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WARSAW STOCK EXCHANGE:WARSAW STOCK EXCHANGE:CREATING ECOSYSTEMS SUPPORTING CREATING ECOSYSTEMS SUPPORTING

ENTREPRENEURSHIP, FUNDRAISING AND ENTREPRENEURSHIP, FUNDRAISING AND GROWTH OPPORTUNITIES FOR THE CENTRAL GROWTH OPPORTUNITIES FOR THE CENTRAL

EUROPEAN FAST-GROWING COMPANIESEUROPEAN FAST-GROWING COMPANIES

October, 2008

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POLISH MARKET A GOOD PLACE TO SURVIVE CRISIS

• good macroeconomic prospects (GDP growth 5.5% in 2008, 4.8% in 2009 *)• healthy financial sector (not directly involved in ‘subprime’)• access to capital easier than in Western European countries • strong consumer demand • good financial situation of Polish companies • weaker Polish zloty – an advantage for exporters • financial support from EU funding • stable real estate market • fundamentally cheap Polish stocks

– average P/E ratio (as of October 10, 2008): 9.1 (domestic companies), 6.5 (foreign companies)

• planned improvement of capital market legislation (e.g. stocks lending, short selling)

* Ministry of Economy forecast

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WSE MAIN LIST(Regulated market) Non-regulated market

GPWWSE

WSE MARKETS

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PUBLIC OFFER

PROSPECTUS MEMORANDUM

• Financial requirements • Financial statements together with auditor’s opinions for at least past three consecutive financial years required• 6-9 months lasting procedure

PRIVATE PLACEMENT

INFORMATION DOCUMENT

ACCESS TO THE WARSAW STOCK EXCHANGE

• No financial requirements • Market accessible for start-ups• App. 3 months lasting procedure

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LISTING IN WARSAW – STEP BY STEP

• Company owners’ decision regarding listing on the WSE• Transformation into joint-stock company (if needed)• GA resolution regarding intention of introduction of shares to Exchange trading

(and new issue of shares – if applicable)• Possible restructuring • Selection of a brokerage house and advisors • Preparation of prospectus • Approval of prospectus by one of the EU competent authorities (market regulators)

– in Poland Polish Financial Supervision Authority (PFSA) • Registration of shares in the National Depository for Securities • Admission of shares to Exchange trading• First quotation

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WIG - MARKET HISTORY

July 6, 2007 – all-time high 67 568.51

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70 000

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700Turnover (Euro m) - right scaleWIG index (month-end) - left scale

1993 1995 1997 1999 2001 2003 20051991 2007 Sept08

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WSE - BASIC CHARACTERISTICS• 45 member firms, including 19 remote members• 368 listed companies, including 25 foreign • equity market capitalisation Euro 90 bn domestic companies

Euro 70 bn foreign companies • 58 bond issues (mainly T-bonds) • derivatives market (index, currency and stock futures, index and stock

options, T-bond futures, index participation units)

• equity market - 2006 value traded - Euro 91 bn - 2007 value traded - Euro 129 bn

- Jan-Sep value traded – Euro 76 bn

• derivatives market - 2006 value traded - Euro 98 bn - 2007 value traded - Euro 178 bn

- Jan-Sep value traded – Euro 144 bn

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SKYEUROPEWARIMPEXIMMOEAST

SILVANO OLYMPIC

BMP AG

MOL

AMRESTCINEMA CITYPLAZA CENTER

CEZPEGASNWR

ASSECO

ACE

ASTARTAKERNEL

CEDC

ASBIS

ORCO GROUP

REINHOLD

RONSON

UNICREDIT ITALIANO

ATLAS ESTATES

BELVEDERE

WSE – INTERNATIONAL MARKET

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COMPONENTS OF INTELLECTUAL CAPITAL (IC)

HUMAN CAPITAL ORGANIZATIONAL CAPITAL RELATIONSHIP

CAPITAL

INTELLECTUAL CAPITAL

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INTELLECTUAL CAPITAL AND COMPANY EVALUATION

• IC – difference between market value and book value • IC – company’s future success factors, which do not appear

in a traditional balance sheet P. Hofman-Bang, H. Margtin

ASSETS EQUITY AND LIABILITIES

INTANGIBLE ASSETS INTELLECTUAL CAPITAL Intangible assets ballance

Traditional ballance

80%:20% - share of intangilble and tangible assets in market value of S&P 500 index companies (2005) Source: Ned Davis Research

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IC AND INNOVATIONS – AN INFLUENCE OF INTANGIBLE ASSETS ON FORMS OF INNOVATIONS

INNOVATION

New product /service

New use of existing product

New way of process management

New way of product positioning

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WSE SUPPORTS THE IDEA OF INNOVATION

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PROGRAM ‘INNOVATION ECONOMY’ ON THE WSE

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NEW CONNECT ALL THE PEOPLE (1/2)

Community that gathers investors, entrepreneurs, advisers, market

animators, representatives of WSE and all interested in New Connect

The aim of the community is to gather at one place people connected with

New Connect market and to gather information about the market

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NEWCONNECT ALL THE PEOPLE (2/2)

• Society portal created under patronage of the WSE by WEB2 company

http://www.newconnect.allthepeople.pl

Main elements of portal NewConnect All the People: • Discussion Forum• NewConnect Events calendar (trainings, conferences, meetings)• Video report (transmissions by WSE INFO ENGINE SA)• Newsletter – automated, weekly distributed via email to members of NewConnect All the

People Group • Contests with awards – on regular basis

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WSE BEING PROFESSIONAL IN EXPLORATION AND NEW/CONNECTIONS

WSE promotes pioneer ideas connected not only with capital markets

The Amazon Source Recognition – press conference

Colca Condor Expedition 2008

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NCG INDICATOR

WSE intends to measure historical growth in value of NewConnect listed companies in the long term

Taking into account of the companies specificity and growth stage

The indicator is based on company fundamentals corresponding to changes in the companies selected financial indictors including: Sales income

Profit on sales

EBITDA

Own capital

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POLISH INNOVATIVE COMPANIES

Optopol Group – listed on WSE

The producer of innovative technologies used to build modern diagnostics equipment in ophthalmology.

Read-Gene

The company of innovative technologies, which aim is to commercialize methods of detection, prevention and treatment of the most common types of malignant tumours.

mPay

Proprietary, innovative technology that enables to authorize, process and arrange settlement of transactions initiated with any kind of mobile headset.

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WSE – ATTRACTIVE PLACE FOR INNOVATIVE COMPANIES LOCATED IN TECHNOLOGY PARKS

New Connect – solution for small and medium fast-

growing companies looking for fund-raising

WSE supports with its knowledge and experience

ideas connected with technology parks, clusters

and seed funds

Cooperation with Warsaw’s Technoport

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WWW.WSE.COM.PL

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WWW.WSEINFOSPACE.PL

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WWW.WSEINTERNATIONAL.EU

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Warsaw Stock Exchange

4 Książęca Str., 00-498 Warsaw tel. +48 22 537 72 35, fax. +48 22 537 71 95

e-mail: gielda@wse.com.pl