1 June

2013

2

The IPOPEMA Group - an introduction

Sales & Trading Asset Management Investment Banking Business Advisory

IPOPEMA AM IPOPEMA BC IPOPEMA Securities

WSE equities

BSE equities

PSE equities

Bonds

Equity research

Public offerings (IPO, SPO)

M&A deals

Bond issues

Financial restructuring

Private equity financing

Asset management Strategic advisory

IT advisory

Funds

Closed-end funds

Mutual funds

Active management

funds

IPOPEMA TFI

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 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 78 funds, is amongst the most active closed-end fund management companies in Poland.

Ipopema TFI manages about PLN 9 bn in assets, and is the 8th largest fund management companies in Poland.

The IPOPEMA Business Consulting team comprises more than 40 professionals.

3

IPOPEMA – a leader on the Polish Capital Markets

Team of 18 professionals involved in:

IPO’s and secondary offerings,

M&A advisory,

bonds offerings,

financial restructuring,

Track record of more than 75 transactions (total value of more than PLN 25bn).

2011

Best Capital

Markets team

• Vice-chairman of

IPOPEMA Securities S.A.

• Heads the

Capital Markets Department

• Previously worked for

BRE Corporate Finance Mariusz

Piskorski

IPOPEMA Capital Markets Department

- involved in most of the leading Polish Capital Markets deals of 2011-13

Best Capital Markets teams

(ranking 2011*)

Best Capital Markets teams

(ranking 2012***)

** Ranking prepared by Parkiet and Rzeczpospolita

by volume of IPOs conducted (PLN m)

*** Ranking prepared by Dealogic by volume

of transactions conducted (PLN m)

493

576

713

746

797

995

1196

1224

Citi

Credit Suisse

UniCredit

UBS

ING

JP Morgan

PKO BP

170

177

180

184

524

524

524

709

BESI

PKO BP

Trigon

Millenium

Barclays

Morgan Stanley

JP Morgan

* Ranking prepared by Parkiet and Rzeczpospolita

by volume of IPOs conducted (PLN m)

Best Capital Markets teams

(ranking 2012**)

2012

Best Capital

Markets team

565

767

767

767

845

845

905

1290

BZ WBK

Goldman Sachs

JP Morgan

Societe Generale

Citi Handlowy

PKO BP

UniCredit

The largest

number of IPOs in

2010-2011

Admission to

trading of the

largest value of

free float shares

through IPO on

the WSE in 2012

IPOPEMA – a leader in Equity Sales and Trading

2012 Best brokerage

house

2011 Best brokerage

house

2010 Best brokerage

house

Vice - Chairman of

IPOPEMA Securities S.A.

Heads the Ipopema

Sales&Trading Department

Previously :

- Head of Sales at ABN Amro

- Director, Institutional Clients

Citibank Handlowy

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

2011 Best broker

Arkadiusz Łabuńko

Stanisław Waczkowski

2012 Best broker

Top ranked Sales - Traders

IPOPEMA participation in trading on the WSE (2013 YTD)

Bank General

rank (2012)

Profession-

alism

Quality of

service

Quality of

analysis

General

rank (2011)

Citi 1 2 2 2 3

DI BRE 3 5 5 3 6

Credit Suisse 4 3 4 4 4

ING 5 4 8 5 8

PKO BP 6 7 3 9 13

Erste 7 10 6 7 10

Espirito Santo 8 6 7 6 11

Deutsche Bank 9 9 9 15 5

BZ WBK 10 8 10 10 2

Equity Sales Department

4

Forbes institutional survey 2012

DM BH 12,31%

10,03%

Credit Suisse 9,41%

PKO BP 8,08%

BZ WBK 7,23%

DI BRE 4,61%

KBC 4,47%

Wood&Co 4,37%

Deutsche Bank 3,89%

ING 3,51%

Others 32,1%

5

IPOPEMA – market shares in Warsaw and Budapest

IPOPEMA’s market share of equity volume on the WSE (2009-2012) – between 8-10%

IPOPEMA’s market share of equity volume on the BSE during 2009-2012 – between 10-12%

