WSE GROUP STRATEGY WSE.2020 30 OCTOBER 2014

Disclaimer This presentation is the property of Giełda Papierów Wartościowych w Warszawie S.A. (“Warsaw Stock Exchange”, “WSE” or “Company”). The information, opinions and statements contained in this presentation are not official projections, policies (including dividend policy) or opinions of the Exchange. The data presented herein are valid as at the date of the document. All efforts have been made to compile and 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. WSE has no liability for any decisions made on the basis of any information or opinion in this presentation. The official source of information about the Company are periodic and current reports published by the Exchange in compliance with applicable provisions of Polish legislation. This presentation 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.

Presentation of WSE Group strategy update

Paweł Tamborski, WSE President, CEO

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Reasons for the Strategy Update

12 separate companies, including minority interests in major assets (KDPW)

Potential of more effective use of shared resources (cost synergies)

Potential integration of WSE Group offer along the value chain (including post-trade services)

Slow-down on the cash market since 20121

Growing share of PolPX in WSE Group revenue

WSE Group as a confederation of companies with a large potential of deeper operational and organisational integration

1 Trading revenue from equities and equity-related instruments, debt instruments and other cash market instruments 2LTM (Last Twelve Months) until 30 September 2014 Source: WSE

1

3 4

Lower WSE revenue on the derivatives market 2

Share in revenue (%) Revenue (PLN mn)

121116157

1210

100

200

300

400

0

20

40

60

80

LTM

40%

2013

43%

2012

42%

2011

-12% 58%

4027 1721

6%7%

10%

15%

0

50

100

0

5

10

15

20

25-27%

2012 2011 LTM 2013

7663

2

980

100

200

300

400

0

20

40

60

80

23%

2011

1%

LTM

32%

2013

27%

2012

2 2

2

-5-

Change in Revenue Structure

1 CAGR 2012-2013 Source: WSE

CAGR 2011/2013

Lower revenue on the financial market offset by acquisition of PolPX in 2012

115143

101 108 109

40

40

27 21 17

33

37

37 35 38

23 63 7698

24222220

0

50

100

150

200

250

300

350

Revenue (PLN mn)

Other revenue (financial market)

Cash market - equities and equity-related instruments

Derivatives market

Information services & indices

Listing

Cash market - debt

Commodity market (PolPX)

LTM

296

12

2013

284

12

2012

274

15

2011

269

14

2010

226 9

8 8 10 10 9

21%1

-4%

-2%

-2%

-27%

-13%

3%

-8%

k

m

m

m

m

m

g

m

-6-

Potential Better Integration in the Group

WSE

Sub

sid

iari

es

Min

ori

ty in

tere

sts

BondSpot (92.96%)

PolPX (100.00%)

WCCH (100.00%)

WSE InfoEngine (100.00%)

IRK WSE Research (100.00%)

WSE Services (100.00%)

Instytut Analiz i Ratingu (100.00%)

KDPW (33.33%)

KDPW_CCP (100.00%)

Centrum Giełdowe (24.79%)

Aquis Exchange (30.00%)7

13

751

232

2

1

03

-- 4

1381

335

16

-- 6

XX Revenue 2013 (PLN mn)

193

In addition: • ~10% of the Ukrainian

exchange (Innex) • 1.3% of the Romanian exchange

(SIBEX)

1 Consolidated. 2 Including WCCH. 3 Member of the Group since August 2013. 4 Established in June 2014. 5 Including KDPW_CCP. 6 Approved to launch by the UK Financial Conduct Authority (FCA) in November 2013. 7 Share in economic and voting rights.

-7-

Summary of the Dialogue with Clients

Investors are concerned about low liquidity

Local investors are increasingly active abroad

Necessary amendment of regulations governing securities lending and short selling

Expected launch of new instruments including energy and commodity derivatives

Necessary additional tax incentives for individual investors

Exchange’s responsibility for capital market development, amendment of regulations and education

Large growth potential of Catalyst and need to simplify its structure

Strengthening investor confidence in NewConnect

Single banking licence necessary for banks to operate on the exchange

-8-

WSE Group’s Mission

Our mission is to develop effective mechanisms of capital and commodity flows by providing exchange and clearing services which are competitive in terms of quality and price and address the needs and expectations of our clients: companies, investors, and brokers.

We support economic growth and build an investment culture. We develop an international

capital hub.

We ensure highest standards and safety of trading based world-class technologies.

As a team of professionals, we conduct an integrated, effective business geared to growth

-9-

Strengthened existing key business segments

#1 Development of existing segments through activation and acquisition of issuers, investors and brokers

Focus on new segments based on competitive advantages

#2 Unlocking WSE Group’s potential of complementary services

Effective use of resources within WSE Group

#3 Growth combined with high profitability

Client-centric Offer matched to actual needs of the market

Main Directions of WSE.2020 Strategy

Market of first choice for investors and issuers in Central and Eastern Europe

-10-

Operationally integrated, cost-efficient Group

Six Pillars of Growth

• Shared support services • Effective corporate supervision

Market regulations and strategies competence centre

Liquid equity market

Developed corporate and Treasury debt

market

Commodity market

attractive to different

investor groups

Comprehensive offer of

information services for

investors and issuers

New business segments based

on key competitive advantages

Competitive derivatives

market

1 2 3 4 6 5

• Focus on sales • Effective communication and marketing

Market of first choice for investors and issuers in Central and Eastern Europe

-11-

Equity market

Active acquisition of new issuers

Activation and acquisition of investors including retail investors

Acquisition of new Exchange Members

Simplification and shortening of procedures

Promotion of short selling and securities lending

Unlocking the free float

Promotion of HVP Programme

Promotion of NC as a source of new listings for MM

International promotion of companies

Debt market

Simplified architecture of the corporate debt market

Simplified procedures and tools on Catalyst

Focus on sales

Promotion of debt ratings

Growing activity of banks as debt market participants

Commodity market

Development of the gas market based on the potential of energy companies and financial investors

