Warsaw, 12 November 2012

Results of WSE Group in Q3 2012

WSE GROUP IN Q3 2012

2

WSE Stock on the Exchange1

Capitalisation PLN 1.54 bn

Average daily turnover in Q3 2012 PLN 1.95 mn

Dividend yield 3.9%

Free float 64.62%

Turnover ratio2 31.6%

PLN’000 Q3 2012 change v. Q2 2012

change v. Q3 2011

Sales revenues 65 663 -6.3% -6.8%

Operating expenses 34 438 -12.4% 2.5%

Operating profit 31 335 -0.1% -8.4%

Net profit 25 913 -3.0% -32.0%

EBITDA1 37 444 0.1% -10.3%

WSE Group Financial Results

1 EBITDA = EBIT + share of profit of associates + depreciation and amortisation

1 As at 30.09.2012 2 Annualised turnover in Q3 2012 to capitalisation as at 30.09.2012

Low turnover on equities and derivatives markets

Seasonal reduction of volumes on the Property Rights Market and in the Register of Certificates of Origin (PolPX)

Growth on bond markets: record-high cash transactions on Treasury BondSpot Poland; record-high value of non-Treasury bond issues listed on Catalyst

Maintained high operating profit margin (47.7%) and EBITDA margin (57.0%)

WSE’s stake in PolPX capital increased to 98.17% (previously: 91.34%)

2011 dividend payout – PLN 1.44 per share, PLN 60.4 mn in aggregate, 49.9% of separate profit

WSE GROUP’S KEY PROJECTS

3

FINANCIAL MARKET

Final phase of implementation of the new trading system UTP

COMMODITY MARKET (adoption of the new growth strategy 2012-2015)

gas exchange to open in Q4 2012 or in Q1 2013

market of auctions and secondary trading in CO2 emission allowances to open depending on the date of the Ministry of Environment tender for a national trading platform of CO2 emission allowances

Projects of KDPW

New legal regulations: EMIR – mandatory clearing of OTC derivatives and trade reporting

KDPW – trade repository service (as of 2.11.2012)

KDPW_CCP – planned OTC clearing house service as of Q4 2012

MAIN MARKET EQUITIES TRADING

4

Quarterly Change in Session Trading on WSE Main Market (Year on Year)

67.8 71.1 71.5

57.7 59.3

43.3 52.5

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

Session trades Block trades

Quarterly Value of Equities Trading, PLN bn

Session trading: PLN 45.1 bn in Q3 2012

Q3 2012 / Q3 2011 (-33.4%)

Q3 2012 / Q2 2012 (+7.0%)

Block trading: PLN 7.3 bn in Q3 2012

Increase in block trading, among others, as a result of sale of PKO BP shares by the State Treasury (value PLN 3.2 bn, PKO BP free float up by 7.2 pp.)

-100%

-50%

0%

50%

100%

150%

200%

Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

WSE AND EU EQUITIES MARKETS

5 Source: FESE (session trade) 1 Small and mid-sized exchanges (annual turnover <EUR 250 bn): Athens Exch., Boerse Stuttgart, Bratislava SE, Bucharest SE, Bulgarian SE, CEESEG - Budapest, CEESEG - Ljubljana, CEESEG - Prague, CEESEG - Vienna, Cyprus SE, Irish SE, Luxembourg SE, Malta SE, 2 Large exchanges (annual turnover > EUR 250 bn): BME (Spanish Exch.), Deutsche Boerse, London SE Group (LSE + Borsa Italiana), Nasdaq OMX Nordic, NYSE Euronext; 3 MTFs (multilateral trading facilities): BATS Europe (formerly BATS and Chi-X), Burgundy, Equiduct, NYSE Arca Europe, TOM, Turquoise

0%

15%

30%

45%

2008 2009 2010 2011 2012

WSE’s share in equities trading on small and mid-sized EU exchanges (quarterly) 1

WSE’s growing share in equities trading on small and mid-sized EU exchanges 1

Large exchanges reported less decrease in turnover than small and mid-sized exchanges

