1. Catalyst - Catalyst - 2012PATRONGE:

2. 2 Catalyst - 30 2009 . Catalyst . 3 161 55 385 . 2012 , Cata-lyst, , 563 Catalyst , , , . Catalyst . , Catalyst: ; ; ; , , 3 Catalyst, -, , . , Catalyst . Catalyst , , , ______________________Ludwik Sobolewski, Ph. D. 161 55 385

3. 3 Catalyst - __________________________Damian AtroszczakBusiness advisory departmentGrant Thornton . , . , . , , .. , , . , 31% , 17% - . , 8% , . , . , . ( ), 11.43%. , 8.05% , (69%). , , . , , . Catalyst . . - , WIBOR 6 . . , 0,23%. . , 90% . , , , . , , , .____________________Damian Atroszczak Grant Thornton

4. 4 Catalyst - 5 Catalyst 6 7 8 10 11 , 12 14 14 15 16 17 19 21 21 23 26 31 32 36 37 () 38 39 41

5. 5 Catalyst - Catalyst 30.09.2009 . 28.09.2012 . ( ). , , , 3 2012 ., Catalyst 28.09.2012. , , . , , , , () . 1: Catalyst Catalyst. 2. 3 , , , Gospodarstwa Krajowego Bank, PKO Finance AB. : , , . 2 , Catalyst , . , . Catalyst.. , , Grant Thornton , ..

6. 6 Catalyst - Catalyst Catalyst, : (BondSpot, MTS-CeTO). , , .Catalyst 2009 . , Catalyst. , . , . , 3 , , , . Catalyst . , , , . , , , IPO. - . . , . WIGdiv , , WIG, WIG20. -TBSP. 1137,8 1401,7 Catalyst 2012. 1 TBSP WIG: www.gpwinfostrefa.pl____________________________Agata Brzyska Grant Thornton

7. 7 Catalyst - (FESE) 2012 Catalyst , - (CEESEG) , , . , 162 450 , . , 385, 55 . . Catalyst 2012 . 562 . . , 30 8 . Catalyst, Catalyst. Catalyst 5 : ; ; ; ; . 91% . , , BGK EIB 29,7 . . 49 . 28 2012 . 5 . 30 2009 . 27% 2 , Catalyst ( . ) 28 2012 ( ) 3 , ( )Source: www.gpwcatalyst.pl: www.gpwcatalyst.pl

8. 8 Catalyst - 2009 ., 271 302. 2012 .: 94 . PGNiG (2,5. ), Polkomtel Finance AB PKN Orlen, 1 . . , Catalyst . 30 , 1 . , Catalyst. 28.09.2012 . , Catalyst, . , , PKO Finance AB - PKOPolish Bank SA - 800 . , Catalyst 22 2011 . 4 ( ): www.gpwcatalyst.pl 3,4 . . (46%), 1,5 . ., , 34% , 1,1 . . (11%) , , , 2009 ( ). . 7,6 . . , 96% . , ,, 1% . 5. , Catalyst 6. Catalyst : www.gpwcatalyst.pl: www.gpwcatalyst.pl

9. 9 Catalyst - . , , . , , , 6%. , , , 310%,150%, 140% 100% . 9. 7. (): BIS ( 2011( ), Fitch ( 2012, 1 , ), Eurostat ( 2011) 8. (%, ) , 2011 , . 382 . 2012 ., BGK 240 . . . 2009 ., BGK 4,9 . . , 2011 . 2012 . -1,2 . 1,0 . . 60 . , 2010 , 100% : www.gpwcatalyst.pl: www.gpwcatalyst.pl

10. 10 Catalyst - Catalyst (WSE) BondSpot. : . : WSE and BondSpot. , . , Catalyst, Catalyst. , : () ,BondSpot ( ) ; ( ) ;BondSpot ( ) , Catalyst: , , , , . Catalyst , , : ( ( ) BondSpot; ( , ); ( ) . , , Catalyst. ., , (), , . , (Market Makers) Catalyst, . , ., () , BondSpot ()

11. 11 Catalyst - : ( ) 99 . , . , . , . . , , . . 10. - 100 , , . , . . , . 11. : Grant Thornton, , : Grant Thornton, ,

12. 12 Catalyst - . , , , , . , , , , . , Catalyst, - , . , , : , 6 ( ); . . 3-6 . 1-4 . 1.

