OVERVIEW OF THE POLISH CAPITAL MARKET CHANCES AND

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OVERVIEW OF THE POLISH CAPITAL MARKET CHANCES AND OPPORTUNITIES NOVEMBER 2013 -1 -

OVERVIEW OF THE POLISH CAPITAL MARKET CHANCES AND OPPORTUNITIES NOVEMBER 2013 -1 -

Poland’s Key Position in the enlarged EU 2, 9 -14, 8 1, 5 5,

Poland’s Key Position in the enlarged EU 2, 9 -14, 8 1, 5 5, 9 2008 -2012 2013 f 2014 f accumulate d GDP 18, 1 1, 9 1, 1 2, 2 -2, 3 3, 7 3, 1 3, 6 -3, 3 -17, 7 -0, 9 5, 5 5, 6 3, 8 4, 1 -12, 1 Slovakia 5, 8 -4, 9 4, 4 3, 2 2, 0 1, 0 2, 8 10, 6 Estonia EU GDP (%) Economy: Poland The largest and most populated new (i. e. accession post 2004) EU member State (population c. a. 38 million) Poland’s GDP accounts for c. a. 38% of the new EU 12 members’ GDP Latvia 18. 1% Ratings Ø A 2 Stable by Moody’s Ø A- Stable by S&P Ø A- Stable by Fitch Source: Ministry of Finance, Polish Central Statistical Office, Eurostat, EBOR. 5, 1 1, 6 2010 2011 3, 9 4, 5 2012 -4, 2 -14, 1 3, 3 8, 3 3, 2 3, 0 4, 0 -5, 0 7, 3 -6, 6 -1, 1 2, 2 0, 7 1, 6 2, 2 2, 0 Malta 3, 9 -2, 8 2, 9 1, 7 0, 8 1, 4 1, 8 6, 5 Denmark -0, 8 -5, 7 1, 6 1, 1 -0, 5 0, 7 1, 7 -4, 4 Luxemburg -0, 7 -4, 1 2, 9 1, 7 0, 3 0, 8 1, 6 0, 0 Austria 1, 4 -3, 8 2, 1 2, 7 0, 8 0, 6 1, 8 3, 1 Finland -8, 5 0, 3 3, 3 2, 8 -0, 2 0, 3 1, 0 -2, 7 1, 1 -5, 1 4, 2 3, 0 0, 7 0, 4 1, 8 3, 7 6, 2 -5, 5 0, 4 1, 8 0, 9 1, 7 3, 4 Ireland -2, 1 -5, 5 -0, 8 1, 4 0, 9 1, 1 2, 2 -6, 1 France -0, 1 -3, 1 1, 7 2, 0 0, 0 -0, 1 1, 1 0, 4 UK -1, 0 -4, 0 1, 8 1, 0 0, 3 0, 6 1, 7 -2, 0 Sweden EU (27 countries) -0, 6 -5, 0 6, 6 3, 7 0, 7 1, 5 2, 5 5, 1 0, 3 -4, 3 2, 1 1, 6 -0, 3 -0, 1 1, 4 -0, 7 Belgium Czech Republic 1, 0 -2, 8 2, 4 1, 8 -0, 3 0, 0 1, 2 2, 0 3, 1 -4, 5 2, 5 1, 9 -1, 3 -0, 4 1, 6 Euro area (17 countries) 0, 4 -4, 4 2, 0 1, 5 -0, 6 -0. 4 1, 2 -1, 2 Hungary 0, 9 -6, 8 1, 3 1, 6 -1, 7 0, 2 1, 4 -4, 9 Cyprus 3, 6 -1, 9 1, 3 0, 5 -2, 4 -8, 7 -3, 9 1, 0 Netherlands 1, 8 -3, 7 1, 6 1, 0 -0, 8 0, 9 -1, 2 -5, 5 1, 7 0, 4 -2, 4 -1, 3 0, 7 -7, 0 Slovenia 3, 4 -7, 8 1, 2 0, 6 -2, 3 -2, 0 -0, 1 -5, 2 Spain 0, 9 -3, 7 -0, 3 0, 4 -1, 5 0, 9 -4, 1 Portugal 0, 0 -2, 9 1, 9 -1, 6 -3, 2 -2, 3 0, 6 -5, 8 Romania 7, 3 -6, 6 -1, 1 2, 2 0, 7 1, 6 2, 2 Bulgaria GDP growth in 2010: 3. 9% GDP growth in 2011: 4. 3% GDP growth in 2012: 1. 9% GDP growth forecast in 2013: 1. 1% Polish government GDP growth forecast in 2014: 2, 5% 2009 Romania Germany Key statistics: 2008 - 2012 accumulated GDP: Lithuania 2008 Italy 1, 5 -0, 4 2, 0 -2 -

