VOLUME 18, NUMBER 46 • NOVEMBER 19-25, 2012 . z∏.12.50 (VAT 8% included) . ISSN 1233 7889 INDEX-RUCH-332-127 Since 1994 . Poland’s only business weekly in English

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News . . . . . . . . . . . . . . . . . . . . . . .2-4

Business . . . . . . . . . . . . . . . . . . . . . .5

Law . . . . . . . . . . . . . . . . . . . . . . . . . .6

Finance & Economics . . . . . . . . . . .7

Interview . . . . . . . . . . . . . . . . . . . .8-9

FDI in Focus . . . . . . . . . . . . . . .11-14

The List . . . . . . . . . . . . . . . . . . . . . .15

Lokale Immobilia . . . . . . . . . . .16-19

Markets . . . . . . . . . . . . . . . . . . . . . .20

Sports . . . . . . . . . . . . . . . . . . . . . . .21

Lifestyle . . . . . . . . . . . . . . . . . . . . .22

Last Word . . . . . . . . . . . . . . . . . . . .23

In this issue

Plus:• Shale gas merger

• Latest mobile games

• BSH takes over Zelmer

• Marilyn Monroe photos

• Kulczyk and Qatar Holding

• Economic slowdown looms

8-9

IInntteerrvviieeww::JJaann KKrrzzyysszzttooff BBiieelleecckkiiThe PM’s economic advisor

explains the government’s new

investment vehicle

FDI in FocusWBJ presents a special supplement on foreign direct investment:

Investment outlook • Investment promotion • Special economic zones

Biggest foreign investments • Investment of the Year Award 11-14

BBuuddggeett bbaattttlleeDonald Tusk made the rounds with EU leaderslast week, pushing for more cohesion funds 3

SShhaammeeffuull ddiissppllaayyRight-wing protesters marred Poland’sIndependence Day celebrations again 4

Forecast: stability

Though the climate forforeign investment isworsening, the amountflowing in to Polandlooks set to remainstable 11, 13

• UBM’s Times II

• Poland at MAPIC

• WFC sale finalized

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NOVEMBER 19-25, 2012NNEEWWSS2 www.wbj.pl

First

Dreamliner

arrives

The first Boeing 787

Dreamliner arrived at

Warsaw’s Chopin Airport

on Thursday last week.

Its arrival took far longer

than expected but the

world’s most modern

commercial airplane has

now joined the fleet of

Poland’s national carrier

LOT Polish Airlines,

which has purchased

eight such planes. It is

the first airline in Europe

to use them. In a short

warm-up phase, the

Dreamliner was due to fly

around Poland, before

heading to several

European destinations. In

mid-January it will finally

take off for its first

official flight to Chicago.

Kraków

popular

Florence, Barcelona and

Rome are the top picks in

the Old Continent

according to the readers

of Conde Nast Traveler.

However, in the top 10

most attractive European

cities, Kraków ranks

eighth and is followed by

Prague and Salzburg,

Puls Biznesu reported.

Tourists and readers of

the magazine appreciate

Kraków for its friendly

atmosphere, but graded

it low when it comes to

shopping.

PGE sees

record earnings

Despite signs of a

weakening economy,

energy giant PGE finished

Q3 with record-high

results. After three

quarters of 2012, it

revealed a net profit of

z∏.3.6 billion – 18%

higher than during the

same period of 2011.

From January till the end

of September, PGE’s

EBITDA stood at z∏.6.5

billion.

WIG20 firms

on the up

Nearly z∏.9.1 billion in

profit was generated by

companies listed on the

Warsaw Stock Exchange’s

blue-chip WIG20 – almost

z∏.2 billion more than for

Q3 2011, Parkiet

reported. However, the

firms’ results are a mixed

bag when looked at

individually. While the oil

giants, including PKN

Orlen, impressed with

growing profits, copper

miner KGHM noted a

sharp drop in its profit. ●

ADV Por Property Investment ..17

Agora ............................................5

Allianz Real Estate ....................18

APA Hubka ................................16

AstraZeneca ..............................12

AT Kearney ................................11

Aurelian Oil & Gas ......................4

Bank Pekao..............................5, 9

Biedecki Biedecki i Partnerzy ....6

BNP Paribas Real Estate ..........19

Boeing ..........................................2

Bosch-Siemens Hausgeraete ....5

BPT Asset Management A/S ....18

BZ WBK ........................................7

CA Immo ....................................18

CBRE ....................................17, 18

CFE Polska ................................18

Colliers International ................19

Curzon Capital Partners III ......18

Cushman & Wakefield ........17, 18

DeBenedetti Majewski

SzczeÊniak Law Firm ..................4

Echo Investment ........................19

Epstein........................................18

Ernst &Young ............................11

Estudio Lamela ..........................12

Europa Capital LLP....................18

Fiat..............................................13

Gazprom ......................................7

GetHouse Developer ..................18

Golub & Company......................18

Golub GetHouse ........................18

GreenWings Offices ..................18

ING Securities..............................5

Itella............................................12

JEMS Architekci ........................18

Jones Lang LaSalle ..................19

KBC Securities ............................5

KGHM ......................................2, 5

Knight Frank ..............................16

KOGAS ........................................10

LOT Polish Airlines ......................2

Master Management Group ......16

Mostostal Warszawa..................16

MTV Networks............................23

NAI Estate Fellows ....................18

Noble ..........................................10

OKRE Development ..................18

Peter Nielsen & Partners ..........6

PGE ........................................2, 21

PGNiG ......................................5, 7

Pittsburgh Glass Works ............12

PKN Orlen ..............................2, 20

PKOBP..........................................5

PORR Polska..............................16

Pramerica

Real Estate Investors ................18

PwC ............................................12

Quadra FNX..................................5

Rank Progress ..........................16

Resolution Property ..................16

Rovio ..........................................23

San Leon Energy..........................4

Savills ........................................18

Servier ........................................12

Solomon Cordwell Buenz ..........18

Tauron ..........................................5

Total ............................................10

Tristan Capital Partners ............18

UBM............................................16

UBM Polska ..............................16

UBM Times ................................16

Vector Unit..................................23

Von der Heyden Group ..............16

Warsaw Stock Exchange ..2, 5, 12

X-Trade Brokers ........................20

Zelmer..........................................5

As violence escalated lastweek between the state ofIsrael and the PalestinianIslamist organization Hamas,which controls the Gaza strip,fears grew of an imminent full-scale invasion of the enclaveby the Israeli army.

Israeli trucks were spottedtransporting tanks andarmored personnel carrierstoward Gaza and buses carry-ing soldiers toward the borderarea were also seen. The vio-lence between the two sidesescalated when Israel assassi-nated the Islamist group’s mil-itary commander, following upwith an air assault meant tocripple Hamas’ ability tolaunch rockets into its territo-ry.

As WBJ went to press, atleast 27 people had died,

among them both Israelis andPalestinians, as a result of theviolence.

“It is with great anxiety thatwe take the escalation of theconflict in that region whilstwe recognize the right of everystate and nation to fight thesource of real dangers such asterrorism and aggression fromneighbors,” said Polish Presi-dent Bronis∏aw Komorowskiat a joint press conferencewith French President Fran-cois Hollande during his visitto Poland last week.

Mr Komorowski addedthat he hoped the “violencewouldn’t increase to becomethe source of new conflicts.”The Polish president also saidhe would observe the situationto see if “the measures usedare adequate to the existing

danger.”Meanwhile Mr Hollande

said he had spoken to IsraeliPrime Minister BenjaminNetanyahu on the matter. “Itold him that we realize thatIsrael must protect itself butthat it should also avoid provo-cation, which could lead to anescalation [in violence].”

The violence between thetwo sides continued even dur-ing the visit of Egyptian PrimeMinister Hisham Kandil toGaza, during which MrNetanyahu had said he wasprepared to “suspend” Israel’smilitary offensive in the GazaStrip. Israel later said Hamashad not honored the deal, fir-ing rockets into several sites insouthern Israel as Mr Kandilwas in Gaza.

RReemmii AAddeekkooyyaa

€73.9 billionis how much Poland would receive in EU funds from2014 to 2020 if European Council President HermanVan Rompuy’s proposal is accepted by EU leaders.

z∏.300 billion is how much Prime Minister Donald Tusk promisedPoles he would negotiate in EU funds for the 2014-

2020 budget period.

z∏.3.6 billion was energy firm PGE’s net profit in Q3 of this year.

3.4% was Poland’s inflation rate in October.

“If there was only France and Poland [in theEU], we would already have a compromise.”

French President Francois Hollande speaking while on a trip to Poland lastweek to discuss, among other things, the ongoing EU budget negotiations.

Quote of the Week

Missing growth multipliers Log on to WBJ.pl to read an article on the perils ofeconomic forecasting, by Ashoka Mody, a visiting pro-fessor of International Economic Policy at theWoodrow Wilson School of Public and InternationalAffairs, Princeton University.

On WBJ.pl

Numbers in the News

Company index

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6-24 BELGIAN DAYS

Event: This year’s edition of Belgian Days, organ-ized by the Belgian Business Chamber, willbe focused on business more than it hasbeen in the past. It will include conferences,forums and a gala dinner.

Location: Warsaw

Web: belgium.pl

20 INVESTMENT OF THE YEARAWARD CELEBRATION

Event: Warsaw Business Journal will be hosting acelebration where we will award the “Invest-ment of the Year” as part of our Investing inPoland project. The event is held in coopera-tion with our chamber of commerce part-ners, PAIiIZ and PwC. Invitation only.

Location: Amber Room restaurant, WarsawWeb: WBJ.pl

22-23 IBA EUROPEAN REGIONAL FORUMEvent: The aim of the conference is to discuss cur-

rent economic and legal problems that busi-nesses have to deal with in their owncountries and in conducting cross-borderinvestments in the CEE region.

Location: InterContinental Hotel, WarsawWeb: ibanet.org

26-27 NEW EUROPE GRI 2012Event: Join the most senior players in CEE real

estate in a selection of over 20 interactivediscussions covering the recent trends.

Location: Hyatt Regency WarsawWeb: globalrealestate.org/NewEurope2012

November

Calendar

The Israel-Hamas conflictIN THE SPOTLIGHT

Figures in focusBuilding costs Annual construction cost index for new residential buildings,selected EU27 countries in 2011

Source: Eurostat

Israeli Prime Minister Benjamin Netanyahu

NOVEMBER 19-25, 2012 NNEEWWSS www.wbj.pl 3

EU budget

PPoollaanndd mmaakkeess ppuusshh ffoorr mmoorree ccoohheessiioonn ffuunnddssPM Donald Tusk metwith EU leaders lastweek to convince themto agree to bigspending increases inthe bloc’s next budget

Polish Prime Minister DonaldTusk was on a marathon diplo-matic tour last week, trying toshore up support for Poland’sposition on the upcoming2014-2020 EU budget – name-ly that EU cohesion funds forPoland increase significantly.

During the 2007-2013budget period, Poland wasallocated €67 billion in EUfunds and it wants to makesure it receives significantlymore this time around.

Mr Tusk met with GermanChancellor Angela Merkel,French President FrancoisHollande, EU Council Presi-dent Herman Van Rompuyand European Commissionhead Jose Manuel Barroso allin the space of a few days lastweek to discuss the matter.

‘Not drastically bad’As WBJ went to press, the lat-est deal on the table was EUCouncil President HermanVan Rompuy’s proposal, whichwould see Poland receive €73.9

billion – or about z∏.308.6 bil-lion – from 2014 to 2020. Thatwould get Mr Tusk over thez∏.300 billion mark, a figure hehad promised Poles he wouldsuccessfully negotiate.

Mr Van Rompuy’s proposalcuts the European Commis-sion’s proposed €1 trillion budg-et – one that Britain had insisted

was too big – by about €80 bil-lion. Britain and several otherEU members have been push-ing for a cut of €100 billion.

Mr Van Rompuy’s proposalmakes significant cuts to agri-cultural spending, somethingthat has drawn significantopposition from France. Onthe other hand, Nordic coun-

tries such as Sweden want thecuts to go much further.

Describing Mr Van Rom-puy’s proposal, Mr Tusk said itwas not “dramatically bad forPoland.”

Not good enoughHowever, it remains unclear ifthe countries fighting for

deeper cuts, especially Britain,will accept Mr Van Rompuy’sproposal. Last Thursday, Don-ald Tusk flew to Berlin hopingto convince German Chancel-lor Angela Merkel, arguablythe most important figure inthe negotiation process, not tosupport drastic cuts to thebudget. Germany, the EU’s

biggest net payer into the EUbudget, has also called forbudget cuts, though not onesas deep as the UK is hopingfor.

After the meeting however,Mr Tusk said only that his dis-cussion with Ms Merkel“showed that there is goodwillto reach a compromise andthat there are different pointsof view for what that compro-mise should be.”

Ms Merkel said she wouldlook for a solution that would“take everyone into considera-tion.” Mr Tusk was due to callUK Prime Minister DavidCameron to speak on the issuelast Thursday evening, but thecontent of their discussion wasnot revealed to the press.

‘I’ll veto’Mr Cameron has vowed toveto the EU budget if it is notin the UK’s interests. Londonwants to freeze the budget,allowing only for inflation.There will be a summit thisweek to decide the finaldetails. If no agreement isreached by the end of nextyear, the 2013 budget will berolled into 2014 with a 2 per-cent rise to account for infla-tion.

RReemmii AAddeekkooyyaa

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Mr Tusk and Ms Merkel are striving for a compromise

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NOVEMBER 19-25, 2012NNEEWWSS4 www.wbj.pl

Civil disorder

Violent scenes marIndependence Day marchesSeveral police officerswere hospitalized and176 rioters arrested

Riot police confronted right-wing nationalists on Sunday,November 11, during thebiggest of four IndependenceDay marches in central War-saw.

Masked rioters threw fire-crackers and lumps of concreteat police, with police retaliatingby beating marchers with trun-cheons and firing rubber bulletsand tear gas, forcing them todisperse.

A total of 176 people werearrested following the clasheswhile several officers sustainedinjuries that required hospitaltreatment.

Crowds in the tens of thou-sands took part in the national-ists’ march, but a small group ofextremists was enough to start ariot on the streets of Warsaw.

The marchers were chan-neled along a pre-plannedroute designed to avoid themclashing with marchers repre-senting groups from acrossPoland’s political spectrum.

When they tried to changedirection, police blocked themand the stand-off began. How-

ever, they were eventually per-mitted to carry on along thealternative route.

At the end of their march,one of their leaders toldreporters that they will “bringdown the Republic,” adding thatthey will seek to organize a “con-scious” nation. There have evenbeen suggestions in the mediathat they could be looking toestablish a political party situat-ed to the right of the conserva-tive Law and Justice party.

Earlier, some 10,000 Polestook part in a march led by thecountry’s president, Bronis∏awKomorowski.

The other two marches –held by socialists and antifas-cists – were significantly smallerand relatively calm.

Independence Day is ob-served on November 11 to com-memorate the date when Polandbecame an independent state in1918, following the end of WorldWar I. Poland had previously

been under the rule of foreignpowers for more than 120 years.

Traditionally, the Indepen-dence Day march organized byright-wingers has been the mostviolent and chaotic.

Following some of the worststreet violence seen in Poland inyears, Polish prosecutors last yearfiled criminal charges against 46people suspected of attackingpolice during the IndependenceDay marches in Warsaw.

GGaarreetthh PPrriiccee

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Right-wing rioters clashed with police in central Warsaw on November 11

Foreign shale giantsannounce mergerworth $98 millionSan Leon Energy bought Aure-lian Oil & Gas last week to cre-ate the biggest foreign holder ofshale exploration licenses inPoland.

Investors received news ofthe $98 million all-share trans-action badly, sending SanLeon’s share price tumbling byup to 16.5 percent last Monday.

The offer, which valuesAurelian 13.3 percent higherthan its market price on thebusiness day before the offerwas announced, will give SanLeon shareholders 66 percentof the company with Aurelianshareholders owning the rest.

