The IPOPEMA Group - an introduction

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1 1 September 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. Since June 2014 IPOPEMA has been a member of the Bucharest Stock Exchange. 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 60 companies listed on the WSE and BSE, including most of the blue-chip stocks included in the WIG30 index. IPOPEMA TFI, managing more than 90 funds, is amongst the most active closed-end fund management companies in Poland. IPOPEMA TFI manages more than PLN 25 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 Market IPOPEMA Capital Markets Department Professional team involved in: IPO s and secondary offerings, Vice-chairman of IPOPEMA Securities S.A. M&A advisory, bonds offerings, financial restructuring, Track record of more than 80 transactions (total value over PLN 30bn). Mariusz Piskorski Heads the Capital Markets Department Previously worked for BRE Corporate Finance The best equity house in Poland Best privatisation IPO Polish Equity House of the Year 2012 Best Capital Markets team The largest value of IPO in 2012 The largest number of IPOs in UniCredit PKO BP Citi Handlowy Societe Generale JP Morgan Goldman Sachs BZ WBK Best Capital Markets teams (ranking 2011*) * Ranking prepared by Parkiet and Rzeczpospolita by volume of IPOs conducted (PLN m) 1290 JP Morgan Morgan Stanley Barclays Millenium PKO BP ** Ranking prepared by Parkiet and Rzeczpospolita by volume of IPOs conducted (PLN m) PKO BP JP Morgan UniCredit Credit Suisse - involved in most of the leading Polish Capital Markets deals of Trigon BESI Best Capital Markets teams (ranking 2012**) ING UBS Citi Best Capital Markets teams (ranking 2012***) *** Ranking prepared by Dealogic by volume of transactions conducted (PLN m)

4 4 IPOPEMA - a leader in Equity Sales and Trading Equity Sales Department DM BH Citi 13,07% Vice - Chairman of IPOPEMA Securities S.A. Others 35,00% PKO BP 8,96% Best Brokerage House 2012 Best Brokerage House 2011 Best Brokerage House Stanisław Waczkowski Heads the Ipopema Sales-Trading Department Previously : - Board Member and Director of Institutional Clients at Citi - Head of Sales at ABN Amro Top Ranking Sales Team and Traders ING 3,35% KBC 3,40% Deutsche Bank 4,19% mbank 4,38% Wood&Co 5,19% BZ WBK 6,66% 8,14% Credit Suisse 7,67% IPOPEMA market share in WSE trading (since ) Arkadiusz Łabuńko Best broker 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 Voted no 2 Best broker in Poland by Forbes in and 2011, no 3 in Best broker 2011 Best broker Forbes Polish Institutional Broker Survey Institution Overall Ranking - Profess ionalism Service quality Analysis quality Overall Ranking PKO BP Erste UniCredit CAIB ING mbank DM BH Citi Wood&Co 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 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 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 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 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 5 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 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 IPOPEMA - significant market shares in Warsaw and Budapest 60 IPOPEMA s market share of equity volume on the WSE ( ) between 6 and 11% IPOPEMA s market share of equity volume on the WSE ( ) between 8-10% 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 ( ) between 3 and 12% % 12% 10% 8% 6% 4% 2% 0% Source: WSE, IPOPEMA BSE trading (EURbn) IPOPEMA's market share

6 6 Highly ranked Equity Research Department Equity Research Department covers more than 60 companies Consistently the best Equity Research Department Sector Financial Construction Metals & Mining Chemicals Agriculture Real Estate Selected Companies Alior, BZ WBK, Getin Noble Bank, Handlowy, ING BSK, mbank, Millennium, Pekao, PKO BP, Kruk, Open Finance Budimex, Elektrobudowa, Erbud, Polimex-Mostostal, Trakcja, ZPUE LW Bogdanka, KGHM Ciech, Synthos Astarta, Kernel, IMC, KSG Agro, Ovostar Echo Investment, JWC, GTC, Polnord Industrial ACE, Gedeon Richter, Mennica Polska, PKP Cargo, Roverse, Ambra, Amica, Aplisens, Boryszew, Delicacies, Famur, Krynicki Recykling, Libet, Orzeł Biały, Stalexport Autostrady, Stomil Sanok, Śnieżka Most accurate Recommendations Highest quality of Analysis and Recommendations 2012 Highest quality of Analysis and Recommendations 2011 Highest quality of Analysis and Recommendations 2010 Retail & Distribution Oil & Gas Energy CCC, Emperia, Eurocash, Gino Rossi, Inter Cars, Jeronimo Martins, LPP, Monnari Trade, Wawel Lotos, PKN Orlen, PGNiG Enea, Energa, PGE, Tauron, ZE PAK Piotr Zielonka i Iza Rokicka the best Equity Analysts in Poland Piotr Zielonka, CFA Since September, Head of Equity Research Consistently ranked as the best equity analyst in Poland in ranking prepared by the Forbes magazine and Parkiet daily With over a decade of experience in the Capital Markets, Piotr previously worked for Citi Handlowy and PZU Asset Management Best analyst in 2014 Forbes i Parkiet Best analyst in Forbes i Parkiet Best analyst in 2012 Forbes i Parkiet Best construction sector analyst Best retail and distribution sector analyst Best energy sector analyst Equity Research ranking - Bank 2012 DM BZ WBK 1 4 mbank 3 3 Espirito Santo 4 11 PKO BP 5 6 Equity Research ranking 2012 Bank Overall ranking (2012) Offer complexity Professiona lism Report quality Report usefulness Since February 2014, Deputy Head of Equity Research mbank DM BH Citi Iza Rokicka Associated with Polish Capital Market for many years. Iza previously worked as an Analyst for UniCredit and DI BRE. Iza specializes in the analysis of companies from financial sector. Recent years voted leading analyst in that sector by Parkiet daily. Best financial sector analyst Best financial sector analyst 2012 The best Market Strategy The best Market Strategy 2012 PKO BP BZ WBK ING UniCredit Wood&Co IDM DM Trigon

