Report of the Management Board of the Idmsa Brokerage House on the Activity of the Idmsa Brokerage House Capital Group for the First Half of 2010

REPORT OF THE MANAGEMENT BOARD OF THE IDMSA BROKERAGE HOUSE ON THE ACTIVITY OF THE IDMSA BROKERAGE HOUSE CAPITAL GROUP FOR THE FIRST HALF OF 2010

MANAGEMENT BOARD OF THE IDMSA BROKERAGE HOUSE: Grzegorz Leszczyński – President of the Management Board Rafał Abratański – Vice-President of the Management Board WorldReginfo - b6c58f1e-babf-437c-88e7-97f73113ab92 Report of the Management Board of the IDMSA Brokerage House on the Activity of the IDMSA Brokerage House Capital Group for the first half of 2010 Translation from Polish – in the event of discrepancies the Polish language version shall prevail

Legal basis: Regulation of the Minister of Finance dated 19 February 2009 on current and periodic information to be published by issuers of securities and the conditions for equal treatment of information required by law of a non-member state (hereinafter referred to as the „Regulation”).

1. Description of the organization of the capital group, with the indication of entities subject to consolidation

1.1 Entities subject to consolidation and forming the IDMSA BH Capital Group

The consolidation as of 30 June 2010 covered all the subsidiaries forming the IDMSA Brokerage House Capital Group as of at the end of reporting period and affiliates of IDMSA Brokerage House, i.e. Geoclima Sp. z o.o., SprintAir S.A. and Przedsiębiorstwo Instalacji Przemysłowych „INSTAL- LUBLIN” S.A.

The subsidiaries have been consolidated with the use of full method, whereas affiliates have been consolidated with the use of property rights method. Detailed rules of consolidation have been described in Section 2.7 of the Shortened consolidated financial report of IDMSA Brokerage House for the period from 1 January 2010 to 30 June 2010.

1.1.1 Parent

Dom Maklerski IDM S.A. (hereinafter: IDMSA BH) with the registered office in Kraków, at Mały Rynek 7, 31-041 Kraków, entered into the Register of Entrepreneurs of the National Court Register KRS under the number 0000004483. Registering Court: the District Court for Kraków - Śródmieście in Kraków, XI Economic Division of the National Court Register KRS as Parent.

Share capital of IDMSA BH amounts to PLN 21,817,685.60 and is divided into 218,176,856 (two hundred eighteen million one hundred seventy-six thousands eight hundred fifty-six) shares of the nominal value of PLN 0.10 each.

As of 30 June 2010 the composition of the Management Board and Supervisory Board was as follows:

Management Board

. Grzegorz Leszczyński – President of the Management Board. . Rafał Abratański – Vice President of the Management Board.

As of the date of publication of the report the composition of the Management Board did not change.

Supervisory Board

As of 1 January 2010 the composition of the Supervisory Board was as follows:

. Robert Tomaszewski – Chairman of the Supervisory Board, . Henryk Leszczyński – Vice Chairman of the Supervisory Board, . Antoni Abratański – Member of the Supervisory Board, . Jarosław Dziewa – Member of the Supervisory Board, . Artur Kozieja – Member of the Supervisory Board, . Władysław Bogucki – Member of the Supervisory Board.

Mr Robert Tomaszewski presented the statement regarding the resignation from a post of the Member of Supervisory Board of IDMSA Brokerage House on 22 December 2009. The resignation regarding the abovementioned function was binding on 25 January 2010, i.e. from the day of the next General Meeting of the Company after presenting the abovementioned resignation. Professor Andrzej Szumański, Ph.D. was appointed as a member of the Supervisory Board of IDMSA BH by the General Meeting convened on 25 January 2010.

Mr Artur Kozieja presented the statement regarding the resignation from a post of the Member of Supervisory Board of IDMSA BH on 3 March 2010. The resignation was the result of employment in a foreign financial institution.

As of 30 June 2010 the composition of the Supervisory Board was as follows:

. Henryk Leszczyński – Vice Chairman of the Supervisory Board, . Antoni Abratański – Member of the Supervisory Board, . Władysław Bogucki – Member of the Supervisory Board, . Jarosław Dziewa – Member of the Supervisory Board, . Andrzej Szumański – Member of the Supervisory Board.

Jarosław Dziewa’s 3-year term of office has expired on 30 June. From the other side, the Ordinary General Meeting of IDMSA BH, convened on 24 June 2010 made a decision on adjournment until 22 July this year. The Ordinary General Meeting was recommenced on 22 July under resolutions no 2 and 3 on completion of the Supervisory Board, Mr Adam Szyszka and Mr Dariusz Maciejuk were chosen as member of the Supervisory Board.

On account of the above, the composition of the Supervisory Board as of 22 July 2010 was as follows:

. Henryk Leszczyński – Vice Chairman of the Supervisory Board, . Antoni Abratański – Member of the Supervisory Board, . Władysław Bogucki – Member of the Supervisory Board, . Andrzej Szumański – Member of the Supervisory Board, . Adam Szyszka – Member of the Supervisory Board, . Dariusz Maciejuk – Member of the Supervisory Board.

As of the date of publication of the report the composition of the Management Board did not change.

Proxies

As of 30 June 2010 the proxies of IDMSA BH were as follows:

. Jarosław Żołędowski – Proxy, . Piotr Derlatka – Proxy.

Mr Jarosław Żołędowski resigned from a post of the proxy of IDMSA BH on 7 July 2010. The resignation was the result of the termination of the employment contract with IDMSA BH. Under resolution, the Management Board appointed Mr Łukasz Jagiełło as a proxy on 12 July 2010.

As of 12 July 2010 the proxies of IDMSA BH were as follows:

. Piotr Derlatka – Proxy, . Łukasz Jagiełło – Proxy.

As of the date of publication of this report the abovementioned persons still acted as Proxies.

1.1.2 Subsidiaries – directly controlled by the IDMSA BH

. Electus S.A. with the registered office in Lubin, at ul. Słowiańska 17, 59-300 Lubin, entered into the Register of Entrepreneurs of the National Court Register KRS under the number 0000156248, Registering Court: District Court for Wrocław – Fabryczna in Wrocław, VI Economic Division of the National Court Register KRS.

IDMSA BH holds 9.609.160 (in words: nine million six hundred nine thousand one hundred sixty) bearer shares of the nominal value of PLN 0.10 (10/100) per share of the company Electus S.A., which constitutes 100% of shares in the share capital of the company Electus S.A. and the total number of votes at the General Meeting of Shareholders of the company Electus S.A.

The composition of the Management Board and Supervisory Board as of 30 June 2010 was as follows:

Management Board

As of 1 January 2010 the composition of the Management Board was as follows:

. Marek Falenta – President of the Management Board, . Wioleta Błochowiak – Vice President of the Management Board.

Mr Marek Falenta presented the statement regarding the resignation from a post of the President of the Supervisory Board of Electus S.A. 1 April 2010. As of the date of presenting this report, Mr Marek Falenta continues the co-operation in the framework of Capital Group, supporting it with his long-standing experience and concentrating mostly on strategy and development. Mr Marek Falenta holds a post of the Advisor of the Management Board of Electus S.A.

On account of the above, as of the date of publication of this report (30 June 2010) there was one- person Management Board:

. Wioleta Błochowiak – Vice President of the Management Board.

The Supervisory Board of the Company passed a regulation on the appointment of Mr Jacek Ryński as President of the Management Board of the Company on 28 June 2010.

From 16 July 2010 the composition of the Management Board of Electus S.A. is as follows:

. Jacek Ryński – President of the Management Board, . Wioleta Błochowiak – Vice President of the Management Board.

As of the date of presentation of this report the composition of the Management Board did not change.

Supervisory Bard

From 1 January 2010 and until the date of approval of the financial report of the company for 2009 by the Ordinary General Meeting (on 30 June 2010), the composition of the Management Board

. Bartłomiej Wiązowski - Chairman of the Supervisory Board, . Rafał Abratański - Member of the Supervisory Board, . Grzegorz Leszczyński - Member of the Supervisory Board, . Jarosław Dziewa - Member of the Supervisory Board, . Waldemar Falenta - Member of the Supervisory Board, . Łukasz Jagiełło - Member of the Supervisory Board, . Tadeusz Duszyński - Member of the Supervisory Board, . Michał Aleksander Kornatowski - Member of the Supervisory Board, . Zdzisław Jan Piekarski - Member of the Supervisory Board.

The term of office of the members of the Supervisory Board, Mr Jarosław Dziewa, Mr Bartłomiej Wiązowski and Mr Waldemar Falenta, has expired. Mr Waldemar Falenta was appointed again as a Member of the Supervisory Board on 1 July 2010.

The General Meeting appointed Mr Grzegorz Leszczyński as a Chairman of the Supervisory Board. On account of the above, as of 1 July 2010 until the date of presentation of this report of the Management Board, the Supervisory Board consisted of 7 persons:

. Grzegorz Leszczyński - Chairman of the Supervisory Board, . Rafał Abratański - Member of the Supervisory Board, . Waldemar Falenta - Member of the Supervisory Board, . Łukasz Jagiełło - Member of the Supervisory Board, . Tadeusz Duszyński - Member of the Supervisory Board, . Michał Aleksander Kornatowski - Member of the Supervisory Board, . Zdzisław Jan Piekarski - Member of the Supervisory Board.

As of the date of presentation of this report the composition of the Supervisory Board did not change.

Proxies

The Company’s Proxies as of 30 June 2010:

. Andrzej Klimek – Director of Legal Division, . Joanna Kucharewicz – Director of Agreements and Valuations Division, . Aneta Urlych – Chief Accountant, Deputy Chief Financial Officer.

As of the date of publication of this report there were no changes in Proxies.

As of 1 January 2009 Electus S.A. held 100% of shares in the company Żak System Sp. z o.o. On 10 February 2010 the shares were sold and Żak System Sp. z o.o. does not belong to IDMSA Capital Group.

In the first quarter of 2010 Electus S.A. held 100% of shares in new companies: Electus Project A Sp. z o.o. and Electus Project B Sp. z o.o. The main area of companies’ activity shall be investment activity on real estate market. The share capital of each of the companies amounts to PLN 5,000.00 (in words: five thousand PLN 00/100) and is equally divided into five indivisible shares of its nominal value of PLN 1,000.00 (in words: one thousand PLN 00/100) each. The shares have been paid with contribution in cash.

Changes in founding act of Electus Project A were introduced on 30 March 2010 and the share

ARTIS Sp. z o.o. entered into Electus Project A and provided an in-kind contribution in a form of right of perpetual usufruct of fixed property in Legnica and contribution in cash covering 10,692 shares in the abovementioned company. On the account of the conditions precedent securing company’s businesses, the share increase procedure is in the course of proceedings at the registry court of competent venue.

. Idea Towarzystwo Funduszy Inwestycyjnych S.A. with the registered office in Warsaw, at ul. Królewska 16, 00 – 103 Warsaw, entered into the Register of Entrepreneurs of the National Court Register under the number 0000009046, Registering Court: District Court for the Capital City of Warsaw in Warsaw, XII Economic Division of the National Court Register. Until 16 January 2007 the Company operated under the name Górnośląskie Towarzystwo Funduszy Inwestycyjnych S.A., with the registered office in Katowice.

As of 30 June 2010 the share capital of the company amounted to PLN 14,000,000.00 (fourteen million PLN 00/100) and was divided into 140,000 (one hundred thousand) shares of the nominal value of PLN 100.00 (one hundred PLN 00/100) each.

On 19 March 2010 the Extraordinary General Meeting passed a resolution on reducing the share capital of the Company from PLN 14,000,000.00 to PLN 2,986,200.00 by decreasing the nominal value of all the shares from PLN 100.00 to PLN 21.33. The change in the share capital was registered on 29 July 2010.

IDM BH holds 140,000 (in words: one hundred and forty thousand) shares of the company Idea Towarzystwo Funduszy Inwestycyjnych S.A., which constitutes 100% of shares in the share capital of the company Idea Towarzystwo Funduszy Inwestycyjnych S.A. and the total number of votes at the General Meeting of the company Idea Towarzystwo Funduszy Inwestycyjnych S.A.

The composition of the Management Board and the Supervisory Board as of 30 June 2010 was as follows:

Management Board

. Piotr Kukowski – President of the Management Board, . Łukasz Marek Jagiełło – Member of the Management Board.

Supervisory Board

As of 1 January 2010 the composition of the Supervisory Board was as follows:

. Grzegorz Leszczyński – Chairman, . Piotr Derlatka – Secretary, . Rafał Abratański – Member of the Board, . Wojciech Brzoska– Member of the Board.

On 12 February, the Extraordinary General Meeting of Shareholders of Idea TFI S.A. dismissed Mr

Wojciech Brzoska from the post of the member of the Supervisory Board and appointed Mr Tomasz Bogutyn in his place.

On account of the above, the completion of the Supervisory Board as of 30 June 2010 was as follows:

. Grzegorz Leszczyński – Chairman, . Piotr Derlatka – Secretary, . Rafał Abratański – Member of the Board, . Tomasz Bogutyn – Member of the Board.

As of the date of publication of this report the composition of the Supervisory Board did not change.

Proxies

. Paweł Lewandowicz, . Tomasz Kopera.

As of the date of publication of this report there were no changes in the composition of the Proxies.

. Electus Hipoteczny S.A. with the registered office in Wrocław, at ul. Świętego Antoniego 23, 50 – 073 Wrocław, entered into the Register of Entrepreneurs under the number 0000315998; Registering Court: District Court for Wrocław – Fabryczna in Wrocław, VI Economic Division of the National Court Register.

The share capital of the Company amounts to PLN 5,302,500.00 (five million three hundred two thousand five hundred PLN 00/100) and is divided into 10,605 shares of the nominal value of PLN 500.00 (five hundred PLN 00/100) each. IDM BH holds 10,605 (in words: ten thousand six hundred five) shares of the Company, which constitutes a 100% stake in the share capital and the overall number of votes.

The composition of the Management Board and the Supervisory Board as of 30 June 2010 was as follows:

Management Board

Mirosław Magda – President of the Management Board

Supervisory Board

As of 1 January 2010 the composition of the Supervisory Board was as follows:

. Rafał Abratański – Chairman of the Supervisory Board, . Grzegorz Leszczyński – Member of the Supervisory Board, . Wioleta Błochowiak – Member of the Supervisory Board, . Marek Falenta – Member of the Supervisory Board, . Robert Szydłowski – Member of the Supervisory Board.

Mr Robert Szydłowski resigned form the post of the Member of the Supervisory Board on 29 January 2010, whereas Mr Marek Falenta resigned on 9 April.

On account of the above, as of 30 June 2010 the composition of the Supervisory Board was as follows:

. Rafał Abratański – Chairman of the Board, . Grzegorz Leszczyński – Member of the Board, . Wioleta Błochowiak – Member of the Board.

The Ordinary General Meeting under Resolution No. 10 of 5 July 2010, under the Articles of Association and Art.393.1 and Art.395.2.3 of the Code of Commercial Companies, agreed the number of member of the Supervisory Board of the Company as three.

As of the date of presentation of this report the composition of the Management Board and Supervisory Board did not change.

There were no changes within the Company’s governing bodies regarding their members from 30 June 2010 to the date of presentation of this information.

Proxies

Elżbieta Rumin – Proxy

As of the date of publication of this report there were no changes in the composition of the Proxies.

. IDMSA.PL Doradztwo Finansowe Sp. z o.o. with the registered office in Kraków, at Mały Rynek 7, 31 - 041 Kraków, entered into the Register of Entrepreneurs of the National Court Register KRS under the number 0000196154, Registering Court: District Court for Kraków – Śródmieście in Kraków, XI Economic Division of the National Court Register KRS.

IDMSA BH holds 4,000 (in words: four thousand) Soares of the nominal value of 50.00 PLN (fifty PLN 00/100) per share, which constitutes 100% of shares in the share capital of the entity.

As of 30 June 2010 the composition of the Management Board was as follows:

Management Board

. Piotr Derlatka – President of the Management Board

As of the date of publication of this report the composition of the Management Board did not change.

. “Gwarant” Agencja Ochrony S.A. with the registered office in Opole (successor in title of “Gwarant” Agencja Ochrony i Detektywistyki Sp. z o.o), at ul. Józefa Cygana 2, 45 – 131 Opole (successor in title of “Gwarant” Agencja Ochrony i Detektywistyki Sp. z o.o), entered into the Register of Entrepreneurs of the National Court Register under KRS No. 000311805. Registering Court: District Court for Opole in Opole, VIII Economic Division of the National Court Register.

The share capital of the Company amounts to PLN 500,000.00 (five hundred thousand PLN 00/100) and is divided into 5,000,000 (five million) shares of the nominal value of PLN 0.10 (10/100) each. In the first quarter of 2010, a shareholders structure changed. IDMSA

BH holds 2,557,500 shares of the Company which constitutes a 51.15% stake in the share capital and the total number of votes.

IDMSA BH performs the function of the company’s market maker, therefore on 30 June 2010 additionally held 35,828 shares, which constituted a 0.72% share in the share capital of the company. As of 27 August of the current year, the number of shares being the investment in entity did not change, whereas the number of shares held slightly changed as a result of performing a function of company’s market maker and amounts to 37,096 shares, which constitutes a 0.74% stake in the share capital of the company.

Management Board

As of 1 January 2010 the composition of the Management Board of “Gwarant”Agencja Ochrony S.A. was as follows:

. Edward Kuczer – President of the Management Board, . Jarosław Żołędowski – Vice President of the Management Board.

Mr Jarosław Żołędowski resigned from the post of Vice President of the Management Board on 25 February 2010 and Mr Marek Pewełczyk was appointed as a member of the Management Board on the same day.

On account of the above the composition of company’s governing bodies as of 30 June 2010 was as follows:

. Edward Kuczer – President of the Management Board, . Marek Pawełczyk – Member of the Management Board.

Supervisory Board

As of 30 June 2010 the composition of the Supervisory Board did not change from 1st half of 2010 and was as follows:

. Rafał Abratański – Chairman of the Supervisory Board, . Marcin Michnicki – Vice Chairman of the Supervisory Board, . Edyta Murczkiewicz – Kuczer – Member of the Supervisory Board, . Piotr Derlatka – Member of the Supervisory Board, . Ryszard Kuczer – Member of the Supervisory Board.

As of the date of publication of this report the composition of the Management Board and Supervisory Board did not change.

Proxies:

The Proxies as of 1 January 2010 were as follows:

. Tadeusz Berka, . Jarosław Żołedowski.

On 25 February 2010 Mr Jarosław Żołędowski resigned from the post of proxy and on the next day, i.e. 26 February, the Management Board appointed Mr Krzysztof Sofiński as a proxy.

On account of the above, as of 30 June 2010 the Proxies were as follows:

. Tadeusz Berka (independent commercial proxy), . Krzysztof Sofiński (joint commercial proxy).

As of the date of presentation of this report there were no changes in the composition of the Proxies.

The Company’s shares have been listed on alternative trading system – NewConnect from 16 February 2010.

. Relpol 5 Sp. z o.o. with the registered office in Kraków, at ul. Mały Rynek 7, 31-041 Kraków, entered into Register of Entrepreneurs of the National Court Register under KRS number 0000213634, Registering Court: District Court for Kraków – Śródmieście in Kraków, XI Economic Division of the National Court Register.

IDM BH holds 100 (in words: one hundred) shares in Relpol 5 Sp. z o.o. of the nominal value of PLN 60,310.00 (sixty thousand three hundred and ten PLN 00/100) each, which constitutes a 100% stake in the share capital of the entity.

Management Board

The composition of the Management Board as of 30 June 2010 was as follows:

. Jarosław Żołędowski – President of the Management Board

On account of the resignation of Mr Jarosław Żołędowski from his post as the President of the Management Board, Mr Ryszard Frączek was appointed as the President of the Management Board on 5 August 2010. Therefore, the composition of the Management Board as of 5 August 2010 was as follows:

. Ryszard Frączek – President of the Management Board

As of the date of presentation of this report the composition of the Management Board did not change.

1.1.3 Subsidiaries – indirectly controlled by the IDMSA BH

. Gwarant Bis Agencja Ochrony Sp. z o.o. with the registered office in Opole, at ul. Józefa Cygana 2, 45 – 131 Opole, entered into the Register of Entrepreneurs of the National Court Register under the number 0000185119; Registering Court: District Court in Opole, VIII Economic Division of the National Court Register (a direct subsidiary of Gwarant Agencja Ochrony S.A.). The share capital of Gwarant Bis Agencja Ochrony Sp. z o.o. amounts to PLN 60,000.00 (sixty thousand PLN 00/100). Gwarant Agencja Ochrony S.A. holds 120 (one hundred twenty) shares of the nominal value of PLN 500.00 (five hundred PLN 00/100) each of the company Gwarant Bis Agencja Ochrony Sp. z o.o., which constitutes 100% of shares in the share capital of the company Gwarant Bis Agencja Ochrony Sp. z o.o. and in the total number of votes at the General Meeting of Shareholders of the company Gwarant Bis Agencja Ochrony Sp. z o.o.

The composition of the Management Board as of 30 June 2010 was as follows:

Management Board

. Marek Pawełczyk – President of the Management Board, . Sylwia Mucha – Member of the Management Board, . Małgorzata Weklak – Member of the Management Board.

As of the date of publication of this report the composition of the Management Board did not change.

The Supervisory Board does not function in the Company.

. Electus Project A Sp. z o.o. with the registered seat in Lublin, at ul. Słowiańska 17, 59- 300 Lublin, entered into the Register of Entrepreneurs of the National Court Register under the number 0000351900, Registering Court: District Court for Wrocław – Fabryczna in Wrocław, IX Economic Division of the National Court Register (a direct subsidiary of Electus S.A.). The Share capital of Electus Project A Sp. z o.o. amounts to PLN 5,0000.00 (five thousand PLN 00/100). Electus S.A. holds 5 (five) shares of the nominal value of PLN 1,000.00 (one thousand PLN 00/100) each of the company Electus Project A Sp. z o.o., which constitutes a 100% share in the share capital of the company Electus Project A Sp. z o.o. and in the total number of votes on the General Meeting of Shareholders at the company Electus Project A Sp. z o.o.

Electus Project A Sp. z o.o. was established on 10 February 2010, on 19 March 2010 the District Court in Wrocław, IX Economic Division of the National Court Register registered the company under the number 0000351900. The company’s registered office is in Lublin.

Investment activity on real estate market is the main business activity of the Company.

The share capital of Electus Project A Sp. z o.o. amounts to PLN 5,000.00 and is divided into 5 shares of the nominal value of PLN 1,000.00 each.

On 30 March 2010 the Articles of Association of Electus Project A were amended and the share capital of Electus Project A was increased from PLN 5,000.00 to PLN 10,854,000.00. On the account of the conditions precedent securing company’s businesses, the share increase procedure is in the course of proceedings at the registry court of competent venue as of the date of publication of this report.

As of 30 June 2010 Electus S.A. owned 100% shares of the company.

The composition of the Management Board as of 30 June 2010 was as follows:

Management Board

. Wioleta Błochowiak – President of the Management Board, . Anna Pawłowska – Member of the Management Board.

As of the date of presentation of this report the composition of the Management Board did not change.

. Electus Project B Sp. z o.o. with the registered seat in Lublin, at ul. Słowiańska 17, 59- 300 Lublin, entered into the Register of Entrepreneurs of the National Court Register under the number 0000351469, Registering Court: District Court for Wrocław – Fabryczna in Wrocław, IX Economic Division of the National Court Register (a direct subsidiary of Electus S.A.). The Share capital of Electus Project B Sp. z o.o. amounts to PLN 5,0000.00 (five thousand PLN 00/100). Electus S.A. holds 5 (five) shares of the nominal value of PLN 1,000.00 (one thousand PLN 00/100) each of the company Electus Project B Sp. z o.o., which constitutes a 100% share in the share capital of the company Electus Project B Sp. z o.o. and in the total number of votes on the General Meeting of Shareholders at the company Electus Project B Sp. z o.o.

Electus Project B Sp. z o.o. was established on 10 February 2010, on 13 March 2010 the District Court in Wrocław, IX Economic Division of the National Court Register registered the company under the number 0000351469. The company’s registered office is in Lublin.

Investment activity on real estate market is the main business activity of the Company.

The share capital of Electus Project B Sp. z o.o. amounts to PLN 5,000.00 and is divided into 5 shares of the nominal value of PLN 1,000.00 each.

As of 30 June 2010 Electus S.A. owned 100% shares of the company.

The composition of the Management Board as of 30 June 2010 was as follows:

Management Board

. Wioleta Błochowiak – President of the Management Board, . Anna Pawłowska – Member of the Management Board.

As of the date of presentation of this report the composition of the Management Board did not change.

All subsidiaries, which were included in the Group at the end of reporting period, as well as affiliates of IDMSA BH mentioned below, i.e. Geoclima Sp. z o.o, SprintAir S.A. and Przedsiębiorstwo Instalacji Przemysłowych “INSTAL-LUBLIN” S.A., were included into consolidated financial statement as of 30 June 2010.

1.1.4. Affiliates

IDMSA BH held 170,000 (one hundred seventy thousand) shares of Profinet S.A., which constituted a 33.07% stake in the share capital and the total number of votes at the General Meeting of the Company. As of 30 June 2010, balance sheet date, and as of the date of presenting this report IDMSA BH does not hold any shares of Profinet S.A.

. Profinet S.A. with the registered office in Tychy, at ul. Metalowa 3, 43-100 Tychy, entered into the Register of Entrepreneurs of the National Court Register KRS under the number 0000320642; Registering Court: District Court Katowice – Wschód in Katowice, VIII Economic Division of the National Court Register KRS.

The share capital of Profinet S.A. amounts to 514 080.00 PLN (five hundred fourteen thousand eighty PLN) and is divided into 514,080 (five hundred fourteen thousand eighty) shares of the nominal value of 1.00 PLN (one PLN 00/100) each.

IDMSA BH holds 170,000 (one hundred seventy thousand) shares, which constitutes a 33.07% stake in the share capital and the overall number of votes at the General Meeting of Shareholders of the Company.

The Company transformed from spółka z ograniczoną odpowiedzialnością (limited liability company) into spółka akcyjna (joint-stock company) as of 31 December 2008.

The composition of the Management Board and the Supervisory Board as of 18 June 2010 was as follows:

Management Board

. Grzegorz Bortnowski – President of the Management Board

Supervisory Board

. Krzysztof Barembruch – Chairman of the Supervisory Board, . Rafał Abratański – Member of the Supervisory Board, . Henryk Dłużewski– Member of the Supervisory Board, . Andrzej Rabenda – Member of the Supervisory Board.

On account of the fact, that IDMSA BH does not hold any of Profinet S.A. shares, just a short description of Profinet S.A. was included in part 3 of this report.

. SprintAir SA

SprintAir SA was established in 2003. The Company operatem under the name Sky Express Sp. z o.o., and subsequently SprintAir Sp. z o.o. On 31 December 2008 the Company changes its legal form from spółka z o.o. (limited liability company) into spółka akcyjna (joint-stock company), District Court for the city of Warsaw issued the decision concerning the registration of SprintAir SA under the number 0000320053.

The Company provides services in the scope of:

. air freight of goods, . ad hoc flights and chartered freight air transportation, . ad hoc flights and passenger charters, . aircraft maintenance services, . suport of continous airworthiness management, . aviation-related trainings.

As of 30 June 2010 the share capital of the company amounted to 4,046,000.00 PLN (four milion fourty six thousand PLN) and was divided into 4,046,000 (four milion forty six thousand) series A shares of the nominal value of 1.00 PLN per share.

As of 30 June 2010 the IDMSA BH held 1,079,948 (one milion seventy nine thousand nine hundred and forty eight) Soares, which constituted 26,69% stake in the share capital and Total number of votes at the General Meeting of Shareholders of the Company. In accordance with an agreement

Management Board:

. Anna Baltaziuk – President of the Management Board, . Iwona Prędkopowicz – Vice President of the Management Board.

Supervisory Board:

. Sławomir Horbaczewski – Chairman of the Supervisory Board, . Rafał Abratański - Member of the Supervisory Board, . Marcin Michnicki – Member of the Supervisory Board, . Dariusz Baltaziuk – Member of the Supervisory Board, . Cezary Nowakowski – Member of the Supervisory Board.

As of the date of publication of this report the composition of the Management Board and the Supervisory Board did not change.

Proxies:

. Adam Moczulski, . Jacek Roszak.

As of the date of presentation of this report there were no changes in the composition of the Proxies.

. Przedsiębiorstwo Instalacji Przemysłowych “INSTAL-LUBLIN” S.A. (hereinafter referred to as “Instal Lublin” or “PIP Instal Lublin”) with the registered office in Lublin, at ul. L. Herc 9, registered at the District Court in Lublin, XI Economic Division of the National Court Register under the number 0000023958

As of 30 June 2010 the share capital of PIP INSTAL-LUBLIN S.A. amounted to PLN 15,496,157.00 (fifteen million four hundred ninety-six thousand one hundred fifty-seven PLN 00/100) and was divided into 15,496,157 (fifteen million four hundred ninety-six thousand one hundred fifty-seven) shares of the nominal value of PLN 1,00 each.

As of 9 April 2010 conditional increase of the share capital was registered of the nominal value of PLN 13,345,016.00 and on 22 July current year, the documents of H series shares of the company were issued for the authorised under subscription warrants B series issued by the company. From this date the share capital of the company amounts to PLN 28,841,173.00 (twenty-eight million eight hundred forty-one thousand one hundred seventy-three PLN 00/100) and is divided into 28,841,183 (twenty-eight million eight hundred forty-one thousand one hundred eighty-three) shares of the nominal value of PLN 1.00 each.

On 23 August 2010 the Extraordinary General Meeting of PIP INSTAL-LUBLIN S.A. passed resolution No. 3/2010 regarding a conditional increase of the share capital of the company by PLN 53,588,257.00 under the issue of not more than 53,588,257 I series bearer

shares. In the framework of the conditional increase of the share capital, I series shares shall be held by the authorised under C series subscription warrants issued by the company.

As of 30 June 2010 IDMSA Brokerage House held 4,439,740 (four million four hundred thirty-nine thousand seven hundred forty) shares of PIP INSTAL-LUBLIN S.A., which constituted a 28.65% stake in the share capital and 28.65% of votes at the General Meeting of the Company PIP INSTAL-LUBLIN S.A. In connection with holding a function of issuer’s market maker, the IDMSA BH held in addition 26,740 shares of PIP Instal Lublin S.A. as of 30 June 2010. On account of short-term character of this investment the abovementioned securities are classified as financial instruments held for trading.

On 27 August 2010, IDMSA BH held 4,534,054 shares of the company Instal Lublin S.A., which constitutes a 15.72% stake in the increased share capital and gives 4,534,054 votes with the right to vote and constitutes 15.72% votes at the General Meeting of Shareholders of the company. Both shares held by IDMSA BH and acquired shares under holding a market maker function are included.

The composition of the Management Board and the Supervisory Board as of 30 June 2010 was as follows:

Management Board

. Jan Makowski – President of the Management Board, . Piotr Ciompa – Vice President of the Management Board, . Robert Protyński – Member of the Board – Technical Director.

Supervisory Board

. Jacek Klimczak – Chairman of the Supervisory Board, . Jarosław Wiśniewski – Vice Chairman of the Supervisory Board, . Grzegorz Kubica – Secretary of the Supervisory Board, . Rafał Abratański – Member of the Supervisory Board, . Arkadiusz Mączka – Member of the Supervisory Board.

As of the date of publication of this report the composition of the Management Board and of the Supervisory Board did not change.

Proxies

. Janusz Tkacz, . Stanisław Wroński.

As of the date of publication of this report the abovementioned persons still acted as Proxies.

Despite Geoclima Sp. z o.o., with the registered office in Warsaw, presented below, the Capital Group of PIP Instal-Lublin S.A. involves also Zakład Produkcyjny Instal Sp. z o.o. with the registered office in Lublin, entered into the Register of Entrepreneurs of the National Court Register under the number 000071671; District Court: District Court in Lublin, XI Commercial Division of the National Court Register, in which PIP Instal-Lublin holds 95% of shares.

The company PIP Instal-Lublin S.A., being an entity listed on the Warsaw Stock Exchange, is obliged to publish its financial reports, periodic and current reports. Therefore, all the information

. Geoclima Sp. z o.o. with the registered office in Warsaw, entered into the Register of Entrepreneurs of the National Court Register KRS under the number 0000141627; Registering Court: District Court for the city of Warsaw, XII Economic Division of the National Court Register KRS.

The Company’s share capital amounts to 295,000.00 PLN (two hundred ninety five thousand PLN) and is divided into 590 (five hundred ninety) shared of the nominal value of 500.00 PLN (five hundred PLN) each.

On 29 October 2009 IDMSA BH sold all its shares in Geoclima Sp. z o.o. to PIP Instal-Lublin. On 29 October 2009 Instal-Lublin S.A. acquired all shares in Geoclima Sp. z o.o. and achieved a 100% stake in the company’s share capital and the total number of votes at the General Meeting.

As of 30 June 2010 Geoclima Sp. z o.o. is indirectly affiliated with IDMSA BH.

The composition of the Management Board and the Supervisory Board as of 30 June 2010 was as follows:

Management Board

. Przemysław Dornowski – President of the Management Board, . Tomasz Olejnik– Vice President of the Management Board.

The Supervisory Board does not function in the Company.

Geoclima Sp. z o.o., as a direct subsidiary of PIP Instal-Lublin S.A., shall be analysed on the basis of current, periodic and financial reports published by PIP Instal-Lublin S.A. listed on the Stock Exchange.

. Grupa Kolastyna S.A. with the registered office Kraków, in bankruptcy open to arrangements, entered into the Register of Entrepreneurs under the number 0000034099; District Court: the District Court in Kraków, XI Economic Division of the Register of Entrepreneurs.

The share capital of the company amounts to PLN 56,690,414.00 (fifty-six million six hundred ninety thousand four hundred fourteen PLN 00/100) and is divided into 56,690,414 (fifty-six million six hundred ninety thousand four hundred fourteen) shares of the nominal value of PLN 1.00 (one PLN 00/100) each.

As of 30 June 2010 IDMSA BH held 2,880,055 shares of the company, which constituted 5.26% share in the company’s capital. IDMSA BH had a 13.31% stake in the number of votes at the General Meeting of the company as of 30 June 2010, the abovementioned fact was a result of having the right to vote under 4,400,000 shares (owned by A. Grzegorzewski) on the basis of the power of attorney held by IDMSA BH.

The completion of the Management Board and Supervisory Board as of 30 June 2010 was as follows:

Management Board:

. Monika Nowakowska – President of the Management Board, . Mariusz A. Roman – Vice President of the Management Board.

Supervisory Board:

. Grzegorz Leszczyński – Chairman of the Supervisory Board, . Piotr Derlatka – Member of the Supervisory Board, . Bartosz Rączkowiak – Member of the Supervisory Board, . Andrzej Rabenda – Member of the Supervisory Board, . Paweł Zaremba-Śmietański - Member of the Supervisory Board, . Karol Kolouszek - Member of the Supervisory Board.

The company Grupa Kolastyna S.A., as entity listed on the Stock Exchange and a parent in a capital group is obliged to publish financial, periodic and current reports, therefore any information regarding this entity and its capital group shall be analysed on the basics of financial, periodic and current reports published by this entity.

2. INFORMATION ON PRINCIPLES ADOPTED WHILE PREPARING MID-YEAR SHORTENED CONSOLIDATED FINANCIAL STATEMENT.

Consolidated financial statement for the first six months of 2010 covers all the subsidiaries and affiliated companies belonging to the IDMSA BH Capital Group. The subsidiaries were consolidated under the full method, the affiliated companies were consolidated under the equity method. Detailed information concerning the rules governing the preparation of a consolidated financial statement were presented in item 2.7 of the shortened consolidated financial statement for the period from 1 January 2010 to 30 June 2010.

3. DESCRIPTION OF THE ACTIVITY OF THE ENTITIES BELONGING TO THE IDMSA BH CAPITAL GROUP TOGETHER WITH THE INFORMATION ON THE MAIN PRODUCTS, GOODS AND SERVICES AND SALES MARKETS.

THE IDMSA BROKERAGE HOUSE The IDMSA Brokerage House is an independent, non-bank, brokerage house. The IDMSA Brokerage House has operated on the market for 15 years and is the first Polish stockbroker with shares listed on the main market on the Warsaw Stock Exchange.

The services portfolio of the IDMSA Brokerage House includes intermediation in security trading, asset management and corporate finance services.

The IDMSA Brokerage House specializes in corporate services, such as:

. transformations, . mergers, . takeovers, . transactions on non-public market, . services in the scope of securities issue, including public offerings, . Forex-related services, . asset management.

The IDMSA Brokerage House has operated on the basis of a license issued by the Polish Securities and Exchange Commission of 31 January 2003 (DDM-M.-4020-23-1/2003).

Starting from 2006 the IDMSA BH added to its range of services the foreign markets segment. The services offered within the new segment can be divided into two profiles. The first profile is directed to corporate clients. Within the profile, the offered services consist in consultancy and protection of the clients against unfavourable consequences of market risk, which is especially visible in the case of importers and exporters. Working together with the client, we identify and measure the Client’s Company risk level and prepare a comprehensive system of protection against the risk, together with performing transactions and valuation of derivative instruments.

The second profile is aimed mainly at retail customers. The Foreign Markets Division of the IDMSA BH offers the investors access to foreign markets through the Internet platform of Saxo Bank A/S (intermediation), and since 5 February 2007 it has launched the IDM Trader foreign markets platform.

Through the Foreign Markets Division and the IDM Trader Internet platform the IDMSA BH offers its clients an opportunity to take part in the trade on the global financial markets. With the use of IDM Trader transaction platform the users can carry out transactions on the following markets: currency, precious metals, industrial metals, energy, agricultural products, shares and stock exchange indices, bonds and interest rates.

As of 30 June 2010 the IDMSA BH manages 14,737 securities and cash accounts of the Clients. The Brokerage House acts as a market maker and issue sponsor. As of 30 June 2010 the Brokerage House acted, on the main market of the Warsaw Stock Exchange, as: market maker for 43 companies and 4 series of future contracts on W20 (WSE) and issuer market maker for 40 companies; on the New Connect market it acted as a market maker for four companies and issue sponsor for 18 companies.

Moreover, the Brokerage House carries out operations in the scope of non-public market. It operates and manages desposits for 52 companies on the basis of deposit agreements (as of 30 June 2010).

The IDMSA BH provides its services through the extensive network of customer service points:

Name of Customer Postcode City Service Point Street Mały Rynek 7 POK Kraków 31-041 Kraków

Nowogrodzka 62b POK Warszawa 02-002 Warszawa

Rynek 36b POK Nysa 48-300 Nysa

Kazimierza POK Olkusz 32-300 Olkusz Wielkiego 29 Batorego 5 POK Racibórz* 47-400 Racibórz

Wałowa 16 POK Tarnów 33-100 Tarnów

Kościuszki 30 POK Katowice 40-488 Katowice

POK Lublin 20-078 Lublin 3 Maja 18/2 Zwycięstwa 14 POK Gliwice 44-100 Gliwice

Bukowska 12 POK Poznań 60-810 Poznań

I piętro Centrum Biurowego Zenit, ul. POK Łódź 90-318 Łódź Sienkiewicza 82/84

Świdnicka 18/20 POK Wrocław 50-068 Wrocław

Jagiellońska 85/3 POK Szczecin 70-437 Szczecin

Dział Rynków Zagranicznych 00–120 Warszawa ul. Złota 59

* As of 31 September POK in Racibórz shall be closed.

ELECTUS S.A.

Electus S.A. (Company, Issuer) is the company specialising in supporting financial liquidity of the public healthcare services sector. The main area of the company’s business activity is financing and restructuring of liabilities of public healthcare institutions as well as local government units. The Company grants loans and acquires disputable and undisputable claims on its own account, and performs restructuring program. A main advantage for a client resulting from the abovementioned activity is the ability to recover receivables quickly and facilitate cash flow as well as unfreeze supplies limits for a given contractor of public healthcare services sector. Such business model is advantageous also for the debtor because it makes it possible to pay the liabilities in the framework of agreement, which also facilitates liquidity. It should be noted that the concentration of Electus S.A. business activity on public sector services, taking into consideration public healthcare services sector, causes better possibility to identify the clients needs by the company and improve its offer.

The clients are countable and treated individually. The emphasis is on quick decision making process.

Currently, the Company’s product portfolio includes:

1. Products offered to Healthcare Services Units and budgetary units of the State Treasury as well as Corporate Clients:

. Guarantees of liabilities; . Debt financing; . Factoring; . Receiveables management.

2. Products aimed at entities in debt:

. Debt financing; . Investment financing; . Loan; . Factoring.

The Company widened its business activity by products for Local Government Units, which enables to win clients in the area of Local Government Units by offering them the possibility of investments realization and financial liquidity improvement.

IDEA TFI S.A.

The company was established in October 1999 as the first investment fund company with the entirely Polish capital. On 16 January 2007 the company changes its name from Górnośląskie Towarzystwo Funduszy Inwestycyjnych S.A. into Idea Towarzystwo Funduszy Inwestycyjnych S.A. The funds offered by Idea TFI S.A. are aimed at individual and institutional clients. As of 30 June 2010 the company manages six sub-funds separated from the Idea Parasol FIO fund and one specialized open-ended investment fund (Idea Premium SFIO), adjusted to the individual needs of investors, both in regard to expected rate of return and the level of accepted investment risk. The Company’s offer includes money market fund, bonds fund, stable growth fund and share fund. Additionally, the Company offers investment funds targeted at and created according to special requirements of the Investors, so called tailor-made funds. At present the group comprises of sixteen close-ended investment funds.

Open-ended Investment Funds offered by IDEA TFI S.A.:

. Idea Premium Specjalistyczny Fundusz Inwestycyjny Otwarty

A fund investing 100% of assets in short-term debentures issued by the entities other than the State Treasury with the maturity period up to one year. The fund is characterized by the high level of security and liquidity and the access to the obtained funds already on the next day of valuation after the buy-back order has been submitted.

On 24 May 2009 IDEA Fundusz Parasolowy FIO was established, which is an open-ended investment fund with separated six sub-funds described below.

IDEA Parasol Fundusz Inwestycyjny Otwarty is a modern fund giving the possibility of selection of the optimum investment strategy, depending on the market conditions and individual needs of investors. The fund consists of six sub-funds characterized by different strategy and investment risk, which enables the creation of individual investment portfolio, taking into account both assumed investment period, accepted investment risk level and expected rate of return. The additional asset of IDEA Parasolowy FIO is the possibility of free allocation of funds between the sub-funds, without the necessity to pay capital gains tax. The necessity of paying this tax will arise only after closing the investment in the fund and realizing the gains.

. Idea Protect (Idea Parasol FIO)

The sub-fund Invest from 50 to 100% of assets in debentures, including treasury bonds, corporate bonds and money market instruments. Maximally up to 50% of funds may be invested in securities, primarily in the shares of companies listed on the Warsaw Stock Exchange.

The sub-fund is recommended to the investors who would like to have the possibility of participation in the gains from the shares market and who simultaneously value the security of investment more than the investment risk.

. Idea Obligacji (Idea Parasol FIO)

The sub-fund Invest exclusively in debentures issued or guaranteed by the State Treasury and Money market instruments.

