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OVERVIEW OF THE POLISH CAPITAL MARKETCHANCES AND OPPORTUNITIES

NOVEMBER 2013

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Poland’s Key Position in the enlarged EU

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

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% 2008 - 2012 accumulated GDP: 18.1%

Ratings A2 Stable by Moody’s A- Stable by S&P A- Stable by Fitch

Source: Ministry of Finance, Polish Central Statistical Office, Eurostat, EBOR.

Key statistics:

Economy:EU GDP (%) 2008 2009 2010 2011 2012 2013f 2014f

2008-2012 accumulate

d GDPPoland 5,1 1,6 3,9 4,5 1,9 1,1 2,2 18,1Lithuania 2,9 -14,8 1,5 5,9 3,7 3,1 3,6 -2,3Latvia -3,3 -17,7 -0,9 5,5 5,6 3,8 4,1 -12,1Slovakia 5,8 -4,9 4,4 3,2 2,0 1,0 2,8 10,6Estonia -4,2 -14,1 3,3 8,3 3,2 3,0 4,0 -5,0Romania 7,3 -6,6 -1,1 2,2 0,7 1,6 2,2 2,0Malta 3,9 -2,8 2,9 1,7 0,8 1,4 1,8 6,5Denmark -0,8 -5,7 1,6 1,1 -0,5 0,7 1,7 -4,4Luxemburg -0,7 -4,1 2,9 1,7 0,3 0,8 1,6 0,0Austria 1,4 -3,8 2,1 2,7 0,8 0,6 1,8 3,1Finland -8,5 0,3 3,3 2,8 -0,2 0,3 1,0 -2,7Germany 1,1 -5,1 4,2 3,0 0,7 0,4 1,8 3,7Bulgaria 6,2 -5,5 0,4 1,8 0,8 0,9 1,7 3,4Ireland -2,1 -5,5 -0,8 1,4 0,9 1,1 2,2 -6,1France -0,1 -3,1 1,7 2,0 0,0 -0,1 1,1 0,4UK -1,0 -4,0 1,8 1,0 0,3 0,6 1,7 -2,0Sweden -0,6 -5,0 6,6 3,7 0,7 1,5 2,5 5,1EU (27 countries)

0,3 -4,3 2,1 1,6 -0,3 -0,1 1,4 -0,7

Belgium 1,0 -2,8 2,4 1,8 -0,3 0,0 1,2 2,0Czech Republic 3,1 -4,5 2,5 1,9 -1,3 -0,4 1,6

1,5

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 -4,9Cyprus 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 -1,0 -0,8 0,9-0,4

Italy -1,2 -5,5 1,7 0,4 -2,4 -1,3 0,7 -7,0Slovenia 3,4 -7,8 1,2 0,6 -2,3 -2,0 -0,1 -5,2Spain 0,9 -3,7 -0,3 0,4 -1,4 -1,5 0,9 -4,1Portugal 0,0 -2,9 1,9 -1,6 -3,2 -2,3 0,6 -5,8Romania 7,3 -6,6 -1,1 2,2 0,7 1,6 2,2 2,0

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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 H1 2013

49%

37%

14%

ForeignPolish InstitutionalPolish Retail

16%

34%

50%

ForeignPolish InstitutionalPolish Retail

Derivatives trading - structure of investors in H1 2013

Largest institutional investment pool in the CEE with high allocation in domestic equities AUM Pension Funds - EUR 69 bn (as of Sept. 2013) AUM Investment Funds - EUR 41 bn (as of Sept. 2013)

Broad retail investor base with active interest in capital markets investments 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.

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Cash market(equities and other)

Derivatives market Cash market (bonds) Market data and indices Commodities Post-trading services

22 years of functioning

Active IPO market

Leading stock exchange in the CEE region

Attractive to the foreign investors and

foreign issuers

Warsaw Stock Exchange Group

Shares of 446 companies, including 46 foreign on WSE Main List (regulated market)Shares of 445 companies, including 9 foreign, on NewConnect (WSE alternative market for SMEs) Derivatives: futures contracts on various underlyings (i.e. indices, single stocks and currencies), options on WIG20 indexETP segment covering ETF’s, warrants, structured certificates (including knock-out certificates and newly introduced factor certificates) and structured bondsDebt instruments (including treasury bonds, corporate, municipal bonds, mortgage backed bonds)

Shares

Debt Instruments

InvestmentCertificates

ETFs

Structured Products

Warrants

Futures

Options

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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.

