycka, Elżbieta Maria (16.11%); Mokrzycki, Józef Tadeusz (30.52%) Strategy: The company’s business is waste management, including: storage, disposal and recycling. Price performance: 100

Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

2,341.00 2,341.00

Book value per share

2,341

26.51 27.55 28.72

1.78 1.04 0.93

Earnings/loss per share

President: Mokrzycki, Józef Tadeusz Board: Tekiel Andrzej; Mokrzycki, Wiktor Jakub;

Mokrzycka, Anna Magdalena; Mokrzycka, Elżbieta Maria; Mokrzycki, Józef Tadeusz; Garlicki, Stanisław Mirosław; Pietrzak Piotr; Turzański, Konrad Paweł; Mikuła, Janusz Stanisław; Mokrzycki, Tobiasz Jan Auditors: HLB M2 Audyt sp. z o.o. Address: Niecew 68, 33-322 Korzenna T: +48 18 4417048; F: +48 18 4417099 mobruk@mobruk.pl KRS: 0000357598

Eurohold Bulgaria AD EHG

www.EuroHold.bg

Market value: 112,506,750 WSE listing date: 2011-12-15 Shareholders: Starcom Holding AD (50.31%); Dar

Finance EOOD (19.53%) Strategy: EuroHold is one of the leading public companies in Bulgaria, with its shares traded on the Bulgarian Stock Exchange. The company's portfolio includes subsidiaries operating in four complementary businesses – financial services, leasing, insurance and car sales. Price performance: 3.5 3 2.5

1.5 1 0.5 0

President: Boshov, Kiril Ivanov Board: Dimitrov, Dimitar Stoianov; Boshov, Kiril

Ivanov; Mukova, Zlatolina Ivanova; Assenov, Assen Emanouilov; Christov, Assen Milkov; Munkov, Ivan Georgiev; Vassilev, Nikolay Vassilev; Minchev Assen Address: 43 Christopher Columbus Blvd., 1592 Sofia T: +359 2 9651653; F: +359 2 9651652 investors@eurohold.bg KRS: 0000111639

90 80 70 60

INSTAL KRAKÓW SA INK

50 40 2012-10-24

www.pol-aqua.pl

www.mobruk.pl

2012-07-26

PQA

Market value: 115,500,000 WSE listing date: 2007-07-30 Shareholders: Stefański Marek (10.65%); Pioneer

MBR

2012-04-25

Przedsiębiorstwo Robót Inżynieryjnych POLAQUA SA

Liabilities and provisions for liabilities

Diluted earnings/loss per share

guła, Krzysztof Andrzej; Jeziorowski, Piotr Jan; Rybicki Piotr; Dudek Piotr; Kasprzak Edward; Kapral, Wiesław Józef; Bartold Włodzimierz Auditors: Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o. Address: ul. Kościuszki 112, 40-519 Katowice T: +48 32 7890000; F: +48 32 7890175 introlsa@introl.pl KRS: 0000100575

–

2012-09-17

2012-03-30

(2010 | 2011 | 2012Q3)

2012-06-19

2012-10-02

2012-07-04

2012-03-30

(2010 | 2011 | 2012Q3)

Net revenues

2012-01-02

79,612 141,589 156,037

Total assets

2012-03-15

Finance

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-01-04

Net revenues

–

12,322 44,987

Finance

-14,062 -34,214

Net cash flows from financing activities

4 3

2010-04-01

2011-12-15

www.instalkrakow.pl

Market value: 111,330,080 WSE listing date: 1999-04-28 Shareholders: Juszczyk Piotr (7.41%); Rajtar Rafał

(0.04%); Wężyk Piotr (0.1%); Markiewicz Rafał (0.16%); Pilch Grzegorz (0.34%); Motyka Jacek (0.35%); Szybiński

Winter–Spring 2013

EquitiesPoland

Jan (2.06%); TFI PZU SA (8.96%); PZU Asset Management SA (9%); Legg Mason Zarządzanie Aktywami SA (19.69%) Strategy: Instal Kraków S.A. is in the construction sector, specializing in performing and assembly of installation in industrial, municipal and environmental protection objects / buildings. The firm is active in the following branches: basic production (including export of civil – assembly services), property developing activity, industrial production, commercial activity, and leasing of property. Price performance: 22

Price performance: 4

Finance

(2010 | 2011 | 2012Q3)

76,916 86,386 35,310

12,135 11,106 5,517

10,983 12,582 5,566

9,133 13,376 4,569

13,177 13,177 2,886

8,669 2,426 2,890

Net revenues

Profit/loss from operations 3

Profit/loss before tax Profit/loss

Net cash flows

Net cash flows from operating activities

Net cash flows from investing activities

–

230,929 293,029 313,683

89,726 129,706 140,827

Total assets

Liabilities and provisions for liabilities Long term liabilities

7,839 7,946 7,920

61,389 97,992 97899

137,737 159,595 168,817

Short term liabilities Equity

The Share Capital

7,285 7,285 7,285

Number of shares (in thousands)

7,286.00 7,286.00

Book value per share

7,286

18.91 21.91 23.17

2.38 2.90 0.50

Earnings/loss per share

President: Juszczyk Piotr Board: Mańko Dariusz; Krakowski Władysław; Pilch

Grzegorz; Wężyk Piotr; Szybiński Jan; Markiewicz Rafał; Rajtar Rafał; Kowalski Andrzej; Motyka Jacek; Juszczyk Piotr Auditors: Polinvest-Audit sp. z o.o., Kraków Address: ul. Konstantego Brandla 1, 30-732 Kraków T: +48 12 6522101; F: +48 12 6532197 marketing@instal-krakow.com.pl KRS: 0000042496

Ceramika Nowa Gala SA CNG

www.nowa-gala.com.pl

Market value: 110,653,720 WSE listing date: 2004-07-01 Shareholders: Leszczyński Grzegorz (0.87%); Pi-

otrowski Waldemar (18.95%); Amplico OFE (17.79%); Ceramika Nowa Gala SA (16.48%); Swedbank AS (9.21%); Allianz Polska OFE (6.59%); Górnicki Paweł (0.61%) Strategy: Ceramika Nowa Gala was founded in 1995, and started manufacturing of double-fired tiles in 1997. Manufacturing of glazed single-fired tiles started in 2000, followed by stoneware tiles, which target the Premium segment. In 2004, Nowa Gala was listed on the stock market. A second manufacturing facility was set up in 2005 in Końskie for glazed stoneware tiles manufacturing. In 2007, the firm bought Ceramika Gres S.A. in Kopaniny.

2012-10-02

2012-07-04

2012-03-30

115,668 119,204 114,662

59,741 43,440 15,082

55,927 75,764 99580

200,750 203,381 206,100

57,038 57,038 57,038

Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

57,038.00 57,038.00

Book value per share

57,038

3.52 3.57 3.61

0.09 0.16 0.09

Earnings/loss per share

President: Piotrowski Waldemar Board: Górnicki Paweł; Żuk Łukasz; Leszczyński

Grzegorz; Marcinkiewicz Paweł; Piotrowski Waldemar; Ogonowski Grzegorz; Włodarczyk Wojciech Auditors: BDO sp. z o.o. Address: ul. Ceramiczna 1, 26-200 Końskie T: +48 41 3901100; F: +48 41 3901102 info@nowa-gala.com.pl KRS: 0000011723

cin; Marczuk, Marcin Paweł; Ciechański Paweł; Szeliska Agata; Berling Tomasz Auditors: 4AUDYT Sp. z o.o. Address: Al. Krakowska 80a, 05-552 Stefanowo T: +48 22 7278497; F: +48 22 7362899 berling@berling.pl KRS: 0000298346

Oponeo.pl SA OPN

www.oponeo.pl

Market value: 108,143,360 WSE listing date: 2007-09-12 Shareholders: Topolewski Wojciech (0.27%);

Reysowski Andrzej (1.95%); Aviva Investors Poland SA (5.24%); Amplico PTE SA (6.5%); Zawieruszyński Ryszard (21.84%); Topolewski Dariusz (22.12%); Karpusiewicz Maciej (0.04%); Butkiewicz Michał (0.1%) Strategy: On-line sale of tires and other auto-related parts. Price performance: 18 16 14 12 10

Berling SA BRG

www.berling.pl

Market value: 110,490,000 WSE listing date: 2010-04-15 Shareholders: Berling Investments Ltd (61.54%); Aviva

Investors Poland SA (9.72%); Ciechański Paweł (0.57%); Berling Hanna; Berling Marcin; Berling Tomasz Strategy: BERLING S.A. (established in 1993), is the leading refrigeration wholesaler in Poland, with one of the biggest warehouses in Europe. A subsidiary, Arkton, member of Berling Group, is a manufacturer of condensing units, multi-compressor racks, liquid chillers and customized, made-to-measure products. Price performance: 8

8 6 4 2 0

Finance

Net revenues

(2010 | 2011 | 2012Q3) 144,142 170,964 32,779

Profit/loss from operations

9,424 6,152 -2,158

9,544 10,043 -1,121

7,440 7,453 -1,099

Profit/loss before tax 6

Profit/loss Net cash flows

-4,635 -4,635

-56

13,325 12,318

389

Net cash flows from operating activities Net cash flows from investing activities