The merger is conditionalon, among other things, certainapprovals by Aurelian share-holders, although Aurelian’slargest shareholders – with acombined 47 percent stake inthe company – have alreadygiven their assurances.

San Leon expects the merg-er to be completed in early2013.

The boards of San Leon andAurelian believe the enlargedgroup offers short-term cashflow potential in Poland, SanLeon wrote in a statement.

Oisin Fanning, executivechairman of San Leon, said,

“The combination of cashresources and the Polish assetbase alone creates an obviousand exciting opportunity torealize substantial growth. Bothmanagement teams have builtup a tremendous amount ofexperience and we can nowemploy that to pursue a best-of-portfolio near term value cre-ation strategy.”

The news will encourageenergy officials in the Polishgovernment, which is bankingheavily on the country’s shalegas potential in the hopes it willallow Poland to reduce itsreliance on Russian gas sup-plies.

“It’s a vote of confidence inthe market in that some of thekey existing non-Polish playerswill remain and combine theirstrengths to move forward,”said C. David DeBenedetti, apartner at the DeBenedettiMajewski SzczeÊniak Law Firmwho specializes in shale gasissues.

“The merger creates thepotential for greater economiesof scale for the two businessesand will hopefully make it easi-er for them to drill as theirlicenses require,” he added.

GGaarreetthh PPrriiccee

NOVEMBER 19-25, 2012 BBUUSSIINNEESSSS www.wbj.pl 5

Tauron sees

strong Q3Energy group Tauron’s

revenues amounted to

z∏.18.2 billion for the first

three quarters of 2012

and were 20% higher than

for the same period last

year. In Q3 alone the

company recorded

revenues of z∏.5.9 billion,

22% more than in 2011.

Tauron also posted a

profit of z∏.420 million in

Q3, compared to z∏.290

million a year earlier. Its

operational profit came

up to z∏.589.5 million.

Agora in

the red

Agora, the publisher of

Gazeta Wyborcza, closed

the third quarter of 2012

deep in the red. However,

its performance turned

out to be slightly better

than expected by analysts.

The group had revenues

of z∏.264.6 million, while

its net loss came in at

z∏.8.3 million, compared

to a net profit of z∏.5.5

million a year ago.

Agora’s results were

significantly worse mainly

due to the recent

downturn in the

advertising market.

PGNiG finds

shale gas

depositPoland’s gas monopoly

PGNiG has succeeded in

discovering yet another

deposit of shale gas at

the Wejherowo

concession. The

presence of the resource

was confirmed at the

Opalino borehole, at a

depth of 3,000 meters.

This is not the target

depth, so drilling will

continue once all the

appropriate surveys are

conducted.

Car dealers

cutting

employmentCar dealers in Poland

currently employ a total

of 40,000 people,

according to current

estimates from the

automotive sector. But a

report prepared by the

Automotive Dealers

Association (ZDS) shows

that during the past 12

months employment in

the sector has decreased

by about 5 percent, or

around 2,000 jobs. The

future outlook is not too

optimistic either –

experts estimate that as

many as 3,800 car dealer

employees may lose

their jobs in the coming

year. ●

A good Q3 set themedia aflutter, butexperts say it willremain Poland’s no. 2bank

Bank Pekao reported a recordz∏.798 million net profit in thethird quarter of this year, beat-ing market expectations by upto 14 percent. The figurereflected 4 percent year-on-year growth and a 13 percentimprovement on the previousquarter.

This means that after threequarters of 2012, the bank hasa net profit of z∏.2.2 billion, 4percent higher than in thesame period of the previousyear. Polish media were quickto declare that the resultbrings the bank closer to itsstated aim of becoming thenumber-one bank in Poland, aposition currently held bystate-controlled PKO BankPolski.

PKO BP earned a net prof-it of z∏.912 million in Q3, downfrom z∏.949 million in the pre-vious quarter and down fromz∏.1 billion a year earlier. But

Marta Czajkowska-Ba∏dyga,analyst at KBC Securities, saidPKO BP isn’t about to lose itsmarket leading position justyet.

“The fact that Bank Pekaohad a very good quarter islargely due to profits madefrom bond sales. They canbeat out PKO BP in a quarteror two but that doesn’t meanthe market will immediatelyvalue it more than PKO BP,”she said.

She added, however, thatshe could not rule out thatBank Pekao will one daybecome Poland’s top lender.

Piotr Palenik, analyst atING Securities, also doesn’texpect Bank Pekao to over-take PKO BP in the “short tomedium term.”

“They might do better insome selected products, forexample they are currentlybigger in mortgage lendingand mutual funds but when itcomes to value of assets theyare way behind PKO BP. Ithink they will also be behindin earnings for some time tocome,” said Mr Palenik.

RReemmii AAddeekkooyyaa

Banking

Bank Pekao notset to overtakePKO BP just yet

A group of investors led byPolish investor Jan Kulczykand Qatar’s sovereign wealthfund are set to invest $700 mil-lion in a firm which is toundertake mineral explorationand extraction in Africa andSouth America, according tothe Financial Times.

Mr Kulczyk and QatarHolding are reportedly expect-ed to invest $250 millionapiece, while $100 millioneach is to come from BTGPactual, a Brazilian investmentbank, and Och-Ziff, an invest-ment fund.

Jan Kulczyk has beeninvesting heavily in energy proj-ects in the past few years. He

holds a stake in consortiaextracting oil in Nigeria, gas inTanzania as well as minerals inBrunei, the Republic of Congo,Ukraine and Latin America.

WBJ contacted KulczykInvestments, the Polish billion-aire’s investment vehicle, but arepresentative declined toconfirm the report. However,Marta Wysocka, deputy direc-tor of corporate communica-tions for the firm, alsodeclined to deny the reportoutright when pressed to doso. Mr Kulczyk is said to beworth roughly z∏.9.7 billionand has topped the list of rich-est Poles for most of the lastdecade. RRAA

Kulczyk in $700 mln

venture with Qatar

sovereign fund: report

The copper miner iseying a concession inKazakhstan andaccelerating work atits mine in Chile toincrease production

Polish copper giant KGHMsaw its unconsolidated netprofit fall 65 percent year-on-year in the third quarter of2012 as a new tax on coppermining weighed heavily on itsbottom line.

The company recorded anunconsolidated net profit ofz∏.1.12 billion, a result slightlyabove the market consensus.

The copper miner is eyingan acquisition in Kazakhstanto help it hit its long-term tar-get of 700,000 metric tons ofannual copper output by 2018,Reuters reported.

“We are preparing to placean offer for a concession inKazakhstan,” chief executiveHerbert Wirth told the TVNCNBC channel. “I think wewill place an offer before theend of this year.”

KGHM is also ramping upwork at its largest overseasmine – the Sierra Gorda con-

cession in Chile.Earlier this year KGHM

bought a controlling stake inCanadian rival Quadra FNX for around z∏.9.5 billion, in atransaction that included thepurchase of a controlling stakein the Sierra Gorda mine.

In the third quarter of2012, the KGHM Group con-tinued realization of projectsin its mining portfolio, includ-ing at Sierra Gorda – itslargest project at the pre-oper-

ational stage.The Sierra Gorda project

comprises the construction ofan open-pit mine on one of thelargest new deposits of copperand molybdenum in the world.The start of production atSierra Gorda is planned for2014. Planned annual produc-tion is approximately 220,000metric tons of copper, 11,000tons of molybdenum and twotons of gold for over 20 years.

GGaarreetthh PPrriiccee

Copper mining

KGHM’s profit slumpson copper tax

It has announced acall for shares thatvalues the Polishappliance maker atz∏.608 million

Bosch-Siemens Hausgeraete’sz∏.608 million call for all ofZelmer’s shares electrified thestock market last Wednesday.The Polish appliance produc-er’s shares soared by almost 30percent, to around z∏.40, onnews of the offer.

Zelmer, which announcedit was looking for a new strate-gic investor earlier this year,would disappear from theWarsaw Stock Exchange if thecall for shares is successful.

“After a purchase of 100percent of shares, it won’tmake any sense to keep thecompany on the stock market.The price that we have offeredis attractive and we don’tintend on changing it,” saidKonrad Pokutycki, presidentof the board at Bosch-SiemensBSH Sprz´t GospdarstwaDomowego.

Ralf Fuchs, executive vicepresident Product divisionConsumer Products Global,BSH Group, said, “This acqui-

sition will strengthen BSH’spresence in Central andEastern European countries.Zelmer’s brand name enjoys ahigh recognition among smalldomestic appliances and isexpected to further acceleratethe development of our Con-sumer Products division.”

The takeover will takeplace if the German companymanages to purchase at least75 percent of all shares. Theprivate equity fund EnterpriseInvestors, which owns close to49 percent of Zelmer’s shares,will sell its stake. How other

investors, which mainlyinclude retirement funds, willreact, is unclear as of now.

However, Zelmer seemsconfident that the takeover is adone deal.

“We can announce withsatisfaction that the process,which has lasted for the pastseveral weeks, is now success-fully completed. The selectedinvestor offers an attractiveprice per share for currentshareholders and will supportus in [our] further develop-ment.

GGPP

Acquisitions

Germany’s BSH launchesbid to take over Zelmer

SH

UT

TE

RS

TO

CK

Zelmer makes home appliances

CO

UR

TE

SY O

F W

IKIM

ED

IA C

OM

MO

NS

Mr Kulczyk is worth around z∏.9.7 billion

CO

UR

TE

SY O

F K

GH

M

KGHM hopes to produce 700,000 tons of copper a year

by 2018

NOVEMBER 19-25, 2012LLAAWW6 www.wbj.pl

Contact: Dorota Zab∏ocka

dz@pnplaw.pl

Legal News

BROUGHT TO YOU BY PETER NIELSEN & PARTNERS LAW OFFICE

Double advance for incometax to be paid by entrepreneurs in JanuaryUntil last year entrepreneurs had to pay adouble advance for income tax – forNovember and December – until Decem-ber 20 and this double advance hasalways amounted to double the advancefor November, irrespective of the incomeactually generated in December. Pursuantto the provisions which are currently inforce, entrepreneurs may pay an advancefor December until January 20 the follow-ing year or may submit an annual taxreturn by January 20 and settle the annualtax within the same deadline.

The changes in the manner of paymentof advances were resolved in 2008 andwere to become binding from the begin-ning of 2010. However, their coming intoforce was postponed by two years. Thechange to the provisions will minimize thepractice of downsizing revenues and gen-erating simulated costs in November.

Development of telecommunication infrastructure – amendmentOn November 6, 2012, President Bro-nis∏aw Komorowski signed an amend-ment to the law concerning the supportfor the development of telecommunica-

tion services and networks adopted in2010, and to some other acts. Thechanges will make investments connect-ed with the construction of telecommuni-cation infrastructure easier and will facili-tate the procedure of issuing decisions onsituating broadband networks locally. Theamendment also introduces new rulesconcerning the performance by road man-agement bodies of locating technologicalduct systems (places for optical fibercables) in case of the reorganization orrenovation of roads.

The law was to ensure access totelecommunication services, especiallybroadband internet, among others byworking out legal and economical termsof construction of the new generationnetwork. Some problems occurred whilethe law was in force, such as problemsrelating to situating a local broadbandnetwork, the possibility of using theexisting telecommunication infrastruc-ture or the rules connected with fulfill-ment of the obligation of locating byroad managements of technologicalduct systems in case of road reorganiza-tion.

The amended law will come into force30 days after its announcement, exceptfor the provisions concerning stock-takingof technological infrastructure which will

Katarzyna Zwierz-WilkockaAttorney at Biedecki Biedecki i Partnerzy

An additional day off for Polish employees

Legal Forum

All companies doing business inPoland should review their work-place regulations and make appro-priate amendments to introduce aregulation regarding an extra dayoff. This results from a recent rulingissued on October 2, 2012 by theConstitutional Tribunal whichstates that rules for settling statuto-ry holidays which fall on a day offfrom work other than Sundayinfringe the Constitution. As a con-sequence of the above-mentionedruling, employers and economistshave already begun to estimatepotential losses that the additionalday off may bring to the economyand businesses.

What do the amendments involve? The above-mentioned judgment isa result of the revision of LaborCode rules regarding statutory holi-days. Pursuant to rules in forceprior to the Constitutional Tribunal’sruling, if a statutory holiday fell on

Saturday or on any other day off fora particular employee, excludingSundays, employees were not enti-tled to receive an additional day off.

This situation arose from Arti-cle 130 § 21 of the Labor Codewhich was introduced in January2011, on the occasion of a stormydiscussion on whether or not toestablish Epiphany as a day offfrom work. This provision hasintroduced an exception to thegeneral rule stating that each pub-lic holiday which falls on a non-working day other than Sunday,reduces the amount of workingtime by eight hours. Such a rule isconnected with the principle of afive-day working week applying inPoland, which means that apartfrom Sunday, employers mustguarantee their employees anadditional non-working day withina week (not necessarily Saturday).

Shortly after being introduced,Article 130 § 21 was challenged byTrade Union Organization NSZZ

SolidarnoÊç, as being contrary tothe constitutional principle ofequality and prohibition of discrim-ination of employees. The Tribunalpartially agreed with the argu-ments of the trade union.

What does the judgmentmean in practice?The discussed judgment of theConstitutional Tribunal means areturn to rules which appliedbefore 2011 in the scope of grant-ing an additional day off inexchange for a public holiday thatfalls on a non-working day. Conse-quently, employees have regainedthe entitlement to an additionalday off, when a statutory holidayfalls on Saturday or on any otherday off for a particular employee(excluding Sundays). The day offshould be used until the end of aparticular settlement period.

For the majority of employees inPoland (for whom Saturday is a dayoff in an average five-day working

week), this change will be of limit-ed importance in 2012 and 2013,because no statutory holiday fallson a Saturday during these years.For these employees the “new-old”rules will come in to effect for thefirst time in 2014, when Constitu-tion Day and All Saints’ Day bothfall on Saturdays. Then, employeesperforming work from Monday toFriday will be entitled to one day offat another time. A similar situationwill occur in 2015, when theAssumption of the Virgin (onAugust 15) and Christmas Day willfall on Saturdays. However, thenew judgment of the Constitution-al Tribunal may be of particular sig-nificance to employees who workon Saturdays and for whom everyother day from Monday and Fridayis a non-working day.

The Constitutional Tribunal didnot decide to postpone the void-ing of the challenged provision.This means that the provisionceased to be binding upon its pub-

lication in the Journal of Laws ofthe Republic of Poland, which wason October 8 2012.

What are the conse-quences and potentialrisks for employers?Employers should immediatelyreview their workplace regulationsand working time schedules forthe last three months of this yearand make appropriate amend-ments to bring them into legalcompliance. If a company’s work-place regulations state thatemployees are not entitled to anadditional day off when a statutoryholiday falls on Saturday (or on anyother day off for a particularemployee, excluding Sundays),this provision will be deemed tobe legally invalid and should beamended. Otherwise, the employ-er may risk claims by employeesfor overtime work, as well as forcompensation due to unequaltreatment in employment. ●

Legal Forum is a paid-for module which gives law firms in Poland an opportunity to discuss and inform readers about important developments in the market. The content is created in consultation with Warsaw Business Journal's editorial staff.

DAILY EXECUTIVE DIGEST

S i g n u p f o r a 2 - w e e k f r e e - t r i a l ! w w w. p o l a n d a m . p lG e r m a n v e r s i o n : w w w. p o l e n a mm o r g e n . p l

Poland A.M. gives you the biggest Polish stories of the day.

Have the most valuable news delivered to your inbox each weekday morning.

NOVEMBER 19-25, 2012 FFIINNAANNCCEE && EECCOONNOOMMIICCSS www.wbj.pl 7

Economic indicators

PPoollaanndd ffaacceess bbrrooaadd--bbaasseeddsslloowwddoowwnn iinn 22001133 This could putinflation “well below”target in 2014

Poland’s economy, now suffer-ing a “harsh downturn,” couldslow to a mere 1.5 percentgrowth rate in 2013 beforerebounding in 2014 in a slow-down sufficient to set inflationat the 2.5 percent target withintwo quarters on its way to amere 1.5 percent in 2014, cen-tral bank researchers said in aNovember inflation projectionreport.

