The IPOPEMA Group - an introduction

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1 1 January 2014

2 2 The IPOPEMA Group - an introduction IPOPEMA Securities IPOPEMA TFI IPOPEMA AM IPOPEMA BC Sales & Trading Investment Banking Funds Asset Management Business Advisory WSE equities Public offerings (IPO, SPO) Closed-end funds Asset management Strategic advisory BSE equities M&A deals Mutual funds IT advisory PSE equities Bonds Bond issues Financial restructuring Active management funds Equity research Private equity financing IPOPEMA Securities is one of the leading providers of brokerage services to institutional clients on the Warsaw, Budapest and Prague Stock Exchanges. IPOPEMA Securities boasts one of the largest and most active teams of Investment Bankers in Poland. The IPOPEMA Brokerage Department carries out between 8-10% of daily volume on the WSE The Equity Research Department analyses 70 companies listed on the WSE and BSE, including almost all the blue-chip stocks included in the WIG 20 index. IPOPEMA TFI, managing 90 funds, is amongst the most active closed-end fund management companies in Poland. IPOPEMA TFI manages almost PLN 13 bn in assets, and is one of the largest fund management companies in Poland. The IPOPEMA Business Consulting team comprises more than 40 professionals.

3 3 IPOPEMA - a leader on the Polish Capital Markets IPOPEMA Capital Markets Department Team of 17 professionals involved in: IPO s and secondary offerings, M&A advisory, bonds offerings, financial restructuring, Track record of more than 78 transactions (total value over PLN 30bn). Mariusz Piskorski Vice-chairman of IPOPEMA Securities S.A. Heads the Capital Markets Department Previously worked for BRE Corporate Finance 2013 Polish Equity House of the Year 2012 Best Capital Markets team Best Capital Markets teams (ranking 2011*) Best Capital Markets teams (ranking 2012**) Best Capital Markets teams (ranking 2012***) UniCredit JP Morgan 524 PKO BP 1196 PKO BP 845 Morgan Stanley 524 JP Morgan 995 Admission to trading of largest value of IPO shares in 2012 The largest number of IPOs in Citi Handlowy Societe Generale JP Morgan Goldman Sachs BZ WBK * Ranking prepared by Parkiet and Rzeczpospolita by volume of IPOs conducted (PLN m) Barclays Millenium Trigon PKO BP BESI ** Ranking prepared by Parkiet and Rzeczpospolita by volume of IPOs conducted (PLN m) ING UBS UniCredit Credit Suisse Citi *** Ranking prepared by Dealogic by volume of transactions conducted (PLN m) - involved in most of the leading Polish Capital Markets deals of

4 4 IPOPEMA - a leader in Equity Sales and Trading Equity Sales Department DM BH 12,69% Vice - Chairman of IPOPEMA Securities S.A. Heads the Ipopema Sales&Trading Department Others 33,90% 8,88% DM PKO BP 8,72% 2013 Best Brokerage House 2012 Best Brokerage House 2011 Best Brokerage House Stanisław Waczkowski Previously : - Head of Sales at ABN Amro - Director, Institutional Clients Citibank Handlowy Top Ranking Sales Team and Traders KBC 3,30% ING 3,49% DB 3,94% DI BRE 4,62% Wood&Co 4,87% DM BZ-WBK 7,09% Credit Suisse 8,51% IPOPEMA market share in WSE trading (2013 YTD) Arkadiusz joined IPOPEMA in August 2012 has over 15 years of experience, being among the top brokers in Poland for several years prior to joining IPOPEMA, he worked for Citibank Forbes Polish Institutional Broker Survey 2013 Institution Overall Ranking (2013) Profess ionalism Service quality Analysis quality Overall Ranking (2012) PKO BP Arkadiusz Łabuńko Erste UniCredit CAIB ING DI BRE Citi Wood&Co Best broker 2012 Best broker 2011 Best broker Espirito Santo Trigon DM