16.4

11.0

Q3/11 Q3/12

WSE

-33% 1,692

1,192

Q3/11 Q3/12

Large exchanges

-30%

43.1

25.8

Q3/11 Q3/12

Small and mid-sized exchanges

-40% 851.1

514.9

Q3/11 Q3/12

MTFs

-40% 2,586

1,732

Q3/11 Q3/12

All EU equities markets

-33%

1

2 3

Change in Equities Trading on EU Markets in Q3 2012 (EUR bn, YoY)

TRANSACTION FEES

6

Fee

Transaction Trade on account of

Current fee Fee as of 1.1.2013 session block clients

Exchange

Member

market

maker

1. Reduction of fixed fee on executed order or block

trade in shares, allotment certificates, ETF units

- on the Main Market and on NewConnect

X X X X PLN 1 PLN 0.20

2. Reduction of fixed fee on order in shares, allotment

certificates, ETF units executed on the Main Market and

on NewConnect in the performance of market maker

tasks

X X PLN 0.20 (WIG20)

PLN 0.10 (other) PLN 0.05

3. Reduction of fee on index futures (other than day

trading) X X X PLN 1.70 PLN 1.60

4. Reduction of fees on day trading in futures (degressive

fees for increasing day trading volume) X X

PLN 1.70 (index)

PLN 0.34 (stock)

PLN 0.08 (currency)

PLN 1.50-0.80 (index)

PLN 0.30-0.15 (stock)

PLN 0.07-0.04 (currency)

5. Reduction of fees on futures traded on Exchange

Member’s own account (degressive fees for increasing

volume)

X X X

PLN 1.70 (index)

PLN 0.34 (stock)

PLN 0.08 (currency)

PLN 1.50-0.80 (index)

PLN 0.30-0.15 (stock)

PLN 0.07-0.04 (currency)

2.4 2.5 2.3

2010 2011 Q1-Q3 2012

Average transaction fee on equities Main Market (bp)1

New transaction fees as of 2013

Reduction of transaction fees on equities markets (Main Market and NewConnect)

Reduced transaction fees for day trading in futures

Reduced market maker fees

Modification of transaction fees effective as of 2013 1 Income from trading in equities (session and block trades) to total turnover (session and block trades)

WSE: 26

LSE Group: 17 Deutsche Boerse: 5

SIX Swiss: 1

Luxembourg: 2

Nasdaq OMX: 4

Oslo Bors: 1

NYSE Euronext: 1

IPOS

7

IPOs on Europe’s Equities Markets, Q3 2012 1

1 Source: PwC (excluding transfers between markets of a group, e.g., from NewConnect to WSE Main Market)

WSE: #1 in Europe by number of IPOs and #4 by value of IPOs in Q3 2012

KDM Shipping – 11th Ukrainian company newly listed on the Main Market in Q3 2012

Privatisation transaction: 30 October 2012, Zespół Elektrowni PAK shares newly listed on WSE (IPO value PLN 681.5 mn; capitalisation on first day of trading – PLN 1.35 bn)

24 IPOs 420 listed companies (incl. 7

foreign companies)

Main Market 2 IPOs (incl. 1 foreign IPO) 435 listed companies (incl. 41 foreign

companies)

21 new issuers 57 new bond issues 147 listed issuers (incl. State Treasury)

Issuer Activity on WSE Markets (for/as at the end of Q3 2012)

DERIVATIVE INSTRUMENTS

8

3.99

3.25

4.66

3.66

2.76 3.19

2.74

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

Quarterly Volume of Trading in Derivatives (mn)1 Low volatility of WIG20 and the index’s

horizontal movement prevailing for several quarters curb the volumes on the futures market.

Volume of trading in derivatives down by 14% in Q3 2012 v. Q2 2012.

Volume of trading down by 41% in Q3 2012 v. Q3 2011 which was record-high in WSE history.