2012-10-02

-20,205 1,669

316,418 322,585 320,762

Liabilities and provisions for liabilities

0.53 0.77 0.26

President: Berling Hanna Board: Wojnicz Kajetan; Berling Hanna; Berling Mar-

2012-07-04

Net cash flows from financing activities

Total assets

2012-03-30

–

3.24 3.95 4.29

Earnings/loss per share

2012-01-02

-18,590 6,567

-15,471 -17,088

17,400

2011-09-30

Net cash flows from investing activities

Net cash flows from financing activities

17,400.00 17,400.00

Book value per share

2011-07-04

–

2011-03-31

40,959 5,674

-4,746 -10,958

Number of shares (in thousands)

2010-12-31

Net cash flows from operating activities

Net cash flows from investing activities

The Share Capital

2010-09-30

–

Equity

2010-07-05

2,164 2,164

23,629 28,615

721 854 642

Short term liabilities

2010-04-01

–

-17,494 -2,389 2,342

-488 -5,324 -2,787

Net cash flows from financing activities 0 2012-10-15

17,359 21,144 3,603

Net cash flows from operating activities

2012-07-17

Net cash flows

17,400 17,400 17,400

3,412 3,412

2012-04-16

21,586 26,528 4,806

Profit/loss

11,060 12,651 22,017

Long term liabilities

2011-04-13

56,385 68,644 74,570

5,307 8,974 5,050

2011-01-14

20,534 25,971 4,611

Profit/loss before tax

67,445 81,295 96,127

Liabilities and provisions for liabilities

2010-10-13

10,339 11,797 21375

4,562 9,396 5,361

2011-10-13

2012-10-02

2012-07-04

2012-03-30

2012-01-02

286,171 402,571 120,318

Profit/loss from operations

-21

Net cash flows

6,950 -2,385

Profit/loss before tax

6,753 13,979 6,751

Profit/loss

(2010 | 2011 | 2012Q3)

2010-07-16

Net revenues

Profit/loss from operations

2010-04-16

Finance

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

-2,442 -2,791

Total assets

177,158 205,774 60,985

2011-07-15

Net cash flows from financing activities

(2010 | 2011 | 2012Q3)

Net revenues

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

Finance

2012-01-16

2010-07-05

2010-04-01

2010-01-04

Total assets

85,665 108,366 124,841

Winter–Spring 2013

EquitiesPoland

Book value per share

13,936

4.61 5.63 5.34

Earnings/loss per share

0.59 0.54 -0.08 President: Topolewski Dariusz Board: Zawieruszyński Ryszard; Ciaciuch Lucjan; Nawrocki Damian; Karpusiewicz Maciej; Butkiewicz Michał; Reysowski Andrzej; Topolewski Dariusz; Topolewski Wojciech; Małachowski Wojciech Auditors: Morison Finasista Audit sp. z o.o., Poznań Address: ul. Podleśna 17, 85-145 Bydgoszcz T: +48 52 3418888; F: +48 52 3418850 biuro@oponeo.pl KRS: 0000275601

Harper Hygienics SA HRP

www.cleanic.pl

Market value: 103,145,400 WSE listing date: 2010-07-23 Shareholders: Quercus TFI SA (12.8%); PKO BP

(2010 | 2011 | 2012Q3)

81,423 99,255 33,229

1,464 4,963 2,292

2,351 4,456 1,260

1,870 3,848 1,175

Profit/loss from operations Profit/loss before tax Profit/loss

Net cash flows

200,879 228,715 59,974

Profit/loss from operations

21,374 9,090 4,338

14,699 -1,506 2,465

13,440

-1,762 -1,762 5,327

17,331 24,762 5,510

25,826 -5,616 -4,184

-44,919 -15,249 4,001

145,251 149,185 176,537

127,525 131,983 130,942

73,274 64,794 61,951

54,251 67,189 68991

17,726 17,202 45,595

1,421 1,421 1,546

Profit/loss before tax

Profit/loss

Net cash flows

58 2,286

Net cash flows from operating activities

Finance

Net cash flows from investing activities

2012-10-24

2012-07-26

2012-04-25

2012-01-25

Net cash flows from financing activities

(2010 | 2011 | 2012Q3)

Net revenues

804,605 1,115,307 244,087

Profit/loss from operations

19,739 15,276

10,174 -3,740 -4,272

8,237 -2,607 -4,055

4,001 4,001 3,454

9,743 3,780 4,925

Profit/loss before tax Profit/loss Net cash flows

142

Net cash flows from operating activities Net cash flows from investing activities

-48,135 -5,803 -512

Net cash flows from financing activities

42,393 240 -959

Total assets

435,571 443,660 416,790

342,476 353,648 328,046

27,927 61,545 57,135

314,549 292,103 270911

91,501 88,213 86,667

1,952 1,952 1,951

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

19,515.00 19,515.00

Book value per share

19,515

4.69 4.52 4.44

Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

51,170.00 51,170.00

Book value per share

63,670

0.35 0.34 0.72

0.26

Earnings/loss per share

– 0.04

President: Neymann Robert Board: Masłowska Agnieszka; Stachowicz Mirosław;

Walendzik Rafał; Rusiecki Michał; Skrzyński Piotr; Świergiel Agnieszka; Neymann Robert; Cetnar Krzysztof; Kacperski Andrzej; Frys Michał Auditors: KPMG Audyt Sp. z o.o. Sp.k. Address: ul. Racławicka 99, 02-634 Warszawa T: +48 22 7593643; F: +48 22 7593689 harper@cleanic.pl KRS: 0000289345

Przetwórstwo Tworzyw Sztucznych Plast-Box SA PLX

Market value: 101,340,300 WSE listing date: 2004-02-27

-2,340 1,579 4,809

-16,358 -16,231 -2,319

Net cash flows from financing activities

(2010 | 2011 | 2012Q3)

Net revenues

30 2,429

Net cash flows from investing activities

2012-10-22

2012-07-24

2012-04-23

2012-01-23

2011-10-20

Finance

Net cash flows from operating activities 2011-07-22

Net revenues

2011-04-20

Stali SA (12.66%); DM IDM SA (16.46%); Rożek Jacek (21.17%); Kidała Adam (21.17%) Strategy: Bowim’s main activity is focused on trade in steel products, offering a wide range of carbon steel products made by Polish and foreign manufacturers. Headquartered in Sosnowiec, the firm has branches and warehouses throughout the country, constituted a network of 9 distribution outlets. The firm also produces reinforcement prefabricated units and guides for mining industry. Price performance:

Finance

2011-01-21

www.bowim.pl

2010-10-20

BOW

Market value: 104,990,700 WSE listing date: 2012-01-25 Shareholders: Wodarczyk Jerzy (21.17%); Konsorcjum

Bankowy OFE (5.51%); Central European Cotton Holdings Ltd. (59.94%) Strategy: Harper Hygienics, a manufacturer of popular cosmetics and hygiene products, is a market leader in Poland. The firm buys the best cotton available on the world market in order to produce cosmetic pads and buds, and offers a wide range of products for women, babies and the home. Price performance: 7

Bowim SA

2012-10-02

12,676.00 13,936.00

2010-07-23

2012-07-04

12,676 13,936 13,936

Number of shares (in thousands)

2012-03-30

2012-01-02

58,441 78,494 74,404

The Share Capital

2011-09-30

2011-07-04

27,074 26,156 47545

Equity

2011-03-31

2010-12-31

150 3,716 2,892

Short term liabilities

SA (0.16%); Pioneer Pekao Investment Management SA (9.95%); Moska Krzysztof (29.4%); Sobik Leszek (13.27%) Strategy: PTS Plast-Box S.A. specializes in design and manufacture of plastic packaging. Plastic containers and pails produced at the moment reflect the company's experience of plastic processing as well as application of cutting-edge technology and materials. Price performance:

2010-09-30

0.42 -0.13 -0.21 Board: Szefer Sobiesław; Halk Mieczysław; Borysiewicz Tadeusz; Wodarczyk Jerzy; Kidała Jan; Kidała Adam; Rożek Jacek; Wodarczyk Aleksandra; Rożek Feliks; Fuchs Bernadetta Auditors: 4AUDYT Sp. z o.o. Address: ul. Niwecka 1E, 41-200 Sosnowiec T: +48 32 3929300; F: +48 32 3929380 firma@bowim.pl KRS: 0000001104

2010-07-05

27,224 29,872 50,437

Long term liabilities

Shareholders: Pawlak Grzegorz (10.1%); Plast-Box

2010-04-01

Earnings/loss per share

2010-01-04

Liabilities and provisions for liabilities

www.plast-box.com

Total assets

18,728 13,984

-61

121,061 145,065 152,519

35,867 53,105 60,313

8,149 27,398 18,077

27,718 25,707 42236

82,652 89,423 89,672

44,061 44,061 44,061

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

8,812.00 8,812.00 44,061

Book value per share

9.38 10.15 2.04

0.21 0.44 0.03

Earnings/loss per share

President: Pióro Krzysztof Board: Ruwiński Robert; Sadowski Andrzej; Gregorczuk

Cezary; Taraszkiewicz Antoni; Pióro Krzysztof; Sepioł Marek; Syzdek Zbigniew Auditors: Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o. Address: ul. Lutosławskiego 17A, 76-200 Słupsk T: +48 59 8400880; F: +48 59 8420528 sekretariat@plast-box.com KRS: 0000139210

Libet SA LBT

www.libet.pl

Market value: 101,000,000 WSE listing date: 2011-04-28 Shareholders: IAB Financing S.a.r.l. (54.17%); Legg

Mason Zarządzanie Aktywami SA (18.09%) Strategy: Libet S.A. is the leading sett and other concrete surfacing materials manufacturer on the Polish market. The company is a leader in segment of premium sett, with market share of 30% and the second player on the sett market in general with market share at about 21%.