The sub-fund constitutes an alternative to unassisted investment in bonds. It is recommended to the investors looking for relatively stable income exceeding the rate of inflation with the relatively low investment risk.

. Idea Stabilnego Wzrostu (Idea Parasol FIO)

The subject of fund deposits are bonds, shares and Money market instruments on the Polish market. Additionally, it is possible to diversify a regional investment portfolio which consists in investments in foreign markets – in Europe, Asia and both Americas.

The fund is recommended to long-term investors who expect extraordinary profits and concurrently accept periodical fluctuations of the value of the invested capital. Due to the stability of the Fund in the long run it is particularly recommended as an element of an investment portfolio with the investment horizon of at least one year.

. Idea Akcji (Idea Parasol FIO)

The fund invests at least 60% of assets in shares of companies listed maliny on the Polish stock exchange. The investment policy of this Fund allows also investment on foreign markets in Europe, Asia and both Americas. The fund is recommended to the Investors planning long-termin investments who expect unexceptional profits and accept the possibility of periodical fluctuations of the value of the invested capital.

. Idea Globalny (Idea Parasol FIO)

The investment policy of the Fund allows of deposits in the most prospective regions of the world and in the sectors with big growth potential.

The investment portfolio includes mainly the best foreign ETF funds (Exchange Traded Funds), as well as shares of chosen companies. During a slump period in the economy on the share market the Fund may allocate a significant part of the portfolio in debentures.

The Fund is aimed at the Investors interested in investments in various regions of the world, looking for a high rate of return, independently of the situation on the Polish stock exchange, and simultaneously accepting periodical fluctuations of participation units.

. Idea Surowce Plus (Idea Parasol FIO)

The fund invests mainly in securities of high correlation with material and foods market. The investments in chosen resources are made through the companies with strong and solid foundations and the highest correlation with a chosen instrument. The fund invests also in so-called ETFs (Exchange Traded Funds).

The investment policy allows transactions which protect against exchange rate risk.

The Fund constitutes an attractive offer for investors aiming at diversification of their investment portfolio with the assets uncorrelated with the Polish equity market. The Fund can be an interesting

During the period indicated, there were no changes in the area of open-ended funds activity.

Close-ended Investment Funds manager by Idea TFI S.A.:

. GPM Vindexus Close-ended Non-Standardized Securitisation Investment Fund The fund was established for the company GPM Vindexus S.A. and is a securitisation fund which will be mainly involved in the bank debt management.

. KFC Close-ended Investment Fund of Non-public Assets (operates from May 2008) The fund was established for a private investor and is a close-end investment fund of non- public assets.

. ELECTUS Close-ended Non-Standardized Securitisation Investment Fund (operates from May 2008) The fund was established for a private inwestor and is a close-ended investment fund of non-public assets.

. Idea Y Close-ended Investment Fund of Non-public Assets ( operates from 26 September 2008) The fund was established for a private inwestor and is a close-ended investment fund of non-public assets.

. Idea 1 Close-ended Investment Fund of Non-public Assets ( operates from 16 December 2008) The fund was established for a private inwestor and is a close-ended investment fund of non-public assets.

. Idea 2 Close-ended Investment Fund of Non-public Assets (operates from 2 June 2009) The fund was established for a private inwestor and is a close-ended investment fund of non-public assets.

. Idea 3 Close-end Investment Fund of Non-public Assets (operates from 5 June 2009) The fund changed the owner on a private Investor on 26 April 2010 and is a close-end investment fund on non-public assets.

. Idea 4 Close-ended Investment Fund of Non-public Assets (operates from 5 June 2009) The fund changed the owner on a private Investor on 8 September 2009 and is a close- ended investment fund on non-public assets.

. Idea 5 Close-ended Investment Fund of Non-public Assets (operates from 5 June 2009) The fund changed the owner on a private Investor on 11 November 2009 and is a close- ended investment fund on non-public assets.

. Idea 6 Close-ended Investment Fund of Non-public Assets (operates from 29 May 2009) The fund changed the owner on a private Investor on 24 November 2009 and is a close- ended investment fund on non-public assets.

Close-ended Investment Funds created by Towarzystwo and owned as of 30 June 2010:

Idea 7 Close-ended Investment Fund of Non-public Assets - 29 May 2009

Idea 8 Close-ended Investment Fund of Non-public Assets - 29 May 2009

Idea 9 Close-ended Investment Fund of Non-public Assets - 29 May 2009

Idea 10 Close-ended Investment Fund of Non-public Assets - 5 June 2009

Idea 11 Close-ended Investment Fund of Non-public Assets - 29 May 2009

Idea 12 Close-ended Investment Fund of Non-public Assets - 5 June 2009

ELECTUS HIPOTECZNY S.A.

The Company is involved in financial activities: investments in mortgage-secured debts as well as property-secured short-term loans.

Electus Hipoteczny S.A. specializes in the purchase of mortgage-secured debts. Within this area of activity, the Company focuses on liabilities towards entities, where the size of a single liability and the value of securities exceed one million PLN. The Company is particularly interested in the debt towards entities in bankruptcy or towards who the previous creditor started execution proceedings. The product is aimed mainly at banks. Sale of liabilities enables the immediate recovery of part or the whole of invested capital by banks.

The company may realize the acquired debt through:

. takeover and sale of properties in amicable way, . takeover and sale of properties under executive proceedings, . execution of cash liabilities through the execution of properties, . repayment of liabilities under bankruptcy proceedings, . sale of acquired liability.

The Company offers also mortgages for any purpose. The loans are property-secured. The criterion for the evaluation of creditworthiness is the value of a property.

IDMSA.PL DORADZTWO FINANSOWE SP. Z O.O.

IDMSA.PL Doradztwo Finansowe Sp. z o.o. has operated since January 2004. The activity performed by the IDMSA.PL Doradztwo Finansowe Sp. z o.o. consists mainly in provision of financial consultancy services including the preparation of prospectuses, financial analysis, evaluations and other materials as well as provision of other financial consultancy services. The Company is focused on complementing the offer of the IDMSA BH.

GWARANT AGENCJA OCHRONY S.A.

The Company’s activity includes mainly:

. physical protection of objects,

. secure transportation of cash, . set up of anti-theft and anti-robbery signalling systems (SSWiN), set up of CCTV and GPS systems, installations of access control systems (SKD), . servicing and monitoring of electronic security systems, . cleaning of building and industrial facilities.

RELPOL 5 SP. Z O.O.

The Company specializes in, according to the entry in the National Court Register KRS, the provision of IT services, production and sale of software, design and implementation of IT systems, ICT networks, Internet services and data transmission.

In practice, the Company does not conduct any operating activity.

GWARANT BIS AGENCJA OCHRONY SP. Z O.O.

The scope of conducted activities includes mainly:

. security services, . cleaning of buildings, . warehouse-related works (packing and loading of su gar) within the sugar campaign.

PROFINET S.A.

The company Profinet S.A. offers its clients short-term (for the period of 12 and 24 months) unsecured cash loans. The loans are offered to the persons capable of repaying the debt, with the income coming from various sources (salary, pension, disability pension). The loans may be used for any purpose.

Granting cash loans takes place at clients’ houses through representatives cooperating with the company and acting on its behalf. The representatives are obliged to effectively sell cash loans through various marketing activities and comprehensive client and documentation services connected with granting and repayment of loans.

Loans repayment may take place through the payments made to the company representatives (home loan option) or directly to the Company’s account. The Company offers cash loans to a big group of individual clients in selected cities in the Upper Silesia area and in Wrocław.

GEOCLIMA SP. Z O.O.

The scope of the Company’s activity includes primarily:

. design and production of ventilation, air-conditioning and cooling equipment, . sale of cooling systems, air-conditioning equipment.

PRZEDSIĘBIORSTWO INSTALACJI PRZEMYSŁOWYCH „INSTAL-LUBLIN” S.A.

The main activity of the company „INSTAL-LUBLIN” S.A. is the installation of central heating and ventilation systems as well as construction of plumbing installations.

GRUPA KOLASTYNA S.A. IN BANKRUPCY OPEN TO ARRANGEMENTS

Grupa Kolastyna S.A. in bankruptcy open to arrangements was established on 9 August 2001. The registered office of the company is in Kraków. The company’s activity concentrates on designing and sale of modern cosmetics for face and body, perfumes, depilation preparations and make-up.

4. DESCRIPTION OF THE MAIN THREATS AND RISK FOR THE ISSUER AND ITS SUBSIDIARIES CONNECTED WITH THE REMAINING MONTHS OF THE FINANCIAL YEAR.

The IDMSA Brokerage House

Internal factors connected with the activity of the IDMSA Brokerage House Capital Group

Risk connected with competition, including competition from other countries

There are very big entry barriers in the segment in which the IDMSA BH operates. The barriers are formal requirements, size of the capital, possessed know-how and market position. To some degree this limits the risk of competitive operations. Nevertheless, on the Polish market, in the stockbroking segment, there are a few dozen of entities, and the Polish entry into the EU caused that the foreign stockbroking entities can operate on the market more easily. As a result of the above, many Polish stockbrokers have observed an increased risk connected with the competition in the sector. The risk of occurrence of “price war” (when some stockbrokers will try to offer competitive prices rather than services) cannot be ruled out either. Such a situation would be unfavourable for all stockbrokers, including the IDMSA BH. In the case of the IDMSA BH the risk of competition is minimized by its renown, especially in the scope of corporate services, as well as the individual approach to the client. In connection with Poland’s entry into the structures of the European Union, the opening of Poland to business entities from western countries and the opening of western markets to businesses from Poland took place. Polish brokers are, however, weaker with respect to capital, which hinders the competition on the western markets. However, the potential possibility of the entrance of big, western stockbrokers to the Polish market cannot be excluded. The Polish market is currently treated as less significant by western stockbrokers. Therefore, their presence in Poland is also marginal. However, it cannot be ruled out that in the future, together with the further development of Polish capital market, big foreign stockbrokers will start to operate in Poland, which can have a negative influence on the results of the IDMSA BH Capital Group.

Risk connected with shareholders structure of the Issuer

The shareholders structure of the IDMSA BH is dispersed, and the Company lacks in one strategic investor. In can lead to potential risk of lack of agreement between the shareholders. Moreover, such a situation causes that the Issuer can become a relatively easy takeover object for other financial institutions. At the same time it should be noted that a significant block of shares is controlled by the managers of the companies from the IDMSA BH Capital Group. Therefore such persons are even more related with the Company. The current Management Board has been connected with the Company for over 10 years – which proves the stability of both the shareholders structure and the Management Board.

Risk connected with loss of key employees

The activity and development of the companies forming the IDMSA BH Capital Group depends to a large degree on the knowledge and experience of the employees and managing bodies It is characteristic feature of entities operating in the financial services sector. There is a risk that the loss of key employees may in the short run result in the fall in the effectiveness of operations of the IDMSA BH Capital Group. The competition among the employers can, in turn, lead to the increased costs of employment of workers in the Company, and, as a result, can influence its financial results.

Furthermore, there is a limited number of people with higher education and experience in the scope of capital markets. The IDMSA BH, which is developing very dynamically, may come across difficulties in obtaining workers of this kind, which can result in the slower pace of its development.

Risk connected with realized agreements

A significant part of the activity of the IDMSA BH Capital Group is connected with the realization of specific orders. As a result the IDMSA BH bears the risk of failing to perform the order for various reasons – including those independent of the Company. This can mean the threat of failing to obtain the planned revenues and profits. The character of the order is also connected with the responsibility for the possible damages caused by incorrect performance of the order, which can bring the risk of paying the compensation by the IDMSA BH.

The IDMSA BH makes every effort to ensure the proper realization of its agreements, in particular through the selection of reputable partners. However we cannot exclude the situation in which the improper realization of some agreement will have a negative influence on the operations of the Capital Group, its revenues and results.

Risk connected with dependence on the stockbroking license

In order to run brokerage activity given permits are necessary. IDMSA BH operates on the basis of permit (DDM-M.-4020-23-1/2003) to run brokerage activity issued by the then Securities and Exchange Commission as well as a permission to run brokerage activity in the scope of investment analyses creation, investment analyses and other recommendations of general character regarding transactions in the scope of financial instruments issued by Financial Supervision Authority of July 2010 (decision No. DFL/2040/143/40/I/23/77/09/10/EK). On the basis of the abovementioned permits the IDMSA Brokerage House can perform all the stockbroking activities defined in the act and some implementing acts. The loss of the license may be the result of the decision of the Polish Financial Supervision Authority resulting from stated material infringements, in accordance with the provisions of Art. 167 of the Act on Trading.

Risk connected with investments in securities

The IDMSA BH holds in its port folio securities of various companies, both public and non-public. The shares of companies listed on the stock exchange are valuated as in the financial statements, at fair value, which is a quotation price. Stocks, shares of companies not listed are priced in accordance with models of fair value.

Therefore the low price of such shares on the balance sheet date may have e negative influence on the results of the IFMSA BH Capital Group, which could not necessarily reflect the results of the Company’s investments.

Risk connected with the management of the Capital Group and the planned entry into the foreign markets

To diversify its activity the IDMSA BH develops its Capital Group. In connection with the increased number of companies forming the Capital Group, there is a risk that the IDMSA BH will not be able to effectively manage the activity of all these entities as a whole, and as a result, the effectiveness of the Group could no be improved and the synergy effect expected by the Management Board could not be used. It could lead to the slower than expected increase in revenues and results of the IDMSA BH Capital Group.

The IDMSA BH has already taken steps to widen the scope of its activities to the markets of other countries. At present the Company has investments in Great Britain. For the time being the Company does not have experience in the creation and management of multinational structure. Therefore, it cannot be guaranteed that such a foreign expansion of the Group will bring expected results. However, it should be emphasized that the IDMSA BH, in spite of the lack of experience, successfully created and develops the Capital Group in Poland providing a wide range of financial services.

Risk connected with the changes to the structure of the Capital Group

The IDMSA BH plans to restructure the capital group in order to separate the functions of brokerage house from those of the public company. The performance of such a change is a complicated process and therefore it cannot be ruled out that there will be some unexpected negative consequences of such changes for the activity of the IDMSA BH. IDMSA BH took steps towards increasing the Group by the entity running a banking activity. At present, there is no risk connected with such increase of the Group, however the occurrence of such entity may create new threats for IDMSA BH.

Risk connected with implementing the MiFID

“The act of 4 September 2008 on the change of trading in financial instruments act and some other acts” took effect on 21 October 2009. The aim of the abovementioned act is implementing Markets in Financial Instrument Directive (2004/39/WE) into Polish law as well as executive acts to this Directive. A half-year time-limit of implementing the standards described in two key executive acts to the amended “Act on trading in financial instruments”, i.e. “Minister of finance directive of 20 November 2009 on method and conditions of acting of investment companies, banks, under Art. 70.2 of the Act on trading in financial instruments, and custodian banks” and “Minister of finance directive of 23 November 2009 on defining detailed technical and organisational conditions for investment companies, banks, under rt. 70.2 of the Act on trading in financial instruments, and custodian banks and conditions of assessing internal capital by a brokerage house” by IDMSA BH expired on 17 June 2010. The abovementioned acts impose series of obligations on the Brokerage House, which include, in the scope of Clients’ classification, accuracy assessment, preventing conflicts of interest, realization of orders with best execution.

Therefore, there is a risk of improper implementation of necessary changes by IMDSA BH, which may result in sanctions for the Company, including financial ones and the risk of the increase of costs in financing the Company. All the abovementioned factors may unfavourably influence on business operations and results of IDMSA BH.

Risk connected with functioning of IT systems

Currently the majority of transactions on the financial markets, and submitting brokers orders in particular, is concluded by the Internet. Therefore, the proper and unfailing functioning of

WorldReginfo - b6c58f1e-babf-437c-88e7-97f73113ab92 Report of the Management Board of the IDMSA Brokerage House on the Activity of the IDMSA Brokerage House Capital Group for the first half of 2010 Translation from Polish – in the event of discrepancies the Polish language version shall prevail transaction systems is of key importance. The Issuer uses the SIDOMA ON LINE system of the company PolSoft Sp. z o.o., which is recognized as the one of the best systems functioning in Poland. However, it cannot be ruled out that due to a system failure the investors will incur losses of compensation for which will be expected from the IDMSA BH. Such a situation could have a negative impact on the activity of the IDMSA BH and its results.

IDMSA BH started working on implementation of the newest version of SIDOMA ON LINE system. It cannot be excluded, that, on account of programme revision, there will be some situations giving the base for potential claims connected with the services provided by IDMSA BH. This fact may unfavourably influence the financial results of the Company.

Outside the Polish market, the Issuer also provides services of executing order on foreign markets under IDM Trader system. Internet trading platform provided by IDM Traded is offered under a Foreign Partner licence (Saxo Bank A/S), which is oblige to provide software (technology) and fluency in execution of foreign orders, including shares, future contracts, CFD contracts and forex market, performed by clients.

The choice of the best Foreign Partner to execute this order was preceded with a few months’ observation process of the work of transaction system and collecting opinions on this institution. Saxo Bank A/S is recognized as one of the best brokers acting as a go-between on foreign markets. It is popular and well recognized among both institutional and individual clients, and its software is marked by high reliability. The fact that Saxo Bank signed more than 100 contracts with authorised entities from all over the world, similar to the contract signed with IDMSA BH. The software is highly awarded every year.

Even if during the period of five-year cooperation with the Foreign Partner, there were no serious breakdowns of the system, it cannot be excluded that there will not be any in the future. It is possible that the investors, as a result of above, will suffer losses and they will claim the compensation for those losses from IDMSA BH. Such a situation could unfavourably influence IDMSA BH operations and results.

The functioning of Internet is also connected with a potential risk of offences committed through the network, e.g. breaking into computer system and its destruction or damage. In case of such offences it is also possible to disclose the personal data of the IDMSA BH clients, and connected with it to breach of the personal data act.

The IDMSA BH makes every effort to eliminate the aforementioned risk, through the investments in modern equipment and software among others.

Risk connected with the necessity of redemption of coupon bonds

In connection with the fact that the IDMSA BH finances its activity through the issue of fixed rate bonds, there is a risk that at the moment of bonds redemption the IDMSA will not have the necessary amount of capital to cover the liabilities. If such a situation occurs, the IDMSA BH will have to resort to more expensive sources of financing, which in connection with the increased financial costs (increase in market interest rates) will have a negative influence on the economic situation of the IDMSA BH. The necessity of financing the bond redemption may also result in the necessity of the IDMSA BH’s exit from the investment in securities at unfavourable prices.

External factors connected with the environment, in which the issuer’s capital group conducts its activity

Risk connected with macroeconomic situation in Poland

The first half of 2010 was the continuation of economy revival in the world, after economic crisis which started in 2009. Even the problems resulting from excessive debt in the Euro Area at the turn of 2009 and 2010 did not prevent the above. The best known problem is the situation of Greece, which would not be able to cope with its debt without the help of International Monetary Fund and the European Central Bank and it would have to declare bankruptcy. Paradoxically, the problem of Greece and other marginal countries could influence the main country in the Euro Area in a positive way, i.e. Germany, which was proved by economic results achieved by Germany in Q2 of 2010. Capitals coming from marginal countries were invested in German bonds and, in such a way, gave a cheap access to these capitals. At the same time, a strong weakening of European currency caused a considerable growth of the competitiveness of German products. Therefore monthly growth of export in the period from April to August amounted to 5.1%, 10.7%, -5.9%, 9.2%, 3.8% respectively. It might be assumed that positive export results in Q2 of 2010 and a favourable access to capitals caused that GDP increase in Q2 in Germany, amounting to 2.2% was the highest increase of such type in this country from at least 19 years. Also the financial results in the biggest economy in the world – the USA, prove that the economic crisis from 2007-2009 is finished. Annual forecasts of GDP increase rate in this country for the second quarter shall amount to 2.4% after a drop of 3.7% in the first quarter. The abovementioned results indicate that recession period is over in the USA. The main factor of good GDP rate was the industrial output, which monthly rate in the period from March to July amounted to: 0.2%, 0.8%, 1.3%, -0.1%, 1% respectively.

Still most of economies in the world have problems with real estate market as well as labour market, however it should be noted that the unemployment rate is a delayed indicator, therefore, theoretically speaking the improvement in this area, despite high scepticism of most of the analysts in this scope, shall appear in the near future. It should also be noted that current risk of inflation is marginalize by most of the central banks, at the same time only some of them increased interest rates. However, the keeping such high annual pace, at increasing material prices, mainly agricultural products, may change the attitude of central banks toward future prices and induce the most important ones to begin the series of interest rate rises.

The economic results of Poland also show the revival of economy from 2009. Polish economy, which as one of the few did not suffer from recession, recorded quite positive results in the first quarter of 2010. Although the economic growth rate in Q1 of 2010 decreased to 0.5% in comparison with 1.1% in Q4 of 2009, this value might be recognized as positive taking into account heavy winter last year. A high retail sale rate has the highest influence on economic results of our country, it amounted to 3.1% and 4.1% in May and June. Furthermore, industrial output in those months amounted to 2% and 7%. The above measurements in connection with an export growth, resulting from global demand constitute a base for optimistic expectations in regards to GDP in Poland in the second quarter. Falling inflation rate, which amounted to 2% in July, after a decrease from 2.3% in a previous month, is still a pretext for our Monetary Policy Council to leave interest rates at the same level for a longer period of time, which currently amounts to 3.5% (reference rate of the National Bank of Poland).

Similarly, as in case of other countries, a labour market and unemployment at 12% is a large problem, however basing on past analogies, this rate is suppose to fall along with progressing revival.

An important problem for our country, which was emphasised as a result of the economic crisis from 2007-2009, is growing public debt because of high public deficit, which rated to 49.9% at the end of 2009. According to OECD report, the public debt level in 2011 may amount to 59.2% and exceed a prudential level of 55% GDP and be closer to constitutional level of 60% GDP. Such prognosis would be especially unfavourable for Polish economy, and it would require additional government expenditures cuts and considerably limit the possibilities of economic growth. In order to prevent such situation, Polish government decided to rise VAT rates from 22% to 23%, which caused extreme emotions, and leave the options open for further rises.

Analysts emphasise a controversial nature of this decision, which results from the fact that on one hand, VAT revenues will rise, on the other hand consumers’ expenses will fall and at the same time slower the economic growth.

The question arises, if the economic revival from 2009, which is even higher in 2010 is possible to stay at the same level within a longer period of time. Many analysts emphasises that this revival is one hand the result of statistics and base effect, which is the comparison of economic results achieved at present with terrible results at the peak moment of crisis in 2009. On the other hand, according to analysts, this revival is the result of stimulating packages served by given countries and the attempt to pump empty money into the economy in order to move it. If it were true, we could doubt the stability of this revival. Financial market, which overtake economic patters for about 6 months, might take advantage of such scenario of gradual suppress of economic growth.

Risk connected with economic situation on the stock market

The activity of the IDMSA BH is closely related to the situation on the capital markets, and on the stock exchange in particular. The situation on the stock exchange undergoes periodical fluctuations, periods of bear and bull market, usually lasting from a few months to a few years. This phenomenon is different from the typical for the majority of sectors seasonal character of sales connected with a given season. Good or bad situation on the stock exchange is only insignificantly dependent on the season of the year. Although traditionally the beginning and the end of the year are considered good periods – one cannot exclude the possibility of bear market in these periods. The beginning or end of bull or bear market and their duration are difficult to foresee.

There were some falls on stock market at the beginning of 2010, which coincided with the information about debt problems of some countries in the Euro Area. As it appeared later, those falls were just the correction in run of good luck happening form March 2009, which culminated in February and after which rises of indexes up to new peaks, appointed at the end of April, appeared. From this moment, the markets began lasting from 4 months correction, which may change into bear market if the speculations of instability of revival appear to be true. The peak from April on shares market was confirmed by the appointment of profitability peaks on American bonds and German bonds to lower extent. The profitability peak coincided with the information regarding debt problems in Greece, there was a slight decrease of it in April. The profitability of Polish bonds works just opposite to the profitability in the USA or Germany, which means that it grows. Probably it is a result of the growth of aversion to risk on financial markets, on result of which capitals are transferred to developing countries, including Poland, and to countries seen as the safest, such as the USA or Germany. Aversion growth to risk is visible also at currency market, where the weakening of developing countries currencies, including Polish zloty, and strengthening of developed countries currencies (including dollar) might be observed form April 2010.

The risk of worsening stock exchange situation is therefore connected with significant risk of temporarily worse financial results of the IDMSA BH. However, it should be noted that the IDMSA BH, being an entity operating on the market for many years, is well prepared for such fluctuations.

Especially its business model is well adjusted to it and makes it possible for the company to incurr relatively insignificant fixed costs.

Furthermore, IDMSA widens its Capital Group by entities from other sectors of financial market. Further actions in order to widen the Group by bank services are aimed to increase diversification of incomes of IDMSA BH Group. This causes that the Group’s revenues are more diversified and therefore, less dependent on the situation on the stock exchange. Nevertheless, the long-lasting bear market may have a negative influence on the activity and results of the whole IDMSA BH Capital Group.

Risk connected with the changes to law regulations

Law regulations in Poland are changed very often. It applies to regulations and interpretation of fiscal law and regulations concerning the activities of the capital markets and conducting a business activity, among others. Each change in the regulations may lead to the increase in costs of operations of the companies belonging to the IDMSA BH Capital Group and influence their financial results and cause difficulties in the evaluations of consequences of future events or decisions. Additionally, law regulations, and fiscal regulations in particular, are not always unambiguous, which brings the risk of various interpretations of these regulations by the IDMSA BH and tax institutions. This can lead to charging the company with taxes and interest for previous years.

Risk connected with the supervision over the capital market

The IDMSA BH, as any other entity whose securities are traded on the regulated market, is subject to supervision over the capital market. Additionally, the IDMSA BH, being a brokerage house, is subject to additional supervision and strict law regulations applying to this market. This is connected with the risk of sanctions, including fines or even the loss of stockbroking license. Moreover, the frequent changes to the rules of functioning of capital markets bring the element of uncertainty and constitute and additional risk connected with the segment in which the IDMSA BH operates.

Risk factors connected with the capital market

Risk connected with suspension of trading

In accordance with Par. 30 of the regulations of the Stock Exchange, the Management Board of the Stock Exchange can suspend trading in shares of the IDMSA BH for the period of three months in the case when the IDMSA BH breaks the regulations of the stock exchange, when it is for security purposes or in the interest of stock exchange participants or upon the application of the IDMSA BH. Moreover, in accordance with Art. 20.2 of the Act on Trading in Financial Instruments, in the case when the trading in securities or other financial instruments is performed in the circumstances indicating a threat to the proper functioning of the regulated market or security of trading on this market, or infringement of interest of investors, upon the demand of the Polish Financial Supervision Authority, the company managing the regulated market suspends the trading in such securities or instruments for the period not longer than one month.

Risk connected with the exclusion of securities from stock exchange trading

In accordance with Par. 31 of the Regulations of the Stock Exchange the Management Board of the Stock Exchange excludes the IDMSA BH shares from the stock exchange trading in the case when:

. their marketability is restricted,

. upon the demand of the Polish Financial Supervision Authority announced in accordance with the Act on Trading in Financial Instruments, . upon their rematerialization, . they are excluded from trading on the regulated market by an appropriate supervisory body.

The exclusion of the IDMSA BH shares from trading can also take place when:

. they no longer meet the criteria for admission to the stock exchange trading, . the IDMSA BH continuously breaches the regulations of the stock exchange, . upon the application of the IDMSA BH, . as a result of declared bankruptcy or dismissing by the court of a motion for bankruptcy, due to the lack of funds in the IDMSA BH for the settlement of the costs of proceedings, . it its for the interest and protection of the market participants, . as a result of the decision concerning merger with other entity, its division or restructuring, . if within 3 months there was no transaction involving the shares of the IDMSA BH, . resulting from the IDMSA BH starting an activity prohibited by law, . resulting from the opening of liquidation of the IDMSA BH.

Additionally, in accordance with Art. 20.3 of the Act of Trading in Financial Instruments, upon the demand of the Polish Financial Supervision Authority, the company managing the regulated market excludes from trading the securities or other financial instruments indicated by the Polish Financial Supervision Authority, in the case when trading in them significantly disturbs the proper functioning of the regulated market, or is against the investors’ interests.

Risk connected with administrative sanctions for infringement of regulations regarding the Offering Act and the Act on Trading in Financial Instruments

In the case when the IDMSA BH does not perform or fails to properly perform its obligations referred to in Art. 10.5, Art. 14.2., Art. 15.2, Art. 20, Art. 24.3, Art. 28.3, Art. 37.3 and 4, Art. 38b, Art. 40, Art. 42b, Art. 44.1, Art. 45, Art. 46, Art. 47.1, 2 and 4, Art. 48, Art. 50, Art. 51a, Art. 52, Art. 54.2 and 3, Art. 56-56c, Art. 57, Art. 58.1, Art. 59, Art. 62.2, 6 and 8, Art. 63, Art. 66 and Art. 70, does not perform or fails to properly perform its obligations resulting from Art. 38.5 in connection with Art. 48 in the scope of publishing in the information memorandum information by reference, Art. 50, Art. 52 and Art. 54.2 and 3, with Art. 39 in connection with Art. 48 in the scope of publishing in the information memorandum information by reference and Art. 50, with Art. 42.4 in connection with Art. 45, Art. 47.1, 2, 4 and 5, Art. 48 in the scope of publishing in the information memorandum information by reference, Art. 50, Art. 52 and Art. 54.2 and 3, does not perform or fails to properly perform the requirement referred to in Art. 16.1 and Art. 17.1, breaches the ban referred to in Art. 16.1.2 and Art. 17.1.2, does not perform or fails to properly perform its obligations referred to in Art. 22.4 and 7, Art. 26.5 and 7, Art. 27, Art. 29-31 and Art. 33 of the Regulation no. 809/2004, against the obligation referred to in Art. 38a.2, Art. 42a.2 and Art. 51.2, does not submit on time the appendix to issue prospectus or information memorandum or against the obligation referred to in Art. 38a.3, Art. 42a.3 and Art. 51.5, does not publicly disclose on time the appendix to issue prospectus or information memorandum, the Polish Financial Supervision Authority (hereinafter: the “Authority”) may issue a decision concerning the exclusion, for a limited period of time or for an indefinite period, of securities from trading on the regulated market or impose, taking into account the financial situation of the sanctioned entity in particular, a pecuniary penalty of the amount of PLN 1,000,000.00, or impose both sanctions.

In the case of the issuer’s infringement of obligation referred to in Art. 56.1.2 item b, the Authority, before issuing the decision referred to in Art. 56.1, consults with the company managing the regulated market on which the securities of the issuer are traded.

In the case of issuing the decision concerning the infringement of obligations referred to in Art. 56.1, the Authority may additionally oblige the inssuer to immediately publish the required information in two Polish national dailies or disclose it publicly by other means.

The Authority may publicly disclose the content of the decision concerning the issuer’s failure to perform the obligations referred to in item 1.

In the case when the IDMSA BH does not perform or fails to properly perform its obligations referred to in Art. 10.5 or 6 or Art. 65.1, the Authority may impose a pecuniary penalty of PLN 100,000.00.

In accordance with Art. 176.1 of the Act on Trading in Financial Instruments, if IDMSA BH does not perform or improperly perform the obligations under Art. 157, 158 or 160, including those resulting from acts passed under Art. 160.5, the Commission may make a decision to exclude the securities from trading on regulated market or impose a pecuniary penalty up to PLN 1,000,000.00 or made a decision on excluding, for a specified or indefinite period of time, the securities from trading on regulated market and simultaneously impose a pecuniary penalty described in Section 2.

Next, under Art. 176a of the Act on trading in financial instruments, if IDMSA does not perform or improperly perform the obligations under Art.5, the Commission may impose a pecuniary penalty up to PLN 1,000,000.00.

ELECTUS S.A.

The activity of Electus S.A. is influenced by external factors, connected mainly with market environment and law regulations, and internal factors connected with the Company’s ability to realize its objectives.

Main external factors relevant for the development of the Company

Risk of Issuer’s business activity being subject to Value Added Tax in the scope of purchase and sale of receivables

There is a risk of Issuer’s business activity being subject to Value Added Tax in the scope of purchase and sale of receivables lying in purchase of receivables at the Issuer’s own risk, for further resale or debt recovery in connection with planned act composed of 7 judges of Supreme Administration Court. To date, business activity of ELECTUS Company in the scope of purchase and sale of receivables has been a subject to inspection performed by tax offices as well as tax investigation, which in accordance with final decisions and inspections issued in December 2009, did not find any irregularities having an influence on purchase and sale of receivables being subject to Value Added Tax.

Risk of fluidity

The Company manages the liquidity risk by maintaining an appropriate size of the capital by using the offers of bank services, monitoring cash flows and by adjusting maturity of financial assets and liabilities.

The business activity of the Company is influenced by another factor, namely, by the risk connected with functioning of independent public health care plants. The plants are entities which cover a negative financial result on their own, therefore there is a liquidation risk of such entity.

Binding law regulations, particularly Art. 60.6 of the Act of 30 August 1991 on Health Care Centres (Journal of Laws 07.14.89) allow for the takeover of liabilities of public health care plants by the State Treasury or other authorities, but only after the end of liquidation process of such entity. In such situation, in case of overrunning liquidation, which dates shall be determined by the founding body, there is a likelihood of temporarily limited collection possibility, and a liquidation being in progress might prevent claims towards founding bodies.

Risk of changes in law

As a rule, debt recovery towards independent public healthcare services institutions is based on regulations regarding legal and enforcement proceedings, also towards other entities, which means mainly the Act of 17 November 1964 of the Code of Civil Procedure and the Act of 29 August 1997 on court bailiffs and execution. Some exceptions may result, and previously resulted, from regulations regarding restructuring of Healthcare Service sector, the Act of 15 April 2005 on public help and restructuring of public healthcare institutions (Journal of Laws of 2005, No. 78, item 684), which introduces very important limitations in the scope of execution of receivables included in restructuring program and not included in restructuring. The abovementioned regulations do not play a major role because of most of restructuring processes being actually finished.

Despite many significant doubts reported, regarding the regularity of such solutions, the legislator with the use of the Act of 17 December 2009 on the amendment of the act – Code of Civil Proceedings and some other acts, taking effect on 19 April 2010, amended Art. 831 of the Code of Civil Proceedings again under which: “Non-executable debts include: debts involving state budget or National Health Fund resulting from providing healthcare services under the Act on providing healthcare services based on public finances of 27 August 2004 (Journal of Laws No. 164.1027 as amended item 5 of 2008) before the end of providing such services in the amount of 75% of each payment, unless it includes debts being the result of debtor’s employees or healthcare providers described in Art. 5.41.a and b of the Act on providing healthcare services based on public finances of 27 August 2004. In such case amounts and services, paid or issued in non-cash way, are recognised as non-executable.” The Act herein excludes also the possibility to execute in regards to curative products and medical products necessary for the functioning of the health care institution. Changes in legal regulations in the scope of debts execution will have moderately disadvantageous influence on the activity of Electus S.A. because introduced restrictions decrease the resources which the Company is able to execute from debtors and lengthen the dates of debts repayment in the execution process. Although they may have a positive influence on regularity of agreements signed with the hospitals, and the supply of debts towards hospitals may increase. In the scope of execution allowances, the hospitals shall increase the possibilities of the repayment of debts both resulting from agreements and the conditions which have not been determined yet.

The Company operates successfully in similar conditions and the mechanisms limiting the risk of liquidity from the hospital are well known. In case of debts acquisition to be executed, the possible process of debt recovery under execution will probably be longer than at present. It should be noted that from the moment of effectiveness of these regulations, the dates and effectiveness of debt recovery operations have not changed in a large degree. Despite the above, in connection with changes in law, the assessment of debtor’s situation will be of most importance in the risk acceptation stage, including the assessment of current enforcement situation and controlling the level on which the Company is involved.

At present, public sector of Healthcare Services has been included into another restructuring programme under the name: “Save Polish Hospital” – in accordance with the Act no. 58/2009 of the Council of Ministers of 27 April 2009 on agreeing on long-standing programme under the name: “The support of local government units in the actions performed in order to stabilize the

WorldReginfo - b6c58f1e-babf-437c-88e7-97f73113ab92 Report of the Management Board of the IDMSA Brokerage House on the Activity of the IDMSA Brokerage House Capital Group for the first half of 2010 Translation from Polish – in the event of discrepancies the Polish language version shall prevail healthcare protection system”. The aim of the programme include the liquidation of a significant part of functioning independent public health care centres, taking-over the liabilities of the hospital by founding bodies and taking-over the obligations in the scope of offering healthcare services by new commercial companies and description of conditions regarding financial help for founding bodies. Because of the fact that public aid for founding bodies is connected with the termination of liquidations, it should be assumed that the liquidation processes, realized in the framework of the program herein were performed relatively fast, which allowed to fully cover Creditor’s claims by founding bodies, particularly districts.

In accordance with the Ministry of Health information on long-standing program named “The support of local government units in the actions performed in order to stabilize the healthcare protection system” – as of 16 April 2010 (no data from Podkarpackie Province) the interest in the program was reported by 83 local government units, being founding bodies for 133 independent healthcare services institutions. The founding bodies for the abovementioned healthcare services institutions are the following local government units:

. local government, provinces – 60 institutions, . districts – 47 institutions, . commune, town – 26 institutions.

As assessed by the Company, a significant change of the structure in the scope of legal form used for operating a business enterprise in the scope of providing healthcare services, in the event of this structure being reflected in debts portfolio of Electus S.A., it could mean the possibility of risk of the bankruptcy of the hospital, which in relation to independent public health care centre does not exist.

It should be noted that in accordance with Art. 6.2 of The bankruptcy and reorganisation law of 28 February 2003, it is not possible to declare bankruptcy of a local government unit. Pursuant to Art. 6.3 of the Act herein the bankruptcy of independent public healthcare centres cannot be declared. It should be added that on the basis of Art.6.3 of the Act herein it is clearly stated that only independent public healthcare institutions do not have bankruptcy capacity. This regulation, being the exception, cannot be interpreted in wider extent. Therefore, it shall be claimed that non-public healthcare service institutions have a bankruptcy capacity if they are a legal entity or organizational unit described in Art. 5.2 of The bankruptcy and reorganisation law of 28 February 2003.

In accordance with Art. 60.6 of the Act on healthcare institutions, the liabilities and receivables of individual public healthcare centres, after its liquidation, become the liabilities and receivables of the State Treasury or the appropriate unit of local authority, or public medical school respectively or public school operating a teaching and research activities in the area of medical science, or Centre of Postgraduate Medical Training. According to Art of the Supreme Court of 14 July 2005 (III CZP 34/5) the liabilities and receivables of the independent public healthcare institution being under liquidation are the liabilities and receivable of the founding body as of the day of the termination of liquidation actions described in the regulation on liquidation (Art. 60.6 in connection with Art.60.4b.5 of the act on healthcare centres of 30 August 1991, Journal of Laws No. 91 item 408 as amended). It should be noted that in a current legal state the creditor has no legal possibilities to question the act on declaring the liquidation of an independent healthcare institution and the date of its termination.

The draft of the Act on changes in the Act on healthcare centres is currently in the course of the legislative process. It concerns the rules of management of public healthcare institutions and introduces the necessity of the consent of the founding body for legal action in order to change the creditor in case of liabilities of public healthcare institution.

Pursuant to the draft of the Act, the entity which founded the healthcare services institution, by giving or refusing permission shall take into account the need to assure the continuity of providing healthcare services on the basis of financial situation analysis and financial profit or loss of the independent public healthcare service institution for the previous year.

The Company assumes that the regulations being prepared, may limit the fluidity in the scope of purchase and sale of debt and lengthen decision-making processes regarding the matter, furthermore, I may cause the change in the structure of contracts signed by the reducing the number of signed agreements on transfer of liabilities.

Moreover, it should be emphasised that the topic of healthcare and reorganisation of institutions form this sector was one of the main topic of presidential election campaign and remains one of the key areas in public debate. In this situation it should be accepted, that after stabilising of political situation there will be another laws regarding the matter in the nearest future. At the moment, potential direction of changes is difficult to describe, however, it should be accepted that the changes will be directed toward the continuation of commercialisation process of public healthcare services institutions, alternatively limited privatisation of this sector.

Credit risk

Credit risk refers to the situation, in which the failure to fulfil obligations by one contracting party leads to the Company’s financial losses. The acquisition of debt from independent health centres is not exposed to risk of insolvency of the debtors, including the risk of bankruptcy. The factor securing debt recovery, irrespective of financial situation of a health care entity, is Polish law in force. However, it does not mean that there will not be a situation in which the Company will be vindicating its claims. In the short run it can have influence on the financial liquidity of the Company, and subsequently – on the ability to fulfil obligations resulting from the issue of bonds.

Main internal factors relevant for the development of the Company

Maintaining and widening the customer base

The most important internal factor having a possible influence on the development and revenue of the Company is the ability to maintain the current customer base and to attract new clients. Realisation of this aim is possible, among other things, by:

. continuous improvement of the level of Client service, . offering favourable provisions of contracts and development of Company’s products, . analysis of Company’s Clients’ satisfaction, . active participation in conferences and cooperation in realisation of courses for healthcare services protection managers, . searching of new Clients by analysing the Public Procurement Bulletin, . performing marketing actions, . development of Sale Department structure by employing area representatives.

Keeping and obtaining qualified employees, including the managerial staff

A factor influencing the development and results of the Company is maintaining the highly-qualified managerial staff directly responsible for the realization of further development strategy. The activity of Electus S.A. itself is to a large degree conditioned by the knowledge and experience of employees and managerial staff. In order to protect strategic aims of the Company and functioning of its staff in Q1 of 2010, it was widened by highly qualified specialists from financial and sale area.

Idea TFI S.A. The Company’s main activity is investment funds management. The Company is exposed to the fluctuations of assets held in managed funds, therefore its revenues depend directly on the situation on the financial market. Related to it is the risk of sudden temporary fall in revenues which can influence financial liquidity of the Company. To prevent such situations, the Management Board of the Company, while planning the financial liquidity of the Company, monitors the risk of temporary lack of financial assets. To minimize the risk, it consists of forecasting cash flows from operating activities and adjusting redemption dates of both investments and financial assets of the Company.

The objective of the Company is maintaining a balance between the continuity and flexibility of financing. This objective is achieved thanks to the possession of such financial instruments as participation units in investment funds.

The company is not at interest rate risk, currency risk or credit risk, therefore the company does not apply any other guarantees, e.g. in the form of derivatives contracts.

After a very unfavourable period, from the second half of 2007, there was a significant improvement in 2009 in TFI in the area of TFI’s operations and this tendency was maintained also in the first half of 2010. It is difficult to asses whether the increasing tendency will be maintained till the end of the year and the following periods, however, the majority of specialists is eager to state that the worst is over. Thanks to the abovementioned improvement as well as consistent push into closed-end funds sector, the financial situation of the Company, as compared with the previous periods, was considerably improved. Taking into account the fact, that the Management prepares financial plans for the next year, they assume further increase of revenues and respectively the increase of financial means, it should be claimed that the risk described above is now significantly lower.

ELECTUS HIPOTECZNY S.A.

A factor which can have an impact on future results of the Company may be the postponement of the investment repayment deadline connected with the problems of the financial market, and consequently – with the problems on the real estate market.