WSE- broad and diversified investor base WSE successfully attracts new domestic and remote trading

WSE- broad and diversified investor base WSE successfully attracts new domestic and remote trading members. These are mainly local investment firms, international investments banks and regional financial intermediaries. With recent launch of the UTP trading system, WSE has opened up to new groups of investors, including global investment firms active in algorithmic trading and proprietary trading firms. Equity trading - structure of investors in H 1 2013 Derivatives trading - structure of investors in H 1 2013 16% 14% Foreign 49% Polish Institutional Foreign Polish Institutional 50% Polish Retail 37% Polish Retail 34% Largest institutional investment pool in the CEE with high allocation in domestic equities Ø AUM Pension Funds - EUR 69 bn (as of Sept. 2013) Ø AUM Investment Funds - EUR 41 bn (as of Sept. 2013) Broad retail investor base with active interest in capital markets investments Ø At the end of 2012, the number of individual securities accounts registered with the Central Securities Depository of Poland (KDPW) was over 1. 5 million. -3 -

Warsaw Stock Exchange Group 22 years of functioning Leading stock exchange in the CEE

Warsaw Stock Exchange Group 22 years of functioning Leading stock exchange in the CEE region Active IPO market Attractive to the foreign investors and foreign issuers Cash market (equities and other) Derivatives market Cash market (bonds) Shares Debt Instruments Options Investment Futures Certificates Warrants ETFs Structured Products Market data and indices Commodities Post-trading services Shares of 446 companies, including 46 foreign on WSE Main List (regulated market) Shares of 445 companies, including 9 foreign, on New. Connect (WSE alternative market for SMEs) Derivatives: futures contracts on various underlyings (i. e. indices, single stocks and currencies), options on WIG 20 index ETP segment covering ETF’s, warrants, structured certificates (including knock-out certificates and newly introduced factor certificates) and structured bonds Debt instruments (including treasury bonds, corporate, municipal bonds, mortgage backed bonds) -4 -

WSE – one of the fastest developing market in Europe The Warsaw Stock Exchange

WSE – one of the fastest developing market in Europe The Warsaw Stock Exchange is among the most dynamic European markets, holding unquestionable leadership in Central and Eastern Europe in terms of: market capitalisation, trading value and the number of new trading members and issuers. Main Market - equities # domestic companies 387 395 398 Main Market- equities # foreign companies 43 39 Exchanges’ share in capitalisation of shares in CEE 1 region, 2012 5% 45 2012 2013 (Sep) 2011 2013 (Sep) 175 447 155 351 2012 2013 (Sep) 2011 28% 12% 55% 21% Warsaw Stock Exchange CEESEG- Vienna CEESEG- Prague CEESEG- Budapest WSE’s share in equities trading in CEE 1 in June was record-high at 65% According to the IPO Watch Europe report, WSE ranked 2 nd in Europe by the number of IPOs in H 1 2013 (31 IPOs representing 26% of all IPOs in Europe) and 7 th by the value of IPOs (EUR 325 mn) 99 2011 48% 2% Bucharest SE, CEESEG- Lubljana, Bulgarian SE, Bratislava SE Catalyst 2 # bonds issuers New. Connect # small caps companies 429 2012 10% 10% 2011 WSE share of exchanges in trading in shares in CEE 1 region, 2012 2013 (Sep) 1 Including: WSE, CEESEG Group, Bulgarian, Romanian and Slovak stock exchanges, source: FESE 2 Only non-Treasury bonds -5 -

WSE in Europe Growth rate of the value of trading on European exchanges, Q

WSE in Europe Growth rate of the value of trading on European exchanges, Q 1 -Q 3 2013 versus Q 1 -Q 3 20121 -2. 0% European Exchanges CEE region Bulgarian SE Irish SE Malta SE Athens Exchange Borsa Istanbul Boerse Stuttgart Warsaw SE SIX Swiss Equiduct CEESEG - Vienna Luxembourg SE CEESEG - Ljubljana NASDAQ OMX Nordic NYSE Euronext Deutsche Börse London SE 2 BATS Chi-X Europe BME (Spanish Exchanges) CEESEG - Budapest Bucharest SE Oslo Børs Bratislava SE CEESEG - Prague Cyprus SE 1 Source: FESE; session trades in EUR Value of equities trading on WSE in Q 1 -Q 3 2013 increased by 16. 1% Yo. Y 9. 7% 44% 41% 35% 33% 28% 16% 11% 7% 3% 1% 1% -2% -4% -6% -8% -11% -12% -25% -31% -35% Value of trading in CEE in Q 1 -Q 3 2013 increased by 9. 7% Yo. Y while the value of trading on all European exchanges decreased by 2. 0% Yo. Y 202% WSE’s share in the value of equities trading in CEE 3 was 59. 3% year to date WSE’s shares in equities trading in CEE 3 EUR bn 30 25 70. 0% 56. 9% 55. 2% 59. 4% 60. 1% 58. 4% 60. 0% 50. 0% 20 40. 0% 15 40. 7% 42. 5% 38. 1% 36. 6% 38. 9% 30. 0% 10 20. 0% 5 2. 4% 2. 3% 2. 5% 3. 3% 2. 7% Q 3/12 Q 4/12 Q 1/13 Q 2/13 Q 3/13 0 10. 0% Value of equities trading in CEE WSE's share CEESEG's share Others' share -85% 2 Since 20. 05. 2013, BATS Chi-X Europe operates in Europe as a licensed exchange 3 including: WSE, CEESEG Group, Bulgarian, Romanian and Slovak exchanges, source: FESE -6 -