More attractive offer, attracting active financial investors to other market segments

Information services

Building an integrated offer through consolidation of data from external sources

Implementation of new WSE Group information sales standards

Building a regional index offer and competence centre

Development of tailor-made indices for asset managers

Derivatives market

Development of derivatives based on bonds, interest rates, electricity and natural gas

Activating the investor pool

Product development including option strategies based on new technologies

Key Initiatives

-12-

Analysis of the Business Potential in New Segments

Financial segment Commodity segment Post-trade segment

MTF/Aquis Exchange Agricultural market

ETP/ETF Coal market

FX market Other energy carriers

Development of an integrated offer to new regulatory requirements

Technology for the derivatives market

Other services

Technological support

IT services

Engage only in those segments where the Exchange has a competitive advantage

-13-

Optimum Business Structure to Support Integrated Competence Cent

Equity market Derivatives market Market information and indices segment

WSE

Energy market Gas market Other commodity markets

Commodity market Post-trade services

Treasury debt market Corporate debt market

Debt market

Shared services for Group members

Shared services centre

Clearing and settlement: cash, commodity, derivatives markets

-14-

Key Aspirations in the Key Business Segments

Business segment WSE Group ambition by 2020

Equity market

# companies listed on Main Market > 550 Velocity ratio on Main Market > 50% NewConnect – important source of new listings for Main Market NewConnect – improved quality and attractiveness for investors

Debt market # non-Treasury issues > 1 thou. Focus on issues > PLN 100 mn Simplified structure of Catalyst and development of TBSP

Commodity market Financial market in electricity > 60% of domestic consumption Financial market in gas > 15% of liberalised gas market

Market information segment One offer for all sources of data across the Group Development of index products Manufacture of tailored-made information products

New business segments

Post-trade services: integrated offer to address changing needs for clearing and risk management Under consideration: coal market, agricultural market, ETP

Operating efficiency As of 2017, current operating cost base down by ~PLN 20 mn C/I ratio < 0.50 Organisational and operational integration of the Group

Derivatives market Developed market in electricity and gas derivatives Active market in interest rate/debt derivatives New derivatives depending only on clients’ needs

-15-

WSE Group’s Ambition: Balance Sheet Growth, Maintained Profitability, Maximised Return for Shareholders

2013 Ambition by 2020

284 Revenue (PLN mn)

Cost/Income ratio

Dividend payout ratio

CAGR: 7% p.a.

0.59 < 0.50

44% > 60%1

EBITDA (PLN mn)

144 Double EBITDA

Consolidated

(Payment from 2014 profit PLN 2.4 gross per share and from 2015 profit PLN 2.6 gross per

share)

1 Based on consolidated profit attributable to the shareholders of the parent entity adjusted for share of profit of associates

-16-

Reduction of Current Cost Base by ~PLN 20 mn

19

190

180

170

160

150

140

130

20

10

0

Consolidated (excl. cost of optimisation), PLN mn

Optimised cost base

157

Savings: property, external services,

IT, other

WSE Group cost base LTM1

175

Efficiency initiatives will help to reduce the current cost base by ~ PLN 20 mn Most savings already in 2016

19

17

10

0

5

10

15

20

2016 2015

Recurrent cost savings, consolidated, PLN mn

2017

1 LTM (Last Twelve Months) until 30 September 2014 Source: WSE

Cost-efficiency programme scheaduled for the years 2015 – 2017

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Building Socially Responsible Stakeholder Value

Employees

Fostering organisational culture based on values and effective internal communication Investing in employee development

Creating and promoting best practice of corporate governance Supporting development of the capital market in continuous extensive dialogue with market participants

Promoting awareness of the general public about the financial markets Education for responsible investing

Reducing WSE’s direct environmental impact WSE’s indirect environmental impact: encouraging positive behaviour of WSE-listed companies and investors

Market

Education Environment

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Foundations of WSE as a Public Company

Communication with investors, shareholders and stakeholders (institutional and individual): open, timely, systematic, reliable.

Continuous building of confidence in the Exchange as the leading institution of the capital market and a public company.

Compliance with high corporate governance standards, especially Best Practice for WSE-Listed Companies.

Attractive dividend policy compared to the exchange sector.

Responsible implementation of the business strategy in collaboration with the key shareholder groups.

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WSE Investor Relations

tel. +48 22 537 72 50

ir@gpw.pl www.gpw.pl/relacje_inwestorskie Warsaw Stock Exchange ul. Książęca 4, 00-498 Warsaw, Poland

tel. +48 22 628 32 32

gpw@gpw.pl www.gpw.pl

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. WSE has no liability for any decisions made on the basis of any information or opinion in this presentation. 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.

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