The Warsaw Stock Exchange © Copyright by Warsaw Stock Exchange, March 2013 Książęca 4, 00-498 Warsaw, Poland Internet: E-Mail: Wse@Wse.Com.Pl

2013 2012 Data

WARSAW STOCK EXCHANGE 2012 Market Indicators – Main List

Domestic companies: market capitalisation (at year-end) PLN 523.4 billion Foreign companies: market capitalisation (at year-end) PLN 210.7 billion Turnover value (cash market) PLN 209.0 billion Turnover value (futures market) PLN 232.7 billion Turnover value per session (all financial instruments) PLN 1 709.2 million Number of transactions per session (all financial instruments) 59 500

Number of newly listed companies in 2012 19 Number of all listed companies (at year-end) 438 incl. foreign companies 43

WIG20 index change in 2012 20.45 % mWIG40 index change in 2012 17.42 % sWIG80 index change in 2012 22.92 % WIG-Plus index change in 2012 7.56 % WIG index change in 2012 26.24 %

P/E ratio (at year-end) 12.4 P/BV ratio (at year-end) 0.95

Number of sessions in 2012 249 Fact Book 2013 2012 Data Fact Book 2013 2012 Data

Official publication of the Warsaw Stock Exchange © Copyright by Warsaw Stock Exchange, March 2013 Książęca 4, 00-498 Warsaw, Poland Internet: www.wse.com.pl E-mail: [email protected]

Cover design by: Art Group Sp. z o.o. Typesetting: Baddog

ISSN 1428-1171

Every effort has been made to ensure that the details contained in this publication are accurate. However, the Warsaw Stock Exchange assumes no responsibility for any errors or omissions. This publication is for information purposes only and is not intended as an offer or a solicitation with respect to any product described herein. The Warsaw Stock Exchange Fact Book 2013 contains information about the organisation and operation of the Exchange, key events and statistical data for the year 2012, data sets for previous years as well as information about listed instruments and WSE members. The first section brings information on the regulated WSE market whereas subsequent sections are devoted to the NewConnect market and Catalyst, the WSE’s market for debt instruments.

This annual Fact Book will be a useful reference for both individual and institutional investors, journalists, those working for financial institutions, as well as students and anyone interested in the capital market in Poland. The Fact Book has been prepared according to the same blueprint for many years, helping users to find and compare the required information.

As a periodical publication, the Fact Book is designed to help Readers track changes on the Polish capital market and gain a better insight into the role of the Warsaw Stock Exchange in Poland’s economy.

The Warsaw Stock Exchange

Contents The Polish Capital Market ...... 7 The Warsaw Stock Exchange ...... 9 The International Status of the WSE ...... 15 Important Events in 2013 ...... 17 WSE MAIN MARKET...... 19 2012 on the WSE Main Market ...... 21 Companies ...... 23 Foreign companies in 2012 ...... 78 Structured Products ...... 84 Investment Certificates ...... 86 ETFs ...... 87 Option Warrants ...... 88 Short Selling ...... 89 WSE Indices ...... 90 Investors ...... 137 WSE Listing Process – Regulated Market ...... 140 WSE Partner Programmes ...... 149 WSE Members ...... 154 Organisation of Trading ...... 162 Electronic Distribution of Market Data ...... 176 Listed Companies ...... 179 The Derivatives Market ...... 189 Important events on the derivatives market in 2012 ...... 191 Futures ...... 192 WIG20 options ...... 198 MiniWIG20 – index participation units ...... 200 NewConnect...... 203 Information about NewConnect ...... 205 2012 on NewConnect ...... 207 Companies ...... 208 Investors ...... 258 NewConnect Indices ...... 259 Trading Rules ...... 271 NewConnect Members ...... 276 Market Animator/Market Maker ...... 278 Authorised Advisers on NewConnect ...... 279 Mandatory Disclosures ...... 282 Distribution of NewConnect data ...... 282 Listed Companies ...... 285 Catalyst...... 295 Information about CATALYST ...... 297 2012 on Catalyst ...... 298 Instruments listed on Catalyst ...... 299 Catalyst Trading Rules ...... 342 Listing on Catalyst ...... 348 Catalyst participants ...... 349 Authorised Advisers on Catalyst ...... 354 The Catalyst Strategic Partner Programme ...... 354 Mandatory disclosures for Catalyst issuers ...... 355 Distribution of Catalyst information ...... 355 List of Catalyst Issuers ...... 356 WSE Energy Market...... 358 WSE Energy Market in 2012 ...... 359 Market Participants ...... 360

The History of the Warsaw Stock Exchange 1991-2012 ...... 361 Exchange Holidays in 2013 ...... 368 Adresses ...... 369 Warsaw Stock Exchange

The Polish Capital Market

The main institutions of the Polish capital curities delegated some responsibilities to market are: the Warsaw Stock Exchange KDPW_CCP. Those responsibilities were re- (WSE), which organises the trading in finan- lated to settlement of transactions concluded cial instruments, the National Depository for on the regulated market and in the Alternative Securities (NDS), which handles the clearing Trading System as well as settlement liquidity and settlement of transactions, processes guarantees. The NDS retained responsibili- corporate actions and provides safekeeping ties related to clearing of transactions and a of financial instruments, and, thirdly, broker- central depository of securities. By introduc- age houses, which serve as intermediaries in ing this change the NDS complied with inter- transactions. Supervision over the market is national standards and significantly improved effected by the Polish Financial Supervision competitiveness of the Polish capital market. Authority (PFSA). KDPW_CCP runs transaction settlements us- The National Depository for Securities (NDS) ing mechanisms that allow the systemic re- was established in 1991 as an integral part of duction of the risk of parties’ default under the Warsaw Stock Exchange. On 7 Novem- transactions. ber 1994 the Depository became an inde- pendent institution operating as a joint stock The clearing house engages into guarantee- company. As a central institution, the NDS is ing and settling transactions on the cash mar- responsible for the management and super- ket and derivatives market on the regulated vision of the depository and clearing system market and under the Alternative Trading in relation to operations in financial instru- System (ATS) as well as transactions made ments in Poland, based on the best global outside the organised trading system (OTC practices, including the principle of full dema- transactions). Transactions accepted for set- terialisation of securities. The NDS also pro- tlement at KDPW_CCP undergo novation, vides a number of services for issuers, i.e. in- which means that KDPW_CCP becomes the termediary services in dividend payments to buyer for each seller, and a seller for each shareholders, share assimilation, exchange, buyer under a transaction (central counter- conversion and splits as well as execution of party). pre-emptive rights. The regulated OTC market, mostly han- Another important role of the National De- dling wholesale transactions, is organised pository for Securities is to establish op- by BondSpot, which engages in wholesale erational links in order to clear transactions trading in treasury bonds and bills within relating to foreign companies listed on the Treasury BondSpot Poland, and in trading in WSE under a dual listing arrangement. The municipal, corporate and mortgage bonds NDS maintains 19 operational links with for- within the regulated OTC market and ATS, eign depository institutions. Through those both of which are part of Catalyst. links, foreign companies from the following countries can be listed on the WSE: Austria, The capital market is supervised by the Polish Bulgaria, Canada, Czech Republic, Estonia, Financial Supervision Authority (PFSA). This France, Germany, Hungary, Italy, Lithuania, supervision covers, among others, the War- Latvia, Romania, Slovakia, Sweden, United saw Stock Exchange, the National Depository Kingdom and the USA. for Securities, investment companies, insurance companies, investment funds, brokers, In July 2011, the National Depository for Se- investment advisors and issuers of WSE-

7 Fact Book 2013 listed financial instruments. This supervision Each of these acts addresses one of the over the capital market is intended to ensure main three aspects of capital market op- universal access to reliable information on erations: the primary market, secondary the securities market and observance of fair trading and market supervision. Statutory trading and competition rules by entities op- regulations conform with the standards of erating in that market. The PFSA works with the Single European Financial Market, as de- government agencies, the National Bank of fined in directives and regulations issued by Poland as well as capital market institutions the European Parliament, the Council and and participants. The PFSA’s responsibilities the European Commission. also include the drafting of legal acts concerning the capital market and disseminating knowledge about that market.

Legal regulations The capital market in Poland is regulated, in particular, by the following legal acts:  Act on Public Offering, Conditions Gov- erning the Introduction of Financial In- struments to Organised Trading, and on Public Companies;  Act on Trading in Financial Instruments;  Act on Capital Market Supervision as well as secondary legislation related to those acts.

ParticipantsStructure of of the the Polish capital capital market market

POLISH FINANCIAL SUPERVISION AUTHORITY

National Depository Warsaw for Securities Stock KDPW_CCP Exchange

Clearing Bank (NBP)

Institutional Brokerage Issuers Investors Houses

Individual BondSpot SA Investors

8 Warsaw Stock Exchange

The Warsaw Stock Exchange

The Warsaw Stock Exchange began its op- expanding the range of products offered erations in 1991. The responsibility of the to investors and issuers, by seeking new Warsaw Stock Exchange (WSE) is to organ- companies and intermediaries, by improv- ise public trading in financial instruments, ing the organisation, technologies and legal to promote such trading and to disseminate framework of the capital market. The WSE market information. The Exchange also or- pursues a growth strategy aimed at enhanc- ganises an alternative trading system out- ing the appeal and competitiveness of the side the regulated market. Polish market on the international arena and to enhance its position as a regional finan- The WSE is among the fastest growing ex- cial hub. changes among European regulated markets and alternative markets regulated by On 5 December 2011 the Management stock exchanges, and also the largest stock Board of the WSE adopted a decision to is- exchange in Central and Eastern Europe. sue bonds on the public market. The WSE issued 1.7 million bearer bonds, A series, The legal foundations of WSE operations: with a total nominal value of PLN 170 mil-  Polish Code of Commercial Companies lion, targeted at qualified investors. The and Partnerships, WSE also issued 750,000 bearer bonds,  Act on Trading in Financial Instruments, B series, with a total nominal value of PLN  Act on Public Offering, Conditions 75 million, targeted at individual investors. Governing the Introduction of Financial Both series are listed on Catalyst, the WSE’s Instruments to Organised Trading, and market of debt instruments. The WSE used on Public Companies, the funds raised through its bond issue to  WSE Articles of Association, finance the takeover of TGE (Polish Power  WSE Rules. Exchange).

WSE as a public company In 1991 the WSE began its operations as a treasury-owned joint stock company. In 2010 the Treasury effected a public offering of WSE shares which attracted immense interest among investors: more than 320,000 individual investors subscribed to its shares and there was also a very significant oversubscription rate among institutional investors. The Treasury sold a total of 26,786,530 shares in the public offering, out of which 8,035,959 shares were taken up by individual investors at the unit price of PLN 43 whereas 18,750,571 were taken up by institutional investors at the unit price of PLN 46. Starting from 9 November 2010 the WSE has been listed in the WSE Main List. The aim of the Warsaw Stock Exchange as a public company is to continue efforts aimed at raising its international profile by

9 Fact Book 2013

The WSE Group

As of 31 December 2012, the WSE Group company, and four subsidiaries. Moreover, comprised the Warsaw Stock Exchange (a the WSE held stakes in two affiliates. Polish joint stock company) as the parent

THE WARSAW STOCK EXCHANGE

SUBSIDIARIES AFFILIATES

Towarowa Giełda Energii SA KDPW SA (100%) (33,33%)

IRGiT SA KDPW_CCP SA (100%) (100%)

Info GT Sp. z o.o. Centrum Giełdowe SA (under liquidation) (24,79%) (100%)

BondSpot SA (92,47%)

WSEInfoEngine SA (100%)

Instytut Rynku Kapitałowego WSE Research SA (100%)

The control over TGE and its subsidiaries and 7.67%. During subsequent months the was assumed in February 2012 as a result WSE gradually increased its engagement in of the purchase of stakes in the share capital TGE, reaching 100% in December 2012. of TGE in two tranches, respectively 80.33%

10 Warsaw Stock Exchange

Governing Bodies of the WSE

General Meeting of Shareholders Management Board

The General Meeting of Shareholders is The Management Board coordinates day- the highest governing body of the Warsaw to-day operations of the Warsaw Stock Stock Exchange. All shareholders have the Exchange, admits securities to trading and right to participate in the General Meet- defines related procedures, admits WSE ing which is empowered, among others, members to stock exchange activities and to amend the WSE Articles of Association supervises the trading activities of brokers and elect members of the WSE Supervisory and brokerage houses. The Management Board. Board consists of 3 to 5 members and is headed by the President. Supervisory Board WSE Management Board The Supervisory Board oversees the op- (as at 31 December 2012) eration of the Warsaw Stock Exchange and consists of 5 to 7 members. The Superviso- Adam MACIEJEWSKI – Vice-President, acting ry Board holds its meetings at least once in President of the Management Board three months. Its members are elected for a Lidia ADAMSKA – Member joint term office which lasts 3 years. Beata JAROSZ – Member Ludwik SOBOLEWSKI – President, suspend- WSE Supervisory Board ed in his duties under a decision of the Su- (as at end of 2012) pervisory Board.

Leszek PAWŁOWICZ – Chairman Marek WIERZBOWSKI – Vice-Chairman Paweł GRANIEWSKI – delegated by the Supervisory Board to act temporarily as a Member of the Management Board of the WSE Sławomir KRUPA Jacek LEWANDOWSKI Sebastian SKUZA Marek SŁOMSKI

11 Fact Book 2013

Participation in international  NewConnect is a market organised and maintained by the WSE as an alterna- organisations tive trading system. It was designed for The Warsaw Stock Exchange is a member start-ups and developing companies. of international professional organisations. NewConnect was launched on 30 August Since October 1994, the WSE has been 2007. Instruments which may be traded a full member of the World Federation of under this alternative trading system in- Exchanges (WFE), an organisation which clude equities, rights to shares, pre-emp- brings together all major exchanges world- tive rights, depositary receipts, as well as wide. Within this organisation the WSE co- other equity-based instruments. operates with exchanges from other countries in the implementation and unification  Catalyst is a debt instruments market of standards. As the first exchange from for municipal, corporate, co-operative, Central and Eastern Europe, the WSE was treasury and mortgage bonds. Founded granted Designated Offshore Securities on 30 September 2009, it consists of two Market status by the United States Secu- trading platforms organised by the WSE rities and Exchange Commission in May as a regulated market and as an alterna- 1997. This status confirmed the position of tive trading system (ATS) and two analo- the WSE as a well-regulated capital market gous markets operated by BondSpot. which meets standards recognised in the USA. Since 1992 the WSE has been work-  Poee WSE Energy Market was launched ing jointly with the Federation of European on 11 December 2010. Poee is a trans- Securities Exchanges (FESE). In 1999, it be- action platform for energy deals and came an associate member of the Federa- energy-related futures for all catego- tion, gaining full membership in June 2004. ries of players on the energy market. On 1 April 2013 the WSE will discontinue the organisation of commodities trading. WSE markets According to the strategy pursued by the At the end of 2012, the Warsaw Stock Ex- WSE Group, the commodities trading, change conducted trading in financial in- i.e. energy trading, will be concentrated struments on the following markets: at TGE, a WSE Group company.

 The Main List has been in operation since 16 April 1991 when the WSE began its operations for the first time. This is a regulated market, supervised by the Pol- ish Financial Supervision Authority. The following securities and financial instruments are traded here: equities, bonds, pre-emptive rights, rights to shares, investment certificates, structured instruments, ETFs, stock warrants and derivatives, i.e. futures contracts, options and index participation units.

12 Warsaw Stock Exchange

WSE markets (as at end of 2012)

Warsaw Stock Exchange

CATALYST MAIN LIST NEW CONNECT WSE and BondSpot WSE Energy Market (Regulated) (Alternative Trading System) Market of Debt Instruments (Regulated + Alternative Trading System)

MAIN PARALLEL

Regulatory and supervisory Stock market information powers of the WSE Dissemination of market information is among Under the Act on Trading in Financial Instru- the key responsibilities of the Warsaw Stock ments, the WSE defines, in its Rules, areas Exchange. Stock market information is dis- such as the criteria and condition for admission tributed mainly through electronic channels. to trading on its markets, the rules of trading Information is made available through com- in financial instruments as well as issuers’ dis- mercial and public services. Distributors that closures on the market which is not the official have signed a relevant agreement with the quotations market. The WSE Rules also define WSE are provided with market information on the eligibility criteria for WSE membership. The a commercial basis, receiving data in real time specific rules of trading, the order placement via satellite. Distributors then forward the data and transaction regime are defined in the De- to other groups of recipients such as individual tailed Rules Exchange Trading Rules. Those investors or financial institutions. documents are available from www.gpw.pl. Apart from paid-for commercial services, avail- The Warsaw Stock Exchange supervises the able through data vendors, brokerage houses, performance of obligations by issuers and internet portals or mobile operators, investors WSE members, as defined in the WSE Rules. can also access the WSE’s market information Failure to adhere to those obligations may be free of charge: via websites of particular mar- subject to a penalty defined in the Rules. kets, specialised content sites or Teletext from public television (TVP). However, the coverage As the organiser of the Alternative Trading Sys- offered by public sources is limited and provid- tem, the WSE defines the rules of operation ed with some delay. The WSE also publishes under the ATS in the Rules of the Alternative Ceduła, an official daily electronic bulletin fea- Trading System. Those Rules apply to the trad- turing quotations and market indicators. ing in equities on NewConnect and to trading in debt instruments on Catalyst. More information on data distribution from WSE-operated markets can be found on pages The legal regulations of the WSE are constantly 174, 279 and 351. reviewed from the perspective of trading practices, improvement of standards, security of trading and suggestions put forward by market participants.

13 Fact Book 2013

Promotion and marketing 31 August – On the 5th anniversary of the NewConnect, Warsaw hosted the NewConnect Alongside its organisational and supervisory Convention/Catalyst Bond Congress, a meeting functions, as well as work on systematic mar- of communities associated with the two market development, the responsibilities of the kets, organised in a different city each year (so WSE include promotion and education. The far in Łódź, Poznań, Wrocław and Gdańsk). The WSE engages in such activities through a va- Congress comprised a conference and a fair. riety of channels, targeting key stakeholders, both domestic and international, such as in- September – The Treasury Ministry launched vestors, potential and listed issuers as well as the second edition of its educational campaign intermediaries. entitled ‘Shareholder Democracy. Informed In- vestments’ (PL title: Akcjonariat Obywatelski. The WSE engages in marketing and promo- Inwestuj świadomie). The campaign is targeted tional activities in Poland and in other countries. at individual investors. Participants are invited Some of those efforts are direct, involving cli- to take part in free workshops facilitated by pro- ents and market participants, while others are fessionals throughout Poland and make use of indirect and are conducted through a network online knowledge resources at www.Akcjonar- of business partners and contributors. iatObywatelski.pl. The WSE is a partner of the campaign. Each year numerous conferences, seminars and training sessions are held at the WSE 4 October – The WSE and UniCredit CAIB Po- headquarters. Targeted at investors, potential land, in collaboration with the Treasury Ministry, issuers, financial intermediaries. the media etc., the Polish Embassy in Rome and the Promos those events are designed to present the WSE Chamber of Commerce in Milan, organised a products, attract new issuers and investors, im- conference entitled ‘Poland – a World of New prove the standards of information exchange Financial Opportunities at Your Fingertips.’ The between issuers and investors, and enhance conference, held in Milan, aimed to give Italian the corporate governance and corporate social investors a picture of the potential of the Polish responsibility standards in listed companies. capital market as well as opportunities arising from the privatisation plan developed by the Key events promoting the WSE and the Polish government for 2012–2013. Polish capital market in 2012 11 October – The Capital Market Day was held 21 March – Representatives of the Polish busi- under the auspices of the Warsaw Stock Ex- ness community met with the Ukrainian Prime change. This initiative aims to provide individ- Minister Mykola Azarov in the headquarters of ual investors with an opportunity to liaise face- the Warsaw Stock Exchange. The visit of the to-face with companies and give companies a Ukrainian Prime Minister provided an opportu- platform to present their business. nity to discuss the economic relations between the two countries, collaboration between Pol- 6 December – The WSE headquarters hosted ish and Ukrainian business and growth op- the 5th edition of ‘Warsaw Economic Hub’ (pre- portunities offered by the WSE for Ukrainian viously: ‘Warsaw – CEE Financial Hub’). This enterprises. international conference was co-organised by the WSE, International Herald Tribune and The 30–31 May – Warsaw hosted the second edi- Warsaw Voice. The topics included the poten- tion of the ‘CEE IPO Summit’. The guests of the tial of Poland’s economy and of Warsaw as the summit, i.e. potential issuers and global inves- regional business hub. Investors and entre- tors, took part in panel discussions focusing on preneurs from Europe and the world received Europe’s economic dilemmas, investments in up-to-date information on Poland’s regional, Central and Eastern Europe, and the position European and global role and on its modern, of the Warsaw bourse on the map of European growing economy. capital markets.

14 Warsaw Stock Exchange

The International Status of the WSE

The Warsaw Stock Exchange is the largest ex- gion but also in Europe. The WSE earned this change of financial instruments in Central and position thanks to its 105 IPO on both equities Eastern Europe, and one of the most dynami- markets. In terms of the value of IPO (EUR 739 cally growing European markets. By undertak- million), the WSE took the 5th position in Eu- ing intensive efforts to enhance international rope. For a number of years now, the WSE has growth, the WSE has steadily reinforced its maintained the best position in the region, also position not just in its region but on the entire in terms of the number of traded instruments, continent as well. The international status of turnover and capitalisation of listed companies. the WSE is reflected in foreign companies listed on its markets, high engagement of foreign Issuers listed on WSE markets represent 51% investors, participation of remote members of companies from the region’s exchanges. and foreign business partners. Their share in equities trading in Central and Eastern Europe has gone up to 54.2%. A comparison with other European exchanges in 2012 indicates that the WSE has increased its advantage over other exchanges of the region. In terms of the number of IPO in 2012, Liczbathe WSE debiutów came first na again,giełdach not europejskichonly in the re -w roku 2012 (rynek podstawowy + ASO)

Number of IPOs on European markets in 2012 (regulated and alternative markets)

250

200

150

105 100 80

50 25 19 17 7 5 4 4 0

LSE Deutsche Euronext OMX Luxembourg BME Oslo SIX WSE Group Börse SE (Spanish Børs Swiss Exchanges) Source: IPO Watch Europe Report, 1-4, 2012.

15 WSE LSE Group OMX Euronext Luxembourg SE Deutsche Boerse Oslo Bors BME SIX Swiss Wiener Boerse Irish SE Fact Book 2013

Foreign companies Derivatives market

The WSE’s strategy to attract companies The WSE is the only stock exchange in from the region has systematically borne Central and Eastern Europe to attract inves- fruit. Throughout 2012 a total of 6 new tors with a well-developed market of deriv- companies from outside Poland arrived on atives and structured products. In 2012 the the Warsaw trading floor (4 on the Main WSE again was among European leaders List and 2 on NewConnect). At the end of with regard to derivatives. As in previous 2012 a total of 51 foreign companies were years, index-based futures attracted most listed on both equities markets (43 on the interest. As in the preceding three years, Main List and 8 on NewConnect), with a to- WSE came 4th in Europe in 2012 in terms tal capitalisation of nearly PLN 211 billion. trading volume for this type of futures. Among them, the largest number came from Ukraine and the Czech Republic.

Wolumen obrotu kontraktami terminowymi na indeksy w 2012r.

Index-based futures trading volume in 2012 (in million)

400 383.6

100 84.2

50 32.6

9.0 7.2 5.9 5.0 2.2 0 EUREX Euronext NASDAQ WSE BME Borsa Oslo Athens Liffe OMX (Spanish Italiana Børs Exchange Nordic Exchanges) Source: IPO Watch Europe Report, 1-4, 2012.

Foreign investors Among foreign brokers, the largest group in H1 and H2 came from the United King- As in 2011, foreign investors strongly dom- dom, followed by French institutions. inated the Main List in 2012, accounting for 48% of trading on that market.

16 Warsaw Stock Exchange

Important Events in 2013

A high number of IPOs member or between a WSE member and its 2012 brought a record number of IPOs to customer. Those orders are a format falling the WSE again. 105 new issuers on its two between orders underlying the session trad- equities markets assured European leader- ing and orders underlying block trades. ship for the WSE in terms of IPOs and a fifth position in terms of the value of IPOs. 40% of all European IPOs in 2012 took place on New indices the Warsaw trading floor. In 2012, two new indices were added to the list of WSE ratios. 89 out of 105 IPOs took place on NewCon- nect, the most dynamically growing alterna- Starting from May 2012, the WSE has been tive market in Europe. At the end of 2012, calculating WIG-CEE, which was introduced a total of 429 companies were listed there. in response to the growing number of issuers from Central and Eastern Europe, and Catalyst, the WSE debt market, also devel- as an element of the WSE’s strategy to re- oped robustly during 2012. The number of inforce its position in the region. After WIG- issuers leapt to 156, and the value of issues Poland and WIG-Ukraine, WIG-CEE is the grew by 30.9%, reaching a record mark of third index based on the criterion of the is- PLN 52.3 billion. suer’s country of origin. On 3 December 2012 the WSE launched Expanded range of WSE’s WIG20TR. The composition of this index corresponds with the WIG20 portfolio products and services but, unlike WIG20, which is a price index, The Warsaw Stock Exchange gives inves- WIG20TR is calculated on the basis of yield tors an opportunity to trade in a broad ar- from shares (dividends and pre-emptive ray of financial instruments which are also rights). For this reason, it is WIG20TR that traded on global markets. Investors may should be viewed as the main point of ref- choose from global indices, precious metals erence to assess investments in the largest and agricultural produce. listed companies.

In September, 237 structured products were added to the range, among them: turbo cer- Takeover of the Polish Power tificates, trackers, WIG20 warrants and, as a Exchange (TGE) new arrival on the WSE, factor certificates In February 2012 the WSE acquired shares which enable commodities investments in TGE in two tranches, 80.33% and 7.67% with a fixed leverage (gold, silver, oil, sugar, respectively, thus gaining control over TGE wheat and corn), as well as stock exchange and its subsidiaries. Following subsequent indices (EURO, STOXX50, WIG20 and DAX). transactions, the WSE’s stake in TGE stood at 100% as of 31 December 2012. In April 2012 an opportunity to place cross The takeover of TGE by the WSE was an orders was offered. Cross orders supple- important step for the development and ment the entire range of orders and are consolidation of trading in commodities and likely to drive the trading volume on the commodity-based financial instruments. WSE. Cross orders are intended for WSE members, enabling transactions between different customers of a particular WSE

17 Fact Book 2013

Work on the new transaction system 2012 saw intensive work on the new transaction system, planned for launch on 15 April 2013. The Universal Trading Platform (UTP) raises the technology at the WSE to another level. In comparison with the previous War- set system, UTP is much faster, more efficient and has a much higher capacity which, in practice, enables the processing of a much greater number of orders (20,000 orders per second, vs. slightly over 300 under Warset).

With the arrival of UTP, the Polish stock market will operate under a system which meets world-class standards, guaranteeing the organisation of trading in line with the ever increasing expectations of market participants, and with global trends. By joining the New York, Paris, Lisbon or Amsterdam exchanges, all of which use the UTP, the Warsaw Stock Exchange enters the network of global stock markets operating with state-of-the-art solutions.

18 WSE MAIN MARKET

WSE Main List

2012 on the WSE Main Market

After 2011, which was fairly unsuccessful for Return rates for sectoral subindices stock exchange investors, 2012 saw all the in 2012 (%) main WSE indices and most sectoral indices WIG-BANKS 22.64% go up. However, the rising indices did not entail an increase in trading in financial instruments. WIG-CONSTRUCTION -30.86% WIG-CHEMICALS 57.89% The value of WIG, an index of the Main List, WIG-DEVELOPERS 9.55% increased by 26.2% throughout the year. WIG-ENERGY -2.66% As regards price indices, the greatest leap was recorded for sWIG80, the index of small WIG-IT 3.67% companies (an increase by 22.9%), as well WIG-MEDIA 7.81% as for WIG20 (up by 20.4%) and mWIG40 (up WIG-OIL&GAS 39.08% by 17.4%). The index of the smallest companies, WIG-Plus, rose by 7.6%. WIG-FOOD 5.31% WIG-BASIC MATERIALS 78.94% Computed since May 2012, WIG CEE, the WIG-TELECOM -21.16% index of Central European companies listed on the WSE, dropped by 8%. During the same period WIG Poland, the index of Pol- The market value of companies listed at the ish companies, leapt by 28.2% whereas the end of 2012 totalled PLN 734. billion, out index of Ukrainian companies lost 8.5%. of which the value of domestic companies represented PLN 532 billion. PKO BP was Return rates on WSE indices in 2012 the largest domestic company at the end of WIG20 20.4% 2012, with a capitalisation of PLN 46.2 billion. Throughout the year, the Warsaw floor mWIG40 17.4% welcomed 19 newcomers whereas 7 com- sWIG80 22.9% panies were delisted. Among IPOs taking WIG-Plus 7.6% place in 2012, the largest was that of ALIOR Bank. As then current shareholders sold their WIG 26.2% shares, PLN 2 billion worth of securities were WIG-CEE -8.0% brought into trading. WIG-Poland 28.2% The value of equities trading on the Main List WIG-Ukraine -8.5% reached PLN 202.9 billion, out of which PLN 87.6 billion were order-book trades. In com- Among sectoral indices, WIG-Basic Materi- parison with 2011, the value of equities trad- als achieved the highest rate of return, rising was 24% lower whereas the volume of ing by 78.9% throughout the year. It was equities trading rose vis-à-vis 2011, reaching followed by WIG-Chemicals (+57.9%), WIG- 33.7 billion shares, up by 7% versus one year Oil&Gas (+39.1%), WIG-Banks (+22.6%), earlier. The average transaction value for the WIG-Developers (+9.6%) WIG-Media year was PLN 16.2 thousand (18.0 thousand (+7.8%), WIG-Food (+5.3%) and WIG-IT for 2011). As in preceding years, investors (+3.7%). However, the values of indices were most readily engaged in trading in blue representing the construction industry, tele- chips (the share of WIG20 constituents repre- coms and energy recorded losses, declining sented 79.7%). by, respectively, 30.9%, 21.2% and 2.7%.

21 Fact Book 2013

The stock market situation in 2012 can be vestors whereas investment funds and pen- subdivided into two periods. Between the sion funds are the domestic leaders. At the year beginning and end of May, the value of end of the year, the number of investment WIG, the main WSE index, rose from 38 thou- accounts reached 1.5 million. sand to 42 thousand points, then dropping to 37 thousand. Between the start of June In 2012 the WSE reinforced its status as the and the end of the year, WIG systematically regional leader in terms of the number of went through subsequent peaks, closing the IPOs, the number of listed companies, the year at nearly 48 thousand points (slightly market value of companies and the value of lower than at the start of 2011). Overall, WIG equities trading, Throughout the year, the gained 27.3% between the end of May and value of equities trading effected in Warsaw end of December. However, this increase in represented a half of the figure for the entire WIG value was not matched by an increase in Central Europe, i.e. the markets in Bratisla- equities trading. Investors viewed this trend va, Budapest, Bucharest, Sophia, Ljubljana, as transient, which is why the balance of eq- Prague and Vienna. uities trading in H2 was slightly lower than in the first six months of 2012.

Foreign investors maintained their leading position in equities trading (with a share of approx. 48%), and they were followed by domestic financial institutions (34%) and individual investors (18%, i.e. the same as in 2011). UK brokers prevail among foreign in-

The WIG index in 2012

50 000

47 920.75 19 Dec 45 000

40 000

36 653.28 5 Jun 35 000

30 000 July May April June March August October January February December November September

22 WSE Main List

Companies

Market segments Within the Liquidity Support Programme, listed companies are obligated to: Shares of all listed companies on the regu-  enter into a contract with an Issuer’s Mar- lated market are classified into one of the ket Maker under the general terms and following 4 segments: MINUS 5, 5 PLUS, 50 conditions defined in the WSE Rules, PLUS or 250 PLUS. Companies are classified  run an investor relations section on their into MINUS 5, 5 PLUS, 50 PLUS or 250 PLUS own website: the scope of information according to their capitalisation. Capitalisation to be published as well as the manner of is calculated as the arithmetic mean of a com- presentation is specified by the WSE, pany’s capitalization for the last three months:  actively use the Investor Relations section  The MINUS 5 segment includes shares of at www.wseinfospace.eu. companies with capitalisation up to EUR 5 million; Lower Liquidity Zone  The 5 PLUS segment includes shares of companies with capitalisation of EUR 5 to If the average value of transactions involv- 50 million; ing shares of a particular company is lower  The 50 PLUS segment includes shares of than PLN 25,000 per session in the last quar- companies with capitalisation of EUR 50 ter of the year, and if the average number to 250 million; of transactions is lower than 10 per session  The 250 PLUS segment includes shares of and the company chooses not to join the Li- companies with capitalisation over EUR quidity Support Programme, it will be classi- 250 million. fied by the WSE to the Lower Liquidity Zone.

Moreover, shares of companies which have Shares of companies which have been clas- high price volatility or which are under sified to the Lower Liquidity Zone are: bankruptcy proceedings may be moved to  removed from the WSE index portfolio, the ALERT LIST and then moved to listing  moved to the single-price auction system, under the single-price auction system.  specially marked in the WSE’s press Shares of companies classified as MINUS 5 releases and in the WSE newsletter and ALERT LIST are not taken into consid- (Ceduła). eration as index constituents. Corporate governance Liquidity Support Programme The first ever document specifying corpo- In order to support liquidity on the eq- rate governance rules for listed companies uity market, the Warsaw Stock Exchange was adopted by the WSE in 2002. Amended launched its Liquidity Support Programme. rules were laid down in ‘Best Practices in The Programme was designed for compa- Public Companies 2005’. Starting from 2008, nies which, according to the WSE’s crite- a new corporate governance document, en- ria, experience low liquidity in the trading titled ‘Best Practices for WSE Listed Compa- of their shares. Given the purposes to be nies’, came into force. In 2010 the document pursued within the Liquidity Support Pro- was adapted to incorporate the most recent gramme, such as improved liquidity of stock changes in the law, current international trading and improved communication with trends in corporate governance and expecta- investors, the Programme is recommended tions of market participants. In 2011 the WSE for all listed companies. introduced more changes to promote inno-

23 Fact Book 2013 vative solutions aimed to improve the quality The Warsaw Stock Exchange has developed of governance in companies whereas in 2012 a dedicated corporate governance website changes were made regarding the organisa- (www.corp-gov.gpw.pl) with a mission to tion of electronic General meetings by listed promote corporate governance rules, es- companies. tablish an active forum for exchanging opinions and enhance communication with listed The document begins with a Preamble and companies. The website presents informa- its content is subdivided into four sections: tion on implementation of corporate govern- I. Recommendations concerning best prac- ance in companies, and updates of corporate tices in listed companies, governance events initiated by the WSE and II. Best practices applied by management its EduPartners. boards of listed companies, III. Best practices applied by members of su- New companies pervisory boards, IV. Best practices applied by shareholders. In 2012 the WSE Main List was among the most active IPO platforms among Europe’s The aim behind the ‘Best Practices’ is to regulated markets. The IPO of ALOR Bank, enhance transparency of listed companies, worth EUR 511 million, was the highlight of improve the quality of communication be- the year, marking the largest private place- tween companies and investors, strengthen ment in the history of the Polish stock ex- the protection of shareholders’ rights (also in change. It was also the 5th largest European matters not regulated by law), while avoid- IPO in Q4 of 2012, and the largest initial offering burdens for listed companies that would ing among banks. not be offset by market benefits. For this reason, ‘Best Practices’ cover exclusively those Two of the new entrants on the Main List suc- areas where application of such practices cessfully fulfilled their growth plans, making is likely to improve the market valuation of a transition from NewConnect to the main companies and, consequently, reduce the trading floor. cost of raising capital. The WSE liaises with listed companies in matters related to inter- pretation of corporate governance rules and monitors issuers’ compliance with mandatory disclosures described in ‘Best Practices for WSE Listed Companies’. PLEASE NOTE: All names of companies from tables included in the Fact Book 2013 are given as at 31 December 2012 – cf. Table ‘Change of company names’, page 26. Newly listed companies in 2012 No. Company First quotation* Price of shares / Price change in relation to Issue price of shares / rights to shares price date rights to shares (PDA) at year-end issue price first quotation (PDA) (PLN) (PLN) (PLN) (%) (%) 1 GETINOBLE 1.33 20.01 1.56 1.79 34.59 14.74 2 BOWIM 8.50 25.01 10.50 4.23 -50.24 -59.71 3 NOKAUT 12.00 14.03 12.64 6.59 -45.08 -47.86 4 VANTAGE 4.72 26.03 1.81 1.31 -72.25 -27.62 5 KRKA 202.10 11.04 210.00 220.00 8.86 4.76 6 SOLAR 13.00 19.04 13.84 5.60 -56.92 -59.54 7 MOBRUK 99.00 25.04 99.00 50.00 -49.49 -49.49 8 WORKSERV 6.00 26.04 7.90 5.65 -5.83 -28.48 9 MEXPOLSKA 10.00 25.05 10.05 2.35 -76.50 -76.62

24 WSE Main List

No. Company First quotation* Price of shares / Price change in relation to Issue price of shares / rights to shares price date rights to shares (PDA) at year-end issue price first quotation (PDA) (PLN) (PLN) (PLN) (%) (%) 10 ATMSI 2.65 28.05 2.17 1.23 -53.58 -43.32 11 PCCEXOL 1.29 3.08 1.40 4.00 210.08 185.71 12 KDMSHIPNG 32.40 9.08 33.00 25.10 -22.53 -23.94 13 TATRY 178.40 15.10 179.00 183.00 2.58 2.23 14 VOXEL 15.56 23.10 15.05 18.10 16.32 20.27 15 EXILLON 7.36 29.10 7.40 7.94 7.88 7.30 16 ZEPAK 26.20 30.10 25.90 28.45 8.59 9.85 17 ALIOR 57.00 14.12 60.90 62.65 9.91 2.87 18 INTERAOLT 24.17 18.12 25.75 26.64 10.22 3.46 19 CZTOREBKA-PDA 7.00 28.12 11.64 11.64 66.29 0.00

* Reference price on the IPO date or issuing price.

Delistings in 2012 Suspension Last quotation No. Company date date Reason for delisting (dd.mm.yy) (dd.mm.yy) 1 ELSTAROIL 8.12.11 9.03.12 annulment of dematerialisation 2 GETINOBLE1 1.06.12 15.06.12 merger with GET BANK S.A. 3 SWIECIE 15.05.12 6.08.12 annulment of dematerialisation reorganisation of issuer’s group 4 NEWWORLDN 4.10.12 18.10.12 (change of headquarters) 5 TUEUROPA 20.07.12 22.10.12 annulment of dematerialisation 6 JAGO 24.10.12 bankruptcy by liquidation 7 CENTKLIMA 1.10.12 29.11.12 annulment of dematerialisation

Changes in nominal value in 2012 Quotation date Quotation date Ratio No. Company before change after change (dd.mm) (dd.mm) splits 1 LIBRA 13.03 14.03 1:10 2 PLASTBOX 17.05 18.05 1:5 consolidations 1 HERKULES 18.09 19.09 1:5

25 Fact Book 2013

Change of company names in 2012 Change date No. Old name Old ticker New name New ticker (dd.mm) 1 CERSANIT CST ROVESE RSE 18.01 2 EUROFAKTR EFR GREMISLTN GRS 28.02 3 HERMAN HER IFCAPITAL IFC 19.03 4 IZNS IZN KANIA KAN 27.03 5 CENTROZAP CZP IDEON IDE 23.05 6 PRONOX PRO REGNON REG 30.05 7 WARFAMA WFM URSUS URS 8.06 8 GETBANK GTB GETINOBLE GNB 18.06 9 TRION TIN KBDOM KBD 19.06 10 CPENERGIA CPE DUON DUO 2.07 11 HARDEX HDX LIBRA LBC 4.09 11 ANTI ANT GREENECO GET 25.09

Equity trading value in 2012 (PLN million) Continuous Single-price Block trades Other* Total trading system January 17 756.6 2.1 473.2 33.2 18 265.0 February 17 941.9 3.4 3 310.3 49.2 21 305.0 March 19 166.4 6.5 586.8 0.2 19 760.0

April 12 486.9 1.8 244.7 1 001.6 13 735.0 May 14 231.7 1.9 608.3 1 603.4 16 445.0 June 15 410.9 1.3 291.7 55.8 15 760.0 July 15 686.0 2.0 3 476.5 372.4 19 537.0 August 14 371.9 2.3 3 198.9 1 723.6 19 297.0 September 15 032.3 2.9 673.4 0.8 15 709.0 October 15 996.1 3.1 367.0 688.3 17 054.0 November 14 891.7 2.2 468.8 123.9 15 487.0 December 14 443.1 3.2 1 298.7 129.2 15 874.0

Total 187 415.5 32.6 14 998.1 5 781.60 208 228.0

* Purchases of large blocks and public sell offers.