Winter–Spring 2013

EquitiesPoland Short term liabilities

23,832 22,970 1,559

21,855 22,346 1,639

16,510 16,478

635

18,420 18,420

–

19,333 15,124

–

7,548 -20,927

–

-8,461 41,817

–

Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

7,433 Profit/loss before tax

5,682 Profit/loss

5,754 Total assets

391,851 Liabilities and provisions for liabilities

188,012 Long term liabilities

88,579 Short term liabilities

99433 Equity

203,839 The Share Capital

500 Number of shares (in thousands)

50,000 Book value per share

4.08 Earnings/loss per share

46,406 18,892 27,638

109,389 144,433 176957

97,743 169,319 164,595

Short term liabilities Equity

The Share Capital

3,003 4,004 4,004

Number of shares (in thousands)

30,030.00 40,040.00

Book value per share

30,030

3.26 4.23 5.48

0.55 0.41 0.02

Earnings/loss per share

President: Stefaniak Piotr Board: Lewiński Zbigniew; Maraszek Robert; Maraszek

Krzysztof; Stefaniak Wojciech; Lewiński Szymon; Glanc Jerzy; Stefaniak Piotr; Gąsak Krzysztof Auditors: Audytorium Biegli Rewidenci Grabowski, Pigoń - Spółka Partnerska Address: ul. Opata Jacka Rybińskiego 8, 80-320 Gdańsk T: +48 58 3400370; F: +40 58 5541441 office@inpro.com.pl KRS: 0000306071

Decora SA DCR

www.decora.pl

0.12 President: Lehmann Thomas Board: Napierała Robert; Najnigier, Sławomir Bogdan; Lehmann Thomas; Bartos Andrzej; Geenen Heinz; Magnuszewska Magdalena; Gabrielczyk Jerzy; Krysztofiak Tomasz; Gronostaj Ireneusz Auditors: Deloitte Audyt sp. z o.o. Address: ul. Powstańców Śląskich 5, 53-332 Wrocław T: +48 71 3351101; F: +48 71 3351100 biuro@n-b.com.pl KRS: 0000373276

(0.44%); Osuch Waldemar (1.76%); Aviva Investors Poland SA (5.13%); Aviva OFE (7.68%); Lesiński Włodzimierz (24.1%); Saniku SA (26.59%) Strategy: A major manufacturer of decorating products, including window and ceiling decor, and floor finishings. Price performance:

Inpro SA

263,270 83,508

Net revenues

Profit/loss from operations

Profit/loss before tax

8,846 6,890

3,684 7,672

4,343 6,258

-700 -700 -1,560

19,591 6,221

-13,828 -1,160

-6,463 -6,621

270,253 280,768

128,431 130,814

Profit/loss

Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

2012-09-21

2012-06-25

2012-03-21

2011-12-21

2011-09-21

2011-06-22

2011-03-22

Net revenues

(2010 | 2011 | 2012Q3) 124,916 131,136 18,164

– –

Diluted book value per share

Diluted earnings/loss per share

Declared or paid dividend per share

– – President: Osuch Waldemar Board: Lesiński Włodzimierz; Hibner Artur; Sielker Martin; Dusar, Heinz W.; Weigand Peter; Osuch Waldemar; Tomaszewski Andrzej Auditors: Deloitte Audyt sp. z o.o. Address: ul. Ignacego Prądzyńskiego 24A, 63-000 Środa Wielkopolska T: +48 61 2864200; F: +48 61 2854975 office@decora.pl KRS: 0000224559

Armatura Kraków SA ARM

www.grupa-armatura.pl

Market value: 95,580,000 WSE listing date: 2007-07-31 Shareholders: Sikora Krzysztof (0.7%); Witkowski

Piotr (0.97%); Hernik Konrad (2.22%); Stec Kazimierz; PZU Życie SA, Warszawa (63.77%) Strategy: The Armatura Group is Poland’s leading manufacturer in the sanitary fittings and heating industry. The member companies specialise in the manufacture of bathroom and kitchen faucets, aluminium radiators and a wide range of valves. Armatura Kraków S.A., the parent undertaking of the Armatura Group, has implemented a uniform policy whereby it provides all its subsidiaries with accounting, logistics, procurement, administration, legal and HR services.Since 2007, Armatura Kraków S.A. has been listed on the Warsaw Stock Exchange. Price performance: 4

2010-01-04 2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

(2010 | | 2012Q3)

Finance

0.38 0.55

DilutedNumber of shares (in thousands)

Finance

12.55 13.27

Earnings/loss per share

2010-09-30

Zbigniew (25%); Maraszek Krzysztof (25%); ING OFE (12.67%) Strategy: Inpro was established in 1987 and during 25 years in business it has become one of the most important and widely recognised developers on the TriCity market of Gdańsk, Sopot and Gdynia. Inpro offers primarily good quality apartments and single-family houses. The Company also implements commercial projects such as hotels, apartment and office buildings, and renders construction services. Price performance:

2010-07-05

Market value: 99,099,000 WSE listing date: 2011-02-17 Shareholders: Stefaniak Piotr (25%); Lewiński

11,303.00 11,303

Book value per share

2010-04-01

www.inpro.com.pl

2010-01-04

INP

Market value: 96,640,650 WSE listing date: 2005-06-21 Shareholders: PKO TFI SA (5.01%); Hibner Artur

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities

Finance

Net revenues

2012-10-02

Profit/loss from operations

155,795 163,325 204,595

Long term liabilities

565 565

Number of shares (in thousands)

2012-07-04

69,016

2012-03-30

Net revenues

261,672 341,341 380,865

Liabilities and provisions for liabilities

141,822 149,954

The Share Capital

2012-01-02

Finance (2012Q3)

2011-09-30

2012-10-26

2012-07-30

2012-04-27

2012-01-27

2011-10-26

2011-07-28

2011-04-28

97,921 115072

Equity

2011-07-04

2011-03-31

30,510 15,742

2010-12-31

2010-09-30

Profit/loss before tax

2010-07-05

Long term liabilities

2010-04-01

Price performance:

Profit/loss from operations

(2010 | 2011 | 2012Q3)

284,679 273,887 76,227

18,536 13,817 6,310

15,350 4,840 4,649

14,121 5,185 2,957

-1,988 -1,988

–

-70,781 22,046

–

-14,275 27,154

–

83,068 -49,756

–

Profit/loss from operations Profit/loss before tax Profit/loss

Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

459,622 341,240 352,351

231,668 116,101 140,696

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities

2,321 2,028 2,933

229,347 114,073 137763

Winter–Spring 2013

EquitiesPoland

81,000

2.85 2.78 2.61

Earnings/loss per share

0.18 0.06 0.04 President: Hernik Konrad Board: Witkowski Piotr; Stec Kazimierz; Kulmińska-Jaroszyńska, Jolanta; Wikaliński Jarosław; Hernik Konrad; Świętalski Wojciech; Woźniak Jan; Karasiński Jarosław Auditors: Deloitte Audyt sp. z o.o. Address: ul. Zakopiańska 72, 30-418 Kraków T: +48 12 2544200; F: +48 12 2544201 biuro@grupa-armatura.pl KRS: 0000068409

Zakłady Urządzeń Kotłowych Stąporków SA ZUK

www.zuk.com.pl

Market value: 94,088,560 WSE listing date: 2007-08-03 Shareholders: Kosierkiewicz Konrad (1.56%); Mil-

czarek, Marek Waldemar (2.03%); Pasturczak, Lech Jan (16.5%); Mączyński Artur (16.5%); Pargieła, Andrzej Piotr (16.77%); Pargieła, Stanisław Juliusz (17.55%) Strategy: Specializes in the production of equipment for thermal power, power plants, sugar mills, cement plants, steel mills and foundries, and construction. Price performance:

Qumak-Sekom SA

QSM

www.qumak.pl

Market value: 92,026,250 WSE listing date: 2006-08-03 Shareholders: Plata Aleksander (3.81%); Goliński Jan

(3.01%); Jaguś Paweł (3.1%); Swolkień Andrzej (3.35%); ING OFE (5.72%); Legg Mason Zarządzanie Aktywami SA (9.38%); OFE PZU Złota Jesień (8.17%); Aviva Investors Poland SA (6.85%) Strategy: One of the leading systems integrators on the Polish ICT market, operating in three strategic categories: business applications, system integration and intelligent building technologies. Price performance: 30

-859 Net cash flows from financing activities

-2,231 2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

-1,566 Profit/loss before tax 2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

1,468 Profit/loss before tax

1,145 Profit/loss

934 Net cash flows

65 Net cash flows from operating activities

740 Net cash flows from investing activities

-1,003 Net cash flows from financing activities

328 Total assets

63,992 Liabilities and provisions for liabilities

24,501 Long term liabilities

150 Short term liabilities

23191 Equity

39,491 The Share Capital

1,531 Number of shares (in thousands)