WSE derivatives market – brand new opportunities under your fingertips Index futures trading volume

WSE derivatives market – brand new opportunities under your fingertips Index futures trading volume in Europe (H 1 2013; m) 70 Derivatives trading volume (m)1 177, 3 60 4. 66 44. 5 50 3. 99 40 3. 25 30 16. 4 20 5. 0 10 4. 3 3. 7 1. 8 1. 0 0. 2 3. 66 2. 76 3. 19 2. 74 3. 17 3. 37 3. 43 2. 65 0. 1 ia m an a Ro Au st ri y ng ar Hu ce ee Gr ay rw No n ai Sp W SE ly Ita X OM t ex SE E ur on EU R EX 0 Lif fe NY Q 1/11 Q 2/11 Q 3/11 Q 4/11 Q 1/12 Q 2/12 Q 3/12 Q 4/12 Q 1/13 Q 2/13 Q 3/13 Structure of derivatives trading volume 1 3. 9% Q 3 2013 3. 43 m 60. 0% WIG 20 futures 27. 6% m. WIG 40 futures stock futures 7. 0% currency futures 0. 9% 0. 1% option mini. WIG 20 particiaption units The Warsaw derivatives market is the most significant market of this kind among CEE exchanges. The WSE closed 2012 on the 4 th position in Europe in terms of trading volume in index futures. Index futures have been the most popular derivatives for a number of years. WIG index futures were the most traded futures contracts on the WSE. 1 as of 1 May 2012, the volume of trading in fx futures is calculated on the basis of a trading unit equal to 1, 000 contracts (previously: 10, 000 contracts), therefore derivatives turnover volume since that date arenot fully comparable with data in previous periods -7 -

Growing number of foreign companies listed on WSE Countries of origin of foreign companies

Growing number of foreign companies listed on WSE Countries of origin of foreign companies listed on the WSE-listed company with Israeli capital: ATLAS ESTATES Ukraine (12) Czech Republic (8) Israel (4) Estonia (2) Hungary (2) Lithuania (4) UK (3) Austria (2) Bulgaria (3) RONSON EUROPE Canada (1) Cyprus (1) France (1) GLOBE TRADE CENTRE Germany (1) Italy (1) Luxembourg (1) Slovakia (2) Slovenia (2) Spain (1) INTERNATIONAL PERSONAL FINANCE (UK) Sweden (1) USA (1) Switzerland (1) IMMOFINANZ AG (AUSTRIA) CINEMA CITY Republic of China (1) PLAZA CENTERS 2013 debuts: PHOTON ENERGY N. V. (NETHERLANDS) AVIAAM LEASING (LITHUANIA) PEIXIN INT. GROUP (REPBLIC OF CHINA) 55 foreign companies listed (46 on WSE Main List and 9 on New. Connect) 26 foreign companies joined the WSE-listed companies’ family since the beginning of 2011 (both WSE equities markets). Source: WSE, YTD. -8 -

Attractive venue for issuers WSE Main List: Breakdown by sector Finance other (37) Other

Attractive venue for issuers WSE Main List: Breakdown by sector Finance other (37) Other services (36) Construction (35) Developers (32) IT (31) Food (29) Wholesale trade (29) Electroengineering (27) Retail trade (21) Metals (20) Building materials (19) Banking (17) Media (16) Pharmaceutical (11) Energy (11) Light (9) Wood & paper (8) Oil & gas (8) Hotels & restaurants (8) Basic materials (7) Telecom (7) Chemicals (6) Plastics materials (6) Automobiles (6) Capital market (6) Other industries (3) WSE remained Europe’s #2 by the number of IPOs in Q 3 2013 Insurance (1) New. Connect: Breakdown by sector Retail (68) Financial services (43) Technology (38) Construction (30) Health care (22) Eco-energy (16) Telecommunication (12) Recycling (9) Support services (60) IT (42) Media (37) Investments (24) Real estate (20) Leisure (14) E-trade (10) Ø There were 10 IPOs on Warsaw Stock Exchange in Q 3 2013 (2 IPOs on the WSE Main Market and 8 IPOs on New. Connect). Ø The share of WSE in the total number of all IPOs in Europe was 19%. Ø The London Stock Exchange remained the leader by the number of IPOs. Ø The aggregate value of IPOs on WSE in Q 3 2013 was EUR 15 million, which ranked WSE #7 in Europe by the value of initial public offerings. Source: Pw. C IPO Watch Europe report -9 -