7 IPOPEMA TFI and IPOPEMA Asset Management IPOPEMA Investment Fund Consistently among the best investment funds in Poland IPOPEMA Asset Management One of the fastest growing asset management funds 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 25,4 bn of assets under management (31/08/2014). 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. IPOPEMA fund performance Valuation on 29/08/2014 Fund change 3M change 12M IPOPEMA Gotówkowy 0,80% 3,70% IPOPEMA Obligacji 0,30% 5,40% 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, non-profit 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 1,8 bn (31/08/2014). IPOPEMA Makro Alokacji -2,50% -0,50% IPOPEMA Mały ch i Średnich Spółek -6,10% -3,50% IPOPEMA Agresy wny -2,60% -5,20% IPOPEMA Short Equity -0,92% -6,64% IPOPEMA m-indeks FIO -1,70% 10,40% Fund managing team Krzysztof Cesarz, CFA Michał Rabiej, CFA, CIIA Łukasz Jakubowski, CFA Bogusław Stefaniak 7

8 8 IPOPEMA - strong in Investment Banking The largest Capital Markets transactions ( )

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

10 IPOPEMA - strong in Investment Banking Selected Debt transactions Private offering of bonds Issue agent and depository of bonds 57,000,000 PLN April 2010 Selected Private Equity, M&A and other transactions 10

11 11 IPOPEMA Securities on the Warsaw Stock Exchange IPOPEMA Securities share price May 2009 August IPO price = 5 PLN 2 0 IPO on WSE on 26th May 2009 Private placement dedicated to institutional investors free float 38,7% Entities related to IPOPEMA 45,6% Current market cap amounts to PLN mn Source: WSE, IPOPEMA Quercus TFI 5,9% OFE PZU 9,9% IPOPEMA Securities Shareholders

12 12 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

13 13 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 professionals based in 48 locations.

14 Disclaimer IPOPEMA Securities S.A. Ul. Próżna 9, Warsaw, Poland Tel. /+48 22/ , fax /+48 22/ IPOPEMA Securities S.A. (the Company, IPOPEMA ) with registered office in Warsaw, is a licensed brokerage house operating on the basis of the license issued by the Polish Securities and Exchange Commission (presently the Polish Financial Supervision Authority) dated 30 June The Company is entered in the National Court Register maintained by the District Court for the Capital City of Warsaw, 12th Commercial Division of the National Court Register, under number KRS NIP (tax identification number): Share capital: PLN ,60 paid up in full. The Company is supervised by the Polish Financial Supervision Authority. This presentation ( Presentation ) has been prepared solely for use by its customers and shareholders or analysts. The information and data contained herein may not constitute the basis for an investment decision. They should not be treated as an offer to purchase securities, an offer, invitation or solicitation of an offer to purchase, invest or make any transactions involving such securities or recommendation to conclude any transaction, in particular in respect of securities of the Company or form of investment advice, as well as offer to conclude an agreement within the meaning of the Civil Code. The Company declares that it makes every effort to ensure that this Presentation has been prepared with due care. All information contained herein are derived from the Company's own sources or external sources deemed by the Company to be reliable, but there is no guarantee that they are complete and fully reflect the facts. The Company cannot guarantee the correctness and completeness of the information contained herein and accepts no responsibility for damages resulting from its use for any other purpose. The Company shall not be liable for the consequences of decisions taken on the basis of the Presentation and opinion contained herein. All opinions and assessments contained in this Presentation are an expression of our best knowledge, supported by market information from competent sources, applicable at the time of its preparation. In no event may the content of this Presentation be construed as any type of explicit or implicit representation or warranty made by the Company or its representatives. The information contained in this Presentation has not been independently verified and may be subject to change at any time without prior notice. Publishing by IPOPEMA of data contained in this Presentation does not constitute an infringement of the laws applicable to companies whose shares are traded on a regulated market, in particular on the regulated market operated by the Warsaw Stock Exchange S.A. Information contained herein has been communicated to the public by IPOPEMA within current or periodic reports, or complement them, not giving the basis to pass them as a part of fulfilling by IPOPEMA disclosure obligations of a public company. The only source of reliable data describing IPOPEMA s financial results, forecasts, events or indicators are current or periodic reports submitted by IPOPEMA in satisfaction of its disclosure obligation under Polish law. This Presentation is not for release, directly or indirectly, in or into the United States, Australia, Canada or Japan

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