26 WSE Main List

Equities by trading value in 2012 No. Company Ticker Order-book trades Block trades Turnover Share in Annual Average Average Average Turnover Number of value turnover turnover volume per number of number of value transactions ratio session transactions orders per per session session (PLN million) (%) (%) shares (PLN million) 1 KGHM KGH 33 379.1 17.81 119.66 944 802 3 874 21 907 590.8 120 2 PKOBP PKO 20 534.4 10.95 84.73 2 409 576 2 580 18 224 3 400.0 188 3 PZU PZU 18 208.5 9.71 66.56 211 778 1 661 12 759 1 649.9 133 4 PEKAO PEO 15 691.2 8.37 40.32 418 032 1 501 10 942 254.1 96 5 PKNORLEN PKN 11 266.6 6.01 68.20 1 148 671 1 580 11 929 213.4 95 6 TPSA TPS 11 166.0 5.96 56.71 2 946 340 1 239 7 262 384.9 130 7 PGE PGE 10 257.2 5.47 40.09 2 178 676 1 629 9 475 3 964.6 138 8 PGNIG PGN 4 978.5 2.66 20.97 4 903 944 970 4 037 62.0 39 9 JSW JSW 3 235.3 1.73 35.42 138 368 1 020 6 732 64.4 54 10 TAURONPE TPE 3 198.9 1.71 42.14 2 667 725 960 4 551 26.2 37 11 BORYSZEW BRS 2 754.5 1.47 200.36 16 530 044 803 4 767 315.5 131 12 EUROCASH EUR 2 042.5 1.09 50.82 213 850 229 712 630.4 104 13 SYNTHOS SNS 2 036.1 1.09 28.48 1 436 050 759 2 712 117.9 21 14 LOTOS LTS 2 013.2 1.07 54.56 282 163 810 4 506 18.0 18 15 BRE BRE 1 885.8 1.01 15.48 25 798 401 2 122 27.1 20 16 POLIMEXMS PXM 1 871.1 1.00 422.22 8 786 535 953 3 475 11.2 9 17 KERNEL KER 1 715.7 0.92 33.44 103 740 455 2 592 48.4 33 18 BOGDANKA LWB 1 704.0 0.91 40.74 55 354 408 2 124 6.4 16 19 GTC GTC 1 649.0 0.88 89.42 907 154 674 3 566 13.0 21 20 TVN TVN 1 625.3 0.87 117.68 738 498 761 4 380 86.2 47 21 PETROLINV OIL 1 592.5 0.85 503.94 3 388 160 1 420 6 586 36.9 11 22 ASSECOPOL ACP 1 589.9 0.85 44.75 136 876 530 2 781 28.6 32 23 MIDAS MDS 1 281.7 0.68 151.01 6 555 194 668 2 898 1.6 5 24 PBG PBG 1 270.6 0.68 803.13 340 294 1 101 5 231 0.5 3 25 HAWE HWE 1 242.6 0.66 282.75 1 153 811 803 2 760 74.2 23 26 HANDLOWY BHW 1 146.4 0.61 10.95 57 167 417 2 391 5.3 11 27 NETIA NET 987.5 0.53 45.44 693 196 177 604 18.5 25 28 CYFRPLSAT CPS 856.6 0.46 37.07 240 413 206 741 40.4 46 29 KOV KOV 791.0 0.42 137.02 2 206 233 577 2 517 1.1 4 30 GETIN GTN 779.3 0.42 43.67 1 261 758 400 1 479 11.9 18

27 Fact Book 2013

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share in Annual Average Average Average Turnover Number of value turnover turnover volume per number of number of value transactions ratio session transactions orders per per session session (PLN million) (%) (%) shares (PLN million) 31 GETINOBLE GNB 746.9 0.40 19.23 1 845 108 235 834 29.1 26 32 MILLENNIUM MIL 737.3 0.39 15.32 744 920 157 734 1.5 11 33 GPW GPW 720.7 0.38 72.52 77 074 294 3 433 17.2 22 34 AZOTYTARNOW ATT 592.4 0.32 36.15 58 982 142 587 27.5 15 35 INGBSK BSK 561.5 0.30 5.24 27 346 78 536 0.8 4 36 ENEA ENA 561.4 0.30 8.79 137 298 202 984 62.2 27 37 IDMSA IDM 546.1 0.29 465.72 3 650 522 430 1 652 101.3 75 38 CDPROJEKT CDR 537.3 0.29 100.70 382 896 442 1 915 1.6 5 39 CIECH CIE 493.7 0.26 49.63 104 444 165 678 2.9 6 40 LPP LPP 474.7 0.25 10.77 623 25 258 1.7 7 41 BIOTON BIO 439.9 0.23 71.73 20 267 861 276 7 610 3.6 10 42 ALCHEMIA ALC 410.7 0.22 68.50 318 373 96 364 312.9 154 43 AMREST EAT 397.5 0.21 29.00 21 477 25 140 66.4 4 44 ATLANTIS ATS 394.4 0.21 440.95 5 092 695 352 1 862 0.1 1 45 CEDC CDC 389.6 0.21 101.49 123 866 355 1 624 6.3 9 46 CEZ CEZ 380.0 0.20 0.54 12 884 26 2 846 0.8 2 47 KREDYTB KRB 317.4 0.17 9.09 98 968 48 229 0.6 2 48 AGORA AGO 309.5 0.17 67.73 122 867 122 578 1.4 5 49 BOMI BMI 289.5 0.15 656.36 1 041 662 349 1 238 50 IFCAPITAL IFC 285.9 0.15 2254.39 1 499 368 438 1 210 1.6 4 51 PULAWY ZAP 285.7 0.15 24.62 10 916 97 395 2.2 4 52 CCC CCC 284.8 0.15 15.69 19 872 25 168 2.0 7 53 SKOTAN SKT 279.0 0.15 153.92 314 990 281 992 13.9 23 54 CCIINT CCI 259.8 0.14 17.00 34 498 11 75 3.4 7 55 ALIOR ALR 250.6 0.13 33.67 512 857 1 197 2 624 750.0 7 56 UNICREDIT UCG 226.2 0.12 0.27 58 916 22 770 0.8 2 57 CORMAY CRM 220.6 0.12 73.16 68 481 185 752 7.5 35 58 EKOEXPORT EEX 217.2 0.12 173.54 54 918 245 1 000 0.4 3 59 BUDIMEX BDX 217.1 0.12 12.59 12 890 90 558 0.2 2 60 EMPERIA EMP 215.7 0.12 27.70 14 742 79 377 31.8 18

28 WSE Main List

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share in Annual Average Average Average Turnover Number of value turnover turnover volume per number of number of value transactions ratio session transactions orders per per session session (PLN million) (%) (%) shares (PLN million) 61 BGZ BGZ 206.1 0.11 45.35 12 180 183 731 10.4 34 62 ROVESE RSE 203.3 0.11 32.30 290 237 126 597 24.8 32 63 ZEPAK ZEP 203.0 0.11 18.91 193 069 348 1 725 54.5 13 64 NEWWORLDR NWR 198.9 0.11 4.50 47 763 10 1 595 65 CALATRAVA CTC 198.8 0.11 202.28 2 028 457 133 878 44.6 75 66 NFIEMF EMF 188.8 0.10 34.74 78 023 33 101 17.2 4 67 DSS DSS 187.0 0.10 476.13 247 198 274 1 020 68 KOPEX KPX 180.8 0.10 12.09 35 713 69 399 1.6 5 69 KREZUS KZS 175.1 0.09 34.04 66 366 187 494 31.2 36 70 ASTARTA AST 174.3 0.09 11.89 11 664 38 186 4.0 14 71 TRAKCJA TRK 166.9 0.09 72.30 673 908 213 753 72 MOL MOL 165.3 0.09 0.63 2 632 4 1 186 9.8 8 73 RAFAKO RFK 163.8 0.09 35.71 75 572 126 589 28.4 13 74 OPENFIN OPF 162.5 0.09 20.50 44 671 22 135 75 HBPOLSKA HBP 156.6 0.08 227.06 1 919 578 220 1 154 0.2 1 76 IMPEXMET IPX 154.3 0.08 20.77 164 241 102 454 2.2 14 77 POLNORD PND 152.4 0.08 56.17 46 656 149 747 21.3 6 78 BANKBPH BPH 141.4 0.08 4.60 14 171 36 330 79 EFH EFH 141.0 0.08 226.87 1 334 810 144 937 80 ORBIS ORB 139.0 0.07 8.26 13 867 27 312 13.9 3 81 ECHO ECH 138.4 0.07 14.33 130 579 32 217 86.1 6 82 INTEGERPL ITG 137.8 0.07 18.40 3 863 32 195 17.1 6 83 SADOVAYA SGR 137.0 0.07 366.33 158 435 190 972 0.1 1 84 PEP PEP 137.0 0.07 83.65 22 044 63 410 0.6 3 85 POLJADLO PLJ 135.2 0.07 706.35 1 210 324 151 641 1.7 8 86 GREENECO GET 132.6 0.07 1528.21 260 351 198 621 87 KRUK KRU 130.8 0.07 16.88 11 357 30 206 1.2 4 88 RESBUD RES 129.3 0.07 959.53 34 080 243 819 0.9 2 89 MCI MCI 127.6 0.07 41.84 104 596 130 651 0.2 1 90 TUEUROPA ERP 126.6 0.07 85.23 3 301 4 38 2.0 6

29 Fact Book 2013

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share in Annual Average Average Average Turnover Number of value turnover turnover volume per number of number of value transactions ratio session transactions orders per per session session (PLN million) (%) (%) shares (PLN million) 91 FON FON 124.6 0.07 210.33 2 839 208 140 1 491 92 RANKPROGR RNK 124.4 0.07 82.67 41 932 142 646 62.8 30 93 GANT GNT 122.6 0.07 132.09 103 411 172 726 2.3 9 94 FAMUR FMF 115.8 0.06 5.82 111 711 38 193 0.7 1 95 INTERCARS CAR 114.0 0.06 10.49 4 961 14 121 21.1 8 96 POLICE PCE 113.7 0.06 14.55 43 834 87 384 97 URSUS URS 111.3 0.06 246.73 202 109 167 693 15.2 4 98 APATOR APT 108.2 0.06 18.21 17 532 35 244 13.7 12 99 DUDA DUD 104.9 0.06 60.51 675 531 133 1 071 100 CITYINTER CIA 103.0 0.05 32.40 16 461 74 449 101 SYGNITY SGN 100.8 0.05 51.54 23 154 82 431 5.7 11 102 COMP CMP 92.0 0.05 24.04 5 715 13 130 103 ORZBIALY OBL 87.9 0.05 23.32 15 550 17 122 104 KETY KTY 87.6 0.05 8.97 2 859 20 168 14.1 6 105 GRAJEWO GRJ 87.1 0.05 15.94 30 908 59 242 2.1 14 106 AMICA AMC 86.0 0.05 33.14 7 729 37 271 0.3 2 107 MNI MNI 83.9 0.04 47.30 166 123 57 429 11.7 13 108 MILKILAND MLK 82.9 0.04 16.16 20 249 34 182 0.1 1 109 BENEFIT BFT 80.6 0.04 23.54 2 039 5 32 8.0 18 110 WAWEL WWL 76.8 0.04 8.40 504 15 148 0.1 1 111 JWCONSTR JWC 76.4 0.04 29.18 62 456 75 394 0.9 2 112 MIRBUD MRB 76.3 0.04 76.66 230 912 118 446 113 COMARCH CMR 73.4 0.04 17.82 4 489 21 181 0.4 1 114 SWIECIE MSC 73.0 0.04 29.26 6 874 20 100 0.3 3 115 ZELMER ZLR 70.4 0.04 13.91 8 450 22 142 0.4 1 116 AGROTON AGT 69.9 0.04 24.92 21 288 60 296 0.6 2 117 BZWBK BZW 69.1 0.04 0.41 1 206 17 205 118 PELION PEL 67.5 0.04 21.53 8 520 14 126 3.3 5 119 KOGENERA KGN 64.8 0.03 5.91 3 326 13 105 2.8 7 120 VISTULA VST 63.7 0.03 56.26 251 709 91 490 2.0 1

30 WSE Main List

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share in Annual Average Average Average Turnover Number of value turnover turnover volume per number of number of value transactions ratio session transactions orders per per session session (PLN million) (%) (%) shares (PLN million) 121 PCGUARD PCG 63.5 0.03 195.33 197 871 116 628 13.2 38 122 IMPEL IPL 61.1 0.03 47.74 9 112 24 142 0.4 2 123 WASKO WAS 59.2 0.03 26.35 96 496 101 579 124 SOBIESKI BVD 58.5 0.03 11.21 1 130 62 665 125 LCCORP LCC 56.3 0.03 10.66 190 034 53 406 0.5 1 126 OVOSTAR OVO 55.9 0.03 10.14 2 443 20 124 127 STALPROD STP 55.6 0.03 7.52 1 048 16 171 6.2 4 128 MENNICA MNC 54.6 0.03 0.97 12 600 27 206 3.5 3 129 COALENERG CLE 54.1 0.03 21.72 9 815 16 77 130 STAPORKOW ZUK 53.5 0.03 47.38 7 907 36 145 2.9 13 131 SECOGROUP SWG 53.3 0.03 16.31 6 799 4 44 0.4 2 132 BARLINEK BRK 53.3 0.03 26.76 191 197 83 449 0.1 1 133 ALTERCO ALT 53.1 0.03 841.76 73 942 126 488 1.1 6 134 08OCTAVA 08N 52.0 0.03 113.10 172 193 52 221 124.6 11 135 FORTUNA FEG 51.3 0.03 6.57 13 195 11 347 1.8 4 136 IGROUP IGR 51.1 0.03 346.52 558 122 90 452 1.9 14 137 NEUCA NEU 50.5 0.03 14.02 2 381 15 104 2.2 3 138 MONNARI MON 50.3 0.03 178.07 174 720 101 489 139 KRKA KRK 49.8 0.03 0.71 1 403 0 3 140 LENTEX LTX 49.7 0.03 16.93 40 857 37 141 2.0 6 141 ZPUE PUE 49.5 0.03 50.38 1 124 10 107 40.3 6 142 STALEXP STX 49.5 0.03 33.70 162 128 45 459 15.8 3 143 COLIAN COL 49.3 0.03 21.41 87 799 47 338 18.8 18 144 ACTION ACT 48.7 0.03 15.80 9 301 17 114 5.1 22 145 WESTAISIC WES 48.6 0.03 377.16 167 122 100 520 146 GRAAL GRL 46.9 0.03 65.87 19 149 72 358 4.8 5 147 FERRUM FER 46.6 0.02 24.41 18 867 28 218 13.4 16 148 SILVANO SFG 46.4 0.02 9.33 14 376 12 73 1.5 3 149 PLAZACNTR PLZ 46.3 0.02 7.41 84 853 22 143 1.2 2 150 IDEON IDE 43.8 0.02 70.94 978 600 63 1 416

31 Fact Book 2013

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share in Annual Average Average Average Turnover Number of value turnover turnover volume per number of number of value transactions ratio session transactions orders per per session session (PLN million) (%) (%) shares (PLN million) 151 LUBAWA LBW 43.3 0.02 51.12 220 503 72 576 0.8 4 152 HYGIENIKA HGN 43.1 0.02 178.79 143 121 66 355 10.6 7 153 MERCOR MCR 43.0 0.02 22.82 14 141 26 185 0.8 1 154 ATM ATM 43.0 0.02 15.13 22 076 18 87 155 KREDYTIN KRI 42.7 0.02 24.95 12 861 14 106 0.4 1 156 BBIDEVNFI BBD 42.6 0.02 34.76 502 016 50 416 19.3 22 157 DOMDEV DOM 42.2 0.02 5.33 5 278 17 111 158 ZASTAL ZST 42.1 0.02 121.82 103 958 72 347 4.6 8 159 SANOK SNK 41.8 0.02 10.17 10 758 19 101 160 COGNOR COG 41.6 0.02 22.94 59 425 57 322 1.0 3 161 MOSTALZAB MSZ 41.5 0.02 45.30 132 862 56 506 39.5 28 162 RELPOL RLP 41.1 0.02 96.32 25 323 44 251 16.6 13 163 RUBICON RBC 40.5 0.02 162.79 502 489 76 352 1.7 4 164 KSGAGRO KSG 40.2 0.02 16.51 9 896 19 167 165 ABPL ABE 38.5 0.02 15.46 7 394 5 54 0.4 1 166 MOSTALWAR MSW 38.0 0.02 13.12 10 539 24 189 167 GROCLIN GCN 37.0 0.02 59.68 12 266 65 503 168 DEBICA DBC 36.8 0.02 14.74 2 627 11 121 75.9 2 169 KOMPUTRON KOM 36.0 0.02 71.59 23 624 75 384 170 ABMSOLID ABM 35.9 0.02 611.31 80 465 79 341 0.2 1 171 ACE ACE 35.2 0.02 28.67 24 135 20 127 0.4 3 172 HERKULES HRS 35.2 0.02 202.32 352 733 48 541 173 REGNON REG 34.8 0.02 192.45 1 333 107 58 928 174 MIRACULUM MIR 33.3 0.02 132.00 415 552 58 469 0.2 1 175 ENERGOINS ENI 32.9 0.02 18.81 12 825 17 223 1.8 1 176 IMCOMPANY IMC 31.7 0.02 8.13 10 217 20 124 177 EKO EKO 30.9 0.02 112.42 26 335 21 126 2.7 13 178 IZOSTAL IZS 30.2 0.02 12.04 15 661 16 122 0.3 2 179 BBIZENNFI BBZ 30.2 0.02 78.08 380 285 83 457 5.0 3 180 ATMGRUPA ATG 30.1 0.02 45.90 108 125 56 334 2.0 1

32 WSE Main List

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share in Annual Average Average Average Turnover Number of value turnover turnover volume per number of number of value transactions ratio session transactions orders per per session session (PLN million) (%) (%) shares (PLN million) 181 ELBUDOWA ELB 29.9 0.02 6.02 1 149 5 70 182 MAGELLAN MAG 29.6 0.02 10.64 2 724 11 75 0.6 1 183 BOS BOS 29.5 0.02 5.03 3 969 21 241 184 WIELTON WLT 28.8 0.02 13.72 33 262 35 173 185 MOSTALEXP MSX 28.6 0.02 127.23 216 543 50 405 1.0 6 186 ASBIS ASB 28.1 0.01 21.14 45 884 26 138 0.5 1 187 FORTE FTE 28.1 0.01 11.08 10 211 14 110 0.7 1 188 JAGO JAG 27.8 0.01 324.77 731 607 68 480 189 MIT MIT 27.5 0.01 34.57 191 120 45 358 1.2 3 190 ABCDATA ABC 26.9 0.01 9.34 46 733 38 299 191 ELKOP EKP 25.8 0.01 104.34 407 075 45 446 192 APLISENS APN 25.7 0.01 18.36 9 508 13 69 193 MIESZKO MSO 25.2 0.01 16.09 26 010 25 166 0.4 1 194 FARMACOL FCL 24.9 0.01 4.77 4 093 9 89 195 FERRO FRO 24.4 0.01 15.89 13 315 8 54 0.3 1 196 STALPROFI STF 24.4 0.01 10.77 5 842 12 76 197 ZETKAMA ZKA 24.3 0.01 32.19 2 726 24 171 30.6 18 198 EMCINSMED EMC 24.2 0.01 37.71 8 591 15 90 1.2 5 199 NOWAGALA CNG 24.0 0.01 23.87 46 634 13 84 3.9 9 200 IPOPEMA IPE 23.7 0.01 11.00 13 067 11 84 0.1 1 201 REDAN RDN 23.4 0.01 67.39 46 338 45 262 8.3 11 202 OTMUCHOW OTM 23.4 0.01 19.69 10 081 15 125 203 SFINKS SFS 22.7 0.01 96.55 59 821 43 259 7.2 6 204 BLACKLION BLI 22.6 0.01 17.17 82 548 45 234 0.1 1 205 CHEMOS CHS 22.1 0.01 64.13 349 052 41 566 206 ENERGOPLD EPD 22.1 0.01 87.81 195 778 55 319 10.7 12 207 OPONEO.PL OPN 21.6 0.01 18.88 10 030 16 131 1.1 3 208 AMBRA AMB 21.5 0.01 18.35 13 136 14 149 209 TESGAS TSG 20.9 0.01 72.55 18 456 20 195 0.1 1 210 PAGED PGD 20.8 0.01 44.69 6 798 15 116 25.1 15

33 Fact Book 2013

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share in Annual Average Average Average Turnover Number of value turnover turnover volume per number of number of value transactions ratio session transactions orders per per session session (PLN million) (%) (%) shares (PLN million) 211 KINOPOL KPL 20.5 0.01 21.08 9 003 16 99 5.9 5 212 RADPOL RDL 20.4 0.01 10.28 9 391 15 155 2.5 16 213 SOLAR SOL 20.4 0.01 7.00 11 168 15 102 2.0 2 214 FASING FSG 19.7 0.01 42.83 3 231 25 126 10.6 8 215 ACAUTOGAZ ACG 19.7 0.01 9.32 3 452 11 76 0.3 1 216 PEPEES PPS 19.2 0.01 31.71 84 763 32 225 3.4 4 217 ATREM ATR 19.2 0.01 76.89 14 125 22 206 218 AVIASG ASG 19.1 0.01 8.64 2 044 18 120 219 ZAMET ZMT 19.0 0.01 9.00 34 014 25 123 0.4 1 220 QUMAKSEK QSM 18.3 0.01 19.11 7 964 11 102 221 ENERGOPOL EPL 18.3 0.01 25.20 10 600 21 219 0.4 3 222 PROTEKTOR PRT 18.2 0.01 30.02 19 780 18 150 2.5 2 223 NOVITA NVT 18.0 0.01 38.67 3 338 16 156 3.6 4 224 ORCOGROUP OPG 17.8 0.01 8.17 5 595 31 1 691 225 VANTAGE VTG 17.6 0.01 21.35 62 989 36 162 0.2 1 226 ARMATURA ARM 17.5 0.01 14.75 47 549 38 233 227 ZYWIEC ZWC 17.1 0.01 0.34 140 16 170 0.1 1 228 4FUNMEDIA 4FM 16.7 0.01 32.13 3 707 11 71 5.5 8 229 PBSFINANSE PBF 16.7 0.01 35.67 123 454 36 210 4.2 7 230 SNIEZKA SKA 16.6 0.01 11.17 2 106 7 66 231 IQP IQP 16.5 0.01 60.95 45 832 37 240 6.1 1 232 UNIBEP UNI 16.2 0.01 9.48 12 692 14 85 0.3 1 233 KANIA KAN 16.0 0.01 18.15 38 211 28 161 0.6 3 234 PLASTBOX PLX 16.0 0.01 11.01 18 020 12 84 2.2 4 235 INTERSPPL IPO 15.8 0.01 70.15 20 471 35 184 236 HYDROTOR HDR 15.8 0.01 29.74 2 346 11 89 0.4 1 237 BERLING BRG 15.7 0.01 18.13 12 310 6 89 0.4 2 238 06MAGNA 06N 15.5 0.01 77.30 180 555 46 399 7.1 7 239 TIM TIM 15.3 0.01 11.26 9 953 9 108 240 ARCTIC ATC 15.3 0.01 4.61 10 246 18 199

34 WSE Main List

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share in Annual Average Average Average Turnover Number of value turnover turnover volume per number of number of value transactions ratio session transactions orders per per session session (PLN million) (%) (%) shares (PLN million) 241 ZREMB ZRE 15.1 0.01 138.25 185 930 40 381 0.1 1 242 GINOROSSI GRI 14.8 0.01 37.02 49 006 19 159 0.3 1 243 BIPROMET BPM 14.3 0.01 33.97 8 457 15 92 244 LENA LEN 14.3 0.01 31.50 23 255 16 101 4.3 7 245 WORKSERV WSE 14.1 0.01 19.06 17 475 18 75 27.4 9 246 ERG ERG 14.0 0.01 61.50 106 966 31 311 247 BUDOPOL BDL 13.9 0.01 62.02 129 521 40 422 248 K2INTERNT K2I 13.8 0.01 45.96 3 745 16 132 1.2 4 249 WARIMPEX WXF 13.8 0.01 7.14 15 126 12 165 0.3 1 250 LSTCAPITA LST 13.7 0.01 55.07 91 858 25 143 0.8 4 251 JHMDEV JHM 13.7 0.01 31.89 160 082 33 149 252 INSTALKRK INK 13.5 0.01 16.81 3 647 14 96 1.5 1 253 CAPITAL CPA 13.5 0.01 56.72 36 063 26 234 5.4 13 254 SWISSMED SWD 13.3 0.01 38.66 81 434 34 362 255 ALMA ALM 13.0 0.01 10.43 1 648 19 172 3.4 6 256 ELEKTROTI ELT 12.9 0.01 15.38 6 150 12 87 257 PANOVA NVA 12.1 0.01 10.42 2 426 10 55 258 ASSECOBS ABS 11.9 0.01 3.63 4 865 8 74 259 MWTRADE MWT 11.9 0.01 16.13 5 172 23 172 0.6 4 260 KOELNER KLR 11.8 0.01 3.43 4 483 13 84 262 KRUSZWICA KSW 11.6 0.01 2.18 1 484 17 124 261 PGODLEW PGO 11.6 0.01 6.33 24 494 15 86 263 POLAQUA PQA 11.4 0.01 7.38 8 147 19 121 264 PBOANIOLA PBO 11.3 0.01 105.82 14 457 32 213 0.4 4 265 ASSECOSLO ACS 11.2 0.01 2.58 2 211 2 24 266 ADVGRUPA ADV 11.0 0.01 50.73 3 766 14 86 23.0 17 267 ZUE ZUE 11.0 0.01 6.95 6 139 6 57 268 ASSECOSEE ASE 10.9 0.01 7.82 5 563 5 62 21.7 11 269 ERGIS EEF 10.6 0.01 11.51 18 223 11 82 270 NTTSYSTEM NTT 10.6 0.01 24.82 53 203 33 214 0.3 3

35 Fact Book 2013

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share in Annual Average Average Average Turnover Number of value turnover turnover volume per number of number of value transactions ratio session transactions orders per per session session (PLN million) (%) (%) shares (PLN million) 271 BBICAPNFI BBC 10.5 0.01 52.88 47 476 38 199 12.6 10 272 IDEATFI IDA 10.4 0.01 55.13 15 713 18 94 9.8 24 273 MEDIATEL MTL 10.3 0.01 71.60 24 429 16 94 1.9 4 274 SELENAFM SEL 10.2 0.01 8.12 6 137 8 60 275 ONE2ONE O2O 10.1 0.01 184.02 51 802 32 228 276 PEKAES PEK 10.0 0.01 13.11 6 492 12 159 277 ADVADIS ADS 9.9 0.01 76.64 571 178 25 677 0.6 1 278 NOVAKBM KBM 9.9 0.01 4.56 6 514 6 56 1.2 5 279 PROCHNIK PRC 9.9 0.01 32.99 162 265 23 328 280 ERBUD ERB 9.9 0.01 5.41 2 745 12 100 281 INVESTCON INC 9.7 0.01 53.59 35 856 23 124 9.2 15 282 POINTGROUP PGM 9.6 0.01 43.97 183 277 25 171 283 JUPITER JPR 9.6 0.01 19.38 40 583 45 285 284 HUTMEN HTM 9.5 0.01 11.08 10 775 19 214 0.6 4 285 ODLEWNIE ODL 9.4 0.01 21.00 17 425 21 185 286 FOTA FOT 9.3 0.00 18.54 5 800 22 122 287 MAKRUM MKM 9.3 0.00 18.68 31 273 15 109 288 PROJPRZEM PJP 9.1 0.00 23.71 5 211 15 99 289 BUMECH BMC 9.0 0.00 34.23 4 054 13 94 7.0 3.0 290 SANWIL SNW 9.0 0.00 46.53 93 656 24 326 291 CENTKLIMA CKL 9.0 0.00 52.63 2 835 6 39 292 PROCHEM PRM 8.9 0.00 18.25 2 794 18 94 0.1 1 293 PRAGMAINK PRI 8.6 0.00 15.61 1 905 12 56 294 COMPLEX CMX 8.6 0.00 20.21 20 695 19 118 295 KRAKCHEM KCH 8.5 0.00 22.76 7 114 18 145 2.6 3 297 EUCO EUC 8.5 0.00 13.17 2 960 18 132 296 RAINBOW RBW 8.5 0.00 33.57 9 960 8 83 0.1 1 298 EUIMPLANT EUI 8.5 0.00 74.48 229 266 23 259 299 RONSON RON 8.3 0.00 3.20 35 015 11 122 300 CAMMEDIA CAM 8.3 0.00 56.85 9 782 5 31

36 WSE Main List

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share in Annual Average Average Average Turnover Number of value turnover turnover volume per number of number of value transactions ratio session transactions orders per per session session (PLN million) (%) (%) shares (PLN million) 301 BSCDRUK BSC 8.2 0.00 8.94 2 112 4 31 5.0 8 302 VINDEXUS VIN 8.2 0.00 31.75 7 749 13 82 7.4 16 303 INTAKUS ITK 8.1 0.00 166.74 97 097 23 138 304 ATMSI ASI 8.0 0.00 15.46 37 688 9 55 305 DECORA DCR 8.0 0.00 9.60 4 357 9 78 306 ROPCZYCE RPC 7.9 0.00 10.87 2 010 19 131 307 PEGAS PGS 7.8 0.00 1.06 394 2 184 308 DUON DUO 7.6 0.00 13.04 45 852 19 183 0.4 2 309 LIBET LBT 7.4 0.00 4.14 8 308 9 116 310 POZBUD POZ 7.3 0.00 11.26 8 814 18 124 311 DROZAPOL DPL 7.2 0.00 30.75 22 221 16 182 312 ENELMED ENE 7.1 0.00 8.11 7 679 13 96 313 KCI KCI 7.0 0.00 36.79 45 822 20 218 0.6 2 314 MOSTALPLC MSP 7.0 0.00 22.81 1 752 15 112 315 FAM FAM 6.9 0.00 20.34 21 753 14 185 1.5 8 316 ARTERIA ARR 6.9 0.00 13.73 2 161 6 53 0.4 1 317 TELL TEL 6.9 0.00 25.72 2 866 10 97 318 MARVIPOL MVP 6.8 0.00 5.73 2 994 10 88 13.4 4 319 ESSYSTEM ESS 6.8 0.00 7.08 12 183 5 47 320 EDINVEST EDI 6.8 0.00 14.67 6 005 5 48 1.6 8 321 GETINOBLE1 GNB1 6.7 0.00 0.37 13 942 22 160 9.1 4 322 REINHOLD RHD 6.7 0.00 101.97 24 980 23 175 323 NETMEDIA NEM 6.6 0.00 12.78 6 237 6 70 326 DROP DRP 6.5 0.00 10.78 2 539 7 58 324 ULMA ULM 6.5 0.00 2.63 451 4 50 325 YAWAL YWL 6.5 0.00 31.28 4 748 18 114 327 PRESCO PRE 6.3 0.00 4.09 3 238 17 84 328 HYPERION HYP 6.3 0.00 30.68 9 904 6 76 4.0 7 329 DGA DGA 6.1 0.00 40.92 13 412 15 186 330 DRAGOWSKI ADD 6.0 0.00 91.45 35 919 16 195

37 Fact Book 2013

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share in Annual Average Average Average Turnover Number of value turnover turnover volume per number of number of value transactions ratio session transactions orders per per session session (PLN million) (%) (%) shares (PLN million) 331 ARCUS ARC 6.0 0.00 25.31 7 517 13 84 332 BAKALLAND BAK 5.9 0.00 9.57 7 494 11 122 0.1 1 333 ROBYG ROB 5.9 0.00 6.63 16 814 12 91 14.2 2 334 DMWDM WDM 5.7 0.00 17.12 56 739 12 148 336 BETACOM BCM 5.7 0.00 47.17 3 827 12 97 335 HARPER HRP 5.7 0.00 5.24 12 214 12 64 337 PTI PTI 5.5 0.00 3.69 1 641 13 80 0.9 1 338 WILBO WLB 5.5 0.00 105.75 40 446 15 166 339 NORTCOAST NCT 5.4 0.00 55.56 49 088 18 143 340 TFONE TFO 5.4 0.00 36.38 11 848 20 134 341 EUROTEL ETL 5.4 0.00 9.29 1 398 7 52 342 SKYLINE SKL 5.2 0.00 24.79 8 728 20 93 0.4 3 343 DELKO DEL 5.1 0.00 32.09 5 539 10 90 1.7 4 344 CASHFLOW CFL 5.1 0.00 73.20 7 349 17 142 345 ENAP ENP 4.9 0.00 26.79 21 726 12 114 346 QUERCUS QRS 4.8 0.00 5.42 8 374 8 56 0.6 1 347 WIKANA WIK 4.7 0.00 1.01 34 293 17 230 348 BMPAG BMP 4.7 0.00 8.90 6 723 10 84 349 REMAK RMK 4.6 0.00 6.12 737 12 103 350 VOXEL VOX 4.6 0.00 4.10 5 800 28 108 0.3 1 351 CCENERGY CCE 4.5 0.00 34.53 73 921 15 314 352 KREC KRC 4.5 0.00 9.93 5 937 6 59 353 IVMX IMX 4.5 0.00 6.86 3 261 9 53 354 POLNA PLA 4.3 0.00 47.69 1 572 9 107 0.3 1 355 PATENTUS PAT 4.3 0.00 21.87 9 992 11 91 356 HELIO HEL 4.3 0.00 13.16 2 423 9 104 0.2 1 357 LIBRA LBC 4.2 0.00 55.23 7 172 9 76 9.9 13 358 LSISOFT LSI 4.1 0.00 60.36 5 369 11 97 359 NOKAUT NOK 4.1 0.00 5.78 2 164 14 78 360 INTROL INL 4.0 0.00 6.58 3 967 11 79

38 WSE Main List

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share in Annual Average Average Average Turnover Number of value turnover turnover volume per number of number of value transactions ratio session transactions orders per per session session (PLN million) (%) (%) shares (PLN million) 361 OPTEAM OPM 4.0 0.00 23.46 5 488 6 60 1.3 6 362 IZOLACJA IZO 3.9 0.00 1.22 16 812 17 167 363 BYTOM BTM 3.8 0.00 20.08 41 056 13 159 364 TUP TUP 3.8 0.00 9.37 5 120 16 181 365 TRANSPOL TRN 3.8 0.00 14.07 1 865 2 20 0.2 1 366 MAKARONPL MAK 3.5 0.00 14.02 5 207 11 82 367 VOTUM VOT 3.5 0.00 9.34 3 296 12 76 1.2 2 368 PCCINTER PCI 3.4 0.00 2.52 4 448 6 32 369 KOMPAP KMP 3.4 0.00 11.38 2 018 10 81 0.2 1 370 ELZAB ELZ 3.4 0.00 32.39 9 803 6 73 371 PROCAD PRD 3.2 0.00 28.69 10 392 13 120 372 ATLANTAPL ATP 3.1 0.00 7.62 1 817 11 60 0.1 1 373 POLCOLORIT PLT 3.0 0.00 17.66 67 454 9 246 375 SONEL SON 2.9 0.00 3.94 2 176 4 37 374 WANDALEX WDX 2.9 0.00 25.36 7 445 12 102 376 INTERAOLT IRL 2.9 0.00 0.55 18 243 40 75 377 PWRMEDIA PWM 2.9 0.00 74.47 11 077 7 83 0.2 2 378 SIMPLE SME 2.8 0.00 30.32 1 685 8 73 2.8 7 379 ATLASEST ATL 2.8 0.00 6.60 6 713 5 48 3.5 4 380 B3SYSTEM B3S 2.8 0.00 27.08 14 078 10 106 0.1 1 381 POLMED POM 2.8 0.00 7.06 6 014 13 70 382 AWBUD AWB 2.8 0.00 20.38 14 194 10 87 19.4 7 383 PRAGMAFA PRF 2.8 0.00 9.71 670 11 85 1.0 2 384 SKOK SKO 2.7 0.00 2.01 3 561 13 131 385 SUWARY SUW 2.7 0.00 7.08 710 5 53 2.3 2 386 INTERBUD ITB 2.5 0.00 25.51 2 120 11 69 0.4 2 387 KBDOM KBD 2.5 0.00 39.29 56 729 10 243 388 MEWA MEW 2.5 0.00 30.55 35 509 11 188 389 MCLOGIC MCL 2.4 0.00 4.02 300 2 44 390 TOYA TOA 2.4 0.00 1.20 3 603 3 27

39 Fact Book 2013

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share in Annual Average Average Average Turnover Number of value turnover turnover volume per number of number of value transactions ratio session transactions orders per per session session (PLN million) (%) (%) shares (PLN million) 391 EUROMARK EMK 2.4 0.00 53.29 26 151 7 68 392 WADEX WAX 2.3 0.00 15.66 1 200 13 63 393 OLYMPIC OEG 2.2 0.00 0.26 1 608 1 18 395 PERMEDIA PMD 2.1 0.00 19.55 1 194 6 99 0.5 1 394 VARIANT VRT 2.1 0.00 61.95 5 238 12 110 1.9 7 396 INTERFERI INF 2.1 0.00 11.64 1 725 2 36 0.9 2 397 WISTIL WST 2.0 0.00 9.39 377 3 44 398 PCCEXOL PCX 2.0 0.00 1.43 7 819 23 87 399 WOJAS WOJ 1.8 0.00 12.01 1 816 7 68 3.1 2 400 BEDZIN BDZ 1.8 0.00 2.22 281 2 37 401 DREWEX DRE 1.8 0.00 61.16 19 711 7 91 402 FASTFIN FFI 1.8 0.00 7.34 16 217 13 122 403 KONSSTALI KST 1.8 0.00 0.81 192 3 47 404 PAMAPOL PMP 1.7 0.00 2.78 2 587 5 68 405 MUZA MZA 1.6 0.00 15.77 1 469 10 132 0.3 3 406 TRITON TRI 1.5 0.00 27.78 3 281 8 96 11.8 18 407 SEKO SEK 1.5 0.00 19.98 1 725 5 64 408 TRAVELPL TVL 1.5 0.00 8.86 843 5 80 409 EFEKT EFK 1.3 0.00 13.99 638 5 60 0.4 1 410 INDYKPOL IND 1.3 0.00 1.39 124 2 39 411 AGROWILL AWG 1.2 0.00 2.01 6 855 4 35 412 TALEX TLX 1.2 0.00 17.48 722 13 43 0.2 1 413 BOWIM BOW 1.1 0.00 45.32 646 7 53 31.5 7 414 AMPLI APL 1.1 0.00 28.68 2 228 3 83 0.2 2 415 PRIMAMODA PMA 1.1 0.00 12.46 801 11 122 416 TERESA TER 1.0 0.00 6.56 298 2 21 0.3 1 417 MOBRUK MBR 1.0 0.00 4.59 96 1 17 418 GREMISLTN GRS 1.0 0.00 9.34 1 356 4 81 419 UNIMA U2K 1.0 0.00 17.81 1 180 11 113 420 INPRO INP 1.0 0.00 0.68 1 101 6 44

40 WSE Main List

41 Fact Book 2013

Shares with highest daily turnover in 2012

Turnover Turnover Turnover Turnover Date Date No. Shares value volume No. Shares value volume (dd.mm) (dd.mm) (PLN million) (shares) (PLN million) (shares) 1 TPSA 17.10 528.06 39 409 994 38 EUROCASH 31.05 217.04 5 639 718 2 PKOBP 31.08 509.07 14 365 713 39 KGHM 06.03 212.88 1 499 641 3 KGHM 01.08 480.23 3 764 655 40 KGHM 01.02 212.77 1 487 560 4 KGHM 12.01 434.68 3 572 738 41 KGHM 28.03 212.45 1 473 223 5 KGHM 27.07 425.40 3 469 135 42 PZU 06.09 212.40 609 523 6 KGHM 14.09 414.14 2 724 229 43 KGHM 10.05 209.97 1 615 998 7 KGHM 03.07 406.82 2 722 979 44 PGE 16.08 209.41 10 256 375 8 KGHM 17.07 340.74 2 901 727 45 PZU 21.12 206.61 481 510 9 KGHM 12.07 328.47 2 765 252 46 KGHM 09.08 202.26 1 567 938 10 KGHM 28.06 327.98 2 280 352 47 PKOBP 31.01 202.14 5 790 109 11 PZU 15.06 322.93 993 896 48 PKOBP 04.12 201.99 5 737 213 12 PKOBP 18.07 313.27 9 586 619 49 KGHM 17.05 201.82 1 662 830 13 KGHM 27.11 299.93 1 666 798 50 KGHM 14.11 201.49 1 193 513 14 PGE 23.02 285.58 14 790 807 51 KGHM 30.07 200.21 1 575 687 15 PKOBP 19.07 284.47 8 628 358 52 KGHM 26.01 199.68 1 515 052 16 KGHM 21.12 277.17 1 478 638 53 PKOBP 26.01 199.02 5 677 511 17 PEKAO 07.12 273.40 1 665 478 54 KGHM 16.03 196.43 1 282 721 18 KGHM 14.03 266.12 1 733 354 55 KGHM 19.11 195.07 1 110 649 19 KGHM 15.06 262.58 1 825 519 56 KGHM 25.07 195.05 1 714 199 20 KGHM 07.03 261.99 1 852 175 57 KGHM 28.11 193.21 1 107 841 21 PKOBP 19.01 259.63 7 869 179 58 PZU 15.02 192.58 565 999 22 PZU 19.03 256.88 770 509 59 PKOBP 20.07 190.87 5 910 490 23 PKNORLEN 19.10 252.72 5 857 552 60 KGHM 30.03 190.61 1 337 082 24 KGHM 30.05 250.32 2 018 812 61 PZU 20.12 190.45 438 269 25 KGHM 11.07 249.77 1 723 436 62 KGHM 12.12 190.42 1 016 843 26 KGHM 29.02 247.51 1 646 761 63 KGHM 27.06 187.60 1 267 838 27 TPSA 17.12 243.91 20 315 931 64 KGHM 07.09 187.40 1 341 732 28 KGHM 10.07 241.09 1 644 432 65 KGHM 31.01 187.19 1 339 130 29 KGHM 05.07 239.34 1 569 802 66 KGHM 24.02 187.00 1 313 744 30 PZU 22.08 238.32 673 257 67 PGE 14.08 186.97 9 276 218 31 PKOBP 22.02 232.13 6 580 737 68 ALIOR 14.12 184.35 3 035 630 32 PKNORLEN 18.10 230.22 5 187 058 69 TPSA 18.10 184.24 13 599 089 33 KGHM 19.06 227.17 1 541 836 70 PEKAO 18.07 183.13 1 291 731 34 KGHM 08.06 226.27 1 708 370 71 PEKAO 26.01 182.56 1 174 706 35 KGHM 19.01 224.18 1 757 703 72 PKOBP 26.04 180.97 5 578 483 36 PEKAO 15.06 223.04 1 576 337 73 TPSA 15.06 180.11 10 502 344 37 PGNIG 06.11 222.28 50 804 259 74 PKOBP 15.06 179.92 5 465 940

42 WSE Main List

Shares with highest daily turnover in 2012 (contd.)