Within the conducted activity the company may sell the acquired liabilities through:

. takeover and sale of properties in an amicable way, . takeover and sale of properties by way of enforcement measures, . execution of cash liabilities through execution of properties, . repayment of liabilities within bankruptcy proceedings.

Lack of potential investors interested in the acquisition of real estate being the subject of security for Company’s receivables, may lengthen the date of investment repayment, and at the same time lengthen the rotation period of receivables and liabilities.

On the other hand, unfavourable macroeconomic situation may lead to financial problems of entities, increase in financing by financial instruments secured with mortgages and problems with regulation of mortgage liabilities. A current economic situation influence, among other things, the increase of bad credits portfolio, which gives the perspective of a greater number of receivables transactions. This implicates the increase of risk but also the possibilities of even more transactions performed by the Issuer.

Because of even larger possibilities of the execution of transactions, on favourable terms, an important factor for the realisation of planned enterprises will be rising financing sources, which is the subject of Company’s actions such as preparing for listing at the Stock Exchange.

IDMSA.PL DORADZTWO FINANSOWE SP. Z O.O.

Lack of significant risk factors. The sales level depends on the situation on the capital market and demand for consulting services.

GWARANT AGENCJA OCHRONY S.A.

GWARANT Agencja Ochrony S.A. possesses appropriate procedures connected with financial risk management. In relation to conducted business activity the Company is exposed to market risk, credit risk as well as the risk of loss of financial liquidity.

. market risk – competition on security and cleaning services, particularly in case of entities conducting their business activity on a national scale in the public procurement sector. To minimize such a phenomenon the revenues from contracts within the private sector dominate. They are signed for unlimited period of time, and are characterized by high profitability ratio. . credit risk – the specific character of the services provided does not require significant investment outlays which would result in the necessity of taking a loan. The provided services only sporadically require securing the resources for the execution of contracts, in particular in of current account loan. . liquidity risk – the Company has signed agreements with contracting parties guaranteeing planned and constant income which enable performance of a stable financial policy. The Company fulfils its obligations on a regular basis.

RELPOL 5 SP. Z O.O.

In connection with the lack of operating activity there are no risks or threats for further operations of the Company. Very low costs and very limited activity enable long-term operations of the company until the moment of determining the new forms of activity of the Company.

“GWARANT-BIS” AGENCJA OCHRONY SP. Z O.O.

In relation to conducted business activity „GWARANT-BIS” Agencja Ochrony Sp. z o.o. is exposed to market risk, credit risk as well as the risk of loss of financial liquidity.

1) Market risk – connected with the Company’s operations, it’s cooperation with other entities on the market to optimize the revenues. The Company controls and monitors the negotiated and signed agreements on the regular basis. The majority of agreements is signed with entities from the private sector. 2) Liquidity risk – to ensure financial liquidity on the satisfactory level enabling the realization of liabilities and inflows of receivables, the Company monitors both receivables and liabilities on a regular basis. It enables fast reaction to occurring fluctuations. 3) Credit risk – at present the Company does not use any line of credit or other form of loan. Such a situation is a result of signed contracts and long-term cooperation agreements.

5. SIGNIFICANT EVENTS, WHICH TOOK PLACE IN THE CAPITAL GROUP IN THE FIRST HALF OF 2010 AND AFTER THE END OF THE REPORTING PERIOD.

THE IDMSA BROKERAGE HOUSE a) Projects realized by the IDMSA BH

In the first half of 2010 the IDMSA BH performed:

Total value of No. of Type of security Type of Project offers/appeals offers/appeals (PLN/million)

shares public offering 1 50,0

non-public offering 5 29,9 shares

bonds non-public offering 39 191,7

execution of shares 1 68,0 warrants rights

Information concerning agreements signed in Q1 of 2010 significant from the point of view o IDMSA BH operations:

. Agreement on performing a function of offering body of Work Service S.A. bonds of 7 January 2010, . Agreement on preparation of the first public offer and consultancy with Work Service S.A. of 7 January 2010, . Agreement on execution of the first public offer of Bowim S.A. shares with the registered office in Sosnowiec of 8 January 2010, . Agreement on preparation and execution of public offer of shares, preparation of the project of distributional part of issue prospectus and launching shares of Rank Progress S.A. of to exchange trading, of 22 January 2010, . Agreement on performing the function of offering body of ALTERCO S.A. bonds of 23 February 2010, . Agreement on execution of private offers of Jupiter NFI S.A. bonds of 9 April 2010, . Agreement on the execution of an offerer function of BBI Capital NFI S.A. of 24 March 2010, . Agreement on performing an offerer function of bonds of Internetowy Dom Handlowy S.A. of 26 April 2010, . Agreements on execution of private offer of E, F and G series shares of Internetowy Dom Handlowy S.A. of 27 April 2010, . Agreement on execution of 1st public offer of shares of 4fun Media S.A. company of 5 May 2010, . Agreement on execution of private offers of ordinary bearer bonds of Invar & Biuro System S.A. of 28 June 2010.

After the end of reporting period IDMSA BH executed:

Total value of No. of Type of security Type of Project offers/appeals offers/appeals (PLN/million)

shares public offering 1 5,4

non-public offering 1 1,7 shares

bonds non-public offering 14 54,7

After the first half of the year, IDMSA BH signed 4 agreements significant form the point of view of contractual activity:

. Agreement on execution of the first public offer of shares of IDEA Towarzystwo Funduszy Inwestycyjnych S.A. of 1 July 2010, . Agreement on execution of a private public offer of shares of Electus Hipoteczny S.A. of 1 July 2010, . Agreement on execution of a private offer, excluding preemptive right, of shares of TRION S.A. of 19 July 2010, . Agreement on execution of a public offer, with preemptive right, of shares of TRION S.A. of 19 July 2010 b) Signing a preliminary agreement on the purchase of 45% shares of WestLB Bank Polska S.A.

A detailed description of this item was included into Section 6 Indication of changes effects in the structure of economic entity, including as a result of merger, takeover or sale of entities of capital group of issuer, long-term investments, divisions, restructuring and abandoning of business activity. c) Purchase of IDMSA own shares

A detailed description of this item was included into Section 8 Indication of shareholders holding directly or indirectly by subsidiaries, at least 5% of the total number of votes at the General Meeting of issuer as of the date of presenting half-year financial statement of issuer’s business activity including the number of shares held by those entities, their percentage stake in share capital, number of votes resulting from them and their percentage stake in the total number of votes at the General Meeting and indication of changes in the ownership structure of considerable packages of issuer’s shares in the period from the publication of previous financial statement.

ELECTUS S.A.

. On 25 February 2010 Electus S.A. received a decision of the Polish Financial Supervision Authority of 25 February 2010 on initiating administrative proceeding in connection with:

. the suspicion of violating Art. 51.2 and 1 and Art. 22 of the Act on public offering and the conditions concerning the introduction of financial instrument to organized trading and public companies of 29 July 2005 (consolidated text: Journal of Laws No. 185, item 1439 of 2009) (hereinafter referred to as: the “Public offering act”) in the scope of the obligation of informing the Authority in the form of annex to the prospectus including a

motion for its approval, information on significant factors which could influence the evaluation of the security, which happened after the approval of prospectus or about which the issuer become aware after the approval. The information should be presented immediately after becoming aware of significant factors which justify the act of informing the Authority, not later than within 2 working days, and the obligation to present reliable and complete information in the form of annex to the prospectus, prepared in relation to public offer of ordinary bearer bonds in the framework of the First Program of Issue of Bonds of Electus S.A. and the intention to list on regular market the issue of third series ordinary bearer bonds in the framework of the First Program of Issue of Bond of Electus S.A., in particular:

- information regarding seizure of shares in ZNTK Nieruchomości Sp. z o.o. with the registered office in Poznań being the security of Mr Marek Falenta’s liabilities towards Electus S.A., by a bailiff, as well as information on possible risk resulting towards Electus S.A. in case of Mr Falenta’s inability to settle liabilities towards Electus S.A.,

- information concerning possible risk resulting towards Electus S.A. in case of impossibility of the recovery of liabilities of Electus S.A. towards Sigma S.A.

- full, reliable and complete information on possible risks resulting towards the Company from information included in the announcement of Fitch Ratings on granting ratings for Electus S.A. on 4 August 2009

. in order to determine the reasons for:

- order to withhold or to prohibit further execution of public offer on ordinary bearer bonds in the framework of the First Issue Program of Bonds of Electus S.A. with the registered office in Lublin, in accordance with Art. 16.1.1 and 2 of the Public offering act, including the issue of the third series of ordinary bearer bonds of Electus S.A. issued on the basis of the regulation of the Management of Electus S.A. no 01/01/2010 of 27 January changed with the regulation of the Management of Electus S.A. no 02/02/2010 of 16 February 2010,

- order to withhold or prohibit, in accordance with Art. 17.1.1 or 2 of the Public offering act, the third issue of ordinary bearer shares of Electus S.A. on the regulated marked issued in the framework of the First Issue Program of Bonds of Electus S.A. with the registered office in Lublin,

- publish, in accordance with Art. 16.1.3 and Art. 17.1.3. of the Public offering act, on issuer costs, information on unlawful act in connection with public offer of the third series of ordinary bearer bonds in the framework of the First Issue Program of Bonds of Electus S.A. and the application for authorization for issuance on regular market of the third issue of ordinary bearer bonds of Electus S.A. on the regulated marked issued in the framework of the First Issue Program of Bonds of Electus S.A. with the registered office in Lublin;

. the possibility of Mr Marek Falenta’s acting on behalf of Electus S.A. as a member of the Management Board, despite the final judgment for crime offence described in Art. 18 § 2 of the Act of Code of Commercial Companies of 15 September 2000 (Journal of Laws No. 94, item 1037 as amended) in order to determine the reasons to apply, on the basis of Art. 18.1.1 and 4 of the Public offering act, the means described in Art. 16 and 17 of the Public offering act, regarding the content of documents announced, showing that:

- public offer or subscription made on the basis of this offer or marketing authorization on regulated market significantly disturbs the investors businesses,

- legal status of ordinary bearer bonds of the third series issued in the framework of the First Issue Program of Bonds of Electus S.A. is unlawful and there is a risk of recognizing these securities as non-existing or having the legal fault with a significant influence on the assessment.

On 11 June Polish Financial Supervision Committee made a decision towards the Issuer, which finished the proceeding on the matter initiated by the abovementioned regulation. On the same day Polish Financial Supervision Committee Office and placed on its website information on the matter. The Company announced this information in current report No. 33/2010 on 14 June 2010.

. Changes in founding act of Electus Project A were introduced on 30 March 2010 and share capital of Electus Project A was increased from the amount of PLN 5,000.00 to PLN 10,854.00. The increase in share capital of the company was the result of creating 10,849 new shares of the nominal value of PLN 1,000.00 each. The company Electus holds 162 shares. All the abovementioned shares will be covered with contribution in cash. ARTIS Sp. z o.o. also entered into Electus Project A and provided an in-kind contribution in a form of right of perpetual usufruct of fixed property in Legnica and contribution in cash covering 10,692 shares in the abovementioned company. ARTIS Spółka z o.o. made a contribution in kind of property rights for real estates in Legnica, however the contribution in cash has not been covered so far. The increase of capital has not been reported in the National Court Register.

. On 30 March the agreement with ARTIS Sp. z o.o. was signed in Lublin, on the basis of which the whole amount of receivables of ARTIS Sp. z o.o. towards Electus S.A. resulting from a sale agreement of 29 June 2007, of the total value as of 29 March 2010 amounted to PLN 13,351 thousand, 10,692 shares of Electus Project A Sp. z o.o. shall be transferred to Electus S.A. The agreement was signed on the conditions described in the agreement in more details. The parties agreed also the conditions of withdrawal from the agreement by Electus S.A. and other rights and obligations.

. On 31 March 2010 the Management of Electus S.A. passed a resolution on issue of series A bearer bonds of Electus S.A. The subject of the issue was 150 thousand bonds of the nominal value and issue price of PLN 1 000.00 each. The total nominal value of all bonds in the framework of the Program of Bonds Issue amounted to PLN 150,000 thousand (in words: one hundred fifty million PLN). The bonds were issued as bearer bonds, non- secured, in form of document. The interest on bonds was changeable, equal to average VIBOR 3M rate increased with the agreed by the Management Board margin. The interest wad paid quarterly. On 16 April 2010, previously set date of the allotment of bonds the Management Board of Electus S.A. passed a resolution under which the date of the allotment was changed on 12 May 2010 and the date of purchase of bonds on 14 May 2012. The issue of this bonds did not take place and the information regarding the issue was announced in current report on 12 May 2010.

. On 1 April 2010, in connection with the end of 2009, Mr Marek Falenta handed the chairman of the Supervisory Board a resignation from the post of the President of the Management Board of Electus S.A. Mr Marek Falenta continues the employment in the framework of the Capital Group supporting it with his long-lasting experience. He concentrates mainly on the strategy and development.

On 2 April 2010 the company received an invalid decision of the District Court for

Wrocław-Fabryczna in Wrocław, IX Economic Division of the National Court Register, dated 29 March 2010, in which the District Court, acting on the basis of Art. 18.2 of the Code of Commercial Companies and Art. 24 of the Act of 20 August 1997 on the National Court Register, decided to cancel Mr Marek Falenta from the position in the Management Board of Electus S.A.

The decision was challenged in appeal by the Company. On 8 April 2010 the Company applied to exclude Mr Marek Falenta from the Register of Entrepreneurs. Finally, court accepted Company’s claim in appeal and granted an application to exclude Mr Marek Falenta from the Register of Entrepreneurs as a result of his resignation.

. On 15 April 2010 Electus S.A. signed with Mr Bogusław Witka, debtor of the Company, the agreement describing the method and rules of debtor’s liabilities settlement towards the Company. The purpose of discharge in bankruptcy resulting from loan agreement of 4 July 2007 (as amended), the debtor transferred the value of fixed property in Legnica on Electus S.A. The agreement describes also other rights and obligations of the Parties connected with the execution of the agreement herein, and its remaining conditions do not differ from the standard of such agreements. The value of the subject of the agreement amounted to PLN 11,734 thousand.

. On 24 April 2010 the Electus Company signed a multipersonal agreement, with Sigma Sp. z o.o. in Lublin and ZNTK Poznań S.A., in which the receivables of Electus S.A. from Sigma Sp. z o.o. company, which balance sheet value amounted to PLN 16,000 thousand. As a result of signing the non-litigious agreement, the Parties agreed that in order to settle mutual claims Electus S.A. shall receive the amount of PLN 29,000 thousand and this amount will be paid for Electus S.A. by ZNTK Poznań S.A. after selling the shares (reserved for ZNTK Poznań S.A.) of ZNTK Nieruchomosci Sp. z o.o. in Poznań. In order to secure this liability, ZNTK Poznań S.A. transferred to Electus S.A. future liability on price payment, which will be reserved for ZNTK Poznań S.A. on account of sale of ZNKTK Nieruchomości Sp. z o.o. shares, reserved for ZNTK Poznań S.A. The transfer is limited to the liabilities covering the amount of 29,000 thousand. Additional securities of receivables of Electus S.A. were described in abovementioned agreement and they are connected with corporate area in the ZNTK Nieruchomości SP. z o.o. (among other things, the requirement of obtaining the shareholders agreement for selling shares by ZNTK Poznań S.A., which depends on additional legal security for Electus).

. On 30 August 2010 an agreement on transfer of receivables between Electus S.A. and Presto Sp. z o.o., under which Electus S.A. transfers on Presto Sp. z o.o. receivables towards Archeron Capital Management Ltd of the total value of PLN 3,663 thousand for the price of PLN 3,612 thousand paid within the period of 220 days from the date of the contract. In order to ensure the payment of price Presto Sp. z o.o. shall ensure Electus S.A. with legal security in the form of ordinary mortgage in the amount of PLN 3,612 thousand on a property consisting in land in Wrocław, at ul. Kościuszki 51b entered into land and mortgage register under No. WR1K/00085640/7 which belongs to Presto Sp. z o.o. The parties agreed also on other right and obligations under the agreement.

. In order to secure the property of Presto Sp. z o.o. a mortgage regarding a build-up property consisting in land was created on 30 August 2010, which was included into land and mortgage register under No. WR1K/00085640/7 in Wrocław, at ul. T. Kościuszki 51b owned by Presto Sp. z o.o.

It is predicted, that even better financial results the Company may achieve by outside financing. Therefore the extensive negotiations with banks and financial institutions are being performed.

RELPOL 5 SP. Z O.O.

On 1 January 2010 Relpol 5 Sp. z o.o. held 1,169,565 (one million one hundred sixty-nine thousand five hundred sixty-five) shares of INSTAL-LUBLIN S.A., which constituted 7.54% share in the share capital and 7.54% votes at the General Meeting of INSTAL-LUBLIN S.A.

On 4 February 2010 Relpol 5 sold 650,000 shares of Instal-Lublin S.A. The shares were sold outside the capital group of IDMSA. On 18 February 2010 Relpol Sp. z o.o. sold 519,565 shares of Instal-Lublin S.A. to IDMSA Brokerage House.

As a result of the transactions, Relpol Sp. z o.o. does not hold a report of any shares of Instal- Lublin S.A. as of the date of publishing this report.

IDEA TFI S.A.

On 19 March the Extraordinary General Meeting passed a resolution to lower the share capital of the Company from PLN 14,000,000.00 to PLN 2,986,200.00 by lowering the nominal value of all shares from PLN 100.00 to PLN 21.33. The change in the share capital was reported on 29 June 2010.

GWARANT AGENCJA OCHRONY S.A.

On 11 February 2010 the Management Board of the Warsaw Stock Exchange with the resolution No. 94/2010 decided to introduce 5,000,000 Series A shares of the Company to an alternative turnover system on NewConnect market. The nominal value of each share amounts to PLN 0.10. The shares of the Company are traded in an alternative turnover system – NewConnect from 16 February 2010.

6. INDICATION OF THE RESULTS OF THE CHANGES IN THE STRUCTURE OF THE BUSINESS ENTITY, INCLUDING THE MERGERS OF BUSINESS ENTITIES, TAKEOVERS OR SALE OF ENTITIES OF THE CAPITAL GROUP, LONG-TERM INVESTMENT, RESTRUCTURING AND DISCONTINUATION OF BUSINESS ACTIVITY.

. DSW 2010 Sp. z o.o. company was formed on 4 February 2010. The share capital of the Company was determined as in the amount of PLN 5,000. Until the date this report was published the share capital wasn’t paid. The stake in the Company was taken-up by IDMSA BH. . On 4 February 2010, PIP Instal – Lublin S.A. signed an investment agreement with natural persons hereinafter referred to as the “Take-up parties”, which at the moment control the companies such as: AWBUD Sp. z o.o. (hereinafter referred to as “AWBUD DB”) and PWB AWBUD S.A. (hereinafter referred to as “PWB AWBUD”). The agreement describes mutual obligations of the parties in connection with intended creation of diversified construction group by the Take-up parties and PIP Instal – Lublin S.A. through taking-up PIP Instal – Lublin S.A. shares at target price allowing the Take-up parties to achieve an ownership position over PIP Instal – Lublin S.A. (over 60% of votes at the General Meeting). At the same time, after the process is finished, PIP Instal – Lublin S.A. shall gain an ownership position over AWBUD DB and PWB AWBUD. Take-up parties are going to execute their activities via the company formed for the abovementioned purpose, in which they shall place all their shares and interests in AWBUD DB and PWB AWBUD.

Details regarding an operation herein and conditions of the abovementioned investment agreement were included in current report No. 16/2010 announced by PIP Instal – Lublin S.A. on 4 February 2010. . The companies Electus Project A Sp. z o.o. and Electus Project B Sp. z o.o. were formed on 10 February 2010. The main Company’s activity includes investment activity on real estate market. The share capital of each of the Companies amounts to PLN 5,000.00 (in words: five thousand PLN 00/100) and is divided into five equal indivisible shares of its nominal value of PLN 1,000.00 (in words: one thousand PLN 00/100) each. The shares which have been paid with contribution in cash were fully paid by Electus S.A. . A sale agreement regarding the company Żak System with the registered office in Kraków was signed between Electus S.A. and Work Service Spółka Akcyjna with the registered office in Wrocław on 10 February 2010. In accordance with the agreement, Electus S.A. sold 160 (in word: one hundred sixty) shares of Żak System Sp. z o.o. of the total nominal value of PLN 1,600,000.00 (in words: one million six hundred thousand PLN 00/100) which constituted a 100% stake in the share capital and votes of the company. The shares were sold for PLN 8,000,000.00 (in words: eight million PLN 00/100), i.e. PLN 50,000.00 (fifty thousand PLN 00/100) per share. The transfer of ownership was valid at the date of signing the abovementioned agreement. . Relpol 5 sold in total 650,000 shares of Instal Lublin on 2 February 2010 and 4 February 2010. The shares were acquired by the entities which did not belong to the Capital Group. Relpol 5 sold IDMSA BH 519,565 shares of Instal Lublin on 18 February 2010. As a result of the transaction performed Instal Lublin does not hold any of Instal Lublin shares. . On 18 January 2010 and 31 March 2010 IDMSA BH sold respectively 800 and 612,244 of Instal Lublin shares outside the Capital Group. As of 31 March 2010 IDMSA BH held 4,440,042 shares of the company Instal Lublin. . On 19 February 2010 IDMSA BH signed an agreement on acquisition of 25 shares of ACM Sp. z o.o., as a result IDMSA BH gained 40% stake in the company. At the same time, IDMSA BH signed an agreement on sale of all owned shares in the company in the amount of 50 shares. ACM Sp. z o.o. is treated as short-term investment and is not presented as an affiliate of IDMSA BH. . On 12 March 2010 IDMSA signed a preliminary sale agreement of shares of WestLB Bank Polska S.A. (hereinafter referred to as the “Preliminary Sale Agreement of Shares” or the “Agreement”) between: PL Holdings Sarl (the company established under the laws of Luxembourg, with the registered office in Luxembourg, at 5 Guillaume Kroll, entered into the commercial register under the number B 151047) and IDMSA BH as the “Acquiring Party” and WestLB AG with the registered office in Dusseldorf (at Herzogstasse 15, 40217), Germany, entered into commercial register in Dusseldorf under the number HR B 42975, as the “Selling Party”.

The subject of the Agreement is the Acquiring Party’s obligation to sign a Sale Agreement of shares of WestLB Bank Polska S.A. (hereinafter referred to as “Bank”) with the registered office in Warsaw, at ul. Domaniewska 39 A, 02 – 672 Warsaw, enter into the Register of Entrepreneurs of the National Court Register run by the District Court in the Capital City of Warsaw, in Warsaw, XIII Economic Division of the National Court Register, under the number 0000030330, and the share capital in the amount of 183,646,000.00 (one hundred eighty-three million six hundred forty-six thousand) shares of the nominal value of PLN 1,000.00 (one thousand PLN 00/100) each.

In accordance with the Agreement, the Parties are obliged to sign a Share Sale Agreement, on the basis of which PL Holding Sarl will acquire 101 005 (one hundred one thousand five) shares of the Bank which constitute a 55% stake in the share capital of the Bank and the total number of votes at the General Meeting of the Bank. IDMSA BH shall acquire 82,641

(eighty-two thousand six hundred forty-one) shares of the Bank, which constitute a 45% stake in the share capital and total number of votes at the General Meeting of the Bank.

A share sale price will be determined on the basis of a share net book value of the Bank, which, on the date of signing the preliminary agreement, amounted to PLN 250,125,822.07 for all shares of the Bank. The estimated price value for the shares acquired by IDMSA BH will amount to approx. PLN 112.5 million (one hundred twelve million five hundred thousand).

IDMSA BH is obliged to pay a 9% advance payment of the whole sale price for all the shares acquired by both Acquiring Parties towards the price of the acquired shares of the Bank. The remaining part of the sale price which fells to IDMSA BH will be paid on the date of signing the Share Sale Agreement. At the date of signing the Share Sale Agreement the Acquiring Parties shall acquire the right of ownership for the shares of the Bank.

The signed Agreement includes also the following conditions precedent:

1) obtaining a consent from Polish Financial Supervision Authority by the Acquirer, 2) granting a consent by the Supervisory Board for execution of Preliminary Share Sale Agreement, 3) obtaining a consent from the Office of Fair Trading by the Acquirer, 4) non-occurrence of the following event from the date of signing the Agreement:

a) lowering of the nett accounting value by more than 25% (in regards to the state of 31 December 2009) as a result of actions or events other than permitted under Preliminary Share Sale Agreement, b) beginning of liquidation process by the Bank, c) taking-over of the Bank in compulsory management under Polish Financial Supervision Authority, d) issuing by Polish Financial Supervision Authority decision causing that the Bank is not authorised under Polish banking law and other regulations to perform banking activities, e) issuing the decision by Bankruptcy Court of competent venue regarding the bankruptcy.

In case of sale by the Acquirer (or Acquirer’s subsidiary) most of the shares in the period of 24 months from the date of signing the Sale Share Agreement at higher price than paid for the Seller, the Acquirer shall pay the amount of 50% of surplus to the Seller.

Zgodnie z postanowieniami Przedwstępnej Umowy Sprzedaży Akcji, właściwa Umowa Sprzedaży Akcji, zostanie zawarta po ziszczeniu się warunków określonych w umowie, nie później niż w terminie 12 miesięcy od daty podpisania Przedwstępnej Umowy Sprzedaży Akcji.

W dniu 24 marca 2010 r. DM IDM S.A. powziął informację, że Rada Nadzorcza WestLB AG wyraziła zgodę na wykonanie przedwstępnej umowy sprzedaży 100% akcji WestLB Bank Polska SA na rzecz PL Holdings Sarl (podmiot zależny od Abris Capital Partners) i DM IDM S.A.

On 25 June 2010 the Management Board of IDMSA BH became aware that the Office of Fair Trading agreed to acquire by PL Holdings Sarl (Abris Capital Parters subsidiary) shares of WestLB Bank Polska SA constituting 55% share in the share capital of the entity.

. On 30 March the agreement with ARTIS Sp. z o.o. with the registered office in Lublin was signed, under which the whole amount of receivables of ARTIS Sp. z o.o. towards Electus

S.A. resulting from a sale agreement of 29 June 2007, of the total value as of 29 March 2010 amounted to PLN 13,351 thousand, 10,692 shares of Electus Project A Sp. z o.o. shall be transferred to Electus S.A. The agreement was signed on the conditions described in the agreement in more details. The parties agreed also the conditions of withdrawal from the agreement by Electus S.A. and other rights and obligations.

. On 23 February 2010 the registration of the increase in the share capital of Kolastyna Group S.A. took place in connection with the issue of H series shares (executed in 2009). As a result of purchase and sale transactions of shares, a stake of IDMSA BH in the share capital of the company and voting rights as of 30 June this year amounted to 5.26% and in the share capital of the company 13.31% share in voting rights (in connection with authorisation to perform voting rights under 4,400,000 shares owned by A. Grzegorzewski).

. On 18 June 2010 IDMSA BH sold 170,000 shares of Profinet SA to Profinet SA for redemption. On the same day the Ordinary General Meeting of Shareholders of Profinet authorised, in resolution No. 12, the Management Board of the Company to acquire company’s own shares for further redemption. Under this resolution the Management Board of Profinet SA acquired all shares of the company owned by IDMSA BH for redemption. The calculation regarding this transactions was performed by contractual deductions of receivables of IDMSA BH under sale of 2,000 E series bonds issued by Profinet SA.

. On 22 July 2010, as a result of the issue of documents of H series shares of Instal Lublin S.A. company under Art. 451.2 of the Code of Commercial Companies and, at the same time, by increasing the share capital of Instal Lublin S.A. company, the percentage stake in the share capital and in the total number of votes in Instal Lublin S.A. decreased by IDMSA BH. Before the increase of share capital, IDMSA held 4,457,143 shares of Instal Lublin S.A., which constituted 28.76% share in the share capital before its increase and gave the right to vote under 4,457,143 votes, which constituted 28.76% votes at the General Meeting of Shareholders of the company. After the increase of the share capital IDMSA BH holds 4,461,122 shares of Instal Lublin S.A. which constitutes 15.46% in the increased share capital and gives the right to vote under 4,461,122 votes which constitutes 15.46% votes at the General Meeting of Shareholders of the company.

. On 23 August 2010 the Extraordinary General Meeting of PIP INSTAL-LUBLIN S.A. passed resolution No.3/2010 on conditional increase of share capital of the company by PLN 53,588,257 by the issue of not more than 53,588,257 I series bearer shares. I series shares, in the framework of conditional share capital, shall be held by authorised subscription warrants of C series issued by the company.

7. THE MANAGEMENT BOARD’S STANCE CONCERNING THE POSSIBILITY OF REALIZING PREVIOUSLY PUBLISHED FORECASTED RESULTS FOR THE GIVEN YEAR, IN THE LIGHT OF RESULTS PRESENTED IN THE MID-YEAR STATEMENT IN COMPARISON TO THE FORECASTED RESULTS.

In the first half of 2010 the Management Board of the IDMSA BH did not publish any forecasts of consolidated as well as individual financial results for the year 2010 Any possible forecasts shall be immediately announced by the Management Board of IDMSA in a current report.

The companies PIP Instal-Lublin S.A. and Grupa Kolastyna S.A. in arrangement bankruptcy, as entities listed on the Warsaw Stock Exchange and the entities dominating in the capital group, are

In the first half-year of 2010, other entities included in IDMSA BH Capital Group have not performed and announced any forecasts regarding the financial result of 2010.

8. INDICATION OF SHAREHOLDERS HOLDING DIRECTLY OR INDIRECTLY THROUGH SUBSIDIARIES AT LEAST 5% OF THE TOTAL NUMBER OF VOTES AT THE GENERAL MEETING OF SHAREHOLDERS OF THE ISSUER AS OF THE DATE OF SUBMISSION OF MID-YEAR STATEMENT ON THE ACTIVITY OF THE ISSUER TOGETHER WITH THE INDICATION OF THE NUMBER OF SHARES HELD BY THESE ENTITIES, THEIR PERCENTAGE SHARE IN THE SHARE CAPITAL, NUMBER OF VOTES RESULTING FROM THEM AND THEIR PERCENTAGE SHARE IN THE TOTAL NUMBER OF VOTES AT THE GENERAL MEETING OF SHAREHOLDERS AND INDICATION OF CHANGES IN THE SHAREHOLDER STRUCTURE CONCERNING SIGNIFICANT BLOCKS OF SHARES OF THE ISSUER IN THE PERIOD FROM THE SUBMISSION OF THE PREVIOUS STATEMENT.

% share in the Number of total number of Shareholder’s name votes at the Number of % stake in votes at the and General shares held share capital General surname/company Meeting of Meeting of Shareholders Shareholders

Grzegorz Leszczyński 21 312 396 9,768 % 21 312 396 9,768 %

Marek Falenta 20 979 714 9,616 % 20 979 714 9,616 %

Dom Maklerski IDM 17 851 428 8,182% 17 851 428 8,182%* S.A.

Rafał Abratański 17 128 304 7,850 % 17 128 304 7,850 %

*shares held by IDMSA BH (company’s own shares) correspond to 17,851,428 votes at the General Meeting of the Company and constitute 8.182% share in the total number of votes at the General Meeting of the issuer, however, under Art. 364.2 of the Code of Commercial Companies the Company does not execute equity interests under its own shares, including the right to vote. Data in the table were presented on the basis of information possessed by the issuer as of the date of submission of the statement.

From the date of submission of the report of the IDMSA BH for the first quarter of 2010 there were the following changes concerning the significant blocks of shares:

In the framework of “IDMSA Brokerage House's Shares Buy-Back Programme for the Purpose of Offering Them to Key Persons in the Company”, realized form 10 July 2008 to 17 December 2009, IDMSA BH acquired 10,908,840 (ten million nine hundred eight thousand eight hundred forty) company’s own shares for the total amount of PLN 20,508,258.56.

In the framework of buy-back realised under resolution No.8 of the Extraordinary Meeting of IDMSA of 12 November 2008, from 23 December 2009 to 31 December 2009, IDMSA BH acquired 192,588 (one hundred ninety-two thousand five hundred eighty-eight) company’s own shares for the total amount of PLN 469,60.26.

The Extraordinary General Meeting convened on 25 January 2010 passed a resolution No. 4 on acquisition of shares under and in the framework of authorization granted by the General Meeting. The subject of acquisition may constitute fully covered shares. The acquisition of own shares may take place especially by placing brokerage orders, signing package transactions, signing transactions outside organized turnover, announcement of a summon. The subject of acquisition might be Company’s own shares in the amount not higher than 21,817,680 (twenty-one million eight hundred seventeen thousand six hundred eighty) Company’s own shares, of the total nominal value not higher than PLN 2,181,768.00 (two million one hundred eighty-one thousand seven hundred eight 00/100). In accordance with the resolution the adequate reserve capital has been created. Acquisition of Company’s own shares may take place not later than till 31 December 2011 at the price not lower than PLN 2.00 for one share and not higher than PLN 5.00 each. The amount for the acquisition of Company’s own shares is PLN 109,088,400.00 (one hundred nine million eighty-eight thousand four hundred PLN 00/100), which involves also the acquisition costs. Acquired Company’s own shares by the Company may be the subject of further resale. The Management of the Company was entitled by the General Meeting to make any actual and legal actions connected with the acquisition of own shares and their possible further resale. In particular, in the framework of the regulation the final amount, method of acquisition, price, date of acquisition shall be agreed by the Company’s Management.

On 28 June 2010 the Management Board of IDMSA BH passed a resolution under the beginning by IDMSA of IDMSA Brokerage House's Shares Buy-Back Programme, in regards to the authorisation granted under resolution No. 4 of the Extraordinary General Meeting of IDMSA BH of 25 January 2010.

The aim of the Program is the acquisition by the Company of its own shares for further resale, on conditions and in the method described in the abovementioned resolution No.4 of the Extraordinary General Meeting of the Company of 25 January 2010. According to the Management Board and Supervisory Board a current level of market valuations of the Company differs in a significant degree from its real value, and the possibility to purchase a part of shares at discount prices to this value shall be favourable for the shareholder, which are not going to withdraw from the investment in the form of IDMSA shares.

In accordance with this resolution the beginning of the Program was planned on 28 June 2010. The realization of the program shall be executed under appropriate polish law, including in particular the regulations regarding the closed periods, and regulations under resolution No. 4 of the Extraordinary General Meeting of Shareholder of the Company of 25 January 2010. The shares included in the Program are listed on the Stock Exchange. The Company’s shares are acquired via Brokerage House IDMSA with the registered office in Kraków and the total number of acquired shares shall not be higher than 9.99% of the total number of shares of the Company as of the date of the Program. The shares acquired in the framework of the Program may be acquired, in particular, by placing brokerage orders.

The acquisition of Company’s own shares may be executed at the price not lower than PLN 2.00 (two PLN) each and not higher than PLN 5.00 (five PLN) each. The price, at which the Company shall acquire its own shares shall not be the amount higher than between the price of last independent turnover and the highest independent current offer of transactions of the stock exchange sessions. During one day the Company shall not acquire more than 25% of the average daily volume of turnover in May 2010. The average daily volume in May 2010 amounted to 1,091,539 shares.

The program shall be terminated on 27 December 2011 at latest, however the Management Board, taking into account the interest of the Company may terminate the acquisition of shares before 27 December 2011 or before the means for acquisitions are finisher or partially or wholly

The Management Board announces for each day of the realization of the Program – the amount of acquired shares in a given day in the framework of the Program and the average price, unless there were no acquired company’s own shares in a given day in the framework of the Program. After the Program is finished – the Management shall announce overall, detailed statement of the realization of the program.

In the framework of current Program, executed from 28 June 2010, IDMSA BH acquired from 30 July 2010 6,750,000 (six million seven hundred fifty thousand) company’s own shares at the total amount of PLN 17,919,611.63.

From 2 August 2010 (inclusive) to 31 August 2010 (inclusive) the purchase of company’s own shares in the framework of current Program shall not be executed because of the closed period. In relation to the above, as of 2 August 2010, the Company owns in total 17,851,428 (seventeen million eight hundred fifty-one thousand four hundred twenty-eight) company’s own shares acquired at the amount of PLN 38,897,470.45.

9. SUMMARY OF THE OWNERSHIP OF SHARES OF THE ISSUER AND RIGHTS TO THEM HELD BY THE MANAGING AND SUPERVISING PERSONS OF THE ISSUER AS OF THE DATE OF SUBMISSION OF THE REPORT, TOGETHER WITH THE INDICATION OF CHANGES IN THE OWNERSHIP STRUCTURE, IN THE PERIOD FROM THE SUBMISSION OF THE PREVIOUS QUARTERLY REPORT, SEPARATELY FOR EACH PERSON.

Udział w kapitale Name and surname Stanowisko Liczba akcji zakładowym President of the Grzegorz Leszczyński 21 312 396 9,768 % Management Board Vice President of the Rafał Abratański 17 128 304 7,850 % Management Board Member of the Henryk Leszczyński 1 861 158 0,853 % Supervisory Board Member of the Antoni Abratański 500 000 0,229 % Supervisory Board Piotr Derlatka Proxy 200 000 0,091% Member of the Władysław Bogucki 10 000 0,004 % Supervisory Board

10. INDICATION OF PROCEEDINGS PENDING BEFORE THE COURT, THE AUTHORITY RESPONSIBLE FOR THE ARBITRATION PROCEEDINGS OR PUBLIC ADMINISTRATION BODY, INCLUDING THE INFORMATION ON:

a) proceedings concerning the liabilities of the issuer or its subsidiary, whose value constitutes at least 10% of the equity of the issuer, with the information on the subject of proceeding, value of the object of dispute, date of commencement and parties of the proceeding as well as the issuer’s stance, b) two or more proceedings concerning liabilities whose total value constitutes at least 10% of the equity of the issuer, with the information on: total value of proceedings separated in the group of liabilities as well the liabilities together

with the issuer’s stance on the matter and, regarding the biggest proceedings in the group of liabilities – with the information on their subject, value of the object of dispute, date of commencement and parties of the proceedings.

In the first half of 2010 there were no proceedings concerning liabilities or debt of the issuer or its subsidiary, the value of which constitute at least 10% of the issuer’s equity.

11. INFORMATION ON THE CONCLUSION BY THE ISSUER OR ITS SUBSIDIARY ONE OR MORE TRANSACTIONS WITH AFFILIATED ENTITIES, IF A SINGLE TRANSACTION IS, OR ALL OF THEM ARE, SIGNIFICANT, AND IF THEY WERE CONCLUDED ON CONDITIONS DIFFERENT THAN MARKET ONES, WITH THE EXCEPTION OF TRANSACTION CARRIED OUT BETWEEN THE ISSUER BEING A FUND AND AN AFFILIATE, TOGETHER WITH THE INFORMATION ON THEIR VALUE.

Transactions with subsidiaries were concluded on market conditions. The transactions with subsidiaries concluded in the first half of 2010 were presented in the shortened consolidated financial statement.

12. INFORMATION ON GRANTING BY THE ISSUER OR ITS SUBSIDIARY OF SECURITIES OF CREDITS AND LOANS OR GRANTING A GUARANTEE – JOINTLY TO ONE ENTITY OR SUBSIDIARY OF SUCH AN ENTITY, IF THE TOTAL VALUE OF EXISTING SECURITIES OR GUARANTEES AMOUNTS TO THE EQUIVALENT OF AT LEAST 10% OF THE ISSUER’S EQUITY.

In the first half of 2010 neither the IDMSA BH nor any of its subsidiaries granted a loan security or a loan or a guarantee – jointly to one entity or its subsidiary the total value of which (securities or guarantees) would constitute the equivalent of at least 10% of the issuer’s equity.

13. OTHER INFORMATION, WHICH ACCORDING TO THE ISSUER IS SIGNIFICANT FOR THE EVALUATION OF EMPLOYMENT, PROPERTY AND FINANCIAL SITUATION, FINANCIAL RESULT OF THE ISSUER AND ITS SUBSIDIARIES AND THEIR CHANGES, AS WELL AS THE INFORMATION WHICH IS SIGNIFICANT FOR THE EVALUATION OF THE POSSIBILITIES OF THE REALIZATION OF THE LIABILITIES BY THE ISSUER AND ITS SUBSIDIARIES.

The IDMSA BH

Size of employment as of 30 June 2010: 171 persons.

Electus S.A.

It is predicted, that even better financial results the Company may achieve by outside financing. Therefore the extensive negotiations with banks and financial institutions are being performed. There were no events which may have a significantly influence on the financial results of the Company according to the Management Board after 30 June 2010 until the date of this report. In the first half of 2010 the Company employed eight new employees and as of 30 June 2010 Electus S.A. employed 51 employees. The Management Board does not predict any significant changes in the number of the employed in the following months.

Idea TFI S.A.

Employment: 17 persons employed on the basis of employment agreement and 5 persons employed on the basis of contract of mandate. Obecny stan zatrudnienia jest wystarczający by spółka mogła funkcjonować bez jakichkolwiek zakłóceń. Spółka samofinansuje się i nie przewiduje żadnych trudności w realizacji swoich zobowiązań.

ELECTUS HIPOTECZNY S.A.

a) The Company realizes its liabilities and there are no threats having a possibile influence on their realization. The Company paid credit instalments: - in March 2010: PLN 423,875.95, - in June 2010: PLN 562,500.00. b) The employment situation of the Company does not undergo any significant changes. As of 30 June 2010 the Company employed 8 persons. c) In current year the Company is planning to enter on the Stock Exchange. The actions regarding the prospectus preparation are being performed. d) Raising financial means under the issue of shares shall enable the Company the realization of other transactions and ensure further development.

IDMSA.PL DORADZTWO FINANSOWE SP. Z O.O.

As of 30 June 2010 the Company employed 10 persons, including 9 persons on the basis of employment contracts and 1 person on the basis of appointment.

GWARANT AGENCJA OCHRONY S.A.

Financial situation of the Company is estimated as good and not risky in the perspective of the following quarter and financial year. Liabilities are currently executed, as of the balance sheet day there were not any arrears in payment.

Average employment full time equivalents amounted to 637.2 units within the reporting period. The state of employment in persons as of 30 June 2010 amounted to 658 persons, including 412 disabled employees (including 119 disabled persons with considerable and moderate disability).

RELPOL 5 SP. Z O.O.

The Company does not have employees. Currently, the Company’s financial situation can be assessed as stable.

“GWARANT-BIS” AGENCJA OCHRONY SP. Z O.O.

There is no significant information having influence on its employment, property and financial situation and financial result. The Company maintains its agreements and sales on the same level as previously.

Size of employment as of 30 June 2010: 5 persons.

14. INDICATION OF THE FACTORS WHICH, ACCORDING TO THE ISSUER, WILL HAVE INFLUENCE ON ITS RESULTS AND THE RESULTS ACHIEVED BY ITS SUBSIDIARIES WITHIN AT LEAST NEXT SIX MONTHS.

The IDMSA BH

The main factor, which according to the Management Board will have influence on financial results achieved by the IDMSA BH within the next six months is the situation on the financial markets. Especially the situation in the small and medium enterprises segment is of big importance. It is due to the fact that the IDMSA BH portfolio is focused mainly in this segment of the market. Additionally, the good economic situation improves the credit quality of the IDMSA BH portfolio and facilitates the exit, e.g. through the IPO combined with the sale of existing shares. The improved economic situation gives also the possibility of the presence of the IDMSA BH on the IPO and private issues market, which up to now, apart from securities portfolio – had an important influence on the result of the IDMSA BH.