1 As of 1 May 2012, the volume of trading in currency futures is calculated on the basis of a trading unit equal to 1,000 contracts (previously: 10,000 contracts), therefore derivatives turnover volume in Q2 2012 and subsequent quarters is not fully comparable with data in previous periods

BOND MARKETS

9

22.2 25.1

20.3 29.1

34.7

43.3 12.9

15.0

Q3/11 Q3/12

Municipal bonds Bank bonds

Corporate bonds Commercial papers

Total: PLN 90.1 bn

of which 39% on Catalyst

31 41 36

72 70 80 84

118 100

137

20

44

89

176

237

187

131 144 143

159

Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12

Wartośd obrotów na TBS Poland (mld PLN)

Cash transactions Conditional transactions

TBS Poland – Value of Trading in Treasury Bonds (PLN bn)

Total: PLN 112.5 bn of which 43%

on Catalyst

Source: Fitch Polska

10.9

19.9 21.6 21.5 24.3

30.9 35.0

40.0 40.9 45.9

48.8

37 51 73

97 114 142

184 208

243 260 302

-100

-50

0

50

100

150

200

250

300

0.0

10.0

20.0

30.0

40.0

50.0

Catalyst (non-Treasury instruments)

Value of listed issues (PLN bn) Number of series

Dynamic growth of cash transactions: Q3 2012 / Q3 2011 (+70%) Q3 2012 / Q2 2012 (+36%)

Growing role of Catalyst on Poland’s non-Treasury bond market –

43 percent share in value of issues at the end of Q3 2012 v. 39% at the end of Q3 2011

Without taking into account commercial papers listed on the cash market, share of Catalyst increases to 52% (at the end of Q3 2011) and to 56% (at the end of Q3 2012)

Growth of Poland’s Non-Treasury Debt Instruments Market (value of issues at the end of the period; PLN bn)

POLISH POWER EXCHANGE – MARKET DATA

10

14.6 12.6

8.1

13.8

17.8

9.0

12.7 11.1

18.0 16.0

11.6

Q1

/10

Q2

/10

Q3

/10

Q4

/10

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

PRM

Volume of Trading on Markets Operated by PolPX (TWh)

1.2 1.2 1.9

3.2

4.5 5.4

4.9 5.0 4.9 4.7 4.2

Q1

/10

Q2

/10

Q3

/10

Q4

/10

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

DAM+ Intra Day

0.1 1.4 8.6

64.0

11.9

33.4 27.0

34.6

8.5

16.8

28.4

Q1

/10

Q2

/10

Q3

/10

Q4

/10

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

CDM

PRM – Market of Property Rights in certificates of origin of electricity

CDM – Commodity Derivatives Market of electricity supply forward contracts

DAM– Day-Ahead Market (physical spot electricity market) Intra-Day Market

Seasonal decrease of volumes on PRM; highest market participant activity is reported in Q1 when certificates of origin for the previous year have to be cancelled by the end of March.

Recovery on the forward energy market: up by 5% YoY and by 69% QoQ in Q3 2012.

24.3

10.7 17.2 9.5

22.4 17.9 14.9

9.0

24.7

30.8

14.3

Q1

/10

Q2

/10

Q3

/10

Q4

/10

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

COR issued cancelled Property rights:

xx.x – aggregate volume issued and cancelled

COR – Register of Certificates of Origin of electricity produced from renewable energy sources and cogeneration

POLPX GROUP – STRATEGY FOR 2012-2015

11

PolPX

NEW CERTIFICATES:

- ORANGE

-WHITE

TRANSBORDER ELECTRICITY

MARKETS

CO2 EMISSION ALLOWANCES

CASH SETTLED COMMODITY DERIVATIVES

NEW MARKETS:

- BIOMASS

-GREEN ENERGY

-COAL

GAS

- NATURAL

- LPG

ELECTRICITY

CERTIFICATES OF ORIGIN

WSE

- prospective business areas

- existing markets

Goals of PolPx Group Strategy:

To strengthen the position of PolPX as the biggest trading platform on Poland’s energy and energy commodity market.

To build up a broad portfolio of trading and information products on commodity and financial markets in Poland and other countries of the region.

To win the leading position in Central and Eastern Europe.

To participate in the European single energy market.

