PL

CAPITAL STRATEGY IS AN INDEPENDENT ADVISORY FIRM SET UP IN 2008 THAT FOCUSES ON RAISING CAPITAL AND PROVIDES STRATEGY AND FINANCIAL CONSULTING FOR COMPANIES AND PUBLIC SECTOR UNITS.

Capital Strategy continues to expand the advisory activities that have been carried out by Stefan Kawalec since 2006. Our clients include:

Audytel S.A.

Axa Direct (Poland)

Bank Gospodarstwa Krajowego (BGK)

Bank Handlowy w Warszawie S.A. (a subsidiary of Citigroup)

Bank Pocztowy S.A.

mBank S.A. (formerly: BRE Bank S.A.)

The World Bank

Business Centre Club (a leading organization of Polish entrepreneurs)

Deloitte Business Consulting S.A.

The Stefan Batory Foundation

The Gdansk Academy of Banking

Gmina Lisewo (Lisewo commune)

Insurance Technology Group Inc., Toronto, Canada

The Polish Pension Funds Chamber

MetLife Life Insurance Company (MetLife TUnŻ S.A.)

The City of Warsaw

The City of Zielonka

Municipal Water and Wastewater Company in Warsaw

Ministry of Treasury, Republic of Poland

Ministry of Interior and Administration, Republic of Poland

National Fund for Environmental Protection and Water Management

Pentegy S.A.

PKP Polish Railway Lines (PKP PLK S.A.)

Polish Chamber of Insurance

Polish Security Printing Company (PWPW S.A.)

Polski Bank Przedsiębiorczości S.A.

The Union of Polish Metropolises

Social Insurance Company (ZUS)

Association of Polish Cities