13. 13 Catalyst - ,

14. 14 Catalyst - , ( BGK, EIB ) , 3- Cata-lyst, 156 Catalyst. 337 , 16,3 . , 8 , 30 73 , Catalyst . , Catalyst Catalyst. , Catalyst. 3- 2012 . 2- 2012 , PGNiG 2,5 . 4,0 . 12 (, ) 13 (, ) ______________________Agnieszka Tucholska Grant Thornton

15. 15 Catalyst - 120 Catalyst ( BGK,EIB ). - 14 22 Catalyst. . , 9% - . 14 , % , . . , 34% , (17%). ,31% , , , . , Catalyst . 8% 16. 15. 48 . 10 . , , PGNiG, BOS 5,8 . . , 75% 30 .: Grant Thornton 275

16. 16 Catalyst - , ( ), , , . 91.3%. 2011 , Getin Noble Bank. , . , 17. : Grant Thornton 228

17. 17 Catalyst - , , Catalyst , , - . , ( 14% ). . 25 . Catalyst 13,3 . , 2.5 , - 0.4 . , , , ( 314/2009). 20. 19 Catalyst 21 18 Catalyst 27 17,3 % 22 14,1 % 21 13,5 % 14 9,0 % 12 7,7 % 6 3,8 % 5 3,2 %IT 5 3,2 % 5 3,2 % 4 2,6 % 4 2,6 % 3 1,9 % 3 1,9 % 3 1,9 % 3 1,9 % 3 1,9 % 3 1,9 % 2 1,3 % 2 1,3 % 2 1,3 %- 1 0,6 % 1 0,6 % 1 0,6 % 1 0,6 % 1 0,6 % 1 0,6 % 1 0,6 % 156 100 % (. ..)1 PGNiG 2,52 2,13 BO 1,24 PKN Orlen 1,05 Polkomtel Finance AB 1,0 (.. .)1 GPF Causa 420,02 Blue Tax Group 500,03 Quality All Development 800,04 Digate 947,05 Nettle 1 255,06 East Pictures 1 255,0

18. 18 Catalyst - Catalyst , 115 . : 22 , 14 5 . 28 2012 , , , Gant Development, 241 14 ; Kruk 36 13 , Getin Noble Bank 919 10 . , 9 7 . , - 127,2 ; 43 , 25 (68 ). 31 , , 13,3 22. 23. 24 ,

19. 19 Catalyst - Catalyst ( ). , . 67% ., , (9.7%) (7.1%). (9) - (8), 45% . ( 40% ). 3 :Warimpex Finanz & Beteiligungs AG, RonsonEurope N.V. Polkomtel Finance AB. 1,15 , , . , Catalyst,, , . Catalyst, . - , PKO FINANCE AB 800.. 27 (. . )Polkomtel Finance AB 1 000.0Ronson Europe N.V. 87.5Warimpex Finanz - undBeteiligungs AG 66.3 26 , 25.

20. 20 Catalyst - , ,

21. 21 Catalyst - __________________Pawe Duszek Grant ThorntonCatalyst . Catalyst , , . . , , Catalyst, , ( BGK, EIB ) , 2 : . Catalyst . Lokaty Budowlane S.A 337 , . , 99,7% . LokatyBudowlane S.A 4- 2012. 11% 5,5 . , , , BGK EIB , 81% . 19% - . . , . , Catalyst

22. 22 Catalyst - 24. WIBOR 6M , , , . 14-20% 4%. , , (60%) - . 35% , , - 5% . , Miraculum S.A., , WIBOR 1. 25. : Grant Thornton 296 WIBOR 6M , , , .

23. 23 Catalyst - (..)ONICO ONT0110 2009-10-07 2010-01-15 1 700 000 18,00%GREEN HOUSE DEVELOPMENT GHA0411 2010-02-10 2011-04-11 600 000 17,00%GREEN HOUSE DEVELOPMENT GHB0411 2010-02-17 2011-04-18 600 000 17,00%GREEN HOUSE DEVELOPMENT GHC0411 2010-02-24 2011-04-25 600 000 17,00%E-KANCELARIA EKA12132011-11-25 2013-12-22 1 000 000 15,00%GPF CAUSA GPF0214 2012-02-01 2014-02-23 420 000 15,00%ORZE ORL04122010-04-27 2012-04-27 7 260 000 15,00%POLSPORT GROUP PSG05122011-05-19 2012-05-30 1 280 000 15,00%NAVI GROUP NAV02132011-02-21 2013-02-21 2 000 000 14,92%NAVI GROUP NAV09122011-06-21 2012-09-18 900 000 14,12% Onico (18%) Green HouseDevelopment (17%) . 15% - Kancelaria GPF Causa Catalyst. Onico (18%) Green House Development (17%) , . (3) (5 ). . , 8 .: www.gpwcatalyst.pl 7.