PolPX Existing and Prospective Business Segments

12

WSE Group Financial Results

WSE GROUP KEY FINANCIALS

13

70.4 60.9 63.9

70.1 65.7

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

-6.8%

38.1

24.5

33.5 26.7 25.9

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

-32.0%

41.8

33.0

44.2 37.4 37.4

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

-10.3%

Sales Revenue (PLN mn) Net Profit (PLN mn) EBITDA 1 (PLN mn)

Q3 2011 was record-high in WSE history and is a high basis of comparison for Q3 2012

Operating profit: PLN 31.3 mn in Q3 2012 (-0.1% QoQ; -8.4% YoY); operating profit margin: 47.7% (+3 pp. QoQ; -0.9 pp. YoY)

Return on equity (ROE) in last 4 quarters: 21.4% v. 25.4% a year ago

EBITDA margin in Q3 2012 was 57%; up by 3.7 pp. QoQ and down by 2.3 pp. YoY

Profits of associates in Q3 2012, mainly KDPW, was PLN 2 mn (+15.8% QoQ; -44.3% YoY)

Negative result on financial operations (-PLN 1.24 mn) due to WSE bond payments.

1 EBITDA = EBIT + share of profit of associates + depreciation and amortisation

REVENUE STRUCTURE

14

Equities 36%

Derivatives 10% Bonds

6%

Other 3%

Listing 8%

Information services

13%

Commodity market

23%

Other revenue

1%

Structure of Sales Revenues, Q3 2012

1 fees from exchange members and other cash market instruments; 2 Commodity market includes revenue of PolPX Group and poee WSE EM

PLN’000 Q3

2012 Q3

2011 change

YoY Q2

2012 change

QoQ

Sales revenues 65 663 70 421 -6.8% 70 110 -6.3%

Financial market 49 862 68 985 -27.7% 51 341 -2.9%

Trading – equities 23 738 36 573 -35.1% 23 462 1.2%

Trading – derivatives 6 278 11 938 -47.4% 7 703 -18.5%

Trading – debt instruments 4 132 3 503 18.0% 3 566 15.9%

Trading – other1 1 689 1 375 22.8% 1 773 -4.7%

Listing 5 193 6 052 -14.2% 5 541 -6.3%

Information services 8 832 9 544 -7.5% 9 296 -5.0%

Commodity market 14 789 427 - 17 812 -17.0%

Trading in electricity 2 816 70 - 2 274 23.8%

Trading in property rights 2 720 0 - 3 138 -13.3%

Other fees from participants 1 701 357 - 1 671 -1.8%

Register of Certificates of Origin 4 428 0 - 6 017 -26.4%

Clearing 3 124 0 - 4 712 -33.7%

Other revenue 1 012 1 009 0.26% 957 5.7%

PolPX’s presence in WSE Group protects Group revenue against financial market cycles

Sales revenue in Jan-Sep 2012 down by only 3.9% YoY

Share of revenue from trading in equities in total revenue down from 55% in Jan-Sep 2011 to 38% in Jan-Sep 2012

Revenue from trading in equities grew less than equities turnover QoQ due to a higher share of large orders in total executed orders.

Revenue from trading in debt instruments grew by 18% YoY to record-high PLN 4.13 mn.

Lower revenue from the commodity market as a result of seasonal decrease of volumes on the Properties Rights Market and in the Register of Certificates of Origin (PolPX)

1

WSE GROUP OPERATING EXPENSES

15

Operating expenses down by 12.4% in Q3 2012 v. Q2 2012.

Oprating expenses up by 2.5% YoY in Q3 2012 due to consolidation of PolPX (as of March 2012).

Separate operating expenses of WSE down by 11.7% YoY in Q3 2012.

WSE’s advance fee to KNF in Q4 2012: PLN 4.2 mn.

31.1 34.1 33.6 35.2 32.7 31.8 30.1

2.3 7.5 4.4

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

WSE Group Operating Expenses (PLN mn)

- Impact of PolPX consolidation1

PLN’000 Q3 2012 Q3 2011 change (YoY) Q2 2012

change (QoQ)

Operating expenses 34 438 33 606 2.5% 39 326 -12.4%

Depreciation and amortisation 4 096 3 924 4.4% 4 292 -4.6%

Employee costs 14 903 11 899 25.3% 15 097 -1.3%

Rent and other fees 2 129 1 724 23.5% 2 492 -14.6%

Fees and charges 4 816 5 561 -13.4% 5 470 -12.0%

incl: KNF fee (WSE) 4 469 5 248 -14.8% 4 885 -8.5%

External services 6 664 8 156 -18.3% 9 633 -30.8%

Other operating expenses 1 830 2 341 -21.8% 2 342 -21.9%

2

1 PolPX cost (before WSE Group adjustments) 2 WSE consolidated PolPX as of March 2012

Electricity trade (spot)