Turnover Turnover Turnover Turnover Date Date No. Shares value volume No. Shares value volume (dd.mm) (dd.mm) (PLN million) (shares) (PLN million) (shares) 75 PZU 20.08 178.53 497 233 88 KGHM 05.12 170.63 930 440 76 KGHM 18.06 178.41 1 236 481 89 KGHM 20.06 170.36 1 152 627 77 PZU 24.08 177.10 491 719 90 KGHM 04.04 169.73 1 199 077 78 KGHM 29.06 176.83 1 220 911 91 KGHM 24.05 166.45 1 410 284 79 KGHM 28.09 176.01 1 158 264 92 KGHM 10.02 166.34 1 207 750 80 KGHM 31.05 175.97 1 385 224 93 KGHM 08.05 166.21 1 262 363 81 PGE 24.02 175.17 8 884 191 94 PKOBP 21.12 166.05 4 536 568 82 PKOBP 16.03 173.65 4 961 454 95 KGHM 09.03 165.43 1 127 277 83 TPSA 18.06 173.63 10 080 008 96 KGHM 05.03 165.19 1 113 203 84 PKOBP 24.02 173.39 5 083 373 97 KGHM 06.07 164.76 1 096 794 85 KGHM 24.09 173.29 1 147 860 98 KGHM 12.06 164.69 1 181 044 86 PKOBP 21.09 171.64 4 654 409 99 KGHM 12.09 163.88 1 135 063 87 PZU 09.02 171.37 499 610 100 KGHM 13.12 163.76 869 039

Shares by return in 2012

No. Company Rate of return since Price year-beginning (%) low high end (PLN) (EUR) (PLN) (PLN) (PLN) 1 URSUS 419.92 463.65 0.66 4.89 3.46 2 KREZUS 206.67 232.44 5.81 19.74 18.40 3 KINOPOL 173.12 196.07 5.50 13.80 13.55 4 GRAAL 171.82 194.67 5.37 15.60 14.95 5 ENERGOINS 137.32 157.25 6.00 14.50 14.50 6 LPP 131.22 150.64 1 952.00 4 890.00 4 550.00 7 GRAJEWO 130.30 149.64 5.22 15.10 13.15 8 ZPUE 129.42 148.69 112.90 257.00 247.90 9 EMCINSMED 124.96 143.87 6.81 16.60 15.95 10 INTERSPPL 118.52 136.83 1.34 4.56 2.95 11 KGHM 113.40 131.33 109.60 194.80 190.00 12 AVIASG 111.64 129.42 24.51 60.00 60.00 13 ERGIS 111.39 129.16 1.32 3.43 3.34 14 WISTIL 111.11 128.85 5.94 33.02 11.40 15 IMCOMPANY 109.35 126.94 7.70 17.35 16.35 16 NFIEMF 107.87 125.33 8.02 16.66 16.65 17 MENNICA 106.56 123.92 10.62 24.60 22.66 18 APLISENS 97.96 114.59 7.41 14.59 14.49

43 Fact Book 2013

Shares by return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) low high end (PLN) (EUR) (PLN) (PLN) (PLN) 19 WIELTON 97.84 114.48 2.26 4.90 4.25 20 AZOTYTARNOW 97.80 114.42 25.25 54.00 53.90 21 ASBIS 96.48 112.98 1.37 3.00 2.88 22 BEST 92.15 108.30 11.25 36.50 24.00 23 PCCEXOL 89.57 105.51 2.01 4.50 4.00 24 APATOR 88.87 104.74 17.61 32.69 32.63 25 OTMUCHOW 87.39 103.13 5.70 11.00 10.70 26 BERLING 86.31 101.96 3.28 6.79 6.60 27 EKOEXPORT 83.74 99.17 8.00 24.95 14.85 28 GREENECO 83.33 98.72 0.56 3.56 1.65 29 PULAWY 82.51 97.84 81.00 144.80 137.50 30 RELPOL 81.86 97.14 4.50 9.20 8.06 31 LOTOS 76.82 91.68 21.30 43.78 41.20 32 SNIEZKA 76.46 91.28 22.72 39.75 39.39 33 ZETKAMA 74.25 88.88 23.40 45.45 41.38 34 ATM 73.75 88.34 5.50 10.50 10.39 35 BENEFIT 73.54 88.12 133.00 260.00 230.00 36 AMICA 70.78 85.13 31.31 55.00 54.65 37 PROTEKTOR 70.46 84.77 2.28 4.70 4.04 38 ZAMET 68.57 82.74 1.34 2.94 2.65 39 KREDYTB 68.37 82.51 9.48 16.80 16.50 40 OLYMPIC 67.95 82.06 3.25 6.89 6.55 41 NTTSYSTEM 67.44 81.42 0.44 1.11 0.72 42 MEGARON 66.80 80.81 18.31 38.60 33.50 43 BIOTON 66.67 80.15 0.05 0.13 0.10 44 FAMUR 66.20 80.16 2.71 4.97 4.77 45 WAWEL 66.20 80.16 484.40 804.00 798.00 46 PCGUARD 66.09 80.03 0.72 2.20 1.91 47 AMBRA 64.73 78.57 5.13 8.70 8.09 48 SKOTAN 63.86 77.60 2.44 5.15 4.08 49 MERCOR 63.36 77.07 8.17 16.18 14.80 50 FASING 62.50 76.15 16.10 29.89 26.67 51 INTEGERPL 61.28 74.83 111.10 195.00 184.50 52 KRAKCHEM 60.93 74.45 3.61 6.40 5.90 53 MCI 60.86 74.37 3.75 6.45 6.37 54 CCC 59.85 73.27 45.12 76.70 73.00 55 EKO 59.77 73.19 3.05 7.04 6.95

44 WSE Main List

Shares by return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) low high end (PLN) (EUR) (PLN) (PLN) (PLN) 56 VOXEL 58.77 72.11 14.00 19.81 18.10 57 EDINVEST 58.69 72.02 2.47 5.95 4.00 58 ZELMER 58.17 71.46 25.50 39.33 39.28 59 STAPORKOW 57.75 71.00 13.25 39.00 20.47 60 ODLEWNIE 56.80 69.96 1.21 2.62 1.96 61 SANOK 56.45 69.60 10.47 19.23 18.15 62 BANKBPH 54.23 67.18 30.77 49.50 48.89 63 EUROCASH 53.83 66.75 27.71 49.00 43.70 64 SECOGROUP 53.76 66.68 20.36 39.30 35.21 65 ECHO 53.50 66.38 3.28 5.57 5.05 66 PEP 51.53 64.26 18.15 32.95 28.70 67 ROPCZYCE 50.88 63.55 11.00 20.00 17.20 68 PZU 50.85 63.53 290.10 441.50 437.00 69 YAWAL 50.70 63.37 3.40 7.80 5.35 70 AMREST 50.31 62.94 61.00 99.00 96.20 71 HANDLOWY 49.87 62.46 65.35 102.10 98.30 72 SELENAFM 49.81 62.39 5.12 11.90 7.94 73 KOFOLA 49.30 61.85 16.92 32.00 27.50 74 LENA 48.40 60.89 1.85 3.15 3.00 75 SIMPLE 47.53 59.93 4.80 10.34 7.23 76 WADEX 46.66 58.98 4.90 11.00 10.78 77 PKNORLEN 46.02 58.29 31.44 53.70 49.50 78 PWRMEDIA 45.03 57.23 0.70 1.58 1.30 79 MOSTALPLC 44.83 57.00 10.35 22.84 21.00 80 KETY 44.46 56.60 97.60 151.10 144.90 81 FORTE 44.43 56.56 8.60 12.90 12.90 82 INSTALKRK 44.00 56.09 11.52 17.95 17.15 83 HYGIENIKA 43.18 55.22 0.76 1.59 1.26 84 ROBYG 43.11 55.18 1.04 1.84 1.43 85 ENAP 43.08 55.03 0.65 1.18 0.93 86 NEUCA 42.96 54.97 67.50 100.00 95.50 87 MIESZKO 42.95 54.97 2.96 4.56 4.36 88 FARMACOL 42.94 54.95 19.50 33.83 32.59 89 RESBUD 41.52 53.40 3.33 70.00 5.59 90 HYDROTOR 41.44 53.33 19.84 33.55 26.94 91 VOTUM 41.00 52.85 3.25 5.00 4.64 92 RAINBOW 40.96 52.79 2.25 4.50 4.13

45 Fact Book 2013

Shares by return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) low high end (PLN) (EUR) (PLN) (PLN) (PLN) 93 BBIDEVNFI 40.74 52.70 0.27 0.40 0.38 94 PRESCO 40.54 52.35 5.04 9.90 7.28 95 MONNARI 40.24 51.97 0.71 1.51 1.15 96 NOVITA 40.18 51.95 17.00 24.94 22.60 97 MWTRADE 40.00 51.76 6.70 12.00 9.80 98 EUROTEL 38.84 50.51 11.44 17.99 17.30 99 ELEKTROTI 38.40 50.03 6.50 10.50 8.60 100 GETINOBLE 38.29 49.91 1.32 2.15 1.79 101 IMPEL 36.66 48.14 22.10 31.90 30.74 102 ZASTAL 36.23 47.70 0.69 2.63 1.88 103 ACAUTOGAZ 35.81 47.22 19.00 24.89 24.50 104 VISTULA 35.48 46.87 0.72 1.38 1.08 105 PROJPRZEM 35.38 46.76 4.76 9.83 8.80 106 BOGDANKA 35.15 46.51 103.90 143.00 136.00 107 COMARCH 35.15 46.50 53.90 80.00 73.50 108 OPENFIN 34.95 46.29 9.61 17.00 14.00 109 LCCORP 34.48 45.79 0.85 1.50 1.17 110 4FUNMEDIA 34.33 45.61 13.60 21.25 20.20 111 QUERCUS 34.13 45.42 1.87 2.75 2.46 112 SYNTHOS 33.82 45.06 4.16 6.78 5.41 113 POLNA 33.57 44.79 9.05 13.35 13.09 114 ACE 33.03 44.20 4.16 8.17 5.70 115 OVOSTAR 32.84 44.00 68.00 132.50 89.00 116 BRE 32.52 43.65 239.00 337.00 326.00 117 OPTEAM 32.31 43.42 1.54 4.95 4.30 118 WARIMPEX 32.20 43.31 2.62 4.63 3.90 119 KOGENERA 31.96 43.05 61.00 90.00 86.50 120 KREC 30.77 41.75 2.31 3.84 3.40 121 DUON 30.19 41.08 0.51 0.84 0.69 122 KANIA 29.50 40.39 1.32 2.13 1.80 123 PRAGMAFA 29.32 40.18 12.77 18.31 16.35 124 DREWEX 29.17 40.15 0.19 0.84 0.31 125 SONEL 28.02 38.77 3.99 6.20 4.91 126 PGNIG 27.70 38.43 3.61 5.25 5.21 127 CIECH 27.59 38.30 14.76 23.59 22.20 128 ASSECOBS 27.53 38.25 8.00 11.14 10.75 129 ADVGRUPA 27.50 38.22 8.80 15.50 13.12

46 WSE Main List

Shares by return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) low high end (PLN) (EUR) (PLN) (PLN) (PLN) 130 ACTION 26.72 37.36 17.90 24.10 22.40 131 ASSECOSLO 26.06 36.65 17.03 24.00 19.51 132 KOMPUTRON 26.05 36.64 3.78 10.72 5.37 133 UNICREDIT 25.40 35.94 9.19 30.70 15.69 134 ARCUS 24.76 35.23 2.35 4.23 3.83 135 POLICE 24.52 34.98 7.36 12.50 12.39 136 ARTERIA 24.50 34.96 10.30 14.48 13.43 137 FERRO 23.88 34.29 5.03 9.75 6.20 138 PTI 23.64 34.03 10.20 15.95 15.95 139 PEKAO 23.12 33.46 128.10 173.10 167.50 140 STALPROFI 22.96 33.30 13.10 21.05 16.76 141 RANKPROGR 22.85 33.17 6.60 18.00 11.02 142 EFEKT 22.03 32.28 6.99 10.40 8.60 143 DOMDEV 21.81 32.05 23.00 45.10 34.19 144 CYFRPLSAT 21.56 31.77 12.25 17.67 16.41 145 HAWE 21.02 31.19 2.92 6.54 3.80 146 SUWARY 21.02 31.19 12.50 18.70 17.79 147 WASKO 20.60 30.72 1.88 3.15 2.51 148 DEBICA 20.51 30.63 46.00 62.85 61.00 149 FAM 20.49 30.63 1.03 1.63 1.47 150 LENTEX 19.51 29.55 4.05 5.26 4.90 151 PKOBP 19.46 29.49 30.10 38.50 36.90 152 GREMISLTN 19.00 29.00 2.21 3.59 2.63 153 PROCHEM 17.81 27.71 9.30 17.20 16.14 154 GTC 17.72 27.61 5.13 11.47 9.90 155 CDPROJEKT 17.65 27.53 4.20 7.00 6.20 156 ZUE 17.41 27.28 5.02 8.70 6.54 157 BGZ 17.20 27.05 44.80 72.50 54.85 158 PGODLEW 17.09 26.92 1.39 2.28 1.85 159 PAGED 16.73 26.54 9.11 15.20 15.14 160 IZOSTAL 16.48 26.26 6.50 9.80 7.50 161 GROCLIN 16.47 26.25 7.38 16.70 12.66 162 MILLENNIUM 16.32 26.08 3.14 4.65 4.42 163 INTERFERI 16.26 26.02 3.87 5.29 5.22 164 NETMEDIA 16.22 25.98 3.50 5.01 4.30 165 CAPITAL 16.10 25.82 1.00 2.28 1.37 166 JSW 15.96 25.71 82.15 112.50 92.40

47 Fact Book 2013

Shares by return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) low high end (PLN) (EUR) (PLN) (PLN) (PLN) 167 BSCDRUK 15.93 25.67 13.29 17.50 17.20 168 INGBSK 15.78 25.50 71.50 93.50 91.00 169 STALEXP 15.70 25.40 0.99 1.45 1.40 170 ENERGOPOL 15.62 25.33 4.41 10.33 8.44 171 GPW 14.62 24.25 32.10 43.89 38.87 172 ELBUDOWA 14.47 24.09 84.50 120.00 106.50 173 CASHFLOW 14.35 23.96 1.86 3.85 2.39 174 POZBUD 13.34 22.88 2.43 4.60 3.40 175 ASSECOSEE 13.29 22.80 6.81 9.90 9.20 176 DROP 13.29 22.81 6.85 17.11 9.00 177 KOV 12.93 22.43 1.08 1.93 1.31 178 KRKA 12.38 21.82 181.50 240.00 220.00 179 MAGELLAN 11.84 21.24 36.45 47.90 42.50 180 POLLENAE 11.76 21.15 7.19 10.90 9.50 181 KPPD 11.00 20.33 21.80 29.00 24.31 182 IPOPEMA 10.85 20.16 5.42 10.90 8.89 183 ENELMED 10.81 20.13 2.60 5.02 4.10 184 BZWBK 10.68 19.98 217.70 245.40 241.90 185 QUMAKSEK 10.57 19.85 6.99 12.36 9.31 186 PELION 10.25 19.52 23.01 37.50 30.50 187 BEDZIN 10.22 19.48 24.00 31.50 24.85 188 INTERAOLT 10.22 19.48 25.59 26.65 26.64 189 ALIOR 9.91 19.15 59.50 63.55 62.65 190 TERESA 9.69 18.90 10.91 18.50 13.22 191 ATLASEST 9.27 18.46 1.26 2.30 1.65 192 INTERCARS 9.19 18.36 79.30 110.00 86.00 193 ZEPAK 8.59 17.71 25.30 28.45 28.45 194 EMPERIA 8.42 17.52 37.00 119.90 57.95 195 MARVIPOL 8.38 17.48 6.11 11.00 9.70 196 RAFAKO 7.98 17.05 5.70 11.70 8.39 197 WOJAS 7.89 16.96 3.51 4.88 4.10 198 EXILLON 7.88 16.94 6.10 9.00 7.94 199 ALCHEMIA 7.53 16.56 4.11 6.91 5.00 200 INPRO 7.23 16.23 2.81 4.40 3.23 201 POLMED 6.97 15.93 1.31 2.58 1.83 202 ARMATURA 6.86 15.81 0.99 2.03 1.22 203 TFONE 6.82 15.78 1.13 2.88 1.88

48 WSE Main List

Shares by return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) low high end (PLN) (EUR) (PLN) (PLN) (PLN) 204 BUDIMEX 6.13 15.04 45.37 89.00 70.00 205 BBICAPNFI 5.97 14.90 0.64 1.17 0.71 206 PEPEES 5.95 14.83 0.66 1.07 0.89 207 ASTARTA 5.77 14.66 46.00 74.85 55.00 208 PRAGMAINK 5.71 14.59 15.60 21.50 19.17 209 CALATRAVA 5.56 14.48 0.25 0.53 0.38 210 DECORA 5.02 13.84 4.86 13.00 8.50 211 PEGAS 4.96 13.78 62.30 86.00 77.00 212 AGORA 4.95 13.77 6.35 13.31 10.38 213 INTROL 4.05 12.80 3.35 4.88 4.45 214 ESSYSTEM 4.03 12.78 1.80 3.46 2.50 215 ORBIS 3.86 12.59 34.02 47.99 38.00 216 HUTMEN 3.79 12.51 3.02 4.29 3.29 217 ZREMB 3.70 12.44 0.21 0.45 0.28 218 MILKILAND 3.57 12.27 13.03 21.24 14.50 219 KREDYTIN 3.23 11.90 11.02 15.50 12.80 220 MOJ 3.07 11.73 1.42 2.30 1.68 221 ATMGRUPA 3.01 11.65 0.83 2.08 1.02 222 PANOVA 2.81 11.45 14.00 25.61 19.00 223 SKOK 2.79 11.42 2.65 3.75 2.90 224 ELZAB 2.76 11.39 0.94 1.85 1.49 225 PATENTUS 2.69 11.33 1.13 2.29 1.91 226 MOL 2.62 11.24 217.80 293.10 249.40 227 TATRY 2.58 11.20 176.00 185.00 183.00 228 WIKANA 2.56 11.21 0.37 0.77 0.40 229 BARLINEK 1.81 10.35 0.65 1.87 0.90 230 ABPL 1.78 10.33 17.50 24.53 19.44 231 PAMAPOL 1.48 10.01 1.70 3.28 2.74 232 KRUK 0.78 9.24 41.30 52.00 44.06 233 RAFAMET 0.38 8.82 16.56 20.90 17.66 234 BETACOM 0.14 8.55 4.60 7.70 5.40 235 IDEON 0.00 8.56 0.13 0.22 0.16 236 IMPEXMET 0.00 8.40 3.07 4.54 3.50 237 RADPOL -0.51 7.85 7.41 10.69 8.00 238 MAKRUM -0.96 7.35 0.92 1.43 1.03 239 RONSON -1.22 7.05 0.60 1.20 0.81 240 LUBAWA -1.41 6.91 0.60 0.94 0.70

49 Fact Book 2013

Shares by return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) low high end (PLN) (EUR) (PLN) (PLN) (PLN) 241 LSTCAPITA -1.56 6.69 0.36 0.85 0.63 242 BORYSZEW -1.59 6.73 0.48 0.89 0.62 243 TOYA -1.64 6.63 1.80 3.15 2.40 244 ASSECOPOL -1.94 6.29 38.80 55.45 45.35 245 KCI -2.17 6.05 0.42 0.90 0.45 246 CAMMEDIA -2.27 5.95 2.87 4.71 3.02 247 TVN -2.79 5.38 5.90 12.40 9.92 248 UNIMA -2.88 5.28 2.91 3.94 3.17 249 PGE -3.23 4.90 16.72 21.78 18.21 250 BMPAG -3.53 4.59 2.38 3.43 2.46 251 KERNEL -3.89 4.19 51.00 76.00 66.75 252 ABCDATA -4.19 3.85 1.74 2.94 2.08 253 NOWAGALA -4.27 3.77 1.75 2.42 1.96 254 AMPLI -4.48 3.53 1.20 2.75 1.28 255 VARIANT -4.73 3.28 1.16 2.07 1.41 256 SWISSMED -5.00 3.02 0.44 0.89 0.57 257 TAURONPE -5.03 2.95 4.08 5.61 4.75 258 ERBUD -5.10 2.87 11.06 23.50 13.95 259 FORTUNA -5.18 2.78 12.30 17.80 13.50 260 COLIAN -5.22 2.75 1.70 3.14 2.18 261 KBDOM -5.56 2.21 0.10 0.23 0.17 262 K2INTERNT -6.39 1.47 10.41 24.80 16.99 263 TELL -6.54 1.31 6.60 11.91 10.00 264 PEMUG -6.67 1.18 0.75 1.69 0.98 265 MCLOGIC -6.90 0.92 19.90 42.45 32.00 266 PEKAES -7.25 0.54 4.30 7.30 5.50 267 AGROWILL -7.69 0.07 0.55 0.97 0.60 268 COMP -7.91 -0.17 47.00 78.60 59.40 269 SKYLINE -8.62 -0.96 1.53 4.39 1.59 270 HYPERION -8.73 -1.08 1.98 3.63 2.09 271 SILVANO -9.07 -1.43 10.00 15.85 12.00 272 FOTA -9.09 -1.45 3.75 9.95 4.20 273 FERRUM -9.15 -1.51 6.34 12.99 7.45 274 CCIINT -9.41 -1.80 25.60 36.80 26.00 275 HARPER -9.42 -1.80 1.48 3.20 1.73 276 CHEMOS -10.04 -2.53 0.18 0.35 0.19 277 ENEA -10.05 -2.49 14.11 18.99 15.73

50 WSE Main List

Shares by return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) low high end (PLN) (EUR) (PLN) (PLN) (PLN) 278 MOSTALZAB -10.94 -3.45 0.80 1.84 1.14 279 TIM -11.19 -3.73 4.52 9.43 5.22 280 ATREM -11.36 -3.91 3.15 8.90 3.90 281 FASTFIN -11.63 -4.21 0.30 0.56 0.38 282 JUPITER -12.00 -4.59 0.56 1.39 0.66 283 PRIMAMODA -12.20 -4.83 3.60 8.24 3.60 284 INDYKPOL -12.28 -4.91 34.80 47.51 35.70 285 BIPROMET -12.29 -4.92 4.20 8.67 6.30 286 UNIBEP -13.00 -5.69 3.56 6.39 5.05 287 TRAKCJA -13.24 -5.97 0.55 1.53 0.59 288 MEDIATEL -13.43 -6.16 0.88 2.56 1.16 289 EUCO -13.53 -6.27 7.00 15.09 10.14 290 ZYWIEC -13.74 -6.49 421.60 584.00 426.00 291 ORZBIALY -14.29 -7.09 12.26 27.49 15.77 292 PROCHNIK -14.29 -7.10 0.16 0.35 0.24 293 CEZ -14.34 -7.15 100.10 141.50 110.00 294 IZOLACJA -15.00 -7.84 0.57 1.23 0.68 295 NORTCOAST -15.00 -7.95 0.32 0.63 0.34 296 KOPEX -15.71 -8.63 15.30 26.00 17.70 297 MNI -16.00 -8.93 1.33 2.72 1.47 298 CITYINTER -16.07 -9.02 16.56 31.39 24.34 299 WORKSERV -16.22 -9.18 4.22 7.59 5.65 300 PERMEDIA -16.52 -9.50 5.26 9.25 5.66 301 MEWA -16.67 -9.57 0.18 0.40 0.25 302 QUANTUM -16.92 -9.94 5.00 9.00 5.19 303 ARCTIC -17.21 -10.26 4.47 8.13 5.86 304 ERG -17.39 -10.37 0.33 0.68 0.38 305 OPONEO.PL -17.39 -10.45 6.60 10.88 7.00 306 LIBRA -19.21 -12.43 1.35 23.88 1.64 307 NETIA -19.25 -12.47 4.21 6.75 4.28 308 ALMA -19.40 -12.63 26.26 36.49 27.00 309 SYGNITY -19.68 -12.93 10.84 23.50 14.45 310 LSISOFT -19.72 -12.97 2.48 4.45 2.85 311 CCENERGY -20.00 -13.25 0.17 0.35 0.20 312 STALPROD -20.00 -13.28 155.00 295.00 184.00 313 PBSFINANSE -20.75 -14.08 0.36 0.69 0.42 314 MOSTALWAR -21.56 -14.97 11.13 22.96 12.55

51 Fact Book 2013

Shares by return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) low high end (PLN) (EUR) (PLN) (PLN) (PLN) 315 TPSA -22.32 -15.80 11.56 18.08 12.23 316 KDMSHIPNG -22.53 -16.02 23.00 34.80 25.10 317 CORMAY -22.94 -16.47 8.16 17.40 12.93 318 DGA -23.16 -16.70 1.16 2.39 1.36 319 POLNORD -23.53 -17.11 9.67 19.89 10.40 320 SFINKS -23.58 -17.16 0.78 2.14 0.94 321 KOELNER -24.45 -18.10 8.02 13.95 8.80 322 JWCONSTR -25.05 -18.75 3.22 8.56 4.04 323 MUZA -25.16 -18.87 3.20 5.63 3.48 324 WILBO -25.81 -19.59 0.09 1.06 0.46 325 POLAQUA -25.93 -19.70 3.20 8.51 3.40 326 TRANSPOL -26.84 -20.69 5.07 12.00 5.78 327 SOBIESKI -27.01 -20.88 141.00 368.50 154.00 328 PLAZACNTR -27.69 -21.61 1.31 3.07 1.41 329 ULMA -28.10 -22.06 37.10 74.80 43.85 330 06MAGNA -28.13 -22.21 0.21 0.46 0.23 331 KONSSTALI -28.36 -22.34 23.20 43.00 24.85 332 EUROHOLD -28.57 -22.57 2.00 3.75 2.30 333 HELIO -28.92 -22.95 4.30 9.80 5.21 334 BLACKLION -28.97 -23.03 0.58 1.63 0.76 335 PROCAD -29.60 -23.67 0.88 1.74 0.88 336 BUDVARCEN -30.17 -24.29 1.50 2.91 1.69 337 KOMPAP -30.58 -24.75 5.70 8.75 5.97 338 MIDAS -30.76 -24.96 0.49 1.42 0.65 339 HERKULES -30.81 -25.04 0.16 1.37 1.28 340 ORCOGROUP -30.94 -25.14 5.90 19.85 10.00 341 COMPLEX -31.67 -25.92 0.87 2.14 0.88 342 MIRBUD -31.67 -25.92 0.87 2.71 1.23 343 NEWWORLDR -31.90 -26.18 11.00 29.50 15.80 344 COGNOR -32.92 -27.29 2.06 4.42 2.18 345 BOS -33.35 -27.75 27.01 55.00 30.00 346 GINOROSSI -34.42 -28.92 0.89 2.00 0.98 347 IVMX -34.70 -29.21 4.21 8.50 4.95 348 WANDALEX -35.03 -29.57 0.87 2.64 1.20 349 TRAVELPL -35.75 -30.35 5.47 9.69 6.20 350 NORDEABP -35.96 -30.58 23.05 37.50 24.90 351 DRAGOWSKI -36.21 -30.85 0.36 0.91 0.37 352 SOPHARMA -36.29 -30.94 3.50 7.77 4.00

52 WSE Main List

Shares by return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) low high end (PLN) (EUR) (PLN) (PLN) (PLN) 353 SANWIL -36.36 -31.06 0.19 0.60 0.21 354 BAKALLAND -36.71 -31.39 2.26 5.14 2.69 355 DMWDM -36.84 -31.51 0.22 0.50 0.24 356 MIT -38.18 -33.01 0.33 1.00 0.34 357 ECARD -38.46 -33.28 0.15 0.29 0.16 358 PETROLINV -38.86 -33.73 0.95 3.16 1.40 359 DUDA -39.06 -33.95 0.35 0.91 0.39 360 LIBET -39.15 -34.05 1.75 4.74 1.98 361 GANT -39.53 -34.45 2.59 9.98 3.90 362 ADVADIS -40.00 -34.51 0.03 0.11 0.03 363 BNPPL -41.00 -36.05 44.00 87.80 50.00 364 ESTAR -41.31 -36.38 85.10 130.50 85.10 365 MAKARONPL -41.73 -36.83 1.95 4.15 2.15 366 IQP -41.99 -37.12 0.66 2.39 1.05 367 DELKO -43.16 -38.39 1.78 5.80 2.16 368 KRUSZWICA -43.17 -38.40 23.00 66.15 28.40 369 KSGAGRO -43.41 -38.66 8.81 24.50 11.60 370 REMAK -43.93 -39.21 14.20 35.00 16.20 371 EUIMPLANT -44.44 -39.82 0.07 0.29 0.10 372 FON -44.44 -39.95 0.09 0.33 0.10 373 TUP -44.86 -40.22 1.80 5.00 1.93 374 INVESTCON -44.89 -40.25 0.72 2.25 0.97 375 NOKAUT -45.08 -40.47 5.80 12.78 6.59 376 SEKO -45.08 -40.47 2.24 7.10 3.35 377 AGROTON -46.24 -41.72 7.29 24.40 10.00 378 IFCAPITAL -46.27 -41.73 0.29 14.97 0.36 379 TALEX -47.60 -43.19 4.70 10.50 5.13 380 MOSTALEXP -47.76 -43.38 0.34 0.87 0.35 381 MOBRUK -47.92 -43.54 47.70 99.00 50.00 382 TESGAS -48.53 -44.20 2.67 8.80 3.32 383 BUMECH -48.63 -44.31 6.00 14.15 6.19 384 DROZAPOL -48.67 -44.35 0.76 1.87 0.77 385 BOWIM -50.24 -46.05 3.90 14.99 4.23 386 ATMSI -51.42 -47.34 1.04 2.65 1.23 387 ELKOP -51.85 -47.79 0.13 0.42 0.13 388 POLCOLORIT -52.94 -49.09 0.08 0.24 0.08 389 BBIZENNFI -53.85 -49.94 0.13 0.69 0.18 390 ROVESE -55.01 -51.23 1.29 5.85 1.42

53 Fact Book 2013

Shares by return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) low high end (PLN) (EUR) (PLN) (PLN) (PLN) 391 COALENERG -55.67 -51.95 9.25 29.00 9.53 392 IGROUP -56.52 -52.83 0.18 0.70 0.20 393 INTERBUD -56.68 -53.04 2.64 7.80 2.86 394 SOLAR -56.92 -53.30 5.34 14.18 5.60 395 VINDEXUS -57.22 -53.63 2.50 8.18 2.99 396 POINTGROUP -57.38 -53.80 0.09 0.70 0.26 397 EFH -58.14 -54.62 0.16 0.73 0.18 398 CEDC -58.94 -55.49 4.60 20.59 6.20 399 B3SYSTEM -60.00 -56.63 0.46 1.75 0.62 400 GETIN -60.00 -56.64 1.43 7.38 2.82 401 IDEATFI -60.38 -57.05 1.33 6.79 1.47 402 BYTOM -61.54 -58.29 0.25 0.81 0.25 403 POLIMEXMS -61.66 -58.43 0.46 2.09 0.62 404 BUDOPOL -62.34 -59.15 0.24 0.97 0.29 405 RUBICON -62.96 -59.85 0.20 0.68 0.20 406 MISPOL -64.15 -61.14 0.70 3.80 1.14 407 AWBUD -64.37 -61.37 0.51 1.99 0.62 408 NOVAKBM -65.49 -62.59 3.70 15.81 4.97 409 POLJADLO -66.07 -63.25 0.17 0.77 0.19 410 REGNON -66.67 -63.73 0.03 0.18 0.03 411 REDAN -66.80 -64.01 0.83 3.42 0.85 412 TRITON -67.71 -65.01 1.02 3.85 1.13 413 PCCINTER -67.92 -65.22 1.34 4.98 1.45 414 PBOANIOLA -68.75 -66.13 0.96 5.11 1.00 415 ATLANTIS -71.11 -68.69 0.11 0.60 0.13 416 ATLANTAPL -71.70 -69.32 3.00 13.80 3.15 417 VANTAGE -72.25 -69.91 0.99 2.24 1.31 418 CELTIC -74.23 -72.06 3.50 19.38 4.51 419 MIRACULUM -74.42 -72.28 0.11 0.70 0.11 420 SADOVAYA -74.94 -72.84 1.35 10.90 2.07 421 WESTAISIC -75.25 -73.18 0.42 4.50 0.74 422 REINHOLD -75.65 -73.62 0.24 1.99 0.28 423 MEXPOLSKA -76.50 -74.52 2.25 10.89 2.35 424 JHMDEV -77.46 -75.58 0.21 1.44 0.32 425 PLASTBOX -78.28 -76.46 1.93 12.94 2.45 426 08OCTAVA -78.81 -77.02 0.55 3.95 0.71 427 DSS -83.26 -81.85 0.91 10.30 1.17 428 IDMSA -83.72 -82.37 0.16 2.21 0.21

54 WSE Main List

Shares by return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) low high end (PLN) (EUR) (PLN) (PLN) (PLN) 429 INTAKUS -84.17 -82.84 0.12 1.40 0.22 430 ENERGOPLD -86.10 -84.93 0.16 2.41 0.26 431 ABMSOLID -89.38 -88.49 0.11 4.75 0.17 432 BOMI -89.75 -88.89 0.17 3.23 0.19 433 EUROMARK -91.51 -90.79 0.06 2.39 0.09 434 PBG -92.56 -91.94 3.25 85.80 5.28 435 ONE2ONE -93.64 -93.09 0.14 3.46 0.14 436 ALTERCO -95.26 -94.86 0.66 47.98 2.13 437 HBPOLSKA -97.26 -97.04 0.01 1.47 0.02

Shares with highest monthly returns in 2012, by month Months Company Return (%)

(PLN) (EUR)

January HERMAN 264.18 280.49 February WISTIL 157.13 164.74 March RESBUD 422.09 422.26 April BGZ 57.28 56.89 May DREWEX 134.48 122.88 June ANTI 180.26 187.57 July INTERBUD 51.61 57.23 August WILBO 94.44 92.41 September WESTAISIC 137.78 141.73 October ALTERCO 238.75 236.97 November AVIASG 58.92 60.03 December MISPOL 56.16 57.37

55 Fact Book 2013

Shares with highest monthly returns in 2012 Return (%) Return (%) No. Shares Month No. Shares Month (PLN) (EUR) (PLN) (EUR) 1 RESBUD March 422.09 422.26 41 ORCOGROUP October 54.09 53.30 2 HERMAN January 264.18 280.49 42 ONE2ONE August 53.85 52.23 3 ALTERCO October 238.75 236.97 43 EMCINSMED October 53.63 52.84 4 ANTI June 180.26 187.57 44 FOTA January 53.03 59.90 5 WISTIL February 157.13 164.74 45 ASBIS January 52.56 59.40 6 INTERSPPL February 139.52 146.62 46 INTERBUD July 51.61 57.23 7 WESTAISIC September 137.78 141.73 47 URSUS August 51.11 49.57 8 DREWEX May 134.48 122.88 48 B3SYSTEM October 50.91 50.11 9 NTTSYSTEM January 106.98 116.22 49 SFINKS January 50.41 57.16 10 EUROMARK February 99.00 104.90 50 AMPLI February 50.37 54.80 11 BEST March 96.23 96.29 51 WISTIL January 48.15 54.80 12 PCCEXOL October 94.98 93.95 52 PRIMAMODA March 47.39 47.44 13 WILBO August 94.44 92.41 53 NFIEMF December 47.35 48.50 14 ZASTAL October 93.14 92.17 54 KOMPUTRON January 47.20 53.81 15 TRAKCJA January 91.18 99.68 55 WISTIL March 47.06 47.11 16 HERMAN February 91.09 96.75 56 ABMSOLID January 46.88 53.44 17 STAPORKOW February 87.94 93.51 57 CALATRAVA August 46.43 44.97 18 WARFAMA March 84.44 84.51 58 OTMUCHOW January 46.23 52.80 19 BIOTON January 83.33 91.18 59 ATLASEST September 46.15 48.66 20 POINTGROUP October 80.00 79.01 60 EKO October 44.26 43.52 21 ANTI August 79.78 77.97 61 ZAMET May 43.89 36.79 22 BEST October 78.57 77.65 62 ZASTAL September 43.66 46.08 23 PEMUG March 77.89 77.96 63 CASHFLOW January 43.54 49.98 24 ENERGOPLD October 72.73 71.78 64 WILBO November 43.33 44.21 25 YAWAL January 68.45 76.02 65 POLJADLO July 43.33 48.72 26 SKYLINE January 66.67 74.14 66 FERRO February 43.11 47.35 27 PRONOX February 66.67 72.04 67 SELENAFM November 43.05 44.05 28 ATREM January 65.91 73.36 68 BBICAPNFI February 43.04 47.28 29 RESBUD February 63.23 68.06 69 EDINVEST January 42.86 49.27 30 IFCAPITAL March 62.72 62.78 70 MONNARI January 42.68 49.06 31 SIMPLE February 62.50 67.30 71 SKOTAN June 41.78 45.48 32 ODLEWNIE January 61.60 68.87 72 ESSYSTEM June 41.76 45.48 33 PCGUARD October 59.57 58.77 73 EDINVEST March 41.71 41.76 34 AVIASG November 58.92 60.03 74 ABMSOLID December 41.67 42.81 35 POLIMEXMS September 57.69 60.34 75 POLAQUA February 41.21 45.39 36 PETROLINV October 57.48 56.69 76 OVOSTAR January 41.04 47.38 37 BGZ April 57.28 56.89 77 JWCONSTR January 41.00 47.34 38 MISPOL December 56.16 57.37 78 VISTULA January 40.74 47.06 39 SELENAFM January 56.04 63.04 79 EKOEXPORT March 40.72 40.77 40 IQP September 55.71 58.40 80 WARIMPEX January 40.68 47.00

56 WSE Main List

Dividends paid by listed companies in 2012 No. Company General Record Dividend per No. Company General Record Dividend per Meeting date share Meeting date share date (dd.mm.yy) (PLN)* date (dd.mm.yy) (PLN)* (dd.mm.yy) (dd.mm.yy) 1 PULAWY 19.12.11 31.01.12 3.66 44 KINOPOL 14.05.12 29.05.12 1.00 2 NEWWORLDR 22.02.12 30.03.12 0.29 45 EMPERIA 15.05.12 30.05.12 56.41 3 NEWWORLDN 22.02.12 30.03.12 0.29 46 QUANTUM 17.05.12 06.11.12 0.35 4 SOLAR 24.02.12 24.02.12 0.65 47 TERESA 22.05.12 06.05.12 1.14 5 MCLOGIC 19.03.12 04.02.12 2.50 48 UNIBEP 22.05.12 07.06.12 0.12 6 ACAUTOGAZ 27.03.12 13.04.12 2.38 49 FERRO 23.05.12 06.12.12 0.30 7 SYNTHOS 28.03.12 04.12.12 0.50 50 DOMDEV 23.05.12 06.12.12 1.50 8 TVN 30.03.12 16.04.12 0.10 51 KONSSTALI 23.05.12 26.07.12 2.00 9 CENTKLIMA 05.04.12 23.04.12 0.50 52 ENELMED 24.05.12 16.07.12 0.03 10 IDEATFI 10.04.12 20.04.12 0.43 53 EKOEXPORT 25.05.12 06.05.12 0.20 11 KRAKCHEM 10.04.12 29.06.12 0.35 54 BSCDRUK 25.05.12 06.06.12 0.50 12 4FUNMEDIA 11.04.12 27.04.12 1.75 55 FORTUNA 25.05.12 06.08.12 0.99 13 RADPOL 11.04.12 07.11.12 0.47 56 KOELNER 25.05.12 29.06.12 0.33 14 TPSA 12.04.12 21.06.12 1.50 57 VOTUM 28.05.12 06.12.12 0.36 15 ASSECOSEE 12.04.12 07.02.12 0.36 58 ELEKTROTI 28.05.12 06.12.12 1.00 16 NOWAGALA 16.04.12 05.07.12 0.07 59 SONEL 29.05.12 20.06.12 0.40 17 NEUCA 16.04.12 05.07.12 2.60 60 KETY 29.05.12 07.12.12 5.00 18 ZYWIEC 18.04.12 05.09.12 24.00 61 POLMED 29.05.12 16.07.12 0.03 19 TALEX 18.04.12 21.05.12 0.20 62 INDYKPOL 29.05.12 16.08.12 0.48 20 ASSECOBS 18.04.12 14.05.12 0.96 63 PGE 30.05.12 22.08.12 1.83 21 ASSECOSLO 19.04.12 24.04.12 2.78 64 PZU 30.05.12 30.08.12 22.43 22 IVMX 24.04.12 31.05.12 0.27 65 WADEX 30.05.12 07.09.12 0.30 23 TAURONPE 24.04.12 07.02.12 0.31 66 APLISENS 30.05.12 18.06.12 0.25 24 WAWEL 24.04.12 24.05.12 11.00 67 PRAGMAFA 30.05.12 14.06.12 1.66 25 PWRMEDIA 25.04.12 18.05.12 0.07 68 ROBYG 31.05.12 06.11.12 0.12 26 ASSECOPOL 25.04.12 17.05.12 2.19 69 BENEFIT 31.05.12 20.06.12 6.00 27 QUERCUS 25.04.12 15.06.12 0.20 70 JSW 31.05.12 07.06.12 5.38 28 ARMATURA 25.04.12 29.06.12 0.20 71 KRUSZWICA 31.05.12 31.07.12 0.98 29 BUDIMEX 26.04.12 15.05.12 10.97 72 PEKAO 01.06.12 19.06.12 5.38 30 MOL 26.04.12 15.06.12 6.59 73 DEBICA 04.06.12 08.03.12 3.29 31 ELBUDOWA 26.04.12 25.07.12 4.00 74 RAFAMET 05.06.12 09.03.12 0.44 32 ACTION 27.04.12 17.05.12 0.84 75 INPRO 05.06.12 07.03.12 0.20 33 BOGDANKA 27.04.12 18.05.12 4.00 76 PKOBP 06.06.12 06.12.12 1.27 34 ORZBIALY 27.04.12 28.05.12 0.75 77 WIELTON 06.06.12 08.03.12 0.20 35 STAPORKOW 07.05.12 08.02.12 0.55 78 STALPROFI 06.06.12 09.05.12 0.27 36 EUROTEL 08.05.12 21.05.12 1.50 79 COMPLEX 11.06.12 29.06.12 0.08 37 LENA 08.05.12 30.05.12 0.15 80 PRAGMAINK 11.06.12 07.02.12 0.84 38 PELION 09.05.12 24.05.12 1.50 81 ZAMET 11.06.12 29.06.12 0.18 39 ESSYSTEM 09.05.12 07.02.12 0.10 82 BERLING 13.06.12 29.06.12 0.20 40 IZOSTAL 10.05.12 08.10.12 0.17 83 WANDALEX 14.06.12 29.06.12 0.12 41 BZWBK 10.05.12 24.05.12 8.00 84 UNIMA 14.06.12 14.08.12 0.23 42 DECORA 11.05.12 23.07.12 0.30 85 ORBIS 14.06.12 16.07.12 1.40 43 BIPROMET 11.05.12 16.07.12 0.25 86 ENERGOINS 14.06.12 09.07.12 0.25

57 Fact Book 2013

Dividends paid by listed companies in 2012 (contd.) No. Company General Record Dividend per No. Company General Record Dividend per Meeting date share Meeting date share date (dd.mm.yy) (PLN)* date (dd.mm.yy) (PLN)* (dd.mm.yy) (dd.mm.yy) 87 SNIEZKA 15.06.12 07.04.12 1.35 119 ZETKAMA 26.06.12 27.07.12 1.00 88 EUROCASH 15.06.12 07.02.12 0.18 120 KOGENERA 26.06.12 14.08.12 4.41 89 PEGAS 15.06.12 19.10.12 4.32 121 DROP 27.06.12 16.07.12 1.20 90 APATOR 18.06.12 07.06.12 0.75 122 GPW 27.06.12 07.06.12 1.44 91 SOPHARMA 19.06.12 07.03.12 0.15 123 INTERCARS 28.06.12 17.07.12 0.30 92 PRESCO 19.06.12 29.06.12 0.16 124 ARCTIC 28.06.12 31.07.12 0.18 93 MEGARON 20.06.12 29.06.12 0.80 125 ATMSI 28.06.12 07.09.12 0.07 94 EUCO 20.06.12 14.09.12 0.48 126 CHEMOS 28.06.12 23.07.12 0.01 95 HANDLOWY 20.06.12 07.05.12 2.76 127 KGHM 28.06.12 16.07.12 28.34 96 ZPUE 20.06.12 07.04.12 6.40 128 SIMPLE 28.06.12 31.08.12 0.23 97 EDINVEST 20.06.12 07.11.12 0.15 129 NOVITA 28.06.12 31.07.12 2.90 98 SKOK 20.06.12 07.02.12 0.02 130 IPOPEMA 28.06.12 07.06.12 0.52 99 ARTERIA 21.06.12 17.10.12 0.23 131 OPENFIN 28.06.12 28.09.12 0.27 100 BEDZIN 21.06.12 07.09.12 1.80 132 ENEA 29.06.12 13.08.12 0.48 101 LIBET 21.06.12 07.12.12 0.40 133 ATMGRUPA 29.06.12 27.07.12 0.12 102 EFEKT 22.06.12 20.09.12 0.55 134 ABCDATA 29.06.12 14.09.12 0.16 103 ULMA 22.06.12 21.08.12 2.66 135 INTERBUD 29.06.12 07.06.12 0.29 104 FORTE 22.06.12 19.07.12 0.75 136 CCC 29.06.12 27.09.12 1.60 105 AGORA 22.06.12 16.07.12 1.00 137 TIM 29.06.12 25.07.12 0.60 106 MIRBUD 22.06.12 20.09.12 0.10 138 TATRY 30.06.12 30.06.12 4.09 107 IMPEL 23.06.12 14.08.12 1.50 139 KDMSHIPNG 30.06.12 30.06.12 2.54 108 HYDROTOR 23.06.12 30.08.12 1.25 140 SILVANO 30.06.12 13.07.12 1.05 109 ZELMER 25.06.12 08.10.12 1.95 141 KOMPUTRON 20.08.12 13.09.12 0.36 110 COMARCH 25.06.12 31.07.12 1.50 142 ZAMET 21.08.12 09.12.12 0.20 111 KOFOLA 25.06.12 25.09.12 0.89 143 NEWWORLDN 22.08.12 09.07.12 0.25 112 LPP 25.06.12 09.05.12 77.36 144 NEWWORLDR 22.08.12 09.07.12 0.25 113 FASING 25.06.12 30.08.12 0.60 145 NEWWORLDN 20.09.12 27.09.12 0.04 114 SANOK 26.06.12 30.08.12 0.64 146 MEGARON 27.09.12 23.10.12 0.38 115 OPONEO.PL 26.06.12 31.08.12 0.20 147 BETACOM 27.09.12 10.10.12 0.60 116 CEZ 26.06.12 07.02.12 7.48 148 AMBRA 03.10.12 10.12.12 0.40 117 INTROL 26.06.12 23.07.12 0.31 149 ZYWIEC 11.10.12 29.11.12 4.00 118 RELPOL 26.06.12 07.12.12 0.20 150 APATOR 23.10.12 12.06.12 0.40 * For foreign companies, the dividend was converted at the National Bank of Poland’s average rate on the record date. ** Advance dividend.