Poland, Europe’s post-cri-sis growth leader, could escapeenduring euro-zone problemsonly so long. Protection pro-vided by such factors as EUfunds and related publicinvestments, lingering demandfrom Germany, a Q4 2011z∏oty weakening and low realinterest rates in the recentperiod is all “wearing away,”researchers said.

The outlook, laid out in akey set of projections pub-lished once every four monthsfor the benefit of central bankrate setters, has darkenedsince researchers last stirredthe tea leaves in July.

The good news is hidden inthe very fine print: NBP pro-jections are built on theassumption – now entirelyunlikely – that official interestrates will not change for theforecast horizon. Polish ratesetters have already respondedwith a 25 bps cut announcedearlier this month.

Worsening forecastsThe darkening of views at theNBP was motivated primarilyby worsening forecasts forgrowth abroad and a weakerthan expected Q2 Polish GDPreading, researchers said. All inall, it took 0.2 pps from averageinflation forecasts and 0.6 ppson average from GDP forecastsover the projection’s horizon.

Nearly the full slate of fac-tors will work to slow the econ-omy in 2013 and only netexports should prove support-ive, researchers say.

Negatives begin abroad:with falling foreign growth ratesand lowered EU fund absorp-tion, reducing the public invest-ments that supported in 2012.

But problems in 2013 havea home-grown character aswell, in part as Poland’s ongo-ing fiscal tightening will bear aprice and as the private sectorsimply succumbs to the down-turn.

Household consumptiongrowth will remain positive,although subdued near histor-

ical lows, as wage growthremains low and householdscan no longer draw down sav-ings.

The investment side of theeconomy will fare no better,with a 3.4 percent reduction in2013 and still slipping fraction-ally in 2014. Companies willreact to the slowdown withreduced investments; publicinvestments fall on as Poland’stightens its own purse and EUfund flows hiccup betweenfunding perspectives; housingis under pressure from allsides.

The 2014 rebound, albeitmodest to a 2.3 percent growthrate, will be led by a reboundin consumption and privateinvestments “although growthin these categories will contin-ue below the long-term aver-age,” researchers say.

As GDP growth falls belowa potential growth rate esti-mated at a mere 3 percent, theoutput gap, which has beennegative since Q2 2012, willcontinue to widen throughout

Moody’s

positive about

Gazprom deal

The deal that Polish gas

monopolist PGNiG reached

with Russia’s Gazprom for

a cut in gas-delivery prices

to Poland was seen as a

positive development by

ratings agency Moody’s.

The agency released a

statement saying that the

agreement – which will

reduce the price of gas

paid by PGNiG by over 10%

– had a positive effect on

the Polish firm’s credit

rating. The deal will boost

the company’s EBITDA by

z∏.2.5 billion to z∏.3 billion,

increasing PGNiG’s cash

flow in 2012 and 2013,

Moody’s said.

Unemployment

to inch up?

The unemployment rate in

Poland crept up by 0.1

percent point in October

compared to September,

to reach 12.5%, according

to estimates prepared by

the Ministry of Labor.

Roughly two million poles

are now without a job. A

higher level of

unemployment can be

expected in November,

said Deputy Minister of

Labor Jacek M´cina. ●

BILANS Accounting and Consulting Company Ltd.,02-729 Warszawa, 195 Rolna st., tel. (+ 48) 22 212 86 27-29, mobile: (+48) 502 057 107 e-mail: Jacek@bilans.eu

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> Establishment of companies> Accounting services> Payroll and human resources> Law and notary offices> Payment recovery and debt recovery> Permits for foreigners> Seat for the companyInflation drops to within

RPP’s target rangePoland’s consumer price index(CPI) inflation rate fell to 3.4percent in October from 3.8percent in September, meetinganalysts’ expectations and con-tinuing a downward trend thatstarted in July. Inflation is nowwithin the Monetary PolicyCouncil’s (RPP) target rangeof 1.5 percent to 3.5 percent.

That confirms the likeli-hood that the RPP will comethrough on another rate cut atits meeting in December. Thecouncil cut the National Bankof Poland’s main interest rateby 25 basis points to 4.5 per-cent in November, amidst callsfrom many economists to doso. In May the council raised

interest rates, making Polandthe only EU country to do sothis year.

“As one could have expect-ed, data on October’s CPI areclearly dovish and show thatupward pressure on pricegrowth is weak,” said analystsfrom BZ WBK in an e-mailedstatement. AAKK

Trade volume down, but current

account deficit still risesPoland’s volume of trade inSeptember came in lowerthan expected. Exportsreached €12.58 billion (versusa market expectation of€12.77 billion), marking adecline of 0.3 percent year-onyear. Imports, meanwhile,came to €12.49 billion,against a market forecast of€12.50 billion, a drop of 3.0

percent measured annually.Poland ended up with a tradesurplus of some €84 million –the first since 2005.

The balance of services sur-prised on the negative side,coming to a surplus of just€338 million (over €200 mil-lion less than in August). Thebalance of incomes provedhigher than expected, and

came in at €1.54 billion. Thebalance of current transferswas negative, at -€17 million,due to a small influx of fundsfrom the European Union.

As a result, Poland’s cur-rent account deficit increasedto from €609 million in Augustto €1.137 billion despite thetrade-balance surplus.

AAKK

Worsening outlookMacroeconomic forecasts in November & July projections, for 2013 (in % y/y)

Indicator Nov. 2012 July 2012

CPI 2.5 2.7

Net inflation 1.7 2.2

GDP 1.5 2.1

Domestic demand 0.2 1.2

Private consumption 1.3 1.8

Exports 3.2 3.1

Imports 0.3 1.0

Source: National Bank of Poland

the projection horizon.

Disinflation worriesThe upshot for Poland’s ratesetting Monetary Policy Coun-cil: disinflation could arrive in arush.

In principle, that should bewelcome for a rate council thathas watched headline inflationsit stubbornly above the upperend of their target range with-out interruption since late 2010.

But the pace of disinflationcould yet worry. Inflation, lastmeasured at 3.8 percent, shouldhit the central target of 2.5 per-cent by Q2 2013 on its way to1.5 percent, the lower thresholdof the tolerance range, in 2014.

The decline in core inflationshould be even more dramatic:to 1.7 percent in 2013 and 0.9percent in 2014 on the 1-2-3punch of low economic growth,stable FX rates and moderationin unit labor cost growth,researchers said.

Beyond those core prices,food price inflation should“remain relatively high” on sup-ply factors, energy price infla-tion will remain high short-termbefore succumbing to fallingenergy commodity prices.

Researchers put the balanceof risks to their forecast asroughly balanced over the pro-jection horizon. The mainsource of risk to the forecast,Europe’s performance vis-a-visthe current forecast, is a cointoss, researchers say.

Word of the increasinglybearish GDP and inflation fore-cast motivated the rate councilto open a long-expected easingcycle with a 25 bps cut,announced in early November.

The cut puts the referencerate at 4.5 percent, back whereit was prior to a rate hike inMay. The reference rate is stilla full percentage point abovethe post-crisis low of 3.5 per-cent, in place from mid-2009 toearly 2011.

The council accentuated itsmove with new dovish tones inits collegiate rhetoric.Throughout the policy state-ment, the council raised alarmsabout signs of “considerable”economic slowdown. Thecouncil’s own assessment ofgrowth components and driv-ers lacked even a single posi-tive element.

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NOVEMBER 19-25, 20128 www.wbj.pl IINNTTEERRVVIIEEWW

The economy

BBiieelleecckkii ttoouuttss ggrroowwtthhtthhrroouugghh iinnvveessttmmeenntt

Ewa Boniecka: The Polisheconomy is slowing down, withthe European Commissionexpecting the country’s GDPto grow 1.8 percent next year,while the government predicts2.2 percent. How will theinvestment programannounced recently by PrimeMinister Donald Tusk helpboost the economy?Jan Krzysztof Bielecki: Wehave been living through theworst financial and economiccrisis in 70 years, that is, sincethe Great Depression. Since2008, Europe and the worldhave been dealing with a crisisof such magnitude that itadversely affects growth in theentire global economy. Anydiscussion concerning reme-dies and prescriptions for

fighting the crisis must startwith an acceptance of thisbasic truth.

Today everyone around theworld is looking for ways tomaintain economic growthwhile introducing necessaryausterity measures. Also, inPoland, we are looking forsolutions to help sustain what Icall the Polish specialty – theability to stay on a path of eco-nomic growth in the past 21years. There is no questionthat this is our priority. The“Polish Investments” programis part of this drive. The idea isto support infrastructureinvestment using existing stateassets to generate new sourcesof financing. The mechanismthrough which this leveragingcan be achieved was described

in the recommendations of theEuropean Financial Congress,organized in Gdaƒsk in May,and this idea was adopted bythe government, whichallowed Prime Minister Tuskto announce the plan in arecent speech in parliament.

Some economists, amongthem Leszek Balcerowicz, arevoicing reservations about thedirection of the government’seconomic policy, claiming thatit is a move towards greaterintervention of the state ineconomy and a retreat fromliberal to Keynesian econom-ics. How do you react to thiscriticism?You cannot call this a dramaticturn in Poland’s economic pol-icy. Let me remind everyonethat when Mr Balcerowicz wasfinance minister, he wasinstrumental in the creation ofthe Polish Development Bank(PBR) in order to facilitateinvestment in Poland at thestart of our transformation.We are talking about a similaridea. In fact, Polish Invest-ments is a way of decreasingthe state’s role in the econo-my, rather than increasing it.

The program will be basedon market principles andsound financial management,characteristic of the privatesector. For the time being,almost all the main infrastruc-ture investments have beendirectly financed by the statebudget. In contrast, PolishInvestments, by definition, willpartner with the private sectorand invest only in profitableprojects. So at the end of theday there will be less, notmore, state.

Do you believe that the struc-ture of the investment vehicle– including the appointmentof the board of directors andchairman – will be put inplace this year, and that theselection process will remainfree from political influence?It was clearly indicated byDeputy Treasury MinisterPawe∏ Tamborski that the min-istry intends to set up this fundin line with the best industrystandards and practices. Itshould be relatively easy to findthe right person to be in chargebecause the job requires spe-cific experience and qualities.By definition it must be some-one senior with years of experi-ence in corporate and invest-ment banking. Otherwise it willbe impossible to achieve thegoal of establishing a well-functioning vehicle for sup-

porting key investments in thecrucial years of 2013 and 2014,and attracting private capital toparticipate. The fund musthave credibility and conduct itsoperations based on privatesector principles.

Who will decide which invest-ments are to be financed bythe Polish Investmentsscheme?It will be decided by the boardof directors, but the govern-

ment will point to priorities incertain strategic areas, whereinvestments are most needed.

In this time of crisis, coun-tries in the European Unionand the US are spending largeamounts of budget money tohelp their respectiveeconomies. Is the PolishInvestments program simplyfollowing this trend?We are not pouring taxpayers’money into Polish Investmentsbecause we must remain fiscal-ly responsible. Instead, wewant to leverage state assetswhich are already in the handsof the state. They will not besold off in the foreseeablefuture but we can use them ascapital to multiply our financ-ing firepower, in line withcommon market practices.Leveraging is a standardmechanism deployed by pri-vate and public financial insti-tutions around the world. So itis not a “new trend,” but a pro-gram using proven methods ofstimulating investment as akey measure to supportgrowth during this crisis.

How do you look at the politi-cal effects of the Polish Invest-ments program? Will itincrease support for the gov-ernment and the ruling CivicPlatform party?My answer is that the programwill help the Polish economyweather the effects of theworst crisis since the GreatDepression. Growth is essen-tial to the wellbeing of the Pol-ish people.

How and when will the aver-age Pole, who worries aboutkeeping his job, paying therent and meeting the growingexpenses of many commodi-ties, benefit from the intro-

duction of the government’seconomic program?The best way to improve thestandard of living of the Polishpeople is to maintain econom-ic growth. Economic growth isgenerated by investment, sothe program is one of manymeasures used by the govern-ment to sustain Poland on thegrowth path. Through invest-ment we hope to create jobsand raise the quality of life forPoles.

Some economic analysts pre-dict that Poland will experi-ence a recession next year.What is your view?I accept that there is a varietyof views and opinions, but I ampretty confident that the Pol-ish economy will maintain itsunprecedented path of devel-opment of the last 20 yearsand stay in the black in theyears to come. Also, the latestEuropean Commission fore-casts, pointing to a slowdownand recession in many placesin Europe, show that Polandwill continue growing, even ifat a slower pace. Many coun-tries around the world wouldbe thrilled with a projectedgrowth rate of 2 percent fornext year.

In a recent policy speechPrime Minister Tusk said thathe is not concerned withromantic visions, but insteadhas a concrete, matter-of-factapproach towards Poland’sdevelopment. Is it not time forgrander visions?I think that Poland has a veryclear vision regarding itsfuture and the future ofEurope. During the last 20years we have proven that wemanage to reach our goals,which is, in the end, the mostimportant thing in politics. Wehave established a more confi-dent and prosperous Poland,secure and well-integrated inEuropean and transatlanticstructures. The next objectiveis to further improve the stan-dard of living of the Polishpeople and create solid foun-dations for the future.

Do you hope that the EUbudget for 2014-2020, whichsome members want to cutdrastically, will finally be

Jan Krzysztof Bielecki, chairman of theEconomic Council in the Chancellery of thePrime Minister, talks with WBJ about thegovernment’s investment program, its economicpolicy and the crisis in the European Union

PiS losing

supportThe recent turmoil

following an erroneous

article in Rzeczpospolita

that said traces of

explosives were found on

the wreckage of the

Tupolev that crashed in

Smolensk, killing

President Lech Kaczyƒski

and 95 others, has not

helped the opposition

Law and Justice (PiS)

party, which loudly

supported the report.

According to TNS Polska

data, support for PiS has

slumped to 30%,

compared to 39% in in a

poll conducted before the

scandal broke.

Gloomy times

for businesses

Although business

owners are not planning

layoffs or cuts in

investments, they will

face a decrease in sales,

Puls Biznesu reported.

Entrepreneurs’ moods

have not been this bad

for two years. The Bibby

MSP Index fell to 41

points in October – 13

points less compared to

the last analysis, in April.

SMEs believe that the

next half year will bring

more difficulty. ●

“Many countries around the world wouldbe thrilled with a projected growth rate of 2

percent for next year”

NOVEMBER 19-25, 2012 IINNTTEERRVVIIEEWW www.wbj.pl 9

accepted and that we willreceive the expected amountof money?In this time of unprecedentedcrisis, it would be difficult ornaive to expect that the budgetfor 2014-2020 will be muchmore generous than the previ-ous one. In a time of austerityit will be good to have a budg-et at the same level as the pre-vious one. In any case, it willdeliver another enormousstimulus to Poland’s conver-gence with the rest of the EU.

Will the EU’s cohesion policy,which is so important forPoland, be saved in the face ofsuch stubborn oppositionfrom some net payers?During an economic crisis, it isclear for everybody that thenegotiation process is not sim-

ple and could be protracted.But anyway I think that we canexpect from the next budgetover €70 billion in structuraland cohesion funds.

The European Union is divid-ing between those in the eurozone and those outside. ThePolish government signed afiscal pact integrating mem-bers of the euro zone andexpects to ratify it in the Pol-ish parliament. How do youevaluate this move?The government’s position isthat even though we are not inthe euro zone, the fiscal pact isconducive to sustainingPoland’s development. Theprime minister told parliamentthat the government will soonsend this for ratification andthe response from some oppo-

sition parties showed that it islikely to gain broad support.

When is Poland going toaccept the euro as its curren-cy, thus allowing it to join thegroup of key decision makersin the EU?During the same debate, thismatter was made clear by PrimeMinister Tusk and FinanceMinister Jacek Rostowski.Poland will meet the criteria in2013 but our membership mustbe timed to have a positiveimpact on our economy. Andthe euro zone itself must in themeantime resolve its problems.By joining the fiscal pact, weserve our economy well and atthe same time demonstrate ourcommitment to the soundfinancial management of theeuro zone in the future. ●

CO

UR

TE

SY O

F G

.RO

GI¡

SK

I-C

IR

Mr Bielecki believes it would be “difficult or naive” to expect a much more generous

budget for 2014-2020 than the one currently in place

Jan Krzysztof Bielecki

Mr Bielecki served as an economic expert tothe Solidarity trade union from the end of1980. During Marshal Law he was involved inunderground union activity.

