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Warsaw Stock Exchange - Versatile Market with New Energy January 201 3

Warsaw Stock Exchange - Versatile Market with New Energy January 201 3. Poland’s Key Position in the enlarged EU. Economy. The largest and most populated new (i.e. accession post 2004) EU member State (population c.a. 38 million)

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Warsaw Stock Exchange - Versatile Market with New Energy January 201 3

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  1. Warsaw Stock Exchange- Versatile Market with New Energy January 2013

  2. Poland’s Key Position in the enlarged EU Economy • 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 Key statistics • GDP growth in 2010:     3.8% • GDP growth in 2011: 4.3% • GDP growth forecastin 2012: 2.4% • Ratings • A2 Stable by Moody’s • A- Stable by S&P • A-Stable by Fitch • Ukraine GDP growth forecast (IMF): 3.0% in 2012, 3.5% in 2013 Source: Eurostat. Source:Ministry of Finance, Polish Central Statistical Office, Eurostat, EBOR.

  3. Largest exchangein CEE regionwithgrowthpotential At the end of Dec 2012, WSE remains the largest national stock exchange in CEE, with domestic market capitalization of EUR 135 bn and equity session turnover of EUR 45.1bn (ytd). At the end of Dec 2012, WSE remains on the 4th position among European exchanges, with over 9 mln stock index futures traded volume. Domestic market capitalization (Dec. 2012, EUR bn) Stock Index Futures traded volumes on European exchanges Value of session equity trading (Jan–Dec2012, EUR bn) Source: FESE, Dec 2012.

  4. Currentstructure of Polishcapital market National Depository for Securities (KDPW) Polish Financial Supervision Authority (KNF) Warsaw Stock Exchange KDPW_CCP BondSpot Clearing Bank (NBP) Exchange Members NDS Participants Domestic Members 33 Foreign Members 26

  5. Comprehensivemarket structure • WSE Commodity Markets* * In Feb’12 WSE acquired PolPX– Polish Power Exchange

  6. A leading listing venue in Europe Number of IPOs #1 in EU by number of IPOs after Q3 2011 #2 in EU by number of IPOs in Q4 2012 Source: WSE, end of December2012 Source: PwC IPO Watch Q4 and Q3 2012, PwC IPO Watch Europe Review 2013 Value of IPOs #3 in EU by value of IPOs in Q4 2012 (EUR m) (PLN bn) Source: WSE , end of December2012 Source: PwC IPO Watch Q3and Q2 2012, PwC IPO Watch Europe Review 2013

  7. Ongoing internationalization Growing number of foreign exchange members … • In Q1 2012Xelion Doradcy Finansowi - domestic broker joined wide range of WSE market participants; • In H1 2012 Wedbush Europe Ltd and ING NV joined as remote members; • As at end of December2012,26 foreign members on WSE Source: WSE, 2013 YTD. …and an increasing number of foreign issuers • In 2011, 15 foreign companies made their debut on WSE (12 on WSE Main List and 3 on NewConnect); In 2012, 7 foreign companiesjoined WSE (5 on Main Market and 2 on NC) • On May 4, 2011, WSE launched WIG-Ukraine - first national index in Europe comprising companies originating from Ukraine. • On May, 2012, WSE started to calculate and publish the Central and Eastern European regional stock index WIG-CEE. Source: WSE, 2013 YTD.

  8. Largest IPOs in recent years Coal mine October 2012 EUR 165 m Bank December 2012 EUR 511 m Coal mine June 2011 EUR 1.3 bn Warsaw Stock Exchange November 2010 EUR 308 m Energy company June 2010 EUR 1.02 bn Energy company November 2009 Europe’s top IPO in 2009 EUR 1.4 bn Energy company May 2008 EUR 1.36 bn Insurance company May 2010 Top Europe’s IPO since ‘07 Largest Polish IPO EUR 2 bn Bogdanka Coal mine June 2009 EUR 118 m Energy company November 2008 EUR 546 m

  9. Wide pallette of instruments • Shares of 438 companies, including 43 foreignon WSE Main List (regulated market) • Shares of 430 companies, including 8foreign, on NewConnect(WSE alternative market for SMEs) • Derivatives: futures contracts on various underlyings (i.e. indices, singlestocks and currencies), options on WIG20 index • ETP segment coveringETF’s, warrants, structured certificates (includingknock-outcertificates and newlyintroducedfactorcertificates) and structuredbonds • Debt instruments (including treasury bonds, corporate, municipal bonds, mortgage backed bonds) • One-stop shop

  10. Growingnumber of foreign companieslisted on WSE Countries of origin of foreign companies listed on the WSE • 51foreign companies listed (43 on WSE Main List and 8 on NewConnect) • Out of the 43 foreign companies on the WSE Main List, 22 represent dual listings and 21 single listings • 22 foreign companies joined the WSE-listed companies’ family since the beginning of 2011 (both WSE equities markets). Source: WSE, YTD.

  11. Foreign companies listed on WSE – Dual Listing Source: WSE, YTD. * traded on the “Segment for Special Purposes Companies”on the Bulgarian Stock Exchange

  12. Foreign companies listed on WSE Main List – Single Listing Source: WSE, YTD.

  13. Foreign companies listed on NewConnect – Single Listing Source: WSE, YTD.

  14. NewConnect NewConnect market capitalization and number of companies listed (2007 – 2013) • 430 listed companies, including 8 foreign • 19 companies transferred to the Main List • Approx. EUR 715 mraised capital (IPO and SPO) since 2007 • Mkt. Cap.–approx. EUR 2747m Source: FESE, Q4 2012. Source: WSE, 2013 YTD . International position of NewConnect – Number of listed companies (2012) Source: FESE, LSE, BorsaItaliana, December 2012.