24. 24 Catalyst - Chart 26. , , ., , , PGNiG GPW, . Rybnik . Poznan , , Warsaw, Tczewand Elblg. , 4,8% 18%. 8% 13% 242 . 4 15%. 6%. 7 . 7. (. .) RYBNIK RYB1117 LGU 2007-11-13 2017-11-13 40 500 000 4,82%POZNA POE1011 LGU 2006-10-23 2011-10-09 116 500 000 5,09%POZNA POD0610 LGU 2005-07-18 2010-06-23 101 500 000 5,34%WARSZAWA WAW1017 LGU 2010-05-06 2017-10-25 300 000 000 5,35%TCZEW TCZ0817 LGU 2010-08-25 2017-08-25 2 000 000 5,73%ELBLG ELG0319 LGU 2012-03-08 2019-03-08 5 000 000 5,79%ELBLG ELG0320 LGU 2012-03-08 2020-03-08 5 500 000 5,89%RYBNIK RYB1213 LGU 2002-12-30 2013-12-30 14 500 000 6,07%ELBLG ELG0321 LGU 2012-03-30 2021-03-30 9 000 000 6,09%GPW GPW0117 others 2011-12-23 2017-01-02 245 000 000 6,11%: www.gpwcatalyst.pl

25. 25 Catalyst - Chart 27. , Catalyst 10,1%. - , - 10,4% , 10% 6,9%. 10% 12,9%. , 25% 8,5% 25% 11,8%. 10,1%

26. 26 Catalyst - 2009 2010 . 9.43% 9.99%. . 10.67% 2011. . 2012 28. , 4 2009 2 2012 , , , . , (48%). 34% , . 18% , NewConnect 10.67% 2011. 29. ( )

27. 27 Catalyst - 30. , , , . , NewConnect 30% , . NewConnect 12,63% 9,78%. 11,33%. , NewConnect. , NewConnect, . . , . Grant Thornton NewConnect,52,5% 5 , 20% - 1 , , Grant Thornton NewConnect, 10 557% , NewConnect. , New Connect, - 11%; , . , 2012 , , 8,5% 12%. ; , , , 6,3% 8,5%, 8%.Chart 31.

28. 28 Catalyst - , Catalyst, -6,54%; , 8,17% 8,05%, 11,1%. , , 11% 2010 . 8% - 9% 2010 2011 . 2012 8,9%, 6,9% 2012 . - 6,2% 9,1% 2012 ; - 5,5% 7%, . 33. 32.

29. 29 Catalyst - : ( , , ), . , 9,93%. 11,79%; - 10,90%. 10% 12% ( 2010 ). 11-14% ( 2009 ). . 2011 2012 , . 35. 34.

30. 30 Catalyst - : ; 8.17% 8.05% . , , 10,83% 11,43%. : , - PKN Orlen PGNiG ( 6,37%). , , : 10,42% , 36. 37.

31. 31 Catalyst - : (OT Logistics, PawtransHolding Sidemka) 9,77%. , -, 9,94% 10,10% . 11.5% , , HoReCa; 13,83% 14% . 38. 1,54% , Catalyst, . , . , NewConnect. . , , . . GANT DEVELOPMENT GNT0313 26 000 000MARVIPOL MVP0613 39 400 000MARVIPOL MVP0914 30 791 000MCI MANAGEMENT MCI0912 50 000 000MERA MER0412NewConnect 758 500MIRACULUM MIR0513 4 775 000RUBICON PARTNERS NFI RBC0413 32 000 000Warimpex Finanz und Beteiligungs AG WXF0514 66 250 000 8. Source: www.gpwcatalyst.pl: www.gpwcatalyst.pl

32. 32 Catalyst - 69.34% . , , , . 42% . - (43% ) (42% ), (7%) (3%), . 39. 41. 40. 69.34% ____________________________Jakub Szymczak Grant Thornton

33. 33 Catalyst - 42. , 61% , - 72%, - 57%. , (8,94%) (9,45%) . , , 9,63%. , . . , , , 43. , 61% , - 72%, - 57%

34. 34 Catalyst - : 57% ; , , 19%. (12%).: , 61% . - 31%, - 4%, - 3% - 1%.: 72% , . 24% . , , Kruk e-Kancelaria. 45. - 46. - 44.