In December 1990, he was appointedprime minister of Poland but after elections inOctober 1991, he resigned from office, withhis resignation being accepted by the Sejm inDecember 1991. He then served as ministerfor European integration and foreign assis-

tance in Hanna Suchocka’s government. From December 1993 to September 2003,

he represented Poland in the European Bankfor Reconstruction and Development, beforebecoming president of Bank Pekao’s manage-ment board and company CEO. Since March2010 Mr Bielecki has been chairman of theEconomic Council, which advises Prime Min-ister Donald Tusk.

SSoouurrccee:: pprreemmiieerr..ggoovv..ppll

NOVEMBER 19-25, 201210 www.wbj.pl

Investments – Business –Services in Cyprus

Advertorial feature

Discover a new business destina-tion at the crossroads of the EU,Middle East and North Africa

Cyprus’ modern, service-based economycontinues to attract business as financial andcorporate services draw foreign investors tothe island. Polish business circles can find inCyprus a safe and reliable investment envi-ronment for realization of their investmentplans.

Current performanceCyprus remains an attractive investment des-tination by offering a unique basket of advan-tages for conducting business in the Euro-pean and Middle East region. In the recentlypublished World Bank “Doing Business2012” report, Cyprus ranked 40th out of 183countries. In another ranking for the competi-tiveness, Cyprus is ranked 47 out of 142countries.

However, like all countries in the eurozone,Cyprus faces a challenging time in 2012. InJune 2012 the Cypriot government requestedassistance from the European Financial Sta-bility Facility (EFSF), the EU’s financial supportmechanism, primarily to support the bankingsector, which needed recapitalisation afterthe 75% write-off of Greek government debtearlier in the year. Currently, the Cypriotauthorities are negotiating with the Troika (theInternational Monetary Fund, European Cen-tral Bank and European Comission) about theamount of the loan and its conditions.

Why Cyprus?Foreign investors choose Cyprus because ofits favourable tax system, (with a uniform cor-porate rate of 10% – the lowest in the EU),advanced business infrastructure, stablesocio-economic environment, and its highlyqualified labor force. They also benefit from abusiness environment that is favourable tointernational trade and a regulatory environ-ment that is transparent and welcomingtowards foreign investments.

Attracted by a wide network of double tax-ation treaties, a state-of-the-art telecommuni-cations and world-class business services,the island hosts over 260,000 registered com-panies from Cyprus and across the world. Forcompanies and individuals looking for theideal location from which to structure theirinvestments in Russia, the EU, the MiddleEast, North Africa and beyond, Cyprus offersspecific benefits that have already attractedthousands of investors. Official statisticsshow that international business structures inCyprus are already generating more than€857 million a year.

Holding companiesCyprus is an ideal location for establishingholding, trading and investment companies.Such companies enjoy numerous benefits,including a low tax rate, repatriation provi-sions (which allow payment of dividends),interest and royalties without payment ofwithholding tax, the exemption from tax of

trading gains and capital gains made by Cypri-ot holding companies from the sale of sharesin a foreign subsidiary, and many others.

Energy – the prospects for theeconomy after discovery of natu-ral gas in Cypriot watersThe breakthrough for Cyprus came in Decem-ber 2011 when American company NobleEnergy announced that it had discovered nat-ural gas in Cyprus’ Exclusive Economic ZoneBlock 12 (the “Aphrodite” gas field), 180 kilo-meters to the south of the island. Aphrodite’sreserves are estimated at around 7 trillioncubic feet (198 billion cubic meters) – enoughto meet Cyprus’ domestic gas demand foraround 100 years. Noble will carry out moreappraisal drilling in early 2013. The companyestimates that production will begin 38months after a final investment decision hasbeen taken.

The success in Block 12 caught the atten-tion of energy companies across the worldand created huge interest in Cyprus’ secondlicensing round, in which 33 bids from 15companies/consortia were submitted. On the30th of October the Council of Ministersdecided to grant exploration licenses for fourmore blocks of the Cypriot EEZ: two forFrench company Total (with Russian participa-tion in one block) and two for Italian companyEni with participation of Korean KOGAS.

This discovery opens new possibilities andprospects for Cyprus. The use of its own ener-gy supply will not only provide local industrywith an economic boost, it will also stimulaterapid technological development within themanufacturing sector. The energy sectorappears to be paramount for attracting foreigninvestment, especially as the Republic ofCyprus plans to build a plant for the productionof Liquefied Natural Gas (LNG) and a pipelinefor supply of gas to Cyprus. Discussions arealso ongoing about a potential manufacturing

plant which would utilize natural gas as rawmaterial. It is expected that all these undertak-ings will create about 4.000 jobs.

TourismAfter slow but steady growth in recent years,2011 saw a phenomenal 10% increase in thenumber of visitors to the island. This trendseems, as statistics show, to have continuedin 2012. For the period January-September2012, the number of tourists that visitedCyprus was 2,064,118, which is 4.6% morethan the same period of 2011. The revenuesfrom tourism for 2012 are expected to reach€1.9 billion, which is the highest in elevenyears.

For the first part of the 20th century Cypruswas not well known as a tourist destination,but that changed when the island was pro-moted as a “sun and sea” destination, witharound 340 days of sunshine a year – thiscontinues to be a crucial element in the Cypri-ot tourism product. But government effortsto bring diversity into the industry and attracthigh-spending visitors to the island through-out the year are also beginning tobear fruit. This, coupled with thestrengthening of links with majortour operators, a significant expan-sion in the number of flight destina-tions and the astute developmentof niche tourism in Cyprus, all indi-cate that the sector will continue toflourish in the years ahead.

International BusinessForum Cyprus-Poland,22nd of November 2012In order to learn more about all ofthe advantages and possibilitiesCyprus has to offer your business,its attractive tax system and ease ofcompany registration, we warmlyinvite all interested parties to the

International Business Forum Cyprus –Poland, which will take place in Wroc∏aw,on Thursday 22nd of November in Mercurehotel. Organizers of the Forum are theCyprus Chamber of Commerce and Industryand the Cyprus Trade Centre in Warsaw, incooperation with the Western Chamber ofCommerce from Wroc∏aw and under theumbrella of the Ministry of Commerce, Indus-try and Tourism. There will also be the possi-bility to meet with representatives of Cypriotbusiness circles: lawyers, tax advisors, busi-ness consultants etc. The entrance for theevent is free. For more information, pleasevisit the website of the Western Chamber ofCommerce at www.zig.pl, or 71 795-0656

We assure you that companies fromPoland will be more than welcome to exploreCyprus and discover the advantages that itoffers. The Cyprus Trade Centre is keen toprovide all businesspeople information aboutthe opportunities offered and the necessarycontacts to establish their business or toinvest in Cyprus.

For further information regarding invest-ments in Cyprus and registration of compa-nies you can contact the following institu-tions:

Cyprus Investment Promotion AgencyTel: +357 22 441 133Fax: +357 22 441 134e-mail: info@cipa.org.cywww.cipa.org.cy

One-Stop ShopMinistry of Commerce,Industry and Tourism13-15 A. Araouzos Str.1421 Nicosia, CyprusTel: +357 22 409 328Fax: +357 22 409 432e-mail: onestopshop@mcit.gov..cy

Cyprus Trade Centreul. Plicka 402-629 Warsaw, PolandTel: 22 854 01 77Fax: 22 854 01 80e-mail: ctc@cyprustrade.plwww.cyprustrade.pl

BROUGHT TO YOU BY CYPRUS TRADE CENTRE

W a r s a w B u s i n e s s J o u r n a l ’s s p e c i a l s u p p l e m e n t o n f o r e i g n d i r e c t i n v e s t m e n t NOVEMBER 19-25, 2012

Foreign investment outlook

FFDDII iinnfflloowwss ttoo rreemmaaiinn ssttaabbllee ddeessppiittee ccrriissiissPoland’sfundamentals remainstrong despite the fallin investor confidence

Investor confidence is waningalong with the economic out-look, but Poland’s stability andthe investment opportunities itaffords are such that FDI isnot expected to fall by much.

AT Kearney’s 2012 FDIConfidence Index showsPoland has plummeted to 23rd

from 6th in the preceding(2010) index, indicating a sig-nificant fall in the country’sattractiveness perception am-ong foreign investors.

Poland was in 22nd place in2007, suggesting that its stockrocketed in the interveningyears due to its stand-out eco-nomic performance during theheight of the crisis, beforecoming back down to earth asthe afterglow started to fadeand its economy hit slow-downmode.

Outlook stable Nevertheless, Marek ¸y˝wa,vice president of the PolishInformation and ForeignInvestment Agency (PAIiIZ),said that despite the economic

slowdown, FDI into Polandwill likely not be lower thisyear than in it was in 2011. Headded that he expects it toremain at a similar level nextyear.

Pawe∏ Tynel, a director atErnst &Young in Poland, saidthat while while the number ofFDI projects is likely toremain stable, their value will,on average, probably fall.

“This is the result of firmsbeing more cautious aboutundertakings,” he said.“Investors are now analyzingbusiness cases more thorough-ly before investing – they aretrying to be as precise as possi-ble,” he added, explaining thatthey have become less creativeand are taking fewer risks,meaning they need to be surethere is demand for theirproducts and the investmentlocation is suitable before theycommit.

Advantage PolandPAIiIZ is responding to thesemore cautious attitudes, but isbeing helped by Poland’s rela-tively stable political and eco-nomic situation, and thestrength of its workforce.

How does Polandattract FDI?

Investment in Poland’s aviation industry has remained strong

SH

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As part of ourInvesting in Polandproject, we arerecognizing companiesthat make big, long-term, innovative andsustainable impactswith their investments

Warsaw Business Journal isvery excited to be giving out

our first Investment of theYear Award at a celebration inthe Amber Room restaurantin Warsaw this week. Theaward ceremony is part of ourInvesting in Poland project,which has grown out of ourInvesting in Poland series ofannual publications.

The project has an impor-tant aim: to encourage andraise awareness of foreign

investment in Poland, and topromote Poland’s potential asan investment location. Wehope that recognizing greatinvestments in Poland withthis award each year will helpus achieve that goal.

This initiative comes at acritical juncture for foreigninvestment in Poland. Severalyears after it was touted as a“green island” in a sea of red

(that is, recession-bound)countries in Europe, Poland’seconomy is slowing down. Theindicators have investors wor-ried that although the coun-try’s fundamentals remainstrong, outside factors couldderail the success of foreigndirect investments (see article,above).

So it is important to remindinvestors that with growth set

to come in at well over 2 per-cent this year, Poland’s econo-my remains one of the fastest-growing in Europe. While itcan’t control outside factors,internally, Poland still boasts ahuge, growing domestic mar-ket hungry for better goodsand services. It also possessesa large, young, well-educatedworkforce that will serve busi-ness process outsourcing and

research and developmentinvestments well.

Investing in Poland project

WWBBJJ ttoo hhaanndd oouutt IInnvveessttmmeenntt ooff tthhee YYeeaarrAAwwaarrdd tthhiiss wweeeekk aatt ssppeecciiaall eevveenntt

In thissupplementFDI outlook . . . . . . . . . . . . . . . . . .11,13

Investing in Poland project . . . .11-12

Investment incentives . . . . . . . . . . .12

Special economic zones . . . . . . . . .13

Biggest foreign investments . . . . .14

Continued on p. 13 ➡

FFDDII IINN FFOOCCUUSS13 12

Continued on p. 12 ➡

The economy ministerwants to extend thelifespan of Poland’s SEZs

MANAGING EDITORGARETH PRICE(GPRICE@WBJ.PL)

POLITICS EDITORREMI ADEKOYA(RADEKOYA@WBJ.PL)

REAL ESTATE EDITORADAM ZDRODOWSKI(AZDRODOWSKI@WBJ.PL)

JOURNALISTIZABELA DEPCZYK(IDEPCZYK@VALKEA.COM)

CONTRIBUTORSE. BLAKE BERRYEWA BONIECKADAVID INGHAM

COLUMNISTSADAM NARCZEWSKIANDREW NAWROCKI

PRODUCTION MANAGERPIOTR WYSKOK

GRAPHIC DESIGNER¸UKASZ MAZUREK

MARKETING &SALES

AGNIESZKA BREJWO MARKETING &SALES DIRECTOR(ABREJWO@WBJ.PL)

MAGDALENA KARPI¡SKA(MKARPINSKA@WBJ.PL)

AGNIESZKA KUCZY¡SKA(AKUCZYNSKA@WBJ.PL)

EWA BROGOSZ-KORYCKA(EBROGOSZ-KORYCKA@WBJ.PL)

PR & MARKETING SPECIALIST KATARZYNA MAREK(KMAREK@WBJ.PL)

SUBSCRIPTIONS MANAGERAGNIESZKA MICHALIK(AMICHALIK@VALKEA.COM)

PRINT & DISTRIBUTION COORDINATORKRZYSZTOF WILI¡SKI(DYSTRYBUCJA@VALKEA.COM)

BOOK OF LISTS SPECIALISTMONIKA BRYSIAK(MBRYSIAK@VALKEA.COM)

PUBLISHER VALKEA MEDIA SA EDITOR-IN-CHIEF ANDREW KURETH (AKURETH@WBJ.PL) MANAGING DIRECTOR MONIKA STAWICKA

Editorials are the opinions of WBJ’s editorial board. Other opinions are those of the authors alone. Comments, opinions and letters should be sent to editor@wbj.pl. Please include a name and contact information and clearly indicate if they are to be considered for publication.

NOVEMBER 19-25, 2012FFDDII IINN FFOOCCUUSS12 www.wbj.pl

Publication partners: Strategic partner for Spanish & Chinese editions:Conference partners:

w w w . b i l a n s . e u

Media patronage:

Investment incentives

Attracting investment with tax breaks and a national brandPoland uses itsreputation and SEZsto woo investors

Poland is attractive to investorsbecause of its geographic loca-tion, a well-qualified workforceand an economy that’s stillgrowing despite a global eco-nomic crisis. Also, the countryis stable politically and receivesbillions of euros in EU fundsevery year to improve its infra-structure.

In 2011, Poland receivedroughly €13.6 billion in FDI,

according to the National Bankof Poland. By contrast, theCzech Republic, the CEE’s sec-ond-largest economy (althoughwith a much smaller populationthan Poland’s), saw €3.8 billionin FDI last year, according to itsNational Bank.

There are currently 14special economic zones inPoland, which offer a varietyof attractive incentives in-cluding tax exemptions,close proximity to suppliersand customers, and invest-ment sites already developed

with infrastructure and utili-ties.

The SEZs are scheduled tooperate until 2020 although theMinistry of the Economy ismaking efforts to extend thatperiod. According to its calcula-tions, investors in the SEZssaved well over €1 billionthanks to tax breaks between2007 and 2010.

An investor needs to agreewith the specific authorities onhow many jobs will be createdin an SEZ through an invest-ment and must later fulfill this

agreement. The minimumvalue of an SEZ investment isusually €100,000.

Poland also has several in-dustrial and technology parks,well suited, especially, forSMEs. Certain parks focus onone particular industry, whileothers are open to almost anybusiness proposition. But theyall exist to support entrepre-neurship and innovation. Theyalso provide services such as ITand accounting.

So how important are theseincentives for investors?

“The most important thingis the brand of a country.Today, Poland has quite agood brand, especially afterbeing the only EU country tohave GDP growth in 2009,”said Jerzy Kwieciƒski, devel-opment expert at the BusinessCenter Club. “It’s like with aproduct, if it has a good brandthen people want to buy it, ifnot, then it’s difficult to selleven if you offer good deals,”he added.

