WARSAW STOCK EXCHANGE

WARSAW STOCK EXCHANGE 2014 WARSAW STOCK EXCHANGE

WARSAW STOCK EXCHANGE WSE: EUROPEAN UNION s MOST DYNAMIC STOCK EXCHANGE The Warsaw bourse is among the fastest-growing exchanges in Europe, holding an unquestionable leadership role in Central and Eastern Europe in terms of key market indicators, such as market capitalisation, trading value and the number of listed companies. In terms of IPOs, WSE has been among the top European exchanges for a number of years. WSE is a medium-sized European stock exchange which owes its growth to state-of-the-art infrastructure, in line with more mature markets, as well as sound regulations and highly active market participants. WSEMAINMARKET MARKETINDICATORS 2013 2012 Number of companies 450 438 incl. foreign companies 47 43 1) Market value of domestic companies (EUR bn) 142 128 Market value of foreign companies (EUR bn) 1) 59.5 51.5 Equities trading value (EUR bn) 2) 61.3 49.7 Futures market trading volume (million contracts) 11.8 10.6 3) P/E 15.8 11.7 P/BV3) 0.96 0.89 1) eop exchange rate, Polish National Bank 2) single counted, avg. exchange rate, Polish National Bank 3) avg. for all companies WSEMAINMARKET Marketcapitalizationandnumberofcompanies,19-2013 400 000 450 350 000 400 300 000 250 000 Capitalisation (EUR million)* No. of companies 350 300 Capitalisation 200 000 150 000 100 000 250 200 150 100 No. of companies 50 000 50 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0 *Polish and foreign companies, eop exchange rate published by the Polish National Bank IPO: WSE AMONG EUROPEAN LEADERS For several years now, Warsaw Stock Exchange has been a leading European exchange by the number of IPOs. In 2013, WSE ranked #2 in Europe by the number of IPOs with 54 IPOs on both equities markets. The IPOs in Warsaw represented 20.2% of all IPOs in Europe in the past year. In terms of the value of IPOs on the stock markets in 2013, WSE ranked fifth among European exchanges with EUR 1,137 million.

NUMBEROFIPOsINEUROPEIN2013* (TOP6EXCHANGES) 140 120 100 80 107 60 40 54 20 31 26 0 London Stock Exchange Warsaw Stock Exchange NASDAQ OMX NYSE Euronext 15 Italy 11 Oslo *Regulated and alternative markets Source: IPO Watch Europe Report, PwC WSE.2020 WSE s NEW DEVELOPMENT STRATEGY FOR 2014-2020 WSE.2020 WSE.2020 highlights WSE s determination to achieve the goal of ensuring a stable and operationally safe business model, with new, long term sources of growth, leading to long term value creation for its shareholders. Furthermore, this goal will allow WSE to realise its broader mission of building an international capital centre in Central and Eastern Europe, which ultimately aims at increasing the attractiveness of the regional capital market among issuers and investors as well as supporting further growth of CEE economies. The key strategic focus of WSE.2020 includes: maximization of current sources of growth for the WSE Group, diversification of revenue sources by developing existing business lines and launching new ones, and internationalisation of business. WSE s strategic goal of attaining a leading role in the Central and Eastern European region and an important position on the European capital markets landscape, is to be achieved independently, or via strategic alliances and cooperation with significant capital market entities. WSE s OFFERING FOR ISSUERS AND INVESTORS Trading on Warsaw Stock Exchange takes place on four markets: TheMainMarkethas been in operation since 16 April 1991. A regulated market supervised by the Polish Financial Supervision Authority, it is a trading platform for shares, bonds, pre-emptive rights, rights to shares, investment certificates, structured products, ETFs, warrants and derivatives.

www.wse.com.pl WSEderivativesmarket, in operation since 1998, provides many choices for investors: Index WIG20 and mwig40 futures, Currency futures (USD/PLN, EUR/PLN, and CHF/PLN), Single stock futures contracts for the most liquid companies, WIG20 index options, T-bond futures, STIR futures, MiniWIG20 (IPUs). The Warsaw derivatives market is the most significant market of its kind among CEE exchanges. WSE is a leading European exchange in terms of derivatives trading volume. So far, the majority of trading in derivatives on WSE has been generated by WIG20 index futures. In 2013, WSE ranked fifth among European exchanges in terms of index futures trading volume. Furthermore, the derivatives turnover at WSE is becoming increasingly diversified with currency and single stock futures gaining popularity among Polish and international investors. In 2013, WSE launched interest rate derivatives Treasury bonds and STIR futures. NewConect, launched on 30 August 2007, is the WSE s alternative trading platform. This market is designed primarily for dynamic start-ups operating in the new technologies sector. NewConnect is among the youngest, but also the most robust alternative markets in Europe. In 2013, 42 companies were newly listed. At the end of 2013, after more than 6 years of operations, there were 445 companies listed on NewConnect, including 11 foreign companies. Catalystis a market for debt instruments corporate bonds, municipal bonds, mortgage bonds and Treasury bonds opened on 30 September 2009. It consists of two platforms organized as regulated markets and two as alternative trading systems (ATS), for both retail and wholesale customers. At the end of 2013, 442 series of debt instruments issued by 176 issuers were listed on the market. WSE MEMBERS Both domestic and international investors have access to Warsaw Stock Exchange through WSE trading members Polish and international banks and investment firms. At the end of 2013 there were 57 trading members, including 31 Polish and 26 international companies. The full list of WSE members is available at w.wse.com.pl