A factor related to the aforementioned factors is privatization plan of the State Treasury. As the experience show, big privatizations usually had a positive impact on the stock exchange and increased the profits from intermediation in the transactions on the stock exchange.

ELECTUS S.A.

The factor having an influence on the achieved results is undoubtedly the inflow to the Company of current capital through further realization of bond issue programme in Raiffeisen Bank Polska S.A. and obtaining external financing through, e.g. Bank loan. The next issue of public bonds within the First Bonds Issue Programme will be also connected with high capitalizing of the Company. The company undergoes resolute actions in order to improve the safety of current level of financing via successive repayments of short-term debts and gaining long-term financing. The strategy being realised is the strategy of the issue of long-term bonds issued in the framework of the program, via Raiffeisen Bank Polska S.A. – with maturity not longer than 1 year. The negotiations on agreements on raising long-term financing with banks and financial institutions are being performed.

The strategy executed by the Company assumes development based on already achieved strong and reinforced position on public healthcare services market and further development of other segments of public market, in particular development of business relations with Local Government Units. The intention of the Company is to achieve a status of leader of products supporting liquidity, rising the stake in the market and quick expansion in other business areas, which shall influence incomes and profit.

The company shall still act under the principle regarding the highest level of services and the development of make. During these actions the Company is going to maintain competitive prices. Products offered by the Company shall satisfy Clients’ needs in highest degree.

Long-term strategy of Company’s development assumes strengthening of current position on the market of budget entities sector of the State Treasury. The abovementioned actions will be associated by steps in order to which a positive image of the Company shall be strengthen.

Strategic aims will be executed by the Company via the following actions:

. raising working capital

A barrier for further development of Company’s operations is a limited level of working capital available in relation to the potential market of the Company. Winning outside financing is directly connected with the increase of financial results achieved by the Company. The Company undergoes resolute actions in order to facilitate the safety of current financing level by successive lengthening of short-term financing and winning long-term financing.

. market expansion in Healthcare Services sector

The Company is going to achieve this aim by maximising of turnover in public healthcare services sector. The Company is planning to develop such products as factoring and guarantee of liabilities. These products have been performed as the answer to the current market situation. The aim of guarantee of liabilities is to ensure regular payment for the services provided, to solve the problem of transfer under agreements and allows focusing on creditors signing important and long-term agreements with Healthcare Services sector. Longer and longer payment dates offered by the suppliers of healthcare services institutions and hospital influenced on the interest in factoring.

. intensive business activities claims to other budgetary sectors

Local Government Units and the State Treasury – the Company in going to achieve this aim by improving financial products directed to those sector of the market and intensive marketing actions.

. actions in order to improve the image of the Company and recognition of its make

In order to achieve the above aims, numerous actions, which the Company is going to continue, are being performed. At present the Company works on implementing professional management relations in the market area.

. implementing new information projects

At present, preparatory works in order to implement the following systems are being performed: Settlements Monitoring system MR3 and planning and budgeting system called EURECA based on data warehouse.

Idea TFI S.A.

The main factor is economic situation which has an influence on the situation on the stock exchange. This in turn has direct influence on the clients’ decisions concerning the amount of assets invested in investment funds and whether the funds will be money market funds or equity funds.

ELECTUS HIPOTECZNY S.A.

The activity of the Company is connected with the financial and real estate markets. The current situation on the financial and economic market may have influence on the dates of exits from investments, which is connected with the decreasing interest in property investments. The execution of risk minimizing policy allowed the Company avoiding consequences connected with the drop of real estate prices. In the event of possible market revival in the area of real estate market the Company is going to achieve higher possibilities of investments in 2010 and shorter

A factor influencing future financial results of the Company shall be winning additional financing obtained via the issue and sale of shares. The means obtained shall allow to realize other investments which will influence the increase of profits and development of the Company.

IDMSA.PL DORADZTWO FINANSOWE SP. Z O.O.

There were no events in the Company that could have influence on the result in the following periods.

GWARANT AGENCJA OCHRONY S.A.

The Company is going to maintain a current level of sales. Long-term agreements with key customers and achieved profitability results shall allow to achieve similar financial result, as it was in Q2 of 2010, in the following quarter.

RELPOL 5 SP. Z O.O.

The Company expects the continuation of its operating activity in the areas covered by the subject of its activity defined in the Articles of Association until the transfer of INSTAL-LUBLIN S.A. shares toward the IDMSA BH. The operating activity of the Company is restricted to the minimum so that it can operate until the moment of determining the character of its further operation.

“GWARANT-BIS” AGENCJA OCHRONY SP. Z O.O.

. maintaining further development and cooperation with key customers, . maintaining the level of sales, . maintaining the financial liquidity which guarantees current liabilities fulfilment . increase of security companies competitiveness, as a result of even greater emphasis on crating and maintaining the relations with Clients; . economic situation of country – requires renegotiations of contracts and agreements with Clients and other treatment of financial policy of the Company.

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Translation from Polish:

CONDENSED CONSOLIDATED FINANCIAL STATEMENT OF THE CAPITAL GROUP OF IDMSA BROKERAGE HOUSE FOR THE PERIOD FROM 1 JANUARY 2010 TO 30 JUNE 2010

AND

CONDENSED INDIVIDUAL FINANCIAL STATEMENT OF THE COMPANY IDMSA BROKERAGE HOUSE FOR THE PERIOD FROM 1 JANUARY 2010 TO 30 JUNE 2010

prepared in accordance with INTERNATIONAL FINANCIAL REPORTING STANDARDS WorldReginfo - b6c58f1e-babf-437c-88e7-97f73113ab92

1. Information on the Capital Group of IDMSA Brokerage House ...... 4 1.1. Name and registered office, registering bodies, business of the Parent ...... 4 1.2. Consolidated subsidiaries of the Capital Group of IDMSA Brokerage House ...... 5 1. 3. Consolidated affiliates of the Capital Group of IDMSA Brokerage House...... 11 1.4. Personal details of the Management Board and the Supervisory Board Members...... of the IDMSA Brokerage House ...... 13 1.5. Shareholder Structure of the IDMSA Brokerage House ...... 14 2. Significant Accounting Principles Applied ...... 15 2.1. Basis for the Preparation of the Consolidated Financial Statements ...... 15 2.2. Conformity Statement ...... 15 2.3. Measurement Currency and Presentation Currency ...... 16 2.4. Continuation of the Business Activity...... 16 2.5. Approval of the Financial Statement ...... 16 2.6. Changes to the Applied Accounting Principles ...... 16 2.7. Consolidation ...... 18 2.8. Financial Reporting by Segments ...... 19 2.9. Seasonal character of business activity ...... 20 2.10. Estimates of the Management Board...... 21 2.11. Subjective Assessments of the Management Board of the Parent ...... 22 3. Selected Consolidated Financial Data of the Capital Group of IDMSA BH ...... 23 4. Consolidate Statement of Financial Position of the Capital Group of IDMSA BH ...... 25 5. Consolidated Statement of Comprehensive Income of IDMSA Brokerage House Capital Group ...... 26 6. Consolidated Statement of Changes in Equity of the IDMSA Brokerage House Capital Group ...... 27 7. Consolidated Cash Flow Statement of IDMSA Brokerage House Capital Group ...... 29 8. Selected explanatory notes to condensed consolidated financial statement for the first half-year of 2010...... 30 Note 8.1 Cash and cash equivalents ...... 30 Note 8.2 Loans and Receivables ...... 30 Note 8.3 Receivables Collateral ...... 33 Note 8.4 Financial instruments held for trading ...... 33 Note 8.5 Investments in associates ...... 36 Note 8.6 Intangible assets ...... 37 Note 8.7 Other non-current assets – deferred income tax assets ...... 38 Note 8.8 Liabilities ...... 39 Note 8.9 Non-current liabilities ...... 41 Note 8.10 Liabilities Secured by the Group’s Assets ...... 41 Note 8.11 Change in Provisions for Deferred Income Tax ...... 43 Note 8.12 Contingent liabilities ...... 43 Note 8.13 Share capital of the Parent ...... 45 Note 8.14 Own shares ...... 46 Note 8.15 Supplementary capital ...... 46 Note 8.16 Other reserve capitals ...... 48 Note 8.17 Revenues from main activity ...... 48 Note 8.18 Other revenues from main activity ...... 49 Note 8.19 Costs of main activity ...... 49 Note 8.20 Result on financial instruments held for trading ...... 49 Note 8.21 Result on financial instruments held for trading ...... 50 Note 8.22 Financial revenues ...... 50 Note 8.23 Financial costs ...... 50 Note 8.24 Earnings per share ...... 51 Note 8.25 Transactions with associates ...... 51 Note 8.26 Remuneration of Management and Supervisory Board Member of the Parent ...... 57 Note 8.27 Number of Employees of the IDMSA Brokerage House Capital Group ...... 58 Note 8.28 Events after the balance sheet date ...... 58 Note 8.30 Significant events concerning previous years referred to in condensed the financial statements ..... 59 Note 8.31 Settlements on court proceedings ...... 59 Note 8.32 External capital requirements ...... 59 9. Condensed individual financial statement of the Company IDMSA Brokerage House ...... 61 9.1. Name and registered office, registering bodies, business of the Parent ...... 61 9.2. Basis for the preparation of the consolidated financial statements ...... 61 9.3. Conformity statement ...... 62

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9.4. Measurement currency and presentation currency ...... 62 9.5. Continuation of the business activity ...... 62 9.6. Approval of the financial statement ...... 62 9.7. Changes to the applied accounting principles ...... 63 10. Statement of financial position of IDMSA Brokerage House ...... 63 11. Statement of comprehensive income of IDMSA Brokerage House ...... 64 12. Consolidated statement of changes in equity of the IDMSA Brokerage House ...... 65 13. Consolidated cash flow statement of the IDMSA Brokerage House ...... 67 14. Selected explanatory notes to condensed consolidated individual financial statement ...... for the first half-year of 2010 ...... 68 Note 14.1 Cash and cash equivalents ...... 68 Note 14.2 Loans and receivables...... 69 Note 14.3 Financial instruments held for trading ...... 70 Note 14.4 Investments in subsidiaries ...... 71 Note 14.5 Investments in associates ...... 72 Note 14.6 Other non-current assets – deferred income tax assets ...... 72 Note 14.7 Current liabilities ...... 73 Note 14.8 Contingent liabilities ...... 74 Note 14.9 Provisions ...... 75 Note 14.10 Equity capital ...... 76 Note 14.11 Revenues from main activity ...... 77 Note 14.12 Costs of Main Activity ...... 77 Note 14.13 Result on financial instruments held for trading ...... 78 Note 14.14 Earnings per share ...... 78 Note 14.15 Transactions with associates ...... 78 Note 14.16 Events after the balance sheet sate ...... 78

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1. Information on the Capital Group of IDMSA Brokerage House

1.1. Name and registered office, registering bodies, business of the Parent

Company’s name: Dom Maklerski IDM Spółka Akcyjna Registered office: 31-041 Kraków, at. ul. Mały Rynek 7 District Court: District Court for Kraków – Śródmie ście, XI Economic Division of the National Court Register in Kraków, at. ul. Przy Rondzie 7 Register of Entrepreneurs Number: 0000004483 Regon Number: 351528670, NIP: (taxpayer ID) 676-20-70-700

IDMSA Brokerage House limited liability company (hereinafter referred to as "Company", "IDMSA BH") operates under the Act on Trading in financial instruments of 29 July 2005 (Journal of Laws of 2005, No. 183, Item 1528 as amended) and permissions to run brokerage activity: - permission of 31 January 2003 issued by Polish Securities and Exchange Commission (decision No. DDM-M-4020-23-1/2003) - permission of 15 July 2010 issued by Polish Financial Supervision Authority (decision No. DFL/4020/143/40/I/23/77/09/10/EK).

The Company operates on the Warsaw Stock Exchange („WSE”) as direct participant from 8 January 2001.

In accordance with the Articles of Association the Company’s business activity is: - brokerage activities connected with securities and stock exchange commodities market – (PKD 66.12.Z), - funds management activities (PKD 66.30.Z), - financial holdings activity (PKD 64.20.Z), - trusts, funds and similar financial entities activity (PKD 64.30.Z), - other financial service activities, not elsewhere classified, except insurance and pension funding (PKD 64.99.Z), - other forms of granting credit (PKD 64.92.Z), - other activities auxiliary to financial services, except insurance and pension funding (PKD 66.19.Z), - business and other management consultancy activities (PKD 70.22.Z).

Business activity, which under governing law requires permission issued by competent state authorities, is performed by the Company after obtaining adequate permission.

Company’s business activity is run in Customer Service Centres, which are organizational units of the company and are located in: - the registered office of the Company: 7 Kraków, at. ul. Mały Rynek 31-041 - Customer Service Centre Warszawa, at ul. Nowogrodzka 62b, 02-002 Warszawa, - Foreign Markets Department, at ul. Złota 59, 00-120 Warszawa, - Institutional Sales Department, at ul. Złota 59, 00-120 Warszawa, - Customer Services Centre Nysa, Rynek 36b, 48-300 Nysa, - Customer Services Centre Olkusz, at ul. K.Wielkiego 29, 32-300 Olkusz, - Customer Services Centre Tarnów, at ul. Wałowa 16, 33-100 Tarnów, - Customer Services Centre Gliwice, at ul. Zwyci ęstwa 14, 44-100 Gliwice, - Customer Services Centre Katowice, at ul. Ko ściuszki 30, 40-488 Katowice, - Customer Services Centre Lublin, at ul. 3-go Maja 18/2, 20-078 Lublin, - Customer Services Centre Pozna ń, at ul. Bukowska 12,60-810 Pozna ń, - Customer Services Centre Łód ź, at ul. Sienkiewicza 82/84, 90-318 Łód ź, - Customer Services Centre Wrocław, at ul. Świdnicka 18/20, 50-068 Wrocław, - Customer Services Centre Szczecin, at ul. Jagiello ńska 85/3, 70-437 Szczecin.

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1.2. Consolidated subsidiaries of the Capital Group of IDMSA Brokerage House

As of 30 June 2010 the subsidiaries of IDMSA BH Capital Group included the following: % stake in the Registered Type of business capital of the Entity Consolidation National Court Register office: activity company as of method 30.06.2010*

IDMSA.PL Doradztwo Regional Court for Finansowe Sp. z o.o. Kraków consulting services 100% full Kraków Śródmie ście in Kraków, XI Economic Division of the National Court Register. National Court Register No.: 0000196154

IDEA Towarzystwo Warszawa creating and 100% full Regional Court for the Funduszy Inwestycyjnych management of Capital City of Warsaw, S.A. investment funds Economic Division of the National Court Register: 0000009046

Electus S.A. Lublin financial services of 100% full District Court for healthcare services Wrocław-Fabryczna in sector, purchase and Wrocław, IX Division of the National Court sale of receivables Register: 0000156248.

Electus Project A Sp. z o.o. Lublin investment activity on 100% full District Court for real estate market indirectly by Wrocław-Fabryczna in Electus S.A. Wrocław, IX Division of the National Court Register: 0000351900.

Electus Project B Sp. z o.o. Lublin, investment activity on 100% full District Court for real estate market indirectly by Wrocław-Fabryczna in Electus S.A. Wrocław, IX Division of the National Court Register: 0000351469.

Electus Hipoteczny S.A. Wrocław financial activity 100% full District Court for Wrocław excluding insurance and – Fabryczna in Wrocław, pension funds IX Economic Division of the National Court Register: 0000315998

„Gwarant” Agencja Opole physical protection of 51.15% full Regional Court in Opole, Ochrony S.A. people and objects, VIII Economic Division service and monitoring National Court Register: of electronic security 000311805 systems

„Gwarant – BIS” Agencja Opole people and objects 51.15% indirectly full Regional Court in Opole, Ochrony Sp. z o.o. protection, monitoring by „Gwarant” VIII Economic Division of objects Agencja Ochrony National Court Register: S.A. 0000185119

Relpol -5 Sp.z o.o. Kraków software services 100% full Regional Court in Pozna ń, VIII Economic Division National Court Register: 0000213634

* % stake in the capital of the company corresponds to % stake in the right to vote

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IDMSA.PL Doradztwo Finansowe Sp. z o.o. operates from January 2004. The company’s business activity is connected mainly with financial consulting services, including preparation of prospecti, financial analyses, valuation and other materials, as well as other consulting services, supplementing IDMSA BH offer in this scope.

The share capital of the company amounts to PLN 200,000.00 and is divided into 4,000 shares of the total value of PLN 200,000.00 The only shareholder of the Company id IDMSA Brokerage House.

IDEA Towarzystwo Funduszy Inwestycyjnych S.A. (Idea TFI S.A.) is the financial institution authorised by Polish Securities and Exchange Commission, which aim is creation and management of investment funds.

Idea Towarzystwo Funduszy Inwestycyjnych S.A. company was established on 13 July 1999 and operates under the name Górno śląskie Towarzystwo Funduszy Inwestycyjnych S.A. (GTFI S.A.), on 8 October 1999, after obtaining an adequate permission, started a business activity as TFL. On 9 January 2007 District Court registered the changes in the company from Górno śląskie Towarzystwo Funduszy Inwestycyjnych S.A. to Idea Towrzystwo Funduszy Inwestycyjnych S.A. (Idea TFI S.A.) and the registered office from Katowice to Warsaw. On 10 July 2006 IDMSA BH acquired 75% Shares of Idea TFI (then: GTFI S.A.) and became the main shareholder of the company. A share sale agreement was signed between Fundusz Górno śląski S.A. and IDMSA BH regarding the other 25% of Shares of Idea TFI on 26 June 2008. After the fulfilment of conditions under the Agreement on transfer of ownership, including the transfer of the ownership of registered shares of TFI on 22 September 2008, IDMSA BH became the owner of 140,000 shares of the company.

As of 30 June 2010 the share capital of the Company amounted to PLN 14,000,000.00 and is divided into 140,000 registered Shares of the nominal value of PLN 100,000 each, including: - 60,000 A series Shares, - 50,000B series Shares, - 30,000C series shares. On 19 March 2010 the Extraordinary General Meeting passed a resolution on decrease of the share capital of the Company from PLN 14,000,000.00 to the amount of PLN 2,986,200.00 by reducing the nominal value of all shares from PLN 100,00 to PLN 21,33. The change of the share capital was registered on 29 July 2010.

The funds offered by Idea TFI S.A. are offered to both individual and institutional Customers. As of 30 June 2010 Towarzystwo held six sub-funds distinguished from Idea Parasol FIO fund and one specialist open investment fund (Idea Premium SFIO), adjusted to different investors’ needs, both in terms of expected rate of return and in terms of accepted level of investment risk. Towarzystwo offer includes money market fund, bonds fund, stable growth fund and equity fund. The Company offers also investment funds aimed at and created in response to the Investors’ particular requirements, so called tailor-made funds. At present this group includes sixteen close-end investment funds.

As of 30 June 2010 TFI's offer included the following investment funds:

- Idea Premium Specjalistyczny Fundusz Inwestycyjny Otwarty A fund investing 100% shares in short-term debt instruments issued by the entities other than the State Treasury with maturity period up to one year. The fund is characterized by a high level of security and liquidity - access to already obtained funds on the next day of valuation after the buy-back order has been submitted.

- Idea Fundusz Parasolowy FIO On 24 May 2009 IDEA Parasol Fundusz Inwestycyjny Otwarty was established. It has separated six subfunds which are described below. IDEA Parasol Fundusz Inwestycyjny Otwarty is a modern fund giving the possibility of selection of the optimum investment strategy, depending on the market conditions and individual needs of investors. The fund consists of six sub-funds characterized by different strategy and investment risk, which enables the creation of individual investment portfolio, taking into account both assumed investment period, accepted investment risk level and expected rate of return. The additional asset of IDEA Parasolowy FIO is the possibility of free allocation of funds between the funds, without the necessity to pay capital gains tax. The necessity of paying this tax will arise only after closing the investment in the fund and realizing the gains.Idea Protect (Idea Parasol FIO) The subfund invests from 50 to 100% of assets in debt instruments, including Treasury bonds, corporate bonds and money market instruments. A maximum of 50% of funds may be invested in shares, mainly in shares of WSE-listed companies. The subfund is recommended to investors who would like to have the possibility to participate in profits

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from equity market and at the same time value the security of an investment more than the risk. • Idea Obligacji (Idea Parasol FIO) The subfund invests exclusively in debt instruments issued or guaranteed by the State Treasury and money market instruments. The subfund is an alternative to the independent investing in bonds. It is recommended to the investors looking for a fairly stable income exceeding the inflation rate with the relatively low investment risk. • Idea Stabilnego Wzrostu (Idea Parasol FIO) The subfund invests in bonds, shares and money market instruments on the Polish market. Additionally, it is possible to diversify the investment portfolio by investing on foreign markets- in Europe, Asia and both Americas. The subfund is recommended to long-term investors who expect exceptional profits, accepting at the same time periodical fluctuations of the value of invested capital. Due to the stability of the subfund in the long run, it is especially recommended as a part of portfolio of the investment horizon of a minimum of 1 year. • Idea Akcji (Idea Parasol FIO) The subfund invests a minimum of 60% of assets in shares of companies listed mainly on the Warsaw Stock Exchange. The investment policy of the subfund allows also for investments on foreign markets: in Europe, Asia and both Americas. The subfund is recommended to investors planning long-term investments, expecting exceptional profits and accepting the possibility of periodical fluctuations of the value of invested capital. • Idea Globalny (Idea Parasol FIO) The subfund’s investment policy envisages the investments in the most perspective regions of the world and sectors of high growth potential. The subfund’s portfolio includes mainly participation units in the best foreign ETFs (Exchange Traded Funds), as well as shares in chosen companies. In the period of bad economic situation on the equity market, the Fund may invest the bigger part of portfolio in debt securities. The subfund is aimed at investors interested in investments in various parts of the world, looking for a high rate of return, irrespective of the situation on the Polish market, and accepting at the same time periodical fluctuations of participation units. • Idea Surowce Plus (Idea Parasol FIO) The subfund invests in securities of high correlation with raw materials and commodities markets. The investments in chosen raw materials are carried out through stable companies with the biggest correlation with a chosen instrument. The fund invests also in so-called ETFs (Exchange Traded Funds). The investment policy allows for transactions hedging against exchange rate risk. The subfund constitutes an attractive offer for the investors planning to diversify its investment portfolio with the securities not correlated with the Polish equity market. The fund may be an interesting alternative in the period of investment pressure and weak market in the other segments of financial markets

As of 30 June 2010 Idea TFI managed the following close-end investment funds: - GPM Vindexus Niestandaryzowany Sekurytyzacyjny FIZ, - Electus Niestandaryzowany Sekurytyzacyjny FIZ, - KFC Fundusz Inwestycyjny Zamkni ęty Aktywów Niepublicznych, - Idea Y Fundusz Inwestycyjny Zamkni ęty Aktywów Niepublicznych, - Idea 1 Fundusz Inwestycyjny Zamkni ęty Aktywów Niepublicznych, - Idea 2 Fundusz Inwestycyjny Zamkni ęty Aktywów Niepublicznych, - Idea 3 Fundusz Inwestycyjny Zamkni ęty Aktywów Niepublicznych, - Idea 4 Fundusz Inwestycyjny Zamkni ęty Aktywów Niepublicznych, - Idea 5 Fundusz Inwestycyjny Zamkni ęty Aktywów Niepublicznych, - Idea 6 Fundusz Inwestycyjny Zamkni ęty Aktywów Niepublicznych, - Idea 7 Fundusz Inwestycyjny Zamkni ęty Aktywów Niepublicznych, - Idea 8 Fundusz Inwestycyjny Zamkni ęty Aktywów Niepublicznych, - Idea 9 Fundusz Inwestycyjny Zamkni ęty Aktywów Niepublicznych, - Idea 10 Fundusz Inwestycyjny Zamkni ęty Aktywów Niepublicznych, - Idea 11 Fundusz Inwestycyjny Zamkni ęty Aktywów Niepublicznych, - Idea 12 Fundusz Inwestycyjny Zamkni ęty Aktywów Niepublicznych.

Electus S.A.

Electus S.A. was established on 6 February 2003. The Company specializes in financial services for the healthcare sector. The main area of its activity is restructuring and debt financing of healthcare centres and other budget entities. The Company acquires outstanding and non-current liabilities on its own account, taking over the object of repayment in a determined scope, and subsequently conducts its restructuring. The main benefit for

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the clients using its services is the fact that the process enables conciliatory and effective debt recovery. Other benefits include faster cash flow and unlocked limits of supplies for a given business partner. Such a business model brings also many benefits for debtors experiencing difficult financial situation, as it helps them repay their debt under a long-term agreement. This improves their liquidity and constitutes an alternative to debt collection activities, so common on the healthcare market. It is worth emphasising that the business model accepted by Electus S.A. causes that the catalogue of provided services can be widened. The Company identifies the needs of its clients and creates the best possible solutions for them. Each client is treated individually and the investment decision-making process is efficient.

On 20 December 2006 IDMSA BH acquired 4,729,989 shares of the company Electus, which constituted 50.05% of the share capital of Electus and in the overall number of votes at the General Meeting of the company. The acquisition of the remaining 4,720,011 shares of the company, constituting a 49.95% share in the share capital and the overall number of votes at the General Meeting of Shareholders was based on signed share subscription agreements. The agreements were made under resolution No.3 of the Extraordinary General Meeting of Shareholders of IDMSA Brokerage House of 3 October 2007 concerning the increase in share capital of IDMSA Brokerage House executed under Art. 431.2.1 of the Polish Code of Commercial Companies (private subscription). The agreements were signed with Marek Falenta, Waldemar Falenta and Jolanta Falenta-Rybka, which were the addressees of the in-kind issue of series H shares. Following the execution of order of transfer of ownership of the abovementioned shares of Electus towards IDMSA Brokerage House, IDMSA Brokerage House became the sole shareholder of the company Electus. On 12 December 2007 the Extraordinary General Meeting of Shareholders of the company Electus passed the resolution on the increase in share capital of the company and amendments in Articles of Association. The Extraordinary General Meeting of Shareholders of the Company adopted the resolution concerning the increase in share capital by PLN 15,916.00 i.e. up to the amount of PLN 960,916.00. The increase in share capital took place by way of issue of 159,160 series C ordinary bearer shares of the nominal value of PLN 0.10 per share. The newly issued shares were taken up by IDMSA BH The share capital increase was registered on 24 December 2007 by the District Court for Wrocław- Fabryczna, IX Economic Division of the National Court Register.

Share capital of Electus S.A. amounts to PLN 960,160.00 and is divided into 9,609,160 shares of the nominal value of 0.10 PLN each, including: - 8,400,000 series A bearer shares of the nominal value of PLN 0.10, - 1,050,000 series B bearer shares, - 159,160 series C bearer shares.

As of 31 December 2009 Electus held 100% shares in Żak System Sp. z o.o. On 10 February 2010 Electus signed with Work Service Spółka Akcyjna, with the registered office in Wrocław, a sale agreement concerning the sale of 100% of shares of Żak System. As of 30 June 2010Electus held 100% of shares in the companies Electus Project A Sp. z o.o. and Electus Project B Sp. z o.o.

Electus Project A Sp. z o.o.

Electus Project A Sp z o.o. (limited liability company) was established on 10 February 2010, on 19 March 2010 the District Court in Wrocław, IX Economic Division of the National Court Register registered the company under No. 0000351900. The company’s registered office is in Lublin. The main area of Company's business activity is an investment activity on real estate market.

Share capital of Electus Project A amounts to PLN 5,000.00 and is divided into 5 shares of the nominal value of PLN 1,000.00 each. On 30 March 2010 the amendments in Memorandum of Association of Electus Project A Spółka z o.o. were introduced and there was an increase of share capital of Electus Project A Spółka z o.o. from the amount of PLN 5,000.00 to PLN 10,854,00. In accordance with information held by the Company as of the date of presenting this financial statement, the increase of capital was not registered by the court of competent venue. As of 30 June 2010 Electus S.A. held 100% shares of the company.

Electus Project B Sp. z o.o.

Electus Project B Sp z o.o. (limited liability company) was established on 10 February 2010, on 13 March 2010 the District Court in Wrocław, IX Economic Division of the National Court Register registered the company

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under No. 0000351469. The company’s registered office is in Lublin.

The main area of Company's business activity is an investment activity on real estate market.

Share capital of Electus Project B amounts to PLN 5,000.00 and is divided into 5 shares of the nominal value of PLN 1,000.00 each. As of 30 June 2010 Electus S.A. held 100% shares of the company.

Electus Hipoteczny S.A.

The company Electus Hipoteczny S.A. has operated since 6 July 2000. Initially the company operated under the name Electus Trade Building Sp. z o.o. on the Polish real estate operations market. Under resolutions adopted on 30 March 2007, the company changed the profile of its activity from development activities into financial activities related to mortgage-secured debt trading, and in April 2007 it changed name from Electus Trade Building Sp. z o.o. into Electus Hipoteczny Sp. z o.o. In 2008 the Company changed its legal form from limited liability company (spółka z o.o.) into joint stock company (spółka akcyjna) - decision concerning the registration of Electus Hipoteczny S.A. No. 000315998 was issued on 21 October 2008 by the District Court in Wrocław, IX Economic Division of the National Court Register.

On 17 September 2007 Electus signed a preliminary sale agreement on the sale of 100% of shares in Electus Hipoteczny Sp. z o.o with IDMSA Brokerage House. Following the execution of the agreement the parties undertook that not later than on 30 September 2007 they will sign a sale agreement (final agreement). 28 September 2007 under the provisions of the preliminary agreement IDMSA Brokerage House signed a final agreement with Electus and acquired100% of shares in Electus Hipoteczny Sp. z o.o. The transaction aimed at the structure of the IDMSA Brokerage House Group.

Share capital of Electus Hipoteczny S.A. amounts to PLN 5,302,500.00 and is divided into 10,605 shares of the nominal value of PLN 500.00 each.

Electus Hipoteczny holds 100% share in TMB S.A. company. There are no reasons to include TMB S.A. to subsidiaries of IDMSA BH.

„Gwarant” Agencja Ochrony S.A.

The company Gwarant Agencja Ochrony i Detektywistyki Sp. z o.o.was established in 1994. In 2008 the company changed its legal form from limited liability company (spółka z o.o.) to joint-stock company (spółka akcyjna) and its name into Gwarant Agencja Ochrony S. A. - decision concerning the registration of “Gwarant” Agencja Ochrony S.A. No. 000311805 was issued on 1 September 2008 by the District Court in Opole, VIII Economic Division of the National Court Register. On the basis of concession of the Ministry of Interior and Administration No. ZK-I-L-0036/99 the company has unlimited right to conduct its business activity consisting in personal and property protection services in the form of direct physical protection on the territory of Poland. The company’s business activity includes mainly: security services, monitoring, design and set up of alarm systems, set up of CCTV systems, escorting money transport and cleaning of buildings and industrial facilities. The company’s business activity is run in three branches in: - Warsaw – the business activity concentrates on the supervision over the structures in the northern, central and eastern parts of Poland, - Brzeg – the business activity concentrates on the supervision over the objects in the northern and western parts of Poland, - Opole – (the Company’s registered office), whose activity concentrates on the supervision over the objects in the southern and western parts of Poland.

Share capital of the company amounts to PLN 500,000.00 and is divided into 5,000,000 shares of the nominal value of PLN 0.10 each. On 11 February 2010 the shares of the company received marketing authorisation and are listed on New Connect market.

As of 31 December 2009 IDMSA BH held 2,562,500 shares of Gwarant Agencja Ochrony S.A. which constituted 51.25% stake in the share capital and the total number of votes at the General Meeting. As of 30 June 2010 IDMSA BH held 2,557,500 shares of „Gwarant” Agencja Ochrony S.A., which constituted 51.15% share in the share capital of the company and the right to vote.

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Despite long-term investments the shares of Gwarant, in connection with performing a function of the company’s market maker, on 30 June 2010 IDMSA BH held also 35,825 shares of Gwarant which constituted 0.72% stake in the share capital of the company. On account of the short-term nature of this investment the abovementioned securities were included in financial instruments held for trading.

Gwarant Agencja Ochrony S.A. holds 100% shares in the company Gwarant-Bis Agencja Ochrony Sp. z o.o. (subsidiary) which runs a business activity similar to the activity of Gwarant Agencja Ochrony S.A.

„Gwarant – BIS” Agencja Ochrony Sp. z o.o.

„GWARANT-BIS” Agancja Ochrony Sp. z o.o. (limited liability company) has operated from 2004. A registered office of the company is in Opole. The main area of Company’s business activity are security services, cleaning of buildings and warehouse-related works. The Company operates under concession No. L-0055/04 Ministry of Interior and Administration of 8 March 2004.

Share capital of the company amounts to PLN 60,000.00 and is divided into 120 shares of the nominal value of PLN 500.00 each. The only shareholder of the company GWARANT-BIS Sp. z o.o. is Gwarant Agencja Ochrony S.A..

Relpol 5 Sp. z o.o.

The company was established on 2000 and its registered office is in Poznan. Share capital of the company amounts to PLN 60,031,000.00 and is divided into 100 shares of the nominal value of PLN 60,310.00 each. DM IDMSA is the only shareholder of Relpol 5 Sp. z o.o.

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1. 3. Consolidated affiliates of the Capital Group of IDMSA Brokerage House.

As of 30 June 2010 the following affiliates were included into Capital Group of IDMSA BH:

% stake in the capital of the Name of the Registered Type of business Consolidation company as of National Court Register company office activity method 30.06.2010*

design and Przedsi ębiorstwo District Court in Lublin production of Instalacji XI Economic Division of the Warszawa cooling and air 28,65% equity method Przemysłowych National Court Register No. conditioning Instal Lublin S.A. 0000023958 equipment

design and District Court for the capital production of 28,65% city of Warszawa Geoclima Sp. z o.o. Warszawa cooling and air indirectly by equity method XII Economic Division of the conditioning Instal-Lublin National Court Register No. equipment 0000141627

production of pressure, non- District Court in Lublin Zakład pressure and low- 27,22% XI Economic Division of the Produkcyjny Lublin pressure containers indirectly by equity method National Court Register No. Instal Sp. z o.o. water and steam Instal-Lublin 000071671 heaters, steel constructions, flues

District Court for the capital air transport of city of Warszawa foods, services SprintAir S.A. Warszawa 26,69% equity method XIII Economic Division of the supporting air National Court Register No. transport 0000320053

District Court for the capital 26,69% city of Warszawa SprintAir Cargo Warszawa air cargo services indirectly by equity method XIII Economic Division of the Sp. z o.o. SprintAir S.A. National Court Register No. 0000270890

District Court for the capital flight courses and 26,69% city of Warszawa SprintAir Aviation Warszawa aviation security indirectly by equity method XIII Economic Division of the School Sp. z o.o. courses SprintAir S.A. National Court Register No. 0000297172

26,69% entity dully registered with the UAB SprintAir Republic of air transport indirectly by equity method law of the Republic of Kaunas Lithuania SprintAir S.A. Lithuania

District Court in Kraków, XI Grupa Kolastyna Economic Division S.A. in design and sale of Kraków 5,26%** not consolidated of the National Court Register, arrangement cosmetics (gravity method) National Court Register: bankruptcy 0000034099

*% stake in the capital of the company corresponds to % stake in the rights to vote ** on account of IDMSA BH authorisation to execute the right to vote under 4,400,000 shares of Kolastyna, the stake of IDMSA BH in the number of votes at the General Meeting amounts to 13.31%

Przedsi ębiorstwo Instalacji Przemysłowych Instal Lublin S.A.

The company Przedsi ębiorstwo Instalacji Przemysłowych Instal Lublin S.A. has operated since 28 June 2001.

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The registered office of the company is in Warsaw. The main area of the company’s business activity is the design and production of cooling and air conditioning equipment. As of 30 June 2010 the share capital of the company amounted to PLN 15,496,157.00 and is divided into 15,496,157 shares of the nominal value of PLN 1.00 each.

As of 31 December 2009 share capital of Instal Lublin S.A. held by IDMSA BH amounted to PLN 5,703,086.00 shares, which constituted 36.80% stake in the capital and the number of votes at the General Meeting of the company. In the first half of 2010 the total number of Instal Lublin shares sold amounted to 1,263,538 shares for the entity from outside of the capital group. As result of the executed transactions as of 30 June 2010, the Capital Group IMSA BH hold 4,439,548 shares of Instal Lublin S.A. which constituted 28.65% stake in the share capital and 28.65% votes at the General Meeting of Instal Lublin S.A. On 29 October Instal-Lublin S.A. acquired all the shares of Geoclima Sp. z o.o. which led to its 100% stake in the share capital of the company and voting rights at the General Meeting of Shareholders Despite long-term investments the shares of Instal-Lublin S.A., in connection with performing a function of the company’s market maker, on 30 June 2010 IDMSA BH held also 26 740 shares of Instal Lublin S.A. On account of the short-term nature of this investment the abovementioned securities were included in financial instruments held for trading, which constituted 0.17% stake in the share capital of the company.

There are the following subsidiaries in Instal Lublin: - Geoclima Sp. z o.o. - Instal Lublin is the only shareholder of the company, - Zakład Produkcyjny Instal Sp. z o.o. - Instal Lublin holds 95% stake in the share capital of the company.

The company Instal-Lublin, being an entity listed on the Warsaw Stock Exchange, is obliged to publish its own financial statements. Therefore all information concerning the entity should be analyzed on the basis of current reports, interim reports and financial statements published by the company.

As a result of the issue of documents of series H shares of Instal Lublin S.A. (the shares were purchased by the owners of subscription warrants of B series) under Art. 451.2 of the Code of Commercial Companies and, at the same time, by increasing the share capital of Instal Lublin S.A., the percentage stake of IDMSA BH in the share capital and in the total number of votes at the General Meeting of Instal Lublin S.A. decreased. Directly, after the increase of the share capital of Instal Lublin S.A. IDMSA BH held IDMSA held 4,461,122 shares of Instal Lublin S.A., which constituted 15.46 % stake in the increased share capital and the right to vote at the General Meeting of Shareholders of the company. As of the date of approval of this financial statement, IDMSA BH held 4,534,054 shares of Instal Lublin.

Geoclima Sp. z o.o.

The Company was registered by the District Court for the capital city of Warsaw, XII Economic Division of the National Court Register, under No. 0000141627. The registered office of the company is in Warsaw. Geoclima SP z o.o. runs a business activity in the area of design and production of cooling and air conditioning equipment. Share capital of the company amounts to PLN 295,000.00 and is divided into 590 shares of the nominal value of PLN 500.00 each.

Zakład Produkcyjny Instal Sp. z o.o.

The registered office of the company is in Lublin. From 30 April 2010, as a result of share redemption of 80% of shares of the company, 19 shares held by Instal Lublin have constituted 95% of the share capital of the company.

SprintAir S.A.

SprintAir S.A. was established in 2003. The Company operated under the name Sky Express Sp. z o.o., and then under the name SprintAir Sp. z o.o. On 31 December 2008 the company was transformed from limited liability company into joint-stock company, the District Court for the capital city of Warsaw, in Warsaw issued a decision on registration of SprintAir S.A. under No. 0000320053. The Company offers services in the following areas: - air freight services, - ad hoc flights and chartered freight air transportation, - ad hoc flights and passenger charters, - aircraft maintenance services, - support of continuous airworthiness management, - aviation-related trainings.

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Share capital of the company amounts to PLN 4,046,000.00 and is divided into 4,046,000 shares of the nominal value of PLN 1.00 each.

SprintAir S.A. is a Parent of the SprintAir S.A. Capital Group. The company's subsidiaries are as follows: - SprintAir Cargo Sp. z o.o. with the registered office in Warsaw, - SprintAir Aviation School Sp. z o.o. with the registered office in Warsaw, - UAB SprintAir Kaunas with the registered office in Karmavela, Kaunas district, Republic of Lithuania. SprintAir isa sole shareholder of all the abovementioned companies, therefore the companies are indirectly associated with IDMSA BH.

As of 30 June 2010 IDMSA BH held 1,079,948 shares of SprintAir S.A., which constituted 26.69% share in the share capital of the company and the right to vote at the General Meeting. IDMSA BH is a party of the agreement, which is obliged to sale, on request of the other party of the agreement, 273,000 shares of SprintAir, which constitutes 6.75% stake in the capital and the right to vote at the General Meeting. The deadline of the agreement is 30 October 2010.

Profinet S.A.

On 18 June 2010 Profinet S.A. acquired all shares of the company held by IDMSA in order to for redemption. On account of the transaction performed, as of 30 June 2010 Profinet is not an affiliate of IDMSA BH Capital Group, however on 18 June current year IDMSA BH influence the company in a wide extent, therefore Profinet was consolidated under equity method for this period in condensed financial statement.

Profinet S.A. Company was established as a result of transformation of Profinet Sp. z o.o. on 31 December 2008. The company was registered by the District Court in Katowice, VIII Economic Division of the National Court Register under No. 000320642. The company’s registered office is in Tychy. The company’s main activity is granting cash loans. Share capital of Profinet S.A. amounts to PLN 514,080.00 and is divided into 514,080 shares of the nominal value of PLN 1.00 each. In the period from January 2008 to 18 June 2010, IDMSA Brokerage House held 33.07% stake in the share capital and the total number of votes at the General Meeting of the Company.

Grupa Kolastyna S.A. in arrangement bankruptcy

The Company Grupa Kolastyna S.A. in arrangement bankruptcy was established on 9 August 2001. The registered office of the company is in Kraków. The company’s activity concentrates on designing and sale of modern cosmetics for face and body, perfumes, depilation preparations and make-up.

Share capital of the company amounts to PLN 54,690,414.00 and is divided into 54,690,414 shares of the nominal value of PLN 1.00 each. As of 30 June 2010, IDMSA BH held 2,880,055 shares of the company, which constituted 5.26% stake in its capital. On the basis of the power of attorney held by IDMSA BH to execute the right to vote under 4,400,000 shares owned by A. Grzegorzewski, IDMSA BH stake in the number of votes at the General Meeting of the company as of 30 June 2010 amounted to 13.31%.

Ubthe Corporation Ltd, with the registered office in Cyprus, is a subsidiary of Grupa Kolastyna. BIONIQ Institute of Skin Care Technology Sp. z o.o. is an affiliate of Grupa Kolastyna S.A.

The Company Grupa Kolastyna S.A. in arrangement bankruptcy, being an entity listed on the Warsaw Stock Exchange, is obliged to publish its own financial statements. Therefore all information concerning the entity should be analyzed on the basis of current reports, interim reports and financial statements published by the company.

1.4. Personal details of the Management Board and the Supervisory Board Members of the IDMSA Brokerage House

Composition of the Management Board:

As of 30 June 2010 the composition of the Management Board was as follows: - Grzegorz Leszczy ński – President of the Management Board - Rafał Abrata ński – Vice President of the Management Board

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In the first half of 2010 and from the date of presentation of this condensed consolidated financial statement the composition of the Management Board did not change.