Mr Kwieciƒski said theSEZs have worked well for

Poland and should be extend-ed beyond 2020. He added,however, that in his opinion, itis time for Poland’s regions tobuild their own specialistbrands “just as small EU coun-tries do.”

“When you mention, say,Ma∏opolska, people shouldthink, aha, Kraków, IT. Eachregion needs to market its ownspecialty. They have the fundsto do this, it’s a matter of creat-ing the proper institutions,” headded.

RReemmii AAddeekkooyyaa

The investments that havebeen nominated for theInvestment of the YearAward put those advantagesinto sharp focus. To come upwith our nominees, we askedour partners at various inter-national chambers of com-merce in Poland to surveyinvestments made by theirmembers, and offer up nomi-nations.

Investments were evaluat-ed on amount invested, num-ber of jobs created, innova-tiveness, sustainability and

long-term impact. Since thiswas our first time deciding onthe award, qualifying projectshad a two-year window: theymust have been initiatedbetween the beginning of2011 and the end of 2012.

The final five investmentsthat made the shortlist werecarried out by AstraZeneca(an R&D center), EstudioLamela (design of a stadiumin Lublin), Itella (a sharedservices center), PittsburghGlass Works (a productionfacility) and Servier (its com-bined investments inPoland).

Each of the investmentswere profiled by WBJ overthe past several weeks.

In early November, a juryof 11 members of the businesscommunity with knowledge offoreign investment in Polandmet to decide on a winner,who will be an-nounced whenthe award is handed out at thecelebration this week.

The jury included:• Lidia Adamska – Member

of the ManagementBoard, Warsaw StockExchange

• Dorothy Dabrowski –

Executive Director, Amer-ican Chamber of Com-merce

• Marcin Grodzki – ViceDirector, Polish-SpanishChamber of Commerce

• Bertrand Jannet – VicePresident, French Cham-ber of Commerce andIndustry in Poland

• Michael Kern – GeneralDirector, Polish-GermanChamber of Industry andCommerce

• Pawe∏ Kotowski – Direc-tor, Department of theAmericas, Ministry of For-eign Affairs

• Agnieszka Kowalcze –Director, Scandinavian-Polish Chamber of Com-merce

• Andrew Kureth – Editor-in-Chief, Warsaw BusinessJournal

• S∏awomir Majman – President, PAIiIZ

• Jacek Socha – DeputyChairman of PwC inPoland.

• Joe Tunney – President,British Polish Chamber ofCommerce

Though this is the first yearfor the Investment in Poland

Award, Warsaw Business Jour-nal has been carrying out itsInvesting in Poland initiativefor four years. Along with theaward, this year the projectincludes the Investing inPoland 2013 publication – thefirst in the series to be trans-lated into both Spanish andMandarin Chinese. InSeptember, WBJ also held aconference on investing inPoland to mark the launch ofthe latest edition in the series.

AAnnddrreeww KKuurreetthhFor more information, or to

download the publication, visit WBJ.pl

➡ Continued from p. 11

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NOVEMBER 19-25, 2012 FFDDII IINN FFOOCCUUSS www.wbj.pl 13

“There have been lots ofimprovements for those want-ing to invest in Poland,” saidMr ¸y˝wa. “Our strength isour location in Europe, ourpolitical and economic stabili-ty, and the high potential ofour human capital,” he added.

In particular, he touted thefact that over 50 percent ofPoles are below 35 years ofage, and that Poland boaststhe largest number of studentsin Europe. According to theOECD, it also the hardestworking nation in Europe, andsecond only to South Korea

globally.Asked whether he had

observed an increase in cau-tion among foreign investors,Mr ¸y˝wa said, “yes and no.”

“We are improving ourapproach,” he said, explainingthat every year PAIiIZ drawsup a document it sends to thegovernment pointing out bar-riers to investment. Theinvestment body also workswith regional officials to pro-mote Poland’s voivodships.

“The Polish economy isslowing … but we are stillreceiving a large number ofinquiries and visits frompotential investors for whom

we draw up proposals,” saidMr ¸y˝wa, adding that, in hisopinion, Poland has the high-est cost-production ratio inEurope. “The workforce is notthe cheapest, but it is the bestlabor for the price,” he said.

Mr Tynel cautioned thatPoland’s investment authori-ties should be aware of theinternational dimension – thatPoland is competing for FDIin an unforgiving environ-ment.

“We should not be compla-cent as regional leaders, sincewe’re now starting to competewith countries outside of ourregion,” he said.

He pointed out thatPoland’s investment climatecan always be improved byintroducing legislation con-cerning matters such as laborcosts, incentives and infra-structure. “There is no quickwin in this last area,” hewarned.

Project pipeline PAIiIZ has 132 strategic proj-ects in the pipeline wortharound €4.23 billion and withthe potential to create 26,000jobs. Most projects – some 25– are in the BPO/SSC sector,followed by automotive (21),R&D, ICT and electronics.The US, Germany, the UKand China, in that order, arethe main sources of the nas-cent projects.

“BPO is definitely provingto be pretty strong,” said MrTynel. “It is not cooling downand there is now a critical massof these centers in Poland,meaning a culture of workingin this sector is developing,” headded.

In line with Poland’s aim ofboosting innovation, strategicsectors – meaning those giventhe most support and financialincentives – include R&D,SSC and aviation, with the US,Germany, the UK, France,Japan and South Korea allbelonging to the list of strate-

gic countries. China, India,Russian and Brazil comprisethe long-term strategic coun-tries.

Mr ¸y˝wa pointed out thatso far this year foreigninvestors have been particular-ly active in the BPO/SSC,automotive and aerospaceindustry sectors.

Aviation Valley in Pod-karpackie, southeastern Po-land, boasts over 100 foreigninvestors making aircraftparts, and has seen significantinvestor activity of late, ashave less well-known clustersin Bielsko-Bia∏a and Kalisz.

However, not all sectorsare doing as well, with the carproduction industry in partic-

ular going through a lean timeof late. Italian giant Fiatannounced recently that itwill cease producing the FiatPanda Classic at its plant inTychy, in the Silesia voivod-ship.

“Car producers are strug-gling, but car parts supplierswho export goods elsewhereare doing well,” said Mr Tynel.

“However, regardless ofthe difficult economic situa-tion, the interest generallyamong foreign investors inPoland has remained at a sim-ilar level for the last 18months and we’re not expect-ing a dramatic change up ordown,” he added.

GGaarreetthh PPrriiccee

Special economic zones

MMiinniissttrryy ooff EEccoonnoommyy wwaannttssttoo pprroolloonngg lliiffee ooff SSEEZZssThe move would becrucial for theinvestmentattractiveness of theentities, experts say

Special economic zones haveattracted a significant numberof investments in Poland inrecent years but the law gov-erning them only provides fortheir operation till 2020. TheMinistry of Economy hopesthat the entities could be keptin existence for longer.

A proposal to extend thelifespan of the zones was dis-cussed in the Polish parliamentearlier this year. There was talkof extending the operationperiod till 2026, with EconomyMinister Waldemar Pawlakhaving recently come out infavor of an indefinite extension.

The issue, however, is stillsubject to discussions withinthe government. The financeminister’s opinion on the mat-ter is different from that of theMinistry of Economy, MrPawlak told journalists inSeptember.

Meanwhile, a 2011 reportby Ernst & Young pointed outthat special economic zones are

now becoming less and lessattractive for new investorssince new investments are notable to take full advantage ofall tax breaks if SEZs are tocease operating in 2020.

It added that more than halfof the current investors werenot planning new investmentsin the zones if these were toonly operate till 2020. “Pro-longing the functioning of thespecial economic zones is a fac-tor that directly decides abouttheir attractiveness,” the reportsaid.

Similar conclusions werereached by KPMG experts,who, in their 2011 report onspecial economic zones saidthat “a six-year extension may

... lead to an increase in capitalexpenditures by even as muchas z∏.40 billion.”

Special economic zones, ofwhich 14 currently exist inPoland, have operated in thecountry since 1995. Accordingto Ministry of Economy data,1,507 business permits hadbeen issued in the zones by theend of the second quarter ofthis year.

By that time, the ministryestimates, special economiczones in Poland had attractedz∏.82.243 billion worth ofinvestments and accounted forthe creation of over 183,500new jobs, of which 58,780 hadbeen maintained.

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10

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201120102009200820072006

Investment returns FDI inflow to Poland, 2006-2011, in € billions

Source: NBP, PAIiIZ

➡ Continued from p. 11

Foreign car producers in Poland have been suffering from low demand

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the lifespan of Poland’s SEZs

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NOVEMBER 19-25, 2012FFDDII IINN FFOOCCUUSS14 www.wbj.pl

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Rank

Name of company Country SectorInvestment

value (€ mln)

Employment Location

1. (Would Not Disclose) Italy Automotive 353.75 0 Tychy

2. Pilkington Japan Automotive 96 400 Chmielów

3. Uflex India Packaging 65 130 WrzeÊnia

4. Liu Gong China Machinery 62.5 500 Stalowa Wola

5. Volkswagen Motor Polska Germany Automotive 62.5 151 Polkowice

6. Creaton Polska Belgium Construction 60 151 Widziszewo

7. 3M United States Chemicals 42 250 Wroc∏aw

8. Bridgestone Japan Energy 41.5 182 ˚arów

9. TRW Automotive United States Automotive 40 295 Czechowice – Dziedzice

10. Lotte Japan Food 38 100 Âwidnica

11. Exide Technologies United States Electronics 35 67 Poznaƒ

12. P&G United States FMCG 32.5 50 Nowy Józefów

13.Ter Beke and StefanoToselli Belgium/France Food 27 142 Opole

14. Hamilton Sundstrand United States Aviation 21.5 268 Rzeszów

15. GEDIA Gebrüder Germany Automotive 20 40 Nowa Sól

16. CSM Global Netherlands Food Technology 15 200 Nowa Sól

17. Nifco South Korea Automotive 15 200 ˚ory

18. BriVictory TPV/AUO China Electronics 14 1,978 Gorzów Wielkopolski

19. Kosmepol France Chemicals 11 0 Kanie

20. Pearl Stream South Korea Electronics 10 220 Strzelce Opolskie

21. (Would Not Disclose) China Electrical 10 150 Kobierzyce

22. (Would Not Disclose) United Kingdom Chemicals 10 120 Szczecin

23. Hispánica de Aviación Spain Aviation 9 107 Âwidnik

24. Novostrat Ltd Ireland Polyethylene foammaterials 9 300 Olszyna

25. (Would Not Disclose) South Korea Chemicals 9 30 Kobierzyce

Rank

Name of company Country SectorInvestment

value (€ mln)

Employment Location

26. Biosyntec France Tobacco products 8 200 Lublin, Krasnystaw

27. Federal-Mogul United States Automotive 7.5 20 Gorzyce

28. Theofinance Sweden Energy 6.5 320 Ryki

29. Fortitech United States Food 6 20 Buk

30. MESERA Finland Metals 5 8 Wysogotowo

31. Haoneng Packing Co. China Packaging 4 60 Kraków

32. Weiss Denmark Machinery 4 150 Ostrowiec Âwi´tokrzyski

33. BNP Paribas France BPO 3 300 Warsaw

34. State Street United States BPO 2 600 Kraków

35. (Would Not Disclose) India BPO 2 200 Warsaw

36. Nordea Bank Sweden BPO 1.8 250 ¸ódê

37. X-Yachts Denmark Shipbuilding 1.6 50 Go∏dap

38. Akamai Technologies United States R&D 1.5 50 Kraków

39.Dong-A Hwa Sung Co.Ltd. South Korea Electronics 1 30 Kobierzyce

40. Infusion United States ICT 1 60 Kraków

41. Intel United States R&D 1 60 Gdaƒsk

42. Tate & Lyle United Kingdom BPO 1 200 ¸ódê

43. Pöyry Finland R&D 0.82 90 ¸ódê

44. Rule Financial United Kingdom ICT 0.8 70 ¸ódê

45. PwC United States BPO 0.6 250 Katowice

46. (Would Not Disclose) Japan Automotive 0.6 10 Wa∏brzych

47. Credit Suisse Switzerland BPO 0.5 250 Wroc∏aw

48. Stefanini Brazil ICT 0.5 50 Kraków

49. Bridgestone Japan BPO 0.3 120 Poznaƒ

50.Bankruptcy ManagementSolutions (BMS) United States R&D 0.2 40 ¸ódê

Biggest foreign investmentsThe biggest 50 foreign investments aided by the Polish Information and Foreign Investment Agency (PAIiIZ) in 2011* (Ranked by amount invested)

*Most recent data available Source: PAIiIZ

NOVEMBER 19-25, 2012 TTHHEE LLIISSTT www.wbj.pl 15

Financial Services

Pension FundsRanked by total net assets (as of October 31, 2012) www.bookoflists.pl

Notes: Data for The List was provided by Analizy Online SA, ul. Hru-bieszowska 6A, 01-209 Warsaw, tel. 22 431-8298, www.analizy.plFootnotes: (1) Permission of Polish Financial Supervision Authorityrequired.

To the best of WBJ ’s knowledge, the information is accurate as of press time. While every effort is made to ensure accuracy and thoroughness, omissionsand typographical errors may occur. Corrections or additions to The List should be sent, on official letterhead, to Warsaw Business Journal, attn. MonikaBrysiak, ul. Elblàska 15/17, 01-747 Warsaw, via fax to (+48) 22 639-8569, or via e-mail to wbjbol@wbj.pl. Copyright 2011, Valkea Media SA. The List maynot be reprinted or reproduced in whole or in part without prior written permission of the publisher. Reprints are available.

Rank

Company nameFund nameAddressTel./FaxE-mailWeb page

Total net assets (z∏. mln) /Number of participants (as of October 31, 2012)

Equity (z∏. mln)(as of December 31, 2011)

Date fund license obtained /Activity start date

Fund ManagerOwnership: Polish /

ForeignTop local executive /

Title

1

ING Powszechne Towarzystwo Emerytalne SAING Otwarty Fundusz Emerytalnyul. Topiel 12, 00-342 Warsaw801-203-040/22 522-1111info@ing.plwww.ing.pl

60,691.43,008,677

528.4Jan. 26, 1999May 20, 1999

Piotr Bieƒ; Grzegorz Ch∏opek; EwaRadkowska-Âwi´toƒ; Kamil Sobolewski

ING Bank Âlàski - 20%ING Continental Europe Holdings - 80%

Grzegorz Ch∏opek; Ewa Radkowska-Âwi´toƒ;

Józef ProƒPresident; Vice President; Board Member

2

Aviva Powszechne Towarzystwo Emerytalne AvivaBZ WBK SAAviva Otwarty Fundusz Emerytalny Aviva BZ WBKul. Domaniewska 44, 02-672 Warsaw801-888-444/22 557-4039bok_ofe@aviva.pl, www.aviva.pl

57,520.62,673,918

376.3Jan. 26, 1999May 20, 1999

Pawe∏ Klimkowski; Marcin ˚ó∏tekAviva Towarzystwo Ubezpieczeƒ na ˚ycie

- 51.1%; BZ WBK - 10%Aviva Inetrnational Insurance - 38.9%

Pawe∏ Pytel; Marcin ˚ó∏tek, Pawe∏ Klimkowski

President; Board Members

3

Powszechne Towarzystwo Emerytalne PZU SAOtwarty Fundusz Emerytalny PZU “Z∏ota Jesieƒ”Al. Jana Paw∏a II 24, 00-133 Warsaw801-102-102/22 582-2905poczta@ptepzu.plwww.pzu.pl

34,260.02,223,591

277.2Jan. 26, 1999May 20, 1999

Marek Jezierski; Andrzej So∏dek; MarekSojka; Arkadiusz Julke

PZU ˚ycie - 100%None

Andrzej So∏dek; Marek Sojka;Hubert Drà˝kiewicz

President; Vice President; Board Member

4

Amplico Powszechne Towarzystwo Emerytalne SAAmplico Otwarty Fundusz Emerytalnyul. Przemys∏owa 26, 00-450 Warsaw22 523-5555/22 622-1666pteinfo@metlifeamplico.plwww.metlifeamplico.pl