4%

Electricity trade (forward)

8%

Other fees from market participants

6%

Trade in property rights

18%

Register of Certificates of

Origin 35%

Clearing 26%

Other 3%

POLPX GROUP - FINANCIALS

16

PLN mn March 2012

Q2 2012

Q3 2012

Revenue 5.5 17.1 14.7

Operating expenses 2.3 7.5 4.4

Operating profit 3.3 9.6 10.4

Net profit 2.8 7.9 8.8

PolPX Group – Key Financials

PolPX Group Revenue Structure in Jan-Sep 2012

PolPX Group results consolidated as of March 2012.

Operating expenses down by 42% in Q3 2012 v. Q2 2012.

WSE’s stake in PolPX equity at 98.17%.

PolPX Group net profit in consolidation period was PLN 19.5 mn while the cost of payments of bonds issued by WSE among others to acquire PolPX was PLN 11.6 mn in Jan-Sep 2012.

1

1 – consolidated by WSE as of the beginning of March 2012

WSE GROUP BALANCE SHEET

17

Growth of intangible assets in 2012 driven by goodwill on the acquisition of PolPX (PLN 147.8 mn).

Available-for-sale financial assets (current assets) decreased due to redemption of Treasury bonds in WSE portfolio.

2011 dividend payout: PLN 60.4 mn.

‘Cash’ includes assets of the WCCH clearing guarantee system (restricted assets) at PLN 101 mn in Q3 2012

PLN mn 30.09.2012 30.06.2012 30.09.2011

Non-current assets 518.2 516.3 348.9

Property and equipment 133.9 134.6 125.0

Intangible assets 214.5 213.6 59.8

Investment in associates 149.5 147.0 145.3

Available-for-sale financial assets 11.0 10.9 12.3

Other non-current assets 9.4 10.1 6.5

Current assets 415.8 499.2 183.2

Trade and other receivables 64.1 95.6 51.5

Available-for-sale financial assets 0.6 58.3 55.9

Cash and cash equivalents 349.3 344.9 75.5

Other 1.9 0.4 51.8

Total assets 934.1 1015.4 532.0

Equity 537.5 525.4 499.3

Non-current liabilities 250.3 250.2 3.5

Current liabilities 146.2 239.8 29.3

Total equity and liabilities 934.1 1015.4 532.0

18

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.

WSE Investor Relations ir@gpw.pl

ul. Książęca 4 00-498 Warsaw

19

Additional Slides – Financial Data

REVENUES –

LISTING AND INFORMATION SERVICES

20

4.1 4.2 4.2 4.3 4.2 4.1 4.1

1.2

2.3 1.8

1.3 1.0 1.4 1.1

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

Annual fees Introduction, listing fees and others

5.3

6.5 6.1

5.6 5.3 5.5

5.2

Total

Listing (PLN m)

8.2 9.3 9.5 9.5 9.4 9.3 8.8

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

Przychody ze sprzedaży informacji

310.2 324.4 332.0 327.3

298.2 297.0 285.1

Number of subscribers ('000)

Information services (PLN m)

Annual fees:

Depend on the company’s market capitalisation at the end of each year

Stable revenue source throughout the year

Currency of the fees from foreign subscribers changed from EUR to PLN, increase of monthly fees denominated in PLN (1 July 2011)

Annual fees from data vendors changed as of 2012 (price increase and currency change to PLN)

PROFIT OF ASSOCIATES

AND NET FINANCIAL INCOME

21

Net financial income (PLN m)

380 217

-710 -217

620 -203

450

5,058

3,985 4,325

2,215

3,957

1,941 1,563

5,438

4,420

3,614

1,998

4,577

1,738 2,013

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

KDPW Group (WSE stake: 33.33%)

Centrum Giełdowe (WSE stake: 24.79%)

Total

Share of profit of associates (PLN’000)

Negative net financial income in Q1, Q2 and Q3 2012 due to the cost of service of the bond issue at PLN 3.8 - 3.9 m per quarter

Centrum Giełdowe result depends on the USD/PLN exchange rate due to a loan denominated in USD