Source:WSE, IPOPEMA

IPOPEMA’s market share of equity volume on the WSE (2009-13) – between 8-11%

IPOPEMA’s market share of equity volume on the BSE (2010-13) – between 6-12%

0%

2%

4%

6%

8%

10%

12%

0

10

20

30

40

50

60

Ja

n-0

9

Feb

-09

Mar-

09

Apr-

09

May-0

9

Ju

n-0

9

Ju

l-09

Aug

-09

Sep

-09

Oct-

09

No

v-0

9

De

c-0

9

Ja

n-1

0

Feb

-10

Mar-

10

Apr-

10

May-1

0

Ju

n-1

0

Ju

l-10

Aug

-10

Sep

-10

Oct-

10

No

v-1

0

De

c-1

0

Ja

n-1

1

Feb

-11

Mar-

11

Apr-

11

May-1

1

Ju

n-1

1

Ju

l-11

Aug

-11

Sep

-11

Oct-

11

No

v-1

1

De

c-1

1

Ja

n-1

2

Feb

-12

Mar-

12

Apr-

12

May-1

2

Ju

n-1

2

Ju

l-12

Aug

-12

Sep

-12

Oct-

12

No

v-1

2

De

c-1

2

Ja

n-1

3

Feb

-13

Mar-

13

Apr-

13

May-1

3

WSE trading (PLNbn) IPOPEMA's market share

0%

2%

4%

6%

8%

10%

12%

14%

0

1

2

3

4

5

6

BSE trading (EURbn) IPOPEMA's market share

6

Highly ranked Equity Research Department

2010

Highest quality of

analysis and

recommendations

2011

Highest quality of

analysis and

recommendations

2012

Highest quality of

analysis and

recommendations

Equity Research Department

Ranked Equity Research Analysts

Sector Analysts Selected companies

Financial Tomasz Bursa

Banki: Alior, Handlowy, Millenium, BRE,

BZWBK, Getin, ING, Pekao, Komercni

Banka, OTP, PKO BP, PZU, GPW

Construction Arkadiusz Chojnacki

Tomasz Duda

Budimex, Elektrobudowa, Erbud, Polimex,

PBG, Mostostal Warszawa

Mining Tomasz Duda JSW, KGHM, Bogdanka, Kęty, NWR,

Stalprodukt

Chemicals Konrad Anuszkiewicz Synthos, Police, Puławy, Ciech, ZA Tarnow

Agriculture Żaneta Marzec Astarta, Kernel, Agroton, IMC, KSG Agro,

Real Estate Arkadiusz Chojnacki

Tomasz Duda Echo, GTC, Orbis, Plaza Centers

Industrial Krzysztof Kuper

Żaneta Marzec

ACE, Arctic, Mennica, CEDC,

Rovese, Egis, Richter

Retail Arkadiusz Chojnacki

Krzysztof Kuper

Amrest, Emperia, CCC, Eurocash, LPP,

NFI EMF, Intercars

Oil&Gas Konrad Anuszkiewicz Lotos, PGNiG, PKN Orlen, MOL

Energy Arkadiusz Chojnacki

Tomasz Duda ENEA, PGE, Tauron, ZE PAK

TMT Waldemar Stachowiak

Agora, Asseco (Poland, Business

Consulting, Central Europe) TVN, Comarch,

TPSA, Netia, Cyfrowy Polsat, Cinema City,

Magyar Telekom

„Consistently for over 3 years, the best

Equity Research Department consisting of

7 analysts covering 72 public companies”

Arkadiusz

Chojnacki,

CFA

Best „strategy” analyst

2012

Best analyst

2011

Best analyst

2011

Best analyst

2012

•Director of the Equity Research

Department at IPOPEMA Securities

•Over 12 years of experience

gained at Citi and Espirito Santo

•Covers the construction, real estate

and energy sectors

•Ranked 2nd best analyst in Poland

Tomasz Bursa

Best banking sector

analyst 2010

Best analyst

2010

Tomasz Duda

•IPOPEMA analyst since 2009,

covers the banking and insurance

sector

•Previously worked for

Ernst&Young, Citi and Espirito

Santo

•The best analyst in 2012

according to Parkiet in terms of

valuation and recommendation

•IPOPEMA analyst since

2009

•Follows the mining and

energy sectors

•Previously worked for

Citi and Espirito Santo

Best mining sector analyst

2011

Best analyst

2011 Best analyst

2010,2011

• IPOPEMA analyst

since 2009

• Covers the chemicals

and oil&gas sector

• Previously worked for

Espirito Santo

Best Oil&Gas

sector analyst

2012

Best chemicals sector

analyst 2012

Best analyst

2012

Konrad Anuszkiewicz

Bank

General

ranking

(2012)

Offer

complexity

Professio

nalism

Report

quality

Report

usefulness

DI BRE 2 2 3 3 3

DM BH 3 5 2 2 2

DM PKO BP 4 4 4 6 4

DM BZ WBK 5 3 11 11 7

ING 6 6 5 8 8

UniCredit 7 7 6 4 9

Wood&Co 8 9 12 9 14

IDM 9 8 13 13 6

DM Trigon 10 13 15 10 5

Espirito

Santo 11 10 10 7 10

Equity Research ranking - 2012

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 90 funds with

PLN 9,0 bn of assets under

management (31/05/2013).

The leading asset management

team in the equity, fixed-income and

real estate groups.