20,197.81,270,241

342.2Jan. 26, 1999May 20, 1999

Krzysztof Madej; Rafa∏ Mikusiƒski; TomaszStankiewicz

Amplico Life - 50%Alico - 50%

Rafa∏ Mikusiƒski; Marek Lisowski,Gabriel Borg, Tomasz Stankiewicz

President; Board Members

5

AXA Powszechne Towarzystwo Emerytalne SAAXA Otwarty Fundusz Emerytalnyul. Ch∏odna 51, 00-867 Warsaw801-200-200/22 555-0500emerytury@axa-polska.plwww.axaofe.pl

15,994.21,162,539

115.7Jan. 29, 1999May 20, 1999

Robert Garnczarek; Adam Kurowski;Konrad Maniak

NoneSociété Beaujon - 100%

Robert Garnczarek; Pawe∏ Michalik,Jaros∏aw HermannPresident; Board Members

6

Generali Powszechne Towarzystwo Emerytalne SAGenerali Otwarty Fundusz Emerytalnyul. Post´pu 15B, 02-676 Warsaw801-343-343/22 543-0899centrumklienta@generali.plwww.generali.pl

12,820.61,006,370

243.8Jan. 29, 1999May 20, 1999

Rafa∏ Markiewicz; Marcin Wojcik; TomaszBilecki; Micha∏ Ferenc

Generali T.U. - 100%None

Piotr Pindel, Jacek Smolarek,Rafa∏ Markiewicz

Board Members

7

NORDEA Powszechne Towarzystwo Emerytalne SANordea Otwarty Fundusz EmerytalnyAl. Jana Paw∏a II 27, 00-867 Warsaw801-306-306/22 541-0001info@nordeapolska.plwww.nordeapolska.pl

11,369.3888,549

54.0Feb. 2, 1999

May 20, 1999Pawe∏ Wilkowiecki

NoneNordea Life Holding - 100%

Piotr Królikowski; Pawe∏Wilkowiecki, Agata Kulas, Maciej

KlozePresident; Board Members

8

AEGON Powszechne Towarzystwo Emerytalne SAAegon Otwarty Fundusz Emerytalnyul. Wo∏oska 5, 02-675 Warsaw801-300-900/22 847-4640pte@aegon.plwww.aegon.pl

10,928.0950,757

565.4Feb. 5, 1999

May 20, 1999Sergiusz Fràckowiak

NoneAEGON Woningen Nova - 100%

Dorota Dziugie∏∏, Jacek Kuczewski,Marcin HadyÊ(1)

Board Members

9

PKO BP BANKOWY Powszechne TowarzystwoEmerytalne SAPKO BP Bankowy Otwarty Fundusz Emerytalnyul. Pu∏awska 15, 02-515 Warsaw801-101-010/22 580-2380bok@bankowy.pl, www.bankowy.pl

8,929.1658,131

240.4Jan. 26, 1999May 20, 1999

Tomasz Rak; Wojciech LabrygaPKO Bank Polski - 100%

None

Ewa Ma∏yszko; Marzena Koczut,Wojciech Rostworowski

President; Vice Presidents

10

Powszechne Towarzystwo Emerytalne Allianz Polska SAAllianz Polska Otwarty Fundusz Emerytalnyul. Rodziny Hiszpaƒskich 1, 02-685 Warsaw801-102-030/22 567-4649info@allianz.plwww.allianz.pl

7,734.1553,782

193.6May 4, 1999

Aug. 11, 1999Rafa∏ Trzop; Grzegorz Zubrzycki

TUiR Allianz Polska - 58.3%Allianz - 41.7%

Agnieszka Nogajczyk-Simeonow;Grzegorz Zubrzycki; Jerzy Nowak

President; Vice President; Board Member

11

Pocztylion – Arka Powszechne Towarzystwo Emerytalne SAOtwarty Fundusz Emerytalny PocztylionPl. Pi∏sudskiego 3, 00-078 Warsaw801-101-801/22 529-0095www.pocztylion-arka.pl

4,816.5596,290

47.0Feb. 5, 1999

May 20, 1999Andrzej Bàk

Poczta Polska - 33.3%; KonferencjaEpiskopatu Polski - 4%; BNP Paribas

Assurance - 33.3%Invesco Holding Company - 29.3%

Tomasz Frontczak(1); Adam Gola,Mariusz Wnuk

President; Board Members

12

Pekao Pioneer Powszechne Towarzystwo Emerytalne SAPekao Otwarty Fundusz Emerytalnyul. Domaniewska 41A, 02-672 Warsaw801-222-022/22 874-4609poczta@pekaopte.pl, www.pekaopte.pl

3,811.6342,998

53.6Apr. 19, 1999Jul. 19, 1999

Kamil Kosiƒski; Wojciech CieÊlakBank Pekao - 65%

Pioneer Global Asset Management - 35%

Tomasz J. Baƒkowski; S∏awomir M. Kolarz,

Marek SakowskiPresident; Vice Presidents

13

Powszechne Towarzystwo Emerytalne WARTA SAOtwarty Fundusz Emerytalny WARTAul. Chmielna 85/87, 00-805 Warsaw801-366-366/22 582-8950info@ofewarta.plwww.ptewarta.pl

3,412.1311,659

37.1Jan. 29, 1999May 20, 1999

Tadeusz Gacyk; Grzegorz Ja∏tuszyk;Ludomir Zalewski; Bartosz Stryjewski;

Tomasz Markowski

NoneKBC Verzekeringen - 100%

Marek Jandziƒski; Tadeusz Gacyk;Konrad Biedul

President; Vice President; Board Member

14

Powszechne Towarzystwo Emerytalne Polsat SAOtwarty Fundusz Emerytalny PolsatAl. Stanów Zjednoczonych 61A, 04-028 Warsaw801-080-040/22 516-2417ptepolsat@ptepolsat.com.plwww.ptepolsat.com.pl

2,233.0301,021

105.0Feb. 24, 1999May 20, 1999

Robert WoênyPAI Media - 84%; Invest-Bank - 14%;

Totalizator Sportowy - 2%None

Anna Horsecka; KatarzynaJakóbiƒska, El˝bieta Ziarkowska

President; Vice Presidents

LLOOKKAALLEE IIMMMMOOBBIILLIIAAW a r s a w B u s i n e s s J o u r n a l ’s w e e k l y s u p p l e m e n t o n r e a l e s t a t e , c o n s t r u c t i o n a n d d e v e l o p m e n t NOVEMBER 19-25, 2012, LI 17/46

Andersia

offices

completedConstruction has finished

on the Andersia Business

Centre office project in

Poznaƒ, in western

Poland. A joint venture

between Von der Heyden

Group and the City of

Poznaƒ was the investor

behind the €33 million

scheme. The

development, whose

general contractor was

PORR Polska, has

delivered 11,200 sqm of

office space and 2,300

sqm of retail areas. Knight

Frank is the exclusive

leasing agent of the

investment.

Galeria

Pomorska in

for extensionReal estate investor

Resolution Property is

planning to start

expanding the Galeria

Pomorska shopping

center in Bydgoszcz in

mid-2013. The area of the

mall will grow from the

current 29,950 sqm to

over 43,000 sqm and the

number of stores will

increase from over 100 to

130. Galeria Pomorska

opened for business in

April 2003. The extension

process is scheduled to

finish in the autumn of

2014. ●

New UBM offices . . . . . . . . . . . .16

Brama Mazur mall . . . . . . . . . . .16

Galeria Aviator land . . . . . . . . . .16

High streets . . . . . . . . . . . . . . . .17

City Outlet Lublin . . . . . . . . . . . .17

Property-related stocks . . . . . .17

WFC sale . . . . . . . . . . . . . . . . . . .18

GreenWings cornerstone . . . . .18

New Warsaw tower . . . . . . . . .18

MAPIC 2012 . . . . . . . . . . . . . . . . .19

In this issue

18 19

The sale of the WarsawFinancial Center office towerhas been completed

Developers discussed mallexpansion and modernization at MAPIC last week

Office

UUBBMM uunnvveeiillss TTiimmeess IIII ooffffiiccee pprroojjeecctt iinn WWrroocc∏∏aawwThe scheme willdeliver over 15,300sqm of office space

UBM Times, a special purposevehicle of Austrian developerUBM, is planning to build anew office project called TimesII in Wroc∏aw, Lower Silesia.The scheme will provide over15,300 sqm of office space and1,580 sqm of service areas.

The development will sit onplots totaling approximately0.5 hectares, which the compa-ny has recently purchasedfrom municipal authorities.The land is located in the areaof ul. Ruska, ul. Êw. Miko∏ajaand ul. Grabarska in the city’sOld Town neighborhood.

“Being aware of the veryspecific location of the projectand its unique neighborhood,we will do everything we can tomake the planned buildingscomplement the destroyedurban fabric and add a busi-ness character to the plots,”UBM Polska board member

Peter Obernhuber said in astatement.

The developer plans tolaunch construction on TimesII, whose design has been fur-

nished by architects from theAPA Hubka studio, at the turnof the second and third quar-ters of next year. The invest-ment is expected to be com-

pleted 20 months later.UBM has been active in

Poland since 1993 and is pres-ent in both the country’s com-mercial and residential prop-

erty markets. The company iscurrently involved in projectsincluding the Poleczki Busi-ness Park complex in Warsaw.

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The design of Times II was made by the APA Hubka studio

Brama Mazur mall gets permitRetail space developer MasterManagement Group hassecured a building permit forthe planned Brama Mazurshopping center project in E∏kin northeastern Poland. Con-struction on the scheme,whose general contractor isMostostal Warszawa, isexpected to launch later thismonth.

Master ManagementGroup has already starteddemolishing existing struc-tures sitting on the land onwhich the development will beconstructed. The investment isscheduled to be completed inthe first quarter of 2014.

Brama Mazur, which willentail the revitalization of apre-war army storage facility,will deliver 16,250 sqm ofleasable space. The facility’s

tenants will include a hyper-market and a four-screenmovie theater.

“The commercialization ofthe Brama Mazur shoppingcenter is moving forward swift-ly,” stated Micha∏ Masz-

takowski, leasing and develop-ment director at Master Man-agement Group, adding thatmany potential tenants recog-nize the potential of E∏k andwant to enter the market.

AAddaamm ZZddrrooddoowwsskkii

Rank Progress acquiresland for Galeria Aviatormall in MielecWarsaw Stock Exchange-listeddeveloper Rank Progress hasfinished buying plots of landfor its planned Galeria Aviatorshopping center project inMielec, in southeasternPoland. The scheme will deliv-er over 26,000 sqm of leasablespace.

The development is in thefinal stage of the designprocess, with the investorplanning to submit a buildingpermit application in the nearfuture. Rank Progress hopesto launch construction inspring next year and finish it inthe autumn of 2014.

The investment will feature

tenants including a DIYhypermarket, a grocery super-market, a consumer electron-ics retailer and the first multi-screen movie theater in theregion. A parking lot withspaces for 1,200 cars will alsobe provided.

“Galeria Aviator is anotherimportant step in our expan-sion and development. Wedecided to develop the projectin Mielec because the purchas-ing power in the region muchexceeds the national average,”Jan Mroczka, president of themanagement board of RankProgress, said in a statement.

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Brama Mazur is scheduled for completion in Q1 2014

To subscribe: e-mail subscribe@wbj.pl or call +48 22 639 85 68, ext. 201 and sign up for free two-week no-obligation trial subscription

Warsaw Business Journal presents Real Estate weekly newsletter

• Know about the newest projects before they’re on the market• Keep up to date on the latest tenders and auctions• Learn the latest trends in Poland’s dynamic office, residential and retail sectors • Find out who’s who in Polish real estate

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NOVEMBER 19-25, 2012 LLOOKKAALLEE IIMMMMOOBBIILLIIAA –– RREEAALL EESSTTAATTEE www.wbj.pl 17

Security Closing % change 52-week 52-week % change Total Marketprice (week) low high (year) shares value

on Nov 15 (z∏. mln)

BUDIMEX 55.70 -2.19 45.85 88.35 71.55 25,530,098 1,422.03

CELTIC 4.20 -14.29 4.20 19.38 19.01 34,231,466 143.77

DOMDEV 30.40 -1.94 23.51 42.80 25.04 24,715,272 751.34

ECHO 4.95 3.56 3.05 4.95 3.44 420,000,000 2,079.00

ELBUDOWA 110.00 0.09 87.00 120.00 100.00 4,747,608 522.24

ENERGOPLD 0.25 -28.57 0.17 2.40 2.45 70,972,001 17.74

ERBUD 13.95 -4.45 11.33 23.20 19.60 12,677,956 176.86

GANT 2.91 8.58 2.68 9.85 7.35 20,120,000 58.55

GTC 7.79 0.13 5.20 11.40 10.98 319,372,990 2,487.92

HBPOLSKA 0.02 0.00 0.01 1.43 0.75 210,558,445 4.21

JWCONSTR 3.40 -5.82 3.37 8.40 6.10 54,073,280 183.85

LCCORP 1.00 -4.76 0.85 1.48 0.98 447,558,311 447.56

MARVIPOL 8.99 0.00 6.20 11.00 7.25 36,923,400 331.94

MIRBUD 1.27 -1.55 0.98 2.68 2.41 75,000,000 95.25

MOSTALWAR 12.00 -4.23 11.30 22.35 21.00 20,000,000 240.00

MOSTALZAB 1.18 -2.48 0.81 1.80 1.14 149,130,538 175.97

ORCOGROUP 9.50 -2.86 6.36 19.55 17.90 107,840,962 1,024.49

PBG 4.18 0.00 3.36 83.90 62.00 14,295,000 59.75

PLAZACNTR 1.96 -5.77 1.93 2.94 1.88 297,181,703 582.48

POLAQUA 4.42 2.79 3.30 8.18 7.50 27,500,100 121.55

POLIMEXMS 0.60 1.69 0.48 2.04 1.60 521,154,076 312.69

POLNORD 11.05 -4.82 10.49 19.85 11.03 25,048,122 276.78

RANKPROGR 11.05 3.27 7.10 16.97 9.60 37,145,050 410.45

ROBYG 1.36 -0.73 1.08 1.75 1.10 257,935,500 350.79

RONSON 0.80 3.90 0.61 1.15 1.00 272,360,000 217.89

TRAKCJA 0.77 -9.41 0.65 1.44 1.39 232,105,480 178.72

ULMA 40.45 -0.74 37.20 74.80 62.90 5,255,632 212.59

UNIBEP 5.12 -1.35 3.60 6.28 6.08 34,021,684 174.19

WARIMPEX 3.77 1.89 2.64 4.62 5.43 54,000,000 203.58

ZUE 6.96 -2.38 5.07 8.50 8.98 22,000,000 153.12

Property-related stocks

Warsaw’s Nowy Âwiatis still the priciestlocation in the country

The rents on most high streetsin Poland have remainedunchanged or recorded onlyminor decreases over the lastyear, according to a recentreport by Cushman & Wake-field. Warsaw’s Nowy Âwiat isstill the most expensive locationof this kind in the country, thestudy said.

The average annual rent onul. Nowy Âwiat, which came in43rd in Cushman & Wakefield’s“Main Streets Across theWorld” report, now amounts to€1,020 per sqm and has notchanged since last year.

Kraków’s ul. Floriaƒska andWarsaw’s ul. Chmielna and ul.Marsza∏kowska are the nextmost expensive high streets inPoland, with their averageannual rents reaching €948,€852 and €732 per sqm, respec-tively.

The largest rent decreaseshave been recorded in ̧ ódê (by6.9 percent), Gdynia (5.7 per-cent) and Wroc∏aw (4.3 per-cent). On Al. Niepodleg∏oÊci inSzczecin the rents have actually

risen by three percent.“Despite an economic slow-

down in Europe, high streets inEurope continue to attract ten-ants, vacancies are rare and therent levels are stable,” Katarzy-na Michnikowska, senior con-sultant in the valuation andadvisory department of Cush-man & Wakefield, said in astatement.

She added, however, that inPoland the high street tenantmix is varied and frequentchanges of tenants are beingseen, an indication of theimmaturity of this segment ofthe retail market in the country.

