1. 1 GPW 2007 – NOWA JAKOŚĆ INVESTORS IN EXCHANGE TRADING – H1 2010 - summary of survey findings

2. 2 Type of survey: questionnaire; the respondents quoted exact values Survey participants: 27 national WSE members Survey timing: July 2010 Data for: H1 2010 The activities of market maker and customer portfolio management were treated as activities of national institutional investors The survey covered WSE session trading data Methodological Notes

3. 3 WSE MAIN LIST

4. 4 Major Highlights In H1 2010 equity trading reached almost PLN 200 billion. which accounted for almost 60% of trading in 2009 From the beginning of the year the rates of return for major stock exchange indices ranged from +1% (mWIG40) to -6% (WIG20) In the primary market. 11 IPOs were carried out including two record-breaking in terms of value: PZU and TAURON attracted new investors to the stock exchange 2100.0 2150.0 2200.0 2250.0 2300.0 2350.0 2400.0 2450.0 2500.0 2550.0 2600.0 0 5 10 15 20 25 30 35 40 45 50 JanuaryFeb.March AprilMay June WIG20 at month end Trading value (PLN mln)

5. 5 United Kingdom; 60% France; 13% Czech Republic; 8% Austria; 6% Other 13% UK brokers continue to lead in terms of the origin of foreign orders at the WSE In H2 2009 the runner-up position was held by the Czech brokers (at present French brokers) 41% 31% 33% 43% 36% 47% 200520062007200820092010H Foreign Investors Foreign investors accounted for the highest share in stock trading in the history of WSE surveys In value terms foreign investors’ trading exceeded PLN 94 billion

6. 6 Investment Companies 44% Pension Funds 21% Market maker 17% Dealer; 5% Other 13% 33% 34% 37% 39% 37% 33% 200520062007200820092010H Institutional Investors The share of domestic financial institutions in stock trading fell to the level prevailing 4 years ago In value terms institutional investors’ trading exceeded PLN 65 billion Investment Companies held the dominant position among institutional investors as they attracted new investors and their assets exceeded PLN 100 billion once again The runner-up position was recovered by the pension funds (a year ago 17%. now 21%)

7. 7 The share of transactions made by individual investors via Internet reached a record-high level of 70% 26% 35% 30% 18% 27% 20% 200520062007200820092010H Individual Investors Share of domestic individual investors in stock trading fell to 20% Retail investors generated PLN 40 billion in trading i.e. the same level as in H1 2009 50% 63% 68% 74% 73% 76% 29% 49% 60% 65% 69% 70% 200520062007200820092010H orderstransactions

8. 8 NEWCONNECT MARKET

9. 9 Major Highlights In H1 2010 stock trading totalled PLN 1.3 billion. which was more than in the whole 2009 The NCIndex growth exceeded 15% since the beginning of the year. which is the highest rate of return of all stock exchange indices In H1 2010 the stocks of 32 companies debuted on NewConnect. At the end of June 2010 136 issuers were listed. 50 52 54 56 58 60 62 0 50 100 150 200 250 300 350 400 450 JanuaryFeb.March AprilMay June NCI at month end Trading value (PLN mln)

10. 10 Czech Republic 40% Other 60% Foreign brokers are dominated by investors from other countries than those in the region. Western Europe and the United States of America. 3% 2%2% 1% 2007200820092010H Foreign Investors Share of foreign investors in stock trading in the NewConnect market was down to 1% Foreign investors trading in H1 2010 was higher than in the whole 2009

11. 11 Other Companies 35% Market maker 29% Investment Companies 22% Dealer 3% Other 11% The highest share in trading in the alternative market was held by non- financial enterprises. In the previous edition of the survey the leader in this category were brokerage houses acting as market makers 5% 6% 9% 7% 2007200820092010H Institutional Investors Share of domestic institutions in stock trading in the NewConnect market fell to 7% Institutional investors’ trading totalled PLN 90 million

12. 12 Most of IPOs on the NewConnect market were carried out through private placements In 2007 private placements accounted for 79%. whereas this year private placements accounted for 97% of offerings 92% % 89% 92% 2007200820092010H Individual Investors 79% 88% 96% 97% 2007200820092010H The share of domestic individuals in stock trading in the NewConnect market exceeded again 90% Domestic retail investors generated PLN 1.2 billion in trading in H1 2010.

13. 13 DERIVATIVE INSTRUMENTS

14. 14 Major Highlights In H1 2010 the trading volume of contracts and options totalled 8.2 million. which accounted for 59% of trading volume in 2009 At the same time new series of contracts for shares of new issuers. including PGE and PZU. were admitted to trading The launch of short sales in mid 2010 may represent a growth opportunity for derivative instruments volumes 0 50 100 150 200 250 0 200 400 600 800 1000 1200 1400 1600 1800 JanuaryFeb.March AprilMay June Open Interest (no. of instruments) Turnover Volume (tousand instruments)

15. 15 Austria 54% United Kingdom 31% France 9% Czech Republic 1% Other 5% Austrian institutions generate the highest share of trading. similarly to 2009 The ranking in further positions did not change and they were occupied by brokers from UK and France 5% 9% 10% % 11% 12% 200520062007200820092010H Foreign Investors – Futures Share of foreign investors in futures trading reached a record-high level in the history of WSE surveys and accounts for 12% Futures trading volume executed by foreign investors totalled 950 thousand contracts