INVESTOR STRUCTURE A diversified investor structure has been a significant factor fuelling the growth of WSE for many years. INVESTORSTRUCTUREIN209-2013(%) Investors Foreign investors Domestic individual investors Domestic institutional investors Instruments Equities (WSE Main List) Equities (NewConnect) Futures contracts Options Equities (WSE Main List) Equities (NewConnect) Futures contracts Options Equities (WSE Main List) Equities (NewConnect) Futures contracts Options 2013 2012 2011 2010 2009 47 48 47 47 36 7 10 3 2 2 17 17 16 14 11 17 11 24 12 4 15 18 18 19 27 69 73 77 87 88 50 47 46 50 52 37 50 64 60 65 38 34 35 34 37 24 17 20 11 10 33 36 38 36 37 46 39 12 28 31 WSE INDICES The key indices published by Warsaw Stock Exchange: WIG30 WSE blue chip index which includes the 30 biggest and the most liquid companies. WIG50 includes stocks of 50 mid-cap companies listed on the WSE's Main Market. WIG250 includes 250 small-cap stocks listed on the WSE's Main Market. WIG the oldest WSE index, calculated since the first ever trading session in 1991. It covers all listed companies which meet the relevant free float and financial standing criteria. At the end of 2015, WSE will finalise recent reforms in main indices portfolios and will cease publishing WIG20 and mwig40 indices: WIG20 blue chip index calculated using the stock prices of 20 largest and most traded companies. mwig40 covers 40 mid-cap companies (in terms of free float and trading value). For more information about WSE s indices, please visit w.wse.com.pland w.newconect.pl WSE ONLINE The Warsaw bourse publishes market data via its publicly accessible website, www.wse.com.pl. This is WSE's main portal which provides quotations with a delay of 15 minutes. The exceptions are WIG30 and WIG20 values, which are published in real time. WSE s website brings current updates and resolutions adopted by the Management Board and Supervisory Board, an extensive range of statistics, information about the organisation, operation and history of the Warsaw bourse, legal regulations as well as educational materials. w.newconect.euis the main website of NewConnect, WSE alternative market. The site features index values and stock quotations. Moreover, it brings recent updates, legal regulations, statistics and contact details of all listed companies, Authorised Advisers, market participants and data distributors. w.wsecatalyst.plis the website dedicated to Catalyst, WSE s debt market, and provides information on listed instruments, market data, quotations, educational materials for investors, information for potential issuers, issuers documents and reports as well as Catalyst regulations. w.wseinfospace.euis the website providing comprehensive information about Polish and foreign companies listed on WSE as well as economic and business events on CEE markets. w.corp-gov.gpw.plis the website devoted to corporate governance of listed companies.

ApleiOSandAndroid mobileaplication users of the application can access quotations, key statistics and latest news from the WSE Main Market, NewConnect and Catalyst. The application is available in two language versions, Polish and English, free of charge and available for download at w.wse.com.pl GPWtr@der a learning platform which tracks stocks and futures traded on WSE. Investors allocate virtual money, with their orders being executed on bid and ask quotes sourced from the real market. The simulation also includes brokerage fees. The platform operates within UTP, WSE s trading system, and publishes data with a 15-minute delay. The application is available at w.gpwtrader.pl UTP: WSE s STATE-OF-THE-ART TRADING SYSTEM Since 15 April 2013, Warsaw Stock Exchange operates UTP, developed by NYSE Technologies, in line with its growing international ambitions. UTP is well known to international investors and brokers on the world s biggest markets, and is used by the NYSE Euronext stock exchanges in New York, Paris, Lisbon, Amsterdam and Brussels, as well as many other stock markets. STRENGHTENING WSE s INTERNATIONAL ACTIVITY Successful implementation of WSE s international strategy has resulted in a growing number of foreign issuers, brokers, investors and partners. In 2013, WSE appointed a representative in London and has operated a representative office in Kiev (Ukraine) since 2008. In 2013, WSE acquired a stake in Aquis Exchange, UK-based multilateral trading facility, which will operate a pan-european equities platform and plans to offer over 1,200 stocks from 14 Western European markets. WSE s investments aim to further diversify its sources of revenue and strengthen Warsaw s role as the financial hub in the CEE region. WARSAW STOCK EXCHANGE AS A WSE-LISTED COMPANY As the crowning moment of the 20 years of robust growth, Warsaw Stock Exchange conducted a public offering and brought its shares to its own Main Market on 9 November 2010. As a public company, WSE aims to raise its international profile by expanding its product range for investors and issuers, seeking new companies and intermediaries, and improving the market in terms of organisation, technologies and legal regulations. WARSAW STOCK EXCHANGE Książęca 4, 00-498 Warsaw, Poland Tel. +48 22 628 32 32, fax: +48 22 628 17 54 wse@wse.com.pl, www.wse.com.pl Warsaw, May 2014