4,504 Book value per share

8.77 Earnings/loss per share

0.21 DilutedNumber of shares (in thousands)

4,503.79

-822 Profit/loss

-715 Net cash flows

-1,860 Net cash flows from operating activities

-1,863 Net cash flows from investing activities

55 Net cash flows from financing activities

-52 Total assets

187,860 Liabilities and provisions for liabilities

102,716 Long term liabilities

6,370 Short term liabilities

69465

Liabilities and provisions for liabilities

11,824 Long term liabilities

861 Short term liabilities

5362 Equity

19,390 The Share Capital

540 Number of shares (in thousands)

2,700 Book value per share

7.18 Earnings/loss per share

0.50 President: Sikora Piotr Board: Mielczarek Arkadiusz; Sikora Piotr; Sikora Adam; Adamowicz Mariusz; Koroch Krzysztof; Parszewski Mieszko Auditors: HLB M2 Audyt sp. z o.o. Address: ul. Pyrzycka 3 e, f, 70-892 Szczecin T: +48 91 4664540; F: +48 91 4664541 megaron@megaron.com.pl KRS: 0000301201

The Share Capital

Market value: 90,579,600 WSE listing date: 2008-02-12 Shareholders: Forest Nominees Ltd. (12.99%); HSBC

10,375 Number of shares (in thousands)

10,375 Book value per share

8.21 Earnings/loss per share

-0.07 President: Jaguś Paweł Board: Goliński Jan; Twarowski Rafał; Matusiak Maciej; Hałupczak Monika; Gawryś Piotr; Druto Maciej; Jaguś Paweł; Swolkień Andrzej; Plata Aleksander Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka komandytowa Address: Aleje Jerozolimskie 94, 00-807 Warszawa T: +48 22 5190800; F: +48 22 5190833 qumak@qumak.pl KRS: 0000019455

Megaron SA

Market value: 91,800,000 WSE listing date: 2011-02-25 Shareholders: Sikora Adam (9.25%); Zdanowski

31,214

Atlas Estates Limited

85,144

Diluted earnings/loss per share

0.21 President: Milczarek, Marek Waldemar Board: Wilk, Jacek Tomasz; Pargieła, Stanisław Juliusz; Milczarek, Marek Waldemar; Kosierkiewicz Konrad;

Total assets

Equity

Diluted book value per share

8.77

Profit/loss from operations

Net cash flows from investing activities

Profit/loss from operations

11,126

1,422

98,069

16,335

Net revenues

Net cash flows from operating activities

Net revenues

Finance (2012Q3)

-1,668

Finance (2012Q3)

Net cash flows

Finance (2012Q3)

1,341

Profit/loss

2010-01-04

1,653

Profit/loss before tax

1,654

40 35

2012-11-19

80,000.00 81,000.00

Book value per share

2012-08-21

2012-05-22

80,000 81,000 81,000

Number of shares (in thousands)

2012-02-17

main product. Price performance:

2011-11-18

227,879 225,139 211,655

The Share Capital

Strategy: Adhesive for gypsum boards is the firm's

2011-08-19

Pasturczak, Grzegorz Jacek; Pasturczak, Lech Jan; Pargieła, Andrzej Piotr; Mączyński Artur Auditors: Agencja Usług Księgowo-Prawnych Biegli Rewidenci sp. z o.o., Kielce Address: ul. Górnicza 3, 26-220 Stąporków T: +48 41 3741016; F: +48 41 3741712 zuk@zuk.com.pl KRS: 0000081300

2011-05-20

Equity

MEG

www.megaron.com.pl

Andrzej (21.29%); Sikora Piotr (60.79%)

ATL

www.atlasestates.com

Client Holdings Nominee (UK) Ltd. (69.54%); Euroclear Nominees (9.97%) Strategy: Atlas Estates Limited is a Guernsey incorporated closed-ended investment company investing in real estate in Central and Eastern European countries. Atlas currently operates in the Polish, Hungarian, Bulgarian and Romanian real estate markets, investing in yielding assets and development projects, including residential and office.

Winter–Spring 2013

EquitiesPoland Finance

162,303 169,661 43,769

Short term liabilities

Profit/loss from operations

13,108 14,410

649

13,911 14,927

735

10,999 11,694

409

Profit/loss before tax

Net cash flows

-17,541 -17,541

–

Net cash flows from operating activities

6,400 17,607

–

-19,045 -9,255

–

-4,896 -4,197

–

Net cash flows from investing activities

Net cash flows from financing activities

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Total assets

178,792 186,476 184,355

37,189 37,323 39,271

Profit/loss from operations

7,823 8,349 9,542

Profit/loss before tax

29,366 28,974 29729

Profit/loss

141,360 148,898 144,851

14,145 14,145 14,145

Finance

(2010 | 2011 | 2012Q3)

100,763 54,039 9,368

-7,958 5,193 1,325

Net revenues

-15,028 -23,072 3,970

-12,493 -20,986 3,371

Net cash flows

1,985 1,985 -551

28,064 28,934 2,214

-1,044 4,069 -278

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

Net cash flows from operating activities

Net cash flows from investing activities

3.30 3.47 3.38

Net cash flows from financing activities

0.26 0.27 0.01

-27,968 -29,466 -3,493

402,126 324,041 340,408

295,896 246,611 243,567

185,339 158,699 158,053

110,557 87,912 85514

105,458 76,833 96,320

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities

6,268 6,268 6,268

Number of shares (in thousands)

50,322.00 50,322.00

Book value per share

50,322

2.10 1.53 1.91

-0.25 -0.42 0.07

Earnings/loss per share

President: Fox Andrew Board: Fox Andrew; Chasey Mark; Indig Guy Auditors: BDO LLP, Londyn Address: PO Box 119,Martello Court, Admiral Park,

GY1 3H St. Peter Port, Guernsey T: 4401481211000; F: 4401481211001 InvestorRelations@atlasestatesltd.com KRS: 0000044284

HTM

12,801 12,351 2,381

10,468 8,663 1,893

20,667 20,667

–

6,413 25,751

–

Profit/loss

Net cash flows

Net cash flows from operating activities

Finance

Net revenues

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

Net cash flows from investing activities

(2010 | 2011 | 2012Q3)

-13,736 5,155 3,304

-993 -993

2012-10-02

2012-07-04

–

24,664 -3,928

–

-3,905 16,366

–

-22,552 -6,896

–

440,547 461,032 512,511

291,668 225,214 245,612

Net cash flows from financing activities 2012-03-30

(2010 | 2011 | 2012Q3)

Net cash flows from investing activities

2012-01-02

13,565 14,253 3,630

Net cash flows from operating activities

2011-09-30

Profit/loss before tax

Net cash flows

2011-07-04

3,960 20,227 3,568

2011-03-31

156,667 228,756 75,033

Profit/loss

2010-12-31

Amplico OFE (7.05%); OFE PZU Złota Jesień (14.17%); Xarus Holdings Limited (50.92%); Banaszuk Mariusz; Węgierek Bernard (2.79%) Strategy: Production of corn flakes and breakfast cereal products for consumption with milk, as well as corn puffs and crispy snacks coming under the classification of snackfoods. Firm’s traditional confectionery is LOVE MILK, as well as Duetka chocolate-coated jelly and milky fillings. Price performance:

Profit/loss from operations

2010-09-30

www.zpcotmuchow.com.pl

2010-07-05

OTM

Market value: 87,529,400 WSE listing date: 2010-09-29 Shareholders: PKO BP Bankowy OFE (5.68%);

10,662 25,922 4,078

2010-04-01

Zakłady Przemysłu Cukierniczego Otmuchów SA

Net revenues

Profit/loss before tax

2010-01-04

Waldemar; Ziaja Jan; Nadachewicz Jakub; Dobies Kamil; Śmigielski Kazimierz Auditors: Deloitte Audyt sp. z o.o. Address: ul. Grabiszyńska 241, 53-234 Wrocław T: +48 71 3348300; F: +48 71 3390347 biuro@hutmen.pl KRS: 0000036660

Finance

-0.54 0.20 0.13

President: Ziaja Jan Board: Urbaniak Zygmunt; Szeliga Piotr; Zwierz

745,096 940,687 233,066

5.71 9.08 9.38

Earnings/loss per share

Profit/loss from operations

25,596

Kazimierz (0.01%); Impex-invest sp. z o.o. (13.67%) Strategy: Hutmen, based in Wroclaw, sells tubes, rods, and casting alloys. Impexmetal owns 61%. Price performance:

2011-07-04

Jacek (11.58%); Ciupiński Leszek (0.23%); Budzyński Tomasz (0.07%); Orkisz Paweł; Butryn Mirosław (0.11%); Pilszczek Marta (8.25%); Amplico OFE (8.16%); Ciupińska Bożena (28.28%) Strategy: One of the leading producers in the professional lighting sector. The company manufactures light fittings for the public and industrial sectors. Price performance:

25,596.00 25,596.00

Book value per share

Market value: 88,050,240 WSE listing date: 1997-11-05 Shareholders: Impexmetal SA (51.56%); Śmigielski

2011-03-31

www.essystem.pl

www.hutmen.pl

2010-12-31

ESS

Market value: 88,728,480 WSE listing date: 2007-03-09 Shareholders: Pilszczek Bogusław (20.03%); Wysocki

312,027 312,027 312,027

Number of shares (in thousands)

ES-System SA

HUTMEN SA

2010-09-30

Bożena; Budzyński Tomasz; Ciupiński Leszek; Wojtkowiak Romuald; Wojciechowski Radosław; Butryn Mirosław; Maciejewicz Rafał; Burdzy Jerzy Auditors: Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o. Address: ul. Przemysłowa 2, 30-701 Kraków T: +48 12 6563633; F: +48 12 6563649 essystem@essystem.pl KRS: 0000113760