Service of active management

through the funds (IPOPEMA

Opportunity FIZ, Total FIZ).

Offer of the open-end investment

funds: IPOPEMA SFIO, m-INDEKS

FIO, Alior SFIO.

Our fund managers

Arkadiusz Bogusz IPOPEMA

Asset Management

According to

Citywire,

Arkadiusz is

among 1000

the World’s Top

Fund Managers

Our fund managers

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 2,2 bn

(31/05/2013).

Awards

IPOPEMA fund performance

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

Valuation on 31/05/2013

Paweł Jackowski IPOPEMA TFI

According to the

newspaper Parkiet

(4/01/13), IPOPEMA

Opportunity Fund

managed by Paweł

Jackowski was the best

fund of the absolute

return funds in Poland,

7

Jerzy Kasprzak IPOPEMA TFI

According to the

newspaper Parkiet

(4/02/13), IPOPEMA

Agresywny Fund

managed by Jerzy

Kasprzak gave the best

12M rate of return among

Polish equity funds.

Fund Change 3M Change 12M

IPOPEMA Gotówkowy 0,71% -

IPOPEMA Obligacji 1,70% 6,37%

IPOPEMA Makro Alokacji 2,19% 13,75%

IPOPEMA Mały ch i Średnich Spółek 3,55% -

IPOPEMA Agresy wny 1,93% 33,96%

IPOPEMA Short Equity -0,86% -

IPOPEMA m-INDEKS FIO 7,66% 24,26%

Selected Capital Markets transactions

8

IPOPEMA - strong Investment Banking

8

Selected Capital Markets transactions

9

IPOPEMA - strong Investment Banking

9

Selected bond issues

10

IPOPEMA - strong Investment Banking

Selected Private Equity/M&A and other transactions

10

0

2

4

6

8

10

12

14

16

18

2009-0

5-2

6

2009-0

6-2

6

2009-0

7-2

6

2009-0

8-2

6

2009-0

9-2

6

2009-1

0-2

6

2009-1

1-2

6

2009-1

2-2

6

2010-0

1-2

6

2010-0

2-2

6

2010-0

3-2

6

2010-0

4-2

6

2010-0

5-2

6

2010-0

6-2

6

2010-0

7-2

6

2010-0

8-2

6

2010-0

9-2

6

2010-1

0-2

6

2010-1

1-2

6

2010-1

2-2

6

2011-0

1-2

6

2011-0

2-2

6

2011-0

3-2

6

2011-0

4-2

6

2011-0

5-2

6

2011-0

6-2

6

2011-0

7-2

6

2011-0

8-2

6

2011-0

9-2

6

2011-1

0-2

6

2011-1

1-2

6

2011-1

2-2

6

2012-0

1-2

6

2012-0

2-2

6

2012-0

3-2

6

2012-0

4-2

6

2012-0

5-2

6

2012-0

6-2

6

2012-0

7-2

6

2012-0

8-2

6

2012-0

9-2

6

2012-1

0-2

6

2012-1

1-2

6

2012-1

2-2

6

2013-0

1-2

6

2013-0

2-2

6

2013-0

3-2

6

2013-0

4-2

6

2013-0

5-2

6

IPOPEMA Securities on the Warsaw Stock Exchange

IPOPEMA Securities share price

May 2009 – June 2013

Source: WSE, IPOPEMA

IPOPEMA Securities shareholders

IPO on WSE on 26th May 2009

Private placement dedicated to institutional investors

Current market cap amounts to PLN 250-300 mn

Entities associated

with IPOPEMA 51,0%

OFE PZU 9,3%

Aviva OFE 5,3%

free float 34,4%

11

IPO price = 5 PLN

12

IPOPEMA’s foreign partners

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 M&A deals in the segment of medium-

sized enterprises. Mergers Alliance is an organisation with over 200 professionals

based in 30 countries.

12

IPOPEMA Business Consulting

Strategy,

Organisation

and Managment

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

Mergers and

Acquisitions

Market research

Integration

strategies

Synergy

assessment and

development of

integration

programmes

Process and

organisational

transformation

Programme

Management

(PMO)

Shared

Services and

Outsourcing

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

Supply Chain

Optimisation

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

IT Management

and

Technologies

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

SAP

Applications

Defining

requirements and

support in bidding

processes

Implementation of

SAP applications

Sector specific

solutions

Post

implementation

audits

Optimisation and

improvement of

implemented SAP

solutions

Procurement

Optimisation

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

13

IPOPEMA Securities S.A.

Ul. Próżna 9, 00-107 Warsaw, Poland

Tel. /+48 22/ 236 92 00, fax /+48 22/ 236 92 82

E-mail: ipopema@ipopema.pl

www.ipopema.pl

NIP (Tax Identification Number): 527-24-68-122 • 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 0000230737