Composition of the Supervisory Board:

As of 1 January 2010 the composition of the Supervisory Board was as follows:

- Robert Tomaszewski – President of the Supervisory Board, - Henryk Leszczy ński – Vice President of the Supervisory Board, - Antoni Abrata ński – Member of the Supervisory Board, - Jarosław Dziewa – Member of the Supervisory Board, - Artur Kozieja – Member of the Supervisory Board, - Władysław Bogucki – Member of the Supervisory Board.

On 22 December 2009 Robert Tomaszewski submitted a statement of resignation from the function of Member of the Supervisory Board of IDMSA Brokerage House. The abovementioned resignation took place with effect as of 25 January 2010, i.e. on the date of the nearest, after the date of submission of the statement, General Meeting of Shareholders. The General Meeting of Shareholders convened on 25 January 2010 appointed, by way of resolution No.10 on appointing new members of the Supervisory Board, professor, Ph.D. Andrzej Szumański as the new member of the Supervisory Board. On 3 March 2010 Artur Kozieja submitted a statement of resignation from the function of Member of the Supervisory Board of IDMSA Brokerage House. The resignation was related to his acceptance of position in a foreign financial institution. On 30 June, Jarosław Dziewa’s three-year term of office expired. From the other side, the Ordinary General Meeting of IDMSA BH, convened on 24 June 2010 made a decision on adjournment until 22 July current year.The Ordinary General Meeting was recommenced on 22 July under resolutions no 2 and 3 on completion of the Supervisory Board, Mr Adam Szyszka and Mr Dariusz Maciejuk were chosen as member of the Supervisory Board.

As of the date of presentation of this condensed financial statement the composition of the Supervisory Board was as follows:

- Henryk Leszczy ński – Vice President of the Supervisory Board, - Antoni Abrata ński – Member of the Supervisory Board, - Władysław Bogucki – Member of the Supervisory Board, - Dariusz Maciejuk – Member of the Supervisory Board. - Andrzej Szuma ński – Member of the Supervisory Board, - Adam Szyszka – Member of the Supervisory Board.

Proxies

As of 30 June 2010 the functions of Proxies were performer by the following persons: - Piotr Derlatka – Proxy, - Jarosław Żoł ędowski – Proxy.

On 7 July 2010 Mr. Jarosław Żoł ędowski resigned from the post of Proxy. On 12 July 2010, Mr. Łukasz Jagiełło was appointed to perform this function.

As of the date of presentation of this condensed financial statement the Proxies were the following: - Łukasz Jagiełło – Proxy, - Piotr Derlatka – Proxy.

1.5. Shareholder Structure of the IDMSA Brokerage House As of the date of presentation of this condensed financial statement Shareholders with at leas 5% of the total number of votes at the General Meeting of Shareholder of the Company were as follows: - Marek Falenta 9,889 %, - Grzegorz Leszczy ński 9,768 %, - IDMSA BH 8,182 %, - Rafał Abrata ński 7,850 %, - Others 64,309 %.

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2. Significant Accounting Principles Applied

2.1. Basis for the Preparation of the Consolidated Financial Statements

The consolidated financial statements of IDMSA Brokerage House Capital Group for the period from 1 January 2010 to 30 June 2010 (first half-year of 2010) was prepared in accordance with the International Financial Reporting Standards 34 Interim Financial Reporting and other IFR/IFRS as applicable. Condensed interim financial statement does not include all information and disclosures required in annual financial statement, therefore it should be read together with consolidated annual financial statement of the Capital Group IDMSA BH for the financial year ended on 31 December 2009. In order to properly understand a financial situation and business results of the Capital Group of IDMSA BH Brokerage House, this condensed consolidated financial statement shall be read together with consolidated individual financial statement of the company IDMSA Brokerage House for the period from 1 January 2010 to 30 June 2010, approved by the Management Board to be published on 31 August 2010.

This condensed consolidated financial statement was prepared on the basis of fair value concept with the exception of: - fixed tangible assets and intangible assets, investments in subsidiaries and affiliates, valued according to purchase prices and costs of their production taking into account possible depreciation and impairment write- offs, - cash recognised at nominal value, granted loans, receivables, acquired claims, bank loans, received loans, issued debt instruments, recognized at amortised cost using effective interest rate,financial instruments kept to maturity recognized at adjusted purchase prize, - acquired own shares, recognized at purchase price.

IDMSA BH consolidated financial statements are prepared, with the exception of information about cash flows, in accordance with accrual basis accounting. Therefore assets, liabilities, equity, revenues and costs are recognised if they meet the definitions and conditions for recognition resulting from conceptual assumptions.

The condensed consolidated financial statement covers all subsidiaries, jointly controlled entities and affiliates of the Capital Group. As of 30 June 2010 IDMSA BH highly influenced the company Grupa Kolastyna S.A. in arrangement bankruptcy, however the stake in company’s result was not indicated in accordance with equity method because of low involvement in company’s capital and unimportance.

2.2. Conformity Statement

This condensed consolidated financial statement was prepared in accordance with IFR 34 Interim Financial Reporting and other IFR/IFRS as applicable, in the scope not regulated by the above standards in accordance with the Accounting Act of 29 September 1994. (Journal of Laws of 2009, No. 152, Item 1223 as amended) and other statutory provisions under it. IFRS include the standards and interpretations accepted by the International Accounting Standards Board ("IASB") and the International Financial Reporting Interpretation Committee. In this financial statement the general term IFRS is used both in reference to the International Financial Reporting Standards and the International Accounting Standards.

As of the date of publication of the condensed consolidated financial statement, taking into account the process of adopting the IFRS by the European Union, there are no differences related to the accounting principles applied by the Company in accordance with the IFRS and IFRS approved by the European Union.

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The accounting principles applied by the Group were presented in Section 8 of this consolidated financial statement. The accounting principles were used continuously in all subsequent presented years.

2.3. Measurement Currency and Presentation Currency

The Group’s measurement currency and presentation currency of the consolidated financial statements is PLN. This condensed consolidated financial statement is presented in PLN and all the values, unless indicated otherwise, are given in thousand PLN.

2.4. Continuation of the Business Activity

Condensed consolidated financial statement was prepared assuming the continued business activity of the Parent and of the entities forming the Capital Group in the foreseeable future, in the period of at least 12 months from the balance sheet date, i.e.30 June 2010. There are no premises of planned or required discontinuation, or significant limitation of current activity of the Parent and the Companies included in the Capital Group. The Management Board of the Parent does not notify of, as of the date of signing of the condensed consolidated financial statement, the existence of facts and circumstances which would indicate the risk of discontinuation of the activity of the Parent or entities forming the Group in the foreseeable future.

2.5. Approval of the Financial Statement

The consolidated financial statement was approved for publishing and the document was signed by the Management Board on 31 August 2010.

2.6. Changes to the Applied Accounting Principles

In the condensed consolidated financial statement herein, the same accounting principles and calculation methods were applied as in case of the last annual consolidated financial statement.

In 2009 the Group changed its accounting policies related to measurement of investment properties.

The investments are measured at fair value. In financial statement for 2009, the company Electus Hipoteczny S.A. reclassified the investments from provisions to investment properties and measured them at fair value. The measurement of investments at fair value for the period before 1 January 2009 was recognized as fundamental error and relevant adjustments were made to comparable data. Data presented in this statement are comparable to data presented in statement from previous financial perio. Changes resulting from annual review ofIAS/IFRS and their interpretations:

Accounting principles applied to prepare interim condensed consolidated and individual financial statements are integral to the principles applied to prepare annual consolidated and individual financial statement of the Capital Group and the Company for the financial year ended on 31 December 2009, excluding the use of the following new or amended standards and interpretations binding for annual periods on, or after, 1 January 2010. - IFRS 2 Share-based payments: group transactions paid the form of shares recognized in cash – effective from 1 January 2010 The amendment aims at giving more detailed information on group payment transactions in the form of shares recognized in cash. This amendment is substitute to IFRIC 8 and IFRIC 11. The application of this principle influence financial situation of business results of the capital group. - IFRS 3 Business combinations (amended) and IAS 27 Consolidated and individual financial statement (amended) – effective from 1 July 2009. Amended IFRS 3 introduces significant changes in the way of recognizing of business combinations which took place after effective date. The changes affect non-controlling interest, the recognition of costs directly connected with the transaction, initial recognition and later valuation of conditional payment and recognition of multistage mergers. The changes influence a recognized value of the company, results presented for the period of the equity acquisition and reported results in following periods. Amended IAS 27 requires that changes in the capital of the subsidiary (which does not lead to the loss of control) shall be recognized as transactions with owners. As a result such transactions will not lead to the creation of the value of the company, neither the recognition of profit or loss. In addition, the standard changes the allocation method of losses incurred by subsidiaries and the recognition of the loss of control over them. Amendments to IFRS 3 and IAS 27 influence future acquisition transactions or the loss of control over subsidiaries, as well as the transactions with shareholders without control. Amendment in accounting Policy

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was introduced in perspective and did not influence financial situation and business results of the capital group. - IAS 39 Financial instruments: recognition and measurement – items that can be classified as hedges items – effective from 1 July 2009 Changes on recognition of a one-sided risk in hedged item and recognition, in specific situations, inflation as hedged risk or its part. The amendment did not influence financial situation and business results of the capital group. - IFRIC 17 Distribution of non-cash assets to owners – effective from 1 July 2009 The interpretation gives hints in the scope of recognition of transactions, in the framework of which the entity transfers non-cash assets to shareholders in the form of reserves distribution or dividends. The interpretation did not influence financial situation and business results of the capital group. - Amendments in IFRS (published in May 2008) – in May 2008 International Accounting Standards Board issued firs book of amendments to already published standards: IFRS 5 Non-current assets held for sale and discontinued operations: clarifies that if an entity is committed to a sale plan involving loss of control over a subsidiary, it should classify all the assets and liabilities of the subsidiary as held for sale even if after the sale transaction, the Parent retains non-controlling shares in this subsidiary. - Changes to IFRS (published in April 2009) – in April 2009 International Accounting Standards Board published the second book of amendments to already published standards, mainly in order to remove inaccuracy and ambiguity of wording. Different interim provisions are valid for separate standards: IFRS 8 Operational segments: It was explained, that assets and liabilities of the segment shall be recognized only if these assets and liabilities are included to measurements used by the main body responsible for making operational decisions. For the first time the Group adopted the abovementioned change in the annual financial statement for the period ended on 31 December 2009. IAS 7 Statement of cash flows: It was clearly stated, that only expenditures resulting in recognition of assets can be classified as cash flows from investment activities. IAS 36 Impairment of assets: It explains that the biggest unit of accounting for tests of impairment of goodwill, acquired as a result of business combination, is an operating segment as defined in IFRS 8 Operating Segments before their aggregation for reporting purposes. This amendment has not influenced the financial statement of the Group. IAS 39 Financial instruments: recognition and measurement: It was explained, that anoption of an earlier loan repayment as a derivative instrument is understood closely related to a frame line agreement, if the price of execution of the options gives the borrower a return approximately equal to lost interest for the period left to end of the frame line agreement. It was also explained that only purchase and sale future contracts or sale future contracts signed between taking-over equity and shareholder, which will result in merger of entities as of the date of take-over in the future, are excluded from the scope of IAS 39. Not derivative instruments in case of which taking actions from any of the parties of the contract is required. Other amendments to IAS 29 have not had any influence on financial situation and business results of the Capital Group, as well as accounting principles used.

In 2010 European Commission issued the following regulations accepting the rights of International Accounting Standards of EU, International Financial Reporting Standards and other interpretations: - The regulation of the Commission (EC) No. 243/2010 of 23 March 2010 introducing amendments to: IFRS 2, IFRS 5, IFRS 8, IAS 1, IAS 7, IAS 17, IAS 36, IAS 38, IAS 39 and interpretation of IFRIC 9 and IFRIC 16 – the amendments shall be valid with the new financial year beginning after 31 December 2009 at latest, - The regulation of the Commission (EC) No. 244/2010 of 23 March 2010 introducing amendments to: IFRS 2 and describing interpretation of IFRIC 8 and IFRIC 11 – the amendments shall be valid with the new financial year beginning after 31 December 2009 at latest, - The regulation of the Commission (EC) No. 550/2010 of 23 March 2010 introducing amendments to: IFRS 1 – the amendments shall be valid with the new financial year beginning after 31 December 2009 at latest, - The regulation of the Commission (EC) No. 574/2010 of 30 June 2010 introducing amendments to: IFRS 1 and IFRS 7 – the amendments shall be valid with the new financial year beginning after 30 June 2010 at latest, - The regulation of the Commission (EC) No. 632/2010 of 19 July 2010 introducing amendments to: IFRS 24 and IFRS 8 – the amendments shall be valid with the new financial year beginning after 31 December 2010 at latest, - the regulation of the Commission (EC) No. 633/2010 of 19 July 2010 introducing changes to IFRIC 14 – the amendments shall be valid with the new financial yare beginning after 31 December 2010,

- the regulation of the Commission (EC) No. 662/2010 of 23 July 2010 introducing amendments to: IFRS 1 and introducing interpretation to IFRIC 19 – the amendments shall be valid with the new financial

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year beginning after 30 June 2010 at latest, According to the Group the amendments in standards shall not significantly influence the consolidated financial statement.

The Capital Group decided not to apply published, but not effective, standards, interpretations or amendments earlier.

2.7. Consolidation

2.7.1. Subsidiaries

Subsidiaries are those entities over which the group has the power to govern the financial and operating policies, generally accompanying a shareholding that confers more than half of the voting rights in the decision making bodies. Upon the evaluation, whether the Group controls a given entity, the existence and influence of potential voting rights which in a given moment can be executed or changed are taken into account.

Subsidiaries are subject to full consolidation starting with the day when the control over them was taken by the Group. The Group ceases to consolidate them upon the cessation of control.

The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the cash consideration given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Group’s identifiable net assets acquired is recorded as goodwill. If the cost of the takeover is lower than the fair value of net assets of the acquired subsidiary, the difference is recognized directly in profit and loss account.

Transactions, settlements and not realized profits on transactions among entities of the Group are eliminated. Not realized losses are also subject to elimination, unless the transaction proves the loss of value of a given asset which was taken over.

The financial statements of subsidiaries are prepared for the same period as the financial statements of the Parent. The accounting policies adopted by the subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

On 6 November 2009 Electus Hipoteczny acquired 388 shares of TMB S.A., which constitutes a 100% share in the share capital of the company and in the votes at the General Meeting of Shareholders. In accordance with IAS 27, the Group did not acquire shares in order to control TMB and does not include this entity to subsidiaries. The investment was recognized in financial instruments held for trading because it is understood as short-term by the Group. IDMSA BH holds 100% of equity equivalency certificates of IDEA Y Fundusz Inwestycyjny Zamkni ęty Aktywów Niepublicznych (Closed-end Investment Fund of Non-public Assets). The Group does not consolidate this entity by recognizing equity equivalency certificates as financial instruments held for trading because of the fact that liabilities of the Fund are not essential, and the result of the Fund results mainly from assets valuation as of balance sheet day.

2.7.2. Associates

Associates are entities over which an investor (the Capital Group) has a significant influence but which is neither a subsidiary nor a joint venture of the investor. It is assumed that the Company has a significant influence on an entity, if it possesses directly or indirectly 20% of votes in an entity, where the investment was made, unless it can be obviously stated otherwise. Upon the evaluation, whether the Group controls a given entity, the existence and influence of potential voting rights, which in a given moment can be executed or changed, are taken into account.

Associates are recognized in the consolidated financial statements using the equity method from the moment of exerting a significant influence by the Group. In accordance with the equity method, an investment in an associate is initially recognized under the acquisition cost, and the carrying value is subsequently increased by the changes in the Group's share in net assets of the associate. Goodwill related to the associate is recognized in

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carrying value of an investment. Profit and loss account reflects the Group’s share in the financial result of an associate. Where there has been a change recognized directly in an associate’s equity, the Group recognizes its share of any changes and discloses this, when applicable, in the statement of changes in equity. Profits and losses resulting from transactions between the Group and associates are eliminated to the extent of the Group’s interest in the associate. The Group ceases the use of equity method from the date that significant influence on associate ceases. When the equity method is no longer applied, the investment in an entity is recognized in accordance with IAS 39, unless the entity becomes a subsidiary or a joint venture. Following the application of the equity method, the Group assesses whether it is necessary to make additional revaluation write-off due to the impairment of net investment in an associate. Impairment tests concern the whole carrying value of the investment in a given associate, which is compared with recoverable value.

The Group’s associates do not include the following companies: ACM Sp. z o.o. and Sky Club Sp. z o.o. in spite of IDMSA Brokerage House’s interest of over 20%. In accordance with IAS 28 the Group does not exert a significant influence on them and does not have any intention to do so in future. The Management Board’s intention is to treat the shares of over 20% in the abovementioned companies as short-term investments.

The financial statements of associates are prepared for the same period as the financial statements of the Parent.

2.8. Financial Reporting by Segments

An operating segment is a component of an entity: − that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses related to transactions with other components of the same entity), − whose operating results are regularly reviewed by the entity’s chief operating decision maker for allocating resources to the segment and assessing its performance, and − for which discrete financial information is available. An operating segment may be engaged in business activities in connection with which it will only receive revenues; for example newly-created entities may be operating segments before they will start to earn revenues.

Given the character of reporting the Group identifies operating segments divided by offered services.

Due to the fact that the parent company conducts a homogenous broking activity and the services of the subsidiary IDMSA.PL Doradztwo Finansowe Sp. z o.o. may be considered as complementary services, the segment was identified as stock broking and consulting activity. This segment includes also the assets of the company Relpol-5. Following the rule of importance there were no separate segments for the compan The second distinguished element is the activity of IDEA TFI S.A. related to management of investment funds. The third segment is the activity of the company Electus S.A. related to debt trading. The fourth distinguished segment is the activity of the company Żak System Sp. z o. o. This segment of the market is related to the comprehensive services for the health care centres, consisting among others in the provision of 24-hour cleaning and maintenance services of operating theatres and green areas, among others. Żak System was sold in 2010 and in the consolidated financial statements is presented as discontinued operations. The fifth distinguishable segment within the Group is the activity of the company Electus Hipoteczny S.A. The Company is engaged in mortgage debt trading. The last distinguished segment is the security and detective services provided by “Gwarant” Agencja Ochrony S.A. and its subsidiary “Gwarant- Bis” Agencja Ochrony Sp. z o.o.

The Capital Group of IDMSA runs its business activity exclusively at the territory of Poland.

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For the period from 1.01.2010 to 30.06.2010

Total Total Funds services services Healthcare Healthcare Services for Services for management management of receivables of receivables Brokerage and and Brokerage Security Security services Mortgage trading Mortgage Purchase and sale and Purchase

activity consulting

Total segment revenues 25 887 9 421 22 925 0 1 254 16 175 75 662 Total segment expenses 18 447 7 983 7 315 0 929 16 427 51 101

Segment results 7 440 1 438 15 610 0 325 -252 24 561 Unatributed expenses 0 0 0 0 0 0 0 Result on capital operations 5 250 70 0 0 453 0 5 773 Result on other operating activity 1 832 -9 363 0 18 2 261 4 465 Result on financial operations -3 540 6 -3 900 0 -165 6 -7 593 Income tax 2 228 38 2 230 0 86 367 4 948 Segment net profit/loss 8 754 1 467 9 843 0 545 1 648 22 258 -attributed to shareholders of the Parent 8 754 1 467 9 843 0 545 843 21 453 -attributed to minority interests 0 0 0 0 0 805 805

Assets and liabilities

1 110 Segment assets 819 570 7 029 228 852 0 44 851 9 811 113 1 110 Segment liabilities 819 570 7 029 228 852 0 44 851 9 811 113

For the period from 1.01.2009 to 30.06.2009

activity consulting

4 Total segment revenues 13 389 3 147 20 010 255 1 010 15 445 57 256 4 Total segment costs 18 769 2 858 7 219 386 754 15 148 49 134

- Segment results -5 379 289 12 792 131 255 297 8 122 Unatributed expenses 0 0 0 0 0 0 0 Result on capital operations 14 284 315 0 0 0 0 14 599 Result on other operating activity 827 2 285 202 6 1 544 2 866 Result on financial operations 2 174 2 -3 323 -81 -253 -30 -1 509 Income tax 1 808 -39 1 727 0 0 303 3 799 Segment net profit/loss 10 097 647 8 028 -10 9 1 508 20 279 -attributed to shareholders of the Parent 10 097 647 8 028 -10 9 1 132 19 902 -attributed to minority interests 0 0 0 0 0 377 377

Assets and liabilities

Segment assets 696 605 4 181 220 980 3 566 23 418 8 000 956 750 Segment liabilities 696 605 4 181 220 980 3 566 23 418 8 000 956 750

2.9. Seasonal character of business activity

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Business activity of companies included in the Capital Group does not have a seasonal character.

2.10. Estimates of the Management Board

Preparation of consolidated financial statements in accordance with IFRS requires thorough assessment, assumptions and estimations of the Management Board which have influence on the adopted principles and values presented in the balance sheet and profit and loss account. Estimates and assumptions derived from them are based on historical experience and many other factors applicable in given circumstances. Their results create a foundation of professional opinion concerning the carrying value of assets and liabilities which can not be obtained from other sources. Factual value can differ from the estimated one. Estimates and assumptions undergo systematic verification. The change of accounting estimates is recognized in the period in which they were changed if it refers only to this period, or in a current or future period if the changes refer to current as well as future periods.

The carrying value of recognized assets and liabilities as well as liabilities in the following financial year, which as of the balance sheet day are under risk of significant correction, are presented below: Impaired financial assets Available-for sale financial assets and investments in associates are assessed for indicators of impairment at each balance sheet date.In case of the presence of circumstances indicating impairment, the Group assesses recoverable value of an investment and creates impairment write-offs. In case the impairment ceases, previously created impairment write-off is appropriately derecognised. More information was presented in Section 8.5.

Impaired non-financial assets Non-financial assets are assessed for indicators of impairment at each balance sheet date. Goodwill and intangible assets of unlimited period of use are tested for impairment every year, or when there are premises indicating their impairment. Tests for a loss of value of other non-financial assets are conducted when there are premises indicating that their balance value can be impossible to recover. The evaluation of their value in use requires from the management the estimation of future cash flows from assets or cash-generating units and the adjustment of a relevant discount rate in order to measure the current value of these cash flows. If there are no longer indications of impairment of financial assets, the previously recognized revaluation write-offs, with the exception of revaluation write-offs of goodwill, are derecognised. More information was presented in Note 8.6.

Valuation of portfolio investments of IDMSA non-public companies On each balance sheet date IDMSA Brokerage House performs valuation of portfolio investments in non-public companies.Fair value of the instruments is determined by the Company on the basis of valuation method using estimates, such as: forecasted financial results, premium for their realization, discount rate, vector comparison to indicators of companies listed on the regulated markets.For the purposes of the comparative method the Company selects samples of companies with possibly the most similar business model and operating in a similar sector. The selection of companies is based on the best knowledge of the Management Board. Furthermore, shares of non-public companies which were acquired not earlier than 6 months before the balance sheet date are measured at cost due to the short period of time from the moment of their acquisition until the balance sheet date and also due to the fact that the price of a transaction best reflects the fair value of financial instruments.However, if following the analysis of the current valuation of the instrument made as of the balance sheet date the Company decides that the value of a financial instrument after the valuation differs by more than +/-20% from the value recognized in the books (at cost) the Company adjusts the value of the instrument by the amount of difference exceeding the level of acceptable variation (+/-20%). More information on the accepted principles of valuation of portfolio investments in non-public companies is presented in Note 8.4.

Depreciation of fixed tangible assets and amortization of intangible assets Fixed tangible assets and intangible assets of a limited period of use are amortized starting from the month of adjustment of an asset to the place and conditions necessary for its functioning in the manner intended by the management board, in the period responding to the estimated period of its economic usefulness, taking into account its final value.Estimated period of use and correctness of applied amortization rates are periodically verified, leading to the adjustments of revaluation write-offs in the subsequent years.

Deferred income tax assets The Group recognizes a deferred tax asset when it is probable that there will be a taxable profit available in future which will facilitate its use. More information is presented in Note 8.7.

Estimated adjustments to change in net assets of the SprintAir Grou

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The SprintAir Group prepares its consolidated financial statements in annual periods. Because of the lack of the possibility to obtain consolidated financial statement of SprintAir Capital Group for the first half-year of 2010, the differences between consolidated financial result of SprintAir Capital Group and individual financial result of SprintAir S.A. (historical data analysis) as well as positive financial result of SprintAir Cargo I UAB SprintAir Kaunas and small loss of SprintAir Aviation School are not significant from the point of view of IDMSA BH. In this condensed consolidated statement the share in the result of SprintAir Group was recognized in the amount equal to the share in individual financial result of SprintAir S.A. for the firs half-year of 2010. In order to ensure the consistency of the accounting principles, the IDMSA Brokerage House Group assessed, on the basis of its best knowledge, the adjustments to financial result (resulting from differences between the Accounting Act and IFRS) for the purposes of correct recognition of the SprintAir Group in the consolidated financial statements of the IDMSA Brokerage House Group. The estimated influence on the net result of SprintAir attributable to the IDMSA Brokerage House Capital Group amounted to PLN -569,000.00.

2.11. Subjective Assessments of the Management Board of the Parent

While applying the adopted accounting policies the Management Board makes subjective assessments which may have influence on the consolidated financial statements of the Group. The main areas which are subject to such assessments include: − classification of held financial instruments into particular groups of instruments, − identification of entities on which the Group has significant influence, − identification of potential voting rights taken into account while determining whether the Group controls a given entity or exerts a significant influence on it, − selection of a sample of companies used for valuation of portfolio investments of IDMSA Brokerage House in shares of non-public companies with comparative method, − identification of contingent liabilities and other off-balance liabilities, evaluation of the risk of financial security agreements and guarantees granted,valuation of agreements on financial security and purchase/sale of financial instruments agreement, − indication of the moment in which a significant part of risk and benefits resulting from holding financial assets are transferred to other entities, − identification of related entities, − evaluation of the risk of concentration of investment in financial instruments of a given entity.

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3. Selected Consolidated Financial Data of the Capital Group of IDMSA BH

Selected Consolidated Financial Data of the Capital Group IDMSA Brokerage House in thousands in thousands in thousands in thousands PLN PLN EUR EUR I-VI/2010 I-VI/2009 I-VI/2010 I-VI/2009 1 Revenue from ordinary activities 75 662 57 256 18 896 12 672 2 Operating profit (loss) 34 799 25 587 8 691 5 663 3 Gross profit (loss) 27 206 24 078 6 794 5 329 4 Net profit (loss) 22 258 20 279 5 559 4 488 Net profit attributable to shareholders of the 5 Parent 21 453 19 902 5 358 4 405 Net profit attributable to non-controlling 6 interests 805 377 201 83 7 Net cash flows from operating activities 94 656 24 046 23 639 5 322 8 Net cash flows from investment activities 9 373 7 157 2 341 1 584 9 Net cash flows from financial activities -5 943 -8 333 -1 484 -1 844 10 Total net cash flows 98 086 22 870 24 496 5 062 Net profit (loss) attributable to ordinary 11 shareholders of the Parent 21 453 19 902 5 358 4 405 Average weighted number of ordinary shares in 12 pcs. 218 176 856 124 155 890 218 176 856 124 155 890 Net profit (loss) per one ordinary share (in PLN 13 and EUR) 0,10 0,16 0,02 0,04 14 Diluted number of shares in pcs. 218 176 856 218 176 856 218 176 856 218 176 856 15 Diluted net profit (loss) per one ordinary share 0,10 0,09 0,02 0,02 16 Annualized net profit 41 021 -124 106 10 045 -30 625 Average weighted number of ordinary shares in 17 pcs.* 218 176 856 116 859 111 218 176 856 116 859 111 18 Annualized net profit per one ordinary share 0,19 -1,06 0,05 -0,26

State as of State as of State as of State as of 30.06.2010 31.12.2009 30.06.2010 31.12.2009 19 Total assets 1 110 113 1 031 772 267 768 251 149 20 Current liabilities, including: 376 019 297 429 90 699 68 017 21 Liabilities towards Clients 131 612 65 915 31 746 16 045 22 Long-term liabilities 23 745 41 671 5 727 10 143 23 Reserves for liabilities 21 884 25 116 5 279 6 114 24 Equity capital 687 097 663 596 165 733 161 530 25 Share capital 21 818 21 818 5 263 5 311 26 No. of shares in pcs. 218 176 856 218 176 856 218 176 856 218 176 856 27 Book value per one share (in PLN and EUR) 3,15 3,04 0,76 0,74 28 Diluted number of shares in pcs. 218 176 856 218 176 856 218 176 856 218 176 856 Diluted book value per one share (in PLN and 29 EUR) 3,15 3,04 0,76 0,74

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Selected data of individual financial statement in thousands in thousands in thousands in thousands PLN PLN EUR EUR I-VI/2010 I-VI/2009 I-VI/2010 I-VI/2009 1 Revenue from brokerage activities 27 119 13 794 6 773 3 053 2 Operating profit (loss) 15 831 8 818 3 954 1 952 3 Gross profit (loss) 12 949 10 829 3 234 2 397 4 Net profit (loss) 10 715 9 067 2 676 2 007 5 Net cash flows from operating activities 67 933 20 387 16 965 4 512 6 Net cash flows from investment activities 9 092 5 185 2 271 1 148 7 Net cash flows from financial activities 8 875 -6 136 2 216 -1 358 8 Total net cash flows 85 900 19 436 21 452 4 302 Net profit (loss) attributable to ordinary shareholders of the 9 Parent 10 715 9 067 2 676 2 007 10 Average weighted number of ordinary shares in pcs. 218 176 856 124 155 890 218 176 856 124 155 890 11 Net profit (loss) per one ordinary share (in PLN and EUR) 0,05 0,07 0,01 0,02 12 Diluted number of shares in pcs. 218 176 856 218 176 856 218 176 856 218 176 856 13 Diluted net profit (loss) per one ordinary share 0,05 0,04 0,01 0,01 14 Annualized net profit 23 360 -85 417 5 720 -21 078 15 Average weighted number of ordinary shares in pcs.* 218 176 856 116 859 111 218 176 856 116 859 111 16 Annualized net profit per one ordinary share 0,11 -0,73 0,03 -0,18

State as of State as of State as of State as of 30.06.2010 31.12.2009 30.06.2010 31.12.2009 17 Total assets 917 572 828 529 221 326 201 677 18 Current liabilities, including: 259 941 187 939 62 700 45 747 19 Liabilities towards Clients 131 223 63 176 31 652 15 378 20 Long-term liabilities 6 610 3 000 1 594 730 21 Reserves for liabilities 18 222 17 726 4 395 4 315 22 Equity capital 632 189 619 258 152 489 150 737 23 Share capital 21 818 21 818 5 263 5 311 24 No. of shares in pcs. 218 176 856 218 176 856 218 176 856 218 176 856 25 Book value per one share (in PLN and EUR) 2,90 2,84 0,70 0,69 26 Diluted number of shares in pcs. 218 176 856 218 176 856 218 176 856 218 176 856 27 Diluted book value per one share (in PLN and EUR) 2,90 2,84 0,70 0,69

* regarding annualized period

For items of profit and loss account was calculated in EUR under the average exchange rate of the National Bank of Poland of the last day of each month 6 months of 2010 - PLN 4,0042 6 months of 2009 - PLN 4,5184 12 months from 1 July 2009 to 30 June 2010 – 4,0836 12 months from 1 July 2008 to 30 June 2009 – 4,0525

For balance items the exchange rate of EUR was applied, as of: 30 June 2010 – PLN 4,1458 31 December 2009 – PLN 4,1082

WorldReginfo - b6c58f1e-babf-437c-88e7-97f73113ab92

4. Consolidate Statement of Financial Position of the Capital Group of IDMSA BH

Consolidated Statement of Financial Position of the Note State as of State as of State as of Capital Group of IDMSA Brokerage House 30.06.2010 31.12.2009 30.06.2009 ASSETS I. Cash and cash equivalents 8.1 172 923 74 837 102 645 - clients’ cash 130 355 62 795 88 227 II. Current receivables 8.2 109 912 74 025 59 792 III. Financial instruments held for trading 8.4 339 591 469 598 378 174 IV. Other current assets 0 0 0 V. Financial instruments held to maturity 0 0 0 VI. Assets held for sale 0 2 413 3 543 VII. Financial instruments available for sale 75 515 3 173 3 940 VIII. Inventories 3 541 3 534 4 869 IX. Investments in associates 8.5 21 165 28 760 24 709 X. Long-term receivables 224 224 0 XI. Investment properties 24 790 4 292 2 827 XII. Intangible assets 8.6 331 827 338 112 344 530 -goodwill 270 829 276 605 282 642 XIII. Tangible fixed assets 13 293 12 807 10 890 XIV. Other long-term assets 17 332 19 997 20 831 1. Deferred income tax assets 87 17 303 19 968 20 831 2. Other long-term assets 29 29 0 Total assets 1 110 113 1 031 772 956 750

Current liabilities 8.8 376 019 297 429 261 597 II. Long-term liabilities 8.9 23 745 41 671 18 742 III. Other liabilities 1 368 1 287 1 504 IV. Reserves for liabilities 21 884 25 116 20 764 V. Subordinated liabilities 0 0 0 VI. Held-for-sale liabilities 0 2 673 2 722 VII. Equity capital 687 097 663 596 651 421 1. Share capital 8.13 21 818 21 818 21 818 2. Called up share capital (negative value) 0 0 0 3. Own shares (negative value) 8.14 -23 008 -20 978 -11 839 4. Supplementary capital 8.15 573 075 502 821 493 926 5. Other reserves 8.16 107 622 133 567 142 705 6. Non-controlling interest 2 436 2 606 1 167 7. Profit (loss) from previous years -20 536 -15 471 - 15 915 8. Net profit (loss) 21 453 39 470 19 902 9. Other comprehensive income 4 237 -237 -343 10. Write-offs of net profit during the financial year (negative value) 0 0 0 Total liabilities 1 110 113 1 031 772 956 750

State as of State as of State as of Off-balance-sheet items 30.06.2010 31.12.2009 30.06.2009 Clients’ securities 3 366 539 2 941 388 1 948 403

Off-balance-sheet items, including off-balance-sheet liabilities were described in notes No. 8.3, 8.10 and 8.12.

Book value 687 097 663 596 651 421 Number of shares in pcs. 218 176 856 218 176 856 218 176 856 Book value per one share 3,15 3,04 2,99 Diluted number of shares in pcs. 218 176 856 218 176 856 218 176 856 Diluted book value per one share in PLN 3,15 3,04 2,99

WorldReginfo - b6c58f1e-babf-437c-88e7-97f73113ab92

5. Consolidated Statement of Comprehensive Income of IDMSA Brokerage House Capital Group Period: Period Period Period Consolidated Profit and Loss Account of IDMSA from 2010- from 2010- from 2009- from 2009- Note 04-01 to 01-01 to 04-01 to 01-01 to Brokerage House Capital Group 2010-06-30 2010-06-30 2009-06-30 2009-06-30 I. Revenue from ordinary activities, including: 37 941 75 662 29 598 57 256 1 Revenue from brokerage activities 8.17 12 069 26 137 7 800 13 346 2 Revenue from ordinary activities 8.18 25 872 49 504 21 798 43 910 3 Change in products (increases+/decreases-) 0 21 0 0 II. Costs of main activity 8.19 25 938 51 101 25 246 49 134 III. Result on main activity (I-II) 12 003 24 561 4 352 8 122 Result on operations in financial instruments intended for IV. 8.20 -4 277 6 124 10 962 12 432 trading Profit (loss) on operations in financial instruments held to V. 0 0 0 0 maturity VI. Result on operations in financial instruments available for sale 8.21 0 8 1 255 1 070 VII. Profit (loss) on investments in associates -574 -359 752 1 097 VIII. Other operating revenues 4 054 5 857 1 376 4 881 IX. Other operating expenses 923 1 392 313 2 015 X. Profit (loss) on operating activity (III+IV+V+VI+VII+VIII) 10 283 34 799 18 384 25 587 XI. Financial revenues 8.22 3 820 7 484 6 422 10 014 XII. Financial costs 8.23 7 218 15 077 7 010 11 523 XIII. Gross result on business activity (IX+X-XI) 6 885 27 206 17 796 24 078 XIV. Income tax 1 443 4 948 3 002 3 799 1. Current part 6 171 7 005 424 1 005 2. Deferred part -4 728 -2 057 2 578 2 794 XV. Net profit (loss) (XII-XIII) 5 442 22 258 14 794 20 279 -attributed to shareholders of the Parent 5 019 21 453 14 574 19 902 -attributed to minority interests 423 805 220 377

Net profit (loss) attributable to ordinary shareholders of the 1 5 019 21 453 14 574 19 902 Parent 2 Average weighted number of ordinary shares (in pcs.) 218 176 856 218 176 856 124 155 890 124 155 890 3 Profit (loss) per one ordinary share (in PLN) 0,02 0,10 0,12 0,16 4 Diluted number of ordinary shares in (pcs.) 218 176 856 218 176 856 218 176 856 218 176 856 5 Diluted profit (loss) per one ordinary share (in PLN) 0,02 0,10 0,07 0,09

Period Period Period Period Consolidated Statement of Comprehensive Income of from 2010- from 2010- from 2009- from 2009- 04-01 to 01-01 to 04-01 to 01-01 to IDMSA Brokerage House Capital Group 2010-06-30 2010-06-30 2009-06-30 2009-06-30 I. Net profit (loss) 5 442 22 258 14 794 20 279 II. Other total net comprehensive income, including 2 816 4 474 1 272 1 552 - Profit and loss on measurement of financial instruments 3 491 5 523 1 570 1 916 available for sale - Income tax concerning profit and loss on measurement of -675 -1 049 -298 -364 financial instruments available for sale III. Total comprehensive income (I+II) 8 258 26 732 16 066 21 831

There are no separated continued and discontinued operations separated in the profit and loss account as the latter is insignifican.

WorldReginfo - b6c58f1e-babf-437c-88e7-97f73113ab92

6. Consolidated Statement of Changes in Equity of the IDMSA Brokerage House Capital Group

Consolidated Statement of Changes in Equity of the IDMSA Brokerage Period Period Period from 2010-01-01 from 2009-01-01 from 2009-01-01 House Capital Group to 2010-06-30 to 2009-12-31 to 2009-06-30 I. Opening balance of equity (OB) 663 596 633 706 633 706 a) changes in adopted accounting policies 0 0 0 b) corrections of basic errors 0 0 0 I.a. Opening balance of equity (OB.), after adjustments to comparable data 663 596 633 706 633 706 1. Opening balance of share capital 21 818 10 909 10 909 Changes in share capital 0 10 909 10 909 a) increases 0 10 909 10 909 - issue of shares 0 10 909 10 909 b) decreases 0 0 0 1.2. Closing balance of share capital 21 818 21 818 21 818 2. Opening balance of called up share capital 0 0 0 2.1. Changes in called up share capital 0 0 0 a) increases 0 0 0 b) decreases 0 0 0 2.2. Closing balance of called up share capital 0 0 0 3. Opening balance of own shares -20 978 -7 817 -7 817 a) increases -2 030 -13 161 -4 023 - purchase of own shares -2 030 -13 161 -4 023 b) decreases 0 0 0 3.1. Closing balance of own shares -23 008 -20 978 -11 839 4. Opening balance of supplementary capital 502 821 469 857 469 857 4.1. Changes in supplementary capital 70 254 32 964 24 069 a) increases 70 263 141 434 132 541 - issue of shares above the nominal value 0 107 715 107 959 - profit distribution (above the statutory minimum value) 43 285 20 559 20 559 - declassification from reserve capital in connection with buy-back 2 030 13 160 4 023 - creation of supplementary capital from reserve capital 24 948 0 0 b) decreases 9 108 470 108 472 - loss coverage 0 108 444 108 444 - settlement of issue costs 9 26 28 4.2. Closing balance of supplementary capital 573 075 502 821 493 926 5. Opening balance of other reserves 133 567 265 631 265 631 5.1. Changes in other reserves -25 946 -132 064 -122 926 a) increases 1 032 8 8 - distribution of financial result 1 032 0 0 - settlement of issue 0 8 8 - allocation of supplementary capital for reserve capital 0 0 0 b) decreases 26 978 132 072 122 934 - recognition of supplementary capital in connection with buy-back 2 030 13 160 4 023 - settlement of issue costs 0 288 43 - recognition as share capital in connection with registration of issue of 0 10 909 10 909 series I shares - recognition as supplementary capital in connection with registration of 0 107 715 107 959 issue of series I shares - creation of supplementary capital from reserve capital 24 948 0 0 5.2. Opening balance of other reserves 107 622 133 567 142 705 6. Opening balance of non-controlling interests 2 606 821 821 6.1. Changes in non-controlling interests -170 1 785 346 a) increases 805 2 078 346 - changes in non-controlling shareholders capital 805 1 329 346 - sale of non-controlling interests 0 749 0 b) decreases 975 293 0 - distribution of profit from previous years 975 293 0 6.2. Opening balance of non-controlling interests 2 436 2 606 1 167 7. Opening balance of profit (loss) from previous years 23 999 -103 800 -103 800 7.1. Opening balance of profit (loss) from previous years 56 386 28 526 28 526 a) changes in adopted accounting policies 0 0 0 b) corrections of basic errors 0 0 0 7.2. Opening balance of profit from previous years, after adjustments to 56 386 28 526 28 526

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comparable data a) increases 0 0 0 b) decreases 44 535 20 559 20 559 - loss coverage 0 0 0 - distribution of profit from previous years for supplementary capital 43 285 20 559 20 559 - distribution of profit from previous years fro social purposes 218 0 0 - distribution of profit from previous years for reserve capital 1 032 0 0 7.3. Closing balance of profit from previous years 11 851 7 967 7 967 7.4. Opening balance of loss from previous years 32 387 132 326 132 326 a) changes in adopted accounting policies 0 0 0 b) corrections of basic errors 0 0 0 7.5. Opening balance of loss from previous years, after adjustments to 32 387 132 326 132 326 comparable data a) increases 0 0 0 b) decreases 0 108 888 108 444 - loss coverage 0 108 888 108 444 7.6. Closing balance of loss from previous years 32 387 23 438 23 882 7.7. Closing balance of profit (loss) from previous years -20 536 -15 471 -15 915 8. Total income 8.1. Net profit 21 453 39 470 19 902 8.2. Net loss 0 0 0 8.3. Write-offs of profit 0 0 0 8.4. Opening balance of other total comprehensive income -237 -1 895 -1 895 8.4.1.Changes in other total comprehensive income 4 474 1 658 1 552 a) increases 5 523 2 038 1 916 - measurement of financial instruments available for sale 5 523 1 700 1 916 - deferred tax 0 6 0 - sale of non-controlling interests 0 332 0 b) decreases 1 049 380 364 - measurement of financial instruments available for sale 0 0 0 - deferred tax 990 329 31 - other 59 51 333 8.4.2. Closing balance of other total comprehensive income 4 237 -237 -343 8.5. Closing balance of total comprehensive income 25 690 39 233 19 559 II. Closing balance of equity (CB) 687 097 663 596 651 421 III. Equity after taking into consideration the proposed profit distribution (loss 687 097 663 596 651 421 coverage)

WorldReginfo - b6c58f1e-babf-437c-88e7-97f73113ab92

7. Consolidated Cash Flow Statement of IDMSA Brokerage House Capital Group

Period Period Consolidated Cash Flow Statement of IDMSA Brokerage House Capital from 2010-01- from 2009-01- Group 01 to 2010-06- 01 to 2009-06- 30 30 A. Cash flows from operating activities I. Gross profit (loss) 27 206 24 078 II. Total adjustments 67 450 -32 1. Share in net (profit) loss of subsidiaries measured with equity method 1 356 -1 098 2. Depreciation 1 995 2 236 3. (Profit) loss due to exchange rate differences 0 1 4. Interest and shares in profit (dividends) 2 901 1 036 5. (Profit) loss on investing activities 2 329 -3 060 6. Change in provisions and write-offs revaluating receivables 11 198 -2 718 7. Change in financial instruments held for trading 20 591 -1 194 9. Change in provisions -7 589 10. Change in receivables -20 235 23 612 11. Change in current liabilities (excluding loans) 48 776 -21 649 12. Changes in prepayments and accruals -1 268 -1 532 13. Paid income tax 168 3 993 14. Other adjustments -354 -248 III. Net cash flows from operating activities (I+/-II) 94 656 24 046 B. Net cash flows from investment activities I. Inflows 13 752 17 652 1. Sale of intangible assets 12 0 2. Sale of property, plant and equipment 15 28 3. From financial instruments held to maturity and available for sale 13 725 7 731 a) in associates 0 0 b) in other entities 13 725 7 731 - sale of financial instruments 7 290 5 012 - dividends and share in profit 1 168 0 - repayment of long-term loans granted 0 0 - interest 3 910 2 719 - Other inflows from financial instruments 1 357 0 4. Other inflows 0 9 893 II. Outflows -4 379 -10 495 1. Acquisition of intangible assets -42 -177 2. Acquisition of property, plant and equipment -1 372 -362 3. For financial instruments held to maturity and available for sale -2 920 -9 956 a) in associated: -2 642 -1 011 - associates -2 642 -1 011 - subsidiaries 0 0 b) in other entities -278 -8 945 - acquisition of financial instruments -278 -8 945 - long-term loans granted 0 0 4. Other outflows -45 0 III. Net cash flows from investment activities (I-II) 9 373 7 157 C. Net cash flows from financial activities I. Inflows 95 795 115 566 1. Repayment of long-term loans 0 0 2. Redemption of long-term debentures 5 616 0 3. Repayment of long-term credit and loans 8 451 13 872 4. Issue of short-term debentures 75 361 96 131 5. Subordinated liabilities 0 0 6. Inflows from issue of shares 0 0 7. Capital contributions 0 0 8. Other inflows 6 367 5 563

WorldReginfo - b6c58f1e-babf-437c-88e7-97f73113ab92

II. Outflows -101 738 -123 899 1. Repayment of long-term credits and loans 0 0 2. Redemption of long-term debentures 0 0 3. Repayment of short-term credits and loans -21 599 -10 651 4. Redemption of short-term debentures -69 682 -101 825 5. Payment of subordinated liabilities 0 0 6. Expenses due to issue of shares 0 0 7. purchase of own shares -2 030 -4 023 8. Dividends and other payments to shareholders -975 -412 9. Profit distribution to managing and supervising persons 0 0 10. Expenses for social purposes -166 -153 11. Payments of liabilities due to financial leasing agreements -212 -332 12. Paid interest -4 146 -2 384 13. Other outflows -2 928 -4 119 III. Net cash flows from financial activities (I-II) -5 943 -8 333 D. Total net cash flows (A+/-B+/-C) 98 086 22 870 E. Balance sheet change in cash 98 086 22 870 - including change in cash due to changes in exchange rates 0 0 F. Opening balance of cash 74 837 79 775 G. Closing balance of cash (F+/- D) 172 923 102 645 - including cash of limited disposability 150 463 88 227

Item “cash of limited disposability” includes mainly Clients’ cash.