5 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 5 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 IPOPEMA - significant market shares in Warsaw and Budapest IPOPEMA s market share of equity volume on the WSE ( ) between 8-10% IPOPEMA s market share of equity volume on the WSE ( ) between 8-11% 60 12% 50 10% 40 8% 30 6% 20 4% 10 2% 0 0% WSE trading (PLNbn) IPOPEMA's market share IPOPEMA s market share of equity volume on the BSE during between 10-12% IPOPEMA s market share of equity volume on the BSE ( ) between 6-12% % 12% 10% 8% 6% 4% 2% 0% Source:WSE, IPOPEMA BSE trading (EURbn) IPOPEMA's market share

6 Highly ranked Equity Research Department Equity Research Department covers more than 70 companies Consistently for over 3 years, the best Equity Research Department Sector Financial Construction Selected Companies Banks: Alior, Handlowy, Millenium, BRE, BZWBK, Getin Noble, ING, Pekao, Komercni Banka, OTP, PKO BP, PZU, GPW Budimex, Elektrobudowa, Erbud, Polimex, Mostostal Warszawa, Trakcja Metals & Mining Chemicals Agriculture Real Estate Industrial Retail & Distribution JSW, KGHM, Bogdanka, Kęty, NWR, Stalprodukt Synthos, Police, Puławy, Ciech, ZA Tarnow Astarta, Kernel, Agroton, IMC, KSG Agro Echo, GTC, Orbis, Plaza Centers ACE, Arctic, Mennica, CEDC, Rovese, Egis, Richter Amrest, Emperia, CCC, Eurocash, LPP, NFI EMF, Intercars, Wawel 2012 Highest quality of Analysis and Recommendations 2011 Highest quality of Analysis and Recommendations 2010 Highest quality of Analysis and Recommendations Oil & Gas Energy TMT Lotos, PGNiG, PKN Orlen, MOL ENEA, PGE, Tauron, ZE PAK Agora, Asseco (Poland, Business Solutions, Central Europe) TVN, Comarch, TPSA, Netia, Cyfrowy Polsat, Cinema City, Magyar Telekom Piotr Zielonka the best Equity Analyst in Poland Since September 1st, chief of Equity Research Department For more than a dozen of years, Piotr Zielonka s career has been dedicated to the capital market. He previously worked for Citi Handlowy and PZU Asset Management Equity Research ranking Bank Ov eralll ranking (2012) Offer complexity Professio nalism Report quality Report usefulness Piotr Zielonka Graduated from the Warsaw School of Economics ( Information Systems and Quantitative Methods, Finance and Banking ), CFA Charterholder since December 2007 For the last years, Piotr Zielonka was consequently ranked 1st as the best equity analyst in ranks prepared by Forbes magazine and Parkiet daily The best Research Department 2013 The best Market Strategy 2013 DI BRE DM BH DM PKO BP DM BZ WBK ING UniCredit Best analyst in 2013 Parkiet Best analyst in 2013 Forbes Best analyst in 2012 Parkiet Best analyst in 2012 Forbes Wood&Co IDM Best construction sector analyst Best retail and distribution sector analyst Best energy sector analyst The best Research Department 2012 The best Market Strategy 2012 DM Trigon BESI

