Warsaw, 5 January 2010

WSE Derivative Instruments Breaking Records in 2010

PRESS RELEASE

2010 was the best year in terms of the trading volume and NOI (number of open interest) in the history of listing derivative instruments on the WSE.

Trading in WIG20 options grew the most dynamically in 2010, up by more than 60% year on year.

Gold, silver, oil and wheat are the underlying of the most popular structured products on the WSE.

Derivative Instruments

The year 2010 was another year of growing turnover on the WSE derivative instruments market. The total volume of trading in 2010 was close to 15 million instruments, up by 6% year on year. The number of open interest (NOI) in all derivative instruments was 181.4 thousand at year-end, up by 26% year on year. This was the best year in terms of the trading volume and NOI in the history of listing derivative instruments.

Trading in WIG20 options grew the most dynamically. The volume of trading was 675 thousand options in 2010, up by more than 60% year on year. The number of open interest at year-end doubled and reached a historical high of 91.3 thousand options on 15 December. The average monthly volume was 56.3 thousand options. Raiffeisen Centrobank AG became the second option market maker as of 20 December. Its market making terms (maximum spread and minimum offering value) are much better than the standard terms, which makes this market segment much more attractive.

The volume of trading in WIG20 futures contracts was 13.5 million contracts in 2010, up by 5.6% year on year. The number of open interest in WIG20 futures contracts was 114 thousand contracts at year-end, up by 12.8% year on year.

The volume of trading in single-stock future contracts was 375 thousand contracts. Futures contracts on the following stocks were introduced to trading in 2010: SA, PGE SA, PGNiG SA, PZU SA, Energia SA.

For more statistics, see Table 1 and Figures 1 and 2.

Structured Products

The Exchange broadened the range of offered structured products in 2010. The WSE listed 146 structured products at year-end, including 124 certificates and 22 bonds. The value of trading was PLN 285.6 million*, up by 82% year on year (PLN 157 million in 2009). Structured products of 7 issuers were in trading.

The volume of trading was 6.7 million products, up by almost 280% year on year. The number of transactions was close to 23.5 thousand, up by more than 70% year on year.

Raiffeisen Centrobank AG introduced 63 new structured products to trading in March and April 2010, which significantly broadened the range of instruments listed on the market.

The value of trading in commodity certificates was the highest, including the following short certificates: the oil certificate RCSCRAOPEN (PLN 149.8 million), the gold certificate RCGLDAOPEN (PLN 23 million), the silver certificate RCSILAOPEN (PLN 20.5 million) and the wheat certificate RCWHTAOPEN (PLN 19.2 million).

ETF

The first ETF was introduced to trading on the WSE in September 2010. The product issued by Lyxor Asset Management is based on the WIG20 index as the underlying. The volume of trading was 259.6 thousand and the value of trading PLN 70.5 million in 2010.

* Value of trading to one party of the transaction # # #

More information: Marcin Przeszłowski, WSE PR, (22) 537-77-66, 605/470 665, [email protected] Anna Szarek, WSE PR, (22) 537-78-99, 603/366-808, [email protected] Anna Wiśniewska, WSE PR, (22) 537-77-17, 607/774 060, [email protected]

Table 1 Volume of trading (including block trades) in December 2010 and in the year 2010. Number of open interest (NOI) at the end of December 2010.

(# instruments) VOLUME OF TRADING (#) NOI (#) DECEMBER YEAR YEAR-END CHANGE CHANGE CHANGE No. INSTRUMENT 2010 2009 (%) 2010 2009 (%) 2010 2009 (%)

1 WIG20 CONTRACTS 991 552 1 023 526 -3.12% 13 481 633 12 766 415 5.60% 114 019 101 122 12.75% 2 mWIG40 CONTRACTS 3 636 2 995 21.40% 32 998 30 182 9.33% 801 898 -10.80% 4 STOCK CONTRACTS 39 345 27 747 41.80% 375 496 465 757 -19.38% 7 735 6 315 22.49% 5 CURRENCY CONTRACTS 9 619 9 065 6.11% 119 075 162 239 -26.61% 1 949 1 864 4.56% 6 WIG20 OPTIONS 66 785 41 399 61.32% 675 112 421 648 60.11% 43 583 20 850 109.03% 7 WIG20 PARTICIPATION UNITS 2 515 6 686 -62.38% 36 240 42 161 -14.04% 13 281 13 125 1.19% 1 113 14 720 13 888 TOTAL 452 1 111 418 0.18% 554 402 5.99% 181 368 144 174 25.80%

Source: WSE NL – not listed

Figure 1 Annual volume of trading (including block trades) in all derivative instruments listed on the WSE (million instruments).

14,72 13,89 12,60

9,90

6,73 5,65 4,39 3,78 3,42 3,73

1,52

0,02 0,21

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Source: WSE

Figure 2 Total number of open interest in all derivative instruments at year-end (thousand instruments).

181,4

144,2

89,2 85,0 70,7

47,1 43,7 46,0 47,0

17,2 12,0 5,4 0,7

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Source: WSE

Figure 3. Number of structured products listed on the WSE (Dec 2006 – Dec 2010)

bonds certificates 22

16 124

10

53 36 3 2 9

XII 2006 XII 2007 XII 2008 XII 2009 XII 2010

Source: WSE