The balance change of cash includes the change of credit on current account.

8. Selected explanatory notes to condensed consolidated financial statement for the first half-year of 2010.

Note 8.1 Cash and cash equivalents

Cash and cash equivalents include cash deposits in bank, on hand and short-term investments. Cash and cash equivalents include also cash belonging to the clients of the Parent and kept in cash accounts of the clients and other accounts of the clients in the brokerage house. The liabilities from keeping cash belonging to the Parent’s clients in cash accounts of the clients and other accounts of the clients in the brokerage house are recognized simultaneously.

Cash is recognized at its face value. In case of cash gathered in a bank account, the face value covers interests covered by the bank as of the balance sheet date, which constitute financial receivables. As of the balance sheet date cash in foreign currencies is converted by the valid average exchange rate established for a given currency by the National Bank of Poland. Currency differences after valuation are recognized as financial revenues or expenses.

CASH AND CASH EQUIVALENTS 30.06.2010 31.12.2009 30.06.2009 a) on hand 134 168 209 b) in bank accounts 20 289 37 149 8 356 c) other cash 152 496 37 516 94 076 d) other cash equivalents 4 4 4 Total cash and cash equivalents 172 923 74 837 102 645

CLIENTS’ CASH AND CASH EQUIVALENTS 30.06.2010 31.12.2009 30.06.2009 a) on hand and in bank accounts 130 355 62 795 88 227 b) invested in debt securities issued by the Treasury 0 0 0 c) other 0 0 0 Total clients’ cash and cash equivalents 130 355 62 795 88 227

Note 8.2 Loans and Receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not

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quoted in an active market. They are recognized when the Group’s companies spend cash, supply goods or services directly to the debtor not having the intention of classifying these receivables as financial assets recognized at fair value through profit and loss.

Receivables which constitute a contractual right to receive cash or other financial asset from other entity belong to financial assets. Receivables are classified as current assets if it is expected that they will be realized or intended for sale within a normal operating cycle of the Group’s companies, i.e. within 12 months from the balance sheet date.

Valuation At the initial recognition receivables are measured at fair value. After the initial recognition of receivables with maturity dates exceeding 12 months, they are measured at amortized cost with the use of effective interest rate method.Trade receivables with maturity dates of less than 12 months from the date of its creation are not discounted. The difference between the nominal and fair value is recognized as income from interest. However, if the payment is not significantly deferred the receivables are presented and recognized according to initially invoiced amounts, taking into account doubtful receivables write-offs according to the prudence principle. If a main receivable has a penal interest added in connection with exceeding the payment period, the value of this interest is recognized in financial revenues at the moment of its calculation. Trade receivables at the end of each financial year are recognized using balance reconciliation method. All long- and short-term receivables from associated companies are reconciled on the date of preparation of financial statements.

Revaluation of Receivables Write-offs of dubious receivables are evaluated when the recovery of the full amount of receivables, on the primary terms, stopped to be likely (it is more probable that the receivables will not be recovered). The amount of the write-off is the difference between book value and recoverable value. Irrecoverable receivables are written off as costs upon stating their non-recoverability. Each time after preparation of age structure as of the reporting day, the Group makes the analysis of receivables adopting individual approach to each receivable and having in mind the principles presented in this part. The receivables are revaluated taking into account the degree of probability of their payment by revaluation write-off which refers to: - receivables from debtors undergoing the process of liquidation or in bankruptcy- up to the value of receivables not covered by guarantee or other collateral reported to the liquidator or magistrate in bankruptcy, - receivables from debtors in the cases of dismissal of the bankruptcy decision if the property of the debtor is not sufficient to cover the costs of bankruptcy proceedings- in full amount of receivables, - receivables questioned by debtors and which are due to be paid by the debtor, and according to the valuation of property and financial situation of the debtor, the payment of a contractual receivable is not probable - up to the amount not covered by the guarantee or other collateral, - receivables being the equivalent of amounts increasing the value of receivables, in relation to which the revaluation write-off was made- in these amounts until they are received or written off, - overdue receivables or non-overdue receivables of a significant degree of probability of their non- recoverability, in the cases justified by the kind of conducted activity or the structure of receivers- in the amount of reliably estimated write-off, including also a general one- for irrecoverable receivables. Revaluation write-offs of receivables are included in other operating costs or financial costs, depending on the activity to which they refer to. If there is no longer a reason for which a revaluation write-off of assets was made, the whole or relevant part of revaluation write-off made increases the value of a given asset and is recognized as other operating revenues or financial revenues.

CURRENT RECEIVABLES 30.06.2010 31.12.2009 30.06.2009 a) from clients, including due to: 6 918 33 162 15 799 -deferred maturity 6 918 33 162 15 692 -overdue receivables and disputable claims not covered by receivables 0 0 0

WorldReginfo - b6c58f1e-babf-437c-88e7-97f73113ab92

revaluation write-offs b) from related entities including 1 604 992 2 -from subsidiaries 0 0 0 -from co-subsidiaries 0 0 0 -from associates 1 604 42 2 -from Parent 0 0 0 -from significant investor 0 0 0 -from others 0 950 0 c) from brokerage houses and commodity brokerage houses 0 0 0 d) from entities managing regulated securities markets and commodity 0 0 0 stock exchanges e) from the National Depository for Securities and stock exchange 4 999 6 617 6 934 clearing houses -from settlement fund 1 283 1 350 1 427 -from compensation fund 1 410 1 319 1 224 -other 2 306 3 948 4 283 f) from investment and pension fund companies and investment and 2 195 1 593 965 pension funds g) from issuers of securities 0 0 0 h) advances for the purchase of financial instruments 37 607 6 379 6 236 i) due to taxes, subsidies and social security benefits 2 723 917 692 j) receivables pursued in court without recognized revaluation write- 118 161 8 offs k) resulting from loan master agreements and short sale due to 0 0 0 borrowed securities l) other 53 748 24 204 29 156 Net current receivables 109 912 74 025 59 792 m) write-offs revaluating current receivables (positive value) 3 920 3 876 4 124 Gross current receivables 113 832 77 901 63 916

CHANGE IN REVAUATION WRITE-OFFS OF CURRENT 30.06.2010 31.12.2009 30.06.2009 RECEIVABLES Opening balance 3 876 6 336 6 336 a) increases (due to) 675 1 533 310 -revaluation write-off 675 1 533 310 b) decreases (due to) 0 117 116 -use 0 117 116 c) release 631 3 876 2 406 Closing balance of revaluation write-offs of current receivables 3 920 3 876 4 124

Created in the current and previous financial year revaluation write-offs concerning receivables from goods and services and other receivables. The value of performed revaluation write-offs was recognized in other operating costs or financial costs, if they were related to interest. The decrease in previously created revaluation write-offs is recognized in other operating revenues or financial revenues, if it is related to interest.

RECEIVABLES (CURRENT AND NON-CURRENT) WITH THE PAYMENT PERIOD REMAINING FROM THE BALANCE 30.06.2010 31.12.2009 30.06.2009 SHEET DATE a) up to one month 37 726 29 074 23 628 b) over 1 month to 3 months 33 914 6 110 21 104 b) over 3 months to 1 year 36 068 36 685 11 189 d) over 1 year to 5 years 978 517 200 e) over 5 years 0 0 0 f) overdue receivables 5 370 5 739 7 795 Total (gross) receivables 114 056 78 125 63 916 g) receivables revaluation write-offs 3 920 3 876 4 124 Total net receivables 110 136 74 249 59 792

OVERDUE RECEIVABLES (GROSS) WITH THE DIVISION 30.06.2010 31.12.2009 30.06.2009 INTO RECEIVABLES PAST DUE IN THE PERIOD: a) up to one month 863 3 289 2 629

WorldReginfo - b6c58f1e-babf-437c-88e7-97f73113ab92

b) over 1 month to 3 months 930 737 3 184 b) over 3 months to 1 year 3 095 877 210 d) over 1 year to 5 years 482 836 1 772 e) over 5 years 0 0 0 Total overdue receivables (gross) 5 370 5 739 7 795 f) receivables revaluation write-offs 1 571 1 291 1 321 Total overdue receivables (net) 3 799 4 448 6 474

Note 8.3 Receivables Collateral

The Capital Group secures its significant claims and receivables. The most common forms of collateral are: pledge of shares, deposit mortgage and bill of exchange. As of 30 June 2010 the main receivables secured by collateral were the receivables of Electus and Electus Hipoteczny. Regarding claims and receivables of Electus S.A, the most common collateral is pledge of shares, a bill or exchange or assignment of agreements with the National Health Fund. . In the case of entities other than health care establishments, the most important items are presented below:

Carrying value of Received collaterals of Fair value of receivables Type of collateral receivables collateral as of 30.06.2010 mortgage on property consisting in land with Receivables from Presto Sp. z o.o. improvements included into land and mortgage

(originally Archeon Capital 3 523 register under No: WR1K/00085640/7 in 3 612 Management Ltd) Wrocław at ul. T. Ko ściuszki, owned by Presto Sp. z o.o. mortgage on property consisting in land with improvements included into land and mortgage

Receivables from Presto Sp. z o.o. 4 407 register under No: WR1K/00085640/7 in 4 407 Wrocław at ul. T. Ko ściuszki, owned by Presto Sp. z o.o.

On 30 August 2010 an agreement on transfer of receivables between Electus S.A. and Presto Sp. z o.o., under which Electus S.A. transfers on Presto Sp. z o.o. receivables towards Archeron Capital Management Ltd of the total value of PLN 3,663 thousand for the price of PLN 3,612 thousand paid within the period of 220 days from the date of the contract. In order to ensure the payment of price, Presto Sp. z o.o. shall ensure Electus S.A. with legal security in the form of ordinary mortgage in the amount of PLN 3,612 thousand on a property consisting in land in Wrocław, at ul. Ko ściuszki 51b entered into land and mortgage register under No. WR1K/00085640/7, which belongs to Presto Sp. z o.o. The parties agreed also on other right and obligations under the agreement.

In order to secure the property of Presto Sp. z o.o. a mortgage regarding a build-up property consisting in land was created on 30 August 2010, which was included into land and mortgage register under No. WR1K/00085640/7 in Wrocław, at ul. T. Kościuszki 51b owned by Presto Sp. z o.o.

In relation to information presented in financial statement for 2009 under the agreement with Mr. Marek Falenta of 26 April 2010 and annex to the agreement of 20 May 2010, all pledges, registered on 8801 share of ZNTK Nieruchomo ści Sp. z o.o. set by Mr. Marek Falenta towards Electus S.A., which constituted the security for receivables of entities other than individual public healthcare services, valid as of 31 December 2009, established on 17 march 2009 with a resolution of the Supervisory Board of Electus S.A. on shares of ZNTK Nieruchomo ści Spółka z o.o. with the registered office in Pozna ń, being owned by Mr. Marek Falenta, have expired.

Note 8.4 Financial instruments held for trading

Financial assets are recognized as financial instruments held for trading if:

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- were acquired mainly for trading in a short period of time, - constitutes part of portfolio of given financial instruments, which are managed together and there is a confirmation of factual state of the model for generating short-term profits, - is a derivative instrument. Derivative instruments are recognized as held for trading, unless they are instruments recognized as effective securing instruments or financial guarantee agreements.

The fair value of investments listed on regulated markets results from their current market price. If a market for a financial instrument is not active (also in regards to non-listed securities) the Group establishes fair value by using a valuation technique that makes maximum use of market inputs and includes recent arm's length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis, and option pricing models as well as other valuation methods widely used by the market participants. At valuation of portfolio investments of IDMSA towards non-public companies’ shares, applied a method based on the following assumptions: in case of companies, which signed investment agreements with IDMSA obliging them to fulfil specific conditions (to obtain described economic indexes), the valuation is performed based on the price of company's acquisition, change of the value of currency at the time and quarterly premium, dependent on execution of obligations described in investment agreement. Investment in stocks and shares of companies, whose investment agreements does not allow to apply the abovementioned method and stock and shares of companies, which signed investment agreements with IDMSA, whose results differ significantly from forecasts agreed, are valued with the use of comparison method (described below), because this is the best method to shows the value of the company.

In case of companies which have not signed investment agreements with IDMSA BH the valuation was made on the basis of comparative method based on sector comparison to indicators of companies listed on the Warsaw Stock Exchange, and in cases where it is not possible or where the number of companies in the sample is insignificant - comparison to foreign companies (possibly Polish and foreign).

The value of a company is estimated on the basis of results obtained by the companies with a similar business model, operating in a similar sector. In case of companies forming the Capital Group, as long as it is possible, the measurement is based on consolidated data and available financial data of the valuated companies. In addition, in the measurement of companies based on comparable method a discount of approximately 15% is applied.Three groups of ratios were used for the purposes of valuation: P/E, EV/EBITDA, EV/EBIT for the companies with significant profits (net profit, operating profit), P/S, P/BV for the companies with insignificant profits or losses, but with significant revenues, P/BV for the companies with net loss and operating loss and without significant revenues. As long as there are no other circumstances that need to be taken into account or treated separately, financial instruments acquired not earlier than 6 months before the balance sheet date are measured at cost due to the short period of time from the moment of their acquisition until the balance sheet date and also due to the fact that the price of a transaction best reflects the fair value of financial instruments. However, if following the analysis of the current valuation of the instrument made as of the balance sheet date the Company decides that the value of a financial instrument after the valuation differs by more than +/-20% from the value recognized in the books (at cost) the Company adjusts the value of the instrument by the amount of difference exceeding the level of acceptable variation (+/-20%).Bonds not listed on the stock exchange held in the portfolio of IDMSA Brokerage House are measured at fair value as of the balance sheet date. Initially the company takes into account adjusted purchase price and analyses whether it corresponds to the fair value of a given instrument. . If the adjusted purchase price cannot be taken into account the company uses a different method to assess the fair value of a given instrument.

The investment certificates owned by the Group are measured on the basis of quotations of investment certificates published by funds. Funds perform the valuations of investment certificates on the dates indicated in their Articles of Association. In accordance with the valid regulations the valuations of investment certificates should be performed on the following dates: - business day, on which fund’s books were opened, - at least on every last business day of calendar quarter, - day falling on 7 days before the beginning of acceptance of subscriptions for certificates of the next issue, - date of preparation of the fund’s financial statement.

Acquired debt liabilities are classified, in accordance with IAS 39, as held-for-trading and initially recognized at fair value. It is assumed that fair value is the nominal value of obligation to pay the price of liability. As of the

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balance sheet date the Group measures these assets at amortized cost using effective interest rate which corresponds to fair value. The Group used a simplified method to valuate debt liabilities, i.e. the discount is measured proportionally to the amount of liabilities paid. Receivables due to acquired liabilities are presented in the balance sheet in financial instruments held for trading in debt liabilities.

FINANCIAL INSTRUMENTS HELD FOR TRADING 30.06.2010 31.12.2009 30.06.2009 a) shares 78 346 119 416 89 578 b) debentures 49 343 41 171 12 117 c) participation units and investment certificates 87 237 84 678 73 524 d) warrants 0 0 0 e) other securities, shares 25 011 24 998 7 177 f) other proprietary rights (claims) 96 756 170 176 163 546 g) stock exchange commodities 0 0 0 h) other (loans and other) 2 898 29 159 32 232 Total financial instruments held for trading 339 591 469 598 378 174

CHANGE IN FINANCIAL INSTRUMENTS HELD FOR 30.06.2010 31.12.2009 30.06.2009 TRADING (MEASUREMENT) Opening balance 25 471 -13 729 -13 729 a) increases (due to) 17 299 75 918 36 938 -measurement of financial instruments 17 299 75 918 36 938 b) decreases (due to) 20 818 64 650 26 345 -measurement of financial instruments 20 818 64 650 26 345 c) release (execution) -8 351 -27 932 -12 295 Closing balance 30 303 25 471 9 159

FINANCIAL INSTRUMENTS HELD FOR TRADING 30.06.2010 31.12.2009 30.06.2009 (CURRENCY STRUCTURE) a) in Polish currency 339 591 469 598 378 174 b) in foreign currencies (by currencies and calculated into PLN) 0 0 0 Total financial instruments held for trading 339 591 469 598 378 174

FINANCIAL INSTRUMENTS HELD FOR TRADING (BY 30.06.2010 31.12.2009 30.06.2009 MARKETABILITY) A. With limited marketability, listed on stock exchanges, at fair 14 667 25 390 28 314 value: a) shares 14 667 25 390 28 314 b) bonds 0 0 0 c) other 0 0 0

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B. With unlimited marketability, off-exchange trade, at fair 0 0 0 value: a) shares 0 0 0 b) bonds 0 0 0 c) other 0 0 0 C. With unlimited marketability, not listed on the regulated 262 243 329 272 344 415 market, at fair value: a) shares 26 021 46 985 55 819 b) bonds 49 343 36 276 12 117 c) other 186 879 309 011 276 479 - other proprietary rights (claims) 96 756 170 176 163 546 - participation units and investment certificates 62 214 84 678 73 524 - shares 25 011 24 998 7 177 - other (loans and other) 2 898 29 159 32 232 D. With limited marketability 62 681 51 936 5 445 a) shares 37 658 47 041 5 445 - shares listed on the regulated market 37 526 46 711 5 445 - shares not listed on the regulated market 132 330 0 b) bonds 0 4 895 0 c) other 25 023 0 0 - participation units and investment certificates 25 023 0 0 Total financial instruments held for trading at fair value 339 591 469 598 378 174 including: - revaluation adjustments 30 303 25 471 9 159

Capital Group IDMSA BH by being a Parent, is a party of agreements which is obliged to acquire particular financial instruments, in a number, at prices and on dates previously set. On the basis of IFRS conceptual assignments on liabilities, as of balance sheet day, the obligation to acquire securities and related assets were recognized. Financial instruments recognized on the abovementioned basis as of the balance sheet day were priced to fair value. A fair value of instruments held for sale, recognized in connection with the situation, as of 30 June 2010 amounted to PLN 1,358 thousand. On account of the fact that transfer of given property under financial instruments shall take place with the payment of separate instalments of liabilities, these instruments were recognized as financial instruments held for trading with limited order possibility.

Item debt securities includes commercial bonds owned by the Group most of which are IDMSA BH investment. Due to a significant share of bonds issued by one issuer in the total of debt securities held by the Parent (over 70%) in relation to bonds portfolio, IDMSA recognizes concentration risk. Furthermore, IMDSA own in its portfolio bonds from different issuers, which purchase date expired before a balance sheet date (9%) and therefore IDMSA recognizes credit risk.

As of 30 June 2010 the value of restricted financial instruments held for presented in this not is as follows: - PLN 56,197 thousand – a fair value of financial instruments recognized as security for liabilities of IDMSA BH, - PLN 1,358 thousand – a fair value of financial instruments, whose ownership right as of a balance sheet day was not transferred on IDMSA BH (on the basis of IFRS conceptual assumptions, the Company recognized liabilities to acquire securities and relevant assets), - PLN 5,126 thousand – a fair value of financial instruments with time restrictions for the possibility of sale.

Information regarding secured liabilities on Group’s property as of balance sheet date were presented in Note 8.10.

Note 8.5 Investments in associates

INVESTMENTS IN ASSOCIATES 30.06.2010 31.12.2009 30.06.2009 a) shares and participations 21 165 28 760 24 709 b) debentures 0 0 0

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c) participation units of investment funds 0 0 0 d) investment certificates 0 0 0 e) other securities 0 0 0 f) other proprietary rights 0 0 0 g) stock exchange commodities 0 0 0 h) other 0 0 0 Total investments in associates 21 165 28 760 24 709

Associates in consolidated financial statement are recognized with equity method. Following the application of equity method the Group assesses whether it is necessary to recognize additional revaluation write-offs due to impairment of net investment in associate. The impairment test covers the total carrying value of investment in a given associate, which is compared to recoverable value.

In the first half-year of 2010 IDMSA sold all shares of Profinet S.A. Depreciation was the purpose of the sale of shares. In the first half-year of 2010 the revaluation write-off of investment in associates amounted to PLN 2,765 thousand, the total amount of revaluation write-off in the first half-year of 2010 amounted to PLN 1,021 thousand. The value of revaluation write-off of investments in associates in the firs half-year of 2009 amounted to PLN 636 thousand, the value of derecognized revaluation write-off in this period amounted to PLN 2,537 thousand. Derecognition/recognition of revaluation write-off of investment in associates is included in financial incomes/costs.

Note 8.6 Intangible assets

Intangible assets acquired in a separate transaction are initially measured at cost. The cost of intangible assets acquired as part of a business combination is equal to fair value as of the date of combination. After initial recognition, intangible goods are recognized at cost less any impairment losses. The Group determines whether an intangible asset has indefinite or finite life.

Intangible assets with finite lives are amortized on a systematic basis over that life and assessed for impairment if there are reasons to suspect the loss of their value. The amortization period and method of intangible assets with finite lives are verified at least at the end of each financial year. Changes to the expected useful life and expected method of using future economic benefits that are attributable to the given asset are recognized by changing respectively the amortization period or method and are treated as changes to accounting estimates. Amortization charges of intangible assets with finite lives are recognized in profit or loss in the costs of the category corresponding to the function of a given intangible asset. Intangible assets of the value below PLN 1,000.00 are amortized once, in a month in which they were made available for use, as it is considered that they are available for use in the period shorter than one year.

Intangible assets with indefinite lives are tested for impairment on annual basis, with regard to given assets or on the level of cash-generating unit.

Expected period of use of particular intangible assets by the Group: Goodwill indefinite life

Electus trademark indefinite life

Gwarant trademark 10 years Clients’ lists 5 years Concessions, patents, licenses, software 2-5 years Other intangible assets 2-5 years

Costs of research and development are recognized in profit and loss account upon their incurring. The costs of research and development connected with a given project are transferred to the following period if it can be stated that they will be returned in the future. After the successful completion of research and development work these items are depreciated taking into account the predicted period of obtaining revenue from the sale of a given project. The unsuccessful research and development work is recognized in operating costs in the period when the decision of their termination was made.

The costs of research and development are verified to check for a possible loss of value on a yearly basis or

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more often if there are premises for their impairment indicating that their carrying value may not be possible to regain.

Goodwill is recognized at cost being the excess of the costs of acquisition of an entity over the acquirer’s interest in the net fair value of possible to identify assets, liabilities and contingent liabilities. Until its final determination goodwill is recognized provisionally in accordance with IFRS 3.63. The Group has 12 months for final settlement of goodwill. Goodwill has indefinite life. After initial recognition goodwill is measured at cost less total impairment charges. Goodwill is tested for impairment annually and at the end of each financial year a test for impairment of goodwill takes place. Difference between the acquisition-date amount paid for additional shares in subsidiaries which are already controlled by the Group and the acquisition-date net book value of acquired assets is recognized in consolidated financial statement as the goodwill upon business combination. In such a case the net assets of the subsidiary in which the additional shares were acquired are not adjusted to fair value.

INTANGIBLE ASSETS 30.06.2010 31.12.2009 30.06.2009 a) cost of completed development work 0 0 0 b) goodwill 270 829 276 605 282 642 c) acquired concessions, patents, licenses and similar values, 58 630 58 633 58 556 including: -software 770 773 617 -trademark 57 860 57 860 57 939 d) other intangible assets 2 138 2 734 3 332 e) advance payment for intangible assets 230 140 0 Total intangible assets 331 827 338 112 344 530

In the first half-year of 2010 there was no derecognition of revaluation write-off of intangible assets. The change in the goodwill results from the sale of Żak System - 100% subsidiary of Electus company.

Note 8.7 Other non-current assets – deferred income tax assets

Deferred income tax assets are recognized in the amount, in which it is probable to obtain a taxable income which will allow to use negative temporary differences or taxable losses for the following years, in the amount probable to be achieved taxable income, which shall allow to use the abovementioned differences and loses (unless deferred income tax assets are the result of opening balance of assets or liabilities in transaction not being a business combination as of the date of its signing they do not influence gross financial result and taxable income or taxable loss). In case of negative temporary differences on share in subsidiaries or associates and share in co-associates, the item of differed income tax assets is recognized to the amount to which probably the abovementioned temporary differences in the foreseen future will reverse and taxable income will be achieved allowing to calculate negative temporary differences.

Deferred income tax assets are recognized in the amount, in which it is probable to obtain a taxable income which will allow to use negative temporary differences or tax losses for settlement. The balance value of deferred income tax asset is verified on each balance sheet date and is appropriately lowered on condition that it is no longer probable to obtain taxable income for a partial or total realization of a deferred income tax asset.

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CHANGE TO DEFERRED TAX ASSETS 30.06.2010 31.12.2009 30.06.2009 1. Opening balance of deferred tax assets, including: 19 968 23 021 23 021 a) attributed to financial result 18 649 21 388 21 388 b) attributed to equity 386 700 700 c) attributed to goodwill 933 933 933 2. Increases 572 9 802 4 912 a) attributed to financial result of the period in connection with 572 4 580 1 291 negative temporary differences b) attributed to financial result of the period in connection with tax 0 4 580 3 606 loss c) attributed to equity in connection with negative temporary 0 5 142 0 differences d) attributed to equity in connection with tax loss 0 0 15 e) attributed to goodwill or negative goodwill in connection with 0 80 0 negative temporary differences 3. Decreases 3 237 12 855 7 102 a) attributed to financial result of the period in connection with 2 275 12 461 6 769 negative temporary differences (due to) b) attributed to financial result of the period in connection with tax 880 12 461 0 loss c) attributed to equity in connection with negative temporary 59 0 333 differences d) attributed to equity in connection with tax loss 23 394 0 e) attributed to goodwill or negative goodwill in connection with 0 0 0 negative temporary differences 4. Closing balance of deferred tax assets, including: 17 303 19 968 20 831 a) attributed to financial result 16 066 18 649 19 516 b) attributed to equity 304 386 382 c) attributed to goodwill 933 933 933

Note 8.8 Liabilities

On the basis of conceptual assumptions of IFRS, a liability is recognized in a balance sheet if it is probable that there will be an outflow of economically beneficial resources as a result of the fulfilment by the entity of the current obligation and the amount necessary to fulfil the obligation can be determined in a reliable way. At the same time the relevant assets and costs are recognized.

Liabilities are classified as current and non-current. The Group recognizes a liability as a current liability if: - it is expected to be settled in the entity’s normal operating cycle, - it is held primarily for trading, - it is due to be settled within 12 months after the end of the reporting period or - the Group does not have an unconditional right to postpone the liability settlement date, at least by the period of 12 months after the end of the reporting period. All the other liabilities are classified as non-current liabilities.

Trade liabilities and other liabilities are recognized in their fair value. In case of insignificant differences between a fair value and historical cost - in the amount due. At the moment of initial recognition, all bank credits, loans and issued debentures are recognized at their acquisition price referred to fair value of received cash, decreased by cost of obtaining credit or loan. After initial recognition, credit, loans and issued debentures are priced in accordance with amortized cost, with the use of effective interest rate method. Incomes and costs are recognized in the profit and loss account at the moment of the removal of liability from balance sheet, as well as the result of settlement with effective interest rate method.

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CURRENT LIABILITIES 30.06.2010 31.12.2009 30.06.2009 1. Towards clients 131 612 65 915 134 488 2. Towards related entities 232 197 212 a)from subsidiaries 0 0 0 b) from co-dependent entities 0 0 0 c) from associates 0 0 0 d) from the Parent 0 0 0 e) from a significant investor 0 0 0 f) from others 232 197 212 3. To brokerage houses, other brokerage companies and 0 0 0 commodity brokerage houses 4. To entities managing stock exchange markets and commodity 385 582 480 exchanges 5. To National Depository for Securities and exchange clearing houses 1 641 759 2 361 a) due to payments for settlement fund 0 0 0 b) other 1 641 759 2 361 6. To chamber of commerce 6 13 35 7. To issuers of securities 0 0 0 8. Loans 7 961 17 934 24 848 a) from related entities 0 0 0 b) other 7 961 17 934 24 848 9. Debentures 139 543 98 560 83 600 10. Bills of Exchange 830 0 0 11. Taxes, duties and social security 10 657 4 369 4 113 12. Remuneration 3 331 3 092 3 240 13. To investment and pension fund companies and investment and 8 260 21 pension funds 14. Resulting from framework loan agreements and short sale due to lent 0 0 0 Securities 15. Other 79 813 105 748 8 199 a) due to acquisition of securities 65 399 100 684 3 672 b) due to goods and services 1 559 2 651 2 796 c) expenses for social purposes 958 907 1 039 d) other 11 897 1 506 692 Total current liabilities 376 019 297 429 261 597

Liabilities arising on debt securities depreciated in the amount of PLN 11,139 thousand were presented in item “Other liabilities” as of 30 June 2009. In this note their value was transferred to “Debt securities”.

CURRENT LIABILITIES WITH REPAYMENT PERIOD REMAINING FROM THE BALANCE 30.06.2010 31.12.2009 30.06.2009 SHEET DATE: a) up to 1 month 184 958 107 686 150 282 b) from 1 month to 3 months 41 702 78 829 41 932 c) from 3 months to 1 year 148 285 101 694 66 903 d) overdue 1 074 9 220 2 480 Total current liabilities 376 019 297 429 261 597

On 12 January 2010 IDMSA Brokerage House signed with Alior Bank S.A. with the registered office in Warsaw an agreement concerning revolving loan on the credit account used for fund management. The loan was used to finance liabilities resulting from IDMSA Brokerage House’s participation in the Guarantee Fund for Settlement of Stock Exchange Transactions, Guarantee Fund for Settlement of OTC Market Transactions and the Guarantee Fund for Settlement of Stock Exchange Futures Transactions managed by the National Depository for Securities. The loan limit amounts to PLN 10,000 thousand and the loan period is 1 year. At the same time Alior Bank S.A. became the payee bank for IDMSA Brokerage House which is a participant in the National Depository for Securities but does not have an account in a settlement bank.

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In the first half-year of 2010 IDMSA BH issued bonds of the total value of PLN 53,500 thousand. The value of purchased bonds in the first half-year of current year amounted to PLN 34,505 thousand. In the first half-year 2010 Electus S.A. issued bonds of the total value of PLN 32,818 thousand, the value of purchased bonds in the first half-year of current year amounted to PLN 38,849 thousand. Bonds issued in the first half-year of 2010 by Electus Hipoteczny were fully taken-over by IDMSA BH. Note on transaction with associates includes suitable information.

Note 8.9 Non-current liabilities

NON-CURRENT LIABILITIES 30.06.2010 31.12.2009 30.06.2009 1. Loans 4 261 7 117 8 006 a) to associates 0 0 0 b) other 4 261 7 117 8 006 2. Borrowings 0 0 0 a) from associates 0 0 0 b) other 0 0 0 3. Debentures 18 958 34 202 10 441 4. Due to other financial instruments 0 0 0 5. Due to financial lease agreements 511 333 276 a) to associates 0 0 0 b) other 511 333 276 6. Other 15 19 19 Total non-current liabilities 23 745 41 671 18 742

NON-CURRENT LIABILITIES WITH REPAYMENT PERIOD 30.06.2010 31.12.2009 30.06.2009 REMAINING FROM THE BALANCE SHEET DATE a) from 1 year to 3 years 23 737 41 660 18 731 b) from 3 to 5 years 8 7 7 c) more than 5 years 0 4 4 Total non-current liabilities 23 745 41 671 18 742

Note 8.10 Liabilities Secured by the Group’s Assets

IDMSA Brokerage House

As of 30 June 2010 the Parent had liabilities due to issue of debentures of PLN 65,754 thousand. The liabilities were secured by its assets. The securities had the form of registered pledge of shares of selected companies and autonomous blocking of shares of chosen entities and resulted from terms of bonds issue and the agreements concerning take-up of bonds signed with bondholders. The value of financial instruments held for trading chosen for security of the abovementioned liabilities was presented in Note 8.4 of the condensed consolidated financial statement. Moreover, the shares of it subsidiary Electus of the total value of PLN 73,747 thousand constitute the security of liabilities.

As of 30 June 2010 the Company held a revolving bank credit in current bank account. The credit limit is PLN 10,000 thousand. The security of this liability is the authorisation for the bank to operate creditor’s ban account in the bank and the blocking of means in the account of 12 month fixed-time deposit in the amount of PLN 650 thousand. The cash blocked in the account are recognized as limited order possibility.

As of 31 December 2009 IDMSA Brokerage House was obliged to acquire a determined number of securities for determined prices and on the agreed dates. The liability of PLN 1,357 thousand was secured by irrevocable blocking of chosen financial instruments deposited on the investment accounts of IDMSA Brokerage House (blocking covers public assets classified as financial instruments held for trading and investments in associates). Until the date of this financial statement the abovementioned liability was realized.

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Electus S.A.

As of 30 June 2010 Electus S.A. had the following liabilities secured by the Company’s assets:

Balance sheet value Liability of liability Type of collateral (in thousand PLN) Authorisation to current account and other accounts of the debtor in Reiffeisen bank, rights assignment concerning Bank credit insurance agreement, secret assignment of liabilities (Raiffeisen Bank Polska 0 agreement and joint mortgage on two properties: developed S.A.) property owned by Electus Hipoteczny S.A. (KW30192) and owned by Presto Sp. z o.o (formerly M.I.Partners) (KW 35792). Authorisation to current account and other accounts of the borrower in Reiffeisen bank, mortgage securing the loan + mortgage securing loan interest on two properties: developed property Bank credit owned by Electus Hipoteczny S.A. (KW30192) and owned by (Raiffeisen Bank Polska 5 360 S.A.) Presto Sp. z o.o. (previously operating as M.I.Partners) (KW 35792) together with the assignment of rights from the policy of the aforementioned property, assignment of liabilities from indicated debtors, blocking of shares of IDMSA Brokerage House*

*Long-term loan for acquisition of liabilities of independent healthcare centres of the amount of PLN 20,000 thousand which Electus S.A. took out from Raiffeisen Bank Polska S.A. until 31 May 2011 is secured by pledge of 1,500 shares of IDMSA Brokerage Hose G series, from number 97,511 to 1,597,510 owned by Marek Falenta

Electus Hipoteczny S.A.

As of 30 June 2010 Electus Hipoteczny S.A. had the following liabilities secured by the Group’s assets:

Balance sheet value of liability

(in thousand Type of Type of liability PLN) collateral as of 30.06.2010 Capped mortgage of up to PLN 2,500 thousand on the property located in Revolving loan Legnica, at ul. Sudecka, KW LE1L/00058794/9 and on share in a part of land (Meritum Bank ICB S.A.) 4 500 KW LE1L/00075455/6, guarantee of Electus S.A. and guarantor’s statement of execution Ordinary mortgage of PLN 2,182 thousand to secure the loan amount, capped

mortgage of up PLN 383 thousand to secure the interest on the property Revolving loan located in Zgorzelec at ul. Orzeszkowa, KW JG1Z/00035793/0 and o ther (Bank Gospodarstwa 1 744 costs connected with the loan as well as own bill of exchange secured by Krajowego S.A.) IDMSA Brokerage House

Gwarant Agencja Ochrony S.A.

As of 30 June 2010 the company had the following liabilities secured with mortgage and bills of exchange: - limit on the current account up to the amount of PLN 1,500 thousand – secured with

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contractual capped mortgage of 2 250 thousand PLN, - liability towards Opole City Council due to the purchase of land – contractual mortgage of PLN 34 thousand, - lease liabilities - secured with blank promissory notes until the purchase of leased means of transport in the amount of PLN 528 thousand.

The total balance sheet value of the abovementioned liabilities as of 30 June 2010 amounted to PLN 1,250 thousand, including: − use of current account loan: PLN 604 thousand, − liabilities towards Opole City Council due to the purchase of land: PLN 19 thousand, − lease liability: PLN 627 thousand.

Company SprintAir S.A. did not make the information on secured liabilities on Capital Group SprintAir available. The companies: Instal-Lublin and Grupa Kolanstyna, as entities listed on the Warsaw Stock Exchange are obliged to publish their own financial statements, therefore all information regarding liabilities of these companies shall be analyzed on the basis of current, periodic and financial reports published by them.

Note 8.11 Change in Provisions for Deferred Income Tax

CHANGE IN PROVISIONS FOR DEFERRED INCOME TAX 30.06.2010 31.12.2009 30.06.2009 1. Opening balance of provision for deferred income tax, including 19 427 14 914 14 914 a) attributed to financial result 19 427 14 908 14 908 b) attributed to equity 0 6 6 c) attributed to goodwill 0 0 0 2. Increases 2 137 5 125 2 357 a) attributed to financial result due to positive taxable temporary 1 147 5 125 2 326 difference b) attributed to equity in connection with positive temporary 990 0 31 differences c) attributed to goodwill or negative goodwill in connection with 0 0 0 positive temporary differences 3. Decreases 5 716 612 141 a) attributed to financial result of the period due to positive taxable 5 716 606 141 temporary differences b) attributed to equity due to positive taxable temporary differences 0 6 0 c) attributed to goodwill or negative goodwill due to positive taxable 0 0 0 temporary differences 4. Closing balance of total provision for deferred income tax 15 848 19 427 17 130 a) attributed to financial result 14 858 19 427 17 093 b) attributed to equity 990 0 37 c) attributed to goodwill 0 0 0

Note 8.12 Contingent liabilities

A contingent liability is either: - a possible obligation, as a result of future events, because it has yet to be confirmed whether the entity has a present obligation that could lead to an outflow of resources embodying economic benefits, or - a present obligation, as a result of future events, that does not meet the recognition criteria, either because an outflow of resources embodying economic benefits probably will not be required to settle the obligation or because a sufficiently reliable estimate of the amount of obligation cannot be made.

Information on contingent liabilities is recognized in the consolidated financial statement. If the outflow of resources embodying economic benefits resulting from the settlement by the Group of its current obligation is

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probable and the amount necessary to settle the obligation can be determined in a reliable way, the liability is recognized in the balance sheet instead of being recognized as a contingent liability.

IDMSA Brokerage House

As of 30 June 2010 IDMSA was a party in financial guarantee agreements. On the basis of these agreements IDMSA BH was obliged, at request of the other part, to acquire or indicate the entity to acquire securities under the agreements. In relation to agreements hereby there are no reasons to create reserves, however they fulfil contingent liabilities definition. The amount of contingent liabilities as regards to the abovementioned fact amounts to PLN 11,971 thousand.

As of 30 June 2010 IDMSA was a party in agreements on liabilities on demand of the Rother party, to acquire or indicate the entity to acquire securities under the agreements. There are no reasons to create the reserves, the Company recognizes contingent liabilities as regards to the above. The amount of contingent liabilities amounts to PLN 10,767 thousand.

In 2010 IDMSA BH secured a credit in the company not related to IDMSA BH. The guarantee was made up to the amount granted, not higher than PLN 10,500 thousand in the form of bill of exchange, statement of execution under Art. 97.1.2 of the Banking Law Act (Journal of Laws of 2002, No. 71, Item 665 as amended) and civil guarantee. This liability is secured in the form of registered pledge on a part of shares of the company.

IDMSA BH is a guarantor of the bank credit of Electus Hipoteczny S.A. – IDMSA BH subsidiary. The security of credit is an ordinary mortgage and collateral mortgage on real estate of Electus Hipoteczny, as well as promissory note guaranteed by IDMSA BH. Furthermore, IDMSA made an execution statement to the amount of PLN 4,634 thousand under Art. 97.1.2 of the Banking Law Act.

IDMSA BH is a party of agreement, which obliges to sell 6.75% of SprintAir shares, on demand issued by the Authorised and giving the Authorised the right to the shares. The date of the agreement expires on 30 October 2010. The value of shares, the sale of which IDMSA BH was obliged and to which the Authorised has rights as of 30 June 2010 amounted to PLN 3,815 thousand.

