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CAPITAL GROUPTHE COMPLETE

2 3www.incsa.pl www.incsa.pl

Authorised Adviser for NewConnect, Catalyst, AeRO

Credit rating agency

INC S.A. Brokerage House

Venture capital fund

Corporate Social Responsibility

Foundation for Development of Capital Markets

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Bus in e ss I Nc u b ator


The history of our Group began in 1995 and is also largely the history of the Polish capital market. We were the first to introduce on the market the bonds of municipalities, rural districts and provinces, we contributed to creation of NewConnect market, as well as the first Polish company we created credit rating agency dedicated to Polish local governments. It is also our Group who has set up the VC/PE fund which enable investments and IPOs on the Bucharest Stock Exchange and acquired Brokerage House from PwC, which today is developing dynamically. For more than 20 years we successfully operate on the capital market and we break the prevailing stereotypes. Today, I encourage you to familiarize yourself with our portfolio Group companies and people who led to their success.

Dr.hab Paweł Śliwiński President of the Management Board of INC S.A.

capital market is our passion

20the development of enterprises

Over yearswe support

awardsand distinctions

Most active Authorised Adviser for NewConnect market. Twice on the podium

of Authorised Advisers Ranking by Forbes Magazine

Deitinction granted to the INC S.A. (formerly INVESTcon GROUP S.A.) in 4th Edition

of Business Cheetah Competition 2011

WSE “Market Leader 2014” award for the largest number of companies introduced

on the NewConnect in 2014

The prize awarded to INC S.A. (formerly INVESTcon GROUP S.A.)

for the highest number of companies introduced on the NewConnect market

The WSE prize awarded to INC (formerly INVESTcon GROUP S.A.)

for contribution to development of CATALYST market

INC S.A. took 2nd place in the Authorised Advisers Ranking by Home&Market Magazine

The award for active participation in the program of Puls Biznesu

– “Action Investor”

INC S.A. was in the top three in the Ranking of 100 Companies of Fastest

Value Building – by Newsweek Magazine

2010 2009 2009

20102012 2010

2015


INC Management INC Management

He graduated the Faculty of Law at Adam Mickiewicz University in Poznań. He has a Cer-tificate of Advisers in the Alternative Trading System (No. 36/2011). He is a member of the Authorized Advisory Board for NewConnect market. He was a Lecturer at the High Banking School in Poznań on postgraduate studies in public finance and local capital markets and the Poznań University of Economics on postgra-duate studies in private financial management. He is a Lecturer on courses preparing for the Certificate of entitlement to obtain Advisers in the Alternative Trading System organised by Warsaw Stock Exchange S.A. He is the author of several publications on public trading in securities.

Graduate of the Management faculty of War-saw University. He holds an interbank market dealer degree ACI Diploma and ACI Dealing Certificate. In 2009–2016 Board Member and Vice President of the NWAI Brokerage House S.A., He worked in Merrill Lynch International in London as Head of Structured Equity Derivatives Marketing and Sales where he was responsible for the CEE region and Russia. He worked in Treasury Department of Millennium Bank S.A. at the management positions. Awarded by the President of the Republic of Poland Bronze Cross of Merit for contribution to the development of banking in Poland.

Graduate of the Adam Mickiewicz University in Poznań and Nottingham Trent University (MBA). Co-founder of the INC capital gro-up. Initiator of establishment of the Association of Former Meres, Mayors and Presidents of the Republic of Poland. He has over 20 years of experience in working for the local government units. He is currently a lecturer at the Higher School of Banking in Poznan and runs his own business in the field of electricity production.

Doctor of economic sciences, Associate Pro-fessor of the University of Economics in Poznan. A graduate of Economics Cracow University of Economics (International Economic Relations). She has completed international practice under the patronage of the Association for Interna-tional Practical Training in MELEX USA Inc. in the United States of America. She worked as an consultant for Polish companies, conducted trainings for employees of departments of trade and marketing, among others, in marketing and sales.

Doctor of economic sciences, Associate Pro-fessor in the Department of International Finance at the University of Economics in Poznań. He studied at the University of Economics in Po-znań, Adam Mickiewicz University in Poznań and the Universities of Tilburg (Netherlands), Antwerp (Belgium). He worked at the Central Brokerage House of WBK S.A., BRE Brokers Brokerage House S.A. and Polinwest Broke-rage House S.A. He is a Licensed Investment Adviser (license No. 111) and Securities Broker (license No. 1094). He is also a Member of the Supervisory Boards of Nationale-Nederlanden Life Insurance Company S.A. and Carpathia Capital S.A. - the first Polish company listed on the Stock Exchange in Bucharest.