Non-Treasury bond market – Catalyst Growth of Poland’s non-Treasury debt market (value of issue

Non-Treasury bond market – Catalyst Growth of Poland’s non-Treasury debt market (value of issue at the end of a period, PLN bn) Municipal bonds 16. 6 15. 0 Bank bonds 44. 7 43. 3 Corporate bonds Catalyst (non-Treasury debt) 400 325 350 29. 1 30, 2% 25. 1 34. 6 19. 8 Q 3 2012 Q 3 2013 51, 2% 407 60 208 40 200 100 0 70 50 250 50 % share of non. Treasury debt listed on Catalyst 381 300 30 150 Commercial papers 361 97 20 35 10 11 22 40 52 54 56 59 2009 2010 2011 2012 Q 1 13 Q 2 13 Q 3 13 Value of listed issues (PLN bn) 0 Number of listed series Over the four years of Catalyst, as at the end of Q 3 2013: Value of issues listed on Catalyst increased by more than 10 times to PLN 59. 2 bn; Number of non-Treasury bond issues increased by more than 10 times to 407 listed series Source: Fitch Polska, WSE -10 -

WSE Listing Requirements – stock market General listing requirements on the WSE Main List:

WSE Listing Requirements – stock market General listing requirements on the WSE Main List: Appropriate public information document prepared and approved by relevant supervision authority in EU („single passport rule”), unless such information document is not required, No bankruptcy or liquidation proceedings underway with respect to the issuer, Transferability not restricted, Value of shares/equity no less than PLN equivalent of EUR 15 million, Financial statements together with auditor’s opinions for at least past three consecutive financial years published (IFRS), Appropriate dispersion of shares. General listing requirements on the New. Connect: Preparation of an information document, No bankruptcy or liquidation proceedings underway with respect to the issuer, Transferability not restricted, The issuer’s equity is at least PLN 500, 000, Nominal value of share - min. 0, 10 PLN, Appropriate dispersion of shares, Cooperation with an Authorized Adviser and Market Animator. -11 -

WSE – entry ticket for full access to capital markets Why Warsaw Stock Exchange?

WSE – entry ticket for full access to capital markets Why Warsaw Stock Exchange? Favorable macroeconomic conditions – forecast of Polish GDP growth in 2013 equals 1. 8 %, while EU 27 average is 0. 4% Presence on the largest market in the CEE Region Access to wide base of large institutional and retail investors Recognition by international financial community operating on the WSE Receptive to foreign issuers – large companies and SMEs Availability of other means of financing – debt instruments (Catalyst) 32 local + 26 foreign brokerage houses operating on the WSE (exchange members) from 11 countries Credit Suisse Securities (Europe) Ltd, JP Morgan Securities Ltd, Goldman Sachs International, HSBC BANK, Merrill Lynch International, Liquidnet Europe, UBS Ltd, Wedbush Europe Ltd. , Morgan Stanley & Co International Plc, VTB Capital Plc Raiffeisen Centrobank AG Concorde Securities Ltd, Equilor Investment Renaissance Securities, Dragon Capital, SIB (Cyprus) Ltd. ING Bank NV Wood & Company, Cyrrus, Fio Banka Orion Securities Societe Generale SA, BNP Paribas Arbitrage SNC Neonet Securities AB Uni. Credit Bank AG IP Intercapital Markets AD -12 -

Contact Warsaw Stock Exchange ul. Książęca 4, 00 -498 Warsaw, Poland tel. (48) 22

Contact Warsaw Stock Exchange ul. Książęca 4, 00 -498 Warsaw, Poland tel. (48) 22 628 32 32 www. wse. com. pl gpw@gpw. pl Disclaimer This presentation has been prepared by Giełda Papierów Wartościowych w Warszawie S. A. (“Warsaw Stock Exchange”, “WSE” or “Company”) for its shareholders, analysts, and other contractors. This presentation has been prepared solely for information and is not an offer to buy or sell or a solicitation of an offer to buy or sell any securities or instruments. This presentation is not an investment recommendation or an offer to provide any services. All efforts have been made to present the data in this presentation; however, some data are derived from external sources and have not been independently verified. No warranty or representation can be given that information in this presentation is exhaustive or true. The WSE has no liability for any decisions made on the basis of any information or opinion in this presentation. The WSE informs that in order to obtain information about the Company reference should be made to periodic and current reports published in compliance with applicable provisions of Polish legislation. -13 -