Restaurants, cafes, as wellas health and beauty and finan-cial sector companies are themain tenants in high streetlocations in Poland. “Theshortage of high-standardspaces of the right size is thebarrier in the expansion ofclothes retailers in those loca-tions,” Ms Michnikowska said.

According to the Cushman& Wakefield report, CausewayBay in Hong Kong (€22,307)and Fifth Avenue in New York(€21,204) are the two mostexpensive high street destina-tions in the world. AAZZ

Streets aheadMost expensive high streets in Poland

City Street Annual rent (€/sqm) Change y/y (%)

Warsaw ul. Nowy Âwiat 1,020 0.0

Kraków ul. Floriaƒska 948 0.0

Warsaw ul. Chmielna 852 -2.7

Warsaw ul. Marsza∏kowska 732 -1.6

Poznaƒ ul. Pó∏wiejska 696 0.0

Katowice ul. 3 Maja 696 0.0

Warsaw Plac Trzech Krzy˝y 660 -3.5

Warsaw A. Jerozolimskie 576 -4.0

Wroc∏aw ul. Âwidnicka 540 -4.3

Szczecin Al. NiepodlegÊoÊci 408 +3.0

Gdynia ul. Âwi´tojaƒska 396 -5.7

¸ódê ul. Piotrkowska 324 -6.9

Source: Cushman & Wakefield

New outlet centerproject to bedeveloped in LublinCBRE has announced that anew outlet project called CityOutlet Lublin will be devel-oped in Lublin in southeasternPoland by the end of 2013. Thecompany is the exclusive leas-ing agent of the scheme.

The development, whoseinvestor is ADV Por PropertyInvestment, will be built onLublin’s ul. Me∏giewska, oneof the main thoroughfares in

the city, and will be the east-ernmost located outlet centerin Poland.

The facility will comprise11,500 sqm of leasable spaceand house more than 100stores. It is expected to attractboth Polish and Ukrainian vis-itors, with CBRE saying thereis already major tenant inter-est in the investment.

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High streets

HHiigghh ssttrreeeett rreennttss iinnPPoollaanndd rreemmaaiinn ssttaabbllee

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Ul. Nowy Âwiat in downtown Warsaw

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City Outlet Lublin will deliver 11,500 sqm (visualization)

NOVEMBER 19-25, 2012LLOOKKAALLEE IIMMMMOOBBIILLIIAA –– RREEAALL EESSTTAATTEE18 www.wbj.pl

GreenWings Officescornerstone laidInvestor GreenWings Officesheld a cornerstone laying cere-mony at the construction siteof its eponymous office projectin Warsaw earlier this month.CFE Polska is the general con-tractor of the scheme.

The development is locatedon ul. 17 Stycznia in Warsaw’sW∏ochy district, close to thecapital’s international airport.The seven-floor building willcomprise more than 10,800sqm of leasable area and itsunderground parking lot willprovide spaces for 270 cars.

The GreenWings Offices

investment has been designedby the Warsaw-based JEMSArchitekci studio. OKREDevelopment is managing the

investment process, while Cush-man & Wakefield and NAIEstate Fellows are the leasingagents of the facility. AAZZ

Savills appointed leasing agent

for new office tower in WarsawReal estate advisory firm Sav-ills has been appointed theexclusive leasing agent for theplanned Grzybowska Corpo-rate Center high-rise officebuilding that developer GolubGetHouse wants to build inWarsaw’s Wola district.

The project will be locatedon Warsaw’s ul. Grzybowskaand will offer over 20,100 sqmof office space over its 23floors. It is being designed byEpstein and Solomon Cord-well Buenz architects.

Construction on the sche-me, which is expected to meetBREEAM certification requi-rements, is scheduled to launchin mid-2013 and finish afterapproximately 22 months. Te-nants will be able to move intothe property three months later.

“Grzybowska CorporateCenter will be the first projectcarried out by GolubGetHouse Property Fund FIZ,a property fund managed byGolub GetHouse,” CzarekJarzàbek, co-owner and presi-

dent of Golub GetHouse, saidin a statement.

“We focus on specificdetails of the design includingrich interiors, elegant commonareas and a range of amenitiesthat add value for tenants. Weexpect our effort will positionthis development for great suc-cess,” Mr Jarzàbek added.

Golub GetHouse is a jointventure between Chicago-based Golub & Company andWarsaw-based GetHouse De-veloper. AAddaamm ZZddrrooddoowwsskkii

Office

Allianz and Curzon completeWFC tower acquisitionThe building changedhands for €210 mln

A consortium of Allianz RealEstate and the Curzon CapitalPartners III fund, advised byTristan Capital Partners, hascompleted the acquisition ofthe Warsaw Financial Centeroffice skyscraper in the Polishcapital.

CBRE represented thebuying party in the transactionin which the sellers were CAImmo and international in-vestment manager PramericaReal Estate Investors andwhich was first announced inAugust.

The deal is valued at €210million. “It is undoubtedly thehighest-profile office transac-tion in 2012,” Przemys∏awFelicki, an associate director atthe capital markets depart-ment of CBRE, said in a state-ment.

He added that Warsawremains the focus for interna-tional capital and this acquisi-tion reinforces the internation-al appeal of the city for realestate investors. “The currentlack of stock continues to drivecompetition for good qualityassets,” Mr Felicki said.

In September this year,

another blockbuster officedeal, the sale of the TwardaTower office skyscraper indowntown Warsaw, was an-nounced. The high-rise build-ing was acquired by real estatefund management firmEuropa Capital LLP from afund managed by BPT AssetManagement A/S.

Completed in 1998, theWarsaw Financial Center sky-scraper is located at the inter-section of ul. Emilii Plater andul. Âwi´tokrzyska in the capi-tal’s central business districtand stands 144 meters tall.The facility comprises 50,000sqm of leasable space.

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The WFC building was completed in 1998

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The project will deliver over 10,800 sqm of GLA

NOVEMBER 19-25, 2012 LLOOKKAALLEE IIMMMMOOBBIILLIIAA –– RREEAALL EESSTTAATTEE www.wbj.pl 19

MAPIC 2012

PPoollaanndd iinn ffoorr aa wwaavvee ooff mmaallllmmooddeerrnniizzaattiioonn aanndd eexxppaannssiioonnThere is also still roomfor new shoppingcenter projects in thecountry, developers say

Enlarging and upgrading exist-ing shopping center projectswas a much-discussed topicduring this year’s MAPICretail property fair in Cannes,France. Retail developersactive in Poland pointed outthat it is becoming increasinglypopular for established shop-ping centers to expand andmodernize.

“Retail real estate marketanalyses show that it is increas-ingly popular for established,older shopping centers tomodernize and expand,” saidKatarzyna Zapa∏a, marketingspecialist at Echo Investment.“It is good to expand shoppingcenters which are well-locat-ed,” she added.

She said that shopping cen-ters are becoming more thanjust places where several shopsare brought together underone roof, and that these daysshopping centers must offerthe customer a whole enter-

tainment experience.“We are currently expand-

ing a shopping area in JeleniaGóra, where the majority ofthe services were just shops,and now we are going to add awhole entertainment part to it,including a multiscreen cine-ma. We are also thinkingabout expanding Galaxy inSzczecin,” Ms Zapa∏a said.

Rafa∏ Grzeszek, deputyhead of property managementPoland at BNP Paribas RealEstate, agreed with MsZapa∏a’s assessment.

“Older shopping centersshould certainly be modern-ized, since that is the only wayfor them to be able to competeagainst the new modern shop-ping centers which offer amuch wider range of services,”Mr Grzeszek said.

Location, location, locationHe added that the advantageof many old shopping centersis their location.

“These old shopping cen-ters already have the advan-tage of being located better

than the new shopping malls.To have a realistic chance ofcompeting against the newones, however, they needmodernization,” he said.

According to a Q3 2012market report by Jones LangLaSalle, Poland’s older shop-ping centers are indeed goingthrough a wave of moderniza-tion and extensions.

To date, one-third of theexisting shopping centers, thatis around 2.5 million sqm ofleasable retail space, has beenput under some kind of revital-ization program, and there areeven more revitalization proj-ects in store.

“We estimate that by theend of 2014 at least 20 newshopping centers (in addition

to 74 already modernized) areplanned for revitalization,”Jones Lang LaSalle wrote inthe report.

These projects include afew Warsaw-based centerssuch as Klif, Blue City, Prome-nada and Galeria Mokotów.

Dominika J´drak, directorresearch and consultancyservices at Colliers Interna-

tional, agrees that modern-ization is the current trend inPoland.

“Modernization of shop-ping centers is a natural conse-quence of the development ofthe Polish retail market. Anincreasing number of existingshopping centers require fun-damental changes, upgradingand even rebuilding,” MsJ´drak said.

Room for new mallsOn the other hand, developersat this year’s MAPIC alsostressed that there is still a lotof space for new retail projectsin Poland.

“Poland is an emergingmarket, it is growing up andstill there is space in Polandfor new projects,” said TomaszSzypu∏a, member of the super-visory board at the Ptak shop-ping center.

Agnieszka Mielcarz, direc-tor of the Forum shoppingcenter in Gliwice, agreed. “Weare a developed market, butwe are also still booming, andwe still have big potential,” shesaid. IIDD

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The biggest players in the world of real estate gathered in Cannes last week to talk shop

NOVEMBER 19-25, 2012MMAARRKKEETTSS20 www.wbj.pl

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PLN-EUR

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33

0.10

37

0.10

37

0.10

36

0.10

32

0.10

2 9

0.10

0.11 PLN-100JPY

02.1

1

05.1

1

06.1

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07.1

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08.1

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09.1

1

4.10

61

4.12

77

4.15

56

4.09

77

4.04

05

4.0

333

4.0

4.5

currency rates

Low volatility

on the market

Currency report

Most of the macroeconomicdata published last week formajor economies did notmove the z∏oty market. Thetrading world was insteadwaiting for this week whenthe Eurogroup will probablyaccept the transfer of moneyto Greece and the upcomingUS “fiscal cliff” discussionsbetween President Obamaand Congress take place.

The EUR/USD remainedrather stable despite mixedmacro data from the US andthe euro zone. The marketsgot no clear impulse, which iswhy, after reaching a weeklylow of $1.2660, theEUR/USD bounced back andfinished last week at $1.2740(weekly high of $1.28).

Large swings can beexpected on the yen marketdue to the planned early

elections after the country’sprime minister dissolvedJapan’s parliament. Theleader of the political partyexpected to win will probablybe pushing the Bank ofJapan to ease monetary poli-cy even more. The marketreacted by causing the yen todepreciate, but that trendcould turn around veryquickly.

On the z∏oty market therewas low volatility with the bigplayers (namely, foreigninvestment banks) stayingout of the market and waitingfor an impulse. TheEUR/PLN, which advancedduring the first part of theweek, was unable to breakz∏.4.19 and corrected toz∏.4.15. The USD/PLN trad-ed in a z∏.3.23-z∏.3.30 range tofinish the week at z∏.3.26. ●

Adam NarczewskiX-Trade Brokers DM SA

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Major indices

Top 5 Closing % change (week) 52-week high 52-week low

ERGIS 3.02 36.04 3.27 1.32TFONE 1.61 30.89 2.88 1.13PEMUG 1.15 29.21 1.69 0.75ZELMER 39.11 24.28 39.33 19.35AVIASG 47.90 23.55 48.90 23.85

WIG 43,845.94 (November 15 close)

Change for the week: 0.96% 52-week high: 44,550.12

Change year to November 15: 14.43% 52-week low: 36,653.28

Top 5 Closing % change (week) 52-week high 52-week low

PKNORLEN 44.91 7.57 46.30 31.44ASSECOPOL 42.90 5.67 55.45 38.80BOGDANKA 124.3 5.34 130.60 103.80BRE 306.50 4.07 329.20 233.00LOTOS 34.25 3.79 34.47 21.30

Bottom 5 Closing % change (week) 52-week high 52-week low

ENERGOPLD 0.25 -28.57 2.50 0.16ATLANTIS 0.16 -27.27 1.21 0.15CEDC 5.24 -27.22 21.20 5.15EFH 0.19 -20.83 0.73 0.16BBIZENNFI 0.19 -20.83 0.69 0.13

Bottom 5 Closing % change (week) 52-week high 52-week low

SYNTHOS 5.22 -5.09 6.78 3.78JSW 83.75 -3.74 112.50 82.50BRS 0.52 -3.70 0.89 0.48PKOBP 35.45 -1.53 39.50 30.10TPSA 12.09 -0.49 18.56 11.90

WIG20 2,371.77 (November 15 close)

Change for the week: 1.44% 52-week high: 2,417.32

Change year to November 15: 8.10% 52-week low: 2,035.80

mWIG40 2,387.51 (November 15 close)

Change for the week: -0.62% 52-week high: 2,561.94

Change year to November 15: 9.01% 52-week low: 2,076.52

sWIG80 9,746.20 (November 15 close)

Change for the week: 0.63% 52-week high: 10,536.29

Change year to November 15: 13.27% 52-week low: 8,218.71

NewConnect 34.10 (November 15 close)

Change for the week: 0.09% 52-week high: 43.83

Change year to November 15: -17.81% 52-week low: 33.85

WIG-Banki 6,235.68 (November 15 close)

Change for the week: 0.15% 52-week high: 6,495.06

Change year to November 15: 12.49% 52-week low: 5,163.30

DJIA12,542.38 (Nov 15 close)

-2.10% (for the week)

CHANGE: 1.17%

(year to Nov 15)

52-week high: 13,661.90

52-week low: 11,231.40

NASDAQ2,836.94 (Nov 15 close)

-2.03% (for the week)

CHANGE: 7.11%

(year to Nov 15)

52-week high: 3,196.93

52-week low: 2,441.48

S&P5001,353.33 (Nov 15 close)

-1.76% (for the week)

CHANGE: 5.97%

(year to Nov 15)

52-week high: 1,474.51

52-week low: 1,158.66

FTSE1005,677.80 (Nov 15 close)

-1.70% (for the week)

CHANGE: -0.39%

(year to Nov 15)

52-week high: 5,989.10

52-week low: 5,075.20

DAX7,043.42 (Nov 15 close)

-2.24% (for the week)

CHANGE: 15.93%

(year to Nov 15)

52-week high: 7,478.53

52-week low: 5,366.50

NIKKEI2258,829.72 (Nov 15 close)

-0.08% (for the week)

CHANGE: 3.15%

(year to Nov 15)

52-week high: 10,255.20

52-week low: 8,135.79

world stock indices

40,000

41,000

42,000

43,000

44,000

45,000

18.1

0

19.1

0

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0

23.1

0

24.1

0

25.1

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26.1

0

29.1

0

30.1

0

31.1

0

02.1

1

05.1

1

06.1

1

07.1

1

08.1

1

09.1

1

12.1

1

13.1

1

14.1

1

15.1

1 2,200

2,260

2,320

2,380

2,440

2,50018

.10

19.1

0

22.1

0

23.1

0

24.1

0

25.1

0

26.1

0

29.1

0

30.1

0

31.1

0

02.1

1

05.1

1

06.1

1

07.1

1

08.1

1

09.1

1

12.1

1

13.1

1

14.1

1

15.1

1

2,200

2,260

2,320

2,380

2,440

2,500

18.1

0

19.1

0

22.1

0

23.1

0

24.1

0

25.1

0

26.1

0

29.1

0

30.1

0

31.1

0

02.1

1

05.1

1

06.1

1

07.1

1

08.1

1

09.1

1

12.1

1

13.1

1

14.1

1

15.1

1

9,200

9,400

9,600

9,800

10,000

10,200

18.1

0

19.1

0

22.1

0

23.1

0

24.1

0

25.1

0

26.1

0

29.1

0

30.1

0

31.1

0

02.1

1

05.1

1

06.1

1

07.1

1

08.1

1

09.1

1

12.1

1

13.1

1

14.1

1

15.1

1

33.0

33.6

34.2

34.8

35.4

36.0

18.1

0

19.1

0

22.1

0

23.1

0

24.1

0

25.1

0

26.1

0

29.1

0

30.1

0

31.1

0

02.1

1

05.1

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06.1

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07.1

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08.1

1

09.1

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12.1

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13.1

1

14.1

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15.1

1 5,900

6,020

6,140

6,260

6,380

6,500

18.1

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0

22.1

0

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0

24.1

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25.1

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26.1

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07.1

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09.1

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12.1

1

13.1

1

14.1

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Other indices

WIG20 proves

resilient

Stocks report

Last week was a lacklusterperiod for most stock indicesin Western Europe, as wellas overseas. Concerns thatthe United States could fallback into recession due tolooming spending cuts hadinvestors worried throughoutthe week. Despite thesefears, Monday started offwell for Polish stocks, withbetter-than-expected finan-cial results released byPGNiG pushing blue-chipshigher. The WIG20 outper-formed all indices in Europe,closing 0.48 percent higher,while the WIG gained 0.37percent.