Graduate of the Warsaw School of Economics (SGH). He is a Licensed Investment Adviser (license No. 151). He was a Head of Equity Portfolio Management of Pioneer Pekao Invest-ment Management, Vice president of PZU PTE. He was an Investment Director in OFE Pekao, Fund Manager in OFE Pekao, Manager of the Portfolio Management Department in BDM PKO BP, Banking Sector Analyst in Advisory Department of BDM PKO BP. He was a Cha-irman of Supervisory Boards and a Member of Supervisory Boards of several companies listed on the WSE.

Graduate of the Warsaw School of Economics (SGH). He is a Licensed Investment Adviser (license No. 239). On the capital market since 2004. He worked as an Equity analyst in DWS TFI S.A. and Pekao Pioneer PTE S.A. He mana-ged shares portfolio in PTE DOM S.A. Then he served as Investment Director in Pekao Pioneer PTE S.A. and Director of the Asset Manage-ment Department in Aegon PTE S.A. Recently he worked as a partner in Zenith Investment House S.A. Member of the Supervisory Board of Larq S.A.

He graduated from the faculty of Marketing and Management at Zielona Góra University of Technology and Post-Graduate Association of Managerial Initiatives. Consultant of European Funds. He is a member of Polish Association for Energy Certification and a member of the Association of Individual Investors. He is aca-demic teacher on courses for candidates for members of Supervisory Boards of Companies of the State Treasury. He is licensed advisor in the Alternative Trading System (No. 105/2011). He worked in Staropolski Dom Maklerski S.A. and the Polish Capital Fund S.A. Member of the investment committee in the Interior Innovation Incubator based in Nowa Sól. CEO of Carpathia Capital S.A.,VC/PE fund listed on the AeRO ATS operated by the Bucharest Stock Exchange.

Sebastian Huczek Łukasz Knap Jacek Mrowicki Prof. Justyna Światowiec-Szczepańska Prof. Paweł Śliwiński

President of the Carpathia Capital S.A.Vice President of the INC S.A.

Vice President of the INC S.A. Vice President of the INC S.A. Brokerage House

Managing Director of the INC S.A. Brokerage House

Vice President of the INC S.A.Vice President of the INC S.A. Brokerage House

Managing Director of the INC S.A. Brokerage House

President of the INC Rating Sp. z o.o.

Member of the Foundation Board in Foundation for Development of Capital Markets

President of the INC S.A.President of the INC S.A. Brokerage House

Piotr Białowąs Sebastian Bogusławski Sergiusz Frąckowiak


*clients of INC S.A. and the companies included in the capital group** value of the bond issues and bonds introduced on the Catalyst

investing in developmentfinancing growth

IPO AND SPO ON

22 ISSUES >100 ISSUES

IPO AND SPO ON

CAPITAL RAISED BY INC S.A. CLIENTS CAPITAL RAISED BY INC S.A. CLIENTS

1 023 000 000 PLN* 350 000 000 PLN

BONDS ON

60 ISSUES 2 ISSUES

CAPITAL RAISED BY INC S.A. CLIENTS CAPITAL RAISED BY INC S.A. CLIENTS

8 700 000 PLN3 000 000 000 PLN**

IPO ON

4 380 000 000Capital raised by INC S.A. clients

As of August 31, 2016

Over PLN


WARSAW

The company offers comprehensive services in the framework of primary and secondary issues of public and private securities (Initial Public Offering, Secondary Public Offering) on the regulated market of the Warsaw Stock Ex-change, NewConnect, Catalyst market, as well as in non-market transactions. The range of services related with the offering of financial instruments includes, among others preparation of transaction documents, including Prospectuses, Information Memorandums, Information Documents, Tender Offer Documents. INC S.A. Brokerage House team is a group of people with over 20 years of experience on the financial markets. Among them are licensed investment advi-sors, stock brokers and CFA chartholders setting the standards in excellence for the investment industry.

In 2015 INC S.A. acquired 100% of shares of PricewaterhouseCoopers Securities Brokerage House located in Warsaw, which then changed its name to the INC S.A. Brokerage House.

Licence number: DRK/WL/4020/36/14/102/1/2012


POZNAŃ

INC S.A. – the leader among Authorised Advisers for NewConnect market in Poland, is based in Poznań since 1996.

INC S.A. the leading Authorised Adviser for the NewConnect Market in Po-land. Since 1996 supports development of small and medium enterprises, helping dynamic companies operating in various sectors of the economy. Since 2006 company is listed on the main market of WSE. Since the inception of the New-Connect market INC S.A. has introduced more than 50 entities which raised a total amount of approx. 350 mln PLN. The company operates also on the main market of the WSE. Until September 2016, along with the companies from the Group, has completed more than 10 projects, and its clients raised more than 1 billion PLN.INC S.A. as the first Polish company received a license of Authorised Adviser

for AeRO market operated by the Bucharest Stock Exchange. What distinguishes the company is a team of committed professionals, outstanding track record and market intelligence.