2010-07-05

The Share Capital

President: Wojtkowiak Romuald Board: Wysocki Jacek; Chojnacki Arkadiusz; Ciupińska

2010-04-01

Equity

Earnings/loss per share

2010-01-04

Total assets

42,864

146,153 232,379 240,167

The Share Capital

2010-09-29

42,864.00 42,864.00

Book value per share

2012-10-01

269,403 205,033 225987

Equity

2012-07-03

Profit/loss

2012-03-29

22,265 20,181 19,625

2011-12-30

2011-09-29

(2010 | 2011 | 2012Q3)

2011-07-01

Net revenues

2011-03-30

2010-12-30

Price performance:

Long term liabilities

Total assets

Liabilities and provisions for liabilities

-34,502 -88,592

Net cash flows from financing activities

48,756 43,074

Total assets

– –

183,308 278,561 280,842

71,867 147,233 145,560

26,911 52,806 47,829

44,956 94,427 97731

110,895 119,260 123,735

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

2,550 2,550 2,550

Number of shares (in thousands)

12,748.00 12,748.00

Book value per share

8,498

8.70 9.36 14.56

0.82 0.68 0.22

Earnings/loss per share

President: Węgierek Bernard

Winter–Spring 2013

EquitiesPoland

2012-10-03

2012-07-05

2012-04-02

2012-01-03

2010-01-05

2012-10-02

2012-07-04

2012-03-30

(2010 | 2011 | 2012Q3)

Finance (2012Q3)

301,443 548,468 140,172

35,439

42,381 41,270 4,431

34,303 31,245 1,756

26,536 25,192 1,803

2,775 2,775 1,451

36,100 -32,966 29,570

-126,715 -9,659 -13,366

93,390 48,873 -14,753

433,334 610,878 702,239

242,985 343,248 455,068

81,464 84,749 131,397

149,064 240,936 299928

179,685 214,891 204,865

151,152 190,145 48,635

Profit/loss from operations

5,598 17,728 3,897

3,039 16,829 3,306

2,185 11,506 2,337

Profit/loss before tax Profit/loss Net cash flows

935

935 -1,014

Net cash flows from operating activities

4,661 18,121 3,492

-2,435 -7,116 -1,564

-1,291 -10,404 -2,942

192,923 215,421 225,928

92,513 107,754 110,498

24,319 21,902 25,175

64,736 82,302 81067

67,144 80,748 88,815

8,731 8,731 8,731

Net cash flows from investing activities

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

7,500 7,500 7,500

Number of shares (in thousands)

75,000.00 75,000.00

Book value per share

75,000

2.40 2.87 2.73

0.35 0.34 0.02

Earnings/loss per share

DilutedNumber of shares (in thousands)

75,000.00 75,000.00 75,000.00

Diluted book value per share

2.40 2.87 2.73

0.35 0.34 0.02

Diluted earnings/loss per share

President: Mirgos Jerzy Board: Mirgos Jerzy; Nowak Sławomir; Bujnowska,

Earnings/loss per share

Agnieszka Maria; Bojdo Hubert; Zakrzewski Andrzej; Jankowski Wacław; Borzykowski Waldemar; Jankowski Dariusz Auditors: Bggm Audyt sp.zo.o. Address: ul. Unii Europejskiej 18, 96-100 Skierniewice T: +48 46 8339828; F: +48 46 8339732 sekretariat@mirbud.com.pl KRS: 0000270385

President: Bik Zdzisław Board: Bik Zdzisław; Klank Maksymilian; Bąk Marian;

Energopol-Południe SA

The Share Capital

Number of shares (in thousands)

3,107.00 3,107.00

Book value per share

3,107

21.61 25.99 28.58

0.70 3.70 0.75

Grudzień Włodzimierz; Bik Stanisław; Fiałek Mariusz; Kurella Jerzy; Matczewski Andrzej Auditors: MW Rafin Marian Wcisło SK Address: ul. Modelarska 11, 40-142 Katowice T: +48 32 7350000; F: +48 32 2582266 fasing@fasing.com.pl KRS: 0000120721

Mirbud SA MRB

www.mirbud.com.pl

Market value: 87,000,000 WSE listing date: 2008-12-29 Shareholders: Mirgos, Halina Zofia (0.39%); Jankowski

Dariusz; Pioneer Pekao Investment Management SA (8.23%); Mirgos Jerzy (42.8%) Strategy: The company acts mainly as a general contractor. The scope of construction and assembly services offered to clients includes such sectors as: Housing;

EPL

www.energopolpoludnie.eu

Market value: 86,264,100 WSE listing date: 1998-11-06 Shareholders: Skarbiec TFI SA (22.52%); Kwiatek,

Piotr Jakub (0.09%); Ziółek Katarzyna (0.05%); Taźbirek Jacek (0.08%); Jakubas Zbigniew (25.6%); Altus TFI SA, Warszawa (5.49%); Energopol Południe SA (18.1%) Strategy: The company offers a wide range of building services mainly on the Polish market. The company can participate in the construction projects of various scales beginning from big ‘green field’ investments to small undertakings. ‘Energopol - Południe’ S.A. offers professional services within the following fields: environmental protection, ground and road works, demolition and deconstruction, high capacity objects, general construction works, rental of equipment. We specialise particularly in ground works connected with the construction of transfer pipelines and power distribution networks as well as grading and degraded

-11,636 Net cash flows from operating activities

-6,117 Net cash flows from investing activities

-5,519 Total assets

81,685 Liabilities and provisions for liabilities

34,086 Long term liabilities

5,450 Short term liabilities

28636 Equity

47,599 The Share Capital

36,360 Number of shares (in thousands)

9,090 Book value per share

5.24 Earnings/loss per share

0.03 President: Taźbirek Jacek Board: Nowakowska-Kisiel, Marzena; Noras Lucjan; Taźbirek Jacek; Ziółek Katarzyna; Dąbrowski Waldemar; Góralewski Piotr; Kwiatek, Piotr Jakub Auditors: Deloitte Audyt sp. z o.o. Address: ul. Jedności 2, 41-208 Sosnowiec T: +48 32 2944011; F: +48 32 2633907 info@energopolpoludnie.eu KRS: 0000143061

Relpol SA RLP

www.relpol.com.pl

Market value: 84,078,750 WSE listing date: 1996-02-01 Shareholders: BPH TFI SA (5.12%); Osiński Piotr (5.03%);

Leszczyński Grzegorz (0.02%); Leszczyński Henryk (0.02%); Ambroziak Adam (32.99%); Altus TFI SA, Warszawa (8.94%) Strategy: Products of Relpol S. A. are applied in the areas of industrial and power automation, power electronics, industrial and applied electronics, telecommunication, household appliances etc. Price performance: 9 8 7 6 5 4 3 2012-10-02

2012-10-02

2012-07-04

2012-03-30

2012-01-02

(2010 | 2011 | 2012Q3)

Net cash flows

2012-07-04

Net cash flows from financing activities

245

2012-03-30

Net revenues

Net cash flows from investing activities

Profit/loss

2012-01-02

Finance

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Net cash flows from operating activities

247

2011-09-30

Net cash flows

Profit/loss before tax

2011-07-04

Profit/loss

104

2011-03-31

Profit/loss before tax

Profit/loss from operations

2010-12-31

Profit/loss from operations

Net revenues

2010-09-30

2010-07-05

Net revenues

2010-04-01

2010-01-04

Finance

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

0 2010-09-30

0 2010-07-05

2 1 2010-04-01

1 0.5

2011-10-03

1.5

(16.82%); Karbon-2 sp. z o.o., Katowice (60.11%) Strategy: Fasing is the largest producer in central Europe of chains for the mining industry, power industry, fisheries, sugar, cement and timber industries. Products are sold internationally to more than 2000 customers. Price performance:

2011-07-05

5 4 3

2011-04-01

Market value: 87,430,980 WSE listing date: 2000-09-18 Shareholders: Bank Gospodarstwa Krajowego

3 2.5

2011-01-03

www.fasing.pl

9 8 7 6

4 3.5

2010-01-04

FSG

11 10

2010-10-01

Fabryka Sprzętu i Narzędzi Górniczych FASING SA

4.5

land reclamations. Our profile also includes widely understood building and assembly construction, complex execution of ground, road and engineering works as well as demolition with the use of specialised equipment. Price performance:

2010-07-06

Artur; Węgierek Bernard; Giedrojć Jacek; Dekarz Jacek; Grzesiak, Witold Wiktor Auditors: 4AUDYT Sp. z o.o. Address: ul. Nyska 21, 48-385 Otmuchów T: +48 77 4315083; F: +48 77 4315085 zpc@zpcotmuchow.com.pl KRS: 0000028079

Public utility buildings; Production, services, commercial facilities; Engineering and road construction works. Since 2006, Mirbud S.A. has entered residential development. Price performance:

2010-04-06

Board: Popek Mariusz; Banaszuk Mariusz; Olszewski

Winter–Spring 2013 Finance

EquitiesPoland (2010 | 2011 | 2012Q3)

Net revenues

89,198 113,117 28,681

-6,565 9,102 3,805

-6,550 8,824 3,674

-8,002 6,892 3,125

-1,501 -1,501

Total assets

131,248 Liabilities and provisions for liabilities

Profit/loss from operations

46,056

Profit/loss before tax

16301

Profit/loss

85,192

Net cash flows

882

Short term liabilities Equity

The Share Capital

15,746 Number of shares (in thousands)

