SECURITIES,
CAPITAL AND FINANCIAL MARKETS

The Firm's lawyers have extensive experience in all types of capital market transactions and securities-related issues. The Firm has provided legal expertise for initial public offerings and public offerings of listed companies, issues of debt instruments and other securities, including drafting prospectuses and preparing the legal documentation for various kinds of management options. As preparatory work before IPOs, the Firm has restructured a number of companies.

The Firm has acted as issuers counsel or underwriter's counsel in the following public offerings of securities of companies, currently listed on the WSE:

. Elstar Oils S.A. (two public share issues, including IPO, bonds issue with the right of priority),
. Ceramika Nowa Gala S.A. (two public share issues, including IPO, bonds issue with the right of priority),
. Comp S.A. (two public share issues, including IPO),
. Tras Tychy S.A., (private share issue)
. Decora S.A., (IPO, issue of subscriber warranties)
. Tras Intur S.A. (three public share issues and convertible bonds issue),
. Polski Koncern Mięsny S.A. (DUDA S.A.), (share issue for in-kind contributions, public share issue)
. Internetowy Dom Maklerski S.A. (IPO)
. FAM S.A. (bonds issue with the right of priority),
. Sanwil S.A. (public share issue)
. Lubawa S.A. (public share issue with pre-emptive rights)
. Mostostal Warszawa S.A., (public share issue with pre-emptive rights)
. Jupiter NFI S.A. (public share issue with pre-emptive rights)
. Mostostal Zabrze Holding S.A. (public share issue with pre-emptive rights)
. Hyperion S.A., (public share offering - IPO, the offering of subscriber warranties)
. NetMedia S.A. (public share issue - IPO),
. Lentex S.A. (public share issue)
. Infovide S.A. (IPO - public share issue)
. Monnari Trade S.A. (IPO - public share issue)
. ABM Solid S.A. (IPO - public share issue)
. Protektor S.A. (public share issue)
. Infovide - Matrix S.A. (IPO - public share issue)
. B3 System S.A. (IPO, the offering of subscriber warranties)
. Gadu Gadu S.A. . (IPO - public share issue)
. Laboratorium Kolastyna S.A. (IPO - public share issue)
. Rafako S.A. (public share issue with pre-emptive rights)
. NTT System S.A. (IPO, the offering of subscriber warranties)
. Helio S.A. (IPO - public share issue)
. BOMI S.A. (IPO - public share issue)
. Wola Info S.A. (IPO - public share issue)
. Orzeł Biały S.A. (IPO - public share issue)
. POL - MOT WARFAMA S.A. (IPO, the offering of subscriber warranties)
. City Interactive S.A. (IPO, the offering of subscriber warranties)
. KONSORCJUM STALI S.A. (IPO - public share issue)
. POWER MEDIA S.A. (IPO - public share issue)
. SKYLINE INVESTMENT S.A. (IPO - public share issue)
. Polskie Towarzystwo Reasekuracji (Polish Re) S.A. (IPO, the offering of subscriber warranties)
. KOPEX S.A. (public share issue);
. EKO Holding S.A. (IPO - public share issue);
. Berling S.A. (IPO - public share issue).

A few other public offerings are currently being prepared or prospectuses have been submitted to the Polish Financial Supervision Authority. We have also advised on some special problems to companies preparing public share offerings where the other law firms acted as issuer's or underwriter's counsel. Some of the projects on which we have advised contained elements that were new to the Polish capital market.

Besides the issuing of shares, the Firm has advised on many public and private offerings of bonds and other securities.

We have also advised on number of tender offers and other transactions with securities.

The Firm renders permanent advisory services for a number of brokerage houses. We are assisting in the establishment of brokerage houses and investment funds, as well as in their everyday business.

The Firm acts on behalf of issuers, major shareholders and investment firms (underwriters) in proceedings before the Polish Financial Supervision Authority, in particular, in cases of proceedings set up by PFSA.

For 2006 and 2007 we have been ranked first among Polish law firms in terms of the number of IPO's completed (rankings published in "Parkiet" 22 June 2007 and 26 January 2008). Prof. Wierzbowski has been listed as a top band securities lawyer in Poland by Chambers Europe.

The Warsaw Stock Exchange has granted us the titles "WSE IPO Partner - Primary Market Leader" "WSE Partner for SME" and "New Connect Authorized Advisor".