November2012

Presentation of IP OPEMA Securities S.A.

2

� IPOPEMA Securities is one of the leading providers of brokerage services to institutional clients on the WSE and BSE. SinceNovember 2011, IPOPEMA Securities has also been on the PSE.

� IPOPEMA Securities boasts one of the largest teams of investment bankers in Poland.

� 70 companies listed on the WSE and BSE are covered by reports prepared by the research department, including all blue-chipstocks listed as part of the WIG 20 index.

� With 71 funds, IPOPEMA TFI ranks among the most active closed-end fund management companies.

� In 2011, the IPOPEMA Group came to include a new subsidiary, which operates under the name of IPOPEMA Asset Management.

� The IPOPEMA Business Consulting team comprises more than 40 professionals.

IPOPEMA Group

Sales & Trading Asset ManagementInvestment Banking Business Advisory

IPOPEMA AM IPOPEMA BCIPOPEMA Securities

� Shares on the WSE

� Shares on the BSE

� Shares on the PSE

� 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

DM BH11,84%

Credit Suisse10,49%

8,11%

DM PKO BP7,58%

DM BZ-WBK7,34%ING

6,13%DI BRE5,19%

KBC4,06%

Wood&Co3,77%

DB Securities3,52%

Others31,96%

3

Best brokerage team in Poland

� With a nearly 10% share in equity trading on the WSE, IPOPEMA is one of the most active brokerage houses inPoland.

� IPOPEMA targets its services primarily at institutional clients.

� Due to its strong relations with investors and a professional research team, IPOPEMA is able to accurately gaugemarket sentiment.

IPOPEMA’s share in equity trading on WSE October (YTD)

IPOPEMA’s share in equity trading on the WSE 2009–2 012

Trading turnover. Source: WSE, IPOPEMASource: WSE, IPOPEMA

0%

2%

4%

6%

8%

10%

12%

0

10

20

30

40

50

60

Jan-

09F

eb-0

9M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9S

ep-0

9O

ct-0

9N

ov-0

9D

ec-0

9Ja

n-10

Feb

-10

Mar

-10

Apr

-10

May

-10

Jun-

10Ju

l-10

Aug

-10

Sep

-10

Oct

-10

Nov

-10

Dec

-10

Jan-

11F

eb-1

1M

ar-1

1A

pr-1

1M

ay-1

1Ju

n-11

Jul-1

1A

ug-1

1S

ep-1

1O

ct-1

1N

ov-1

1D

ec-1

1Ja

n-12

Feb

-12

Mar

-12

Apr

-12

May

-12

Jun-

12Ju

l-12

Aug

-12

Sep

-12

Oct

-12

WSE trading (PLNbn) IPOPEMA's market share

4

Presence on the BSE

Source: BSE, IPOPEMA

IPOPEMA’s share in trading on the BSE 2010–2012

� Since March 2010, IPOPEMA has also offered brokerage services on the Budapest Stock Exchange.

� Responsibility for transactions on the BSE rests with a sales&trading team consisting of several specialists.

� IPOPEMA has a considerable share in equity trading on the Hungarian bourse.

IPOPEMA’s share in equity trading on BSE October (YTD)

Source: BSE, IPOPEMA

0%

2%

4%

6%

8%

10%

12%

14%

0

1

2

3

4

5

6

Jan-

10

Feb

-10

Mar

-10

Apr

-10

May

-10

Jun-

10

Jul-1

0

Aug

-10

Sep

-10

Oct

-10

Nov

-10

Dec

-10

Jan-

11

Feb

-11

Mar

-11

Apr

-11

May

-11

Jun-

11

Jul-1

1A

ug-1

1

Sep

-11

Oct

-11

Nov

-11

Dec

-11

Jan-

12

Feb

-12

Mar

-12

Apr

-12

May

-12

Jun-

12

Jul-1

2

Aug

-12

Sep

-12

Oct

-12

BSE trading (EURbn) IPOPEMA's market share

Erste15,19%

Concorde14,13%

Wood&Co10,09%

Equilor8,68%

UniCredit8,41%

KBC7,73%

6,57%

Buda-Cash5,64%

Random Capital3,27%

OTP2,98%

Others17,32%

5

The best brokerage team and research department

IPOPEMA’s equity research team top ranked by Parkiet since 2009.

Current rank: #1 Arkadiusz Chojnacki - the best in the category of „market strategy”#1 Tomasz Duda the best in the category of „metals and mining”#2 The best research department

IPOPEMA’s equity research department top ranked by Forbes since 2009.

Current rank:#1 The most professional RD#2 The best quality of the reports#3 The best analyst – Arkadiusz Chojnacki

#1 THE BEST EQUITY RESEARCH TEAM IN POLAND#1 THE BEST EQUITY ANALYST (INDIVIDUAL)#2 THE BEST SALES&TRADING TEAM IN POLAND#3 THE BEST SALES-TRADER (INDIVIDUAL)

Rankings of sales-taders and market analysts prepared by Forbes and Parkiet, based on assessment by institutional investors.

