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POLNORD SA ul. Podolska, 21 Phone: (58) 628-8950 Gdynia  81-321  Poland Ticker: PND

Business Summary POLNORD SA is a Poland-based holding company primarily engaged in the real estate sector. Its construction activities include building site development, industrial, commercial and office space buildings, housing projects for the mass market and interior design. The Company’s operations are performed by 16 special-purpose vehicles established for the purpose of individual projects in various cities of Poland and abroad. It is also engaged in the selling, renting, leasing and managing of its properties. The Company mainly operates in the area of Gdansk, Sopot and Gdynia but also completes investment projects in such Polish cities as Warsaw, Lodz, Szczecin and Olsztyn. As of December 31, 2009, the Company has a number of subsidiaries, including POLNORD Lodz I Sp. z o.o., PD Development Sp. z o.o., POLNORD Baltic Center Sp. z o.o., Prokom Projekt Sp. z o.o. and POLNORD Invest Sp. z o.o., among others.

Financial Information Financial Ratings: Z'' Score  FRISK Score Latest Financial Statements and Analyses: 3/31/2010    Annual Financials    Quarterly Financials     Current Fiscal Period: 1Q 2010 Fiscal Year End: December Last Audit: 12/31/2008 Auditors: BDO International Audit Opinion: Unqualified

News Stories Date Headline 7/14/2010 POLNORD SA Changes Price of Conversion of Bonds into Shares 7/12/2010 POLNORD SA to Issue Dividend of PLN 0.86 Per Share for 2009 FY-Reuters 7/5/2010 General Shareholders Assembly of POLNORD SA to Find Compromise and Back the Company's Management Recommendations of Paying Dividend for FY 2009-Reuters 27 additional News Stories available in full report.

Industries Type Code Description Sector CAPGDS Capital Goods Industry BLDSRV Construction Services SIC 1522 General Contractors-Residential Buildings, Other Than Single-Family 1542 General Contractors-Nonresidential Buildings, Other Than Industrial 1531 Operative Builders

Management Title Name Age Title Date Start Date Chairman of the Supervisory Board Ryszard K. Krauze 54 6/29/2006 6/29/2006 Chairman of the Management Board Wojciech S. Ciurzynski   6/1/2007 3/1/2007 Vice Chairman of the Management Board Piotr Wesolowski   1/1/2005 1/1/2005 7 additional Management records available in full report.

Business Names Business Name POLNORD S.A. POLNORD SA VGG-Administrowanie Nieruchomosciami Sp. z o.o.

General Information Number of Employees: 213 (As of 12/31/2009) Outstanding Shares: 22,188,938 (As of 5/17/2010) Stock Exchange: WAR Fax Number: (58) 628-8960

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