16. 16 Market maker 67% Investment Companies 17% Dealer 6% Other 10% In the category of institutions the lead in contract trading was held by market makers (67% vs. 61% last year) Compared to last year the activity of investment companies declined (last year they accounted for 23%) 18% 25% 34% 37% % 36% 200520062007200820092010H Institutional Investors – Futures Share of domestic financial institutions in futures trading was slightly down to 36% Trading volume executed by institutional investors in H1 2010 totalled 2.8 million contracts

17. 17 73% of orders in futures market are placed on the stock exchange through Internet accounts The share of Internet transactions in retail trading rose to a record-high level of 85% 77% 66% 56% 53% 52% % 200520062007200820092010H Individual Investors – Futures 54% 51% 63% 72% 64% 73% 53% 69% 75% 78% 83% 85% 200520062007200820092010H orderstransactions Share of individual investors remained at the 2009 level and amounted to 52% In H1 2010 the trading volume executed by retail investors accounted for 60% of 2009 volume

18. 18 Austria 96% United Kingdom 1% Other 3% In the category of foreign brokers the options market is dominated by Austrian institutions similarly to the futures market 1% 3% 12% % 4% 10% 200520062007200820092010H Foreign Investors - Options Share of foreign investors in options trading returned to the 2008 level and amounted to 10% In H1 2010 the trading volume executed by foreign investors was higher than in the overall last year and reached almost 30 thousand options

19. 19 Banks 66% Market makers 27% Investment Companies 4% Other 3% In the category of domestic institutions a predominant position in options trading belongs to market makers (also acting on the account of the bank) They accounted for 93% of options trading volume 24% 26% 35% 30% % 32% 200520062007200820092010H Institutional Investors - Options Share of institutional investors in options trading rose to 32% In H1 2010 options trading volume executed by domestic institutions reached 102 thousand options

20. 20 Number of orders in options trading sent via Internet accounts fell from 87% to 69% The share of Internet transactions in individual investors trading in the last 18 months stabilized at the level of 85% 75% 71% 53% 58% 65% 58% 200520062007200820092010H Individual Investors - Options 69% 59% 69% 79% 87% 69% 62% 67% 73% 86% 85% 86% 200520062007200820092010H orderstransactions Share of individual investors in options trading was down to 58% i.e. to the 2008 level Individual investors generated trading volume ca. 181 thousand options

21. 21 CATALYST BONDS MARKET

22. 22 Major Highlights Since the beginning of the year we have observed a systematic growth in the number of issuers and value of corporate and local government bond issues in the Catalyst market Along with the growing number of listed series the interest shown in the Catalyst market has been growing. which is confirmed by the growth of trading volume in value terms and number of transactions Recently a major event was the first IPO of co-operative bank’s bonds in the Catalyst market 0 5 10 15 20 25 30 35 40 0 2 4 6 8 10 12 14 16 18 JanuaryFeb.March AprilMay June No. of Issues (bar graph) Issues Value (PLN mln. line graph)

23. 23 SUMMING UP

24. 24 First time ever the number of Internet accounts handled by brokerage houses exceeded 500 thousand. Since 2005 the number of Internet accounts rose fourfold from 115 thousand to 589 thousand Number of accounts 822 877 997 880 1 099 1 314 192 219 239 166 255 412 200520062007200820092010H Total Active 115 187 293 352 420 589 200520062007200820092010H Record high offerings of the State Treasury attracted new investors to the stock exchange : the number of investment accounts rose to a record- high level The number of active accounts (at least one transaction in the surveyed period) accounts for 31% Number of accountsNumber of Internet accounts

25. 25 InvestorInstrument 200520062007200820092010H Foreignstocks ML* 413133433647 stocks NC* 3221 contracts 5910 1112 options 1312 410 Individualstocks ML* 263530182720 stocks NC* 92 8992 contracts 7766565352 options 757153586558 Institutionalstocks ML* 333437393733 stocks NC* 5697 contracts 18253437 36 options 242635303132 Summing Up – Data In Percentage Terms Key: *ML – Main List; *NC – NewConnect market

26. 26 InvestorInstrument 200520062007200820092010H Foreignstocks ML* 71 690.8096 985.38151 800.78136 239.22120 421.6794 023.15 stocks NC* 4.6614.2718.6520.85 contracts 292 577559 733896 4971 208 5261 385 747950 709 options 3 4288 54345 52438 73817 49629 903 Individualstocks ML* 46 187.83111 270.19135 357.1055 010.3489 614.4239 468.60 stocks NC* 142.96754.65961.631 233.14 contracts 4 022 9024 190 1995 255 3176 404 2826 934 5044 039 758 options 189 371232 496209 944187 428256 788181 767 Institutionalstocks ML* 57 420.11109 684.99167 851.59122 712.98123 354.5365 066.37 stocks NC* 7.7753.7399.1290.28 contracts 1 054 7331 576 8593 165 2104 472 4494 904 8042 822 147 options 61 63686 594139 52899 046120 498101 862 Summing Up – Data in Value Terms Key: *ML – Main List; *NC – NewConnect market (in PLN millions)

27. 27 More information: WSE Marketing Communications Department Marcin Przeszłowski 605-470-665 marcin.przeszlowski@gpw.pl Anna Szarek 603-366-808 anna.szarek@gpw.pl