1 In Q2 2011 the share of profit of associates was increased by PLN 218 k as an impact of full consolidation - first-time consolidation of KDPW_CCP in the KDPW Group

23.2

10.7 10.2

14.0 15.8

2007 2008 2009 2010 2011

2.6 2.0

7.8

1.6

-0.9 -0.3

-1.2 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12

1

KDPW net profit for WSE (PLN m)

REVENUES – TRADING: FINANCIAL MARKET

22

39.9 37.6 36.6

29.0 29.4 23.5 23.7

Shares (PLN m)

1 2

3.1 3.4 3.5 3.4 3.8 3.6 4.1

Fixed income (PLN m)

10.3 8.3

11.9 9.7

7.3 7.7 6.3

Derivatives (PLN m)

1.2 1.3 1.4 1.6 1.8 1.8 1.7

Other3 (PLN m)

54.6 50.5

53.4

43.7 42.2 36.5 35.8

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

Trading, financial market (PLN m)

1

2

1 Includes revenue from tender for shares in the amount of PLN 7.7 m (mainly tender for BZ WBK shares) 2 Includes PLN 3 m trading revenue from invoice correction for Q1 2011 3 Other fees paid by market participants and other cash instruments

INVESTMENTS AND DEBT

23

93.0

25.3

36.7

17.9

2012

2011

2010

2009

Investment expenditures, PLN m

The Group’s major investment in Jan-Sep 2012 was acquisition of PolPx. The investment was PLN 211 m)

Total capital expenditures in 2012, excluding PolPX, planned at ca. PLN 93 m

Debt ratios

Cost of debt service at PLN 3.9 m in Q3 2012, 3.8 m in Q2 2012 and 3.9 m in Q1 2012

Debt to equity at 46.8% at the end of Q3 2012 v. 0.0% at the end of Q3 2011

* 30.09.2012 30.09.2011

Debt to equity ratio2 46.8% 0.0%

2

1 Capital expenditures in 2009 excluding investment in BondSpot; 2 Planned capital expenditures in 2012 excluding investment in PolPX; 3 Interest-bearing liabilities (total liabilities under debt. e.g. principal and interest)/ consolidated equity.

1

24

Additional Slides – Market Data

WSE GROUP BUSINESS LINES

25

WSE operates across a wide range of markets, maximising revenue potential from listing, trading, information and post-trade services

Trad

ing

Largest CEE exchange, with domestic market capitalisation of PLN 484 bn (Main Market) and PLN 9.2 bn (NewConnect)

855 listed companies (435 – Main Market, 420 - NewConnect)

41 foreign issuers listed on WSE Main Market, 7 on NewConnect

302 non-Treasury bond series, PLN 48.8 bn issue value on Catalyst

List

ing

Trading flow generated by 60 exchange members, both local and remote

#1 in CEE and #8 in Europe by cash equity turnover value1

#1 in CEE and #4 in Europe by stock index future turnover

Dynamic growth of Catalyst and Treasury BondSpot Poland

Equities

Derivatives

Fixed income

Information services and other services

Provider of real-time trading data via 58 data vendors (285.1k subscribers at 30 September 2012)

Supports listed companies’ IR and PR strategies through company WSEInfoEngine and internet platforms, including WSEInfoSpace and WSEInternational

33.3% stake (alongside the State Treasury and the National Bank of Poland) in KDPW Group, the Polish CSD and clearing house for WSE, BondSpot and OTC trades

KDPW provides WSE with a share of profits and influence over the structure of the Polish capital markets,

WCCH clearing house in the Group provides clearing services for the commodity market

Post-trade services

Commodities Taking control of PolPX (consolidated since March 2012) drives expension of WSE Group

Listing and trading (30.09.2012)

1 Source: FESE

UTP: STATE-OF-THE-ART TECHNOLOGY IN Q4 ‘12

26

System used on NYSE Euronext exchanges in New York, Paris, Lisbon, Amsterdam, Brussels

Accommodating new categories of investors including high-frequency traders

Broader range of functionalities (including new types or orders), listing of instruments in new market segments dedicated to specific product groups (e.g. warrants and structured products)