35. 35 Catalyst - 2009 2010 , . , , , . , . 2011 . : , , . . 47.

36. 36 Catalyst - , Catalyst, 2 334, 6,4 . - 10,2 - , . , 7,2 - 6,5 . - 2,3 . , 2010 , 2 - 2,5. , Catalyst, , 4 . , , 12 . , 3-10 , Chart 48. 4 2009 2 2012 ()

37. 37 Catalyst - Catalyst , , 93 ( ). , 42 . 79 , 98 . , , , , , 95 . 49. Catalyst 4 2009 2 2012 ()

38. 38 Catalyst - - , . Catalyst 11 , . 24,2 . . - Anti, Fojud,Polsport Group ZPS Krzetle, . Religa Development Budostal-5 - . , 3,26%, 4,44%, . , 2,2 . , 0,15% 0,23% . , , . , , 1,19% 1,61% , 2,08% 2,82% 3,26% 4,44% 0,05% 0,07% , 0,10% 0,16% 0,15% 0,23% 10. ** , ,

39. 39 Catalyst - Catalyst , , . , ( BGK, EIB ) , 1 2012 - 418,34. ( 138.28 . 1 2010). 2,2 2012 . , BondSpot, 100 . . 80% Catalyst, 20% BondSpot. , , 73,91% (56,2% 17,7% BondSpot 50. ( ) 4 2010 3 . 2012 ( )

40. 40 Catalyst - , , Catalyst, 179,5 . . () 136 . . Prime Car Management , . 62% . Kruk () IPF InvestmentsPolska( Provident S.A) - 14,75% 11,75 % , . , , Gant bonds (59,6%). Marvipol (13,46%) Ghelamco Invest (9,17%). 5% 51. * Polkomtel Finance AB 52. , 3 2009 2 2012 / . 78% . , , 30% . , , Catalyst.*

41. 41 Catalyst - Glossary of terms 29 1995 ( 1995 , 83, 420) 29 2005 , ( 2005 184, 1539) 29 2005 ( 2005 183, 1538) , ( BGK, EIB ), 30.09.2009 28.09.2012BIS BGK Bank Gospodarstwa Krajowego S.A., Company , EIB FESE FSA IPO LGU , NewConnect , NDS WSE, WSE , FSA . , , , , : , ..

42. 42 Catalyst - Grant Thornton Grant Thornton . , 2,600 31,000 Grant Thornton 110 . 300 , (IFRS/IAS)

43. 43 Catalyst - al. Jana Pawa II 1500-828 WarszawaT +48 22 20 54 800F +48 22 20 54 801ul. Abpa Antoniego Baraniaka 88 E61-131 PoznaT +48 61 62 51 100F +48 61 62 51 101ul. Wodkowica 21 lok 1250-072 WrocawT +48 71 73 37 560F +48 71 73 37 561ul. Francuska 3440-028 KatowiceT +48 32 72 13 700F +48 32 72 13 701ul. Kamieskiego 5130-653 KrakwT +48 12 37 64 100F +48 12 37 64 101Damian AtroszczakT +48 661 530 314E damian.atroszczak@pl.gt.comMaciej Richter T +48 607 679 096E maciej.richter@pl.gt.comAgnieszka Tucholska No. 63/2011 T +48 697 890 942E agnieszka.tucholska@pl.gt.comAgata Brzyska No. 72/2011T +48 61 62 51 465E agata.brzyska@pl.gt.comPawe Duszek , No 2525 No. 160/2012Jakub Szymczak No. 166/2012Aleksander Waligra no. 2671 No. 205/2011Mateusz Rumocki

44. 44 Catalyst - , , . , , , , . , , . , , , , . , , , , , , . ., , , . .

45. 45 Catalyst - www.grantthornton.plGrant Thornton Frckowiak Sp. z o.o. Sp. k.ul. Abpa Antoniego Baraniaka 88 E , 61-131 PoznaNIP: 778-14-76-013, REGON: 301591100District Court Pozna Nowe Miasto and Wilda in PoznanVIIIth Administrative Unit of National Court Register, KRS 369868