Boards

	Sebastian Buczek President of the Management Board Habilitated Doctor of Economics, assistant professor at the Warsaw School of Economics, licensed investment advisor and securities broker. Fifteen years' experience in the capital market. Expert in the fields of investments and sales. From 1996 employed in ING Group, in 1999 became Member of the Management Board of ING TFI S.A., in 2002 Vice-President of the Management Board of ING Investment Management (Polska) S.A. and ING TFI S.A., and in 2006 President of the Management Board of ING Investment Management (Polska) S.A. and ING TFI S.A. In Quercus TFI S.A. since August 2007 he is in charge of the Investment Department and is responsible for the Company's strategy.
	Artur Paderewski First Vice-President of the Management Board Graduate of the University of Warsaw, the Faculty of Law and Faculty of Political Science. Seventeen years' professional experience, including twelve years in the capital market. Expert in the fields of law, risk management and internal control. From 1998 employed in the Ministry of the State Treasury, in 2001 joined ING Group, and then in 2006 became Member of the Management Board of ING Investment Management (Polska) S.A. and ING TFI S.A. In Quercus TFI S.A. since August 2007 he is in charge of the Legal Department and is responsible for the internal control.
	Piotr Pluska Vice-President of the Management Board Graduate of the Warsaw School of Economics. Eighteen years' experience in banking and the capital market. Expert in the fields of operations and finance. From 1993 employed in ING Group, first in ING Bank Slaski S.A., and then in 1998 joined ING Investment Management (Polska) S.A. taking the position of Deputy Director of Operations. In Quercus TFI S.A. since August 2007 he is in charge of the Operations Department and is responsible for the Company's finances.
	Pawel Cichon Vice-President of the Management Board Graduate of the Cracow University of Technology. Seventeen years' professional experience, including thirteen years in banking and in the capital market. Expert in the fields of sales and distribution. From 1994 with Frito-Lay, in 1998 joined Citibank, and in 1999 promoted to the position of CitiGold Branch Director, in 2005 became CitiGold Customer Base Development Director. From 2006 worked for ING Group as Sales Department Director, and from 2007 as Member of the Management Board of ING Investment Management (Polska) S.A. and ING TFI S.A. In Quercus TFI S.A. since April 2008 he is in charge of the Sales Department and is responsible for the development of distribution channels.

	Jakub Glowacki Chairman of the Supervisory Board Doctor of Law. Expert in the field of real estate investments.
	Andrzej Fierla Deputy Chairman of the Supervisory Board Habilitated Doctor of Economics, professor at the Warsaw School of Economics. Expert in the fields of corporate valuations and derivatives.
	Jerzy Lubianiec Secretary of the Supervisory Board Co-founder, leading shareholder and Chairman of the Supervisory Board of LPP S.A., i.e. among others Reserved brand holder.
	Jerzy Cieslik Member of the Supervisory Board Professor at the Leon Kozminski Academy of Entrepreneurship and Management in Warsaw. Former President of the Management Board of Ernst&Young in Poland.
	Maciej Radziwill Member of the Supervisory Board President of the Management Board of the public company Trakcja Polska S.A. Specialist in management and capital investments.
	Wieslaw Debski Member of the Supervisory Board Professor of economic science at the University of Lodz. Specialist in the field of financial markets, securities valuation and corporate finance. Member of the Scientific Committee of the Polish Academy of Sciences.