WARSET capacity UTP capacity

Number of incoming messages per second (during a session) 750 20 000

Number of transactions per day 1 500 000 Fully scalable

Number of outgoing market data messages per second 15 000 000 Fully scalable

Latency of the trading system 60ms 0.15ms

ISSUERS AND NEW LISTINGS

27

0 1 2 1 1 1 1 14 18

28 25

36 41 53

38

20 27 24

Domestic Foreign

NC: number of new listings

1 2 1 4 3

1 1 1 1 0 1

0

4 2 6

2 2 1 1

1

6

3

11

5

8

5 2

4 4

1

Domestic Foreign Transfer from NC

Main Market: number of new listings

Main Market: number of listed companies and new listings (long-term perspective)

230 216 203

230 255

284

351 374 379

400 426 435

9 5 6 36 35 38

81

33 13

34 38 12

0

50

100

150

200

250

300

350

400

450

500

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q1-Q3 2012

Number of listed companies New listings

ATTRACTIVE VENUE FOR ISSUERS

28

118 134 161 182

215 255

307 344 364

390 413

2 2 3 3 5 6 7 7 6 7 7

domestic foreign

33 58 91 55 212 151 196 168

36 45 51 13 23 45 44

42 46

520

44

86 75 226

Previously listed companies

Newly listed companies

354 360 361 373 373 381 387 387 390 394 394

24 23 23 27 29 35 37 39 39 40 41

domestic foreign

17.8

1.0 2.5 1.2 1.1 0.5 1.2 0.7 0.6 1.2 1.5

0.1

12.8

0.2 2.3 0.3 2.3

5.7 0.2 0.2 0.3

0.0

IPO SPO

Main Market – number of listed companies NewConnect – number of listed companies

Main Market – offering value (PLN bn) NewConnect – shares offering value (PLN m)

CAPITALISATION OF DOMESTIC COMPANIES AND GDP

29

Capisalisation of domestic companies and WIG index

103 111 140

214

308

438

510

267

421

543

446

-22.0

3.2 44.9

27.9 33.7 41.6 10.4

-51.1

46.9 18.8

-20.8

-60

-10

40

90

140

190

180

80

20

120

220

320

420

520

620

Capitalisation of domestic companies (PLN bn) WIG index (%)

Capitalisation of domestic companies to Polish GDP1

780 790 821 865 896 952

1,016 1,068 1,085 1,127

1,176

103 111 140 214

308

438 510

267

421

543 446

13% 14% 17%

25%

34%

46% 50%

25%

39%

48%

38%

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

200

400

600

800

1,000

1,200

1,400

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

GDP (PLN bn) Capitalisation of domestic companies (PLN bn) Capitalisation/GDP

1 Source: Central Statistical Office, WSE. GDP in 2011 – preliminary data

45.6 53.8 49.6

57.9 63.9 63.8 67.8 55.2 54.9

42.2 45.2

6.1

6.9 2.7

11.8 3.9 7.3 3.7

2.6 4.4

1.2 7.8

Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12

Quarterly value and turnover dynamics v. WIG index (PLN bn)

44

44

42

44 44 44 43 43 44 43 45

41.0

44.4

39.6

42.9 45.1 42.9

49.5 44.8

42.7

33.8 36.8

51.7 49.9

52.5 51.1 51.7 49.9 52.4

55.1

48.9 51.1

60.9

Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12

Free float (%) Turnover ratio (%) TOP5 share in turnover (%)

WIG index

Block trades

Session trades

MAIN MARKET TURNOVER

30 1 Turnover ratio based on average monthly FESE data

1

VALUE OF TRADING AND NUMBER OF TRADES

31

40.3 31.8 40.1 59.8

98.5

169.3

239.7

165.7 175.9

234.3

268.1

12.5 11.4 12.3 15.6 19.8

45.0

60.8

38.2

51.4 48.4 55.3

0

20

40

60

80

100

120

140

0

50

100

150

200

250

300

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Session trading value (PLN bn) Block trading value (PLN bn)

Total trading value (PLN bn) Average number of trades per session ('000)

EQUITIES MARKETS: LONG-TERM PERSPECTIVE

32

1.2 1.4

2.6

5.1

8.5

24

61

26

86

172

0

20

40

60

80

100

120

140

160

180

0

1

2

3

4

5

6

7

8

9

2007 2008 2009 2010 2011

Capitalisation New listings

0

5

10

15

20

25

30

Monthly value of session trading on WSE Main Market 2001 – H1 2012 (PLN bn)

NewConnect: capitalisation (PLN bn) and new listings

152 420 581

1847 1955

2007 2008 2009 2010 2011

NewConnect: turnover value (PLN m) WSE Main Market: return of turnover growth dynamics to the level before the crisis

Turnover value in 2011 at 121.1% of the 2010 turnover value.