  15. Derivative instruments • Derivative instruments turnover volume (m) • Q3 2012: 14% q/q volume decline; volumes back to Q1 2012 levelafter Q2 16% increase • New future contracts for shares in Q1 and Q2 2012; in total 23 stock futures available • Currency futures contract size split as from May 1, 2012, to facilitate trading liquidity • In Jan-Sept 2012 share of contracts on WIG20 indices in total derivatives volume at the level of 82.4% Total includes also miniWIG20 participation units turnover volume Stable share of options and stock futures volume Source: WSE * Currencyfuturescontractsizesplit 1:10 as from May 1, 2012

  16. Catalyst – WSE bond market Number of series*: 239 31 24 31 36 Regulated market + ATS • The first platform for listing fixed income instruments in Poland • Available also to foreign companies and instruments listed in foreign currency • For both the retail and wholesale investors • Cases of stock issuers issuing bonds at a later time • Growing number of new issuers (in Jan-Dec ’12: 71 new issuers) and value of bonds in turnover (y/y 31% growth). *Source: WSE, as of end of December 2012.

  17. Catalyst – statistics and potential of the market Capitalization of Bonds listed on Catalyst vs. Capitalization of overall domestic issued bonds • Bonds listed on Catalyst comprise approx. 83% bank issued bonds in Poland; • Bonds issued by businesses comprise ca. 31% and by municipalities – approx. 15% of bonds issued from each subgroup. Corporate and financial institutions’ debt securities to GDP • For Poland domestic companies’ and financial institutions’ debt securities sum up to 6% of GDP (Q2 2012) 6% Source: BIS Dec2011 data, Fitch, Eurostat, GUS (in case of Poland only, June 2012 data, long term debt)

  18. WSE Commodity MarketsAcqusition of Polish Power Exchange Key highlights • In December 2010 WSE acquired electricity trading platform and lunchedpoee WSE Energy Market • In February 2012 WSE completed acquisition of POLPX Polish Power Exchange (TowarowaGieldaEnergii) and started to develop commodity markets • The acquisition of POLPX is a result of the WSE’s long-term strategy which includes expansion in exchange commodity trading and derivatives based on commodities • WSE combines capital market competences with commodity market development competences • Consistent development of products offeringaddressed to a wide range of invertors on the WSE • TGE is the only commodity exchange in Poland with operations focused on: • management of commodity exchange with the following products traded: • Electrical power • Gas and liquid fuels • Production limits • Pollution emission limits • Property rights • Management of the register for certificates of origin (renewable energy sources) and cogeneration • POLPX is currently operating four markets: Day-Ahead and Interim Day Market, Commodity Derivatives Market, Property Rights Market and Emission Allowance Market. • TGE own 100% Warsaw Commodity Clearing House (IzbaRozliczeniowaGiełdTowarowych S.A.) – an entity responsible for settlement of all transactions executed on Polish Power Exchange POLPX’s scope of activities

  19. Broad and diversifiedinvestorbase Equity tradingstructure of investors in H1 2012 • Growing interest of foreign investors • Largest institutional investment pool in the CEE with high allocation in domestic equities • Broad retail investor base with active interest in capital markets investments Source: WSE Investor structure in trading in years 2007- H1 2012 Share of foreign investors in turnover on the Main List by countryinH1 2012 (%) Source: WSE

  20. Broad and diversifiedinvestorbase • Stable and growing pool of investable funds following early pension system reform • Largest institutional investment pool in the CEE with high allocation in domestic equities • Broad retail investor base with active interest in capital markets investments Assets under management of Polish pension funds (PLNbn) Assets under management of Polish investment funds (PLNbn) • Large and stable pool of investable funds underpinned by region’s first and broadest pension system reform • Pension funds have allocated an average of 34 % of assets under management in equities (Nov. 2012) • Largest institutional investment pool in the CEE • Investment funds enjoy strong confidence of retail investors that increasingly seek more sophisticated savings and investment products Source: IZFiA Source: KNF

  21. Easyaccess to information www.WSE.com.pl www.NewConnect.com.pl www.GPWcatalyst.pl www.tge.pl www.WSEInfoSpace.eu www.International.gpw.pl 21

  22. Warsaw Stock Exchangeul. Książęca 4, 00-498 Warsaw, Poland E-mail: press@gpw.pl Disclaimer This presentation has been prepared by GiełdaPapierówWartościowych w Warszawie S.A. (the “Company” or “WSE”) solely for use by its shareholders, clients or analysts and should not be treated as a part of any invitation or offer to sell any securities, invest or deal in or a solicitation of an offer to purchase any securities or recommendation to conclude any transaction, in particular with respect to securities of WSE. The information contained in this document has been compiled in good faith by the Company, however all users of this presentation should take note that some of the data are based or provided to WSE by external sources and has not been independently verified. WSE does not make any representation as to accuracy, fairness, correctness or completeness of the information or the opinions contained herein. WSE shall not be liable for the consequences of any decision made based on information included in this presentation. WSE hereby informs persons viewing this presentation that the only source of reliable data describing WSE financial results and events are current or periodic reports issued by WSE in satisfaction of its disclosure obligations under Polish law. 22

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