IPOPEMA’s brokerage services top ranked by Forbes since 2007.

Current rank:#1 The highest professionalism#1 The best quality of service (sec. market)#1 The best quality of the recommendations#2 The best brokerage team in Poland#2 The highest flexibility#3 The best sales-trader: A. Łabuńko

Capital Markets Department

Capital Markets Department

� Team of 17 professionalsspecialising in:

� IPOs/SPOs,

� M&A deals,

� bond offerings,

� financial restructuring.

565

767

767

767

845

845

905

1290

BZ WBK

Societe Generale

JP Morgan

Goldman Sachs

PKO BP

Citi Handlowy

UniCredit

IPOPEMA has been ranked 2nd in 2011 Capital Markets Warsaw Stock Exchange league tables by Parkiet and Rzeczpospolita

League table by volume of primary transactions in 2011. Amounts in PLN.

�Track record of more than 70 transactions, with a total valueapprox. PLN18bn.

6

Selected transactions on the equity market

7

Strong position in investment banking

Selected transactions on the equity market (continue d)

8

Strong position in investment banking

Selected bond issues

9

Strong position in investment banking

Selected Private Equity/M&A and other transactions

4

6

8

10

12

14

16

18

20

2009

-05-

26

2009

-06-

26

2009

-07-

26

2009

-08-

26

2009

-09-

26

2009

-10-

26

2009

-11-

26

2009

-12-

26

2010

-01-

26

2010

-02-

26

2010

-03-

26

2010

-04-

26

2010

-05-

26

2010

-06-

26

2010

-07-

26

2010

-08-

26

2010

-09-

26

2010

-10-

26

2010

-11-

26

2010

-12-

26

2011

-01-

26

2011

-02-

26

2011

-03-

26

2011

-04-

26

2011

-05-

26

2011

-06-

26

2011

-07-

26

2011

-08-

26

2011

-09-

26

2011

-10-

26

2011

-11-

26

2011

-12-

26

2012

-01-

26

2012

-02-

26

2012

-03-

26

2012

-04-

26

2012

-05-

26

2012

-06-

26

2012

-07-

26

2012

-08-

26

2012

-09-

26

2012

-10-

26

10

IPOPEMA Securities on the WSE

� First listing on the main market of the WSE on May 26th 2009.

� Private placement addressed to institutional investors.

� Current market capitalisation of ca. PLN250m.

IPOPEMA’s shareholder structure

Performance of IPOPEMA Securities stockMay 2009 – October 2012

Source: WSE, IPOPEMA

Price in IPO = 5 PLN

Entities related to IPOPEMA

51,0%

OFE PZU9,3%

Aviva OFE5,3%

free float34,4%

11

IPOPEMA’s foreign partners

IPOPEMA Securities is the exclusive Polish partner of Mergers Alliance,

an international network of corporate finance and i nvestment 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 TFI

� IPOPEMA TFI’s business consists of the management of closed-end investment funds dedicated to high-net-worth individuals (HNWI).

� At present, the company manages 71 funds, with assets totalling PLN 6.79 bn.

� Team managing the following asset classes: equity, fixed-income, property.

� Additionally, the company offers its clients active management services through IPOEMA TFI’s funds (Total FIZ, IPOPEMA Opportunity FIZ).

� Open-end investment funds: IPOPEMA SFIO and m-INDEKS FIO (in cooperation with mBank and MultiBank), Alior SFIO (in cooperation with Alior Bank) .

IPOPEMA TFI’s assets under management (PLNm)(August 2012)

-

1 000,00

2 000,00

3 000,00

4 000,00

5 000,00

6 000,00

7 000,00

8 000,00

13

IPOPEMA Asset Management

Scope of business

Products

Clients

� Provides wide range of exquisite, tailor-made asset management solutions� Diverse strategies, with exposure to multiple markets and securities blended with unique know-how and investment style� Assets under management amount at PLN 2.2 bn (31/08/2012).

� Investment funds – both in-house (Ipopema TFI) and external (TFI SKOK)� Insurance companies – own assets of insurance companies as well as assets of investment products with life-insurance

wrapper� Foundations, non-profit organizations – endowment capital� Private clients – assets of ultra and high net worth individuals

� Several legal forms: discretionary mandates, investment funds, unit-linked and life-insurance wrapper solutions� Diverse investment strategies: benchmark-oriented as well as active strategies based on business cycle investment idea� Plain vanilla strategies as well as tailor-made solutions� Diverse securities and geographical exposure

Recent awards and achievements of Asset Management Team

14

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 andOutsourcing

� 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 SAPsolutions

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

IPOPEMA Securities S.A.ul. Waliców 11, 00-851 Warsaw, Poland

Tel. /+48 22/ 236 92 00, fax /+48 22/ 236 92 82E-mail: ipopema@ipopema.pl

www.ipopema.pl

NIP (Tax Identification Number): 527-24-68-122 • share capital: PLN 2,975,212.20 paid up in fullDistrict Court for the Capital City of Warsaw in Warsaw, XII Commercial Division of the National Court Register,

entry No. KRS 0000230737