NewConnect: constant increase of the market parameters, market supplied with new companies and increased investors’ interest

87.5% 0.2%

4.5% 1.7%

5.7%

0.3%

DERIVATIVES MARKET

33

4.07 4.10

3.22 3.33

3.99

3.25

4.66

3.66

2.76 3.19

2.74

Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12

76.8% 0.1%

3.7%

12.1%

7.1%

0.3%

Derivatives trading volume (m)1

25.3

7.2 6.9 6.0 4.0

1.1 0.7 0.6 0.3

0.0005

212.5

94.8 Index futures trading volume in Europe (Q1-Q3 2012; m)

WIG20 futures mWIG40 futures stock futures currency futures option miniWIG20 particiaption units

Structure of derivatives trading volume1

Q3 2011 4.66 m

Q3 2012 2.74 m

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

44.9

EXCHANGE MEMBERS

34

Pochodzenie zdalnych członków GPW Countries of origin of remote members

26 24 25 26 31 29 30 30 30 31 32 33 33 33

7 10

17

18 17

19 21 23

29 29 28 28 27

2004 2005 2006 2007 2008 2009 2010 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12

Remote Local

Number of exchange members

Romania:2

Bulgaria:1

France: 2 Hungary: 2

UK: 9

Czech Rep.:2

Germany: 1 Ukraine: 1

Lithuania: 1

Austria:1

Sweden: 1

Russia: 3

1 Brokers from Ukraine and Russia formally operate through entities registered in the UK and in Cyprus

1

1

Netherlands: 1

INVESTORS

35

84.8 116.2

139.6 137.1

179.0

221.5 226.2 252.5

2005 2006 2007 2008 2009 2010 2011 Sept 2012

. AuM of pension funds (PLN bn)

61.3

98.8

135.0

74.2 93.5

116.1 114.4 133.0

2005 2006 2007 2008 2009 2010 2011 H1 2012

. AuM of investment funds (PLN bn)

Source: KNF Source: IZFiA

35% 32% 33% 41% 31% 33%

43% 36% 47% 47% 46%

29% 29% 35% 26% 35% 30% 18% 27%

19% 18% 19%

36% 39% 32% 33% 34% 37% 39% 37% 34% 35% 35%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012

Foreign Polish individual Polish institutional

Share in futures trading by investor type

2% 2% 4% 5% 9% 10% 10% 11% 14% 16% 17%

79% 74% 74% 75% 66% 56% 53% 52% 50% 46% 47%

19% 24% 22% 20% 25% 34% 37% 37% 36% 38% 36%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012

Foreign Polish individual Polish institutional

Share in equity trading on Main Market by investor type

Source: WSE survey, estimates

WSE GROUP AND SHAREHOLDER STRUCTURE

36

WSEInfoEngine S.A. (100%)

BondSpot S.A. (92.47%)

Subsidiaries Associates

KDPW S.A. (33.33%)

Centrum Giełdowe S.A.

(24.79%)

Warsaw Stock Exchange

Instytut Rynku Kapitałowego – WSE Research S.A.

(100%)

Info GT Sp. z o.o.

(100%)

Polish Power Exchange (98.17%)

IRGiT S.A. (100%)

KDPW_CCP S.A. (100%)

1Preferred shares A series held by the State Treasury, investment firms, banks and other shareholders are preferred in voting rights in a way that each A series share constitutes two voting rights at the General Shareholders Meeting.

35.00%

0.38%

64.62%

State Treasury - preffered shares

Other shareholders - preffered shares

Other shareholders - bearer shares

51.70%

0.57%

47.73%

State Treasury - preffered shares

Other shareholders - preffered shares

Other shareholders - bearer shares

Shareholder structure by number of shares

Shareholder structure by voting rights