Rights to shares (PDA) traded in 2012

No. Company Trading dates (dd.mm.yy) No. Company Trading dates (dd.mm.yy) 1 CPENERGIA-PDA 15.12.11 - 17.02.12 6 WORKSERV-PDA 26.04.12 - 23.05.12 2 ROVESE-PDA 5.01.12 - 20.04.12 7 BOS-PDA 4.05.12 - 29.06.12 3 EMCINSMED-PDA 14.03.12 - 22.08.12 8 HARPER-PDA 14.05.12 - 12.6.12 4 NOKAUT-PDA 14.03.12 - 10.04.12 9 BARLINEK-PDA 4.06.12 - 7.09.12 5 MIDAS-PDA 30.03.12 - 4.05.12 10 SIMPLE-PDA 15.06.12 - 23.08.12

58 WSE Main List

Rights to shares (PDA) traded in 2012 (contd.)

No. Company Trading dates (dd.mm.yy) No. Company Trading dates (dd.mm.yy) 11 GTC-PDA 6.07.12 - 24.08.12 18 IMPEL-PDA 28.09.12 - 23.10.12 12 EUIMPLANT-PDA 23.07.12 - 25.09.12 19 GETINOBLE-PDA 12.10.12 - 29.11.12 13 PCCEXOL-PDA 3.08.12 - 19.09.12 20 GETINOBLE-PDAJ 26.10.12 - 29.11.12 14 TRANSPOL-PDA 13.08.12 - 30.08.12 21 ALIOR-PDA 14.12.12 - 4.01.13 15 GINOROSSI-PDA 16.08.12 - 15.11.12 22 URSUS-PDA 20.12.12 16 VISTULA-PDA 22.08.12 - 5.10.12 22 CZTOREBKA-PDA 28.12.12 17 FON-PDA 6.09.12 - 30.11.12

Rights to shares (PDA) by trading value in 2012 No. Company Ticker Turnover Share in Annual Average Average Average Turnover Number value turnover turnover volume per number number in block of block (%) ratio (%) session of tran- of orders trades trades sactions per ses- per session sion (PLN million) (%) (%) (shares) (PLN million) 1 GTC-PDA GTCA 39.6 36.97 6.40 182 373 55 480 0.1 1 2 MIDAS-PDA MDSA 34.2 31.98 3.66 1 960 019 202 833 0.1 1 3 BOS-PDA BOSA 7.6 7.06 5.80 5 342 44 330 5.7 2 4 ALIOR-PDA ALRA 7.0 6.50 46.44 14 144 17 53 320.0 1 5 WORKSERV-PDA WSEA 4.5 4.18 13.64 32 128 25 79 1.0 1 6 ROVESE-PDA RSEA1 2.2 2.06 0.83 6 076 18 95

7 CZTOREBKA-PDA CZTA 2.2 2.02 7.20 193 560 929 3 529

8 NOKAUT-PDA NOKA 2.1 2.00 10.49 9 911 22 167

9 PCCEXOL-PDA PCXA 1.8 1.67 11.03 33 066 38 109

10 GETINOBLE-PDAJ GNBAJ 1.4 1.34 0.45 37 475 24 106

11 FON-PDA FONA 1.3 1.19 174.61 50 092 11 55

12 SIMPLE-PDA SMEA 0.7 0.61 3.93 2 883 6 25

13 GINOROSSI-PDA GRIA 0.7 0.61 7.06 9 627 3 22

14 URSUS-PDA URSA 0.6 0.51 4.20 42 037 74 308

15 BARLINEK-PDA BRKA 0.5 0.45 0.56 9 030 4 47

16 IMPEL-PDA IPLA 0.3 0.32 1.68 667 0 6

17 GETINOBLE-PDA GNBA 0.3 0.31 0.34 5 951 9 68

18 HARPER-PDA HRPA 0.1 0.13 0.57 3 411 0 1

19 VISTULA-PDA VSTA 0.1 0.06 0.32 2 159 2 31

20 EMCINSMED-PDA EMCA 0.0 0.02 0.09 17 0 5

21 CPENERGIA-PDA CPEA 0.0 0.02 0.16 888 1 13

22 EUIMPLANT-PDA EUIA 0.0 0.01 1.46 1 671 0 13

23 TRANSPOL-PDA TRNA 0.0 0.00 0.00 0 0 59 Fact Book 2013

Pre-emptive rights traded in 2012 Ratio Record date Trading dates No. ISIN Instrument per new (dd.mm.yy) (dd.mm.yy) share 1 IT0004781446 UNICREDIT-PP 11.01.12 0.50 12.01.12 - 20.01.12 2 PLNFI0900089 MIDAS-PP 15.02.12 0.25 20.02.12 - 27.02.12 3 PLSIMPL00136 SIMPLE-PP 20.02.12 1.00 27.04.12 - 11.05.12 4 PLBRLNK00090 BARLINEK-PP 16.04.12 1.33 02.05.12 - 09.05.12 5 PLERPLT00066 EUIMPLANT-PP 23.04.12 2.00 30.05.12 - 12.06.12 6 PLGTC0000110 GTC-PP 04.06.12 2.17 05.06.12 - 11.06.12 7 PLGNRSI00049 GINOROSSI-PP 02.07.12 2.00 03.07.12 - 10.07.12 8 PLVSTLA00052 VISTULA-PP 05.07.12 5.00 17.07.12 - 26.07.12 9 PLGETBK00061 GETINOBLE-PPK 07.09.12 39.84 10.09.12 - 14.09.12 10 PLGETBK00053 GETINOBLE-PPJ 07.09.12 11.95 10.09.12 - 14.09.12 11 PLPMWRM00046 URSUS-PP 16.11.12 5.56 19.11.12 - 23.11.12 12 PLCRSNT00136 ROVESE-PP 23.11.12 0.50 26.11.12 - 30.11.12

Companies by market value (end of 2012)

Market Market Dividend No. Company No. of shares value share P/BV P/E yield (PLN million) (%) (%) Domestic companies 1 PKOBP 1 250 000 000 46 125.00 8.81 1.94 12.1 3.4 2 PEKAO 262 465 864 43 963.03 8.40 1.96 14.7 3.2 3 KGHM 200 000 000 38 000.00 7.26 1.81 5.1 14.9 4 PZU 86 352 300 37 735.96 7.21 2.73 11.3 5.1 5 PGE 1 869 760 829 34 048.34 6.51 0.82 6.2 10.0 6 PGNIG 5 900 000 000 30 739.00 5.87 1.26 86.1 --- 7 PKNORLEN 427 709 061 21 171.60 4.05 0.73 6.5 --- 8 BZWBK 74 637 631 18 054.84 3.45 2.15 14.7 3.2 9 TPSA 1 335 649 021 16 334.99 3.12 1.26 14.1 12.1 10 BRE 42 138 976 13 737.31 2.62 1.50 11.3 --- 11 HANDLOWY 130 659 600 12 843.84 2.45 1.84 13.6 2.8 12 INGBSK 130 100 000 11 839.10 2.26 1.59 13.8 --- 13 JSW 117 411 596 10 848.83 2.07 1.23 5.4 5.8 14 LPP 1 831 123 8 331.61 1.59 7.83 24.9 1.7

60 WSE Main List

Companies by market value (end of 2012) (contd.) Market Market Dividend No. Company No. of shares value share P/BV P/E yield (PLN million) (%) (%) 15 TAURONPE 1 752 549 394 8 324.61 1.59 0.49 5.5 6.5 16 SYNTHOS 1 323 250 000 7 158.78 1.37 2.55 9.7 9.2 17 ENEA 441 442 578 6 943.89 1.33 0.64 9.7 3.1 18 EUROCASH 137 976 536 6 029.57 1.15 9.11 32.9 0.4 19 CYFRPLSAT 348 352 836 5 716.47 1.09 2.43 10.3 --- 20 MILLENNIUM 1 213 116 777 5 361.98 1.02 1.15 11.4 --- 21 LOTOS 129 873 362 5 350.78 1.02 0.61 6.8 --- 22 GETINOBLE 2 650 143 319 4 743.76 0.91 1.09 x --- 23 BOGDANKA 34 013 590 4 625.85 0.88 2.03 11.3 2.9 24 KREDYTB 271 658 880 4 482.37 0.86 1.32 16.4 --- 25 ZYWIEC 10 271 337 4 375.59 0.84 13.69 14.9 6.6 26 ASSECOPOL 83 000 303 3 764.06 0.72 0.53 9.8 4.5 27 BANKBPH 76 667 911 3 748.29 0.72 0.80 15.0 --- 28 AZOTYTARNOW 64 115 444 3 455.82 0.66 1.00 7.0 --- 29 TVN 343 876 421 3 411.25 0.65 3.82 118.8 1.0 30 ALIOR 51 250 000 3 210.81 0.61 2.21 10.9 --- 31 GTC 319 372 990 3 161.79 0.60 0.97 x --- 32 BGZ 51 136 764 2 804.85 0.54 0.84 26.7 --- 33 CCC 38 400 000 2 803.20 0.54 5.77 22.1 2.2 34 PULAWY 19 115 000 2 628.31 0.50 1.05 4.9 2.7 35 FAMUR 481 500 000 2 296.76 0.44 2.63 9.3 --- 36 ECHO 420 000 000 2 121.00 0.41 1.02 30.2 --- 37 GETIN 732 800 434 2 066.50 0.39 1.09 3.3 --- 38 AMREST 21 213 893 2 040.78 0.39 1.98 50.0 --- 39 BUDIMEX 25 530 098 1 787.11 0.34 5.53 12.4 15.7 40 NFIEMF 105 676 378 1 759.51 0.34 3.05 352.8 --- 41 ORBIS 46 077 008 1 750.93 0.33 0.91 24.9 3.7 42 NETIA 386 280 904 1 653.28 0.32 0.68 6.5 --- 43 GPW 41 972 000 1 631.45 0.31 3.04 15.0 3.7 44 ZEPAK 52 026 000 1 480.14 0.28 0.42 4.3 --- 45 BNPPL 28 692 926 1 434.65 0.27 0.84 53.2 --- 46 BORYSZEW 2 256 715 692 1 399.16 0.27 1.13 12.8 --- 47 NORDEABP 55 498 700 1 381.92 0.26 0.62 9.1 --- 48 KETY 9 225 663 1 336.80 0.26 1.32 10.3 3.5 49 KOPEX 74 332 538 1 315.69 0.25 0.53 15.5 --- 50 KOGENERA 14 900 000 1 288.85 0.25 1.21 12.0 5.1

61 Fact Book 2013

Companies by market value (end of 2012) (contd.) Market Market Dividend No. Company No. of shares value share P/BV P/E yield (PLN million) (%) (%) 51 STALPROD 6 725 000 1 237.40 0.24 0.78 12.2 --- 52 INTERCARS 14 168 100 1 218.46 0.23 1.66 12.6 0.3 53 WAWEL 1 499 755 1 196.80 0.23 4.11 18.6 1.4 54 MENNICA 51 832 136 1 174.52 0.22 2.20 12.5 --- 55 CIECH 52 699 909 1 169.94 0.22 1.25 x --- 56 INTEGERPL 5 937 745 1 095.51 0.21 5.82 18.5 --- 57 APATOR 33 107 028 1 080.28 0.21 3.60 11.7 2.3 58 ALCHEMIA 207 000 000 1 035.00 0.20 1.65 10.5 --- 59 KREZUS 54 702 992 1 006.54 0.19 15.96 232.2 --- 60 MIDAS 1 479 666 750 961.78 0.18 0.92 x --- 61 POLICE 75 000 000 929.25 0.18 0.95 3.7 --- 62 EMPERIA 15 115 161 875.92 0.17 1.30 1.5 93.3 63 DOMDEV 24 715 272 845.02 0.16 0.98 8.1 4.4 64 DEBICA 13 802 750 841.97 0.16 0.99 9.3 5.4 65 BIOTON 8 386 785 174 838.68 0.16 0.60 x --- 66 FARMACOL 23 400 000 762.61 0.15 0.87 9.9 --- 67 OPENFIN 54 250 000 759.50 0.15 2.39 7.6 1.9 68 KRUK 16 900 340 744.63 0.14 2.58 10.9 --- 69 KOFOLA 26 172 602 719.75 0.14 1.29 20.4 3.2 70 IMPEXMET 200 000 000 700.00 0.13 0.71 10.6 --- 71 BOS 22 873 245 686.20 0.13 0.48 16.3 --- 72 KRUSZWICA 22 986 949 652.83 0.12 1.08 x 3.5 73 GRAJEWO 49 624 000 652.56 0.12 1.12 11.9 --- 74 PCCEXOL 161 227 231 644.91 0.12 3.74 115.4 --- 75 PEP 21 313 967 611.71 0.12 1.22 5.0 --- 76 ZELMER 15 200 000 597.06 0.11 1.97 19.0 5.0 77 COMARCH 8 051 637 591.80 0.11 0.99 11.7 2.0 78 CDRED 94 950 000 588.69 0.11 4.11 32.1 --- 79 RAFAKO 69 600 000 583.94 0.11 1.29 16.4 --- 80 SKOK 191 610 386 555.67 0.11 1.65 127.9 0.2 81 BENEFIT 2 404 842 553.11 0.11 5.99 13.3 2.6 82 SNIEZKA 13 550 676 533.76 0.10 2.58 15.9 3.2 83 AGORA 50 937 386 528.73 0.10 0.44 x 9.6 84 LCCORP 447 558 311 523.64 0.10 0.50 16.9 --- 85 ELBUDOWA 4 747 608 505.62 0.10 1.54 13.6 3.8 86 SANOK 26 518 632 481.31 0.09 1.69 10.7 3.5

62 WSE Main List

Companies by market value (end of 2012) (contd.) Market Market Dividend No. Company No. of shares value share P/BV P/E yield (PLN million) (%) (%) 87 ASSECOSEE 51 894 251 477.43 0.09 0.73 9.0 3.9 88 NEUCA 4 520 963 431.75 0.08 1.34 6.1 2.7 89 AMICA 7 775 273 424.92 0.08 1.06 4.7 --- 90 RANKPROGR 37 183 550 409.76 0.08 0.93 6.8 12.2 91 HAWE 107 237 064 407.50 0.08 1.34 7.4 --- 92 MCI 62 346 627 397.15 0.08 0.71 8.3 --- 93 IMPEL 12 865 177 395.48 0.08 1.50 13.2 4.6 94 CORMAY 30 561 977 395.17 0.08 3.31 24.8 --- 95 ARCTIC 66 144 483 387.61 0.07 0.57 8.8 2.6 96 ROVESE 270 480 053 384.08 0.07 0.24 65.6 --- 97 ATM 36 343 344 377.61 0.07 1.62 27.4 --- 98 SECOGROUP 10 476 210 368.87 0.07 1.49 15.7 --- 99 ROBYG 257 935 500 368.85 0.07 0.67 6.6 8.4 100 ACTION 16 410 000 367.58 0.07 1.51 7.9 3.8 101 PELION 11 900 468 362.96 0.07 0.71 6.0 4.9 102 ASSECOBS 33 418 193 359.25 0.07 1.44 13.6 8.9 103 MARVIPOL 36 923 400 358.16 0.07 1.82 x --- 104 COMP 5 918 188 351.54 0.07 0.93 x --- 105 ZPUE 1 400 000 347.06 0.07 1.66 12.7 2.6 106 STALEXP 247 262 023 346.17 0.07 1.85 28.0 --- 107 EKO 48 616 605 337.89 0.06 1.62 x --- 108 POLIMEXMS 521 154 076 323.12 0.06 0.37 x --- 109 ABPL 16 187 644 314.69 0.06 0.80 6.7 --- 110 COLIAN 143 359 460 312.52 0.06 0.51 21.6 --- 111 LENTEX 63 013 100 308.76 0.06 0.75 11.4 --- 112 CITYINTER 12 650 000 307.90 0.06 5.88 x --- 113 FORTE 23 751 084 306.39 0.06 0.90 9.8 5.8 114 PETROLINV 211 688 918 296.36 0.06 0.37 x --- 115 STALPROFI 17 500 000 293.30 0.06 0.90 12.9 1.6 116 KOELNER 32 560 000 286.53 0.05 0.77 4.7 3.8 117 MAGELLAN 6 514 088 276.85 0.05 1.34 7.7 --- 118 WORKSERV 47 947 996 270.91 0.05 2.42 13.7 1.8 119 POLNORD 25 633 027 266.58 0.05 0.20 8.1 --- 120 IPOPEMA 29 752 122 264.50 0.05 3.63 44.2 5.9 121 ORZBIALY 16 616 629 262.04 0.05 1.05 17.2 4.8 122 ENERGOINS 18 000 000 261.00 0.05 1.95 20.2 1.7

63 Fact Book 2013

Companies by market value (end of 2012) (contd.) Market Market Dividend No. Company No. of shares value share P/BV P/E yield (PLN million) (%) (%) 123 ABCDATA 124 728 308 259.43 0.05 0.97 6.3 7.7 124 WIELTON 60 375 000 256.59 0.05 1.61 9.8 4.7 125 ZAMET 96 300 000 255.20 0.05 2.31 7.4 14.3 126 MOSTALWAR 20 000 000 251.00 0.05 0.61 x --- 127 IZOSTAL 32 744 000 245.58 0.05 1.64 12.3 2.3 128 MERCOR 15 658 535 231.75 0.04 0.88 x --- 129 ACAUTOGAZ 9 453 150 231.60 0.04 2.81 9.3 9.7 130 PTI 14 500 000 231.28 0.04 2.52 5.8 --- 131 ULMA 5 255 632 230.46 0.04 0.75 7.2 8.7 132 WASKO 91 187 500 228.88 0.04 1.27 19.0 1.6 133 BARLINEK 254 047 500 228.64 0.04 0.58 x --- 134 PAGED 15 100 001 228.61 0.04 0.65 7.9 --- 135 KANIA 125 183 380 225.33 0.04 1.71 x --- 136 SKOTAN 54 000 000 220.32 0.04 4.05 x --- 137 JWCONSTR 54 073 280 218.46 0.04 0.44 58.3 --- 138 RADPOL 25 719 752 205.76 0.04 2.31 15.6 5.9 139 AMBRA 25 206 644 203.92 0.04 0.87 13.7 4.9 140 ZETKAMA 4 904 150 202.93 0.04 1.62 6.8 2.4 141 BBIDEVNFI 523 078 250 198.77 0.04 0.76 83.7 --- 142 CCENERGY 954 128 000 190.83 0.04 0.34 x --- 143 CALATRAVA 500 000 000 190.00 0.04 0.66 x --- 144 PANOVA 10 000 000 190.00 0.04 0.73 12.0 2.6 145 APLISENS 13 016 015 188.60 0.04 1.82 14.1 1.7 146 KINOPOL 13 870 000 187.94 0.04 2.97 13.5 7.4 147 FERRUM 24 543 252 182.85 0.03 1.17 28.7 --- 148 SELENAFM 22 834 000 181.30 0.03 0.48 14.1 --- 149 TOYA 75 213 589 180.51 0.03 1.78 9.1 --- 150 MIESZKO 40 866 000 178.18 0.03 1.07 6.8 --- 151 PGODLEW 96 300 000 178.16 0.03 1.08 6.6 --- 152 ERBUD 12 677 956 176.86 0.03 0.73 10.8 --- 153 VOXEL 9 732 600 176.16 0.03 2.11 x --- 154 QUERCUS 71 047 246 174.78 0.03 8.48 14.3 8.1 155 UNIBEP 34 021 684 171.81 0.03 1.02 7.2 2.4 156 SYGNITY 11 886 242 171.76 0.03 0.84 x --- 157 MOSTALZAB 149 130 538 170.01 0.03 0.64 x --- 158 KBDOM 992 685 741 168.76 0.03 0.74 x ---

64 WSE Main List

Companies by market value (end of 2012) (contd.) Market Market Dividend No. Company No. of shares value share P/BV P/E yield (PLN million) (%) (%) 159 BSCDRUK 9 807 516 168.69 0.03 1.06 8.8 2.9 160 SOLAR 30 000 000 168.00 0.03 1.18 4.6 11.6 161 PEKAES 30 520 870 167.86 0.03 0.60 x --- 162 KREDYTIN 12 936 509 165.59 0.03 0.33 11.1 --- 163 EKOEXPORT 10 405 000 154.51 0.03 5.35 22.1 1.3 164 CELTIC 34 231 466 154.38 0.03 0.36 x 2.2 165 ALMA 5 560 990 150.15 0.03 0.55 x --- 166 KONSSTALI 5 897 419 146.55 0.03 0.52 x 7.4 167 MNI 98 946 283 145.45 0.03 0.38 10.2 --- 168 VISTULA 133 861 625 144.57 0.03 0.45 9.9 --- 169 COGNOR 66 222 248 144.36 0.03 0.77 20.8 --- 170 ZUE 22 000 000 143.88 0.03 0.75 9.7 --- 171 PRESCO 19 700 000 143.42 0.03 1.45 7.5 2.2 172 BEST 5 850 001 140.40 0.03 2.12 5.3 --- 173 TRAKCJA 232 105 480 136.94 0.03 0.26 1.2 --- 174 OTMUCHOW 12 748 250 136.41 0.03 1.01 14.8 --- 175 EMCINSMED 8 327 214 132.82 0.03 1.93 67.1 --- 176 ERGIS 39 435 989 131.72 0.03 0.74 x --- 177 FERRO 21 183 332 131.34 0.03 0.74 7.0 4.8 178 INPRO 40 040 000 129.33 0.02 0.73 8.1 6.2 179 INSTALKRK 7 285 500 124.95 0.02 0.72 5.2 --- 180 GRAAL 8 056 485 120.44 0.02 0.40 4.5 --- 181 INTROL 26 638 800 118.54 0.02 1.08 19.3 7.0 182 MOBRUK 2 341 385 117.07 0.02 1.74 27.4 --- 183 TIM 22 199 200 115.88 0.02 0.59 21.4 11.5 184 BERLING 17 500 200 115.50 0.02 1.55 8.0 3.0 185 PCCINTER 77 565 556 112.47 0.02 1.44 x --- 186 NOWAGALA 57 038 073 111.79 0.02 0.54 10.7 3.0 187 INDYKPOL 3 124 500 111.54 0.02 0.68 100.5 1.3 188 HARPER 63 670 000 110.15 0.02 2.42 12.6 --- 189 DUDA 278 002 290 108.42 0.02 0.31 8.1 --- 190 PLASTBOX 44 061 400 107.95 0.02 1.17 25.3 --- 191 ESSYSTEM 42 863 637 107.16 0.02 0.74 38.8 4.0 192 LIBET 50 000 000 99.00 0.02 0.49 9.3 20.2 193 ARMATURA 81 000 000 98.82 0.02 0.47 10.3 16.4 194 OPONEO.PL 13 936 000 97.55 0.02 1.31 24.5 2.9

65 Fact Book 2013

Companies by market value (end of 2012) (contd.) Market Market Dividend No. Company No. of shares value share P/BV P/E yield (PLN million) (%) (%) 195 ENELMED 23 566 900 96.62 0.02 2.05 x 0.7 196 QUMAKSEK 10 375 082 96.59 0.02 1.13 10.3 --- 197 DECORA 11 303 320 96.08 0.02 0.64 8.8 3.5 198 POLAQUA 27 500 100 93.50 0.02 0.45 x --- 199 MIRBUD 75 000 000 92.25 0.02 0.37 6.1 8.1 200 STAPORKOW 4 503 790 92.19 0.02 2.33 21.3 2.7 201 ADVGRUPA 7 000 000 91.84 0.02 3.52 16.1 --- 202 BLACKLION 120 328 705 91.45 0.02 0.22 x --- 203 MEGARON 2 700 000 90.45 0.02 4.66 15.7 3.5 204 ATMGRUPA 86 000 000 87.72 0.02 0.43 x 11.8 205 ELEKTROTI 9 959 159 85.65 0.02 1.01 9.3 11.6 206 HUTMEN 25 596 270 84.21 0.02 0.32 8.4 --- 207 FASING 3 107 249 82.87 0.02 0.72 6.0 2.2 208 BOWIM 19 514 647 82.55 0.02 0.93 x --- 209 MWTRADE 8 384 440 82.17 0.02 1.64 10.5 --- 210 SUWARY 4 615 070 82.10 0.02 1.63 x --- 211 4FUNMEDIA 4 063 500 82.08 0.02 2.43 10.1 8.7 212 POZBUD 23 377 845 79.48 0.02 0.66 9.6 1.5 213 ROPCZYCE 4 605 980 79.22 0.02 0.40 6.3 --- 214 GANT 20 120 000 78.47 0.01 0.12 x --- 215 BEDZIN 3 149 200 78.26 0.01 0.92 6.4 7.2 216 RELPOL 9 609 193 77.45 0.01 1.12 7.4 2.5 217 PROTEKTOR 19 021 600 76.85 0.01 1.38 x --- 218 URSUS 22 180 000 76.74 0.01 1.03 9.7 --- 219 ENERGOPOL 9 090 000 76.72 0.01 1.61 32.5 --- 220 LUBAWA 109 270 000 76.49 0.01 0.39 6.7 --- 221 RAFAMET 4 318 701 76.27 0.01 0.88 26.7 2.5 222 INTERFERI 14 564 200 76.03 0.01 0.71 20.0 --- 223 PBG 14 295 000 75.48 0.01 0.15 x --- 224 MAKRUM 72 862 932 75.05 0.01 0.52 7.2 --- 225 LENA 24 875 050 74.63 0.01 0.89 8.4 5.0 226 VANTAGE 56 763 844 74.36 0.01 0.25 12.2 --- 227 PEPEES 83 000 000 73.87 0.01 0.80 47.1 --- 228 DUON 102 468 553 70.70 0.01 0.39 66.1 --- 229 PRAGMAINK 3 680 000 70.55 0.01 1.23 9.0 4.4 230 GROCLIN 5 500 000 69.63 0.01 0.37 25.3 ---

66 WSE Main List

Companies by market value (end of 2012) (contd.) Market Market Dividend No. Company No. of shares value share P/BV P/E yield (PLN million) (%) (%) 231 SONEL 14 000 000 68.74 0.01 1.13 10.8 8.1 232 WIKANA 167 665 596 67.07 0.01 0.58 3.4 --- 233 JUPITER 99 148 652 65.44 0.01 0.21 x --- 234 EUROTEL 3 748 255 64.84 0.01 1.69 8.4 8.7 235 HYDROTOR 2 398 300 64.61 0.01 0.83 8.6 4.6 236 PAMAPOL 23 166 700 63.48 0.01 0.52 x --- 237 PROCHEM 3 895 000 62.87 0.01 0.50 37.5 --- 238 MCLOGIC 1 888 719 60.44 0.01 2.22 12.0 7.8 239 RAINBOW 14 552 000 60.10 0.01 1.37 28.9 --- 240 KRAKCHEM 10 000 000 59.00 0.01 0.89 6.4 5.9 241 PCGUARD 30 688 591 58.62 0.01 0.93 12.2 --- 242 IVMX 11 834 881 58.58 0.01 0.31 14.9 5.5 243 ARTERIA 4 273 820 57.40 0.01 1.04 7.0 1.7 244 ZASTAL 30 499 539 57.34 0.01 0.56 5.9 --- 245 EUCO 5 600 000 56.78 0.01 2.26 5.1 4.7 246 TELL 5 678 030 56.78 0.01 0.99 6.4 --- 247 NOVITA 2 500 000 56.50 0.01 0.74 10.1 12.6 248 PATENTUS 29 500 000 56.35 0.01 0.65 7.8 --- 249 VOTUM 12 000 000 55.68 0.01 3.32 11.4 7.8 250 HERKULES 43 412 140 55.57 0.01 0.30 10.1 --- 251 IDEON 343 490 781 54.96 0.01 0.31 x --- 252 BAKALLAND 19 970 050 53.72 0.01 0.97 110.8 --- 253 PROJPRZEM 6 024 000 53.01 0.01 0.50 9.0 --- 254 DROP 5 867 703 52.81 0.01 0.90 214.7 13.3 255 NETMEDIA 12 150 000 52.25 0.01 0.80 11.3 --- 256 WOJAS 12 676 658 51.97 0.01 1.11 11.3 --- 257 POLMED 28 350 061 51.88 0.01 1.52 x 1.6 258 KOMPUTRON 9 572 349 51.40 0.01 0.41 8.0 6.7 259 AWBUD 82 429 460 51.11 0.01 0.59 x --- 260 EDINVEST 12 705 054 50.82 0.01 1.08 10.3 3.7 261 KREC 14 882 800 50.60 0.01 1.15 14.0 --- 262 NOKAUT 7 564 000 49.85 0.01 1.92 25.2 --- 263 HYGIENIKA 39 351 624 49.58 0.01 2.12 326.2 --- 264 MIT 145 196 597 49.37 0.01 0.13 2.9 --- 265 ATLANTIS 378 000 000 49.14 0.01 0.20 3.4 --- 266 REMAK 3 000 000 48.60 0.01 1.05 49.3 ---

67 Fact Book 2013

Companies by market value (end of 2012) (contd.) Market Market Dividend No. Company No. of shares value share P/BV P/E yield (PLN million) (%) (%) 267 FAM 31 882 971 46.87 0.01 0.52 31.7 --- 268 GINOROSSI 47 755 329 46.80 0.01 0.70 9.2 --- 269 IDMSA 218 176 856 45.82 0.01 0.24 x --- 270 ATMSI 36 343 344 44.70 0.01 0.83 x 5.7 271 PBSFINANSE 104 520 000 43.90 0.01 1.63 x --- 272 K2INTERNT 2 485 032 42.22 0.01 1.64 15.0 --- 273 MOSTALPLC 2 000 000 42.00 0.01 0.77 x --- 274 PRAGMAFA 2 565 910 41.95 0.01 1.14 7.5 10.2 275 INTERSPPL 13 933 334 41.10 0.01 1.28 x --- 276 ODLEWNIE 20 664 121 40.50 0.01 1.76 6.8 --- 277 JHMDEV 125 000 000 40.00 0.01 0.24 13.9 --- 278 NTTSYSTEM 55 400 000 39.89 0.01 0.33 18.8 --- 279 FOTA 9 416 000 39.55 0.01 0.29 x --- 280 BUMECH 6 378 259 39.48 0.01 0.64 6.3 --- 281 KPPD 1 622 400 39.44 0.01 0.72 8.9 --- 282 BIPROMET 6 199 800 39.06 0.01 0.70 12.2 4.0 283 CHEMOS 200 060 000 38.01 0.01 0.56 35.0 3.9 284 FASTFIN 100 000 000 38.00 0.01 1.18 5.5 --- 285 TESGAS 11 350 000 37.68 0.01 0.51 x --- 286 TRANSPOL 6 380 000 36.88 0.01 1.98 x --- 287 BBICAPNFI 51 400 731 36.49 0.01 0.51 x --- 288 ATREM 9 230 079 36.00 0.01 0.56 x --- 289 MONNARI 31 010 073 35.66 0.01 0.56 9.1 --- 290 WADEX 3 307 282 35.65 0.01 2.49 11.8 2.8 291 SWISSMED 61 182 234 34.87 0.01 1.61 x --- 292 VINDEXUS 11 591 938 34.66 0.01 0.39 6.5 --- 293 FON 337 750 000 33.78 0.01 0.17 19.6 --- 294 CAPITAL 24 440 000 33.48 0.01 0.71 x --- 295 INVESTCON 33 372 396 32.37 0.01 1.04 x --- 296 06MAGNA 139 219 758 32.02 0.01 4.97 x --- 297 TERESA 2 408 077 31.83 0.01 1.86 12.6 8.6 298 SIMPLE 4 380 298 31.67 0.01 2.04 13.1 3.2 299 OPTEAM 7 300 000 31.39 0.01 1.50 15.4 --- 300 MOSTALEXP 89 117 606 31.19 0.01 0.65 x --- 301 08OCTAVA 42 786 848 30.38 0.01 0.47 0.4 --- 302 PEMUG 30 381 625 29.77 0.01 1.05 413.5 ---

68 WSE Main List

Companies by market value (end of 2012) (contd.) Market Market Dividend No. Company No. of shares value share P/BV P/E yield (PLN million) (%) (%) 303 PROCHNIK 122 480 456 29.40 0.01 1.17 x --- 304 TUP 15 212 345 29.36 0.01 0.17 x --- 305 TRITON 25 458 092 28.77 0.01 0.24 x --- 306 ARCUS 7 395 157 28.32 0.01 0.47 8.3 --- 307 KOMPAP 4 680 496 27.94 0.01 0.49 x --- 308 LSTCAPITA 44 310 803 27.92 0.01 0.69 37.3 --- 309 YAWAL 5 193 750 27.79 0.01 0.26 8.2 --- 310 POLNA 2 112 896 27.66 0.01 0.94 10.3 --- 311 POINTGROUP 103 817 025 26.99 0.01 2.52 x --- 312 POLLENAE 2 829 600 26.88 0.01 1.89 x --- 313 EFH 146 600 000 26.39 0.01 0.16 x --- 314 HELIO 5 000 000 26.05 0.00 0.65 30.2 --- 315 HYPERION 12 307 000 25.72 0.00 0.63 x --- 316 BBIZENNFI 139 489 990 25.11 0.00 0.50 x --- 317 ELZAB 16 137 050 24.04 0.00 0.53 324.9 --- 318 DROZAPOL 30 592 750 23.56 0.00 0.38 x --- 319 IQP 22 353 000 23.47 0.00 0.63 x --- 320 IDEATFI 15 831 000 23.27 0.00 1.86 8.6 29.3 321 REDAN 26 938 020 22.90 0.00 0.40 x --- 322 COMPLEX 25 500 000 22.44 0.00 0.27 21.3 9.1 323 SEKO 6 650 000 22.28 0.00 0.49 x --- 324 RUBICON 110 810 206 22.16 0.00 0.29 x --- 325 CAMMEDIA 7 284 500 22.00 0.00 0.71 20.5 --- 326 SFINKS 22 105 626 20.78 0.00 0.00 x --- 327 MISPOL 17 885 752 20.39 0.00 0.34 x --- 328 INTERBUD 7 016 000 20.07 0.00 0.34 x 10.1 329 MAKARONPL 9 250 071 19.89 0.00 0.33 x --- 330 DMWDM 82 500 000 19.80 0.00 0.37 15.9 --- 331 ATLANTAPL 6 091 904 19.19 0.00 0.40 x --- 332 ENAP 20 200 916 18.79 0.00 1.33 8.2 --- 333 LIBRA 11 398 530 18.69 0.00 0.56 x --- 334 ENERGOPLD 70 972 001 18.45 0.00 0.00 x --- 335 CASHFLOW 7 500 000 17.93 0.00 1.02 5.5 --- 336 BYTOM 71 250 000 17.81 0.00 0.84 x --- 337 BUDVARCEN 9 895 600 16.72 0.00 0.38 x ---