WSE – one of the fastest developing market in Europe

Exchanges’ share in capitalisation of shares in CEE1 region, 2012

WSE share of exchanges in trading in shares in CEE1 region, 2012

55%

21%

12%

10%2%

Warsaw Stock Exchange CEESEG- Vienna CEESEG- Prague CEESEG- Budapest

Bucharest SE, CEESEG- Lubljana, Bulgarian SE, Bratislava SE

48%

28%

10%5%

10%

1 Including: WSE, CEESEG Group, Bulgarian, Romanian and Slovak stock exchanges, source: FESE2 Only non-Treasury bonds

WSE’s share in equities trading in CEE1 in June was record-high at 65%

According to the IPO Watch Europe report, WSE ranked 2nd in Europe by the number of IPOs in H1 2013 (31 IPOs representing 26% of all IPOs in Europe) and 7th by the value of IPOs (EUR 325 mn)

Main Market - equities# domestic companies

Main Market- equities# foreign companies

2011 2012 2013 (Sep)

387 395 398

2011 2012 2013 (Sep)

3943 45

2011 2012 2013 (Sep)

351

429 447

2011 2012 2013 (Sep)

99

155175

NewConnect # small caps companies

Catalyst2

# bonds issuers

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WSE in EuropeGrowth rate of the value of trading on European exchanges,

Q1-Q3 2013 versus Q1-Q3 20121

1 Source: FESE; session trades in EUR2 Since 20.05.2013, BATS Chi-X Europe operates in Europe as a licensed exchange

Cyprus SECEESEG - Prague

Bratislava SEOslo Børs

Bucharest SECEESEG - Budapest

BME (Spanish Exchanges)BATS Chi-X Europe

London SEDeutsche BörseNYSE Euronext

NASDAQ OMX NordicCEESEG - Ljubljana

Luxembourg SECEESEG - Vienna

EquiductSIX Swiss

Warsaw SEBoerse Stuttgart

Borsa IstanbulAthens Exchange

Malta SEIrish SE

Bulgarian SE

CEE regionEuropean Exchanges

-85%-35%-31%-25%

-12%-11%

-8%-6%-4%-2%-2%-1%

1%1%3%7%11%16%

28%33%35%41%44%

202%

9.7%-2.0%

202%

2

Value of equities trading on WSE in Q1-Q3 2013 increased by 16.1% YoY

Value of trading in CEE in Q1-Q3 2013 increased by 9.7% YoY while the value of trading on all European exchanges decreased by 2.0% YoY

WSE’s share in the value of equities trading in CEE3 was 59.3% year to date

WSE’s shares in equities trading in CEE3

3 including: WSE, CEESEG Group, Bulgarian, Romanian and Slovak exchanges, source: FESE

Q3/12 Q4/12 Q1/13 Q2/13 Q3/130

5

10

15

20

25

30

0 .0 %

1 0 .0 %

2 0 .0 %

3 0 .0 %

4 0 .0 %

5 0 .0 %

6 0 .0 %

7 0 .0 %

56.9% 55.2%59.4% 60.1% 58.4%

40.7% 42.5%38.1% 36.6% 38.9%

2.4% 2.3% 2.5% 3.3% 2.7%

Value of equities trading in CEE WSE's share CEESEG's share Others' share

EUR bn

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60.6%

0.9%

3.9% 27.6%

7.0%

0.1%

EUREX

Liffe N

YSE Eu

ronext OMXIta

lyWSE

Spain

Norway

Greece

Hungary

Austria

Romania

0

1 0

2 0

3 0

4 0

5 0

6 0

7 0

177,3

44.5

16.4

5.0 4.3 3.7 1.8 1.0 0.2 0.2 0.1

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13

3.99

3.25

4.66

3.66

2.763.19

2.74 2.653.17 3.37 3.43

Derivatives trading volume (m)1Index futures trading volume in Europe (H1 2013; m)

WIG20 futures

mWIG40 futures

stock futures

currency futures

option

miniWIG20 particiaption units

Structure of derivatives trading volume1

Q3 20133.43 m

WSE derivatives market – brand new opportunities under your fingertips

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

The Warsaw derivatives market is the most significant market of this kind among CEE exchanges. The WSE closed 2012 on the 4th 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.