Board: Andrzejak Tadeusz; Andrzejak Bartosz; Chanie-

wicz Marek; Prentki Wojciech; Kowalski, Wojciech Szymon; Andrzejak Roman; Mizerka Maciej Auditors: Europejskie Centrum Audytu sp. z o.o., Kraków Address: ul. Przemysłowa 8, 62-031 Luboń T: +48 61 8994099; F: +48 61 8994099 biuro@pozbud.pl KRS: 0000284164

3,149

Centrum Medyczne ENEL-MED SA

Net cash flows from investing activities

27.05

Net cash flows from financing activities

-2.12 President: Orlof Paweł Board: Robak Zbigniew; Schulze Sven; Wiegelmann Friedhelm; Giesting Carl-Ernst; Edward Gutowski; Orlof Paweł; Apel Sabina; Piętoń Józef; Ronneburg Uda Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. Małobądzka 141, 42-500 Będzin T: +48 32 2679599; F: +48 32 2664411 ecbedin@ecb.com.pl KRS: 0000064511

Market value: 79,656,460 WSE listing date: 2011-06-14 Shareholders: Rozwadowska Anna (30.22%); Rozwad-

-12,084 1,942 -544

78,000 86,288 96,437

22,744 23,005 27,006

Liabilities and provisions for liabilities

267 527 5,030

17,233 17,997 16344

53,116 60,762 67,186

48,046 48,046 48,046

Number of shares (in thousands)

9,609.00 9,609.00

5.53 6.32 6.99

-0.83 0.72 0.33

Earnings/loss per share

President: Gulka Rafał Board: Gulka Rafał; Grzybowski Wojciech; Boćkowska

Joanna; Ambroziak Adam; Zakrzewska Monika; Grabczan Tomasz; Leszczyński Henryk; Leszczyński Grzegorz Auditors: BDO sp. z o.o. Address: ul. 11 Listopada 37, 68-200 Żary T: +48 68 4790800; F: +48 68 4790855 relpol@relpol.com.pl KRS: 0000088688

Net revenues

45,664

-99

-841

-767

Profit/loss from operations Profit/loss before tax Profit/loss

Net cash flows from operating activities

96,580 93,681 23,997

9,603 10,893 1,777

9,715 10,470 1,437

8,004 8,955 1,904

21,646 21,646 -3,571

Net revenues

Profit/loss from operations

Net cash flows

112

(2010 | 2011 | 2012Q3)

Profit/loss

Net cash flows

Finance

Profit/loss before tax

Net cash flows from operating activities

285 5,700

Net cash flows from investing activities 25

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

-16,163 -30,825 -4,444

Net cash flows from financing activities

37,524 22,690

Total assets

855

159,475 192,953 195,017

50,432 75,383 73,740

Net revenues

10,715 20,499 23,924

Profit/loss from operations

39,717 54,884 49816

Profit/loss before tax

109,043 117,570 121,277

Profit/loss

23,378 23,378 23,378

Net cash flows

Net cash flows from operating activities

4.66 5.03 5.19

Net cash flows from investing activities

0.34 0.38 0.08

Finance (2012Q3) 16,717 -8,533 -8,212 -6,670 -18,266 -9,280 -3,317 Net cash flows from financing activities

-5,669

3.5

2012-10-02

(Niemcy) (69.56%); Bank Gospodarstwa Krajowego (9.88%); Skarb Państwa (5%) Strategy: Elektrociepłownia Będzin S.A.’s business is generation of heat and electricity. The Company is the main source of heating, warm utility water and technological heat for the region of Zagłębie Dąbrowskie. The main shareholder of the Company is envia Mitteldeutsche Energie AG, Germany, with 69,56 % of shares. Price performance:

Finance (2012Q3)

2012-07-04

Market value: 81,716,550 WSE listing date: 1998-12-08 Shareholders: Envia Mitteldeutsche Energie AG

www.ecbedzin.pl

owski Jacek (4.21%); Generali OFE (10%); Rozwadowski Adam (30.22%) Strategy: ENEL-MED Medical Centre operates on the Polish market of medical services. It is the third largest private provider of medical services in Poland in terms of revenue. The company is a Polish family company, and has been present on the Polish healthcare market since 1993. At the moment, it has ten medical centres, seven diagnostic laboratories and one multi-profile hospital. Price performance:

4.5

(10.73%); Andrzejak Tadeusz (10.13%); Pioneer Pekao Investment Management SA (8.43%); Aviva OFE (6.86%); Aviva Investors Poland SA (6.32%); PKO BP Bankowy OFE (6.03%); Mizerka Maciej (0.03%); Prentki Wojciech (0.01%) Strategy: One of the largest and oldest manufacturers of doors and windows in Poland. Price performance:

2012-03-30

BDZ

Market value: 81,589,220 WSE listing date: 2008-06-11 Shareholders: ING OFE (7.34%); Andrzejak Roman

2012-01-02

Elektrociepłownia Będzin SA

www.pozbud.pl

2011-09-30

Book value per share

9,609

POZ

2011-07-04

Pozbud T&R SA

2011-03-31

The Share Capital

2010-12-31

Equity

2010-09-30

Short term liabilities

2010-07-05

2010-04-01

Long term liabilities

2010-01-04

Total assets

www.enel.pl

2012-10-16

Earnings/loss per share

2012-07-18

5,355 -3,126 -4,363

ENE

2012-04-17

Book value per share

2012-01-17

5,228 1,216 5,789

2011-10-14

2011-07-18

Net cash flows from operating activities

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

23,378.00 23,378.00

Book value per share

23,378

1,623 Net cash flows from investing activities

-813 Net cash flows from financing activities

-698 Total assets

122,155 Liabilities and provisions for liabilities

74,990 Long term liabilities

33,560 Short term liabilities

39217 Equity

47,165 The Share Capital

23,567 Number of shares (in thousands)

23,567 Book value per share

2.00 Earnings/loss per share

-0.03 President: Rozwadowski Adam Board: Rozwadowski Jacek; Rozwadowska Anna; Rozwadowski Adam; Piszcz Anna; Jakubowski Janusz; Okoński Zbigniew; Ciuhak Adam Auditors: PKF Audyt sp. z o.o. Address: ul. Słomińskiego 19 lok. 524, 00-195 Warszawa T: +48 22 4317701; F: +48 22 4317703 enel@enel.pl KRS: 0000275255

Earnings/loss per share

Fabryka Obrabiarek RAFAMET SA

President: Andrzejak Tadeusz

Market value: 79,469,600 WSE listing date: 2007-06-25

RAF

www.rafamet.com

Winter–Spring 2013

EquitiesPoland Price performance:

6 15

5 4

3 2

161,133 162,943 26,246

15,540 -1,867 1,656

14,822 -2,519 1,378

6,687 -10,079

1,596 1,596

Profit/loss from operations

Profit/loss before tax

Finance

Net revenues

Net cash flows

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

2010-01-04

Profit/loss

Net cash flows from operating activities

(2010 | 2011 | 2012Q3)

86,780 106,429 21,636

6,050 4,544 -1,182

2,712 4,314 -1,373

1,878 3,400 -1,302

Profit/loss from operations Profit/loss before tax Profit/loss Net cash flows

-8,078 -8,078

–

-4,291 13,720

–

-6,291 1,838

–

2,504 -9,767

–

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities Total assets

153,991 168,073 182,111

68,381 80,865 95,742

24,437 25,858 24,217

43,944 55,007 71525

85,610 87,208 86,369

43,187 43,187 43,187

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

4,319.00 4,319.00

Book value per share

4,319

19.82 20.19 20.00

Earnings/loss per share

0.44 0.79 -0.30 President: Wons, Emanuel Longin Board: Stryjecki Ryszard; Tatarek Michał; Wons, Emanuel Longin; Kaczmarzyk Michał; Siarkowski Marcin; Rogatko Michał; Strzępka Janusz; Michalik Maciej; Ruta Szymon Auditors: BDO sp. z o.o. Address: ul. Staszica 1, 47-420 Kuźnia Raciborska T: +48 36 4191111; F: +48 36 4191366 rafamet@rafamet.com.pl KRS: 0000069588

PROTEKTOR SA PRT

410

www.protektorsa.pl

Market value: 78,941,300 WSE listing date: 1998-07-14 Shareholders: ING OFE (15.41%); Jerzy Rafał (6.09%);

11,210 10,401

–

-2,513 -2,040

–

-7,101 -6,921

–

Net cash flows from investing activities

Net cash flows from financing activities Total assets

120,079 114,554 86,976

54,245 55,116 31,377

12,102 8,586 4,694

42,143 46,530 26683

64,189 57,898 54,238

9,572 9,572 9,572

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

19,022.00 19,022.00

Book value per share

19,022

3.38 3.04 2.85

0.35 -0.53 0.02

Earnings/loss per share

DilutedNumber of shares (in thousands)

19,021.60 19,021.60 19,021.60

Diluted book value per share

3.38 3.04 2.85

0.35 -0.53 0.02

Diluted earnings/loss per share

President: Skrzyński Piotr Board: Skrzyński Piotr; Panek Mirosław; Parzęcki

Grzegorz; Eichhorn Steffen; Majewski Piotr; Gerula Krzysztof; Szymański Grzegorz; Burlewicz Zdzisław Auditors: Doradca Zespół Doradców Finansowo-Księgowych sp. z o.o. Grupa Finans-Serwis, Lublin Address: ul. Kunickiego 20-24, 20-417 Lublin T: +48 81 5322231; F: +48 81 5320200 info@protektorsa.pl KRS: 0000033534

Elektrotim SA ELT

www.elektrotim.pl

Market value: 78,676,100 WSE listing date: 2007-04-11 Shareholders: Nowakowski Mirosław (6.09%); Folta

Krzysztof (15.1%); Aviva OFE (9.83%); Wieczorkowski Krzysztof (8.23%); Aviva Investors Poland SA (6.2%); Połetek Dariusz (0.8%); Diakun Andrzej (2.68%) Strategy: The company provides electricity and automation services, including the following product range: electrical systems and networks, project management, electrical switchgears, industrial automation, power engineering automation, traffic engineering, low-current systems, building and execution projects, mechanical systems, traffic and street lights service, electricity and automation service.