Electus S.A.

In the first half-year of 2010, a consignment liability on granting a guarantee to the company Electus Hipoteczny Sp. z o.o. expired. It was a guarantee of payment of liabilities of the company Żak System due to bank guarantees granted by Raiffeisen Bank Polska S.A. of the value of PLN 1,500 thousand. The guarantee of financial lease of PLN 26 thousand which was contracted by a former subsidiary Żak System for acquisition of machinery and equipment used in the company’s operations. Electus guaranteed a credit granted to Electus Hipoteczny Sp. z o.o. by Meritum Bank ICB S.A> (a previous name of the bank: Bank Współpracy Europejskiej S.A.) The amount of the credit granted was PLN 9,000 thousand. As of 30 June 2010, a current value of credit amounted to PLN 4,500 thousand. Electus S.A. is also a guarantor of trade credit in HCS Europe Sp. z o.o. in Żak System Sp. z o.o. on the amount of PLN 300 thousand, which is set out in the promissory note.

Electus Hipoteczny S.A.

On 24 March 2010 the company provided an aval for TMB S.A. liability in the amount of PLN 190 thousand. The date of liability expires on 1 September 2010.

The company issued two blank promissory notes together with promissory note declaration as a security of its loans: - blank promissory note as a security of loan granted on the basis of agreement of 20 March 2009 of PLN 2,182 thousand. The loan is granted for 35 months starting from 20.03.2009 until 20.01.2012, right to complete the promissory note in accordance with the promissory note declaration with the amount of debt due to used loan and interest and other costs, statement of submission to execution of the issuer of security up to the amount of PLN 4 364 thousand. - blank promissory note as a security of loan granted on the basis of agreement of 02.04.2007 of PLN 4,500 thousand, for the period ending on 30.12.2013, right to complete the promissory note in accordance with the promissory note declaration with the amount of debt due to used loan and interest and other costs, statement of submission to execution of the issuer of security up to the amount of PLN 9,000 thousand.

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Gwarant Agencja Ochrony SA

The only warranties granted by the company are warranties for installed alarm system devices and CCTV systems and these are warranties assigned from the producers. The company does not have any other contingent liabilities.

SprintAir S.A.

As of 31 December 2009, SprintAir has contingent liabilities resulting from executed car and aircraft lease agreements, loan agreements, bank guarantees, bid guarantees and performance guarantees. The securities are blank promissory notes and assignments of contractual claims. As of 30 June 2010 the company presented the abovementioned information.

Instal Lublin, Grupa Kolastyna

Contingent liabilities of Instal Lublin S.A. and Grupa Kolastyna S.A., which are public companies and publish their half-year financial statements, are described in financial statements of the companies.

Other entities do not have contingent liabilities.

Note 8.13 Share capital of the Parent

The share capital is recognized in the nominal value of registered shares resulting from the state of the Parent and the entry to the National Court Register. As of 30 June 2010 the share capital of the Parent amounted to PLN 21,817,685.60 and was divided into 218,176,856 shares of the nominal value of PLN 0.10 each. The share capital is fully paid, including PLN 18,558,842.80 in cash, and the rest is paid with contribution-in-kind. All shares are ordinary shares.

The structure of the share capital of IDMSA Brokerage house was presented it chart below:

No. of Number of shares as of: series 30 June 2010 31 December 2009 30 June 2009 The right to dividend A 1 000 000 1 000 000 1 000 000 10.09.1998 B 29 000 000 29 000 000 29 000 000 01.01.1998 C 7 500 000 7 500 000 7 500 000 01.01.2000 D 12 500 000 12 500 000 12 500 000 01.01.2001 E 11 500 000 11 500 000 11 500 000 01.01.2004 F 15 000 000 15 000 000 15 000 000 01.01.2005 G 14 188 980 14 188 980 14 188 980 01.01.2006 H 18 399 448 18 399 448 18 399 448 01.01.2007 I 109 088 428 109 088 428 109 088 428 01.01.2007 Total 218 176 856 218 176 856 218 176 856

Rights, privileges and restrictions connected with the shares of IDMSA Brokerage House

As of 30 June 2010 the Company holds 11 911 428 own shares, including: - 10 908 840 Company’s own shares acquired in the framework of the "Share Buy-Back Programme of IDMSA Brokerage House for the purpose of offering them to key persons of the Company” - 192 588 Company’s own shares acquired in the framework of realization of the resolution of the Extraordinary General Meeting of 12 November 2008 on the acquisition of own shares - 810 000 Company’s own shares acquired in the framework of realization of the resolution of the Extraordinary General Meeting of 25 January 2010 on the acquisition of own shares.

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In accordance with the Art. 364.2 of the Code of Commercial Companies the company is not entitled to exercise voting rights from own shares. According to the Company’s information registered pledges were established on IDMSA Brokerage House shares held by Grzegorz Leszczy ński, Rafał Abrata ński and Marek Falenta.

Shareholder Total number of pledged and blocked shares Grzegorz Leszczy ński 2 400 000 Rafał Abrata ński 2 834 480 Marek Falenta 2 500 000

Non-current credit on the purchase of Individual Public Healthcare Service Centres on PLN 20,000 thousand, owned by Electus S.A. in Raiffeisen Bank Polska S.A. until 31 May 2011 is secured with the pledge of 1,500 shares of IDMSA Brokerage House owned by Mr. Marek Falenta.

Note 8.14 Own shares

OWN SHARES 30.06.2010 31.12.2009 30.06.2009 a) performance of the resolution no 19 of the General Meeting of -20 508 -20 508 -11 839 Shareholders of 30 June 2008 b) performance of the resolution no 8 of the General Meeting of -470 -470 0 Shareholders of 12 November 2008 c) performance of the resolution no 4 of the General Meeting of -2 030 0 0 Shareholders of 25 January 2010 Total own shares -23 008 -20 978 -11 839

On 17 December 2009 IDMSA BH terminated the purchase of own shares in the framework of the resolution of the General Meeting of Shareholder of 30 June 2008. The own shares acquired by the Company shall be offered to key persons for the Company and the companies included in the Capital Group (motivational Program). On 31 December 2009 IDMSA BH terminated the purchase of own shares in the framework of resolution of the General Meeting of Shareholders of 12 November 2008. The own shares acquired by the Company may be further resold.

On 25 January 2010 the Extraordinary General Meeting of Shareholders of IDMSA Brokerage House adopted resolution No. 4 concerning acquisition of own shares on the basis and within the limits of authorisation granted by the General Meeting of Shareholders. The subject of acquisition may be own shares of the company in the number not higher than 21 817 680 of the total nominal value not higher than PLN 2,181,768.00. The acquisition of own shares of the company may take place in the period not longer than until 31 December 2011 for a price not lower than PLN 2.00 per share and not higher than PLN 5.00 per share. The company allocated the amount of PLN 109,088,400.00 for the acquisition of own shares of the company including also the costs of acquisition. The shares acquired by the company may be further resold.

Note 8.15 Supplementary capital

Supplementary capital is created from write-offs on profit or issue premium received from the issue of shares, reduced by incurred direct costs connected with it. In connection with the performed acquisition, the Company reclassifies a part of reserve capital created for the acquisition of own shares to the supplementary capital. In accordance with the regulations of the Code of Commercial Companies, the Company has the obligation to create a supplementary capital for the coverage, into which 8% of the income for a given financial year is added, until the capital equals at east one third of share capital. Supplementary capital should be also increased by surpluses resulting from the issue of shares above their nominal value after the covering of costs of issue. The General Meeting makes decisions about the use of supplementary capital, however the part of supplementary capital being equal to one third of share capital can be used only for the coverage of the loss indicated in the financial statement.

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SUPPLEMENTARY CAPITAL 30.06.2010 31.12.2009 30.06.2009 a) from the sale of shares above their nominal value 428 827 428 835 428 835 b) created statutorily 3 636 3 636 3 636 c) created in accordance with the Articles of Association / agreement, 66 977 45 187 45 431 above required statutorily (minimal) value d) from contributions of shareholders/ partners 0 0 0 e)issue of employees' shares 4 185 4 185 4 185 f) other 69 450 20 978 11 839 Total supplementary capital 573 075 502 821 493 926

On 25 January 2010 the Extraordinary General Meeting agreed to allot the amount of PLN 24,948 thousand (not used reserve capital) for the acquisition of own shares under resolution of 30 June 2008. On 24 June 2010 the Ordinary General Meeting passed a resolution on the division of share in the financial year of 2009 and the allotment of the amount of PLN 21,494 thousand for supplementary capital.

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Note 8.16 Other reserve capitals

Other reserve capitals are created in accordance with the Articles of Association. The General Meeting of Shareholders makes decisions concerning the use of reserve capital.

Reserve capital of the Parent includes, among others, the capital created for the acquisition of own shares established with the decision of the General Meeting of Shareholders. Upon the acquisition the Parent reclassifies the relevant part of reserve capital into supplementary capital. Reserve capital of the Parent includes also the capital from the issuance of shares, after deducting the costs of issue, from the moment of the registration of increase in share capital by the Registering Court. After the registration the nominal value of registered shares is recognized in share capital and the surplus obtained from the issuance of shares above their nominal value after covering the costs of issuance is included in supplementary capital.

OTHER RESERVE CAPITALS 30.06.2010 31.12.2009 30.06.2009 a) reserve capital for the acquisition of own shares 107 622 133 567 142 705 b) capital from the issue of series I shares 0 0 0 Total other reserve capitals 107 622 133 567 142 705

On 25 January 2010 the Extraordinary General Meeting of Shareholders decided about the allocation of PLN 24,948 thousand, being the unused reserve capital for the acquisition of own shares under resolution of 30 June 2008, for supplementary capital. Furthermore, with resolution No. 5 of the Extraordinary General Meeting of 25 January 2010, the allocation and use of reserve capital created under resolution No. 7 of the Extraordinary General Meeting of 12 November 2008 were changed. The reserve capital in the amount of PLN 109,088 thousand was allocated on the acquisition of own shares under resolution No. 4 of the Extraordinary General Meeting of 25 January 2010.

Note 8.17 Revenues from main activity

REVENUES FROM STOCKBROKING ACTIVITY Period Period Period Period from 2010-04-01 from 2010-01-01 from 2009-04-01 from 2009-01-01 to 2010-06-30 to 2010-06-30 to 2009-06-30 to 2009-06-30 a) from transactions in securities on own behalf, but 2 448 6 764 2 595 4 435 on account of the ordering party b) from offering of securities 0 0 0 0 c) from accepting purchase orders and amortization of participation units in 0 0 0 0 investment funds d) from services for institutional clients 854 1 740 945 1 725 e) from managing securities accounts and clients’ cash 567 844 236 561 accounts f) from offering of securities 5 385 10 814 1 053 1 321 g) from managing securities registers 444 769 212 384 h) from managing securities on order 259 816 631 863 i) from professional consulting in the scope of securities 0 42 0 0 trading j) from representing brokerage houses on the regulated securities markets and on 0 0 0 0 commodity exchanges k) commissions from operations on foreign markets 1 1 19 54 l) other 2 111 4 347 2 109 4 003 Total other revenues from stockbroking activity 12 069 26 137 7 800 13 346

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Note 8.18 Other revenues from main activity

Period Period Period Period from from from from OTHER REVENUES FROM MAIN ACTIVITY 2010-04-01 2010-01-01 2009-04-01 2009-01-01 to 2010-06-30 to 2010-06-30 to 2009-06-30 to 2009-06-30 a) consulting 44 135 36 43 b) funds management 5 064 9 421 1 733 3 147 c) security services 8 284 16 163 7 896 15 445 d) services for healthcare entities 0 0 1 996 4 224 e) debt trading 12 084 22 925 9 572 20 041 f) mortgage trading 396 860 565 1 010 Total other revenues from main activity 25 872 49 504 21 798 43 910

Revenues from main activity are domestic revenues.

Note 8.19 Costs of main activity

Period Period Period Period from from from from COSTS OF MAIN ACTIVITY 2010-04-01 2010-01-01 2009-04-01 2009-01-01 to 2010-06-30 to 2010-06-30 to 2009-06-30 to 2009-06-30 a) costs due to affiliation 0 0 0 0 b) fees for regulated stock exchange markets, commodities exchanges and for the 855 1 760 927 1 820 National Depository for Securities and clearing houses c) payment towards chamber of commerce 19 28 28 45 d) salaries 12 597 26 538 14 543 28 144 e) insurance and other benefits 1 963 3 751 1 977 4 327 f) use of materials and energy 814 1 526 821 1 825 g) costs of maintenance and rental of fixed assets 652 1 515 651 1 768 h) other costs in kind 6 692 12 084 1 351 3 526 i) depreciation 995 1 995 1 078 2 166 j) taxes and other public law fees 167 272 188 278 k) commissions and other fees 581 614 0 2 l) other 603 1 018 3 682 5 233 Total costs of main activity 25 938 51 101 25 246 49 134

Note 8.20 Result on financial instruments held for trading

RESULT ON FINANCIAL INSTRUMENTS HELD FOR Period Period Period Period from from from from TRADING 2010-04-01 2010-01-01 2009-04-01 2009-01-01 to 2010-06-30 to 2010-06-30 to 2009-06-30 to 2009-06-30 1. REVENUES FROM FINANCIAL INSTRUMENTS HELD FOR TRADING a) dividends and other shares in profit, including: 127 127 885 885 -from associates 0 0 0 0 b) interest 573 1 777 218 498 c) revaluation adjustments 0 0 0 0 d) profit from sale/ redemption 4 081 19 618 23 354 36 643 e) other 4 257 6 468 553 43 Total revenues from financial instruments held for trading 0 0 0 0 2. COSTS DUE TO FINANCIAL INSTRUMENTS HELD 9 038 27 990 25 010 38 069 FOR TRADING a) revaluation adjustments b) loss on sale/ amortization 13 272 21 866 14 047 25 636 c) other 43 0 0 0 Total costs due to financial instruments held for trading 0 0 1 1 Result on financial instruments held for trading 13 315 21 866 14 048 25 637 -4 277 6 124 10 962 12 432

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Note 8.21 Result on financial instruments held for trading

RESULT ON FINANCIAL INSTRUMENTS HELD Period Period Period Period from 2010-04-01 from 2019-01-01 from 2009-04-01 from 2009-01-01 FOR TRADING to 2010-06-30 to 2010-06-30 to 2009-06-30 to 2009-06-30 1. REVENUES FROM FINANCIAL INSTRUMENTS HELD FOR TRADING a) dividends and other shares in profit, including: 0 8 0 0 -from associates 0 0 0 0 b) interest, including: 0 0 0 0 -from associates 0 0 0 0 c) revaluation adjustments 0 0 0 0 d) profit from sale/ redemption 0 0 1 255 1 070 e) discount deduction from debt securities 0 0 0 0 f) other 0 0 0 0 Total revenues from financial instruments held for trading 0 8 1 255 1 070

2. COSTS DUE TO FINANCIAL INSTRUMENTS HELD FOR TRADING a) revaluation adjustments 0 0 0 0 b) loss on sale/ amortization 0 0 0 0 c) depreciation on bonuses from debt securities 0 0 0 0 d) other 0 0 0 0 Total costs due to financial instruments held for trading 0 0 0 0 Result on financial instruments held for trading 0 8 1 255 1 070

Note 8.22 Financial revenues

FINANCIAL REVENUES Period Period Period Period from 2010-04-01 from 2010-01-01 from 2009-04-01 from 2009-01-01 to 2010-06-30 to 2010-06-30 to 2009-06-30 to 2009-06-30 1. Interest from granted loans 79 333 2 222 2 277 a) from associate 0 0 0 0 b) other 79 333 2 222 2 277 2. Interest from deposits 954 1 698 1 371 2 227 a) from associates 0 0 0 0 b) other 954 1 698 1 371 2 227 3. Other interest 164 411 278 518 4. Positive exchange rate differences 6 8 10 10 a) realized 6 8 1 1 b) not realized 0 0 9 9 5. Other 2 617 5 034 2 541 4 982 Total financial revenues 3 820 7 484 6 422 10 014

Note 8.23 Financial costs

FINANCIAL COSTS Period Period Period Period from 2010-04-01 from 2010-01-01 from 2009-04-01 from 2009-01-01 to 2010-06-30 to 2010-06-30 to 2009-06-30 to 2009-06-30 1.Interest from loans 122 990 625 1 132 a) from affiliates 0 0 0 0 b) other 122 990 625 1 132 2. Interest from issued debentures 1 049 2 501 1 103 2 074 3.Clients’ cash accounts charge with interest 249 427 221 471 3. Other interest 2 512 5 284 67 400 5. Negative exchange rate differences 29 38 5 30 a) realized 16 17 4 29 b) not realized 13 21 1 1 6. Revaluation write-offs of investments in subsidiaries and 2 775 4 620 0 636 associates 7. Other 482 1 217 4 989 6 807 Total financial costs 7 218 15 077 7 010 11 523

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Note 8.24 Earnings per share

Basic earnings per share are calculated by dividing net profit of ordinary shareholders of the Parent by weighted average number of issued ordinary shares in a given reporting period.

EARNINGS PER SHARE Period Period Period Period from 2010-04-01 from 2010-01-01 from 2009-04-01 from 2009-01-01 to 2010-06-30 to 2010-06-30 to 2009-06-30 to 2009-06-30 Net profit (loss) (in thousand PLN) 5 019 21 453 14 574 19 902 Weighted average number of shares (in pieces) 218 176 856 218 176 856 124 155 890 124 155 890 Profit (loss) per one ordinary share (in PLN) 0,02 0,10 0,12 0,16 Weighted average diluted number of ordinary shares (in 218 176 856 218 176 856 218 176 856 218 176 856 pieces) Diluted profit (loss) per one ordinary share (in PLN) 0,02 0,10 0,07 0,09

In order to recognize a diluted number the maximum number of shares was taken into account.

Annual profit of shareholder of the Parent as of 30 June 2010 amounted to PLN 41,021 thousand, and as of 30 June 2009 annual loss amounted to PLN 124,106 thousand. The calculation of earning per share was presented in Section 3 – Selected financial data.

Note 8.25 Transactions with associates

This note presents total amounts of transactions carried out with associates for the period from 1 January 2010 to 30 June 2010 and from 1 January 2009 to 30 June 2010. The note includes transactions concluded with all the subsidiaries and associates, as well as with other associates, with which the transactions were conducted. Transactions with associates in the mentioned periods were carried out on market terms. In the consolidated financial statement all the transactions with subsidiaries and co-dependent entities were eliminated.

Apart from the transactions presented in this Note, IDMSA Brokerage House conducted with its related entities and with the members of the Management Board and the Supervisory Board, proxies and significant shareholders in particular, transactions resulting from the stockbroking activity of the Company. The transactions were connected with the collection of payment for the management of investment accounts, commissions on the transactions conducted through IDMSA Brokerage House, payments for the registration of the balance and transfer of securities. These transactions are typical transactions, realized on the basis of the rules and regulations of IDMSA Brokerage House which are identical to all the investors.

Transactions between the Parent and Subsidiaries

IDMSA.PL Doradztwo Finansowe Sp. z o.o. (in thousand PLN) 30 June 2010 30 June 2009 Sale 45 62 Acquisitions 36 37 Interest on IDMSA BH own bonds 15 0

Receivables 2 1 Liabilities 306* 517** * Bonds issued by IDMSA BH of the nominal value of PLN 300 thousand with interest due, 10% interest with the purchase date on 13 January 2011. ** Liabilities on the purchase of TMB S.A. bonds.

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Electus Spółka Akcyjna (in thousand PLN) 30 June 2010 30 June 2009 Sale 19 164 Acquisitions 0 0 Interest on IDMSA BH own bonds 193 103 Interest on Electus S.A. own bonds 3 0 Interest on granted loans 0 65

Financial instruments held for trading 54* 0 Receivables 0 3 Liabilities 3 044** 4 067*** * Taken up and acquired on the secondary market in 2009 series ELEK0911 bonds of the nominal value of PLN 52 thousand, including interest due, floating interest rate, the right to purchase shall be determined on 19 September 2011 ** Debt securities issued by IDMSA Brokerage House of the nominal value of PLN 3,000 thousand with interest due, interest rate of 13%, with purchase term on 2 September 2010.

In 2009 the IDMSA Brokerage House signed an option agreement concerning bonds issued by Electus S.A. in which it undertook, upon the request of the other party, to acquire or indicate an entity that would acquire the bonds. The subject of the agreement is 8,000 bonds of the nominal value of PLN 1,000 increased by due interest. The agreement may be executed until March 2011.

Electus Hipoteczny Spółka Akcyjna (in thousand PLN) 30 June 2010 30 June 2009 Sale 4 1 Acquisitions 0 0 Interest on granted loans 14 47 Interest on IDMSA BH own bonds 149 0 Interest on Electus S.A. own bonds 18 0

Financial instruments held for trading 1 830* 0 Receivables 5 1 398*** Liabilities 3 849** 0 * Electus Hipoteczny S.A. bonds (including interest) ** Bonds issued by IDMSA BH, taken-over by Electus Hipoteczny including bonds, the total nominal value: PLN 3,700 thousand, 10.5% annual interest rate, the date of purchase of bonds including interest: 9 February 2011. *** Loan agreement of 9 October 2007, WIBOR rate 1M increased by 3% per annum. Until the date of presenting this financial statement the loan was paid.

In item financial instruments held for trading, bonds issued by Electus S.A. and taken-over by IDMSA BH are presented: - 300 F series bonds of the nominal value of PLN 1 thousand each, taken-over until 13 November 2009, 12% annual interest rate, with purchase date as of 12 November 2010, - 500 H series bonds of the nominal value of PLN 1 thousand each, taken-over until 15 April 2010, 10% annual interest rate, with purchase date as of 18 April 2011, - 637 I series bonds of the nominal value of PLN 1 thousand each, taken-over until 8 June 2010, 7.95% annual interest rate, with purchase date as of 10 December 2010, - 375 J series bonds of the nominal value of PLN 1 thousand each, taken-over until 30 June 2010, 10% annual interest rate, with purchase date as of 30 June 2011.

In the period of this financial statement Electus Hipoteczny S.A. paid, in accordance with agreement of 9 October 2007, amended with annexes, the whole loan including interest in the amount of PLN 667 thousand. Furthermore, in the first half-year of 2010 Electus Hipoteczny acquired financial instruments from IDMSA BH. The value of transaction was PLN 2,000 thousand.

On 11 February 2010 IDMSA BH signed an agreement on assignment of receivables in the amount of PLN 2,000 thousand. The subject of the assignment were bonds of Grupa Kolastyna S.A. in arrangement bankruptcy.

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After the balance sheet date the following significant transactions between IDMSA BH and Electus Hipoteczny S.A. took place: - on 2 July 2010 as a result of agreement on earlier purchase of F, H, I and I series bonds, Electus Hipoteczny S.A. purchased all bonds for PLN 1,831 thousand, including the nominal value of PLN 1,812 thousand and interest of PLN 19 thousand; - on 2 July 2010 IDMSA BH issued 4,570 registered ACW series bonds, which were taken-over by Electus Hipoteczny S.A. The nominal value of one bond amounts to 1 thousand, the total nominal value is PLN 4,570 thousand. Annual interest rate of 10.5%, the date of purchase was set on 4 July 2011. Payment of interest is set on 4 October 2010, 3 January 2011, 4 April 2011 and on the date of purchase; - On 6 September 2010 on the basis of agreement on earlier purchase of bonds, IDMSA BH purchased 500 ACW series bonds of the total nominal value of PLN 500 thousand including PLN 5 thousand interest.

IDEA TFI Spółka Akcyjna (in thousand PLN) 30 June 2010 30 June 2009 Sale 1 025 289 Acquisitions 0 1

Receivables 168 112 Liabilities 154 0

GWARANT Agencja Ochrony Spółka Akcyjna (in thousand PLN) 30 June 2010 30 June 2009 Sale 29 50 Acquisitions 12 0

Receivables 0 0 Liabilities 0 0

Dividend 1 029 170

Relpol – 5 Sp. z o.o. (in thousand PLN) 30 June 2010 30 June 2009 Sale 1 0 Acquisitions 0 0

Receivables 0 9 559* Liabilities 1 134 0

*including receivable acquired under the Agreement on sale of shares and receivables of 11 December 2008 from BBI Capital NFI in the amount of PLN 4,181 thousand, receivables under Compensation agreement of 12 March 2009 in the amount of PLN 5,372 thousand, loan in the amount of PLN 6 thousand.

On 18 February 2010 IDMSA BH acquired from Relpol-5 Sp. z o.o. 519,565 shares of Instal Lublin and receivables in the total amount of PLN 5,125 thousand. Mutual accounts of IDMSA BH and Relpol-5 Sp. z o.o. were calculated by way of receivables set-off.

Furthermore in the first half-year of 2010 the company Relpol-5 Sp. z o.o. paid all loans granted by IDMSA BH in the total amount of PLN 30 thousand.

Profinet Spółka Akcyjna (in thousand PLN) 30 June 2010 30 June 2009 Sale 24 5 Interest on receivables 0 4 Interest on Profinet S.A. own bonds 26 9

Financial instruments held for trading* 2 229 225 Receivables 14 0 Liabilities 1 287 0

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The following bonds issued by Profinet S.A. and taken-over by IDMSA BH were included in Item Financial instruments held for trading: - 22 C series bonds of the nominal value of PLN 10 thousand each, which were taken-over on 13 February 2009, with annual interest rate of WIBOR 3 M + 11.5%, date of purchase – 13 February 2011, - 2,000 E series bonds of the nominal value of PLN 1 thousand each, which were taken-over on 18 June 2009, with 6.78% annual interest rate, date of purchase of the nominal values and interest in accordance with the schedule, the date of last instalment payments (60 instalments altogether) ranges from 18 July 2010 to 18 June 2016.

On 18 June 2010 Profinet S.A. acquired all shares of the company owned by IDMSA BH for redemption. Furthermore, in the first half-year of 2010 IDMSA BH acquired financial instruments held for trading from Profinet S.A. for the amount of PLN 1,287 thousand.

SprintAir Spółka Akcyjna (in thousand PLN) 30 June 2010 30 June 2009 Sale 0 0 Acquisitions 0 0

Receivables 1 255 0 Liabilities 0 0

Dividend 997 0

Instal Lublin Spółka Akcyjna (in thousand PLN) 30 June 2010 30 June 2009 Sale 18 2 Acquisitions 0 0 Interest on receivables 0 124

Receivables 42 0 Liabilities 0 0 Shares take-over 0 782

Grupa Kolastyna Spółka Akcyjna in arrangement bankruptcy (in thousand PLN) 30 June 2010 30 June 2009 Sale 665 0 Acquisitions 0 0 Interest on receivables 10 0 Interest on IDMSA BH own bonds 5 0 Interest on Grupa Kolastyna S.A. in arrangement bankruptcy own 125 0 bonds

Financial instruments held for trading 2 823* 0 Receivables 281 0 Liabilities 0 0 Shares take-over 4 478** 0 * Bonds of Grupa Kolastyna Spółka Akcyjna in arrangement bankruptcy (including interest). ** On 23 February 2010 IDMSA BH took-over 4,478,260 shares of Grupa Kolastyna S.A. in arrangement bankruptcy. The shares subscription was paid in 2009.

The following bonds issued by Grupa Kolastyna Spółka Akcyjna in arrangement bankruptcy and which were taken-over by IDMSA BH were presented in Item Financial instruments held for trading: - 200 I series bonds of the nominal value of PLN 1 each, which were taken-over on 2 March 2010, annual interest rate of 12%, purchase date on 2 September 2010, - 200 J series bonds of the nominal value of PLN 1 each, which were taken-over on 12 March 2010, annual interest rate of 12%, purchase date on 13 September 2010,

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- 908 K series bonds of the nominal value of PLN 1 each, which were taken-over on 24 March 2010, annual interest rate of 12%, purchase date on 24 May – until the date of this financial statement the abovementioned bonds were acquired, - 1500 K series bonds of the nominal value of PLN 1 each, which were taken-over on 23 April 2010, annual interest rate of 12%, purchase date on 21 June – until the date of this financial statement the abovementioned bonds were acquired in the amount of PLN 850 thousand.

Furthermore in the period included in this financial statement IDMSA BH acquired 1350 L series bonds of the nominal value of PLN 1 thousand each, issued by Grupa Kolastyna Spółka Akcyjna in arrangement bankruptcy. The bonds were acquired with interest.

On 10 November 2009 IDMSA BH issued 560 ABP series bonds of the nominal value of PLN 1 thousand each. The bonds were taken-over by Grupa Kolastyna Spółka Akcyjna in arrangement bankruptcy. Liability on series bonds was settled in 2009 in the amount of PLN 80 thousand and in the period included in this financial statement in the amount of PLN 488 thousand (including PLN 8 thousand interest.

As of 30 June 2009 Grupa Kolastyna Spółka Akcyjna in arrangement bankruptcy was not an associate of IDMSA BH Capital Group.

Transactions of the Parent with other associates

Agencja Support Sp. z o.o. (in thousand PLN) 30 June 2010 30 June 2009 Sale 0 0 Acquisitions 324 215

Receivables 0 0 Liabilities 232 212

Transactions between subsidiaries and co-subsidiaries

Electus S.A. with Electus Hipoteczny S.A. (in thousand PLN) 30 June 2010 30 June 2009 Sale 6 0 Acquisitions 373 141 Interest – financial revenues 62 133

Receivables on supplies, works and services 1 2 Liabilities on supplies, works and services 27 27 Loans granted 1 247 1 122 Other receivables 368 446 Other liabilities 0 2 697

Electus S.A. did not grant any loans to associates in the period of this financial statement. The loans granted by Electus S.A. to Electus Hipoteczny S.A. are still in progress, and include: - a loan agreement on PLN 150 thousand granted to the company associated to Electus Hipoteczny S.A. on 6 May 2009, annual interest rate – 12%, - a loan agreement on PLN 750 thousand of 28 October 2008, interest rate – 12% per annum, - a loan of 29 December 2008 in the amount of PLN 150 thousand, interest rate - 11% per annum.

As of the date of this financial statement the amount due under the agreement on the repayment of debt signed with Electus Hipoteczny S.A. equals PLN 368 thousand.

Electus S.A. with Electus Project A Sp. z .o.o. (in thousand PLN) 30 June 2010 30 June 2009 Sale 1 0 Acquisitions 0 0 Interest – financial revenues 0 0

Receivables on supplies, works and services 1 0

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Liabilities on supplies, works and services 0 0 Loans granted 0 0 Other receivables 0 0 Other liabilities 0 0

Electus S.A. with Electus Project B Sp. z .o.o. (in thousand PLN) 30 June 2010 30 June 2009 Sale 1 0 Acquisitions 0 0 Interest – financial revenues 0 0

Receivables on supplies, works and services 1 0 Liabilities on supplies, works and services 0 0 Loans granted 0 0 Other receivables 0 0 Other liabilities 0 0

Electus Hipoteczny S.A. with Grupa Kolastyna S.A. in arrangement bankruptcy

After the date included in this financial statement, Grupa Kolastyna in arrangement bankruptcy fully paid the receivables on F, G and H series bonds on the total amount of PLN 4,930 thousand, with PLN 361 thousand interest, acquired by Electus Hipoteczny S.A. Furthermore, Grupa Kolastyna in arrangement bankruptcy executed an earlier partial purchase of E series shares in the amount of PLN 2,000 with interest – PLN 408 thousand.

As of 30 June 2009, Grupa Kolastyna Spółka Akcyjna in arrangement bankruptcy was not associated with IDMSA Capital Group.

„Gwarant” Agencja Ochrony S.A. with „Gwarant BIS” Agencja Ochrony Sp. z o.o. (in thousand PLN) 30 June 2010 30 June 2009 Sale 43 5 Acquisitions 2 285 1 697

Receivables on supplies, works and services 0 45 Liabilities on supplies, works and services 466 487

Relpol 5 Sp. z o.o. z Instal Lublin S.A. (in thousand PLN) 30 June 2010 30 June 2009 Sale 0 0 Acquisitions 0 0

Receivables on supplies, works and services 0 0 Liabilities on supplies, works and services 0 0 Shares take-over 0 5 372

On 18 March 2009 Relpol-5 Sp. z o.o. subscribed for F series shares of Instal-Lublin S.A. in the amount of 1,989,565 shares by executing its preemptive right. The issue price amounted to PLN 2.70. The amount paid for shares amounted to PLN 5,372. F series shares were paid with receivables of IDMSA BH towards Instal Lublin, under compensation agreement of 12 March 2009.

Transactions of Management Board Members of the Parent with IDMSA Brokerage House

In the first half-year of 2010 the Members of the Management Board of the Parent did not performed any transactions with IDMSA BH.

In the first half-year of 2009 Grzegorz Leszczyński paid the amount of PLN 425 thousand as an advance payment for execution of transactions. The transactions were not finalised and the advance payment was returned.

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Transactions of Supervisory Board Members of the Parent with IDMSA Brokerage House

In the first half-year of 2009 the Members of the Supervisory Board of the Parent did not performed any transactions with IDMSA BH.

In the first half-year of 2010 IDMSA BH acquired financial instruments from Antoni Abrata ński. The value of the transaction was PLN 18 thousand.

IDMSA BH performed transactions resulting from brokerage activity with associate entities, particularly with members of the management board, supervisory board and significant shareholders. These transactions were connected with fees for running brokerage accounts, commissions on transactions performed thanks to IDMSA, registration fees of the state of owning securities. The abovementioned transactions are typical and based on Articles of Association of IDMSA BH, whose rules are the same for all investors.

Transactions of Management Board Members of Electus S.A. with Electus S.A.

(in thousand PLN) 30 June 2010 30 June 2009 Interest – financial revenues 2 806 5 612 Interest – financial costs 0 0

Receivables 0 42 404

On 26 April 2010 the company signed an agreement with Mr. Marek Falenta determining the method and rules of settlement of liability of Mr. Marek Falenta towards Electus S.A. In order to pay the total amount of liability resulting from the agreement on purchase of liability towards Sigma Sp. z o.o. by Mr. Marek Falenta, Mr. Marek Falenta transfers to Electus SA the ownership of 8,801 shares of the company ZNTK Nieruchomo ści Sp. z o.o. The agreement contains a condition precedent which is the valid registration of changes to the Articles of Association of the company ZNTK Nieruchomo ści Sp. z o.o. in the Register of Entrepreneurs of the National Court Register. The value of the subject of the agreement as of 31 March 2010 amounts to PLN 50,823 thousand and upon the transfer of the shares towards Electus S.A. and expiry of the abovementioned condition all the liabilities of Mr. Marek Falenta towards Electus S.A. cease to exist

Transactions of the Supervisory Board Members of Electus S.A. with Electus S.A.

(in thousand PLN) 30 June 2010 30 June 2009 Sale 630 59 Acquisitions 0 0

Receivables 0 0 Liabilities 28 0

Note 8.26 Remuneration of Management and Supervisory Board Member of the Parent

(in thousand PLN) 01.01.2010- 01.01.2009- 01.01.2009- 30.06.2010 31.12.2009 30.06.2009 Gross remuneration of Management Board Members 1 765 1 639 744 Gross remuneration of Supervisory Board Members 89 245 90

The remuneration indicated in the table above includes bonuses paid in Q1 2010 for 2009. The costs of the bonuses were recognised respectively in the costs of 2009 and by recognition of relevant reserves. The remuneration for Q1 of 2010 excluding bonuses for 2009 was around the remuneration in Q1 2009. Both in current and previous reporting period no loans, credits and advance payments were granted to Members of the Management and Supervisory Board.

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Note 8.27 Number of Employees of the IDMSA Brokerage House Capital Group

Number of Employees of the IDMSA Brokerage House Capital Group

Number of employees Company 30.06.2010 31.12.2009 30.06.2009 IDM SA Brokerage House 171 176 169 Doradztwo Finansowe IDMSA.PL Sp. z o.o. 9 7 8 Electus SA 51 43 46 Żak Sp. z o.o. - 147 153 Idea TFI SA 17 15 14 Electus Hipoteczny SA 8 8 7 Gwarant Agencja Ochrony SA 658 622 548 Gwarant BIS Agencja Ochrony sp. z o.o. 5 2 2 Relpol-5 Sp. z o.o. 0 0 0 Total number of employees 919 1020 947

Average number of employees Company 30.06.2010 31.12.2009 30.06.2009 IDMSA Brokerage House 168 162 191 Doradztwo Finansowe IDMSA.PL Sp. z o.o. 8 8 9 Electus SA 45 45 46 Żak Sp. z o.o. - 173 200 Idea TFI SA 15 15 14 Electus Hipoteczny SA 8 8 7 Gwarant Agencja Ochrony SA 637 546 522 Gwarant BIS Agencja Ochrony sp. z o.o. 5 2 2 Relpol-5 Sp. z o.o. 0 0 0 Total average number of employees 886 959 991

Note 8.28 Events after the balance sheet date

8.29.1. IDM S.A. Brokerage House

The company is executing a process of the acquisition of its own shares under resolution No. 4 of the General Meeting of Shareholders of 25 January 2010, which began on 28 June 2010. After the balance sheet date, i.e. 1 July 2010 to 31 August 2010 the Company acquired 5 940 000 of its own shares.

On 8 July Mr Jarosław Żoł ędowski resigned from the post of the Proxy, on 12 July 2010 Mr Łukasz Jagiełło was appointed as the Proxy. On 22 July 2010 Mr Adam Szyszka and Mr. Dariusz Maciejuk were appointed as the Member of the Supervisory Board by the Ordinary General Meeting.

On 28 July 2010 IDMSA BH signed credit facility agreement with Toyota Bank Polska S.A. to the amount of PLN 5 thousand. The credit was granted for the period of one year with the possibility to prolong it. The guarantee for the credit is registered pledge on shares of specific companies.

On account of the issue of documents on H series shares of Instal Lublin S.A. under Art. 451.2 of the Code of Commercial Companies and at the same time by the increase of share capital of Instal Lublin S.A., a percentage stake of IDMSA BH in the share capital and the number of votes at the General Meeting of the Company decreased. Directly after the increase of the share capital by Instal Lublin S.A., IDMSA BH held 4 461 122 shares of Instal Lublin S.A., which constituted 15.46% of the increased share capital and the right to vote at the General Meeting of Shareholders of the company. As of the date of acceptation of this financial statement

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IDMSA holds 4 534 054 shares of Instal Lublin.

8.29.2. Electus S.A.

On 30 August 2010 an agreement on transfer of receivables between Electus S.A. and Presto Sp. z o.o., under which Electus S.A. transfers on Presto Sp. z o.o. receivables towards Archeron Capital Management Ltd of the total value of PLN 3,663 thousand for the price of PLN 3,612 thousand paid within the period of 220 days from the date of the contract. In order to guarantee the payment of price Presto Sp. z o.o. shall guarantee Electus S.A. with legal security in the form of ordinary mortgage in the amount of PLN 3,612 thousand on a property consisting in land in Wrocław, at ul. Ko ściuszki 51b entered into land and mortgage register under No. WR1K/00085640/7 which belongs to Presto Sp. z o.o. The parties agreed also on other right and obligations under the agreement.

In order to guarantee the receivables of Presto Sp. z o.o., on 30 August 2010 a mortgage on a developed property consisting in land was settled, which was entered into the land and mortgage register under No. WR1K/00085640/7 and is in Wrocław, at ul. T. Ko ściuszki 51b, owned by Presto Sp. z o.o.

8.29.3 Instal-Lublin S.A. and Grupa Kolastyna S.A. in arrangement bankruptcy

Significant events after the balance sheet date of the Group and Instal Lublin S.A. and Grupa Kolastyna, which are public companies and publish their own half-year financial statements, were described in financial statements of those companies.

Note 8.30 Significant events concerning previous years referred to in condensed the financial statements

N/A

Note 8.31 Settlements on court proceedings

In the first half-year of 2010 there were no settlements on court proceedings in the Capital Group which could have significant influence on the financial result of the Group

Note 8.32 External capital requirements

IDMSA Brokerage House is obliged to comply with capital adequacy norms defined in the Resolution of the Minister of Finance of 118 November 2009 on the scope and detailed principles of establishing total capital requirement, including capital requirements for brokerage houses and determining maximum amount of loans and issued debt instruments in relation to capitals (Journal of Laws of 2009, No. 204, Item 1571), published on the basis of Act on trading in financial instruments (Journal of Laws of 2005, No. 183, Item 1538 as amended) of 29 July 2005 . On the basis of the abovementioned regulations the Company is obliged to monitor the level of supervised capitals, the level of risk generated by the assets held and its operations as well as to compare the current level of supervised capitals with capital requirements set out in the regulations on an ongoing basis. Moreover, IDMSA Brokerage House is obliged to comply with the consolidated norms of capital adequacy calculated on the basis of consolidated financial data. In accordance with the abovementioned regulations IDMSA Brokerage House has restricted possibilities of investing in one entity. The level of investment is strictly related to the level of supervised capitals. While planning an investment the company analyses its influence on the level of supervised capitals as well as the risk of exceeding the engagement of assets ratios.

Both on 30 June 2010 and on the date of publication of the financial statements IDMSA Brokerage House

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met the valid norms of capital adequacy and exposure limits. Binding regulations were fulfilled also on 31 December 2009.

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Indicators of IDMSA Brokerage House:

Detailed list 30.06.2010 Mid-month value Level of supervised capitals 612 039 601 682 I. Basic capitals 612 039 601 682 II. Supplementary capitals of II category -61 -731 III. Supplementary capitals of III category 0 0 Total capital requirements 345 377 345 448 1. Market risk 0 50 2. Supply calculation risk and credit risk of contracting party 0 0 3. Credit risk 64 894 63 472 4. Operational risk 19 675 19 417 5. Exceeding the limit of engagements and high engagements 260 808 262 509 6. Capital requirements on overhead costs 9 058 8 922

On account of differences in regulations on the method of recognizing norms of capital adequacy at the end of first half-year of 2010 and at the end of 2009, the comparable date were not presented in this financial statement.

9. CONDENSED INDIVIDUAL FINANCIAL STATEMENT OF THE COMPANY IDMSA BROKERAGE HOUSE

9.1. Name and registered office, registering bodies, business of the Parent

Dom Maklerski IDM S.A. (IDMSA Brokerage House, hereinafter the “Company”, “IDMSA BH”) acts on the basis of Act on Trading in Financial Instruments (Journal of Laws of 2008 No 183, item 1538 with subsequent amendments) of 29 July 2005 and stockbroking license: - of 31 January 2003 (decision No. DDM-M-4020-23-1/2003) issued by the Securities and Exchange Commission; - of 15 July 2010 (decision No. DFL/4020/143/40/I/23/77/09/10/EK) issued by the Polish Financial Supervision Authority.

The Company operates on the Warsaw Stock Exchange („WSE”) as direct participant from 8 January 2001.

The Company’s business activity was described in Section 1.1 of the condensed consolidated financial statement of the Capital Group IDMSA BH.

9.2. Basis for the preparation of the consolidated financial statements

IDMSA BH, as the issuer of securities admitted to public trading under §82 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information to be published by issuers of securities and the conditions for the equal treatment of information required by law of a non-member state (Journal of Laws of 2009 No. 33, Item 259 as amended) is obliged to prepare and present periodic reports. In accordance with §83.1 of the regulations, IDMSA BH as a Parent does not prepare separate individual interim statement, but encloses consolidated individual interim financial statement to consolidated interim financial statement.