69 Fact Book 2013

Companies by market value (end of 2012) (contd.) Market Market Dividend No. Company No. of shares value share P/BV P/E yield (PLN million) (%) (%) 338 ERG 43 305 000 16.46 0.00 0.52 11.4 --- 339 KCI 36 393 000 16.38 0.00 0.53 x --- 340 IFCAPITAL 45 047 916 16.22 0.00 0.13 x --- 341 SKYLINE 10 000 000 15.90 0.00 0.17 0.4 --- 342 TFONE 8 195 848 15.41 0.00 0.21 55.4 --- 343 TALEX 3 000 092 15.39 0.00 0.41 x 3.9 344 EUIMPLANT 152 547 322 15.25 0.00 2.42 x --- 345 DSS 12 927 709 15.13 0.00 0.00 x --- 346 BUDOPOL 52 000 000 15.08 0.00 0.22 112.5 --- 347 MEXPOLSKA 6 354 080 14.93 0.00 0.88 x --- 348 TRAVELPL 2 367 850 14.68 0.00 5.39 x --- 349 GREENECO 8 747 029 14.43 0.00 22.91 x --- 350 MOJ 8 559 000 14.38 0.00 0.43 23.6 --- 351 POLCOLORIT 179 231 869 14.34 0.00 0.15 x --- 352 EFEKT 1 665 150 14.32 0.00 0.62 6.6 6.5 353 RESBUD 2 473 000 13.82 0.00 0.00 x --- 354 ELKOP 106 002 204 13.78 0.00 0.24 0.9 --- 355 ECARD 84 200 000 13.47 0.00 4.96 x --- 356 MIRACULUM 119 656 836 13.16 0.00 0.61 x --- 357 GREMISLTN 4 960 946 13.05 0.00 0.28 1.3 --- 358 MEDIATEL 11 178 515 12.97 0.00 1.56 x --- 359 DELKO 5 980 000 12.92 0.00 0.34 x --- 360 ALTERCO 5 835 952 12.43 0.00 0.10 x --- 361 DGA 9 042 232 12.30 0.00 0.51 x --- 362 BOMI 61 736 904 11.73 0.00 0.00 x --- 363 PRIMAMODA 3 200 000 11.52 0.00 1.04 x --- 364 WISTIL 1 000 000 11.40 0.00 0.13 x --- 365 WANDALEX 9 250 719 11.10 0.00 0.31 284.6 10.0 366 PERMEDIA 1 955 000 11.07 0.00 0.41 356.9 --- 367 BETACOM 2 020 000 10.91 0.00 0.58 7.1 11.1 368 NORTCOAST 32 000 000 10.88 0.00 0.27 x --- 369 SANWIL 50 117 250 10.52 0.00 0.15 x --- 370 MUZA 2 851 896 9.92 0.00 0.43 48.4 --- 371 ZREMB 35 212 500 9.86 0.00 0.51 x --- 372 LSISOFT 3 260 762 9.29 0.00 0.48 7.4 ---

70 WSE Main List

Companies by market value (end of 2012) (contd.) Market Market Dividend No. Company No. of shares value share P/BV P/E yield (PLN million) (%) (%) 373 IGROUP 44 523 052 8.90 0.00 0.00 0.1 --- 374 POLJADLO 46 752 279 8.88 0.00 0.39 11.0 --- 375 B3SYSTEM 14 155 938 8.78 0.00 0.84 x --- 376 UNIMA 2 735 500 8.67 0.00 0.51 6.4 7.3 377 PWRMEDIA 6 400 000 8.32 0.00 1.93 19.4 5.2 378 VARIANT 5 752 380 8.11 0.00 0.25 x --- 379 REGNON 269 203 892 8.08 0.00 1.30 0.1 --- 380 PROCAD 9 019 000 7.94 0.00 0.53 19.2 --- 381 IZOLACJA 11 400 000 7.75 0.00 1.12 115.7 --- 382 QUANTUM 1 480 757 7.69 0.00 0.54 x 6.7 383 PBOANIOLA 7 609 566 7.61 0.00 0.25 x --- 384 WILBO 16 222 932 7.46 0.00 0.35 x --- 385 MEWA 28 944 392 7.24 0.00 0.42 x --- 386 DRAGOWSKI 18 450 000 6.83 0.00 0.35 x --- 387 ADVADIS 201 455 999 6.04 0.00 0.00 x --- 388 INTAKUS 22 500 000 4.95 0.00 0.36 x --- 389 HBPOLSKA 210 558 445 4.21 0.00 0.00 x --- 390 AMPLI 3 282 000 4.20 0.00 0.35 x --- 391 DREWEX 9 525 000 2.95 0.00 0.00 x --- 392 ABMSOLID 7 934 500 1.35 0.00 0.00 x --- 393 EUROMARK 12 218 750 1.10 0.00 0.14 x --- 394 ONE2ONE 7 009 505 0.98 0.00 0.00 x --- Total domestic companies: 523 390 100.00 1.29 12.4 4.3

Foreign companies 1 UNICREDIT 5 789 536 030 90 837.82 43.12 0.33 11.2 --- 2 CEZ 537 989 759 59 178.87 28.09 1.48 7.5 6.7 3 MOL 104 519 063 26 067.05 12.37 0.81 16 2.4 4 KRKA 35 426 120 7 793.75 3.70 1.49 11.4 0.6 5 KERNEL 79 683 410 5 318.87 2.52 1.34 7.9 --- 6 NEWWORLDR 264 658 002 4 181.60 1.99 1.27 18.1 3.3 7 ASTARTA 25 000 000 1 375.00 0.65 0.87 4.3 --- 8 CCIINT 51 200 000 1 331.20 0.63 1.31 15 --- 9 EXILLON 161 510 911 1 282.40 0.61 0.72 x --- 10 TATRY 6 707 198 1 227.42 0.58 1.09 36.8 2.1 11 ORCOGROUP 107 840 962 1 078.41 0.51 0.50 x ---

71 Fact Book 2013

Companies by market value (end of 2012) (contd.) Market Market Dividend No. Company No. of shares value share P/BV P/E yield (PLN million) (%) (%) 12 OLYMPIC 151 329 505 991.21 0.47 2.80 11.2 --- 13 PEGAS 9 229 400 710.66 0.34 1.23 11.2 5.6 14 FORTUNA 52 000 000 702.00 0.33 4.04 16 6.9 15 KOV 481 756 729 631.10 0.30 1.63 x --- 16 OVOSTAR 6 000 000 534.00 0.25 1.74 7.4 --- 17 INTERAOLT 20 000 000 532.80 0.25 13.97 7.1 13.5 18 SOPHARMA 132 000 000 528.00 0.25 0.64 5.6 --- 19 IMCOMPANY 31 300 000 511.76 0.24 1.24 8.8 --- 20 CEDC 81 515 752 505.40 0.24 0.66 x --- 21 SOBIESKI 3 199 038 492.65 0.23 0.00 x --- 22 SILVANO 39 400 000 472.80 0.22 1.95 18.1 --- 23 MILKILAND 31 250 000 453.13 0.22 0.62 10.2 --- 24 COALENERG 45 011 120 428.96 0.20 1.03 3.7 --- 25 PLAZACNTR 297 181 703 419.03 0.20 0.18 x --- 26 ASSECOSLO 21 360 000 416.73 0.20 0.97 6.9 13.8 27 AVIASG 5 893 333 353.60 0.17 2.40 13.1 --- 28 EUROHOLD 127 345 000 292.89 0.14 0.56 36.5 --- 29 ESTAR 2 640 000 224.66 0.11 4.94 x --- 30 RONSON 272 360 000 220.61 0.10 0.51 35.5 --- 31 AGROTON 21 670 000 216.70 0.10 0.47 x --- 32 WARIMPEX 54 000 000 210.60 0.10 0.67 6.2 --- 33 NOVAKBM 39 122 968 194.44 0.09 0.14 x --- 34 KDMSHIPNG 7 296 000 183.13 0.09 1.94 4.1 9.8 35 KSGAGRO 14 925 500 173.14 0.08 0.54 2.8 --- 36 ASBIS 55 500 000 159.84 0.08 0.51 4 4.3 37 ACE 21 230 515 121.01 0.06 0.73 13.1 3.6 38 SADOVAYA 43 085 693 89.19 0.04 0.39 7.5 --- 39 ATLASEST 50 322 014 83.03 0.04 0.21 x --- 40 AGROWILL 84 820 986 50.89 0.02 0.33 5.8 --- 41 BMPAG 18 819 250 46.30 0.02 0.69 x --- 42 WESTAISIC 44 133 333 32.66 0.02 0.42 x --- 43 REINHOLD 7 000 000 1.96 0.00 0.00 x --- Total foreign companies: 210 657 100.00 0.56 12.1 2.4

72 WSE Main List

Invitations to sell shares in 2012

Announcement Announced No. Company Intermediary Invitation announced by date price (dd.mm) (PLN)

1 PEKAES SA TRIGON DM KH Logistyka sp z o.o. 3.01.12 8.00

Park Postepu- Projekt 2 ECHO INVESTMENT SA DI BRE SA 19.01.12 3.90 Echo-93 sp z o.o.

Stowarzyszenie Krzewienia Edukacji 3 TF SKOK SA DM BDM SA 20.01.12 4.15 Finansowej, Gdynia

Zakłady Mięsne 4 BZ WBK SA TransRMF-Plus sp z o.o. 20.01.12 1.20 HERMAN SA

Mondi International Holdings B.V., 5 Mondi Świecie SA UniCredit CAIB SA 16.02.12 69.00 Holland

6 Signity SA DM PKO BP Asseco Poland SA 22.02.12 21.00

NFI Empik Penta Investment Limited & 7 UniCredit CAIB SA 13.03.12 9.85 Media&Fashion SA Eastrbridge SA R.L

8 RESBUD SA BZ WBK SA Atlantis SA 2.04.12 20.00

9 BGŻ SA DM PKO BP CCRB, RIH, The Netherlands 11.04.12 72.50

10 ŚNIEŻKA SA DM PKO BP Fabryka Farb i Lakierów Snieżka SA 16.04.12 31.00

11 Henryk Kania SA DM BZWBK SA Henryk Kania, Bielsko-Biała 30.04.12 1.59

12 Centrum Klima SA DM BH Lindab A.B., Sweden 2.05.12 14.50

Zakłady Azotowe 36.00 13 w Tarnowie- DM BZWBK SA Norica Holding Sàrl, Luxembourg 16.05.12 change of price Mościcach SA 45.00 Zakłady Przemysłu BISANTIO INVESTMENTS LIMITED, 14 Cukierniczego KBC Securitues 28.05.12 3.63 Republic of Cyprus MIESZKO SA

15 TELL SA DM BZ WBK SA TELL SA 29.05.12 14.00

Zakłady Automatyki 16 DI BRE SA Zakłady Automatyki POLNA 31.05.12 14.00 POLNA

73 Fact Book 2013

Announcement Announced No. Company Intermediary Invitation announced by date price (dd.mm) (PLN)

17 ATLANTIS DM BZ WBK SA DAMF Invest SA, Płock 5.06.12 1.20

NFI Empik Penta Investment Limited & Xandora 18 UniCredit CAIB SA 6.06.12 10.45 Media&Fashion SA Holdings Limited,

Zakłady Azotowe 19 DM PKO BP Synthos SA 18.06.12 102.50 "Puławy" SA

20 ELZAB SA DI BRE SA Comp SA 29.06.12 1.41

21 NFI OCTAVA SA DI BRE SA NFI OCTAVA SA 6.07.12 6.15

Zakłady Azotowe Zakłady Azotowe w Tarnowie- 22 UniCredit CAIB SA 13.07.12 110 "Puławy" SA Mościcach SA

Polish Energy 23 ING Securities Polenergia Holdings Sàrl 10.08.12 31.50 Partners SA

Toruńskie Zakłady Materiałów 24 Pollena-Ewa SA ING Securities 21.08.12 9.90 Opatrunkowych SA

4.10 25 Eko Holding SA UniCredit CAIB SA Ecorse Investmenst sp z o.o. 10.09.12 change of price 5.60 5.50 8.10.12 Eko Holding SA ING Securities Gemma Investments sp z o.o. change of price 18.10.12 6.35

BSH Sprzęt Gospodarstwa Domowego 26 ZELMER SA DM BZ WBK SA 14.11.12 40 sp z o.o.

27 Eko Holding SA UniCredit CAIB SA Ecorse Investmenst sp z o.o. 16.11.12 7.00

28 MISPOL SA DM BZ WBK SA Newma Hildings B.V. Holland 11.12.12 1.03

Zakłady Magnezytowe 29 TRIGON DM GI Ropczyce sp z o.o. 14.12.12 14.50 "Ropczyce"

74 WSE Main List

Sectoral market indicators – all companies (end of 2012) Macrosector / Sector Number Stock market Share in P/BV P/E Dividend of com- capitalisation turnover yield panies (PLN million) (%) (%) (%) INDUSTRY Food 29 17 735.36 2.42 1.58 1.57 13.8 2.0 Light industry 9 551.26 0.08 0.21 0.87 x 1.3 Wood & Paper 7 1 276.58 0.17 0.12 0.90 15.4 1.4 Chemicals 6 15 987.01 2.18 1.88 1.47 9.6 4.6 Pharmaceuticals 10 10 402.96 1.42 0.43 1.27 12.2 0.9 Oil & Gas 8 85 608.99 11.66 11.10 0.88 15.5 0.7 Plastics 6 852.75 0.12 0.06 1.00 35.5 1.4 Building materials 19 2 826.65 0.39 0.25 0.60 94.4 2.7 Construction 36 5 155.73 0.70 2.32 0.98 x 6.8 Electrical engineering 27 8 687.56 1.18 0.64 1.27 11.9 1.6 Metals 19 8 411.19 1.15 2.03 1.09 10.8 1.0 Automotive 6 2 002.11 0.27 0.11 1.16 10.1 5.1 Basic materials 7 58 189.56 7.93 20.74 1.63 6.0 11.3 Other 3 277.82 0.04 0.01 1.77 16.7 --- FINANCIAL Banking 18 267 516.71 36.44 23.12 0.70 12.9 1.5 Developers 27 10 839.26 1.48 1.44 0.59 x 1.2 Capital market 6 2 159.62 0.29 0.70 2.42 x 4.5 Insurance 1 37 735.96 5.14 9.78 2.73 11.3 5.1 Other financial 32 6 433.61 0.88 1.26 1.11 42.1 0.4 SERVICES Retailing 23 21 712.67 2.96 2.06 3.93 58.8 5.0 Wholesaling 30 5 765.42 0.79 0.53 0.92 x 1.9 IT 31 8 377.86 1.14 1.59 0.74 13.7 3.7 Telecoms 6 18 579.91 2.53 7.20 1.15 12.6 10.6 Media 16 11 698.73 1.59 1.74 1.84 14.3 1.0 Energy 11 112 767.09 15.36 7.92 0.98 6.9 7.3 Hotels & Restaurants 9 6 191.06 0.84 0.38 1.35 28.3 1.5 Other services 35 6 304.07 0.86 0.83 1.63 15.4 2.2 TOTAL 437 734 047.50 100.00 100.00 0.94 12.3 3.7

75 Fact Book 2013

Shares and rights to shares (PDA) – key figures 2012 2011 2010 2009 2008 Indices WIG20 at year-end 2 582.98 2 144.48 2 744.17 2 388.72 1 789.73 mWIG40 at year-end 2 552.54 2 173.89 2 805.26 2 346.14 1 511.27 sWIG80 at year-end 10 443.68 8 496.54 12 219.94 11 090.93 6 852.79 WIG-Plus at year-end 769.86 715.74 ------WIG at year-end 47 460.59 37 595.44 47 489.91 39 985.99 27 228.64 Return on WIG20 (%) 20.45 -21.85 14.88 33.47 -48.21 Return on mWIG40 (%) 17.42 -22.51 19.57 55.24 -62.48 Return on sWIG80 (%) 22.92 -30.47 10.18 61.85 -56.95 Return on WIG-Plus (%) 7.56 -40.47 ------Return on WIG (%) 26.24 -20.83 18.77 46.85 -51.07

Companies Number of all listed companies at year-end 438 426 400 379 374 of which domestic companies 395 387 373 354 349 of which foreign companies 43 39 27 25 25

Capitalisation at year-end (PLN million) 734 048 642 863 796 482 715 822 465 115 of which domestic companies (PLN million) 523 390 446 151 542 646 421 178 267 359 of which foreign companies (PLN million) 210 657 196 712 253 836 294 643 197 756 Average P/E ratio* 11.7 12.5 18.2 14.3 11.0 Average P/BV ratio* 0.89 1.06 1.16 1.04 1.57 Dividend yield (%)* 3.9 2.9 2.4 3.6 3.1 Total turnover value for the year (PLN million) 202 880 268 138 234 288 175 943 165 658 Average turnover value per session (PLN million) 814.8 1 068.3 926.1 698.2 660.0 Number of transactions per session 46 388 55 358 48 410 51 406 38 220 Average value of transaction (PLN) 17 565 19 298 19 129 13 582 17 268 Turnover ratio (%)** 40.6 42.2 45.3 58.4 44.2 Number of sessions for the year 249 251 253 252 251

Investment accounts at year-end (‘000) 1 509 1 498 1 477 1 133 1 029

Continuous trading Number of all listed companies at year-end 418 415 387 358 359 Number of transactions per session 46 296 55 299 48 259 51 179 38 170 Total turnover value for the year (PLN million) 187 522 250 572 206 790 166 610 160 343

Single-price system Number of all listed companies at year-end 20 11 13 21 15 Number of transactions per session 78 44 134 216 41 Total turnover value for the year (PLN million) 33 17 68 86 15

76 WSE Main List

2012 2011 2010 2009 2008 Block trades Number of transactions (single-counted) 3 403 3 787 4 482 2 888 2 464 Average value of transaction (PLN million) 4.5 4.63 6.12 3.2 2.15 Total turnover value for the year (PLN million) 15 325 17 550 27 431 9 247 5 301

* Average annual figure for all listed companies. ** For domestic companies.

Pre-emptive rights – key figures

2012 2011 2010 2009 2008 Pre-emptive rights Number of series traded at year-end 0 0 0 0 0 Total turnover for the year (PLN million) 78 85 190 377 88 297 Average turnover per session (PLN million) 0.31 0.34 0.75 1.50 352.00 Number of transactions per session 85 128 176 241 186 Average value of transaction (PLN) 3 658 2 661 4 251 6 197 1 886

Pre-emptive rights – block trades Number of transactions (single-counted) 7 32 10 7 1 Average value of transaction (PLN thousand) 5 812 3 371 7 636 198 757 7 200 Total turnover value for the year (PLN million) 41 108 77 1 392 7 200

* Excluding block trades.

77 Fact Book 2013

Foreign companies in 2012

The WSE aims to enhance its position as the the second largest company in this ranking, regional financial hub, focusing its efforts on KOV, generated a figure of nearly PLN 800 attracting companies from Central and East- million. ern Europe. 2012 was another year when the WSE pursued that strategy. Starting from 30 May 2012, the WSE introduced the WIG-CEE index as a consequence At the end of 2012 the Main List had shares of the growing number of issuers from CEE of 43 foreign companies in listing, with an and a step towards raising its profile in the overall market value of PLN 210 billion. region. Alongside WIG-Poland and WIG- Turnover value for foreign companies ex- Ukraine, WIG-CEE is the WSE’s third index ceeded PLN 5 billion throughout the year. based on the criterion of the issuer’s coun- Shares of five new foreign companies en- try of origin. tered the Main List in 2012 (out of the 19 IPOs in total). At present, the largest num- Comprehensive information about foreign ber of companies (11) come from Ukraine, companies can be found at www.wseinter- followed by the Czech Republic (3), Hungary national.eu, a dedicated website with de- (2), Bulgaria (2) and Estonia (2). scriptive information on WSE-listed foreign companies, analytics as well as current re- Much as in 2011, the shares of KERNEl at- ports and stock prices. tracted most interest among investors. The trading value for KERNEL shares throughout the year exceeded PLN 1.7 billion while

New foreign companies in 2012 No. Company First quotation Change in price since Issuing Date Price of shares / Price of shares / price rights to shares rights to shares offering first quotation (PDA) (PDA) (PLN) (dd.mm) (PLN) (PLN) (%) (%) 1 KRKA 202.10 11.04 210.00 220.00 8.86 4.76 2 KDMSHIPNG 32.40 09.08 33.00 25.10 -22.53 -23.94 3 TATRY 178.40 15.10 179.00 183.00 2.58 2.23 4 EXILLON 7.36 29.10 7.40 7.94 7.88 7.30 5 INTERAOLT 24.17 18.12 25.75 26.64 10.22 3.46

*Issue price or the reference price on the IPO date.

78 WSE Main List

Foreign companies – key figures

2012 2011 2010 2009 2008

Number of foreign companies at year-end 43 39 27 25 25 Capitalisation of foreign companies at year-end (PLN million) 210 657 196 712 253 836 294 643 197 756 Average P/E ratio* 18.1 11.6 17.0 10.6 10.0 Average P/BV ratio* 0.55 0.67 0.80 0.81 1.27 Dividend yield (%)* 2.9 3.0 1.7 4.2 2.8 Total turnover value for the year (PLN million) 5 343 8 788 8 222 7 039 6 167 Average turnover value per session (PLN million) 21.5 35.0 32.5 28.0 24.6 Number of transactions per session 2 244 2 465 1 451 1 961 1 072 Average value of transaction (PLN) 9 563 14 204 22 395 14 246 22 925 Turnover ratio for companies (%) 1.3 2.5 2.4 2.5 1.6

* Average annual figure.

Foreign companies traded on the WSE (end of 2012)

First quotation No. Company Sector Country (dd.mm.yyyy) 1 BMPAG 16.12.2004 Finance other Germany 2 MOL 22.12.2004 Oil & Gas Hungary 3 ASTARTA 17.08.2006 Food Ukraine 4 ASSECOSLO 10.10.2006 IT Slovakia 5 CEZ 25.10.2006 Power Czech Republic 6 CCIINT 08.12.2006 Media Israel 7 CEDC 20.12.2006 Wholesaling USA 8 PEGAS 21.12.2006 Pharmaceutical Czech Republic 9 WARIMPEX 29.01.2007 Developers Austria 10 ACE 01.06.2007 Automotive Spain 11 ORCOGROUP 21.06.2007 Developers Luxembourg 12 SILVANO 23.07.2007 Retailing Estonia 13 OLYMPIC 26.09.2007 Hotels & Restaurants Estonia 14 PLAZACNTR 19.10.2007 Developers Israel

79 Fact Book 2013

Foreign companies traded on the WSE (end of 2012) (contd.) First quotation No. Company Sector Country (dd.mm.yyyy) 15 ASBIS 30.10.2007 Wholesaling Cyprus 16 RONSON 05.11.2007 Developers Israel 17 KERNEL 23.11.2007 Food Ukraine 18 REINHOLD 13.12.2007 Developers Sweden 19 UNICREDIT 20.12.2007 Banking Italy 20 SOBIESKI 21.04.2008 Food France 21 KOV 25.05.2010 Oil & Gas Canada 22 FORTUNA 28.10.2010 Services other Czech Republic 23 AGROTON 08.11.2010 Foods Ukraine 24 MILKILAND 06.12.2010 Foods Ukraine 25 SADOVAYA 30.12.2010 Basic materials Ukraine 26 AVIASG 03.03.2011 Services other Lithuania 27 ESTAR 22.03.2011 Power sector Hungary 28 IMCOMPANY 04.05.2011 Food Ukraine 29 KSGAGRO 05.05.2011 Food Ukraine 30 NEWWORLDR 09.05.2011 Basic materials United Kingdom 31 NOVAKBM 11.05.2011 Banking Slovenia 32 WESTAISIC 15.06.2011 Electrical engineering Ukraine 33 OVOSTAR 29.06.2011 Food Ukraine 34 AGROWILL 08.07.2011 Food Lithuania 35 COALENERG 04.08.2011 Basic materials Ukraine 36 SOPHARMA 28.11.2011 Pharmaceutical Bulgaria 37 EUROHOLD 15.12.2011 Finance other Bulgaria 38 KRKA 11.04.2012 Pharmaceutical Slovenia 39 AERFINANC 02.07.2012 Invests Wielka Brytania 40 KDMSHIPNG 09.08.2012 Services other Ukraine 41 TATRY 15.10.2012 Hotels & Restaurants Slovakia 42 EXILLON 29.10.2012 Oil & Gas Russia 43 INTERAOLT 18.12.2012 Power sector Lithuania

80 WSE Main List

Foreign companies by market value (end of 2012)

No. Company Shares Market Market P/BV P/E Dividend outstanding value share yield (million) (PLN million) (%) (%)

1 UNICREDIT 5 789.54 90 837.82 43.12 0.33 11.2 --- 2 CEZ 537.99 59 178.87 28.09 1.48 7.5 6.7 3 MOL 104.52 26 067.05 12.37 0.81 16 2.4 4 KRKA 35.43 7 793.75 3.70 1.49 11.4 0.6 5 KERNEL 79.68 5 318.87 2.52 1.34 7.9 --- 6 NEWWORLDR 264.66 4 181.60 1.99 1.27 18.1 3.3 7 ASTARTA 25.00 1 375.00 0.65 0.87 4.3 --- 8 CCIINT 51.20 1 331.20 0.63 1.31 15 --- 9 EXILLON 161.51 1 282.40 0.61 0.72 x --- 10 TATRY 6.71 1 227.42 0.58 1.09 36.8 2.1 11 ORCOGROUP 107.84 1 078.41 0.51 0.50 x --- 12 OLYMPIC 151.33 991.21 0.47 2.80 11.2 --- 13 PEGAS 9.23 710.66 0.34 1.23 11.2 5.6 14 FORTUNA 52.00 702.00 0.33 4.04 16 6.9 15 KOV 481.76 631.10 0.30 1.63 x --- 16 OVOSTAR 6.00 534.00 0.25 1.74 7.4 --- 17 INTERAOLT 20.00 532.80 0.25 13.97 7.1 13.5 18 SOPHARMA 132.00 528.00 0.25 0.64 5.6 --- 19 IMCOMPANY 31.30 511.76 0.24 1.24 8.8 --- 20 CEDC 81.52 505.40 0.24 0.66 x --- 21 SOBIESKI 3.20 492.65 0.23 0.00 x --- 22 SILVANO 39.40 472.80 0.22 1.95 18.1 --- 23 MILKILAND 31.25 453.13 0.22 0.62 10.2 --- 24 COALENERG 45.01 428.96 0.20 1.03 3.7 --- 25 PLAZACNTR 297.18 419.03 0.20 0.18 x --- 26 ASSECOSLO 21.36 416.73 0.20 0.97 6.9 13.8 27 AVIASG 5.89 353.60 0.17 2.40 13.1 --- 28 EUROHOLD 127.35 292.89 0.14 0.56 36.5 --- 29 ESTAR 2.64 224.66 0.11 4.94 x --- 30 RONSON 272.36 220.61 0.10 0.51 35.5 --- 31 AGROTON 21.67 216.70 0.10 0.47 x --- 32 WARIMPEX 54.00 210.60 0.10 0.67 6.2 ---

81 Fact Book 2013

Foreign companies by market value (end of 2012) (contd.)

No. Company Shares Market Market P/BV P/E Dividend outstanding value share yield (million) (PLN million) (%) (%)

33 NOVAKBM 39.12 194.44 0.09 0.14 x --- 34 KDMSHIPNG 7.30 183.13 0.09 1.94 4.1 9.8 35 KSGAGRO 14.93 173.14 0.08 0.54 2.8 --- 36 ASBIS 55.50 159.84 0.08 0.51 4 4.3 37 ACE 21.23 121.01 0.06 0.73 13.1 3.6 38 SADOVAYA 43.09 89.19 0.04 0.39 7.5 --- 39 ATLASEST 50.32 83.03 0.04 0.21 x --- 40 AGROWILL 84.82 50.89 0.02 0.33 5.8 --- 41 BMPAG 18.82 46.30 0.02 0.69 x --- 42 WESTAISIC 44.13 32.66 0.02 0.42 x --- 43 REINHOLD 7.00 1.96 0.00 0.00 x --- Total: 210.657 100.00 0.56 12.1 2.4

Foreign companies by trading value in 2012

No. Company Order-book trades Block trades Turnover Average Average Average Turnover Number of value volume number of number of value transactions transactions orders (PLN million) per session per session per session (PLN million) 1 KERNEL 1 715.7 103 740 455 2 592 48.4 33 2 KOV 791.0 2 206 233 577 2 517 1.1 4 3 CEDC 389.6 123 866 355 1 624 6.3 9 4 CEZ 380.0 12 884 26 2 846 0.8 2 5 CCIINT 259.8 34 498 11 75 3.4 7 6 UNICREDIT 226.2 58 916 22 770 0.8 2 7 NEWWORLDR 198.9 47 763 10 1 595 8 ASTARTA 174.3 11 664 38 186 4.0 14 9 MOL 165.3 2 632 4 1 186 9.8 8 10 SADOVAYA 137.0 158 435 190 972 0.1 1 11 MILKILAND 82.9 20 249 34 182 0.1 1 12 AGROTON 69.9 21 288 60 296 0.6 2 13 SOBIESKI 58.5 1 130 62 665 14 OVOSTAR 55.9 2 443 20 124

82 WSE Main List

Foreign companies by trading value in 2012 (contd.)

No. Company Order-book trades Block trades Turnover Average Average Average Turnover Number of value volume number of number of value transactions transactions orders (PLN million) per session per session per session (PLN million) 15 COALENERG 54.1 9 815 16 77 16 FORTUNA 51.3 13 195 11 347 1.8 4 17 KRKA 49.8 1 403 0 3 18 WESTAISIC 48.6 167 122 100 520 19 SILVANO 46.4 14 376 12 73 1.5 3 20 PLAZACNTR 46.3 84 853 22 143 1.2 2 21 KSGAGRO 40.2 9 896 19 167 22 ACE 35.2 24 135 20 127 0.4 3 23 IMCOMPANY 31.7 10 217 20 124 24 ASBIS 28.1 45 884 26 138 0.5 1 25 AVIASG 19.1 2 044 18 120 26 ORCOGROUP 17.8 5 595 31 1 691 27 WARIMPEX 13.8 15 126 12 165 0.3 1 28 ASSECOSLO 11.2 2 211 2 24 29 NOVAKBM 9.9 6 514 6 56 1.2 5 30 RONSON 8.3 35 015 11 122 31 PEGAS 7.8 394 2 184 32 REINHOLD 6.7 24 980 23 175 33 BMPAG 4.7 6 723 10 84 34 INTERAOLT 2.9 18 243 40 75 35 ATLASEST 2.8 6 713 5 48 3.5 4 36 OLYMPIC 2.2 1 608 1 18 37 AERFINANC 1.9 50 633 20 157 38 AGROWILL 1.2 6 855 4 35 39 TATRY 0.9 96 3 11 40 KDMSHIPNG 0.8 297 4 41 41 EXILLON 0.6 1 960 9 48 42 EUROHOLD 0.4 710 1 19 43 NEWWORLDN 0.4 80 1 19 44 SOPHARMA 0.2 100 0 10 6.3 3 45 ESTAR 0.0 0 0 3 2.7 6

83 Fact Book 2013

Structured Products

Structured products are financial instrument with a financial leverage which of- ments where the price is dependent on the fers potential gains no matter if the price value of specific underlying market indica- of the underlying instrument increases tors (e.g. equity prices or stock baskets, val- or declines. ues of stock indices, commodities or foreign  Trackers – instruments which track the exchange rates). They are issued by finan- changes of a market index (mostly in ba- cial institutions, most commonly by banks sic materials, agricultural commodities, or brokerage houses. stock indices, stock prices, baskets com-  The issuer of a structured product with a prising various instruments etc.). They defined maturity commits to make a pay- offer opportunities for gains no matter ment to the buyer (investor) at maturity, if the underlying index increases or de- and the sum to be paid is calculated ac- clines (so-called short certificates). cording to a predetermined formula. The  Products which ensure partial security redemption formula enables the holders of invested capital – they bear a lower of structured products to monitor chang- risk than trackers or option warrants. es in the values of their instruments on The major part of invested capital is put an ongoing basis. in safe assets (e.g. bonds, deposits). The  The issuer of a structured product with- second part of the investment is put to out a defined maturity (open-end certifi- work to generate the intended rate of re- cates) commits to ensure that the price turn. of the certificate will follow the price of  Products which ensure complete secu- the underlying instrument. There are rity of invested capital – the safest of also certificates (short certificates) which the current products which offer a pre- offer potential gains when the prices of determined share of yield generated by underlying instruments decline – those the underlying market indicator, coupled are the so-called SHORT certificates. with a guaranteed 100 per cent refund of the nominal sum upon the settlement Depending on their design, two essential date. types of structured products can be identi-  Other product types, where the payment fied: profile depends on fulfilment of condi-  Knock-out certificates – instruments with tions described in ‘Final Terms’. financial leverage and a built-in knock- out. They offer an opportunity for higher Structured products can be further subdi- gains versus the underlying instrument, vided into short-, medium- and long-term no matter if the price of the underlying products as well as open-end products, de- instrument increases or declines. pending on their maturity.  Factor certificates – instruments with un- changeable financial leverage without a The first ever structured product (a struc- defined maturity (open-end). They allow tured bond) was launched on the WSE in Au- the holder to attain higher gains versus gust 2006. At the end of 2012 a total of 343 the underlying instrument, no matter if structured products were listed, among them the price of the underlying instrument 327 certificates and 16 bonds (the figures for increases or declines 2011 were, respectively, 206 structured prod-  Option warrants – the payment profile ucts, incl. 178 certificates and 28 bonds). The is the same as for an option buyer. This turnover value for 2012 reached PLN 164.5 product has an issuer and is an instru- million versus PLN 350.8 for 2011.

84 WSE Main List

At the end of 2012, the WSE listed struc- as a new addition, factor certificates which tured products from the following issuers: enable investments in commodities (gold, Deutsche Bank London, ERSTE Bank, Raif- silver, oil, sugar, wheat and corn) with a feisen Centrobank, Barclays Bank, BNP fixed leverage, as well as stock market in- Paribas, UniCredit, SeccurAsset SA and the dices (EURO, STOXX50, WIG20 and DAX). Royal Bank of Scotland.

In 2012 the WSE continued to develop cash market instruments, expanding its range by 237 structured products, including: turbo certificates, trackers, WIG20 warrants and,

Structured products – key figures 2012 2011 2010 2009 2008

Number of listed series at year-end 343 206 148 70 46 Total turnover value for the year (PLN thousand)* 164 332 350 224 285 188 156 118 78 088 Average turnover value per session (PLN thousand) 660 1 395 1 127 620 311 Number of transactions per session 77 127 93 66 33 Average value of transaction (PLN) 8 578 10 972 12 146 9 406 9 412

Block trades Number of transactions (single-counted) 2 1 4 1 2 Average value of transaction (PLN thousand) 101 579 108 194 2 996.88 Total turnover value for the year (PLN thousand) 203 579 430 194 5 994

* Excluding block trades.

85 Fact Book 2013

Investment Certificates

Investment certificates are issued by closed- certificates are redeemed and fund partici- end investment funds. As bearer securities, pants receive payments according to the they may be listed on the WSE. Investment number of certificates held and their final funds which issue certificates are estab- valuation. lished for a specified period of time. Their objective is to achieve the highest possible At the end of 2012, a total of 58 series of returns on the capital paid in by fund par- sertificates were listed, with the total value ticipants, mainly through investments in se- of trading reaching PLN 57.2 million. curities. The fund ceases to exist through a liquidation procedure whereby investment

Investment certificates – key figures 2012 2011 2010 2009 2008 Continuous trading Number of listed series at year-end 58 60 58 50 47 Total turnover value for the year (PLN thousand)* 55 926 128 979 105 244 103 696 336 795 Average turnover value per session (PLN thousand) 225 514 416 412 1 342 Number of transactions per session 39 76 64 69 103 Average value of transaction (PLN) 5 703 6 795 6 517 5 993 12 986 Turnover volume per session 1 088 1 541 1 497 1 311 7 683

Block trades Number of transactions (single-counted) 5 8 3 3 9 Average value of transaction (PLN thousand) 254 5 019 685 141 364 Total turnover value for the year (PLN thousand) 1 272 40 154 2 056 424 3 279 * Excluding block trades.

Investment certificates market calendar in 2012

First quotation Last quotation No. Ticker First quotation date No. Ticker Last quotation date (dd.mm) (dd.mm) 1 KBCGJ1FIZ 26.04.12 1 KBCPP2FIZ 26.01.12 2 KBCKS1FIZ 09.07.12 2 KBCFINFIZ 27.03.12 3 KBCAM1FIZ 13.08.12 3 KBCDLWFIZ 27.03.12 4 KBCJU1FIZ 03.12.12 4 KBCATLFIZ 27.03.12 5 UNISYS1AB 21.12.12 5 KBCEIIFIZ 28.05.12 6 KBCEURFIZ 26.06.12 7 KBCISNFIZ 26.10.12

86 WSE Main List

ETFs

ETF (exchange-traded fund) is an open-end WIG20 EFT corresponds with 1/10 of the investment fund aimed to reflect index per- value of WIG20 whereas the values of DAX formance. Units of an ETF can be created and S&P500 ETFs correspond with 1/100 of and redeemed every day. Participation units their respective values, respectively in EUR in ETFs are securities and are traded on the and USD. stock exchange in the same way as equities are. Throughout 2012 the value of trading in ETFs amounted to PLN 223.2 million with The ETF on the WSE was launched by the trading value in 2011 reaching PLN LYXOR Asset Management (part of Societe 284.3. Generale Group) in 2010 and based on the WIG20 index. Starting from May 2011, two further ETFs have been listed: one linked to DAX and one to S&P500. The value of the

ETFs – key figures 2012 2011 2010 ETFs – continuous trading Number of series traded at year-end 3 3 1 Total turnover value for the year (PLN thousand)* 217 126 259 718 70 515 Average turnover value per session (PLN thousand) 872 1 035 279 Number of transactions per session 29 35 10 Average value of transaction (PLN) 29 825 29 798 26 822 Trading volume per session 4 479 4 178 1 026 Net asset value, total (PLN thousand) 3 248 486 3 418 025 251 357 Net asset value per unit (PLN) 618.44 514.15 279.29

ETFs – block trades Number of transactions (single-counted) 1 5 5 Average value of transaction (PLN thousand) 6 045 4 918 2 923 Total turnover value for the year (PLN thousand) 6 045 24 590 14 616 * Excluding block trades.

87 Fact Book 2013

Option Warrants

Option warrants are issued by financial in- An option warrant contains an element of a stitutions. They have an issuer, a prospectus financial leverage which offers an opportu- and an information document (terms of final nity to achieve higher rates of return from issue), separate for each series traded. War- investment versus investments in underly- rants give investors the right (not an obliga- ing instruments. Purchased warrants may tion) to buy or sell a selected underlying in- be kept until maturity or sold at any time at strument (e.g. equities, index) on a specific a market price. future date at a pre-determined price. This price, called the exercise price, is set by the Warrants returned to the WSE (after a few issuer. years’ break) in July 2011. They are issued by Raiffeisen Centrobank AG. At the end of Investors which expect the price of the un- 2012 a total of 60 American-style warrants derlying instrument to go up, buy call war- from that issuer were in trading, linked to rants. Investors who want to protect them- equities and the WIG20 index. selves against a declining price or earn on such price declines buy put warrants.

Warrants – key figures Total warrants 2012 20111 20052 2004 2003 Total turnover value (PLN thousand) 223.17 546.10 2 884.38 11 459.60 15 491.85 Average turnover per session (PLN thousand) 0.90 4.83 11.92 44.94 61.72 Average volume per session 1 016 7 801 1 278 5 333 8 011 Number of transactions per session 1 8 7 15 22 Number of series (at year-end) 68 90 8 29 35 Index warrants3 2012 2011 2005 20043 2003 Total turnover value (PLN thousand) 37 20 --- 11 73 1 973 07 3 646 89 Average turnover per session (PLN thousand) 0 33 --- 0 21 7 86 14 65 Average volume per session 211 --- 27 1 062 736 Number of transactions per session 2 --- 0 3 5 Number of series (at year-end) 13 --- 2 2 8 Stock warrants4 2012 2011 20054 2004 2003 Total turnover value (PLN thousand) 508 90 1 981 43 5 695 34 8 302 52 3 555 58 Average turnover per session (PLN thousand) 4 50 8 19 22 33 33 08 14 28 Average volume per session 7 590 985 3 428 5 234 2 863 Number of transactions per session 6 5 8 12 6 Number of series (at year-end) 77 6 27 31 31 Futures warrants5 2012 2011 2005 2004 2003 Total turnover value (PLN thousand) --- 902 95 5 752 53 5 216 26 1 286 94 Average turnover per session (PLN thousand) --- 3 73 22 56 20 78 5 17 Average volume per session --- 293 1 899 1 715 533 Number of transactions per session --- 2 7 6 3 Number of series (at year-end) --- 2 2 2 2

1 Those warrants returned to trading on 21 July 2011. 2 16 December 2005 was the last day of trading for warrants. 3 19 March 2004 was the last day of trading for index warrants. 4 16 December 2005 was the last day of trading for stock warrants. 5 Futures warrants were traded between 24 September 2001 and 16 December 2005. 88 WSE Main List

Short Selling

Short selling was allowed on the Warsaw investors and financial institutions acting on Stock Exchange starting from 1 July 2010. their own account and for market makers. Short selling means that investors sell securities which are not held on their invest- As of the end of 2012, the WSE members ment accounts at the moment of sale. When were allowed to engage in short selling on settlement occurs (normally three days after their own account or their clients’ account the day of sale) the investor needs to have with regard to shares in 30 companies and the securities to provide them to the buyer. 36 bonds (the figures at the end of 2011 The most popular way of obtaining securi- were, respectively, 33 and 38). Market mak- ties for the transaction is to loan them (e.g. ers were allowed to conduct short selling from the investor’s brokerage house). It is involving shares of 140 companies and 36 important to bear in mind that short sell- bonds (at the end of 2011 those were, re- ing is not available to all customers and is spectively, shares in 140 companies and 38 offered under the contract signed with the bonds). In 2012 the share of short selling in brokerage house which maintains the inves- equities trading on the Main List represent- tor’s securities account. Moreover, not all ed 1.5% (1.1% in 2011, and 0.1% from July securities can be involved in short selling. to December 2010). The WSE defines criteria to be met by securities to be admitted to short selling. Sepa- rate criteria are defined for orders placed by

Short selling (SS) 2012 2011 2010* Number of instruments (at year-end) 176 178 178 Total turnover value (PLN thousand) 2 778 108 2 682 050 1 008 643 Average turnover per session (PLN thousand) 11 157 10 685 7 819 Average number of transactions per session 511 419 290 Average value of transaction (PLN thousand) 22 26 27

* Data since 1 July 2010.