BUCHAREST

Carpathia Capital S.A. operates as a venture capital to provide capital to high-growth SMEs operating in Central and Eastern Europe. The Company’s investment objective is to achieve long-term capital growth through investing in a diversified portfolio of financial instruments issued by SMEs operating in CEE, mainly listed and to be listed on the regulated or alternative markets of local or regional stock exchanges.The Management Board believes that lack of patient capital for SMEs in CEE, where the

demand for capital from SMEs is high and supply is substantially limited, provides an investment opportunity. Initiative of the Bucharest Stock Exchange to launch AeRO, alternative equity market for SMEs and start-ups in Romania creates additional market space for both entries and exits.The Company portfolio will represent a diversified mix of early-stage and early-growth

companies with professional management teams and compelling prospects for development. The founding shareholder of Carpathia Capital S.A. is INC S.A., a public company listed on

the Main Market of the Warsaw Stock Exchange.

Carpathia Capital S.A. debuted as the first company on the launch of AeRO, Alternative Market of the Bucharest Stock Exchange in 2015.


BRUSSELS

INC Rating Sp. z o.o. is Polish rating agency specializing in the evaluation of creditworthiness of local governments at all levels. INC Rating is registered by ESMA – European Securities and Markets Authority. INC Rating dedicates its services to public sector entities, especially local government units, independent public health care institutions and municipal companies.INC Rating aim is to strive for sustainable improvement in the quality of financial

markets. The company wants to enable obtaining credit rating even for small entities which can’t afford for the services of other credit rating agencies. INC Rating team has many years of experience in cooperation with Polish local

governments. INC Group advised in its history with over 275 issues of municipal bonds and raised over 3 billion PLN. INC Group team has also developed more than 100 financial analysis and investment studies for local government units.

In 2015, INC Rating Sp. z o.o. have been registered by The European Securities and Markets Authority (ESMA).

Licence number: 657/6578/2016

Registered by European Securities and Markets Authority

Partner of the competition


CHICAGO

INC East&West is a non-profit company established to promote the historical issues and citizenship, strengthening ties with Poles Abroad, as well as building partnerships with societies of Central and Eastern Europe. The company’s mission is to promote traditional values and citizenship intelli-

gible and attractive to the younger generation. INC East&West working area is primarily popular culture at the highest level. Company has completed projects together with the Ministry of Foreign Affairs, Polish embassies in London, Vilnius and Chicago, has prepared a unique exhibition about the Greater Poland Upri-sing at the Presidential Palace in Warsaw and concert of young Polish artists in the Polish Parliament.

Muzyczne Rodowody Chicago is one of the projects carried out in cooperation with Polish Ministy of Foreign Affairs.

Selected partners of completed projects:


Wrocław - the headquarters of one of the incubators to support innovative start-ups.

Since 2012, INC Group is involved in incubation and acceleration down the investment ladder. The activity is performed by Incubator of Science and Tech-nology Sp. o.o. in Wroclaw, where INC S.A. acts as shareholder and and Regional Center for Technology and Knowledge Interior Sp. o.o., established by the City of Nowa Sol in the Special Economic Zone, where INC S.A. acts as co-investor under syndicated investment scheme. Bridging the gap among start-up com-panies by providing financial and intellectual capital provides a feeder for next stage of development of emerged, successful companies. We understand that the stars of tomorrow need support and solutions today.

WROCŁAW

Bus in e ss I Nc u b ator


BERLIN

Foundation was established in response to the needs of entrepreneurs and companies for tailored education in the field of capital market to be provided by trusted professionals.Management Board and Supervisory Board of the Foundation is represented

by the executives from the capital market for many years and academic resear-chers form leading Polish universities of economics. The Foundation carries out activities related to the development of knowledge about corporate governance, stock exchange regulations, investor relations and listing requirements. Moreover, the Foundation co-operates with universities, non-governmental organizations and undertakes scientific, ICT and economic initiatives associated with the de-velopment of the capital market in Poland and abroad.

The Foundation runs a research project on the role of capital markets in the process of bridging the capital gap for companies from the SME sector in Poland, Romania and Germany.

Selected partners of completed projects:

This guide contains general information about the companies of the group INC and on selected services provided in the framework of the INC, and may contain the simplification arising from the nature of this handbook. It is not a recommendation of any purchase of financial instruments nor any forecasts of financial results, and is not an offer within the meaning of the law.

INC S.A.ul. Krasińskiego 16, 60-830 Poznań

tel./fax +48 61 851 86 77, e-mail: [email protected]

District Court – Nowe Miasto & Wilda in Poznań, 8th Commersial Division of The National Court Register• KRS 0000028098 • NIP: 7781024498 • REGON: 630316445

Share capital: 16.686.198 PLN fully paid up