7 7 IPOPEMA TFI and IPOPEMA Asset Management IPOPEMA Investment Fund Consistently among the best investment funds in Poland Our fund managers IPOPEMA Asset Management One of the fastest growing asset management funds Our fund managers Paweł Jackowski IPOPEMA TFI IPOPEMA Asset Management Jerzy Kasprzak IPOPEMA TFI IPOPEMA Asset Management IPOPEMA fund performance Valuation on 30/12/2013 No. 1 in the Citywire Rating of equity funds managers in Poland. (5/20/13) IPOPEMA Agresywny Fund managed by Jerzy Kasprzak received 4* in Analizy Online Rating. (4/17/13) IPOPEMA TFI focuses mainly on the closed investment funds (FIZ), dedicated to affluent consumers (High Net Worth Individuals). It currently manages 95 funds with PLN 18,3 bn of assets under management (31/12/2013). The leading asset management team in the equity, fixed-income and real estate groups. Service of active management through the funds (IPOPEMA Opportunity FIZ, IPOPEMA Global Macro FIZ, IPOPEMA Global Macro EUR FIZ, Total FIZ). Offer of the open-end investment funds: IPOPEMA SFIO, m- INDEKS FIO, Alior SFIO. Fund Change 3M Change 12M IPOPEMA Gotówkowy 1,0% 3,5% IPOPEMA Obligacji 1,8% 5,5% IPOPEMA Makro Alokacji 0,9% 13,2% IPOPEMA Mały ch i Średnich Spółek 2,6% 31,3% IPOPEMA Agresy wny -1,2% 10,1% IPOPEMA Short Equity -2,5% 1,2% IPOPEMA m-indeks FIO 1,5% 29,4% According to Citywire, Arkadiusz is among 1000 the World s Top Fund Managers Arkadiusz Bogusz IPOPEMA Asset Management IPOPEMA TFI Awards Gold Portfolio Award 2011 in the category Best Domestic Bond Fund (11,4% return in 2010) The best bond fund results in the first and second quarter of 2010 IPOPEMA Asset Management provides investment management services dedicated to wealthy clients, who require specialized financial advisory support in managing their finances. The minimum contribution necessary to be eligible for Asset Management services is PLN 4m. Among the company s clients are institutions such as insurance companies, mutual funds, nonprofit organizations and also individual investors. A broad range of investment strategies: both active and passive based on an unique concept of investing across the business cycle. The value of assets managed by IPOPEMA AM is PLN 1,9 bn (31/12/2013).

8 8 IPOPEMA - strong in Investment Banking Selected Capital Markets transactions

9 9 IPOPEMA - strong in Investment Banking Selected Capital Markets transactions

10 10 IPOPEMA - strong in Investment Banking Selected Debt transactions Selected Private Equity/M&A and other transactions

11 11 IPOPEMA Securities on the Warsaw Stock Exchange IPOPEMA Securities share price May 2009 December IPO price = 5 PLN 2 0 IPO on WSE on 26th May 2009 Private placement dedicated to institutional investors free float 32,6% Entities related to IPOPEMA 45,6% Current market cap amounts to PLN mn Source: WSE, IPOPEMA Quercus TFI 5,9% Aviva OFE 6,1% OFE PZU 9,9% IPOPEMA Securities Shareholders

12 12 IPOPEMA s Foreign Partners in the Merger Alliance IPOPEMA Securities is the exclusive Polish partner of Mergers Alliance, an international network of corporate finance and investment banking firms. Partner firms of Mergers Alliance specialise in mid-sized M&A deals. Mergers Alliance is an organisation with over 240 professionals based in 48 locations.

13 13 IPOPEMA Business Consulting Strategy, Organisation and Managment Mergers and Acquisitions Shared Services and Outsourcing Supply Chain Optimisation Procurement Optimisation IT Management and Technologies SAP Applications Business strategy, new operating models Optimisation of business processes and organisational structures Cost reduction and employment optimisation Cash flow improvement Business plans and feasibility studies Market research Integration strategies Synergy assessment and development of integration programmes Process and organisational transformation Programme Management (PMO) Back office reorganisation strategy Efficiency assessment and optimisation of back office functions based on benchmarking analysis Comprehensive implementation of shared services centres Preparation for outsourcing Interim management Logistics and operational audits, the SCM maturity profiles Optimisation of business processes in the area of logistics, production, procurement and sales, improvement of efficiency and productivity Integrated operational planning S&OP Design and implementation of advanced planning systems APS Procurement audits (to check if the procedures in place are effective) Sourcing (cost optimisation) Procurement organisation (centralisation and implementation of IT tools) Process optimisation Development of market specific procurement strategies IT strategy and organisation IT optimisation, support and development Management of IT projects Solutions for management of processes and electronic document circulation (scanning, OCR, workflow) Business Intelligence Defining requirements and support in bidding processes Implementation of SAP applications Sector specific solutions Post implementation audits Optimisation and improvement of implemented SAP solutions

14 IPOPEMA Securities S.A. Ul. Próżna 9, Warsaw, Poland Tel. /+48 22/ , fax /+48 22/ NIP (Tax Identification Number): share capital: PLN 2,993,783.60, paid up in full District Court for the Capital City of Warsaw in Warsaw, XII Commercial Division of the National Court Register, entry No. KRS

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