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Growing number of foreign companies listed on WSE

Ukraine (12) Czech Republic (8) Israel (4) Estonia (2)

Hungary (2) Lithuania (4) UK (3) Austria (2)

Bulgaria (3) Canada (1) Cyprus (1) France (1)

Germany (1) Italy (1) Luxembourg (1) Slovakia (2)

Slovenia (2) Spain (1) Sweden (1) USA (1)

Switzerland (1) Republic of China (1)

55 foreign companies listed (46 on WSE Main List and 9 on NewConnect)

26 foreign companies joined the WSE-listed companies’ family since the beginning of 2011 (both WSE equities

markets).

Source: WSE, YTD.

Countries of origin of foreign companies listed on the WSE

2013 debuts:INTERNATIONAL PERSONAL FINANCE (UK)

IMMOFINANZ AG (AUSTRIA)

PHOTON ENERGY N.V. (NETHERLANDS)

AVIAAM LEASING (LITHUANIA)

PEIXIN INT. GROUP (REPBLIC OF CHINA)

WSE-listed company with Israeli capital:ATLAS ESTATES

CINEMA CITY

PLAZA CENTERS

RONSON EUROPE

GLOBE TRADE CENTRE

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Attractive venue for issuers

Source: PwC IPO Watch Europe report

Retail (68) Support services (60) Financial services (43)

IT (42) Technology (38) Media (37)

Construction (30) Investments (24) Health care (22)

Real estate (20) Eco-energy (16) Leisure (14)

Telecommunication (12) E-trade (10) Recycling (9)

NewConnect: Breakdown by sector

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) Insurance (1)

Exchange # of IPOs Value (EUR M) Exchange # of IPOs Value

(EUR M)London 25 1704 London 25 2633WSE 10 15 WSE 18 44

Nasdaq OMX 4 - Nasdaq OMX 10 371Borsa Italiana 3 58 NYSE Euronext 9 922

NYSE Euronext 3 43 Deutsche Boerse 3 714Deutsche Boerse 2 500 Borsa Istanbul 3 326

Oslo Bors & Oslo Axess

2 409 Borsa Italiana 3 318

Borsa Istanbul 1 2 Luxembourg 2 30

Spain (BME) 1 2 Oslo Bors & Oslo Axess

2 12

Ireland 1 310 Ireland - -Luxembourg - - Spain (BME) 1 -

Q3 2013 Q2 2013

WSE remained Europe’s #2 by the number of IPOs in Q3 2013

There were 10 IPOs on Warsaw Stock Exchange in Q3 2013 (2 IPOs on the WSE Main Market and 8 IPOs on NewConnect). The share of WSE in the total number of all IPOs in Europe was 19%. The London Stock Exchange remained the leader by the number of IPOs. The aggregate value of IPOs on WSE in Q3 2013 was EUR 15 million, which ranked WSE #7 in Europe by the value of initial public offerings.

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Q3 2012 Q3 2013

25.1 19.8

29.1 34.6

43.3 44.7

15.0 16.6 Municipal bonds

Bank bonds

Corporate bonds

Commercial papers

30,2% 51,2%% share of non-Treasury debt listed on Catalyst

Non-Treasury bond market – Catalyst

Over the four years of Catalyst, as at the end of Q3 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

2009 2010 2011 2012 Q1 13 Q2 13 Q3 130

50

100

150

200

250

300

350

400

0

10

20

30

40

50

60

70

11 22 40 52 54 56 5935

97

208

325361

381407

Value of listed issues (PLN bn) Number of listed series

Growth of Poland’s non-Treasury debt market (value of issue at the end of a period, PLN bn)

Catalyst (non-Treasury debt)

Source: Fitch Polska, WSE

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WSE Listing Requirements – stock market

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 WSE Main List:

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.

General listing requirements on the NewConnect:

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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

IP Intercapital Markets AD

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 UniCredit Bank AG

32 local + 26 foreign brokerage houses operating on the WSE (exchange members) from 11 countries

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 EU27

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)

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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.

Contact

Warsaw Stock Exchangeul. Książęca 4, 00-498 Warsaw, Poland

tel. (48) 22 628 32 32 www.wse.com.pl

gpw@gpw.pl