89 Fact Book 2013

WSE Indices

At the end of 2012 the Warsaw Stock Ex- New indices change calculated and published eight indices, eleven sectoral subindices, two On 30 May 2012 the WSE began to calculate strategy indices, two national indices, two WIG-CEE external indices and one regional index.

The values of eight indices are reported on an ongoing basis (from session start till grouping all listed companies from Central end). Those are: and Eastern Europe. WIG-CEE is a total re-  WIG20, turn index, which means that income from  mWIG40, its constituent shares, dividends and pre-  sWIG80, emptive rights is also taken into account for  WIG-Plus its calculation.  WIGdiv  WIG On 3 December 2012, the WSE began to  WIG CEE publish WIG20TR  RESPECTIndex

The values of WIG-Poland, WIG-Ukraine, WIG20TR and sectoral subindices are pub- i.e. a WIG20-based index calculated includ- lished three times during a trading session ing income from market operations, such as (after the first and the second auction and dividend payment or a new share issue with upon the end of the session). pre-emptive rights. The WIG20TR portfolio and the rules of its calculation are in line with the respective rules for WIG20.

90 WSE Main List

The WIG20 Index and EUR 1 million, not in a special situation (as defined in the WSE Rules), not classified Calculated since 16 April 1994, WIG20 is the to either MINUS 5 or ALERT LIST, and not index of the largest quoted companies (blue part of the Lower Liquidity Zone. Companies chips) and has a base value of 1,000 points. selected with this method are then ranked by turnover value for the last 12 months WIG20 values are calculated on the basis (weight 0.6) and free float value (weight of share prices of 20 listed companies. This 0.4). The index covers companies which are index is published from the start until the ranked 1 to 25 in the case of a review, and close of a session at 15-second intervals. ranked 1 to 30 in the case of an adjustment. WIG20 is a price index, which means that income from dividends and pre-emptive Shares held by companies in this index are rights is not taken into account in its calcula- updated during each review and adjustment tion. Changes to the WIG20 composition are exercise, based on the current free float made four times a year. The annual review balance. As an additional requirement, one is conducted in March, whereas quarterly company may have no more than a 15% adjustments take place in June, September share in this index. and December.

The list of constituent companies of this index is drawn up from a special list covering companies with free float exceeding 10%

The WIG20 index in 2012

3 000

2 750 2 602.51 19 Dec

2 500

2 250

2 035.8 24 May 2 000 July May April June March August October January February December November September

91 Fact Book 2013

The WIG20 index portfolio (end of 2012) No. Shares Price of shares Number of shares in Market value Share in WIG20 portfolio (PLN) (PLN) (%) 1 KGHM 190.00 136 410 000 25 917 900 000 14.92 2 PZU 437.00 55 967 000 24 457 579 000 14.08 3 PKOBP 36.90 654 932 000 24 166 990 800 13.91 4 PEKAO 167.50 106 971 000 17 917 642 500 10.32 5 PKNORLEN 49.50 309 999 000 15 344 950 500 8.83 6 PGE 18.21 712 636 000 12 977 101 560 7.47 7 PGNIG 5.21 1 628 088 000 8 482 338 480 4.88 8 TPSA 12.23 647 357 000 7 917 176 110 4.56 9 TAURONPE 4.75 1 043 555 000 4 956 886 250 2.85 10 BOGDANKA 136.00 33 979 000 4 621 144 000 2.66 11 BRE 326.00 12 785 000 4 167 910 000 2.40 12 JSW 92.40 37 704 000 3 483 849 600 2.01 13 KERNEL 66.75 49 223 000 3 285 635 250 1.89 14 HANDLOWY 98.30 32 665 000 3 210 969 500 1.85 15 ASSECOPOL 45.35 69 483 000 3 151 054 050 1.81 16 SYNTHOS 5.41 496 691 000 2 687 098 310 1.55 17 LOTOS 41.20 60 797 000 2 504 836 400 1.44 18 GTC 9.90 230 737 000 2 284 296 300 1.32 19 TVN 9.92 158 105 000 1 568 401 600 0.90 20 BORYSZEW 0.62 969 028 000 600 797 360 0.35

92 WSE Main List

The mWIG40 and EUR 1 million, not in a special situation (as defined in the WSE Rules), not classified Index to either MINUS 5 or ALERT LIST, and not As the successor to the MIDWIG, the part of the Lower Liquidity Zone. Compa- mWIG40 index covers medium size com- nies selected according to this method are panies (by market value and turnover). The then ranked by turnover value for the last index has been published by the WSE since 12 months (weight 0.6) and free float value 31 December 1997, its base value being (weight 0.4). The index covers companies 1,000 points. which are ranked 25 to 65 in the case of a review, and ranked 30 to 70 in the case of an mWIG40 values are calculated on the ba- adjustment. sis of share prices of 40 listed companies. This index is published from the start until Company shares in this index are updated the close of session at one-minute intervals. during each revision and adjustment exer- mWIG40 is a price index, which means that cise, based on the current free float balance. income from dividends and pre-emptive As an additional requirement, one company rights is not taken into account in its cal- may have no more than a 10% share in this culation. Changes to the composition of index. mWIG40 are made four times a year. The annual review is conducted in March, whereas quarterly adjustments take place in June, September and December.

The list of constituent companies of this index is drawn up from a special list covering companies with free float exceeding 10%

The mWIG40 index in 2012

3 000

2 750 2 625.96 19 Dec

2 500

2 250

2 147.52 5 Jun 2 000 July May April June March August October January February December November September

93 Fact Book 2013

The mWIG40 index portfolio (end of 2012) No. Shares Price of shares Number of shares in Market value Share in mWIG40 portfolio (PLN) (PLN) (%) 1 LPP 4 550.00 930 000 4 231 500 000 9.97 2 EUROCASH 43.70 77 261 000 3 376 305 700 7.95 3 INGBSK 91.00 32 525 000 2 959 775 000 6.97 4 CYFRPLSAT 16.41 168 807 000 2 770 122 870 6.53 5 ENEA 15.73 131 913 000 2 074 991 490 4.89 6 GETINOBLE 1.79 1 075 039 000 1 924 319 810 4.53 7 AZOTYTARNOW 53.90 35 085 000 1 891 081 500 4.45 8 MILLENNIUM 4.42 418 366 000 1 849 177 720 4.36 9 NETIA 4.28 372 699 000 1 595 151 720 3.76 10 CCC 73.00 20 030 000 1 462 190 000 3.44 11 AMREST 96.20 14 216 000 1 367 579 200 3.22 12 KETY 144.90 9 226 000 1 336 847 400 3.15 13 ECHO 5.05 233 735 000 1 180 361 750 2.78 14 NEWWORLDR 15.80 70 868 000 1 119 714 400 2.64 15 GPW 38.87 27 123 000 1 054 271 010 2.48 16 GETIN 2.82 324 766 000 915 840 120 2.16 17 KREDYTB 16.50 54 332 000 896 478 000 2.11 18 PULAWY 137.50 6 474 000 890 175 000 2.10 19 EMPERIA 57.95 15 115 000 875 914 250 2.06 20 ORBIS 38.00 21 801 000 828 438 000 1.95 21 BUDIMEX 70.00 10 452 000 731 640 000 1.72 22 CIECH 22.20 32 292 000 716 882 400 1.69 23 INTERCARS 86.00 8 053 000 692 558 000 1.63 24 CCIINT 26.00 23 610 000 613 860 000 1.45 25 KOPEX 17.70 30 713 000 543 620 100 1.28 26 BIOTON 0.10 5 216 479 000 521 647 900 1.23 27 ASTARTA 55.00 9 256 000 509 080 000 1.20 28 AGORA 10.38 45 245 000 469 643 100 1.11 29 KRUK 44.06 10 078 000 444 036 680 1.05 30 CDPROJEKT 6.20 55 376 000 343 331 200 0.81 31 IMPEXMET 3.50 98 000 000 343 000 000 0.81 32 MIDAS 0.65 503 124 000 327 030 600 0.77 33 POLIMEXMS 0.62 521 117 000 323 092 540 0.76 34 CORMAY 12.93 23 135 000 299 135 550 0.71 35 KOV 1.31 214 321 000 280 760 510 0.66 36 HAWE 3.80 58 937 000 223 960 600 0.53 37 ROVESE 1.42 123 345 000 175 149 900 0.41 38 PETROLINV 1.40 113 902 000 159 462 800 0.38 39 CEDC 6.20 16 040 000 99 448 000 0.23 40 IDMSA 0.21 184 975 000 38 844 750 0.09

94 WSE Main List

The sWIG80 The list of constituent companies of this in- Index dex is drawn up from a special list covering The sWIG80 index is the successor to the companies with free float exceeding 10% WIRR. Its portfolio covers listed compa- and EUR 1 million, not in a special situation nies which are smaller than the WIG20 and (as defined in the WSE Rules), not classified mWIG40 constituents. to either MINUS 5 or ALERT LIST, and not part of the Lower Liquidity Zone. Compa- The index has been published by the WSE nies selected according to this method are since 31 December 1994, its base value then ranked by turnover value for the last being 1,000 points. sWIG80 values are cal- 12 months (weight 0.6) and free float value culated on the basis of share prices for 80 (weight 0.4). The index covers companies listed companies. This index is published which ranked 65 to 145 in the case of a re- from the start until the close of session at view, and ranked 70 to 155 in the case of an one-minute intervals. adjustment. sWIG80 is a price index, which means that in- Company shares in this index are updated come from dividends and pre-emptive rights during each revision and adjustment exer- is not taken into account in its calculation. cise, based on the current free float balance. Changes to its composition are made four As an additional requirement, one company times a year. The annual review is conducted may have no more than a 10% share in this in March, whereas quarterly adjustments take index. place in June, September and December.

The sWIG80 index in 2012

10 536.29 15 Mar 10 500

10 000

9 500

9 000

8 567.88 9 Jan 8 500 July May April June March August October January February December November September

95 Fact Book 2013

The sWIG80 index portfolio (end of 2012) No. Shares Price of shares Number of shares in Market value Share in sWIG80 portfolio (PLN) (PLN) (%) 1 APATOR 32.63 25 333 000 826 615 790 4.74 2 ZEPAK 28.45 25 825 000 734 721 250 4.21 3 KOGENERA 86.50 7 450 000 644 425 000 3.69 4 WAWEL 798.00 718 000 572 964 000 3.28 5 INTEGERPL 184.50 3 021 000 557 374 500 3.19 6 FAMUR 4.77 110 906 000 529 021 620 3.03 7 MENNICA 22.66 22 376 000 507 040 160 2.90 8 ELBUDOWA 106.50 4 748 000 505 662 000 2.90 9 SANOK 18.15 23 391 000 424 546 650 2.43 10 NFIEMF 16.65 24 946 000 415 350 900 2.38 11 BANKBPH 48.89 8 318 000 406 667 020 2.33 12 FARMACOL 32.59 11 602 000 378 109 180 2.17 13 KOFOLA 27.50 13 089 000 359 947 500 2.06 14 OPENFIN 14.00 24 750 000 346 500 000 1.99 15 COMARCH 73.50 4 586 000 337 071 000 1.93 16 STALPROD 184.00 1 796 000 330 464 000 1.89 17 ZELMER 39.28 7 807 000 306 658 960 1.76 18 BOS 30.00 9 921 000 297 630 000 1.71 19 PELION 30.50 9 620 000 293 410 000 1.68 20 DEBICA 61.00 4 686 000 285 846 000 1.64 21 ATM 10.39 26 402 000 274 316 780 1.57 22 COMP 59.40 4 386 000 260 528 400 1.49 23 PEP 28.70 9 002 000 258 357 400 1.48 24 LCCORP 1.17 218 432 000 255 565 440 1.46 25 ASSECOSLO 19.51 12 800 000 249 728 000 1.43 26 AMICA 54.65 4 443 000 242 809 950 1.39 27 ABPL 19.44 11 927 000 231 860 880 1.33 28 RAFAKO 8.39 27 404 000 229 919 560 1.32 29 DOMDEV 34.19 6 694 000 228 867 860 1.31 30 GRAJEWO 13.15 17 316 000 227 705 400 1.30 31 KREZUS 18.40 12 209 000 224 645 600 1.29 32 MCI 6.37 34 286 000 218 401 820 1.25 33 IPOPEMA 8.89 23 533 000 209 208 370 1.20 34 SNIEZKA 39.39 5 026 000 197 974 140 1.13 35 ASSECOBS 10.75 17 890 000 192 317 500 1.10 36 NEUCA 95.50 1 943 000 185 556 500 1.06 37 BENEFIT 230.00 802 000 184 460 000 1.06 38 ALCHEMIA 5.00 36 441 000 182 205 000 1.04 39 SYGNITY 14.45 11 809 000 170 640 050 0.98 40 ACTION 22.40 7 557 000 169 276 800 0.97

96 WSE Main List

The sWIG80 index portfolio (end of 2012) (contd.) No. Shares Price of shares Number of shares in Market value Share in sWIG80 portfolio (PLN) (PLN) (%) 41 POLICE 12.39 13 586 000 168 330 540 0.96 42 POLNORD 10.40 15 839 000 164 725 600 0.94 43 FORTE 12.90 12 724 000 164 139 600 0.94 44 LENTEX 4.90 32 945 000 161 430 500 0.93 45 IMCOMPANY 16.35 9 809 000 160 377 150 0.92 46 RADPOL 8.00 19 627 000 157 016 000 0.90 47 BBIDEVNFI 0.38 407 046 000 154 677 480 0.89 48 WIELTON 4.25 36 150 000 153 637 500 0.88 49 CITYINTER 24.34 6 303 000 153 415 020 0.88 50 MERCOR 14.80 9 922 000 146 845 600 0.84 51 OVOSTAR 89.00 1 500 000 133 500 000 0.77 52 IMPEL 30.74 4 266 000 131 136 840 0.75 53 ZPUE 247.90 522 000 129 403 800 0.74 54 MOSTALWAR 12.55 9 981 000 125 261 550 0.72 55 MILKILAND 14.50 8 426 000 122 177 000 0.70 56 COLIAN 2.18 55 772 000 121 582 960 0.70 57 RANKPROGR 11.02 10 805 000 119 071 100 0.68 58 KREDYTIN 12.80 8 973 000 114 854 400 0.66 59 VISTULA 1.08 100 261 000 108 281 880 0.62 60 ACE 5.70 18 800 000 107 160 000 0.61 61 COALENERG 9.53 11 253 000 107 241 090 0.61 62 EKOEXPORT 14.85 7 035 000 104 469 750 0.60 63 ORZBIALY 15.77 6 534 000 103 041 180 0.59 64 IZOSTAL 7.50 13 005 000 97 537 500 0.56 65 SKOTAN 4.08 23 372 000 95 357 760 0.55 66 CALATRAVA 0.38 245 220 000 93 183 600 0.53 67 MOSTALZAB 1.14 72 000 000 82 080 000 0.47 68 JWCONSTR 4.04 20 091 000 81 167 640 0.47 69 DUDA 0.39 199 109 000 77 652 510 0.45 70 AGROTON 10.00 6 610 000 66 100 000 0.38 71 MNI 1.47 44 666 000 65 659 020 0.38 72 GANT 3.90 15 836 000 61 760 400 0.35 73 TRAKCJA 0.59 102 298 000 60 355 820 0.35 74 URSUS 3.46 7 319 000 25 323 740 0.15 75 SADOVAYA 2.07 10 771 000 22 295 970 0.13 76 EFH 0.18 103 138 000 18 564 840 0.11 77 ATLANTIS 0.13 128 520 000 16 707 600 0.10 78 FON 0.10 114 241 000 11 424 100 0.07 79 IFCAPITAL 0.36 29 348 000 10 565 280 0.06 80 POLJADLO 0.19 34 280 000 6 513 200 0.04

97 Fact Book 2013

The WIG-Plus The list of constituent companies of this index is drawn up from a special list covering Index companies with free float exceeding 10% WIG-Plus covers the smallest listed compa- and EUR 1 million, not in a special situation nies. The WSE started publishing this index (as defined in the WSE Rules), not classified on 1 December 2011 and its base value on to either MINUS 5 or ALERT LIST, and not 31 December 2009 was 1,000 points. The part of the Lower Liquidity Zone. Compa- value of this index is calculated on the basis nies selected according to this method are of share prices of constituent companies. then ranked by turnover value for the last 12 months (weight 0.6) and free float value This index is published from the start until (weight 0.4). The index covers companies the close of session at one-minute intervals. which made it to this list, were not classi- WIG-Plus is a price index, which means that fied to WIG20, mWIG40 or sWIG80 but were income from dividends and pre-emptive included in the 5 PLUS segment. rights is not taken into account in its calculation. Changes to its composition are made Company shares in this index are updated four times a year. The annual review is con- during each revision and adjustment exer- ducted in March, whereas quarterly adjust- cise, based on the current free float balance. ments take place in June, September and As an additional requirement, one company December. may have no more than a 10% share in this index.

The WIG-Plus index in 2012

1 000

899.53 21 Feb 900

800

700 690.15 14 Aug

600 July May April June March August October January February December November September

98 WSE Main List

The WIG-Plus index portfolio (end of 2012) No. Shares Price of shares Number of shares in Market value Share portfolio in WIG-Plus (PLN) (PLN) (%) 1 ZETKAMA 41.38 3 289 000 136 098 820 2.29 2 PTI 15.95 7 408 000 118 157 600 1.99 3 AVIASG 60.00 1 884 000 113 040 000 1.90 4 ALMA 27.00 3 993 000 107 811 000 1.81 5 INSTALKRK 17.15 6 190 000 106 158 500 1.79 6 PANOVA 19.00 5 552 000 105 488 000 1.77 7 ARMATURA 1.22 80 619 000 98 355 180 1.65 8 QUMAKSEK 9.31 10 375 000 96 591 250 1.62 9 FERRO 6.20 15 082 000 93 508 400 1.57 10 EMCINSMED 15.95 5 369 000 85 635 550 1.44 11 QUERCUS 2.46 33 631 000 82 732 260 1.39 12 VOXEL 18.10 4 559 000 82 517 900 1.39 13 AMBRA 8.09 9 800 000 79 282 000 1.33 14 PAGED 15.14 5 128 000 77 637 920 1.31 15 ASBIS 2.88 26 624 000 76 677 120 1.29 16 APLISENS 14.49 5 224 000 75 695 760 1.27 17 TIM 5.22 14 277 000 74 525 940 1.25 18 ENERGOINS 14.50 5 064 000 73 428 000 1.24 19 NOWAGALA 1.96 36 623 000 71 781 080 1.21 20 ERBUD 13.95 4 903 000 68 396 850 1.15 21 OTMUCHOW 10.70 6 257 000 66 949 900 1.13 22 BARLINEK 0.90 72 086 000 64 877 400 1.09 23 ADVGRUPA 13.12 4 933 000 64 720 960 1.09 24 UNIBEP 5.05 12 792 000 64 599 600 1.09 25 POZBUD 3.40 18 500 000 62 900 000 1.06 26 PEKAES 5.50 11 289 000 62 089 500 1.04 27 MIESZKO 4.36 13 935 000 60 756 600 1.02 28 ELEKTROTI 8.60 7 027 000 60 432 200 1.02 29 KINOPOL 13.55 4 441 000 60 175 550 1.01 30 GRAAL 14.95 3 975 000 59 426 250 1.00 31 ULMA 43.85 1 288 000 56 478 800 0.95 32 OPONEO.PL 7.00 7 841 000 54 887 000 0.92 33 HYDROTOR 26.94 2 027 000 54 607 380 0.92 34 ERGIS 3.34 16 213 000 54 151 420 0.91 35 PEPEES 0.89 60 343 000 53 705 270 0.90 36 KONSSTALI 24.85 2 139 000 53 154 150 0.89 37 MIRBUD 1.23 42 899 000 52 765 770 0.89 38 ENERGOPOL 8.44 6 207 000 52 387 080 0.88 39 BSCDRUK 17.20 3 032 000 52 150 400 0.88 40 LUBAWA 0.70 74 528 000 52 169 600 0.88

99 Fact Book 2013

The WIG-Plus index portfolio (end of 2012) (contd.) No. Shares Price of shares Number of shares in Market value Share portfolio in WIG-Plus (PLN) (PLN) (%) 41 COGNOR 2.18 22 531 000 49 117 580 0.83 42 PGODLEW 1.85 26 306 000 48 666 100 0.82 43 PROTEKTOR 4.04 12 033 000 48 613 320 0.82 44 PROJPRZEM 8.80 5 471 000 48 144 800 0.81 45 DECORA 8.50 5 572 000 47 362 000 0.80 46 PLASTBOX 2.45 19 178 000 46 986 100 0.79 47 RELPOL 8.06 5 829 000 46 981 740 0.79 48 IDEON 0.16 293 319 000 46 931 040 0.79 49 PCGUARD 1.91 23 938 000 45 721 580 0.77 50 LIBET 1.98 22 915 000 45 371 700 0.76 51 RONSON 0.81 55 662 000 45 086 220 0.76 52 BERLING 6.60 6 730 000 44 418 000 0.75 53 WARIMPEX 3.90 11 350 000 44 265 000 0.74 54 BLACKLION 0.76 58 068 000 44 131 680 0.74 55 HARPER 1.73 25 500 000 44 115 000 0.74 56 WASKO 2.51 17 393 000 43 656 430 0.73 57 INDYKPOL 35.70 1 166 000 41 626 200 0.70 58 SELENAFM 7.94 5 246 000 41 653 240 0.70 59 PROCHEM 16.14 2 550 000 41 157 000 0.69 60 ARTERIA 13.43 3 020 000 40 558 600 0.68 61 TOYA 2.40 16 402 000 39 364 800 0.66 62 ZUE 6.54 6 000 000 39 240 000 0.66 63 HERKULES 1.28 30 390 000 38 899 200 0.65 64 ZASTAL 1.88 20 435 000 38 417 800 0.65 65 ENELMED 4.10 9 319 000 38 207 900 0.64 66 ATMGRUPA 1.02 36 892 000 37 629 840 0.63 67 TELL 10.00 3 716 000 37 160 000 0.63 68 ESSYSTEM 2.50 13 646 000 34 115 000 0.57 69 KANIA 1.80 18 504 000 33 307 200 0.56 70 FASING 26.67 1 239 000 33 044 130 0.56 71 INPRO 3.23 10 010 000 32 332 300 0.54 72 GROCLIN 12.66 2 550 000 32 283 000 0.54 73 ROPCZYCE 17.20 1 845 000 31 734 000 0.53 74 LENA 3.00 10 150 000 30 450 000 0.51 75 ATMSI 1.23 24 471 000 30 099 330 0.51 76 STAPORKOW 20.47 1 471 000 30 111 370 0.51 77 KRAKCHEM 5.90 5 000 000 29 500 000 0.50 78 NETMEDIA 4.30 6 815 000 29 304 500 0.49 79 HUTMEN 3.29 8 900 000 29 281 000 0.49 80 4FUNMEDIA 20.20 1 444 000 29 168 800 0.49

100 WSE Main List

The WIG-Plus index portfolio (end of 2012) (contd.) No. Shares Price of shares Number of shares in Market value Share portfolio in WIG-Plus (PLN) (PLN) (%) 81 PRESCO 7.28 3 686 000 26 834 080 0.45 82 INTROL 4.45 5 995 000 26 677 750 0.45 83 RAINBOW 4.13 6 344 000 26 200 720 0.44 84 BUMECH 6.19 4 191 000 25 942 290 0.44 85 K2INTERNT 16.99 1 493 000 25 366 070 0.43 86 KDMSHIPNG 25.10 996 000 24 999 600 0.42 87 REMAK 16.20 1 521 000 24 640 200 0.41 88 FAM 1.47 16 522 000 24 287 340 0.41 89 MWTRADE 9.80 2 476 000 24 264 800 0.41 90 NOKAUT 6.59 3 676 000 24 224 840 0.41 91 HYGIENIKA 1.26 18 704 000 23 567 040 0.40 92 SONEL 4.91 4 794 000 23 538 540 0.40 93 EUROTEL 17.30 1 304 000 22 559 200 0.38 94 NOVITA 22.60 975 000 22 035 000 0.37 95 MCLOGIC 32.00 681 000 21 792 000 0.37 96 MOSTALPLC 21.00 1 027 000 21 567 000 0.36 97 PROCHNIK 0.24 89 131 000 21 391 440 0.36 98 INVESTCON 0.97 21 742 000 21 089 740 0.36 99 TESGAS 3.32 6 164 000 20 464 480 0.34 100 PRAGMAINK 19.17 1 032 000 19 783 440 0.33 101 CAPITAL 1.37 14 369 000 19 685 530 0.33 102 BOWIM 4.23 4 647 000 19 656 810 0.33 103 SUWARY 17.79 1 101 000 19 586 790 0.33 104 MIT 0.34 55 718 000 18 944 120 0.32 105 KREC 3.40 5 463 000 18 574 200 0.31 106 MONNARI 1.15 15 990 000 18 388 500 0.31 107 EUCO 10.14 1 797 000 18 221 580 0.31 108 PAMAPOL 2.74 6 642 000 18 199 080 0.31 109 GINOROSSI 0.98 18 513 000 18 142 740 0.31 110 MOBRUK 50.00 356 000 17 800 000 0.30 111 BAKALLAND 2.69 6 520 000 17 538 800 0.30 112 IVMX 4.95 3 516 000 17 404 200 0.29 113 JUPITER 0.66 25 789 000 17 020 740 0.29 114 WIKANA 0.40 42 545 000 17 018 000 0.29 115 ODLEWNIE 1.96 8 487 000 16 634 520 0.28 116 PBSFINANSE 0.42 37 363 000 15 692 460 0.26 117 ATREM 3.90 3 999 000 15 596 100 0.26 118 VANTAGE 1.31 11 762 000 15 408 220 0.26 119 TRANSPOL 5.78 2 631 000 15 207 180 0.26 120 CHEMOS 0.19 79 123 000 15 033 370 0.25

101 Fact Book 2013

The WIG-Plus index portfolio (end of 2012) (contd.) No. Shares Price of shares Number of shares in Market value Share portfolio in WIG-Plus (PLN) (PLN) (%) 121 TRITON 1.13 13 190 000 14 904 700 0.25 122 BBICAPNFI 0.71 20 702 000 14 698 420 0.25 123 SIMPLE 7.23 2 031 000 14 684 130 0.25 124 INTERFERI 5.22 2 770 000 14 459 400 0.24 125 TUP 1.93 7 353 000 14 191 290 0.24 126 DUON 0.69 19 945 000 13 762 050 0.23 127 SWISSMED 0.57 24 092 000 13 732 440 0.23 128 NTTSYSTEM 0.72 18 924 000 13 625 280 0.23 129 KOMPUTRON 5.37 2 525 000 13 559 250 0.23 130 MOSTALEXP 0.35 38 634 000 13 521 900 0.23 131 MAKRUM 1.03 12 926 000 13 313 780 0.22 132 BIPROMET 6.30 2 108 000 13 280 400 0.22 133 YAWAL 5.35 2 483 000 13 284 050 0.22 134 CAMMEDIA 3.02 4 285 000 12 940 700 0.22 135 BYTOM 0.25 51 250 000 12 812 500 0.22 136 VOTUM 4.64 2 756 000 12 787 840 0.22 137 BBIZENNFI 0.18 70 130 000 12 623 400 0.21 138 FOTA 4.20 2 914 000 12 238 800 0.21 139 06MAGNA 0.23 52 420 000 12 056 600 0.20 140 RAFAMET 17.66 667 000 11 779 220 0.20 141 BMPAG 2.46 4 757 000 11 702 220 0.20 142 PATENTUS 1.91 6 055 000 11 565 050 0.19 143 SFINKS 0.94 11 981 000 11 262 140 0.19 144 REDAN 0.85 12 957 000 11 013 450 0.19 145 DROZAPOL 0.77 14 176 000 10 915 520 0.18 146 VINDEXUS 2.99 3 589 000 10 731 110 0.18 147 CCENERGY 0.20 53 299 000 10 659 800 0.18 148 EDINVEST 4.00 2 593 000 10 372 000 0.17 149 POLNA 13.09 791 000 10 354 190 0.17 150 RUBICON 0.20 51 491 000 10 298 200 0.17 151 MAKARONPL 2.15 4 707 000 10 120 050 0.17 152 MIRACULUM 0.11 89 325 000 9 825 750 0.17 153 KOMPAP 5.97 1 595 000 9 522 150 0.16 154 JHMDEV 0.32 28 133 000 9 002 560 0.15 155 PRAGMAFA 16.35 528 000 8 632 800 0.15 156 WOJAS 4.10 2 047 000 8 392 700 0.14 157 ATLANTAPL 3.15 2 618 000 8 246 700 0.14 158 WESTAISIC 0.74 11 033 000 8 164 420 0.14 159 DROP 9.00 868 000 7 812 000 0.13 160 WADEX 10.78 711 000 7 664 580 0.13

102 WSE Main List

The WIG-Plus index portfolio (end of 2012) (contd.) No. Shares Price of shares Number of shares in Market value Share portfolio in WIG-Plus (PLN) (PLN) (%) 161 INTERSPPL 2.95 2 590 000 7 640 500 0.13 162 DMWDM 0.24 31 511 000 7 562 640 0.13 163 IDEATFI 1.47 5 062 000 7 441 140 0.13 164 AWBUD 0.62 11 931 000 7 397 220 0.12 165 HYPERION 2.09 3 290 000 6 876 100 0.12 166 INTERBUD 2.86 2 341 000 6 695 260 0.11 167 ENERGOPLD 0.26 24 950 000 6 487 000 0.11 168 KBDOM 0.17 35 951 000 6 111 670 0.10 169 HELIO 5.21 1 143 000 5 955 030 0.10 170 TERESA 13.22 448 000 5 922 560 0.10 171 FASTFIN 0.38 14 968 000 5 687 840 0.10 172 ELKOP 0.13 36 733 000 4 775 290 0.08 173 KPPD 24.31 189 000 4 594 590 0.08 174 COMPLEX 0.88 4 084 000 3 593 920 0.06 175 MEXPOLSKA 2.35 1 492 000 3 506 200 0.06 176 AGROWILL 0.60 5 738 000 3 442 800 0.06 177 BUDVARCEN 1.69 2 050 000 3 464 500 0.06

103 Fact Book 2013

WIGdiv last session in August and they are ordered by the dividend yield. The index comprises WIGdiv is the first index of dividend-paying companies with the highest dividend yield companies from the Main List. In order to which paid dividends at least three times become a constituent of this index, compa- during the last five years. The weights of in- nies must belong to either WIG20, mWIG40 dex constituents are updated after the last or sWIG80, have the highest dividend yield session of February, May, August and No- in the last accounting year and regularly paid vember. Company shares in this index are dividends in the last five years. WIGdiv has determined on the basis of the number of been calculated since 4 January 2012 and shares in free float. As an additional require- its base value was defined on 31 December ment, one company may have no more than 2010 as 1,000 points. The index comprises a 10% share in this index. The new WIGdiv shares of 30 companies and is published portfolio comes into force after the third from the start until the close of session at Friday of March, June, September and De- one-minute intervals. cember.

WIGdiv is a total return index, which means that income from dividends and pre-emptive rights is also taken into account for its calculation.

Changes to the composition of this index are made four times a year. An inventory of all listed companies is compiled after the

The WIGdiv index in 2012

1 106.17 27 Dec 1 100

1 000

900

882.23 25 May 800

700 July May April June March August October January February December November September

104 WSE Main List

The WIGdiv index portfolio (end of 2012) No. Shares Price of shares Number of shares in Market value Share in WIGdiv portfolio (PLN) (PLN) (%) 1 PZU 437.00 15 609 000 6 821 133 000 10.58 2 KGHM 190.00 34 477 000 6 550 630 000 10.16 3 PEKAO 167.50 39 068 000 6 543 890 000 10.15 4 PKOBP 36.90 177 044 000 6 532 923 600 10.13 5 TPSA 12.23 522 131 000 6 385 662 130 9.90 6 PGE 18.21 335 940 000 6 117 467 400 9.49 7 BOGDANKA 136.00 33 979 000 4 621 144 000 7.17 8 JSW 92.40 37 704 000 3 483 849 600 5.40 9 HANDLOWY 98.30 32 665 000 3 210 969 500 4.98 10 ASSECOPOL 45.35 69 483 000 3 151 054 050 4.89 11 ENEA 15.73 131 913 000 2 074 991 490 3.22 12 KETY 144.90 9 226 000 1 336 847 400 2.07 13 GPW 38.87 27 123 000 1 054 271 010 1.64 14 PULAWY 137.50 6 474 000 890 175 000 1.38 15 EMPERIA 57.95 15 115 000 875 914 250 1.36 16 BUDIMEX 70.00 10 452 000 731 640 000 1.13 17 KOGENERA 86.50 7 450 000 644 425 000 1.00 18 ELBUDOWA 106.50 4 748 000 505 662 000 0.78 19 AGORA 10.38 45 245 000 469 643 100 0.73 20 SANOK 18.15 23 601 000 428 358 150 0.66 21 ZELMER 39.28 7 807 000 306 658 960 0.48 22 ASSECOSLO 19.51 12 800 000 249 728 000 0.39 23 DOMDEV 34.19 6 694 000 228 867 860 0.36 24 IPOPEMA 8.89 23 533 000 209 208 370 0.32 25 SNIEZKA 39.39 5 026 000 197 974 140 0.31 26 ASSECOBS 10.75 17 890 000 192 317 500 0.30 27 BENEFIT 230.00 802 000 184 460 000 0.29 28 ACTION 22.40 7 557 000 169 276 800 0.26 29 FORTE 12.90 12 724 000 164 139 600 0.26 30 RADPOL 8.00 19 627 000 157 016 000 0.24

105 Fact Book 2013

The WIG Index calculation. Changes to the composition of the WIG are made four times a year. An in- Calculated since the first ever WSE session ventory of all listed companies is compiled on 16 April 1991, the WIG is the oldest of after the last session in February, May, Au- all WSE indices. Its portfolio covers all listed gust and November. The inventory does not companies except those whose free float is cover companies which fail to meet essen- under 10% and EUR 1 million and those in tial participation requirements. Company a special situation (as defined in the WSE shares in this index are determined on the Rules). basis of the number of shares in free float. As an additional requirement, one compa- The base value of the WIG is 1,000 points. ny may have no more than a 10% share in Its values are calculated on the basis of this index, whereas the share of one sector share prices for all constituent companies. may not exceed 30%. The new WIG portfo- This index is published from the start until lio comes into force after the third Friday of the close of session at one-minute intervals. March, June, September and December.

The WIG is a total return index, which means that income from dividends and pre-emptive rights is also taken into account for its

The WIG index in 2012

50 000

47 920.75 19 Dec 45 000

40 000

36 653.28 5 Jun 35 000

30 000 July May April June March August October January February December November September

106 WSE Main List

The WIG index portfolio (end of 2012) No. Shares Price of Number of shares in Market value Share in WIG shares portfolio (PLN) (PLN) (%) 1 KGHM 190.00 129 976 000 24 695 440 000 10.00 2 PKOBP 36.90 667 437 000 24 628 425 300 9.97 3 PZU 437.00 55 967 000 24 457 579 000 9.90 4 PEKAO 167.50 106 988 000 17 920 490 000 7.25 5 PKNORLEN 49.50 309 999 000 15 344 950 500 6.21 6 PGE 18.21 712 636 000 12 977 101 560 5.25 7 PGNIG 5.21 1 628 148 000 8 482 651 080 3.43 8 TPSA 12.23 647 357 000 7 917 176 110 3.20 9 TAURONPE 4.75 1 043 555 000 4 956 886 250 2.01 10 BOGDANKA 136.00 33 979 000 4 621 144 000 1.87 11 LPP 4550.00 930 000 4 231 500 000 1.71 12 BRE 326.00 12 786 000 4 168 236 000 1.69 13 JSW 92.40 37 704 000 3 483 849 600 1.41 14 EUROCASH 43.70 77 270 000 3 376 699 000 1.37 15 KERNEL 66.75 49 223 000 3 285 635 250 1.33 16 HANDLOWY 98.30 32 665 000 3 210 969 500 1.30 17 ASSECOPOL 45.35 69 483 000 3 151 054 050 1.28 18 INGBSK 91.00 32 525 000 2 959 775 000 1.20 19 CYFRPLSAT 16.41 168 807 000 2 770 122 870 1.12 20 SYNTHOS 5.41 496 691 000 2 687 098 310 1.09 21 LOTOS 41.20 60 797 000 2 504 836 400 1.01 22 GTC 9.90 230 737 000 2 284 296 300 0.93 23 GETINOBLE 1.79 1 191 982 000 2 133 647 780 0.86 24 ENEA 15.73 131 913 000 2 074 991 490 0.84 25 KRKA 220.00 8 817 000 1 939 740 000 0.79 26 AZOTYTARNOW 53.90 35 085 000 1 891 081 500 0.77 27 MILLENNIUM 4.42 418 366 000 1 849 177 720 0.75 28 ALIOR 62.65 28 332 000 1 774 999 800 0.72 29 NETIA 4.28 371 388 000 1 589 540 640 0.64 30 TVN 9.92 158 105 000 1 568 401 600 0.64 31 CCC 73.00 20 030 000 1 462 190 000 0.59 32 AMREST 96.20 14 216 000 1 367 579 200 0.55 33 KETY 144.90 9 226 000 1 336 847 400 0.54 34 NEWWORLDR 15.80 77 842 000 1 229 903 600 0.50 35 ECHO 5.05 233 735 000 1 180 361 750 0.48 36 GPW 38.87 27 123 000 1 054 271 010 0.43 37 GETIN 2.82 324 766 000 915 840 120 0.37 38 CEZ 110.00 8 163 000 897 930 000 0.36 39 KREDYTB 16.50 54 332 000 896 478 000 0.36 40 PULAWY 137.50 6 474 000 890 175 000 0.36 41 EMPERIA 57.95 15 115 000 875 914 250 0.36 42 APATOR 32.63 25 333 000 826 615 790 0.34

107 Fact Book 2013

The WIG index portfolio (end of 2012) (contd.) No. Shares Price of Number of shares in Market value Share in WIG shares portfolio (PLN) (PLN) (%) 43 ORBIS 38.00 21 801 000 828 438 000 0.34 44 MOL 249.40 3 099 000 772 890 600 0.31 45 ZEPAK 28.45 25 825 000 734 721 250 0.30 46 BUDIMEX 70.00 10 452 000 731 640 000 0.30 47 CIECH 22.20 32 292 000 716 882 400 0.29 48 INTERCARS 86.00 8 253 000 709 758 000 0.29 49 KOGENERA 86.50 7 450 000 644 425 000 0.26 50 CCIINT 26.00 23 610 000 613 860 000 0.25 51 BORYSZEW 0.62 969 028 000 600 797 360 0.24 52 WAWEL 798.00 718 000 572 964 000 0.23 53 INTEGERPL 184.50 3 021 000 557 374 500 0.23 54 KOPEX 17.70 30 713 000 543 620 100 0.22 55 FAMUR 4.77 110 906 000 529 021 620 0.21 56 BIOTON 0.10 5 216 479 000 521 647 900 0.21 57 ASTARTA 55.00 9 256 000 509 080 000 0.21 58 ELBUDOWA 106.50 4 748 000 505 662 000 0.21 59 MENNICA 22.66 22 376 000 507 040 160 0.21 60 AGORA 10.38 45 245 000 469 643 100 0.19 61 KRUK 44.06 10 078 000 444 036 680 0.18 62 SANOK 18.15 23 601 000 428 358 150 0.17 63 NFIEMF 16.65 24 946 000 415 350 900 0.17 64 BANKBPH 48.89 8 318 000 406 667 020 0.17 65 FARMACOL 32.59 11 602 000 378 109 180 0.15 66 KOFOLA 27.50 13 089 000 359 947 500 0.15 67 OPENFIN 14.00 24 750 000 346 500 000 0.14 68 CDPROJEKT 6.20 55 376 000 343 331 200 0.14 69 IMPEXMET 3.50 98 000 000 343 000 000 0.14 70 COMARCH 73.50 4 586 000 337 071 000 0.14 71 STALPROD 184.00 1 796 000 330 464 000 0.13 72 MIDAS 0.65 503 124 000 327 030 600 0.13 73 POLIMEXMS 0.62 521 117 000 323 092 540 0.13 74 ZELMER 39.28 7 807 000 306 658 960 0.12 75 CORMAY 12.93 23 135 000 299 135 550 0.12 76 BOS 30.00 9 921 000 297 630 000 0.12 77 PELION 30.50 9 591 000 292 525 500 0.12 78 DEBICA 61.00 4 686 000 285 846 000 0.12 79 KOV 1.31 214 321 000 280 760 510 0.11 80 COMP 59.40 4 386 000 260 528 400 0.11 81 PEP 28.70 9 002 000 258 357 400 0.11 82 LCCORP 1.17 218 432 000 255 565 440 0.10 83 ASSECOSLO 19.51 12 800 000 249 728 000 0.10 84 ATM 10.39 24 013 000 249 495 070 0.10