Tuesday saw Polish stocksonce again remain resilient,despite most of Europe clos-ing in the red. A public clashbetween Greece’s lendersover how Athens is handlingthe debt crisis had investorsworried. The WIG20 closedthe day with a 0.83 percentrise, closing second highest in

Europe. Shares of PKN Orlengained for the second straightday, up nearly 5 percent.

On Wednesday, strongcorporate earnings fromsome of the leading compa-nies on the WIG20 fueledbuying in Poland, with theindex once again closing inthe black, up half a percent.Lotos closed highest, with anearly 2 percent rise.

Thursday saw anotherday of strong corporate earn-ings, with Asseco gainingnearly 5 percent for the day,after releasing better-than-expected earnings. Moodsremained rather bullish forthe day, with the WIG20only briefly falling into thered during the day. TheWIG20 closed nearly a quar-ter of a percent higher.

On Friday, the WIG andWIG20 both shed 0.17 per-cent, as investors continuedto worry about the “fiscalcliff” in the US. ●

Andrew Nawrocki WBJ market analyst

NOVEMBER 19-25, 2012 SSPPOORRTTSS www.wbj.pl 21

Soccer

Poland beaten byUruguay in GdaƒskUruguay strikersCavani and Suárezproved too hot tohandle for the WhiteEagles

Poland’s national soccer teamwere taught a footballing les-son last week by 2010 WorldCup semi-finalists Uruguay atthe PGE Arena in Gdaƒsk.

Waldemar Fornalik’s sidehad started the match brightlybut all their early endeavorwas undone in the 21st minutewhen Polish defender KamilGlik turned a dangerous crossfrom Liverpool’s Luis Suárezinto his own goal to giveUruguay a one-goal lead.

Mr Suárez almost doubledhis side’s lead at the 30-minutemark when his right-foot piledriver crashed against the barwith Poland’s goalkeeper Prze-mys∏aw Tytoƒ well beaten.

Just four minutes later, MrSuárez, who was the night’s out-standing performer, turnedprovider as he tricked his wayinto the penalty area beforeplaying the ball to Napoli frontman Édinson Cavani, who sentMr Tytoƒ the wrong way toscore his 13th international goal.

Following a concerted spellof pressure, Poland thenhalved the deficit mid-waythrough the second half withan outstanding strike fromLudovic Obraniak. TheBordeaux midfielder fired inan unstoppable left-footedstrike to send Poland’s fanswild.

But it took only 60 secondsfor Uruguay to dull Polishoptimism as a long ball up

field sent Mr Suárez cleanthrough and the Liverpoolman rounded Mr Tytoƒ beforefiring in to an empty net.

After the match Poland’smanager was understandablydisappointed with the resulttelling the press, “We got ahumiliating lesson in goodfootball … We have beenshown the gap between us andone of the best teams in theworld.” DDaavviidd IInngghhaamm

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Luis Suárez

Basketball

Gortat secures fifthdouble-doubleThe Polish basketballstar helped firePhoenix to a win overDenver

Marcin Gortat scored 12points and made 11 reboundsin Phoenix Suns’ victory overthe Denver Nuggets in theNBA last week.

The Pole helped inspire astirring comeback against theNuggets with his team being10 points down after the firstquarter.

Yet by the time the finalbuzzer went the Suns hadturned the match around,achieving a 110-100 winagainst their Western Confer-ence rivals.

In their second game of theweek the Suns fared less wellas they went down 112-106 tothe Chicago Bulls at the USAirways Center.

Mr Gortat scored 11 andmade 8 rebounds in the matchbut it was not enough toensure his team continued itswinning streak.

But the Pole’s form thisseason hasn’t gone unnoticedas he’s one of three Phoenix

players to have been includedon the ballot for the NBA’s2013 All-Star game. Voting forthe final roster ends on Jan-

uary 14, with the players whomake the squads announcedthree days later on January 17.

DDaavviidd IInngghhaamm

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Marcin Gortat is playing inspired this season

NOVEMBER 19-25, 2012LLIIFFEESSTTYYLLEE22 www.wbj.pl

Photography auction

MMaarriillyynn MMoonnrrooee aauuccttiioonnrraaiisseess zz∏∏..22..44 mmiilllliioonn

Concert

RRoocckk ggiiaannttssOver 230 photos of thelate film star were onsale at a Warsawauction house

An auction of Marilyn Mon-roe photos taken by celebrityphotographer Milton Greenewent on sale in Warsaw thisNovember.

The sale, which took placeat the Dom Aukcyjny DesaUnicum auction house,attracted some 600 bidders,with the most valuable photo-graph being a black and whiteportrait of a barefoot MsMonroe posing in a tutu. Thephoto went under the ham-mer for z∏.60,000 – significant-ly above the piece’s askingprice.

The second-biggest sellerwas an iconic photo from ashoot entitled the “Black Ses-sion” which raised z∏.50,000.

Other photographs offamous Hollywood legends byMilton Greene, includingones of Liza Minnelli, Mar-lene Dietrich, Grace Kellyand Audrey Hepburn, werealso sold at the auction, whichattracted bidders from as far afield as Ecuador and SaudiArabia.

The collection of MiltonGreene photographs was puton sale by the Polish Treasury,which obtained them in 1995as part of a debt settlementwith a Polish foreign-debt

management agency. Many ofthe 4,000 images included inthe collection were not put onsale and are still in the posses-sion of the Treasury.

DDaavviidd IInngghhaamm

MuseNovember 23Atlas Arena ¸ódê

British rock behemoths Museare coming to Poland as part ofa European tour to promotetheir sixth album “The 2nd

Law.”Since forming back in 1994

the three piece, which consistsof Matt Bellamy on guitar andvocals, Christopher Wolsten-holme on bass and DominicHoward on drums, has gone

on to be one of the world’sbiggest bands. They have nowsold more than 15 millionalbums world wide andcracked the US market in theprocess, something that haseluded many British rock out-fits in recent years.

Their latest release, whichis their first for three years,has seen the band tackle amore eclectic array of soundswith recent single “Madness,”with its Brian May-influenced

solo, feeling like a modern-day version of some ofQueen’s work.

In a show that promises tobe bigger and better thananything they’ve done before,fans can also expect to hearthe best of the band’s earlierwork including “Plug InBaby” and “SupermassiveBlack Hole.”

DDaavviidd IInngghhaammFor more information,log on to atlasarena.pl

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This photo was sold for z∏.60,000, or just over $18,000

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Matt Bellamy of Muse

WBJ’s restaurant review feature

Lilla Weneda Warsaw Marriott HotelAl. Jerozolimskie 65/79

Traditionally speaking, brunchwas once a small meal sand-wiched between breakfast andlunch, but if WBJ’s visit to theMarriott Hotel is anything togo by, then small certainlywouldn’t be the word we’d use.

Located in the Lilla Wene-da restaurant on the secondfloor of one of Warsaw’s mosticonic buildings, this brunchtakes place every Sunday from12:30-4 pm, allowing those inattendance to drink and eat asmuch as they like, with some-thing for every palate amongthe hot and cold dishes onoffer.

After being seated by thelarge window, which providesexcellent views of the Palace ofCulture and Science, we decid-ed to start with the light optionof sushi, which is available bothready-made or prepared toorder by a trained chef. Havingtried some salmon and tunasashimi we then sought theexpertise of the chef and asked

for a roll of butter fish maki,which was made in no time atall and tasted exquisite.

This was followed by tradi-tional warm dishes such asroast duck, eggs Benedict withsalmon, roasted winter vegeta-bles, as well as a spiced lambchop from the Indian section,which also includes curry andbasmati rice.

Then it was on to the pastachef, who was more than happyto cook up a dish of our choice,with spaghetti, gnocchi orpenne, mixed seafood or meat,and a wide range of otheringredients. We plumped for aseafood penne cooked in whitewine, with garlic, onions, andchili. It tasted superb, althoughit was a little filling consideringwhat we had already con-sumed.

Following a drinks breakwhich included a second glassof chilled white wine and a

cappuccino, as well as anopportunity to listen properlyto a live duo singing and play-ing Polish and English-lan-guage hits on a piano, we tookthe advice of one of the manyhelpful staff and went for asmall steak cooked by a chefwho stood over a hot plate,with chicken and pierogi theother grilled options avail-able.

This left little room to sam-ple the amazing array ofdeserts, although we did try aminiature creme brulee whichwas light inside and crisp ontop, but unfortunately the hotapple pie and various othersweet treats will have to waitfor another day.

And with five-star service,perfect views of the city andbeautifully prepared dishes,this is certainly a brunch we’llbe visiting again in the future.

DDaavviidd IInngghhaamm

SSoommeetthhiinngg ffoorr eevveerryyoonnee

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If you’re ever trapped in an elevatorwith a crazy old woman and her psy-chotic rat-dog of a pet, try not to makeeye contact. Fake a sub-par IQ. Andnever, ever make small talk. It doesn’tend well.

The best thing you can do in thatsituation is find a corner and markyour territory to keep the rat-dog atbay. Then play games on your smart-phone for as long as the battery holdsout. Games like Angry Birds StarWars from Rovio.

When this game was announced inearly October, there was a great dis-turbance in the Internet, as if millionsof nerds suddenly cried out in e-ter-ror. “Oh noes!” they wailed, “George

Lucas has turned to the Dark Swine!”And they were right.

But you know what? The Finnishdeveloper’s marriage of its insanelysuccessful, bird-on-pig physics gamewith George Lucas’ Disney’s money-

minting multime-dia empire ain’thalf bad.

Indeed, Tech-eye has never beena big fan of theoriginal game.But Angry BirdsStar Wars artfullycombines thefamiliar plot ofthe “Star Wars”films with a mix ofcore and newgaming mechan-

ics. Levels, of which there are 80+(spanning the plot of the first film),refreshingly alternate between terres-trial environments and Angry BirdsSpace’s gravity fields.

Rovio’s practice is to release sub-stantial free updates for its newgames, and you can expect the samehere. As for performance, the gameruns very smoothly, at least on newerdevices. To owners of outdated hard-ware all we can say is: “may the force

close be with you.” (Sorry, had to bedone.)

Anyway, Angry Birds Star Wars isavailable for iOS, Windows Phone 8and Android devices with prices rang-ing from free (Android) to $2.99 (HDversion for iPad).

Another fun game to play whileyou’re waiting to be rescued is BeachBuggy Blitz, a racing title from Cali-fornia-based developer Vector Unit.It has beaches. It has buggies. Andyes, it has blitzes, usually involving col-lisions with seagulls and crabs. (Seag-ull blitzing is particularly popular withkids, by the way.)

Beach Buggy Blitz is free to playon iOS and Android devices. There’sa cash shop, where you can buy in-game coins (used for vehicle unlocks,upgrades, power-ups and paint jobs),but you can play the game normally

without payinga cent.

A word ofwarning –Beach BuggyBlitz has lovelygraphics, butthey could taxan underpow-ered device.

The lastgame we’retalking aboutthis week isOscura, a darkly gorgeous 2D plat-former from MTV Networks. (Forthe uneducated, a platformer is agame with lots of jumping. And, ifyou’re old and your reflexes suck,like Techeye, lots of dying.) You canget it for iOS or Android devicesfor around $1.99.

Wait ... did we saydarkly gorgeous?Sorry, we meantlushly gothic, with atinge of steampunk.There’s a story toOscura, somethingabout a lighthousekeeper fending offthe minions of dark-ness, but story takes

a back seat to art direction andgameplay.

Here’s how it goes when Techeyeplays: jump, dodge, jump somemore, die, jump, die, jump, die,jump and dodge, die, scream andnearly break the phone in frustra-tion. Is it fun? Sure, but the richcolor palate and quirky aestheticsmake the game. Without those it’sjust an average platformer.

Also, given how often your char-acter in Oscura gets chewed up bygears or impaled on spikes, it mightnot be the best game to play whileimprisoned in an elevator with apair of insane lifeforms. On theother hand, it’s better than makingsmall talk. ●

NOVEMBER 19-25, 2012 LLAASSTT WWOORRDD www.wbj.pl 23

Good games for the elevatorpocalypseTech Eye

Ever turned to the Dark Swine? Let us know: techeye.wbj@gmail.com

Centre forContemporary Art atUjazdowski Castle ul. Jazdów 2www.csw.art.pl

Czarna Gallery ul. Marsza∏kowska 4www.czarnagaleria.art.pl

Fibak Galleryul. KrakowskiePrzedmieÊcie 5www.galeriafibak.pl

Galeria 022, DAP, Lufcik ul. Mazowiecka 11awww.owzpap.pl

Galeria 65 ul. Bema 65www.galeria65.com

Galeria Appendix 2ul. Bia∏ostocka 9www.appendix2.com

Galeria Asymetria ul. Nowogrodzka 18awww.asymetria.eu

Galeria Foksal ul. Foksal 1-4www.galeriafoksal.pl

Galeria Milano Rondo Waszyngtona 2Awww.milano.arts.pl

Galeria Schody ul. Nowy Âwiat 39www.galeriaschody.pl

Galeria XX1 Al. Jana Paw∏a II 36www.galeriaxx1.pl

Galeria Zoya ul. Kopernika 32 m.8www.zoya.art.pl

Green Gallery ul. Krzywe Ko∏o 2/4www.greengallery.pl

KatarzynaNapiórkowska Art Galleryul. Âwi´tokrzyska 32, ul. KrakowskiePrzedmieÊcie 42/44and Old Town Square19/21www.napiorkowska.pl

Królikarnia NationalGalleryul. Pu∏awska 113awww.krolikarnia.mnw.art.pl

Le Guern Galleryul. Widok 8, www.leguern.pl

Museum ofIndependenceAleja SolidarnoÊci 62www.muzeumniepodleglosci.art.pl

National Museum inWarsaw Al. Jerozolimskie 3www.mnw.art.pl

Polish National Operaat Teatr WielkiPl. Teatralny 1www.teatrwielki.pl

Pracownia Galeriaul. Emilii Plater 14www.pracowniagaleria.pl

Rempex Art and Auction Houseul. Karowa 31www.rempex.com.pl

Royal CastlePl. Zamkowy 4www.zamek-krolewski.com.pl

Simonis Galleryul. Burakowska 9www.simonisgallery.com

State ArchaeologicalMuseum in Warsawul. D∏uga 52www.pma.pl

State EthnographicMuseumul. Kredytowa 1www.ethnomuseum.website.pl

Historical Museum of Warsaw Old Town Square 28-42www.mhw.pl

History Meeting House of Warsaw ul. Karowa 20www.dsh.waw.pl

Warsaw Philharmonic ul. Jasna 5www.filharmonia.pl

Warsaw RisingMuseum ul. Grzybowska 79www.1944.pl

Wilanów PalaceMuseum and WilanówPoster Museumul. St Kostki Potockiego10/16www.milanow-palac.plwww.postermuseum.pl

Zachęta National ArtGalleryPl. Ma∏achowskiego 3www.zacheta.art.pl

Museums, galleries and venues in Warsaw

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To advertise in WBJ’s classifieds section, contactMs Agnieszka Brejwo, at

(+48) 222-577-526 or abrejwo@wbj.pl

Beach Buggy Blitz

Angry Birds Star Wars

Oscura