Penetrator Brokerage House was established in Kraków in 1987 and had been an active player in the Polish capital since the market's inception.

Penetrator participated in the distribution of shares of the first five companies listed on the Warsaw Stock Exchange, and then became one of the first brokers on the exchange.

Since 1995, Penetrator has been a stockholder and member of the Warsaw Stock Exchange (WSE) as well as a direct member off the National Depository of Securities. Penetrator actively participated in the creation of Poland's regulated OTC market.

In 1990, Penetrator published the first issue of Wiadomosci Gospodarcze - Penetrator, a monthly magazine of capital trends and analyses.

Penetrator is the largest independent brokerage house in Poland, ranking among the ten largest brokers on the Polish capital market. The company renders services to 75,000 investors who have access to the knowledge and experience of 200 highly qualified staff employed at the company's eight branches. Among Penetrator's employees there are four licensed financial advisors and 40 brokers. In making investment decisions, the investors and advisors are assisted by a specialised team of equity analysts, as well as the Penetrator Information Service, which is also provided to such vendors as Reuters and Datastream.

In particular, Penetrator Brokerage House offers the following services to foreign investors:

• brokerage services on the WSE and the regulated OTC market;
• brokerage services on the primary market;
• brokerage services on the treasury securities market and trust funds market;
• underwriting services;
• portfolio management;
• assistance in investment activities on the Polish capital market.

For more information, contact Penetrator Brokerage House, ul.Golebia 6, Kraków, Poland. Tel: +48 12 421 7315. Fax: +48 12 421 7312. E-mail: office@penetrator.com.pl. Internet web address/URL: www.penetrator.com.pl