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The consolidated financial statements of IDMSA Brokerage House Capital Group for the period from 1 January 2010 to 30 June 2010 (first half-year of 2010) was prepared in accordance with the International Financial Reporting Standards 34 Interim Financial Reporting and other IFR/IFRS as applicable. Condensed interim financial statement does not include all information and disclosures required in annual financial statement, therefore it should be read together with consolidated annual financial statement of the Capital Group IDMSA BH for the financial year ended on 31 December 2009. In order to properly understand a financial situation and business results of IDMSA BH Brokerage House, as a Parent of the Capital Group, this condensed consolidated financial statement shall be read together with consolidated financial statement for the period ended on 30 June 2010.

This condensed individual financial statement was prepared on the basis of fair value concept with the exception of: - fixed tangible assets and intangible assets, investments in subsidiaries and affiliates, valued according to purchase prices and costs of their production taking into account possible depreciation and impairment write- offs, - cash recognised at nominal value, granted loans, receivables, acquired claims, bank loans, received loans, issued debt instruments, recognized at amortised cost using effective interest rate,financial instruments kept to maturity recognized at adjusted purchase prize, - acquired own shares, recognized at purchase price.

9.3. Conformity statement

This condensed individual financial statement was prepared in accordance with IFR 34 Interim Financial Reporting and other IFR/IFRS as applicable, in the scope not regulated by the above standards in accordance with the Accounting Act of 29 September 1994. (Journal of Laws of 2009, No. 152, Item 1223 as amended) and other statutory provisions under it. IFRS include the standards and interpretations accepted by the International Accounting Standards Board ("IASB") and the International Financial Reporting Interpretation Committee. In this financial statement the general term IFRS is used both in reference to the International Financial Reporting Standards and the International Accounting Standards.

As of the date of publication of the condensed individual financial statement, taking into account the process of adopting the IFRS by the European Union, there are no differences related to the accounting principles applied by the Company in accordance with the IFRS and IFRS approved by the European Union.

9.4. Measurement currency and presentation currency

The Group’s measurement currency and presentation currency of the consolidated financial statements is PLN. This condensed individual financial statement is presented in PLN and all the values, unless indicated otherwise, are given in thousand PLN.

9.5. Continuation of the business activity

Financial statement was prepared assuming the continued business activity of the Company in the foreseeable future, in the period of at least 12 months from the balance sheet date, i.e.30 June 2010. There are no premises of planned or required discontinuation, or significant limitation of current. The Management Board of the Company does not notify of, as of the date of signing of the condensed consolidated financial statement, the existence of facts and circumstances which would indicate the risk of discontinuation of the activity of the Company or entities forming the Group in the foreseeable future.

9.6. Approval of the financial statement

The condensed individual statement was approved for publishing and the document was signed by the

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Management Board on 31 August 2010

9.7. Changes to the applied accounting principles

In this condensed interim financial statement the same accounting principles and calculation methods were applied as in the last annual financial statement. Accounting principles applied by the Company were based on continuity method in all presented periods.

The amendments to published Standards and Interpretations were presented in Section 2.6 of the condensed consolidate financial statement .

10. Statement of financial position of IDMSA Brokerage House

State as of State as of State as of

Statement of Financial Position of IDMSA Brokerage House 30.06.2010 31.12.2009 30.06.2009 ASSETS I. Cash and cash equivalents 14.1 152 156 66 256 96 942 - clients’ cash 130 355 62 795 88 227 II. Current receivables 14.2 68 069 25 333 34 834 III. Financial instruments held for trading 14.3 227 466 266 746 177 954 IV. Available for sale financial instruments 8 565 3 045 3 812 V. Investments in subsidiaries 14.4 407 974 407 977 408 726 VI. Investments in associates 14.5 20 269 23 819 11 564 VII. Intangible assets, including: 874 902 580 - goodwill 0 0 0 VIII. Property, plant and equipment 3 306 3 097 3 539 IX. Other non-current assets 14.6 28 893 31 354 33 590 1. Deferred income tax assets 28 863 31 324 33 590 2. Other non-current assets 30 30 0 Total assets 917 572 828 529 771 541 LIABILITIES I. Current liabilities 14.7 259 941 187 939 139 482 II. Non-current liabilities 6 610 3 000 0 III.Other liabilities 610 606 614 IV. Provisions for liabilities 14.8 18 222 17 726 15 518 V. Equity 14.9 632 189 619 258 615 927 1.Share capital 21 818 21 818 21 818 2.Own shares (negative value) -23 008 -20 978 -11 839 3. Supplementary capital 511 856 463 391 454 253 4.Other reserve capitals 106 589 133 567 142 705 5. Profit (loss) from previous years 0 0 0 6. Net profit (loss) 10 715 21 712 9 067 7. Other comprehensive income 4 219 -253 -77 8. Write-offs of net profit during the financial year (negative value) 0 0 0 Total liabilities 917 572 828 529 771 541

State as of State as of State as of

Off-balance-sheet items 30.06.2010 31.12.2009 30.06.2009 Clients’ securities 3 366 539 2 941 388 1 948 403 Off-balance sheet liabilities, including off-balance-sheet liabilities described in notes No. 8.3, 8.10, and 8.12. Accounting value 632 189 619 258 615 927 Number of shares in pcs. 218 176 856 218 176 856 218 176 856 Accounting value per one share in PLN. 2,90 2,84 2,82 Diluted Number of shares in pcs. 218 176 856 218 176 856 218 176 856 Diluted accounting value per one share in PLN 2,90 2,84 2,82

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11. Statement of comprehensive income of IDMSA Brokerage House

Period Period Period Period Profit and Loss Account of the IDMSA Brokerage from 2010-04- from 2010-01- from 2009-04- from 2009-01- Note 01 to 2010-06- 01 to 2010-06- 01 to 2009-06- 01 to 2009-06- House 30 30 30 30 14.1 I. Revenue from main activity including: 0 12 542 27 119 7 959 13 794 1 Revenue from brokerage activity 3 301 8 504 3 541 6 161 2 Other revenue from main activity 9 241 18 615 4 418 7 633 3 Change in products (increases+/decreases-) 0 0 0 0 14.1 II. Costs of main activity 8 560 18 959 9 486 18 887 1 III. Result on main activity (I-II) 3 982 8 160 -1 527 -5 093 14.1 IV. Result on operations in financial instruments held for trading 2 -4 364 5 794 10 831 12 070 V. Result on operations in financial instruments held to maturity 0 0 0 0 Result on operations in financial instruments available for VI. 0 8 1 255 1 070 sale VII. Profit (loss) on investments in associates 0 0 0 0 VIII. Other operating revenues 2 608 3 069 281 2 598 IX. Other operating expenses 859 1 200 298 1 827 Profit (loss) on operating activity (III+IV+V+VI+VII+VIII- X. 1 367 15 831 10 542 8 818 IX) XI. Financial revenues 5 303 6 068 1 846 5 453 XII. Financial costs 4 506 8 950 1 434 3 442 XIII. Gross result on business activity (X+XI-XII) 2 164 12 949 10 954 10 829 XIV. Income tax 90 2 234 2 055 1 762 1. Current part 24 26 169 201 2. Deferred part 66 2 208 1 886 1 561 XV. Net profit (loss) (XIII-XIV) 2 074 10 715 8 899 9 067

1 Net profit (loss) 2 074 10 715 8 899 9 067 2 Average weighted number of ordinary shares (pcs.) 218 176 856 218 176 856 124 155 890 124 155 890 3 Profit (loss) per one ordinary share (in PLN) 0,01 0,05 0,07 0,07 4 Average diluted number of ordinary shares (in pcs. 218 176 856 218 176 856 218 176 856 218 176 856 5 Diluted profit (loss) per one ordinary share (in PLN) 0,01 0,05 0,04 0,04

Period Period Period Period Statement of comprehensive income of IDMSA Brokerage from 2010-04- from 2010-01- from 2009-04- from 2009-01- 01 to 2010-06- 01 to 2010-06- 01 to 2009-06- 01 to 2009-06- House 30 30 30 30 I. Net profit (loss) 2 074 10 715 8 899 9 067 II. Other total net comprehensive income, including 2 981 4 472 1 273 1 554 - profit and loss on measurement of financial instruments 3 680 5 520 1 570 1 916 available for sale - income tax concerning profit and loss on measurement of -699 -1 048 -297 -362 financial instruments available for sale III. Total comprehensive income (I+II) 5 055 15 187 10 172 10 621

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12. Consolidated statement of changes in equity of the IDMSA Brokerage House

Period Period Period Consolidated Statement of Changes in Equity of the IDMSA from 2010-01- from 2009-01- from 2009-01- Brokerage House 01 to 2010-06- 01 to 2009-12- 01 to 2009-06- 30 31 30 I. Opening balance of equity (OB) 619 258 609 392 609 392 a) changes in adopted accounting policies 0 0 0 b) corrections of basic errors 0 0 0 I.a. Opening balance of equity (OB.), after adjustments to comparable data 619 258 609 392 609 392 1. Opening balance of share capital 21 818 10 909 10 909 1.1. Changes in share capital 0 10 909 10 909 a) increases 0 10 909 10 909 - issue of shares 0 10 909 10 909 b) decreases 0 0 0 1.2. Closing balance of share capital 21 818 21 818 21 818 2. Opening balance of called up share capital 0 0 0 2.1. Changes in called up share capital 0 0 0 a) increases 0 0 0 b) decreases 0 0 0 2.2. Closing balance of called up share capita 0 0 0 3. Opening balance of own shares -20 977 0 -7 817 a) increases 0 -7 817 -4 022 - purchase of own shares -2 031 -13 160 -4 022 b) decreases 0 -13 160 0 3.1. Closing balance of own shares -23 008 -20 977 -11 839 4. Opening balance of supplementary capital 463 391 450 987 450 987 4.1. Changes in supplementary capital 48 465 12 404 3 266 a) increases 48 473 120 875 111 737 - issue of shares above the nominal value 0 107 715 107 715 - profit distribution (above the statutory minimum value) 21 494 0 0 - declassification from reserve capital in connection with buy-back 2 031 13 160 4 022 - declassification from reserve capital 24 948 0 0 b) decreases 8 108 471 108 471 - loss coverage 0 108 444 108 444 - settlement of issue costs 8 27 27 4.2. Closing balance of supplementary capital 511 856 463 391 454 253 5. Opening balance of other reserves 133 567 265 387 265 387 5.1. Changes in other reserves -26 978 -131 820 -122 682 a) increases 0 8 8 - settlement of I series issue 0 8 8 b) decreases 26 978 131 828 122 690 - declassification from reserve capital in connection with acquisition of 2 030 13 160 4 022 own shares - settlement of issue costs 0 44 46 - recognition as share capital in connection with registration of issue of 0 10 909 10 908 series I shares - recognition as supplementary capital in connection with registration of 24 948 107 715 107 714 issue of series I shares 5.2. Closing balance of other reserves 106 589 133 567 142 705 6. Opening balance of non-controlling shareholders capital 0 0 0 6.1. Changes in non-controlling shareholders capital 0 0 0 a) increases 0 0 0 b) decreases 0 0 0 6.2. Closing balance of non-controlling shareholders capital 0 0 0 7. Opening balance of profit (loss) from previous years 21 712 -108 444 -108 444 7.1. Opening balance of profit from previous years 21 712 0 0 a) changes in adopted accounting policies 0 0 0 b) corrections of basic errors 0 0 0 7.2. Opening balance of profit from previous years, after adjustments to 21 712 0 0 comparable data a) increases 0 0 0 b) decreases 21 712 0 0 - distribution of profit from previous years for supplementary capital 21 494 0 0

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- distribution of profit from previous years for social purposes 218 0 0 7.3. Closing balance of profit from previous years 0 0 0 7.4. Opening balance of loss from previous years 0 108 444 108 444 a) changes in adopted accounting policies 0 0 0 b) corrections of basic errors 0 0 0 7.5. Opening balance of loss from previous years, after adjustments to 0 108 444 108 444 comparable data a) increases 0 0 0 b) decreases 0 108 444 108 444 - coverage of loss with profit 0 108 444 108 444 7.6. Closing balance of loss from previous years 0 0 0 7.7. Closing balance of profit (loss) from previous years 0 0 0 8. Total income 8.1. Net profit 10 715 21 712 9 067 8.2. Opening balance of other total comprehensive income -253 -1 630 -1 630 8.2.1.Changes in other total comprehensive income 4 472 1 377 1 553 a) increases 5 520 1 706 1 916 - measurement of financial instruments available for sale 5 520 1 700 1 916 - deferred tax 0 6 0 b) decreases 1 048 329 363 - deferred tax reserves 989 0 30 - deferred tax assets 59 329 333 8.2.2. Closing balance of other total comprehensive income 4 219 -253 -77 8.3. Closing balance of total comprehensive income 14 934 21 459 8 990 II. Closing balance of equity (CB) 632 189 619 258 615 927 III. Equity after taking into consideration the proposed profit distribution (loss 632 189 619 258 615 927 coverage)

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13. Consolidated cash flow statement of the IDMSA Brokerage House

Period Period from 2010-01- from 2009-01- Consolidated Cash Flow Statement of the IDMSA Brokerage House 01 to 2010-06- 01 to 2009-06- 30 30 A. Cash flows from operating activities I. Gross profit (loss) 12 949 10 829 II. Total adjustments 54 984 9 558 1. Depreciation 717 771 2. (Profit) loss due to exchange rate differences 0 1 3. Interest and shares in profit (dividends) 2 552 -178 4. (Profit) loss on investment activities 2 331 -3 050 5. Change in provisions and write-offs revaluating receivables 1 728 -833 6. Change in financial instruments held for trading 39 266 -896 7. Change in receivables -47 324 9 614 8. Change in current liabilities, excluding loans 55 677 169 9. Change in prepayments and accruals 63 -1 121 10. Paid income tax -26 5 072 11. Other adjustments 0 9 III. Net cash flows from operating activities (I+/-II) 67 933 20 387 B. Cash flows from investment activities I. Inflows 12 383 6 574 1. Sale of intangible assets 0 0 2. Sale of property, plant and equipment 15 55 3. From financial instruments held to maturity and available for sale 12 368 6 519 a) in associates 0 0 b) in other entities 12 368 6 519 - sale of financial instruments 7 290 3 662 - dividends and share in profit 1 168 138 - interest 3 910 2 719 4. Other inflow 0 0 II. Outflows -3 291 -1 389 1. Acquisition of intangible assets -42 -193 2. Acquisition of property, plant and equipment -607 -185 3. For financial instruments held to maturity and available for sale -2 642 -1 011 a) in associates -2 642 -1 011 - in associates -2 642 -1 011 - in subsidiaries 0 0 b) in other entities 0 0 4. Other outflows 0 0 III. Net cash flows from investing activities (I-II) 9 092 5 185 C. Cash flows from financial activities I. Inflows 36 985 22 508 1. Long-term loans 0 0 2. Issue of long-term debentures 5 617 0 3. Short-term loans 0 5 210 4. Issue of short-term debentures 31 368 17 298 5. Subordinated liabilities 0 0 6. Inflows from issue of shares 0 0 7. Capital contributions 0 0 8. Other inflow 0 0 II. Outflows -28 110 -28 644 1. Repayment of long-term loans 0 0 2. Redemption of long-term debentures 0 0 3. Repayment of short-term credits and loans 0 -4 210 4. Redemption of short-term debentures -22 133 -18 680 5. Payment of subordinated liabilities 0 0 6. Expenses due to issue of shares 0 0 7. Purchase of own shares -2 031 -4 023 8. Dividends and other payments to shareholders 0 0 9. Profit distribution to managing and supervising persons 0 0 10. Expenses for social purposes -166 -153 11. Payments of liabilities due to financial leasing agreements 0 0 12. Paid interest -3 780 -1 578 13. Other outflows 0 0

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III. Net cash flows from financial activities (I-II) 8 875 -6 136 D. Net cash flows (a+/-B+/-C) 85 900 19 436 E. Balance sheet change in cash 85 900 19 436 - including change in cash due to changes in exchange rates 0 0 F. Opening balance of cash 66 256 77 506 G. Closing balance of cash (F+/- D) 152 156 96 942 - including cash of limited disposability 149 975 88 227

Current change of cash includes also the change of credit in current account.

14. Selected explanatory notes to condensed consolidated individual financial statement for the first half- year of 2010

Note 14.1 Cash and cash equivalents

Accounting principles applied on cash and its equivalents were presented in Note 8.1 of the condensed consolidated financial statement.

CASH AND CASH EQUIVALENTS 30.06.2010 31.12.2009 30.06.2009 a) on hand 109 152 178 b) in bank accounts 56 29 388 2 684 c) other cash 151 987 36 712 94 076 d) other cash equivalents 4 4 4 Total cash and cash equivalents 152 156 66 256 96 942

CASH AND CASH EQUIVALENTS 30.06.2010 31.12.2009 30.06.2009 a) in bank accounts and in hand 130 355 62 795 88 227 b) invested in debt securities issued by the Treasury 0 0 0 c) other 0 0 0 Total clients’ cash and cash equivalents 130 355 62 795 88 227

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Note 14.2 Loans and receivables

Appropriate accounting principles on loans and receivables were described in Note 8.2 of the condensed consolidated financial statement.

CURRENT RECEIVABLES 30.06.2010 31.12.2009 30.06.2009 a) from clients, including due to: 1 201 1 341 1 744 -deferred maturity 1 201 1 341 1 744 -overdue receivables and disputable claims not covered by receivables 0 0 0 revaluation write-offs b) from related entities including 1 779 5 107 11 075 -from subsidiaries 175 5 065 11 073 -from co-subsidiaries 0 0 0 -from associates 1 604 42 2 -from Parent 0 0 0 -from significant investor 0 0 0 -from others 0 0 0 c) from brokerage houses and commodity brokerage houses 0 0 0 d) from entities managing regulated securities markets and commodity 0 0 0 stock exchanges e) from the National Depository for Securities and stock exchange 4 998 6 617 6 934 clearing houses -from settlement fund 1 283 1 351 1 427 -from compensation fund 1 410 1 319 1 224 -other 2 305 3 947 4 283 f) from investment and pension fund companies and investment and 0 0 0 pension funds g) from issuers of securities 0 0 h) advances for the purchase of financial instruments 37 607 6 479 6 236 i) due to taxes, subsidies and social security benefits 161 52 5 j) receivables pursued in court without recognized revaluation write- 110 53 0 offs k) resulting from loan master agreements and short sale due to 0 0 0 borrowed securities l) other 22 213 5 684 8 840 Net current receivables 68 069 25 333 34 834 m) write-offs revaluating current receivables (positive value) 3 809 3 751 3 812 Gross current receivables 71 878 29 084 38 646

CHANGE IN REVAUATION WRITE-OFFS OF CURRENT 30.06.2010 31.12.2009 30.06.2009 RECEIVABLES Opening balance 3 751 5 753 5 753 a) increases (due to) 675 1 473 311 -revaluation write-offs and reserves due to payments for 675 1 473 311 compensation fund b) decreases (due to) 0 6 6 -use 0 6 6 c) release 617 3 469 2 246 Closing balance of revaluation write-offs of current receivables 3 809 3 751 3 812

Created write-offs concerned receivables from goods and services and other receivables. The value of the revaluation write-offs was recognized in other operating costs or financial costs, if they were related to interest. The decrease in previously created revaluation write-offs is recognized in other operating revenues or financial revenues, if it was related to interest.

RECEIVABLES (CURRENT AND NON-CURRENT) WITH 30.06.2010 31.12.2009 30.06.2009 THE PAYMENT DATE AFTER THE BALANCE SHEET

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DATE: a) up to one month 19 826 9 421 10 171 b) over 1 month to 3 months 19 145 4 989 11 070 c) over 3 months to 1 year 27 720 5 523 11 379 d) over 1 year to 5 years 746 273 181 e) over 5 years 0 0 0 f) overdue receivables 4 441 8 878 5 845 Total (gross) receivables 71 878 29 084 38 646 g) receivables revaluation write-offs 3 809 3 751 3 812 Total net receivables 68 069 25 333 34 834

OVERDUE RECEIVABLES (GROSS) WITH THE DIVISION INTO RECEIVABLES PAST DUE IN THE 30.06.2010 31.12.2009 30.06.2009 PERIOD: a) up to 1 month 477 6 762 2 371 b) over one month to 3 months 586 546 2 992 c) over 3 months to 1 year 2 994 840 167 d) over 1 year to 5 years 384 730 315 e) over 5 years 0 0 0 Total receivables (gross) 4 441 8 878 5 845 f) receivables revaluation write-offs 1 368 1 087 1 107 Total overdue receivables (net) 3 073 7 791 4 738

Note 14.3 Financial instruments held for trading

Accounting principles on financial instruments held for trading were presented in Note No. 8.4 of the condensed consolidated financial statement .

FINANCIAL INSTRUMENTS HELD FOR TRADING 30.06.2010 31.12.2009 30.06.2009 a) shares 78 346 119 354 89 497 b) debentures 36 831 40 608 10 224 c) participation units and investment certificates 84 480 81 786 71 057 d) warrants 0 0 0 e) other securities, shares 25 011 24 998 7 176 f) other proprietary rights (claims) 0 0 0 g) stock exchange commodities 0 0 0 h) other 2 798 0 0 Total financial instruments held for trading 227 466 266 746 177 954

CHANGE IN FINANCIAL INSTRUMENTS HELD FOR TRADING 30.06.2010 31.12.2009 30.06.2009 (MEASUREMENT) Opening balance 25 076 -14 128 -14 128 a) increases (due to) 16 700 75 259 36 181 -measurement of financial instruments 16 700 75 259 36 181 b) decreases (due to) 20 625 64 231 25 911 -measurement of financial instruments 20 625 64 231 25 911 c) release -8 371 -28 176 -12 673 Closing balance 29 522 25 076 8 815

FINANCIAL INSTRUMENTS HELD FOR TRADING (CURRENCY 30.06.2010 31.12.2009 30.06.2009 STRUCTURE) a) in the Polish currency 227 466 266 746 177 954 b) in foreign currencies 0 0 0 Total financial instruments held for trading 227 466 266 746 177 954

FINANCIAL INSTRUMENTS HELD FOR TRADING (BY 30.06.2010 31.12.2009 30.06.2009

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MARKETABILITY) A. With unlimited marketability, listed on stock exchanges, at fair 14 719 25 382 28 234 value: a) shares 14 666 25 328 28 234 b) bonds 53 54 0 c) other 0 0 0 B. With unlimited marketability, off-exchange trade, at fair value: 0 0 0 a) shares 0 0 0 b) bonds 0 0 0 c) other 0 0 0 C. With unlimited marketability, not listed on the regulated market, at 150 066 189 428 144 275 fair value: a) shares 26 022 46 985 55 818 b) bonds 36 778 35 659 10 224 c) other 87 266 106 784 78 233 - other proprietary rights (claims) 0 0 0 - participation units, investment certificates 59 457 81 786 71 057 - shares 25 011 24 998 7 176 - other 2 798 0 0 D. With limited marketability, at fair value 62 681 51 936 5 445 a) shares 37 658 47 041 5 445 - shares listed on the regulated market 37 526 46 711 5 445 - shares not listed on the regulated market 132 330 0 b) bonds 0 4 895 0 c) other – in accordance with the type group 25 023 0 0 - investment certificates 25 023 0 0 Total financial instruments held for trading at fair value including: 227 466 266 746 177 954 - revaluation adjustments 29 522 25 076 8 815

The value of presented in the note financial instruments held for trading of limited marketability reflects a fair value of financial instruments which constituted security of liabilities, a fair value of financial instruments whose ownership right was not transferred to IDMSA Brokerage House (as of the balance sheet date) and a fair value of financial instruments, in relation to which there are time restrictions concerning the possibility of sale. More information concerning this subject was presented in Note 8.4 and Note 8.10 of the condensed consolidated financial statement.

Note 14.4 Investments in subsidiaries

Investments in subsidiaries are stocks and shares in those entities over which the Company has the power to govern the financial and operating policies, generally accompanying a shareholding that confers more than half of the voting rights. Upon the evaluation, whether the Company controls a given entity, the existence and influence of potential voting rights which in a given moment can be executed or changed are taken into account

Derecognition/recognition of revaluation write-off of investment in associates is included in financial incomes/costs. Investments in subsidiaries not classified as held for sale instruments (or not included in the Company for sale classified as held for sale) are recognized at purchase price adjusted by possible impairment write-offs. The purchase price is a fair value as of the date of exchange of given assets, of incurred liabilities or liabilities assigned to the company and capital instruments issued by the Company, for stocks or shares in an acquired subsidiary increased by all the costs directly related to the acquisition of stocks or shares. Revaluation write-offs of investments in subsidiaries are recognised in financial costs. If there are no longer premises for impairment of investments in subsidiaries the previously created revaluation write-off is derecognised (partially or totally). The release of revaluation write-offs is recognised in financial revenues.

The subsidiaries of the Company were described in Section 1.2 of the condensed consolidated financial statement for the first half-year of 2010.

As of 30 June 2010 the value of investment in subsidiaries amounted to PLN 407,974 thousand, as of 31 December this value amounted to PLN 407,977 thousand and as of 30 June 2009 – PLN 408,726 thousand. The changes in the value of investment in subsidiaries in the firs half-year of 2010 were connected with listing Gwarant shares on New Connect market and the beginning of performing a market maker function on these shares by IDMSA BH.

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Both in the first half-year of 2010 and the first half-year of 2009, the Company did not create and derecognized revaluation write-offs on the value of investments in subsidiaries.

Note 14.5 Investments in associates

Investments in associates are shares in those entities over which the Company has a significant influence but which is neither a subsidiary nor a joint venture of the Company. A significant influence is the ability to take part in decision making process on financial policy of operating entity, in which the investment is made, however it is not based on controlling or co-controlling of the policy of the entity. It is assumed that a company has a significant influence on an entity, if it possesses directly or indirectly 20 per cent of votes in an entity, where the investment was made, unless it can be obviously stated otherwise.

Investments in affiliates not classified as held for sale (or not included in the Company for sale classified as held for sale) are recognized at purchase price adjusted by possible impairment write-offs. The purchase price is a fair value as of the date of exchange of given assets, incurred liabilities or liabilities assigned to the company and capital instruments issued by the Company, for stocks or shares in an acquired subsidiary increased by all the costs directly related to the acquisition of stocks or shares. Revaluation write-offs of investments in associates are recognised in financial costs. If there are no longer premises for impairment of investments in associates, the previously created write-off is derecognised (totally or partially). The release of such write-off is recognised in financial revenues.

The associates of the Company were characterised in Section1.3 of the condensed consolidated financial statement for the first half-year of 2010.

The value of investments in associates as of 30 June 2010 amounted to PLN 20,269 thousand. As of 31 December 2009 the value of investment in associates amounted to PLN 23,819 thousand, and as of 30 June 2009 – PLN 11,564 thousand.

In the first half-year of 2010 IDMSA BH sold all shares of Profinet S.A. owned. The shares were sold for redemption.

In the first half-year of 2010 the company created revaluation write-off on the value of the investment in associates in the amount of PLN 2,765 thousand and finished revaluation write-off in the total amount of PLN 1,021 thousand. Derecognition/recognition of revaluation write-off of investment in associates is included in financial incomes/costs.

Note 14.6 Other non-current assets – deferred income tax assets

Accounting principles on other non-current assets – deferred income tax assets were presented in Note 8.7 of the condensed consolidated financial statement.

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CHANGE TO DEFERRED TAX ASSETS 30.06.2010 31.12.2009 30.06.2009 1. Opening balance of deferred tax assets, including: 31 324 33 982 33 982 a) attributed to financial result 30 938 33 282 33 282 b) attributed to equity 386 700 700 c) attributed to goodwill 0 0 0 2. Increases 287 8 543 4 913 a) attributed to financial result of the period in connection with negative 287 3 321 1 292 temporary differences b) attributed to financial result of the period in connection with tax 0 5 142 3 606 loss c) attributed to equity in connection with negative temporary 0 0 0 differences d) attributed to equity in connection with tax loss 0 80 15 e) attributed to goodwill or negative goodwill in connection with 0 0 0 negative temporary differences 3. Decreases 2 747 11 201 5 305 a) attributed to financial result of the period in connection with negative 1 785 10 807 4 972 temporary differences (due to) b) attributed to financial result of the period in connection with tax 880 0 0 loss c) attributed to equity in connection with negative temporary 59 394 333 differences d) attributed to equity in connection with tax loss 23 0 0 e) attributed to goodwill or negative goodwill in connection with 0 0 0 negative temporary differences 4. Closing balance of deferred tax assets, including: 28 864 31 324 33 590 a) attributed to financial result 28 560 30 938 33 208 b) attributed to equity 304 386 382 c) attributed to goodwill 0 0 0

Note 14.7 Current liabilities

Accounting principles on current liabilities were presented in Note 8.8 of the condensed consolidated financial statement.

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CURRENT LIABILITIES 30.06.2010 31.12.2009 30.06.2009 1. Towards clients 131 223 63 176 86 953 2. Towards related entities 1 521 237 729 a) from subsidiaries 1 288 40 517 b) from other 233 197 212 3. To brokerage houses, other brokerage companies and commodity 0 0 0 brokerage houses 4. To entities managing stock exchange markets and commodity 385 582 480 exchanges 5. To National Depository for Securities and exchange clearing houses 1 641 759 2 361 a) due to payments for settlement fund 0 0 0 b) other 1 641 759 2 361 6. To chamber of commerce 6 13 35 7. To issuers of securities 0 0 0 8. Loans and credits 0 0 1 063 a) from related entities 0 0 1 063 - from subsidiaries 0 0 1 063 b) other 0 0 0 9. Debentures 75 837 57 594 41 265 a) from associates 3 499 3 404 3 004 b) other 72 338 54 190 38 261 10. Bills of Exchange 0 0 0 11. Taxes, duties and social security 1 895 1 688 1 608 12. Remuneration 1 407 1 333 1 265 13. To investment and pension fund companies and investment and 0 0 0 pension funds 14. Resulting from framework loan agreements and short sale due to lent 0 0 0 Securities 15. Other 46 026 62 557 3 723 a) due to acquisition of securities 43 467 59 939 1 844 b) due to goods and services 1 157 1 660 814 c) expenses for social purposes 958 907 1 039 d) other 444 51 26 Total current liabilities 259 941 187 939 139 482

CURRENT LIABILITIES WITH REPAYMENT PERIOD REMAINING FROM THE BALANCE 30.06.2010 31.12.2009 30.06.2009 SHEET DATE: a) up to 1 month 155 865 94 080 117 165 b) from 1 month to 3 months 17 335 15 032 9 084 c) from 3 months to 1 year 85 695 69 607 10 753 d) overdue 1 046 9 220 2 480 Total current liabilities 259 941 187 939 139 482

Liabilities guaranteed property of the Company were presented in Note 8.10 of the condensed consolidated financial statement.

Note 14.8 Contingent liabilities

Contingent liabilities of the Company were presented in Note 8.12 of the condensed consolidated financial statement.

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Note 14.9 Provisions

Provisions are created when the company has a present obligation (legal or constructive) as a result of a past event and if it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. In case when the inflow of money value in time is crucial, the size of provisions is determined by discounting the estimated cash flow to the current value, applying the discount rate reflecting current market assessments of money value in time and possible risks connected with a given financial obligation.

Provisions for deferred income tax are created in relation to all the positive temporary differences, unless the provision for deferred income tax is created as a result of the depreciation of goodwill or initial recognition of an asset or liability at the transaction not being the merger of entities and upon its conclusion it does not have influence on gross financial result or taxable income or tax loss. Provisions for deferred income tax are recognized with tax rates, in which it is probable to be valid in the period, when provision will be derecognized, on the basis of tax rates legally or actually binding as of the balance sheet date.

RESERVE FOR LIABILITIES 30.06.2010 31.12.2009 30.06.2009 1. For deferred tax income 13 465 12 661 12 152 2. For pension and similar benefits 724 639 803 a/ non-current 58 58 77 b/ current 666 581 726 3. Other 4 033 4 426 2 563 a/ non-current 0 0 0 b/ current 4 033 4 426 2 563 Total provisions for liabilities 18 222 17 726 15 518

CHANGE IN PROVISIONS FOR DEFERRED INCOME TAX 30.06.2010 31.12.2009 30.06.2009 1. Opening balance of provision for deferred income tax, including 12 661 10 634 10 635 a) attributed to financial result 12 661 10 628 10 629 b) attributed to equity 0 6 6 c) attributed to goodwill or negative goodwill 0 0 0 2. Increases 1 516 2 092 1 583 a) attributed to financial result due to positive taxable temporary 526 2 092 1 552 difference b) attributed to equity in connection with positive temporary 990 0 31 differences c) attributed to goodwill or negative goodwill in relation to 0 0 0 positive temporary differences 3. Decreases 712 65 66 a) attributed to financial result of the period due to positive taxable 712 59 66 temporary differences b) attributed to equity due to positive taxable temporary differences 0 6 0 c) attributed to goodwill or negative goodwill in relation to 0 0 0 positive temporary differences 4. Closing balance of total provision for deferred income tax 13 465 12 661 12 152 a) attributed to financial result 12 475 12 661 12 115 b) attributed to equity 990 0 37 c) attributed to goodwill or negative goodwill 0 0 0

CHANGE IN OTHER SHORT-TERM PROVISIONS 30.06.2010 31.12.2009 30.06.2009 Opening balance of other short-term provisions 4 426 3 195 3 195 - provision for employees' bonuses 2 156 1 662 1 662 - other 2 270 1 533 1 533 a) creation (due to) 4 740 6 823 1 918 - provision for employees' bonuses 3 960 4 200 500 - other 780 2 623 1 418

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b) use 3 225 4 598 2 544 - provision for employees' bonuses 2 664 3 706 1 852 - other 561 892 692 c) release 1 908 994 6 - provision for employees' bonuses 1 352 0 0 - other 556 994 6 Closing balance of other short-term provisions 4 033 4 426 2 563 - provision for employees' bonuses 2 100 2 156 310 - other 1 933 2 270 2 253

Both in the first half-year of 2010 and the first half-year of 2009 the Company did not crate and derecognized provisions for restructuring costs.

Note 14.10 Equity capital

The share capital of the Company was described in Note 8.13 of the condensed consolidated financial statement.

SUPPLEMENTARY CAPITAL 30.06.2010 31.12.2009 30.06.2009 a) from the sale of shares above their nominal value 428 827 428 835 428 835 b) created statutorily 3 636 3 636 3 636 c) created in accordance with the Articles of Association / agreement, 5 758 5 758 5 758 above required statutorily (minimal) value d) from contributions of shareholders/ partners 0 0 0 e)issue of employees' shares 4 185 4 185 4 185 f) other 69 450 20 977 11 839 Total supplementary capital 511 856 463 391 454 253

OWN SHARES 30.06.2010 31.12.2009 30.06.2009 a) under resolution No. 19 of GMS of 30 June 2008 -20 508 -20 507 -11 839 b) under resolution No. 8 of GMS of 12 NOvember2008 -470 -470 0 c) under resolution No. 4 of GMS of 25 January 2010 -2 030 0 0 Total own shares -23 008 -20 977 -11 839

More information on this topic was presented in Note 8.14 of the condensed consolidated financial statement.

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Note 14.11 Revenues from main activity

Period from Period from Period from Period from REVENUES FROM STOCKBROKING ACTIVITY 2010-04-01 2010-01-01 2009-04-01 2009-01-01 to 2010-06-30 to 2010-06-30 to 2009-06-30 to 2009-06-30 a) from transactions in securities on own 2 448 6 764 2 596 4 436 behalf, but on account of the ordering party b) from offering of securities 0 0 0 0 c) from accepting purchase orders and amortization of 0 0 0 0 participation units in investment funds d) other 853 1 740 945 1 725 Total other revenues from stockbroking activity 3 301 8 504 3 541 6 161

OTHER REVENUES FROM STOCKBROKING Period from Period from Period from Period from 2010-04-01 2010-01-01 2009-04-01 2009-01-01 ACTIVITY to 2010-06-30 to 2010-06-30 to 2009-06-30 to 2009-06-30 a) from managing securities accounts and clients’ cash 575 857 239 567 accounts b) from offering of securities 5 385 10 814 1 053 1 473 c) from managing securities registers 444 769 212 384 d) from managing securities on order 706 1 746 786 1 152 e) from professional consulting in the scope of securities 0 42 0 0 trading f) from representing brokerage houses on the regulated 0 0 0 0 securities markets and on commodity exchanges g) other 2 131 4 387 2 128 4 057 Total other revenues from stockbroking activity 9 241 18 615 4 418 7 633

Note 14.12 Costs of Main Activity

COSTS OF MAIN ACTIVITY Period from Period from Period from Period from 2010-04-01 2010-01-01 2009-04-01 2009-01-01 to 2010-06-30 to 2010-06-30 to 2009-06-30 to 2009-06-30 a) costs due to affiliation 0 0 0 0 b) fees for regulated stock exchange markets, commodities exchanges and for the National Depository for Securities and 855 1 760 927 1 820 clearing houses c) payment towards chamber of commerce 19 28 28 45 d) salaries 3 988 9 862 5 361 10 035 e) insurance and other benefits 908 1 661 790 1 933 f) use of materials and energy 110 187 59 168 g) costs of maintenance and rental of fixed assets 674 1 248 619 1 303 h) other costs in kind 1 136 2 589 1 013 2 165 i) depreciation 348 717 383 771 j) taxes and other public law fees 9 15 20 39 k) commissions and other fees 0 0 0 0 l) other 513 892 286 608 Total costs of main activity 8 560 18 959 9 486 18 887

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Note 14.13 Result on financial instruments held for trading

RESULT ON FINANCIAL INSTRUMENTS HELD FOR Period from Period from Period from Period from TRADING 2010-04-01 2010-01-01 2009-04-01 2009-01-01 to 2010-06-30 to 2010-06-30 to 2009-06-30 to 2009-06-30 1. REVENUES FROM FINANCIAL INSTRUMENTS HELD FOR TRADING a) dividends and other shares in profit, including: 127 127 885 885 -from associates 0 0 0 0 b) interest, including 574 1 778 218 498 - from associates 0 0 0 0 c) revaluation adjustments 3 190 18 213 23 740 36 181 d) profit from sale/ redemption 4 145 6 304 50 50 e) other 0 0 0 0 Total revenues from financial instruments held for trading 8 036 26 422 24 893 37 614 2. COSTS DUE TO FINANCIAL INSTRUMENTS HELD FOR TRADING a) revaluation adjustments 12 400 20 628 14 062 25 544 b) loss on sale/ amortization 0 0 0 0 c) other 0 0 0 0 Total costs due to financial instruments held for trading 12 400 20 628 14 062 25 544 Result on financial instruments held for trading -4 364 5 794 10 831 12 070

Note 14.14 Earnings per share

Basic earnings per share are calculated by dividing net profit by weighted average number of issued ordinary shares in a given reporting period. In order to calculate a diluted number of shares the maximum number of shares was used, taking into consideration shares which could be issued at that time.

EARNINGS PER SHARE Period from Period from Period from Period from 2010-04-01 2010-01-01 2009-04-01 2009-01-01 to 2010-06-30 to 2010-06-30 to 2009-06-30 to 2009-06-30 Net profit (loss) (in thousand PLN) 2 074 10 715 8 899 9 067 Weighted average number of shares (in pieces) 218 176 856 218 176 856 124 155 890 124 155 890 Profit (loss) per one ordinary share (in PLN) 0,01 0,05 0,07 0,07 Weighted average diluted number of ordinary shares (in pieces) 218 176 856 218 176 856 218 176 856 218 176 856 Diluted profit (loss) per one ordinary share (in PLN) 0,01 0,05 0,04 0,04

In order to recognize a diluted number the maximum number of shares was taken into account.

Annual profit per share was presented in Section 3 Selected financial data.

In the first half-year of 2010 the Company did not pay dividends. The Company did not declare the payment of divided. The Ordinary General Meeting of Shareholders on 24 June 2010 passed a resolution on the division of profit for the financial year 2009 in the amount of PLN 21,712 thousand and the allotment of PLN 21,495 thousand on supplementary capital and PLN 217 thousand of social purposes. The division of profit for the previous financial year was presented in this financial statement

Note 14.15 Transactions with associates

Transactions with associated were presented in Note 8.25 of the condensed consolidated financial statement.

Note 14.16 Events after the balance sheet sate

Event after the balance sheet date were described in Note 8.28 of the condensed consolidate financial statement.

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Kraków, 31 April 2010

Signature:

Grzegorz Leszczy ński – President of the Management Board ………………………….

Rafał Abrata ński – Vice President of the Management Board ………………………….

Katarzyna Ćwierz – Chief Accountant ………………………….

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Translation from Polish:

Independent Statutory Auditor’s report on the audit of condensed consolidated interim financial statement of the Capital Group IDMSA Brokerage House for the period from 1 January 2010 to 30 June 2010

For the Shareholders of the Company IDMSA Brokerage House

We have audited the condensed consolidated interim financial statement of the Capital Group IDMSA Brokerage House, with the registered office in Kraków, at ul. Mały Rynek 7, which includes:

1. condensed consolidated interim financial statement of financial position prepared as of 30 June 2010, which presents the total amount of assets, equity and liabilities of PLN 1,110,113 thousand, 2. condensed consolidated interim profit and loss account for the period from 1 January 2010 to 30 June 2010, which presents net income in the amount of PLN 22,258 thousand, 3. condensed consolidated interim total income statement for the period from 1 January 2010 to 30 June 2010, which presents the total income in the amount of PLN 26,732 thousand, 4. condensed consolidated interim statement of changes in equity for the period from 1 January 2010 to 30 June 2010, which presents the increase in equity by PLN 23,501 thousand, 5. condensed consolidated interim statement of cash flows for the period from 1 January 2010 to 30 June 2010, which presents the increase of cash by PLN 98,086 thousand, 6. additional information and clarification.

The Management Board of the Parent authorizes the condensed consolidated interim financial statement in accordance with the rules of International Accounting Standards 34 “Interim Financial Reporting”, approved by the European Union, and other statutory provisions under it. Our aim was to audit this financial statement.

The audit has been performed in accordance with the regulations of the National Financial Review Standards issued by the National Council of Statutory Auditors. The standards require to plan and audit the statement in order to achieve moderate certainty on financial statement being free from irregularities.

The audit has been performed by analyzing data included in the financial statement, insight into accounting books as well as the use of information obtained from the Management and people responsible for finance and accounting areas of the Capital Group.

The scope and method of audit of condensed consolidated interim financial statement differs significantly from studies based on opinion concerning the conformity with applied accounting principles (policies) of the annual financial statement and its accuracy and clarity, therefore we are not able to give the opinion on the enclosed statement.

On the basis of audit performed, we have not identified any aspects, which would make it impossible to claim that condensed consolidated interim financial statement was prepared in accordance with all significant aspects under International Accounting Standards 34 “Interim Financial Reporting”, approved by the European Union.

On behalf of Mazars Audyt Sp. z o.o. No. 186 Warszawa, ul. Pi ękna 18

Jarosław BOCHENEK Key Statutory Auditor No. 90086

Monika KACZOREK Partner Warszawa, 31 August 2010 WorldReginfo - b6c58f1e-babf-437c-88e7-97f73113ab92