Michal Kolesnikow

Erste Securities Polska SA is a broker/dealer headquartered in Warsaw, Poland. The firm was founded in 1995 and is a subsidiary of Erste Group Bank AG (VIE: EBS; OTCMKTS: EBKDY) in Austria. Erste Securities Polska provides brokerage services to Polish and International investors.

Santander Biuro Maklerskie SA (Santander Brokerage Poland) is a brokerage firm headquartered in Poznan, Poland. The firm was founded in 1992 and is a subsidiary of Santander Bank Polska SA (WSE: SPL), which is owned by Banco Santander SA (BME: SAN) in Spain. Santander Brokerage Poland provides brokerage services to individual clients, small and medium-sized enterprises and large corporations.

PTE PZU SA is the wholly-owned insurance subsidiary of PZU Zycie SA, itself a subsidiary of Powszechny Zaklad Ubezpieczen SA (WSE: PZU, ADR: PZAKY) in Poland. Founded in 1998, PTE PZU is headquartered in Warsaw and is the investment manager of the OFE PZU Zlota Jesien (OFE PZU), one of the largest open pension funds operating on the Polish market. They also manage the DFE PZU.

mBank SA (Broker) (mBank-Broker) is the brokerage division of mBank SA (WSE: MBK), a universal banking group headquartered in Warsaw, Poland. The firm is a subsidiary of Commerzbank AG (FRA: CBK; OTCMKTS: CRZBY) in Germany. mBank-Broker provides brokerage services to individual and institutional clients.

Dom Maklerski mBanku SA is a brokerage firm headquartered in Warsaw, Poland. The firm was founded in 1991 and is a subsidiary of mBank SA (WSE: MBK), which is owned by Commerzbank AG (FRA: CBK; OTCMKTS: CRZBY) in Germany. Dom Maklerski mBanku provides brokerage services to a group of investors, both individual and institutional.

Wood & Co. Financial Services AS (Poland) (Wood-Poland) is the Poland-based brokerage arm of Wood & Co. Financial Services AS, an investment bank in Switzerland, which is owned by Luxembourg-based Wood & Co. Group SA. Headquartered in Warsaw, Wood-Poland was founded in 2009 and provides sales and trading services to institutional investors.

WOOD & Co. Financial Services as (WOOD & Co.) is a broker/dealer headquartered in Prague, Czech Republic. The firm was founded in 1991 and is a subsidiary of Wood & Co. Group SA in Luxembourg. WOOD & Co. provides execution and brokerage services to institutional investors.

Pekao Investment Banking SA (Pekao IB) is a brokerage firm headquartered in Warsaw, Poland. Formerly known as UniCredit CAIB Poland SA, the firm is a subsidiary of Bank Polska Kasa Opieki SA (WSE: PEO). Pekao IB offers comprehensive financial advisory services in the field of capital market transactions, tailored to the high requirements of their clients - private and public companies, government agencies, financial and strategic investors, as well as owners and shareholders. The firm advises on initial public offerings and introducing companies to stock exchange trading, secondary public offerings, private placements, sale of significant blocks of shares by shareholders and other transactions on the capital market.

Dom Maklerski PKO BP SA engages in the provision of retail banking. It offers a range of solutions such as equity, loans, deposits, and other related products. It also specializes in brokerage solutions, real-time listing and charting, investment account management, purified market service, as well as investment consultancy, and financial advisory in the field of mergers and acquisitions to both individual and institutional investors. The company was founded in 1991 and is headquartered in Warsaw, Poland.

Part of ING Groep NV, ING Securities SA is a Polish company that provides brokerage services. The company is based in Warsaw, Poland and was founded in 2001.

Nomura International Plc provides a variety of financial services including advisement, investment banking and asset management. It trades in and sells fixed income and equity products, including related derivatives; and provides investment banking services, and corporate finance and private equity services. The company is also involved in asset and principal finance business. It offers investment advisory and management, custody, and employment services. Nomura International was founded in 1981 and is headquartered in London, the United Kingdom.

Digi-Key Corp. distributes electronic components. It also distributes semiconductors, discrete, electromechanical parts. Its products include audio products, batteries, cable assemblies, capacitors, computer & video accessories, connectors, crystals & oscillators, discrete semiconductor products and many more. The company was founded by Ronald A. Stordahl in 1972 and is headquartered in Thief River Falls, MN.

Towarowa Gielda Energii SA (currently: POLPX S.A.) was established at the end of 1999. In the first six months, from registration of its business operations, it has launched the Day Ahead Market (electricity spot market). In 2003, POLPX was the first and so-far only entity to obtain a license to run a commodity exchange market from the Financial Supervision Commission (KNF). For sure, the exchange is the essence of the market. One can say that this is the place, where individuals and companies meet, on a regular basis and on specific dates, to conclude 'buy' and 'sell' transactions of a commodity, such as for example electrical power. Those 'meetings' also involve intermediaries (brokers). The complete liberalization of the electricity market - which became unavoidable in Poland - is creating the need to build a market mechanism for setting the electricity prices. This need can be satisfied by the Polish Power Exchange (POLPX). It is offering the possibility to determine an objective market price, being a reference for other transactions concluded on the electrical power market. POLPX, as an organized part of the electricity market is offering its participants a range of benefits: Equal access to market information Clear, transparent and consistent rules for conclusion of commercial transactions for all participants Reduction in the costs of negotiation (automation of the best offer searching process) High level of flexibility in conclusion of transactions Effective management of commercial risks, resulting from fluctuation of the electricity demand price and volume. The key areas of POLPX operations are: Day Ahead Market (DAM) Commodity Derivatives Market (CDM), Intraday Market (IDM) Property Rights Market for Renewable Energy Sources and Co-generation, (PRM) CO2 Emission Allowance Market (EAM).