THE COMPLETE CAPITAL GROUP

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1 THE COMPLETE CAPITAL GROUP

2 INC S.A. Brokerage House Authorised Adviser for NewConnect, Catalyst, AeRO Venture capital fund Credit rating agency Corporate Social Responsibility Business INcubator Business incubator Foundation for Development of Capital Markets

3 capital market is our passion 2015 WSE Market Leader 2014 award for the largest number of companies introduced on the NewConnect in 2014 Most active Authorised Adviser for NewConnect market. Twice on the podium of Authorised Advisers Ranking by Forbes Magazine awards and distinctions Over years we support the development of enterprises 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. 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 Deitinction granted to the INC S.A. (formerly INVESTcon GROUP S.A.) in 4th Edition of Business Cheetah Competition 2011 The prize awarded to INC S.A. (formerly INVESTcon GROUP S.A.) for the highest number of companies introduced on the NewConnect market INC S.A. was in the top three in the Ranking of 100 Companies of Fastest Value Building by Newsweek Magazine The WSE prize awarded to INC (formerly INVESTcon GROUP S.A.) for contribution to development of CATALYST market

4 INC Management Prof. Paweł Śliwiński Sebastian Bogusławski Sergiusz Frąckowiak Sebastian Huczek Krzysztof Grybionko Jacek Mrowicki President of the INC S.A. President of the Carpathia Capital 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 Vice President of INC Rating S z o.o. Vice President of Incubator of Science and Technology S z o.o. President of the INC Rating S z o.o. Doctor of economic sciences, Associate Professor in the Department of International Finance at the University of Economics in Poznań. He studied at the University of Economics in Poznań, Adam Mickiewicz University in Poznań and the Universities of Tilburg (Netherlands), and Antwerp (Belgium). He worked at the Central Brokerage House of WBK S.A., BRE Brokers Brokerage House S.A. and Polinwest Brokerage House S.A. He is Licensed Investments Adviser (license No. 111) and Securities Broker (license No. 1094). He is also a Member of the Supervisory Board of Nationale-Nederlanden Life Insurance Company S.A. 6 INC Management 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 Investment 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 Chairman 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 He worked as an Equity analyst in DWS TFI S.A. and P kao Pioneer PTE S.A. He managed shares portfolio in PTE DOM S.A. Then he served as Investment Director in Pekao Pioneer PTE S.A. and Director of the Asset Management 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 the Faculty of Law at Adam Mickiewicz University in Poznań. He has a Certificate 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 postgraduate 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 Poznan University of Economics and Business and Poznan University of Technology (process engineering). Co-author of more than 500 financial and investment analyzes for Local Government Units (LGUs) and municipal companies (WPI, PRL, strategies, WPF). He conducted trainings local government and municipal companies management in the field of debt management, preparation and execution of the strategy, investment plans and financial and work with the local government councils. Vice president of Incubator of Science and Technology. One of the creators of the methodology of rating agency INC Rating. Graduate of the Adam Mickiewicz University in Poznań and Nottingham Trent University (MBA). Co-founder of the INC capital grou 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. Prof. Justyna Światowiec-Szczepańska Member of the Foundation Board in Foundation for Development of Capital Markets Doctor of economic sciences, Associate Professor 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 International 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. dr. Piotr Zygmanowski, CFA Head of Capital Market Department of the INC S.A. Doctor of economic sciences at the Poznan University of Economics and Business in the Department of Monetary Policy and Financial Markets. He is licensed advisor in the Alternative Trading System (No. 47/2012), Securities Broker (license No. 2964), and The Chartered Finanicial Analyst (CFA). Member of the Supervisory Board of Remedis S.A. Lecturer in postgraduate studies at the University of Economics and Business in Poznan. 7

5 investing in development financing growth 22 ISSUES >100 ISSUES IPO AND SPO ON IPO AND SPO ON CAPITAL RAISED BY INC S.A. CLIENTS CAPITAL RAISED BY INC S.A. CLIENTS PLN* PLN 60 ISSUES 2 ISSUES BONDS ON IPO ON Over PLN CAPITAL RAISED BY INC S.A. CLIENTS PLN** CAPITAL RAISED BY INC S.A. CLIENTS PLN Capital raised by INC S.A. clients As of August 31, 2016 *clients of INC S.A. and the companies included in the capital group ** value of the bond issues and bonds introduced on the Catalyst

6 WARSAW Licence number: DRK/WL/4020/36/14/102/1/2012 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 Exchange, 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 advisors, 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

7 POZNAŃ INC S.A. the leading Authorised Adviser for the NewConnect Market in Poland. 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. INC S.A. the leader among Authorised Advisers for NewConnect market in Poland, is based in Poznań since

8 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

9 BRUSSELS Registered by European Securities and Markets Authority Licence number: 657/6578/2016 Partner of the competition INC Rating S 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 S z o.o. have been registered by The European Securities and Markets Authority (ESMA)

10 CHICAGO Selected partners of completed projects: 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 intelligible 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 Uprising 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

11 WROCŁAW Business INcubator Since 2012, INC Group is involved in incubation and acceleration down the investment ladder. The activity is performed by Incubator of Science and Technology S o.o. in Wroclaw, where INC S.A. acts as shareholder and and Regional Center for Technology and Knowledge Interior S 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 companies 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 - the headquarters of one of the incubators to support innovative start-ups

12 BERLIN Selected partners of completed projects: 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 researchers 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 development 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

13 INC S.A. ul. Krasińskiego 16, Poznań tel./fax , District Court Nowe Miasto & Wilda in Poznań, 8th Commersial Division of The National Court Register KRS NIP: REGON: Share capital: PLN fully paid up 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.