108 WSE Main List

The WIG index portfolio (end of 2012) (contd.) No. Shares Price of Number of shares in Market value Share in WIG shares portfolio (PLN) (PLN) (%) 85 AMICA 54.65 4 443 000 242 809 950 0.10 86 ABPL 19.44 11 927 000 231 860 880 0.09 87 DOMDEV 34.19 6 694 000 228 867 860 0.09 88 RAFAKO 8.39 27 404 000 229 919 560 0.09 89 GRAJEWO 13.15 17 316 000 227 705 400 0.09 90 HAWE 3.80 58 937 000 223 960 600 0.09 91 KREZUS 18.40 12 080 000 222 272 000 0.09 92 MCI 6.37 34 271 000 218 306 270 0.09 93 UNICREDIT 15.69 13 516 000 212 066 040 0.09 94 IPOPEMA 8.89 23 533 000 209 208 370 0.09 95 SNIEZKA 39.39 5 026 000 197 974 140 0.08 96 ASSECOBS 10.75 17 890 000 192 317 500 0.08 97 NEUCA 95.50 1 968 000 187 944 000 0.08 98 BENEFIT 230.00 802 000 184 460 000 0.08 99 POLNORD 10.40 17 673 000 183 799 200 0.07 100 ALCHEMIA 5.00 36 207 000 181 035 000 0.07 101 PEGAS 77.00 2 354 000 181 258 000 0.07 102 ROVESE 1.42 123 345 000 175 149 900 0.07 103 ACTION 22.40 7 557 000 169 276 800 0.07 104 SYGNITY 14.45 11 809 000 170 640 050 0.07 105 POLICE 12.39 13 586 000 168 330 540 0.07 106 FORTE 12.90 12 724 000 164 139 600 0.07 107 IMCOMPANY 16.35 9 809 000 160 377 150 0.07 108 LENTEX 4.90 32 945 000 161 430 500 0.07 109 PETROLINV 1.40 113 902 000 159 462 800 0.07 110 PLAZACNTR 1.41 111 384 000 157 051 440 0.06 111 RADPOL 8.00 19 627 000 157 016 000 0.06 112 BBIDEVNFI 0.38 407 046 000 154 677 480 0.06 113 ASSECOSEE 9.20 16 750 000 154 100 000 0.06 114 CITYINTER 24.34 6 303 000 153 415 020 0.06 115 WIELTON 4.25 36 150 000 153 637 500 0.06 116 MERCOR 14.80 9 922 000 146 845 600 0.06 117 ZETKAMA 41.38 3 289 000 136 098 820 0.06 118 OVOSTAR 89.00 1 500 000 133 500 000 0.05 119 IMPEL 30.74 4 266 000 131 136 840 0.05 120 SECOGROUP 35.21 3 726 000 131 192 460 0.05 121 ZPUE 247.90 522 000 129 403 800 0.05 122 COLIAN 2.18 57 722 000 125 833 960 0.05 123 MOSTALWAR 12.55 9 981 000 125 261 550 0.05 124 STALPROFI 16.76 7 536 000 126 303 360 0.05 125 MILKILAND 14.50 8 426 000 122 177 000 0.05 126 KOELNER 8.80 13 457 000 118 421 600 0.05

109 Fact Book 2013

The WIG index portfolio (end of 2012) (contd.) No. Shares Price of Number of shares in Market value Share in WIG shares portfolio (PLN) (PLN) (%) 127 PTI 15.95 7 408 000 118 157 600 0.05 128 RANKPROGR 11.02 10 843 000 119 489 860 0.05 129 STALEXP 1.40 84 947 000 118 925 800 0.05 130 AVIASG 60.00 1 884 000 113 040 000 0.05 131 CALATRAVA 0.38 300 302 000 114 114 760 0.05 132 KREDYTIN 12.80 8 973 000 114 854 400 0.05 133 ALMA 27.00 3 993 000 107 811 000 0.04 134 VISTULA 1.08 100 261 000 108 281 880 0.04 135 ACE 5.70 18 800 000 107 160 000 0.04 136 COALENERG 9.53 11 253 000 107 241 090 0.04 137 INSTALKRK 17.15 6 190 000 106 158 500 0.04 138 INTERAOLT 26.64 4 000 000 106 560 000 0.04 139 PANOVA 19.00 5 552 000 105 488 000 0.04 140 EKOEXPORT 14.85 7 035 000 104 469 750 0.04 141 ORZBIALY 15.77 6 534 000 103 041 180 0.04 142 ARMATURA 1.22 80 619 000 98 355 180 0.04 143 CEDC 6.20 15 930 000 98 766 000 0.04 144 FORTUNA 13.50 7 315 000 98 752 500 0.04 145 WORKSERV 5.65 17 709 000 100 055 850 0.04 146 IZOSTAL 7.50 13 005 000 97 537 500 0.04 147 QUMAKSEK 9.31 10 375 000 96 591 250 0.04 148 SKOTAN 4.08 23 372 000 95 357 760 0.04 149 FERRO 6.20 15 080 000 93 496 000 0.04 150 MAGELLAN 42.50 2 102 000 89 335 000 0.04 151 SILVANO 12.00 7 336 000 88 032 000 0.04 152 EMCINSMED 15.95 5 369 000 85 635 550 0.04 153 NOVAKBM 4.97 17 211 000 85 538 670 0.04 154 MOSTALZAB 1.14 72 870 000 83 071 800 0.03 155 ARCTIC 5.86 13 962 000 81 817 320 0.03 156 JWCONSTR 4.04 20 091 000 81 167 640 0.03 157 QUERCUS 2.46 33 631 000 82 732 260 0.03 158 VOXEL 18.10 4 559 000 82 517 900 0.03 159 AMBRA 8.09 9 800 000 79 282 000 0.03 160 APLISENS 14.49 5 224 000 75 695 760 0.03 161 ASBIS 2.88 26 624 000 76 677 120 0.03 162 DUDA 0.39 199 109 000 77 652 510 0.03 163 PAGED 15.14 5 128 000 77 637 920 0.03 164 ABCDATA 2.08 35 321 000 73 467 680 0.03 165 ENERGOINS 14.50 5 064 000 73 428 000 0.03 166 TIM 5.22 14 277 000 74 525 940 0.03 167 NOWAGALA 1.96 36 521 000 71 581 160 0.03 168 ERBUD 13.95 4 903 000 68 396 850 0.03

110 WSE Main List

The WIG index portfolio (end of 2012) (contd.) No. Shares Price of Number of shares in Market value Share in WIG shares portfolio (PLN) (PLN) (%) 169 KRUSZWICA 28.40 2 418 000 68 671 200 0.03 170 ZAMET 2.65 26 306 000 69 710 900 0.03 171 AGROTON 10.00 6 610 000 66 100 000 0.03 172 MNI 1.47 44 666 000 65 659 020 0.03 173 OTMUCHOW 10.70 6 257 000 66 949 900 0.03 174 SOLAR 5.60 12 010 000 67 256 000 0.03 175 ADVGRUPA 13.12 4 933 000 64 720 960 0.03 176 BARLINEK 0.90 72 086 000 64 877 400 0.03 177 GANT 3.90 16 771 000 65 406 900 0.03 178 TRAKCJA 0.59 108 205 000 63 840 950 0.03 179 UNIBEP 5.05 12 792 000 64 599 600 0.03 180 MIESZKO 4.36 13 935 000 60 756 600 0.03 181 PEKAES 5.50 11 289 000 62 089 500 0.03 182 POZBUD 3.40 18 500 000 62 900 000 0.03 183 ELEKTROTI 8.60 7 027 000 60 432 200 0.02 184 FERRUM 7.45 8 083 000 60 218 350 0.02 185 GRAAL 14.95 3 975 000 59 426 250 0.02 186 KINOPOL 13.55 4 441 000 60 175 550 0.02 187 KSGAGRO 11.60 5 126 000 59 461 600 0.02 188 ROBYG 1.43 42 050 000 60 131 500 0.02 189 ACAUTOGAZ 24.50 2 343 000 57 403 500 0.02 190 ULMA 43.85 1 288 000 56 478 800 0.02 191 ERGIS 3.34 16 213 000 54 151 420 0.02 192 HYDROTOR 26.94 2 027 000 54 607 380 0.02 193 KONSSTALI 24.85 2 139 000 53 154 150 0.02 194 OPONEO.PL 7.00 7 841 000 54 887 000 0.02 195 PEPEES 0.89 60 343 000 53 705 270 0.02 196 BSCDRUK 17.20 3 032 000 52 150 400 0.02 197 ENERGOPOL 8.44 6 207 000 52 387 080 0.02 198 LUBAWA 0.70 74 528 000 52 169 600 0.02 199 MIRBUD 1.23 42 899 000 52 765 770 0.02 200 COGNOR 2.18 22 531 000 49 117 580 0.02 201 PGODLEW 1.85 26 306 000 48 666 100 0.02 202 PROTEKTOR 4.04 11 981 000 48 403 240 0.02 203 DECORA 8.50 5 572 000 47 362 000 0.02 204 IDEON 0.16 293 319 000 46 931 040 0.02 205 IDMSA 0.21 218 177 000 45 817 170 0.02 206 PLASTBOX 2.45 19 117 000 46 836 650 0.02 207 PROJPRZEM 8.80 5 471 000 48 144 800 0.02 208 RELPOL 8.06 5 829 000 46 981 740 0.02 209 BERLING 6.60 6 730 000 44 418 000 0.02 210 BLACKLION 0.76 58 068 000 44 131 680 0.02

111 Fact Book 2013

The WIG index portfolio (end of 2012) (contd.) No. Shares Price of Number of shares in Market value Share in WIG shares portfolio (PLN) (PLN) (%) 211 HARPER 1.73 25 500 000 44 115 000 0.02 212 LIBET 1.98 22 915 000 45 371 700 0.02 213 RONSON 0.81 55 662 000 45 086 220 0.02 214 WARIMPEX 3.90 11 260 000 43 914 000 0.02 215 WASKO 2.51 17 393 000 43 656 430 0.02 216 INDYKPOL 35.70 1 166 000 41 626 200 0.02 217 PCGUARD 1.91 22 237 000 42 472 670 0.02 218 PROCHEM 16.14 2 550 000 41 157 000 0.02 219 SELENAFM 7.94 5 246 000 41 653 240 0.02 220 ARTERIA 13.43 3 020 000 40 558 600 0.02 221 HERKULES 1.28 30 390 000 38 899 200 0.02 222 TOYA 2.40 16 402 000 39 364 800 0.02 223 ZASTAL 1.88 20 435 000 38 417 800 0.02 224 ZUE 6.54 6 000 000 39 240 000 0.02 225 ATMGRUPA 1.02 36 777 000 37 512 540 0.02 226 ENELMED 4.10 9 319 000 38 207 900 0.02 227 ESSYSTEM 2.50 13 646 000 34 115 000 0.01 228 HYGIENIKA 1.26 26 524 000 33 420 240 0.01 229 FASING 26.67 1 239 000 33 044 130 0.01 230 GINOROSSI 0.98 31 878 000 31 240 440 0.01 231 GROCLIN 12.66 2 550 000 32 283 000 0.01 232 INPRO 3.23 10 010 000 32 332 300 0.01 233 KANIA 1.80 18 504 000 33 307 200 0.01 234 ROPCZYCE 17.20 1 845 000 31 734 000 0.01 235 4FUNMEDIA 20.20 1 444 000 29 168 800 0.01 236 ATMSI 1.23 24 471 000 30 099 330 0.01 237 HUTMEN 3.29 8 900 000 29 281 000 0.01 238 LENA 3.00 10 150 000 30 450 000 0.01 239 NETMEDIA 4.30 6 815 000 29 304 500 0.01 240 SOBIESKI 154.00 187 000 28 798 000 0.01 241 STAPORKOW 20.47 1 471 000 30 111 370 0.01 242 TELL 10.00 3 085 000 30 850 000 0.01 243 BUMECH 6.19 4 192 000 25 948 480 0.01 244 INTROL 4.45 5 970 000 26 566 500 0.01 245 KRAKCHEM 5.90 4 685 000 27 641 500 0.01 246 PCCINTER 1.45 18 757 000 27 197 650 0.01 247 PRESCO 7.28 3 686 000 26 834 080 0.01 248 CELTIC 4.51 5 444 000 24 552 440 0.01 249 FAM 1.47 16 542 000 24 316 740 0.01 250 K2INTERNT 16.99 1 493 000 25 366 070 0.01 251 KDMSHIPNG 25.10 996 000 24 999 600 0.01 252 MWTRADE 9.80 2 476 000 24 264 800 0.01

112 WSE Main List

The WIG index portfolio (end of 2012) (contd.) No. Shares Price of Number of shares in Market value Share in WIG shares portfolio (PLN) (PLN) (%) 253 NOKAUT 6.59 3 676 000 24 224 840 0.01 254 RAINBOW 4.13 6 236 000 25 754 680 0.01 255 REMAK 16.20 1 521 000 24 640 200 0.01 256 SONEL 4.91 4 794 000 23 538 540 0.01 257 URSUS 3.46 7 319 000 25 323 740 0.01 258 EUROTEL 17.30 1 304 000 22 559 200 0.01 259 INVESTCON 0.97 21 742 000 21 089 740 0.01 260 MCLOGIC 32.00 681 000 21 792 000 0.01 261 MOSTALPLC 21.00 1 027 000 21 567 000 0.01 262 NOVITA 22.60 975 000 22 035 000 0.01 263 PROCHNIK 0.24 89 100 000 21 384 000 0.01 264 SADOVAYA 2.07 10 771 000 22 295 970 0.01 265 BOWIM 4.23 4 647 000 19 656 810 0.01 266 CAPITAL 1.37 14 369 000 19 685 530 0.01 267 EFH 0.18 103 138 000 18 564 840 0.01 268 KREC 3.40 5 463 000 18 574 200 0.01 269 MIT 0.34 55 718 000 18 944 120 0.01 270 PRAGMAINK 19.17 1 032 000 19 783 440 0.01 271 TESGAS 3.32 6 164 000 20 464 480 0.01 272 ATLANTIS 0.13 128 520 000 16 707 600 0.01 273 BAKALLAND 2.69 6 520 000 17 538 800 0.01 274 EUCO 10.14 1 797 000 18 221 580 0.01 275 IVMX 4.95 3 511 000 17 379 450 0.01 276 JUPITER 0.66 25 789 000 17 020 740 0.01 277 MOBRUK 50.00 356 000 17 800 000 0.01 278 MONNARI 1.15 15 990 000 18 388 500 0.01 279 ODLEWNIE 1.96 8 487 000 16 634 520 0.01 280 PAMAPOL 2.74 6 642 000 18 199 080 0.01 281 SUWARY 17.79 958 000 17 042 820 0.01 282 TATRY 183.00 96 000 17 568 000 0.01 283 WIKANA 0.40 42 545 000 17 018 000 0.01 284 08OCTAVA 0.71 22 310 000 15 840 100 0.01 285 ATREM 3.90 3 999 000 15 596 100 0.01 286 BBICAPNFI 0.71 20 702 000 14 698 420 0.01 287 CHEMOS 0.19 78 323 000 14 881 370 0.01 288 DUON 0.69 19 945 000 13 762 050 0.01 289 INTERFERI 5.22 2 770 000 14 459 400 0.01 290 MOSTALEXP 0.35 39 757 000 13 914 950 0.01 291 NTTSYSTEM 0.72 18 924 000 13 625 280 0.01 292 PBSFINANSE 0.42 37 363 000 15 692 460 0.01 293 SIMPLE 7.23 2 031 000 14 684 130 0.01 294 SWISSMED 0.57 24 092 000 13 732 440 0.01

113 Fact Book 2013

The WIG index portfolio (end of 2012) (contd.) No. Shares Price of Number of shares in Market value Share in WIG shares portfolio (PLN) (PLN) (%) 295 TRANSPOL 5.78 2 631 000 15 207 180 0.01 296 TRITON 1.13 13 190 000 14 904 700 0.01 297 TUP 1.93 7 353 000 14 191 290 0.01 298 VANTAGE 1.31 11 762 000 15 408 220 0.01 299 06MAGNA 0.23 52 420 000 12 056 600 0.01 300 BBIZENNFI 0.18 70 130 000 12 623 400 0.01 301 BIPROMET 6.30 2 108 000 13 280 400 0.01 302 BMPAG 2.46 4 693 000 11 544 780 0.01 303 BYTOM 0.25 51 250 000 12 812 500 0.01 304 CAMMEDIA 3.02 4 285 000 12 940 700 0.01 305 FON 0.10 114 241 000 11 424 100 0.01 306 FOTA 4.20 2 909 000 12 217 800 0.01 307 KOMPUTRON 5.37 2 525 000 13 559 250 0.01 308 MAKRUM 1.03 12 926 000 13 313 780 0.01 309 PATENTUS 1.91 6 055 000 11 565 050 0.01 310 RAFAMET 17.66 667 000 11 779 220 0.01 311 SFINKS 0.94 11 981 000 11 262 140 0.01 312 VOTUM 4.64 2 756 000 12 787 840 0.01 313 YAWAL 5.35 2 483 000 13 284 050 0.01 314 CCENERGY 0.20 53 299 000 10 659 800 0.00 315 DROZAPOL 0.77 14 176 000 10 915 520 0.00 316 EDINVEST 4.00 2 593 000 10 372 000 0.00 317 IFCAPITAL 0.36 29 348 000 10 565 280 0.00 318 JHMDEV 0.32 28 133 000 9 002 560 0.00 319 KOMPAP 5.97 1 497 000 8 937 090 0.00 320 MAKARONPL 2.15 4 707 000 10 120 050 0.00 321 MIRACULUM 0.11 89 325 000 9 825 750 0.00 322 POLNA 13.09 791 000 10 354 190 0.00 323 REDAN 0.85 12 957 000 11 013 450 0.00 324 RUBICON 0.20 51 491 000 10 298 200 0.00 325 VINDEXUS 2.99 3 589 000 10 731 110 0.00 326 ATLANTAPL 3.15 2 618 000 8 246 700 0.00 327 AWBUD 0.62 11 931 000 7 397 220 0.00 328 DMWDM 0.24 31 511 000 7 562 640 0.00 329 DROP 9.00 868 000 7 812 000 0.00 330 ENERGOPLD 0.26 24 950 000 6 487 000 0.00 331 ESTAR 85.10 87 000 7 403 700 0.00 332 EXILLON 7.94 935 000 7 423 900 0.00 333 HYPERION 2.09 3 290 000 6 876 100 0.00 334 IDEATFI 1.47 5 062 000 7 441 140 0.00 335 INTERBUD 2.86 2 341 000 6 695 260 0.00 336 INTERSPPL 2.95 2 590 000 7 640 500 0.00

114 WSE Main List

The WIG index portfolio (end of 2012) (contd.) No. Shares Price of Number of shares in Market value Share in WIG shares portfolio (PLN) (PLN) (%) 337 ORCOGROUP 10.00 656 000 6 560 000 0.00 338 POLJADLO 0.19 34 280 000 6 513 200 0.00 339 PRAGMAFA 16.35 528 000 8 632 800 0.00 340 WADEX 10.78 711 000 7 664 580 0.00 341 WESTAISIC 0.74 11 033 000 8 164 420 0.00 342 WOJAS 4.10 2 047 000 8 392 700 0.00 343 ELKOP 0.13 36 733 000 4 775 290 0.00 344 FASTFIN 0.38 14 968 000 5 687 840 0.00 345 HELIO 5.21 1 143 000 5 955 030 0.00 346 KBDOM 0.17 35 951 000 6 111 670 0.00 347 KPPD 24.31 189 000 4 594 590 0.00 348 TERESA 13.22 448 000 5 922 560 0.00 349 AGROWILL 0.60 5 723 000 3 433 800 0.00 350 COMPLEX 0.88 4 084 000 3 593 920 0.00 351 MEXPOLSKA 2.35 1 492 000 3 506 200 0.00 352 OLYMPIC 6.55 480 000 3 144 000 0.00 353 EUROHOLD 2.30 533 000 1 225 900 0.00 354 SOPHARMA 4.00 109 000 436 000 0.00

115 Fact Book 2013

RESPECTIndex variable number of companies. This index is published from the start until the close of session at one-minute intervals.

RESPECTIndex is a total return index, which means that income from dividends and pre- emptive rights is also taken into account for RESPECTIndex is the first index of socially its calculation. responsible companies on the Main List. In order to become a constituent of this index, Changes to the composition of this index companies must belong to either WIG20, WIG are made twice a year. An inventory mWIG40 or sWIG80, and conscientiously of index constituents is compiled after the comply with mandatory disclosures, ensure last sessions of January and July. Company the highest quality of relations with stake- shares in the index are determined on the ba- holders and obtain the highest score in the sis of free float. Additionally, one company questionnaire concerning socially responsi- may have no more than a 25% share in this ble business. index if the number of constituents is under 20, or 10% in all other cases. The new port- RESPECTIndex has been calculated since 19 folios come into force on the first session of November 2009 and its base value was de- February and August. fined on 31 December 2008 as 1,000 points. The values of this index are calculated for a

The RESPECTIndex in 2012

2 700 2 635.7 19 Dec 2 500

2 300

2 100

1 987.1 5 Jun 1 900 July May April June March August October January February December November September

116 WSE Main List

The RESPECTIndex portfolio (end of 2012) No. Shares Price of shares Number of shares in Market value Share in portfolio RESPECTIndex (PLN) (PLN) (%) 1 PKNORLEN 49.50 157 869 000 7 814 515 500 11.58 2 KGHM 190.00 40 730 000 7 738 700 000 11.47 3 PZU 437.00 17 682 000 7 727 034 000 11.45 4 PGNIG 5.21 1 423 109 000 7 414 397 890 10.99 5 PGE 18.21 303 801 000 5 532 216 210 8.20 6 TPSA 12.23 379 313 000 4 638 997 990 6.87 7 BOGDANKA 136.00 33 979 000 4 621 144 000 6.85 8 JSW 92.40 37 704 000 3 483 849 600 5.16 9 HANDLOWY 98.30 32 665 000 3 210 969 500 4.76 10 INGBSK 91.00 32 525 000 2 959 775 000 4.39 11 LOTOS 41.20 60 797 000 2 504 836 400 3.71 12 AZOTYTARNOW 53.90 43 566 000 2 348 207 400 3.48 13 MILLENNIUM 4.42 418 366 000 1 849 177 720 2.74 14 NETIA 4.28 381 972 000 1 634 840 160 2.42 15 KREDYTB 16.50 54 332 000 896 478 000 1.33 16 APATOR 32.63 25 577 000 834 577 510 1.24 17 BUDIMEX 70.00 10 452 000 731 640 000 1.08 18 KOGENERA 86.50 7 450 000 644 425 000 0.96 19 ELBUDOWA 106.50 4 748 000 505 662 000 0.75 20 BANKBPH 48.89 8 318 000 406 667 020 0.60

117 Fact Book 2013

The WIG-Poland The WIG-Poland is a total return index, which means that income from dividends Index and pre-emptive rights is also taken into ac- The WIG-Poland index (formerly WIG-PL) count for its calculation. covers all listed Polish companies except those with a free float value under 10% and Changes to the WIG-Poland composition EUR 1 million, and those which are in a spe- are made four times a year. An inventory cial situation (as defined in the WSE Rules). of all listed companies is compiled after the This means that the calculation methodol- last session in February, May, August and ogy applied to WIG-Poland is in line with November. The inventory does not cover that of the WIG. companies which fail to meet essential participation requirements. Company shares WIG-Poland has been calculated since 22 in this index are determined on the basis December 2003 whereas since 16 April 1991 of the number of shares in free float. As an (base date) the values of the WIG-Poland additional requirement, one company may have been equal to those of the WIG. have no more than a 10% share in this index, whereas the share of one sector may WIG-Poland values are published three not exceed 30%. The new WIG-Poland port- times during a trading session, i.e.: folio comes into force after the third Friday  after the first auction, of March, June, September and December.  after the second auction,  after the close of session.

The WIG-Poland index in 2012

50 000 48 093,22 19 Dec

45 000

40 000

35 000 36 478.36 5 Jun

30 000 July May April June March August October January February December November September

118 WSE Main List

The WIG-Poland portfolio (end of 2012) No. Shares Price of Number of shares in Market value Share in shares portfolio WIG-Poland (PLN) (PLN) (%) 1 PZU 437.00 54 984 000 24 028 008 000 10.38 2 KGHM 190.00 121 446 000 23 074 740 000 9.97 3 PKOBP 36.90 623 633 000 23 012 057 700 9.94 4 PEKAO 167.50 106 988 000 17 920 490 000 7.74 5 PKNORLEN 49.50 309 999 000 15 344 950 500 6.63 6 PGE 18.21 712 636 000 12 977 101 560 5.61 7 PGNIG 5.21 1 628 148 000 8 482 651 080 3.67 8 TPSA 12.23 647 357 000 7 917 176 110 3.42 9 TAURONPE 4.75 1 043 555 000 4 956 886 250 2.14 10 BOGDANKA 136.00 33 979 000 4 621 144 000 2.00 11 LPP 4550.00 930 000 4 231 500 000 1.83 12 BRE 326.00 12 786 000 4 168 236 000 1.80 13 JSW 92.40 37 704 000 3 483 849 600 1.51 14 EUROCASH 43.70 77 270 000 3 376 699 000 1.46 15 HANDLOWY 98.30 32 665 000 3 210 969 500 1.39 16 ASSECOPOL 45.35 69 483 000 3 151 054 050 1.36 17 INGBSK 91.00 32 525 000 2 959 775 000 1.28 18 CYFRPLSAT 16.41 168 807 000 2 770 122 870 1.20 19 SYNTHOS 5.41 496 691 000 2 687 098 310 1.16 20 LOTOS 41.20 60 797 000 2 504 836 400 1.08 21 GTC 9.90 230 737 000 2 284 296 300 0.99 22 GETINOBLE 1.79 1 191 982 000 2 133 647 780 0.92 23 ENEA 15.73 131 913 000 2 074 991 490 0.90 24 AZOTYTARNOW 53.90 35 085 000 1 891 081 500 0.82 25 MILLENNIUM 4.42 418 366 000 1 849 177 720 0.80 26 ALIOR 62.65 28 332 000 1 774 999 800 0.77 27 NETIA 4.28 371 388 000 1 589 540 640 0.69 28 TVN 9.92 158 105 000 1 568 401 600 0.68 29 CCC 73.00 20 030 000 1 462 190 000 0.63 30 AMREST 96.20 14 216 000 1 367 579 200 0.59 31 KETY 144.90 9 226 000 1 336 847 400 0.58 32 ECHO 5.05 233 735 000 1 180 361 750 0.51 33 GPW 38.87 27 123 000 1 054 271 010 0.46 34 GETIN 2.82 324 766 000 915 840 120 0.40 35 KREDYTB 16.50 54 332 000 896 478 000 0.39 36 PULAWY 137.50 6 474 000 890 175 000 0.39 37 EMPERIA 57.95 15 115 000 875 914 250 0.38 38 ORBIS 38.00 21 801 000 828 438 000 0.36 39 APATOR 32.63 25 333 000 826 615 790 0.36 40 ZEPAK 28.45 25 825 000 734 721 250 0.32 41 BUDIMEX 70.00 10 452 000 731 640 000 0.32 42 CIECH 22.20 32 292 000 716 882 400 0.31 43 INTERCARS 86.00 8 253 000 709 758 000 0.31

119 Fact Book 2013

The WIG-Poland portfolio (end of 2012) (contd.) No. Shares Price of Number of shares in Market value Share in shares portfolio WIG-Poland (PLN) (PLN) (%) 44 KOGENERA 86.50 7 450 000 644 425 000 0.28 45 BORYSZEW 0.62 969 028 000 600 797 360 0.26 46 WAWEL 798.00 718 000 572 964 000 0.25 47 INTEGERPL 184.50 3 021 000 557 374 500 0.24 48 KOPEX 17.70 30 713 000 543 620 100 0.24 49 FAMUR 4.77 110 906 000 529 021 620 0.23 50 BIOTON 0.10 5 216 479 000 521 647 900 0.23 51 ELBUDOWA 106.50 4 748 000 505 662 000 0.22 52 MENNICA 22.66 22 376 000 507 040 160 0.22 53 AGORA 10.38 45 245 000 469 643 100 0.20 54 KRUK 44.06 10 078 000 444 036 680 0.19 55 SANOK 18.15 23 601 000 428 358 150 0.19 56 NFIEMF 16.65 24 946 000 415 350 900 0.18 57 BANKBPH 48.89 8 318 000 406 667 020 0.18 58 FARMACOL 32.59 11 602 000 378 109 180 0.16 59 KOFOLA 27.50 13 089 000 359 947 500 0.16 60 OPENFIN 14.00 24 750 000 346 500 000 0.15 61 CDPROJEKT 6.20 55 376 000 343 331 200 0.15 62 IMPEXMET 3.50 98 000 000 343 000 000 0.15 63 COMARCH 73.50 4 586 000 337 071 000 0.15 64 STALPROD 184.00 1 796 000 330 464 000 0.14 65 MIDAS 0.65 503 124 000 327 030 600 0.14 66 POLIMEXMS 0.62 521 117 000 323 092 540 0.14 67 ZELMER 39.28 7 807 000 306 658 960 0.13 68 BOS 30.00 9 921 000 297 630 000 0.13 69 CORMAY 12.93 23 135 000 299 135 550 0.13 70 PELION 30.50 9 591 000 292 525 500 0.13 71 DEBICA 61.00 4 686 000 285 846 000 0.12 72 COMP 59.40 4 386 000 260 528 400 0.11 73 PEP 28.70 9 002 000 258 357 400 0.11 74 LCCORP 1.17 218 432 000 255 565 440 0.11 75 ATM 10.39 24 013 000 249 495 070 0.11 76 AMICA 54.65 4 443 000 242 809 950 0.11 77 ABPL 19.44 11 927 000 231 860 880 0.10 78 DOMDEV 34.19 6 694 000 228 867 860 0.10 79 RAFAKO 8.39 27 404 000 229 919 560 0.10 80 GRAJEWO 13.15 17 316 000 227 705 400 0.10 81 HAWE 3.80 58 937 000 223 960 600 0.10 82 KREZUS 18.40 12 080 000 222 272 000 0.10 83 MCI 6.37 34 271 000 218 306 270 0.09 84 IPOPEMA 8.89 23 533 000 209 208 370 0.09 85 SNIEZKA 39.39 5 026 000 197 974 140 0.09 86 ASSECOBS 10.75 17 890 000 192 317 500 0.08

120 WSE Main List

The WIG-Poland portfolio (end of 2012) (contd.) No. Shares Price of Number of shares in Market value Share in shares portfolio WIG-Poland (PLN) (PLN) (%) 87 NEUCA 95.50 1 968 000 187 944 000 0.08 88 BENEFIT 230.00 802 000 184 460 000 0.08 89 POLNORD 10.40 17 673 000 183 799 200 0.08 90 ALCHEMIA 5.00 36 207 000 181 035 000 0.08 91 ROVESE 1.42 123 345 000 175 149 900 0.08 92 SYGNITY 14.45 11 809 000 170 640 050 0.07 93 ACTION 22.40 7 557 000 169 276 800 0.07 94 POLICE 12.39 13 586 000 168 330 540 0.07 95 FORTE 12.90 12 724 000 164 139 600 0.07 96 LENTEX 4.90 32 945 000 161 430 500 0.07 97 PETROLINV 1.40 113 902 000 159 462 800 0.07 98 RADPOL 8.00 19 627 000 157 016 000 0.07 99 ASSECOSEE 9.20 16 750 000 154 100 000 0.07 100 BBIDEVNFI 0.38 407 046 000 154 677 480 0.07 101 CITYINTER 24.34 6 303 000 153 415 020 0.07 102 WIELTON 4.25 36 150 000 153 637 500 0.07 103 MERCOR 14.80 9 922 000 146 845 600 0.06 104 ZETKAMA 41.38 3 289 000 136 098 820 0.06 105 IMPEL 30.74 4 266 000 131 136 840 0.06 106 SECOGROUP 35.21 3 726 000 131 192 460 0.06 107 ZPUE 247.90 522 000 129 403 800 0.06 108 STALPROFI 16.76 7 536 000 126 303 360 0.06 109 COLIAN 2.18 57 722 000 125 833 960 0.05 110 MOSTALWAR 12.55 9 981 000 125 261 550 0.05 111 RANKPROGR 11.02 10 843 000 119 489 860 0.05 112 KOELNER 8.80 13 457 000 118 421 600 0.05 113 PTI 15.95 7 408 000 118 157 600 0.05 114 STALEXP 1.40 84 947 000 118 925 800 0.05 115 KREDYTIN 12.80 8 973 000 114 854 400 0.05 116 CALATRAVA 0.38 300 302 000 114 114 760 0.05 117 ALMA 27.00 3 993 000 107 811 000 0.05 118 VISTULA 1.08 100 261 000 108 281 880 0.05 119 INSTALKRK 17.15 6 190 000 106 158 500 0.05 120 PANOVA 19.00 5 552 000 105 488 000 0.05 121 EKOEXPORT 14.85 7 035 000 104 469 750 0.05 122 ORZBIALY 15.77 6 534 000 103 041 180 0.05 123 ARMATURA 1.22 80 619 000 98 355 180 0.04 124 WORKSERV 5.65 17 709 000 100 055 850 0.04 125 IZOSTAL 7.50 13 005 000 97 537 500 0.04 126 QUMAKSEK 9.31 10 375 000 96 591 250 0.04 127 SKOTAN 4.08 23 372 000 95 357 760 0.04 128 FERRO 6.20 15 080 000 93 496 000 0.04 129 MAGELLAN 42.50 2 102 000 89 335 000 0.04 130 EMCINSMED 15.95 5 369 000 85 635 550 0.04

121 Fact Book 2013

The WIG-Poland portfolio (end of 2012) (contd.) No. Shares Price of Number of shares in Market value Share in shares portfolio WIG-Poland (PLN) (PLN) (%) 131 MOSTALZAB 1.14 72 870 000 83 071 800 0.04 132 QUERCUS 2.46 33 631 000 82 732 260 0.04 133 VOXEL 18.10 4 559 000 82 517 900 0.04 134 ARCTIC 5.86 13 962 000 81 817 320 0.04 135 JWCONSTR 4.04 20 091 000 81 167 640 0.04 136 AMBRA 8.09 9 800 000 79 282 000 0.03 137 DUDA 0.39 199 109 000 77 652 510 0.03 138 PAGED 15.14 5 128 000 77 637 920 0.03 139 APLISENS 14.49 5 224 000 75 695 760 0.03 140 ABCDATA 2.08 35 321 000 73 467 680 0.03 141 ENERGOINS 14.50 5 064 000 73 428 000 0.03 142 TIM 5.22 14 277 000 74 525 940 0.03 143 NOWAGALA 1.96 36 521 000 71 581 160 0.03 144 ERBUD 13.95 4 903 000 68 396 850 0.03 145 KRUSZWICA 28.40 2 418 000 68 671 200 0.03 146 ZAMET 2.65 26 306 000 69 710 900 0.03 147 OTMUCHOW 10.70 6 257 000 66 949 900 0.03 148 SOLAR 5.60 12 010 000 67 256 000 0.03 149 ADVGRUPA 13.12 4 933 000 64 720 960 0.03 150 BARLINEK 0.90 72 086 000 64 877 400 0.03 151 GANT 3.90 16 771 000 65 406 900 0.03 152 MNI 1.47 44 666 000 65 659 020 0.03 153 TRAKCJA 0.59 108 205 000 63 840 950 0.03 154 UNIBEP 5.05 12 792 000 64 599 600 0.03 155 PEKAES 5.50 11 289 000 62 089 500 0.03 156 POZBUD 3.40 18 500 000 62 900 000 0.03 157 ELEKTROTI 8.60 7 027 000 60 432 200 0.03 158 FERRUM 7.45 8 083 000 60 218 350 0.03 159 GRAAL 14.95 3 975 000 59 426 250 0.03 160 KINOPOL 13.55 4 441 000 60 175 550 0.03 161 MIESZKO 4.36 13 935 000 60 756 600 0.03 162 ROBYG 1.43 42 050 000 60 131 500 0.03 163 ACAUTOGAZ 24.50 2 343 000 57 403 500 0.03 164 HYDROTOR 26.94 2 027 000 54 607 380 0.02 165 OPONEO.PL 7.00 7 841 000 54 887 000 0.02 166 ULMA 43.85 1 288 000 56 478 800 0.02 167 BSCDRUK 17.20 3 032 000 52 150 400 0.02 168 ENERGOPOL 8.44 6 207 000 52 387 080 0.02 169 ERGIS 3.34 16 213 000 54 151 420 0.02 170 KONSSTALI 24.85 2 139 000 53 154 150 0.02 171 LUBAWA 0.70 74 528 000 52 169 600 0.02 172 MIRBUD 1.23 42 899 000 52 765 770 0.02 173 PEPEES 0.89 60 343 000 53 705 270 0.02 174 COGNOR 2.18 22 531 000 49 117 580 0.02

122 WSE Main List

The WIG-Poland portfolio (end of 2012) (contd.) No. Shares Price of Number of shares in Market value Share in shares portfolio WIG-Poland (PLN) (PLN) (%) 175 PGODLEW 1.85 26 306 000 48 666 100 0.02 176 PROJPRZEM 8.80 5 471 000 48 144 800 0.02 177 PROTEKTOR 4.04 11 981 000 48 403 240 0.02 178 DECORA 8.50 5 572 000 47 362 000 0.02 179 IDEON 0.16 293 319 000 46 931 040 0.02 180 IDMSA 0.21 218 177 000 45 817 170 0.02 181 LIBET 1.98 22 915 000 45 371 700 0.02 182 PLASTBOX 2.45 19 117 000 46 836 650 0.02 183 RELPOL 8.06 5 829 000 46 981 740 0.02 184 BERLING 6.60 6 730 000 44 418 000 0.02 185 BLACKLION 0.76 58 068 000 44 131 680 0.02 186 HARPER 1.73 25 500 000 44 115 000 0.02 187 WASKO 2.51 17 393 000 43 656 430 0.02 188 ARTERIA 13.43 3 020 000 40 558 600 0.02 189 INDYKPOL 35.70 1 166 000 41 626 200 0.02 190 PCGUARD 1.91 22 237 000 42 472 670 0.02 191 PROCHEM 16.14 2 550 000 41 157 000 0.02 192 SELENAFM 7.94 5 246 000 41 653 240 0.02 193 ENELMED 4.10 9 319 000 38 207 900 0.02 194 HERKULES 1.28 30 390 000 38 899 200 0.02 195 TOYA 2.40 16 402 000 39 364 800 0.02 196 ZASTAL 1.88 20 435 000 38 417 800 0.02 197 ZUE 6.54 6 000 000 39 240 000 0.02 198 ATMGRUPA 1.02 36 777 000 37 512 540 0.02 199 ESSYSTEM 2.50 13 646 000 34 115 000 0.02 200 FASING 26.67 1 239 000 33 044 130 0.01 201 GROCLIN 12.66 2 550 000 32 283 000 0.01 202 HYGIENIKA 1.26 26 524 000 33 420 240 0.01 203 INPRO 3.23 10 010 000 32 332 300 0.01 204 KANIA 1.80 18 504 000 33 307 200 0.01 205 ROPCZYCE 17.20 1 845 000 31 734 000 0.01 206 4FUNMEDIA 20.20 1 444 000 29 168 800 0.01 207 ATMSI 1.23 24 471 000 30 099 330 0.01 208 GINOROSSI 0.98 31 878 000 31 240 440 0.01 209 HUTMEN 3.29 8 900 000 29 281 000 0.01 210 LENA 3.00 10 150 000 30 450 000 0.01 211 NETMEDIA 4.30 6 815 000 29 304 500 0.01 212 STAPORKOW 20.47 1 471 000 30 111 370 0.01 213 TELL 10.00 3 085 000 30 850 000 0.01 214 KRAKCHEM 5.90 4 685 000 27 641 500 0.01 215 PCCINTER 1.45 18 757 000 27 197 650 0.01 216 PRESCO 7.28 3 686 000 26 834 080 0.01 217 BUMECH 6.19 4 192 000 25 948 480 0.01

123 Fact Book 2013

The WIG-Poland portfolio (end of 2012) (contd.) No. Shares Price of Number of shares in Market value Share in shares portfolio WIG-Poland (PLN) (PLN) (%) 218 CELTIC 4.51 5 444 000 24 552 440 0.01 219 FAM 1.47 16 542 000 24 316 740 0.01 220 INTROL 4.45 5 970 000 26 566 500 0.01 221 K2INTERNT 16.99 1 493 000 25 366 070 0.01 222 RAINBOW 4.13 6 236 000 25 754 680 0.01 223 REMAK 16.20 1 521 000 24 640 200 0.01 224 URSUS 3.46 7 319 000 25 323 740 0.01 225 EUROTEL 17.30 1 304 000 22 559 200 0.01 226 MWTRADE 9.80 2 476 000 24 264 800 0.01 227 NOKAUT 6.59 3 676 000 24 224 840 0.01 228 NOVITA 22.60 975 000 22 035 000 0.01 229 SONEL 4.91 4 794 000 23 538 540 0.01 230 CAPITAL 1.37 14 369 000 19 685 530 0.01 231 INVESTCON 0.97 21 742 000 21 089 740 0.01 232 MCLOGIC 32.00 681 000 21 792 000 0.01 233 MOSTALPLC 21.00 1 027 000 21 567 000 0.01 234 PRAGMAINK 19.17 1 032 000 19 783 440 0.01 235 PROCHNIK 0.24 89 100 000 21 384 000 0.01 236 TESGAS 3.32 6 164 000 20 464 480 0.01 237 BAKALLAND 2.69 6 520 000 17 538 800 0.01 238 BOWIM 4.23 4 647 000 19 656 810 0.01 239 EFH 0.18 103 138 000 18 564 840 0.01 240 EUCO 10.14 1 797 000 18 221 580 0.01 241 IVMX 4.95 3 511 000 17 379 450 0.01 242 KREC 3.40 5 463 000 18 574 200 0.01 243 MIT 0.34 55 718 000 18 944 120 0.01 244 MOBRUK 50.00 356 000 17 800 000 0.01 245 MONNARI 1.15 15 990 000 18 388 500 0.01 246 PAMAPOL 2.74 6 642 000 18 199 080 0.01 247 08OCTAVA 0.71 22 310 000 15 840 100 0.01 248 ATLANTIS 0.13 128 520 000 16 707 600 0.01 249 ATREM 3.90 3 999 000 15 596 100 0.01 250 JUPITER 0.66 25 789 000 17 020 740 0.01 251 ODLEWNIE 1.96 8 487 000 16 634 520 0.01 252 PBSFINANSE 0.42 37 363 000 15 692 460 0.01 253 SUWARY 17.79 958 000 17 042 820 0.01 254 TRANSPOL 5.78 2 631 000 15 207 180 0.01 255 VANTAGE 1.31 11 762 000 15 408 220 0.01 256 WIKANA 0.40 42 545 000 17 018 000 0.01 257 BBICAPNFI 0.71 20 702 000 14 698 420 0.01 258 BIPROMET 6.30 2 108 000 13 280 400 0.01 259 BYTOM 0.25 51 250 000 12 812 500 0.01 260 CAMMEDIA 3.02 4 285 000 12 940 700 0.01

124 WSE Main List

The WIG-Poland portfolio (end of 2012) (contd.) No. Shares Price of Number of shares in Market value Share in shares portfolio WIG-Poland (PLN) (PLN) (%) 261 CHEMOS 0.19 78 323 000 14 881 370 0.01 262 DUON 0.69 19 945 000 13 762 050 0.01 263 INTERFERI 5.22 2 770 000 14 459 400 0.01 264 KOMPUTRON 5.37 2 525 000 13 559 250 0.01 265 MAKRUM 1.03 12 926 000 13 313 780 0.01 266 MOSTALEXP 0.35 39 757 000 13 914 950 0.01 267 NTTSYSTEM 0.72 18 924 000 13 625 280 0.01 268 SIMPLE 7.23 2 031 000 14 684 130 0.01 269 SWISSMED 0.57 24 092 000 13 732 440 0.01 270 TRITON 1.13 13 190 000 14 904 700 0.01 271 TUP 1.93 7 353 000 14 191 290 0.01 272 VOTUM 4.64 2 756 000 12 787 840 0.01 273 YAWAL 5.35 2 483 000 13 284 050 0.01 274 06MAGNA 0.23 52 420 000 12 056 600 0.01 275 BBIZENNFI 0.18 70 130 000 12 623 400 0.01 276 CCENERGY 0.20 53 299 000 10 659 800 0.01 277 DROZAPOL 0.77 14 176 000 10 915 520 0.01 278 FON 0.10 114 241 000 11 424 100 0.01 279 FOTA 4.20 2 909 000 12 217 800 0.01 280 IFCAPITAL 0.36 29 348 000 10 565 280 0.01 281 PATENTUS 1.91 6 055 000 11 565 050 0.01 282 RAFAMET 17.66 667 000 11 779 220 0.01 283 REDAN 0.85 12 957 000 11 013 450 0.01 284 SFINKS 0.94 11 981 000 11 262 140 0.01 285 VINDEXUS 2.99 3 589 000 10 731 110 0.01 286 ATLANTAPL 3.15 2 618 000 8 246 700 0.00 287 EDINVEST 4.00 2 593 000 10 372 000 0.00 288 JHMDEV 0.32 28 133 000 9 002 560 0.00 289 KOMPAP 5.97 1 497 000 8 937 090 0.00 290 MAKARONPL 2.15 4 707 000 10 120 050 0.00 291 MIRACULUM 0.11 89 325 000 9 825 750 0.00 292 POLNA 13.09 791 000 10 354 190 0.00 293 PRAGMAFA 16.35 528 000 8 632 800 0.00 294 RUBICON 0.20 51 491 000 10 298 200 0.00 295 WOJAS 4.10 2 047 000 8 392 700 0.00 296 AWBUD 0.62 11 931 000 7 397 220 0.00 297 DMWDM 0.24 31 511 000 7 562 640 0.00 298 DROP 9.00 868 000 7 812 000 0.00 299 ENERGOPLD 0.26 24 950 000 6 487 000 0.00 300 HELIO 5.21 1 143 000 5 955 030 0.00 301 HYPERION 2.09 3 290 000 6 876 100 0.00 302 IDEATFI 1.47 5 062 000 7 441 140 0.00 303 INTERBUD 2.86 2 341 000 6 695 260 0.00

125 Fact Book 2013

The WIG-Poland portfolio (end of 2012) (contd.) No. Shares Price of Number of shares in Market value Share in shares portfolio WIG-Poland (PLN) (PLN) (%) 304 INTERSPPL 2.95 2 590 000 7 640 500 0.00 305 KBDOM 0.17 35 951 000 6 111 670 0.00 306 POLJADLO 0.19 34 280 000 6 513 200 0.00 307 TERESA 13.22 448 000 5 922 560 0.00 308 WADEX 10.78 711 000 7 664 580 0.00 309 COMPLEX 0.88 4 084 000 3 593 920 0.00 310 ELKOP 0.13 36 733 000 4 775 290 0.00 311 FASTFIN 0.38 14 968 000 5 687 840 0.00 312 KPPD 24.31 189 000 4 594 590 0.00 313 MEXPOLSKA 2.35 1 492 000 3 506 200 0.00

126 WSE Main List

WIG-Ukraine ticipation requirements. Company shares in this index are determined on the basis of the WIG-Ukraine comprises all companies with number of shares in free float. As an addi- Ukrainian origin on the Main List and cov- tional requirement, one company may have ered by WIG. no more than a 40% share in this index if the WIG-Ukraine has been calculated since 4 number of index constituents is under 30, May 2012, and its base value was deter- or 10% in all other cases. New index port- mined on 31 December 2010 at 1,000 points. folios come into force after the third Friday  after the first auction at 10:15, of March, June, September and December.  after the second auction at 15:15,  after the close of session at 17:40.