Net revenues

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

(2010 | 2011 | 2012Q3) 116,449 189,709 53,145

Profit/loss from operations

5,374 11,442 5,212

5,471 12,790 4,816

3,785 9,714 2,784

Profit/loss before tax Profit/loss

Net cash flows

-17,227 -17,227

–

Net cash flows from operating activities

2,595 774 –

Net cash flows from investing activities

-5,193 -897

Net cash flows from financing activities

–

-14,629 -4,822

121,902 139,426 126,530

35,316 49,485 41,629

Total assets

–

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities

2,988 271 347

27,110 41,745 32898

84,666 87,609 81,487

9,848 9,959 9,959

Equity

The Share Capital

Number of shares (in thousands)

9,848.00 9,959.00

Book value per share

9,959

8.60 8.80 8.18

0.38 0.98 0.28

Earnings/loss per share

President: Diakun Andrzej Board: Wieczorkowski Wiktor; Nowakowski Mirosław;

Kowalski, Wojciech Szymon; Połetek Dariusz; Diakun Andrzej; Folta Krzysztof; Walulik Jan; Rodzynkiewicz Mateusz Auditors: HLB M2 Audyt sp. z o.o. Address: ul. Stargardzka 8, 54-156 Wrocław T: +48 71 3521341; F: +48 71 3514839 sekretariat@Elektrotim.pl KRS: 0000035081

Vantage Development SA VTG

www.vantage-sa.pl

Market value: 78,334,320 WSE listing date: 2012-03-01 Shareholders: Biegaj Józef (23.61%); Dzik Grzegorz

(33.5%); Worldstar Investments S.a.r.l (22.48%); Vantage Development SA Strategy: Operates in the real estate development industry with special focus on Wroclaw, one of the most rapidly expanding real estate markets in Poland. Most prestigious project are Vratislavia Promenades (Promenady Wrocławskie ), a new, multi-functional district in Wrocław. Other projects include office development. Price performance: 2

1.5

0.5

0 2012-03-27

Szostak Piotr (10.86%); OFE PZU Złota Jesień (10.73%); Szymula Mariusz (10.29%); Flak Andrzej (9.99%); Skrzyński Piotr (0.1%); Strączyński Paweł (0.1%) Strategy: Protektor specialises in the manufacture and sales of high quality protective, military and specialist footwear of high safety class: safety, occupational, fire-fighter’s and trekking shoes for a wide range of customers, mostly from the EU territory, but also from Asia, Africa and South America.

–

Finance

2012-09-27

2010-12-31

2010-01-04

2012-10-02

2012-07-04

2012-03-30

(2010 | 2011 | 2012Q3)

Net revenues

2012-06-29

Finance

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

0 2010-01-04

2010-09-30

Price performance:

2010-07-05

Warszawa (47.28%); Jędrzejewski Krzysztof (21.27%); KW sp. z o.o. - WJ SKA (9.95%); Tatarek Michał (6.04%); Wons, Emanuel Longin (0.64%); Michalik Maciej (0.11%); Siarkowski Marcin Strategy: The company is a manufacturer of special purpose machine tools for machining of railway wheel sets, functioning in this line of business on the global market. The company is also a recognized and highly valued supplier of large-size machine tools for users in machine-building, power generation, shipbuilding, metallurgical, aerospace and defence industries. Exports represent 70-80% of total sales. Price performance:

2010-04-01

Shareholders: Agencja Rozwoju Przemysłu SA,

Winter–Spring 2013

EquitiesPoland

Finance

(2010 | 2011 | 2012Q2)

Long term liabilities

8,336 24,338 2,442

Short term liabilities

4,882 -14,440 9,720

133 -20,649 8,851

538 336 7,772

21,008 18,856 57,521

Profit/loss from operations

34,818 29,658 41733

Profit/loss before tax

70,368 68,268 144,024

10,423 10,423 18,216

Net revenues

Profit/loss

Net cash flows

-4,401 -4,401 1,533

-3,982 5,020 -11,733

10,592 -14,986 -5,221

-11,011 4,987 18,487

292,022 380,871 392,595

153,899 154,560 89,450

113,016 54,481 47,440

40,883 100,079 42010

138,123 129,726 303,145

16,073 16,073 35,194

Equity

The Share Capital

Number of shares (in thousands)

41,690.00 41,690.00

Book value per share

72,863

Net cash flows from operating activities

1.69 1.64 1.98

Net cash flows from investing activities

-0.56 -0.05 0.03

Net cash flows from financing activities Total assets

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

25,924.00 25,924.00

Book value per share

56,764

5.33 5.00 5.34

0.02 0.01 0.14

Earnings/loss per share

President: Laufer Edward Board: Laufer Edward; Dzik Bogdan; Dzik Grzegorz;

Pawlukowicz Dariusz; Meysner, Roman M.; Biegaj Józef; Nowjalis Piotr; Dobrowolski Jerzy; Greber Mirosław Auditors: PKF Audyt sp. z o.o. Address: ul. Św. Mikołaja 12, 50-125 Wrocław T: +48 71 7983577; F: +48 71 7983540 biuro@vantage-sa.pl KRS: 0000030117

President: Jerzy Rafał Board: Nadarzewski Jerzy; Kobryński Krzysztof; Jerzy

Rafał; Winiecki, Sławomir Ireneusz; Jerzy Beata; Sobczak Wojciech; Filipiak Tomasz Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka komandytowa Address: ul. Leśna 11-19, 85-676 Bydgoszcz T: +48 52 3236401; F: +48 52 3236400 sekretariat@makrum.pl KRS: 0000033561

Zakłady Magnezytowe ROPCZYCE SA RPC

www.ropczyce.com.pl

Market value: 75,999,000 WSE listing date: 1997-12-16 Shareholders: Darłak Marian (0.02%); ZM Invest SA

(51.25%); Verpol Group Sp. z o.o. (7.59%); ZM Ropczyce SA (0.54%); Siwiec Józef (0.27%) Strategy: Manufacturer of high-quality basic and aluminosilicate refractory materials that make indispensable elements of furnaces and devices operated at high temperatures. Offer is mainly aimed at the steel metallurgy, non-ferrous metallurgy, cement and lime industry, glass-making industry, foundry, as well as other branches that operate high-temperature processes. Price performance: 22 20

2.5 2

1.5

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

(2010 | 2011 | 2012Q3) 265,363 287,811 61,837 -8,660 5,163 5,021

-6,537 8,106 3,309

0.5

-13,727 4,181 2,627

Profit/loss

1,410 1,410

Net cash flows from operating activities

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

Net cash flows

(2010 | 2011 | 2012Q3)

56,965 55,675 20,148

-27,254 206 1,403

-23,614 -3,562 1,261

-23,170 -2,035 1,933

–

22,173 41,926

–

-6,222 10,794

–

Net cash flows from investing activities

Net cash flows from financing activities

-14,541 -26,183

Profit/loss from operations

397,347 343,139 342,546

Profit/loss before tax

196,106 153,303 146,563

Profit/loss

79,625 43,133 57,248

116,481 110,170 89315

194,961 189,836 195,983

11,515 11,515 11,515

-7,652 -7,652

Net cash flows from operating activities

426

1,788 5,863 6,174

Net cash flows from investing activities

-5,131 -3,229

-4,309 -7,403 -6,065

126,201 116,790 243,283

Net cash flows from financing activities

Liabilities and provisions for liabilities

317

55,826 48,514 99,254

Total assets

–

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

4,606.00 4,606.00

Book value per share

4,606

42.33 41.22 42.55

-2.98 0.91 0.57

Earnings/loss per share

President: Siwiec Józef

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-07-05

2010-09-30

114,440 115,200 32,209

Profit/loss from operations

Profit/loss before tax

Finance

2010-04-01

(2010 | 2011 | 2012Q3)

Net revenues

Profit/loss from operations

2010-01-04

Finance

Net revenues

2010-01-04

Finance

Total assets

Tomasz (40.02%); Solorz-Żak Zygmunt (17.07%); ING TFI SA (12.66%) Strategy: Established in 1992, ATM Grupa S.A. is Poland’s largest independent television and film production company, and the only one in the industry that is listed on the WSE. ATM Group comprises eight companies: Studio A, producer of television series, feature films, TV theater productions, talk shows and game shows; Profilm, one of Poland’s longest-established independent television and film production companies; Baltmedia, a company specializing in the production of series and feature films; ATM System, provider of a wide range of modern production infrastructure and equipment; A2 Multimedia, producer and developer of online video content, a joint venture with Agora S.A.; ATM FX, a company that provides special effects for film and television; ATM Studio, an SPV created to coordinate the construction of the largest film and television production center in Warsaw; and Aidem Media, developer of computer software for children. Price performance:

2010-09-30

www.atmgrupa.pl

2010-07-05

www.makrum.pl

ir Ireneusz (2.5%); Filipiak Tomasz (0.22%) Strategy: MAKRUM operates in four separate market sectors: real property, accommodation industry, heavy industry and construction. Price performance:

ATG

Market value: 75,680,000 WSE listing date: 2004-01-09 Shareholders: Amplico OFE (6.53%); Kurzewski

2010-04-01

MKM

Market value: 77,963,410 WSE listing date: 2007-07-11 Shareholders: Jerzy Rafał (81.67%); Winiecki, Sławom-

Net cash flows

ATM Grupa SA

Makrum SA

Net revenues

iewicz Robert; Marciniec Leon; Wenc Roman; Siwiec Józef; Wojtas Lesław; Ubysz Grzegorz Auditors: PKF Audyt sp. z o.o. Address: ul. Przemysłowa 1, 39-100 Ropczyce T: +48 17 2229222; F: +48 17 2218593 sekretariat@ropczyce.com.pl KRS: 0000036048

2010-01-04

Earnings/loss per share

Board: Pylypenko Oleksandr; Darłak Marian; Duszk-

4,857 1,605 -1,047

5,274 2,710 -1,485

3,134 1,633 -1,248

-3,131 -3,131 -9,517

6,371 23,437 -4,273

-9,844 -28,326 4,467

Profit/loss before tax Profit/loss Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

Net cash flows from financing activities

342 1,988 -9,711

Total assets

279,156 289,108 300,751

49,102 72,555 96,123

33,327 47,747 66,054

15,775 24,808 30069

229,440 215,593 204,123

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

8,600 8,600 8,600

Number of shares (in thousands)

86,000.00 86,000.00

Book value per share

86,000

2.67 2.51 2.37

0.04 0.02 -0.02

Earnings/loss per share

DilutedNumber of shares (in thousands)

86,000.00 86,000.00 86,000.00

Diluted book value per share

2.67 2.51 2.37

0.04 0.02 -0.02

Diluted earnings/loss per share

President: Muszyński Andrzej

Winter–Spring 2013

EquitiesPoland Board: Muszyński Andrzej; Stępniak Piotr; Gołębiowska

Grażyna; Chmielewski Marcin; Pietkiewicz Barbara; Kurzewski Tomasz; Tobiasz Paweł; Grzywaczewski Maciej; Michalak Marcin Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Address: ul. Dwa Światy 1, 55-040 Kobierzyce T: +48 71 7764700; F: +48 71 7764701 atm@atmgrupa.pl KRS: 0000157203

www.4funmedia.pl

www.interferie.pl

Market value: 74,276,400 WSE listing date: 2006-08-10 Shareholders: Urbaniak Marian (14.16%); KGHM

4.5

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

3,778 3,092 2,815

4,039 -145 4,446

3,148 -590 3,878

2,002 2,002

–

4,713 3,373

–

-505 -3,741

–

Net revenues

Profit/loss before tax Profit/loss

Net cash flows

Net cash flows from operating activities Net cash flows from investing activities

16,336 23,908 6,037

6,251 8,543 1,101

6,113 9,984 1,187

4,813 8,033 947

Profit/loss from operations

11,763 11,763

Net cash flows from operating activities

-4,437 -12,026

Net cash flows from financing activities

Total assets

–

6,313 9,175

Net cash flows from investing activities

9,887 -6,234

– – –

38,045 41,086 38,733

5,073 5,112 4,982

1,599 789 473

3,474 4,323 4509

32,972 35,974 33,751

4,064 4,064 4,063

Liabilities and provisions for liabilities Long term liabilities Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

4,064.00 4,064.00

Book value per share

4,064

8.11 8.85 8.31

Earnings/loss per share

1.18 1.98 0.23 President: Czekała Ewa Board: Karasowski Andrzej; Parafiniuk Aneta; Stokowski Dariusz; Czekała Ewa; Sowa Marek; Tarnowski Marek; Paluszyński Andrzej Auditors: 4AUDYT Sp. z o.o. Address: ul. Bobrowiecka 1A, 00-728 Warszawa T: +48 22 4884300; F: +48 22 4884250 biuro.prasowe@4funmedia.pl KRS: 0000235128

116,227 119,019 133,623

13,066 16,448 26,200

7,256 5,622 13,408

5,810 10,826 12792

Liabilities and provisions for liabilities

-2,206 286 –

Total assets

2012-09-20

2012-06-22

2012-03-20

2011-12-20

2011-09-20

2011-06-21

2011-03-21

2010-12-20

Net cash flows from financing activities

(2010 | 2011 | 2012Q3)

2012-10-02

2012-07-04

2012-03-30

2012-01-02

2011-09-30

2011-07-04

2011-03-31

2010-12-31

2010-09-30

2010-07-05

2010-04-01

72,054 87,627 22,189

5,586 9,666 1,982

5,257 9,448 2,013

4,350 7,604 1,558

Profit/loss before tax

39,432 38,512 13,175

Finance

(2010 | 2011 | 2012Q3)

Profit/loss from operations

Finance

Net revenues

Net cash flows

2010-01-04

(2010 | 2011 | 2012Q3)

Profit/loss

5.5

Finance

Profit/loss before tax

SA (0.89%); Czekała Ewa (0.12%); Golden Finance Investments (10.03%); Noble Funds TFI SA (6.03%); Nova Group (Cyprus) Limited (54.42%); PZU Asset Management SA (5.9%) Strategy: The Group consists of the following companies: 4fun Media S.A – producer and a broadcaster of thematic television channels 4fun.tv, rebel:tv and TV DISCO. Program Sp. z o.o – distributor of the thematic television channels and video content. Basic activity fields of 4fun Media SA: Channels 4fun.tv, rebel:tv and TV DISCO (creation and broadcasting), production and aggregation of the video content, development of the technological capability (technology). Price performance:

Net revenues

Price performance:

Polska Miedź SA (66.81%) Strategy: Firm targets the Polish tourist industry, with special focus on health-related vacations, including spas. Price performance:

2010-04-01

4FM

Market value: 74,330,560 WSE listing date: 2010-11-30 Shareholders: Tarnowski Marek (1%); 4Fun Media

INF

2010-01-04

4Fun Media SA

Interferie SA

Long term liabilities

Short term liabilities Equity

103,161 102,571 107,423

93,471 72,821 72,821

The Share Capital

Number of shares (in thousands)

14,564.00 14,564.00

Book value per share

14,564

7.08 7.04 7.38

0.22 -0.04 0.27

Earnings/loss per share

President: Miszuk Arkadiusz Board: Chmielewski Marcin; Miszuk Arkadiusz; Os-

towicz Robert; Rutowicz Dariusz; Pokój Jerzy; Kłodnicki Piotr; Granowski Wojciech; Wiernik-Gizicka, Renata; Mróz Barbara Auditors: Ernst & Young Audit sp. z o.o., Warszawa Address: ul. Marii Skłodowskiej-Curie 176, 59-301 Lubin T: +48 76 7495400; F: +48 76 7495401 interferie@interferie.pl KRS: 0000225570

Przedsiębiorstwo Hydrauliki Siłowej HYDROTOR SA HDR

www.hydrotor.com.pl

Market value: 73,019,100 WSE listing date: 1998-03-17 Shareholders: Kropiński Wacław (3.68%); Bodzi-

achowski Ryszard (13.83%); PKO TFI SA (14.84%); Deja Janusz (0.07%); Czapiewski Janusz (0.13%); Zwoliński Mieczysław (0.32%); Główczewski Czesław (0.51%); Lewicki Mariusz (2.99%) Strategy: HYDROTOR’s subsidiaries produce and sell: Gear pumps - used in domestic and foreign tractors, combine harvesters, bucket loaders, fork lift trucks, vans as well as in machine building industry - mainly in machine tools; Hydraulic selector valves (distributors) with manual and electrical control, bucket loaders, transportation means, building machines; Engine oil pumps; Pressure relief and non-return valves - used in fork lift trucks, building and road construction machines, combine harvesters and steering blocks; Hydraulic power packs, piston pins, gear and piston flowmeters.

Profit/loss

Net cash flows

-2,960 -2,960

275

Net cash flows from operating activities

1,464 13,722 7,299

-4,500 -10,992 -3,839

Net cash flows from investing activities

Net cash flows from financing activities

Total assets

76 -1,676 -3,185

90,484 105,486 116,652

21,500 30,365 38,437

3,752 16,592 23,505

17,748 13,773 14932

67,538 73,846 76,973

4,797 4,797 4,797

Liabilities and provisions for liabilities Long term liabilities

Short term liabilities Equity

The Share Capital

Number of shares (in thousands)

2,398.00 2,398.00

Book value per share

2,398

28.16 30.79 32.10

1.81 3.17 0.65

Earnings/loss per share

President: Kropiński Wacław Board: Kropiński Wacław; Czapiewski Janusz; Zwoliński

Mieczysław; Stachowiak Waldemar; Bodziachowski Ryszard; Deja Janusz; Lewicki Mariusz; Główczewski Czesław Auditors: Korpex-Audytor sp. z o.o. Address: ul. Chojnicka 72, 89-500 Tuchola T: +48 52 3363600; F: +48 52 3348635 hydrotor@hydrotor.com.pl KRS: 0000119782

Winterâ&#x20AC;&#x201C;Spring 2013

EquitiesPoland