WIG-Ukraine is a total return index, which means that income from dividends and pre- emptive rights is also taken into account for its calculation. Changes to its composition are made four times a year. An inventory of all listed companies is compiled after the last session in February, May, August and November. The inventory does not include companies which fail to meet essential par-

The WIG-Ukraine index in 2012

900 830.68 16 Mar

800

700

600 594.46 23 May

500 July May April June March August October January February December November September

127 Fact Book 2013

The WIG-Ukraine portfolio (end of 2012) No Shares Price of shares Number of shares in Market value Share in WIG- portfolio Ukraine (PLN) (PLN) (%) 1 KERNEL 66.75 12 118 000 808 876 500 40.00 2 ASTARTA 55.00 9 256 000 509 080 000 25.17 3 IMCOMPANY 16.35 9 809 000 160 377 150 7.93 4 OVOSTAR 89.00 1 500 000 133 500 000 6.60 5 MILKILAND 14.50 8 426 000 122 177 000 6.04 6 COALENERG 9.53 11 253 000 107 241 090 5.30 7 AGROTON 10.00 6 610 000 66 100 000 3.27 8 KSGAGRO 11.60 5 126 000 59 461 600 2.94 9 KDMSHIPNG 25.10 996 000 24 999 600 1.24 10 SADOVAYA 2.07 10 771 000 22 295 970 1.10 11 WESTAISIC 0.74 11 033 000 8 164 420 0.40

Monthly rates of return on WSE indices in 2012 (%) WIG20 mWIG40 sWIG80 WIG-Plus WIG WIG-CEE WIG-Poland WIG-Ukraine January 8.8 8.3 10.9 13.0 8.9 2.3 9.1 7.0 February -0.6 5.0 10.3 9.2 1.5 3.5 1.3 9.9 March -1.3 1.3 -1.2 -0.1 -0.7 -2.4 -0.6 -3.6 April -2.0 -3.5 -3.3 -5.3 -2.4 -2.3 -2.4 -2.8 May -6.4 -7.1 -6.4 -8.6 -6.2 -12.3 -5.7 -20.3 June 8.5 2.4 2.5 -1.3 8.0 4.5 8.2 5.0 July -3.9 -2.8 -1.8 -7.6 -1.6 3.5 -1.9 9.7 August 3.3 -0.6 0.4 -0.3 3.5 1.8 3.7 2.2 September 5.0 5.8 5.0 3.6 5.2 -0.4 5.5 -2.3 October -2.3 2.3 -0.3 3.5 -1.2 1.1 -1.2 -1.4 November 4.5 4.1 1.5 1.7 4.1 -3.9 4.4 -6.4 December 6.7 1.8 4.8 1.7 5.4 -2.5 5.9 -1.9

128 WSE Main List

Sectoral subindices Values of sectoral subindices are published three times during a trading session, i.e.: The Warsaw Stock Exchange runs a sectoral  after the first auction, classification for all listed companies. Lists of  after the second auction, companies covered by sectoral subindices  after the close of session. of the WIG are based on this classification. The constituent list of a sectoral subindex in- Sectoral subindices are based on the WIG cludes companies from one sector only. methodology and are calculated with income from dividends and pre-emptive At the end of 2012, the following sectoral rights. subindices were calculated: Changes in composition of sectoral subindices are made alongside changes in the WIG composition and company shares Basic Materials in subindices are equal to their respective shares in the WIG.

New portfolios of sectoralsubindices come into force after the third Friday of March, June, September and December.

Energy

Monthly rates of return on WSE sectoral subindices in 2012 (%) Month I II III IV V VI VII VIII IX X XI XII WIG-Banking 9.8 -0.5 -0.4 -1.6 -6.5 11.1 -5.9 6.9 3.6 -0.4 0.9 5.4 WIG-Construction 12.3 0.6 -14.1 -14.6 -3.5 -18.0 -8.0 -7.0 21.3 -3.6 3.4 2.1 WIG-Chemical 15.0 0.5 12.4 2.3 -2.8 7.5 0.1 2.0 6.3 -3.4 7.0 1.3 WIG-Developers 17.6 -1.7 -7.7 -4.2 -9.2 1.0 -5.9 -4.7 14.1 5.5 3.5 4.6 WIG-Energy -0.4 -3.3 -1.2 -3.9 -3.3 6.0 -2.5 9.5 -0.7 -7.1 3.2 2.0 WIG-IT 0.6 12.4 -3.0 -5.6 0.8 0.9 -6.4 -2.6 2.8 -6.3 7.0 4.8 WIG-Media 4.1 3.4 -1.0 -5.1 -7.9 5.7 -5.4 -5.8 5.4 0.7 8.5 6.7 WIG-Oil&Gas 4.6 -3.2 5.6 -0.5 -9.7 11.2 -3.3 5.0 11.0 -2.0 6.3 10.8 WIG-Food 4.8 7.9 -4.8 -1.0 -16.5 6.0 10.1 2.4 -2.1 1.5 0.4 -0.8 WIG-Basic materials 24.4 4.4 -3.8 -2.6 -7.2 11.4 5.3 0.5 12.6 3.1 9.1 6.0 WIG-Telecom 1.9 0.1 2.1 -4.1 -3.3 5.4 0.5 4.5 -0.1 -22.1 -5.7 0.4

129 Fact Book 2013

Licensing Index Committee

The Warsaw Stock Exchange registers its indices as trademarks. From the registration Established by the WSE Management Board date onwards, those registered trademarks in October 1997, the Index Committee is a may only be used under a licence agree- standing body with a reviewing and adviso- ment signed with the WSE. ry function on index methodology and stock market statistics. The Committee meets be- Benchmarks for financial fore adjustments and revisions to WIG20, mWIG40, sWIG80 and WIG-Plus portfolios institutions are announced.

The WSE creates and calculates benchmarks developed individually to meet specific needs of external institutions while maintaining clarity of design and calculation methodology.

The Warsaw Stock Exchange guarantees reliability of index design and monitors the calculation of index values under existing contracts.

130 WSE Main List

Index values in 2012 (points) Session WIG- WIG- WIG- WIG- WIG20 mWIG40 sWIG80 WIG RESPECT WIGdiv (dd.mm) Plus CEE Poland Ukraine 30.12.11 2 144 2 174 8 497 716 37 595 906 37 217 705 2 005 903 02.01 2 194 2 190 8 604 725 38 318 915 37 951 709 2 030 917 03.01 2 204 2 194 8 636 729 38 464 916 38 077 730 2 040 913 04.01 2 184 2 187 8 610 727 38 183 914 37 789 722 2 041 913 05.01 2 157 2 160 8 602 725 37 739 895 37 366 711 2 011 901 09.01 2 127 2 157 ▼ 8 568 723 37 341 900 36 952 708 2 004 896 10.01 2 138 2 177 8 682 730 37 609 910 37 221 705 2 011 904 11.01 2 131 2 176 8 657 732 37 516 904 37 127 700 2 021 905 12.01 2 167 2 201 8 741 736 38 063 901 37 692 704 2 045 913 13.01 2 166 2 184 8 714 735 37 992 895 37 626 703 2 039 914 16.01 2 183 2 189 8 732 741 38 226 895 37 873 698 2 052 920 17.01 2 208 2 233 8 894 755 38 727 884 38 405 701 2 064 920 18.01 2 228 2 247 8 941 758 39 056 898 38 741 692 2 080 924 19.01 2 244 2 251 8 971 766 39 288 903 38 961 704 2 080 925 20.01 2 261 2 254 8 974 775 39 519 910 39 193 704 2 096 931 23.01 2 266 2 273 9 043 781 39 660 909 39 330 715 2 112 933 24.01 2 265 2 264 9 025 781 39 607 907 39 281 721 2 108 932 25.01 2 253 2 283 9 081 782 39 543 905 39 212 727 2 102 926 26.01 2 306 2 323 9 236 795 40 392 918 40 072 734 2 138 943 27.01 2 306 2 328 9 301 800 40 468 921 40 151 731 2 145 945 30.01 2 317 2 325 9 360 801 40 600 920 40 284 734 2 146 950 31.01 2 332 2 354 9 420 809 40 928 926 40 606 754 2 162 955 01.02 2 364 2 375 9 501 816 41 438 915 41 142 751 2 180 964 02.02 2 371 2 387 9 562 820 41 602 931 41 274 763 2 185 967 03.02 2 374 2 402 9 654 826 41 732 942 41 388 773 2 187 969 06.02 2 390 2 432 9 797 835 42 084 973 41 665 810 2 198 973 07.02 2 375 2 429 9 884 839 41 913 968 41 488 822 2 196 967 08.02 2 377 2 441 9 959 852 42 044 987 41 607 828 2 189 971 09.02 2 364 2 422 9 874 851 41 792 981 41 363 817 2 174 972 10.02 2 325 2 410 9 822 843 41 219 965 40 794 806 2 151 962 13.02 2 342 2 437 9 942 848 41 582 969 41 152 808 2 164 971 14.02 2 329 2 430 9 987 856 41 424 970 40 993 801 2 162 966 15.02 2 335 2 448 10 130 871 41 616 969 41 190 810 2 167 970 16.02 2 319 2 445 10 186 873 41 430 965 41 001 807 2 162 971 17.02 2 360 2 482 10 428 887 42 161 ▲ 988 41 719 825 2 203 989 20.02 2 349 2 475 10 505 899 42 047 980 41 616 823 2 201 987 21.02 2 352 2 467 10 530 ▲900 42 070 973 41 643 822 2 204 990 22.02 2 328 2 452 10 421 889 41 669 964 41 245 815 2 190 982 23.02 2 297 2 445 10 423 886 41 258 959 40 838 811 2 171 978 24.02 2 312 2 469 10 406 886 41 499 957 41 088 808 2 187 981 27.02 2 313 2 456 10 374 882 41 464 956 41 052 807 2 178 980 28.02 2 319 2 475 10 419 882 41 606 955 41 190 825 2 198 982 29.02 2 317 2 472 10 388 883 41 561 959 41 139 829 2 197 981

131 Fact Book 2013

Index values in 2012 (points) (contd.) Session WIG- WIG- WIG- WIG- WIG20 mWIG40 sWIG80 WIG RESPECT WIGdiv (dd.mm) Plus CEE Poland Ukraine 01.03 2 321 2 462 10 317 877 41 534 948 41 148 810 2 193 984 02.03 2 325 2 476 10 284 878 41 640 958 41 238 830 2 195 984 05.03 2 284 2 463 10 235 871 41 084 953 40 683 821 2 182 971 06.03 2 250 2 433 10 048 859 40 480 941 40 080 808 2 158 958 07.03 2 266 2 447 10 185 867 40 791 953 40 372 821 2 160 966 08.03 2 297 2 478 10 335 879 41 338 950 40 950 814 2 184 979 09.03 2 286 2 484 10 376 884 41 236 934 40 875 803 2 178 973 12.03 2 292 2 485 10 350 879 41 297 929 40 951 792 2 178 974 13.03 2 298 2 505 10 407 881 41 461 935 41 106 799 2 185 979 14.03 2 337 2 527 10 513 886 42 069 954 41 703 815 2 217 994 15.03 2 344 2 562 ▲10 536 893 42 281 956 41 922 817 2 235 999 16.03 2 338 2 562 10 533 898 42 209 955 41 830 ▲831 2 238 1 001 19.03 2 324 2 547 10 441 894 41 963 966 41 579 824 2 230 991 20.03 2 300 2 529 10 397 888 41 586 965 41 187 823 2 212 983 21.03 2 298 2 523 10 355 884 41 529 966 41 122 828 2 214 983 22.03 2 262 2 475 10 175 869 40 834 946 40 434 812 2 180 968 23.03 2 284 2 499 10 218 875 41 210 946 40 827 808 2 197 972 26.03 2 305 2 509 10 276 880 41 526 950 41 156 807 2 212 980 27.03 2 324 2 528 10 326 883 41 834 953 41 457 815 2 231 987 28.03 2 308 2 522 10 326 880 41 608 944 41 234 809 2 218 985 29.03 2 271 2 493 10 227 877 41 028 938 40 660 801 2 195 973 30.03 2 287 2 504 10 262 882 41 267 936 40 908 799 2 205 981 02.04 2 301 2 522 10 268 879 41 489 931 41 133 808 2 220 987 03.04 2 299 2 527 10 226 877 41 466 939 41 086 813 2 227 985 04.04 2 257 2 485 10 087 867 40 754 922 40 396 794 2 192 968 05.04 2 263 2 477 10 094 866 40 802 921 40 442 799 2 193 971 10.04 2 226 2 441 9 941 858 40 217 926 39 834 805 2 149 962 11.04 2 252 2 446 9 978 854 40 563 934 40 176 815 2 164 970 12.04 2 279 2 474 10 159 859 41 054 940 40 660 820 2 186 977 13.04 2 250 2 473 10 113 858 40 669 933 40 270 825 2 171 971 16.04 2 251 2 456 10 050 856 40 605 929 40 210 825 2 167 970 17.04 2 271 2 460 10 073 857 40 873 928 40 476 824 2 182 974 18.04 2 246 2 450 10 066 857 40 527 920 40 143 819 2 160 966 19.04 2 232 2 455 10 057 851 40 355 924 39 957 824 2 165 959 20.04 2 222 2 442 9 974 843 40 141 921 39 739 814 2 159 953 23.04 2 167 2 368 9 662 816 39 086 911 38 682 792 2 109 930 24.04 2 180 2 384 9 682 817 39 305 905 38 936 780 2 117 935 25.04 2 186 2 387 9 699 824 39 423 922 39 041 781 2 126 932 26.04 2 210 2 399 9 773 827 39 762 888 39 439 765 2 137 943 27.04 2 244 2 406 9 827 829 40 249 910 39 913 773 2 154 956 30.04 2 241 2 417 9 919 835 40 274 914 39 928 776 2 154 957 02.05 2 226 2 424 9 924 833 40 115 922 39 752 777 2 150 955 04.05 2 210 2 424 9 865 834 39 888 917 39 514 784 2 132 948

132 WSE Main List

Index values in 2012 (points) (contd.) Session WIG- WIG- WIG- WIG- WIG20 mWIG40 sWIG80 WIG RESPECT WIGdiv (dd.mm) Plus CEE Poland Ukraine 07.05 2 217 2 416 9 811 824 39 910 897 39 568 772 2 142 951 08.05 2 168 2 408 9 793 822 39 268 882 38 937 753 2 112 937 09.05 2 168 2 394 9 705 818 39 176 873 38 855 752 2 107 939 10.05 2 188 2 391 9 681 817 39 404 866 39 105 736 2 117 942 11.05 2 179 2 379 9 672 817 39 278 860 38 992 713 2 115 937 14.05 2 137 2 321 9 517 804 38 501 846 38 230 684 2 069 921 15.05 2 111 2 316 9 424 801 38 157 839 37 909 665 2 048 914 16.05 2 120 2 310 9 333 790 38 215 825 37 991 650 2 063 917 17.05 2 057 2 272 9 183 772 37 229 803 37 035 615 2 020 895 18.05 2 061 2 267 9 196 765 37 256 801 37 090 601 2 023 894 21.05 2 096 2 291 9 246 772 37 790 802 37 646 602 2 050 905 22.05 2 100 2 307 9 251 771 37 888 806 37 715 616 2 049 910 23.05 2 038 2 268 9 077 763 36 935 791 36 762 ▼ 594 2 003 889 24.05 ▼2 036 2 252 9 069 760 36 853 797 36 663 598 2 001 884 25.05 2 037 2 246 9 117 759 36 861 ▼787 36 705 598 1 992 ▼ 882 28.05 2 056 2 219 9 170 762 37 178 793 37 027 600 2 008 892 29.05 2 091 2 224 9 266 762 37 663 799 37 503 612 2 027 906 30.05 2 072 2 204 9 260 758 37 348 799 37 191 608 2 003 903 31.05 2 096 2 245 9 286 764 37 794 802 37 637 619 2 027 924 01.06 2 072 2 204 9 198 753 37 312 798 37 161 607 2 011 912 04.06 2 078 2 182 9 093 747 37 288 815 37 106 622 2 014 908 05.06 2 040 ▼2 148 8 984 733 ▼36 653 806 ▼36 478 604 ▼ 1 987 895 06.06 2 111 2 180 9 151 734 37 707 826 37 546 611 2 026 916 08.06 2 154 2 209 9 243 736 38 527 828 38 377 626 2 068 937 11.06 2 165 2 232 9 276 742 38 748 827 38 609 629 2 079 936 12.06 2 213 2 249 9 326 739 39 418 833 39 282 652 2 119 952 13.06 2 209 2 243 9 317 738 39 338 833 39 206 655 2 117 950 14.06 2 208 2 234 9 293 736 39 287 834 39 152 660 2 115 949 15.06 2 233 2 232 9 340 740 39 739 839 39 596 675 2 143 960 18.06 2 228 2 240 9 370 742 39 725 843 39 590 665 2 136 961 19.06 2 271 2 286 9 508 744 40 633 853 40 504 672 2 188 982 20.06 2 261 2 287 9 534 748 40 512 848 40 392 666 2 182 981 21.06 2 246 2 256 9 506 744 40 208 842 40 111 650 2 171 975 22.06 2 242 2 268 9 454 746 40 187 840 40 075 653 2 164 974 25.06 2 208 2 264 9 440 745 39 728 825 39 621 646 2 138 964 26.06 2 252 2 277 9 479 751 40 350 835 40 258 647 2 165 978 27.06 2 276 2 289 9 521 753 40 710 831 40 642 639 2 180 989 28.06 2 238 2 251 9 471 749 40 165 838 40 079 634 2 151 970 29.06 2 275 2 300 9 520 754 40 811 839 40 721 650 2 182 979 02.07 2 255 2 307 9 512 749 40 586 872 40 464 651 2 169 970 03.07 2 271 2 302 9 542 746 40 788 863 40 667 669 2 183 978 04.07 2 262 2 282 9 498 742 40 636 845 40 519 667 2 182 975 05.07 2 287 2 295 9 528 741 41 014 848 40 894 674 2 204 982

133 Fact Book 2013

Index values in 2012 (points) (contd.) Session WIG- WIG- WIG- WIG- WIG20 mWIG40 sWIG80 WIG RESPECT WIGdiv (dd.mm) Plus CEE Poland Ukraine 06.07 2 273 2 285 9 537 740 40 793 845 40 658 681 2 194 977 09.07 2 242 2 284 9 441 739 40 355 843 40 194 686 2 174 964 10.07 2 247 2 263 9 430 735 40 356 846 40 201 682 2 173 965 11.07 2 221 2 251 9 440 730 39 983 848 39 817 678 2 153 956 12.07 2 154 2 228 9 375 722 39 778 845 39 628 665 2 134 952 13.07 2 191 2 237 9 427 718 40 301 851 40 146 677 2 169 965 16.07 2 189 2 243 9 439 713 40 278 852 40 119 679 2 175 962 17.07 2 191 2 278 9 480 712 40 426 860 40 238 697 2 173 970 18.07 2 185 2 284 9 495 710 40 371 866 40 133 723 2 177 961 19.07 2 199 2 280 9 505 710 40 546 870 40 319 722 2 189 966 20.07 2 173 2 271 9 466 706 40 148 863 39 935 715 2 174 957 23.07 2 101 2 225 9 242 694 38 983 857 38 763 701 2 110 933 24.07 2 115 2 235 9 280 692 39 201 860 38 977 705 2 129 937 25.07 2 119 2 231 9 280 690 39 246 861 39 020 707 2 132 938 26.07 2 115 2 235 9 271 694 39 213 868 38 972 709 2 128 936 27.07 2 163 2 263 9 306 694 39 936 865 39 724 711 2 172 955 30.07 2 191 2 246 9 354 699 40 267 867 40 067 707 2 187 960 31.07 2 186 2 236 9 344 696 40 164 868 39 949 713 2 189 963 01.08 2 189 2 227 9 293 695 40 154 864 39 955 704 2 190 965 02.08 2 171 2 217 9 253 692 39 877 862 39 682 696 2 178 957 03.08 2 223 2 226 9 295 697 40 594 869 40 402 708 2 217 972 06.08 2 262 2 242 9 340 698 41 171 875 40 976 725 2 242 984 07.08 2 267 2 242 9 298 697 41 225 877 41 032 723 2 243 985 08.08 2 269 2 243 9 282 694 41 254 885 41 052 729 2 243 989 09.08 2 319 2 260 9 316 695 41 977 884 41 797 734 2 288 1 008 10.08 2 313 2 257 9 277 693 41 878 885 41 697 730 2 285 1 005 13.08 2 312 2 267 9 282 691 41 891 886 41 712 734 2 279 1 007 14.08 2 318 2 274 9 326 ▼ 690 41 998 887 41 820 732 2 281 1 006 16.08 2 344 2 291 9 361 696 42 408 890 42 224 743 2 296 1 017 17.08 2 314 2 267 9 393 694 41 941 869 41 750 744 2 261 1 004 20.08 2 282 2 264 9 388 690 41 759 872 41 561 742 2 251 1 001 21.08 2 299 2 292 9 412 692 42 095 883 41 892 751 2 267 1 012 22.08 2 279 2 298 9 429 691 41 846 878 41 652 745 2 258 1 011 23.08 2 278 2 289 9 395 691 41 796 881 41 583 756 2 250 1 004 24.08 2 283 2 278 9 431 694 41 853 897 41 634 752 2 259 1 001 27.08 2 277 2 271 9 407 696 41 739 894 41 519 752 2 253 1 000 28.08 2 253 2 256 9 338 694 41 601 883 41 402 746 2 254 998 29.08 2 236 2 222 9 340 692 41 246 881 41 036 754 2 240 990 30.08 2 227 2 211 9 284 691 41 077 871 40 917 730 2 234 987 31.08 2 258 2 223 9 381 694 41 574 884 41 408 729 2 255 997 03.09 2 265 2 236 9 424 692 41 731 884 41 555 743 2 268 1 002 04.09 2 248 2 227 9 364 690 41 461 880 41 306 725 2 260 997 05.09 2 261 2 228 9 388 690 41 627 870 41 501 718 2 261 1 001

134 WSE Main List

Index values in 2012 (points) (contd.) Session WIG- WIG- WIG- WIG- WIG20 mWIG40 sWIG80 WIG RESPECT WIGdiv (dd.mm) Plus CEE Poland Ukraine 06.09 2 297 2 236 9 423 690 42 135 858 42 016 726 2 280 1 012 07.09 2 317 2 260 9 482 691 42 504 865 42 399 721 2 309 1 020 10.09 2 335 2 266 9 462 692 42 764 863 42 669 719 2 325 1 026 11.09 2 353 2 274 9 405 694 43 011 874 42 919 711 2 339 1 031 12.09 2 347 2 285 9 419 694 42 982 872 42 900 710 2 344 1 028 13.09 2 354 2 280 9 421 697 43 047 873 42 950 716 2 336 1 029 14.09 2 417 2 326 9 515 704 44 089 899 44 019 713 2 400 1 050 17.09 2 403 2 319 9 553 706 43 897 898 43 806 726 2 397 1 049 18.09 2 405 2 322 9 616 706 43 968 899 43 900 719 2 409 1 048 19.09 2 417 2 328 9 681 711 44 174 892 44 123 716 2 417 1 052 20.09 2 387 2 313 9 672 709 43 737 893 43 701 700 2 388 1 047 21.09 2 380 2 322 9 724 717 43 701 889 43 665 697 2 385 1 045 24.09 2 367 2 320 9 743 715 43 526 888 43 479 703 2 371 1 036 25.09 2 382 2 342 9 781 720 43 822 891 43 775 707 2 385 1 043 26.09 2 357 2 339 9 730 717 43 462 889 43 392 712 2 369 1 031 27.09 2 376 2 346 9 821 717 43 763 886 43 711 710 2 392 1 036 28.09 2 371 2 353 9 851 719 43 740 880 43 698 712 2 392 1 033 01.10 2 400 2 373 9 899 720 44 183 883 44 143 721 2 413 1 046 02.10 2 399 2 380 9 983 723 44 232 892 44 172 732 2 413 1 044 03.10 2 389 2 380 9 964 726 44 096 880 44 051 727 2 410 1 041 04.10 2 370 2 374 9 973 728 43 840 881 43 777 732 2 393 1 033 05.10 2 411 2 406 10 095 732 44 525 890 44 461 739 2 423 1 049 08.10 2 401 2 402 10 112 733 44 377 885 44 305 735 2 414 1 044 09.10 2 376 2 403 10 043 732 44 027 867 43 985 721 2 402 1 037 10.10 2 392 2 403 10 017 729 44 234 878 44 203 708 2 402 1 039 11.10 2 394 2 395 9 995 732 44 225 880 44 184 712 2 400 1 038 12.10 2 376 2 390 10 009 733 43 988 883 43 935 712 2 399 1 033 15.10 2 377 2 405 10 009 730 44 051 879 44 017 708 2 410 1 034 16.10 2 398 2 434 10 088 733 44 441 869 44 428 712 2 421 1 043 17.10 2 392 2 436 10 051 734 44 354 875 44 329 711 2 386 1 035 18.10 2 398 2 467 10 093 739 44 550 881 44 507 715 2 395 1 041 19.10 2 350 2 422 10 029 736 43 759 896 43 671 714 2 345 1 023 22.10 2 351 2 417 9 970 736 43 729 900 43 629 716 2 338 1 023 23.10 2 310 2 408 9 886 730 43 146 900 43 033 711 2 307 1 008 24.10 2 322 2 412 9 885 731 43 305 896 43 200 710 2 315 1 011 25.10 2 329 2 406 9 848 731 43 375 901 43 283 712 2 327 1 011 26.10 2 320 2 406 9 843 733 43 264 898 43 176 708 2 322 1 007 29.10 2 316 2 400 9 812 736 43 177 890 43 103 699 2 316 1 003 30.10 2 323 2 393 9 785 737 43 240 887 43 179 697 2 324 1 006 31.10 2 318 2 408 9 819 744 43 232 890 43 157 702 2 322 1 004 02.11 2 346 2 401 9 827 746 43 582 881 43 544 689 2 337 1 020 05.11 2 344 2 409 9 789 746 43 568 891 43 526 687 2 331 1 021

135 Fact Book 2013

Index values in 2012 (points) (contd.) Session WIG- WIG- WIG- WIG- WIG20 mWIG40 sWIG80 WIG RESPECT WIGdiv (dd.mm) Plus CEE Poland Ukraine 06.11 2 343 2 424 9 775 746 43 601 886 43 573 681 2 346 1 016 07.11 2 325 2 410 9 720 742 43 304 887 43 268 679 2 334 1 009 08.11 2 338 2 402 9 686 741 43 429 884 43 400 674 2 333 1 016 09.11 2 324 2 398 9 683 737 43 210 862 43 196 668 2 320 1 008 12.11 2 335 2 397 9 685 741 43 369 859 43 374 661 2 337 1 013 13.11 2 354 2 396 9 661 739 43 610 865 43 623 662 2 356 1 017 14.11 2 367 2 401 9 760 740 43 826 860 43 853 662 2 372 1 022 15.11 2 372 2 388 9 746 739 43 846 876 43 861 655 2 372 1 026 16.11 2 368 2 384 9 732 735 43 773 865 43 801 645 2 374 1 029 19.11 2 404 2 415 9 773 741 44 369 856 44 425 645 2 414 1 039 20.11 2 405 2 434 9 778 741 44 439 846 44 521 637 2 422 1 041 21.11 2 386 2 443 9 765 741 44 218 836 44 308 631 2 412 1 033 22.11 2 374 2 452 9 810 744 44 122 833 44 214 635 2 402 1 028 23.11 2 398 2 450 9 822 745 44 437 837 44 516 639 2 412 1 037 26.11 2 406 2 467 9 851 744 44 603 838 44 691 641 2 419 1 040 27.11 2 407 2 480 9 848 744 44 655 844 44 719 657 2 421 1 042 28.11 2 402 2 486 9 883 742 44 605 844 44 660 661 2 414 1 037 29.11 2 411 2 490 9 956 749 44 788 848 44 840 661 2 426 1 042 30.11 2 422 2 507 9 969 757 45 015 855 45 070 657 2 435 1 052 03.12 2 443 2 500 9 990 760 45 293 864 45 337 659 2 453 1 057 04.12 2 458 2 520 10 040 759 45 566 855 45 646 646 2 459 1 069 05.12 2 469 2 537 10 057 761 45 773 851 45 858 653 2 474 1 071 06.12 2 485 2 538 10 163 762 46 020 836 46 139 650 2 502 1 072 07.12 2 451 2 534 10 143 763 45 538 833 45 643 650 2 466 1 057 10.12 2 477 2 539 10 168 763 45 892 834 45 985 659 2 487 1 064 11.12 2 513 2 573 10 271 767 46 517 843 46 626 672 2 539 1 075 12.12 2 525 2 578 10 311 768 46 718 847 46 842 667 2 539 1 080 13.12 2 519 2 583 10 301 770 46 654 844 46 777 666 2 541 1 079 14.12 2 537 2 587 10 310 768 46 913 841 47 052 667 2 560 1 085 17.12 2 552 2 585 10 294 766 47 089 840 47 230 670 2 575 1 088 18.12 2 576 2 594 10 294 764 47 457 848 47 617 662 2 604 1 095 19.12 ▲2 603 ▲2 626 10 348 762 ▲47 921 843 ▲48 093 661 ▲ 2 636 1 105 20.12 2 594 2 607 10 243 757 47 702 842 47 896 656 2 619 1 104 21.12 2 583 2 567 10 313 761 47 480 839 47 697 640 2 597 1 101 27.12 2 601 2 556 10 377 766 47 673 831 47 941 643 2 613 ▲ 1 106 28.12 2 583 2 553 10 444 770 47 461 833 47 710 645 2 591 1 103

▲ All-year high for 2012 ▼ All-year low for 2012

136 WSE Main List

Investors

At the end of 2012 the number of invest- and 50% in options. Domestic institutional ment accounts at various brokerage offices investors were responsible for 36% of the and houses reached 1.5 million. futures trading volume and 39% of options Regular studies conducted by the WSE offer trading whereas foreign investors gener- information on the structure of its investors. ated 17% of futures trading and 11% of op- The 2012 results show that foreign investors tions trading. There have been no changes had the highest share in Main List trading in the geographical origin of foreign brokers (48%), followed by domestic institutional or in types of domestic financial institutions investors (34%) and individual investors which trade in equities. Brokers from the UK (18%). For the second time in the history prevail among foreign investors whereas of those studies the previous year’s result investment funds and open-end pension remained virtually the same one year later. funds represent the largest groups among domestic institutions. Individual investors account for the largest share of derivatives trading. They generated 47% of trading in futures contracts

Investor structure (% share in trading) Investors Instruments 2012 2011 2010 2009 2008 Foreign shares 48 47 47 36 43 futures contracts 17 16 14 11 10 options 11 24 12 4 12 Domestic individual shares 18 18 19 27 18 futures contracts 47 46 50 52 53 options 50 64 60 65 58 Domestic institutional shares 34 35 34 37 39 futures contracts 36 38 36 37 37 options 39 12 28 31 30

137 Fact Book 2013

Investor structure – share in WSE Main List trading in 2012 – Equities

18% Domestic individual investors

34% Domestic institutional investors

48% Foreign investors

Investor structure – share in WSE trading in 2012 – Futures contracts

47% Domestic individual investors

36% Domestic institutional investors

17% Foreign investors

138 WSE Main List

Investor structure – share in WSE trading in 2012 – Options

50% Domestic individual investors

39% Domestic institutional investors

11% Foreign investors

Security Taxation Security of funds accumulated on invest- Capital gains earned by Polish natural per- ment accounts is guaranteed under the in- sons are taxed at a flat rate of 19%. The vestor compensation scheme, managed by same rate applies to capital gains earned by the National Depository for Securities (NDS) legal persons. and supervised by the Polish Financial Su- pervision Authority (PFSA). The scheme Foreign investors are generally subject to aims to provide additional protection for in- the same regulations as domestic ones, vestors’ assets registered on accounts and with their tax obligations being additionally to compensate for the value of lost securities regulated by the respective double taxation and proprietary rights to which investors are avoidance treaties. Pursuant to such trea- entitled as part of compensation for assets. ties, income realised by foreign investors on Under the scheme, investors receive com- the WSE is taxed according to their country pensation for assets accumulated on their of residence (domicile). However, in order to accounts up to a limit set by law in case the take advantage of those provisions, foreign entity which maintained their account (e.g. a investors must produce a certificate of tax brokerage house) goes bankrupt. This solu- residence, otherwise their income will be tion is in line with the current EU legislation. taxed in Poland (at a rate of 19%). The scheme is funded from annual fees paid by brokerage houses and banks which manage securities accounts. Participation in the scheme is obligatory for those entities.

139 Fact Book 2013

WSE Listing Process – Regulated Market

The essential legal act which regulates the of-  an auditor, who will audit the com- fering and introduction of shares to trading pany’s financial statements and convert on a regulated market is entitled the Act on them into a format that allows year-to- Public Offering, Conditions Governing the In- year comparability, troduction of Financial Instruments to Organ-  a brokerage house, which will offer ised Trading, and on Public Companies, of 29 the company’s shares for sale in a public July 2005, with subsequent amendments. An- offering. other important document is the Commission Regulation (EC) No. 809/2004 of 29 April 2004 Depending on the issuer’s specific needs, which concerns information to be included in legal and financial advisors may be hired, prospectuses. Attention must also be drawn which is a common practice. The detailed to the WSE internal regulations, including the contents of the prospectus are specified in WSE Rules which define, inter alia, terms and Commission Regulation (EC) No. 809/2004 conditions under which financial instruments of 29 April 2004 regarding information con- are admitted and introduced to trading, as tained in prospectuses. Prior to an IPO, a well as fees payable by issuers in connection company may also sign an agreement with with their WSE-quoted instruments. an underwriter to secure the issue against a potential failure. The following section outlines the steps to be taken by a company which plans a listing on  Next, the company will need to submit the Warsaw Stock Exchange. an application for the approval of its prospectus to the Polish Financial Supervi-  Shares listed on the WSE may be issued sion Authority (PFSA). The PFSA may only by joint stock companies. This does communicate its comments on the pro- not exclude entities with any other legal spectus and, once they have been incor- status, however their owners need to porated in the final draft, the PFSA will either transform the prospective issuer decide whether to approve the prospec- into a joint stock company or establish tus. a joint stock company and contribute the  At this stage, the public offering may necessary assets. proceed. Rights to shares (PDA) may be  As a next step, the General Sharehold- traded on the WSE after the shares of a ers Meeting should adopt a resolution new issue have been allocated but not approving a public offering (or a new is- yet registered. sue) of shares, dematerialisation of the  Once the offering has been closed, the shares, and an application for admission company will submit an application for of the shares to trading on the regulated the admission of shares (or, possibly, market. also rights to shares which may be trad-  Once the decision to apply for admission ed between allotment and registration to trading on the regulated market has dates) to trading on the main or the paral- been adopted, the company will need lel market. The application must include, to prepare a relevant information docu- inter alia, of the approved prospectus. ment (prospectus or offering memoran-  Once the National Depository for Securi- dum) and work with the following entities has made a decision regarding regis- ties during the process: tration, the company applies to the WSE Management Board for the shares to be

140 WSE Main List

introduced to trading on either the main system and the date of the first trading or the parallel market. The WSE Manage- session (market floatation). ment Board will then specify the trading

Selected terms of admission for shares on the regulated market Shares to be admitted to trading (on the main or parallel market) should meet the following criteria: – The required information document has been prepared and approved by the competent regulator (PFSA), or an information document has been prepared and its equivalence with the requirements of the Act on Public Offering has been established, unless such preparation or approval is not required; – Marketability of shares is not restricted; – No insolvency or liquidation proceedings are in progress against the issuer’s enterprise; – Capitalisation of the company (i.e. all issuer’s shares multiplied by the anticipated market price) should be equal to or higher than the PLN equivalent of EUR 15,000,000 (except issuers which had at least one issue of shares in trading on another regulated market or on NewConnect for at least 6 months, with the required capitalisation of EUR 12,000,000); – Shareholders, each of whom holds less than 5% votes at the issuer’s General Meeting, hold at least: – 15% of shares covered by the application, – 100,000 shares worth min. EUR 1,000,000, calculated at the most recent selling price or issue price, – shares are held by such a number of shareholders which enables liquid trading on the stock exchange.

When submitting an application for admission, the issuer is under the obligation to provide the WSE with a document called ‘an investment company’s opinion’ regarding the issuer’s adherence to the listing requirements on either the main or the parallel market.

Shares may be admitted to trading on the main floor provided that they additionally meet the requirements specified in the Finance Minister’s ordinance of 12 May 2010, i.e.: – All shares covered by the admission application are of the same type; – Either shareholders, each of whom holds less than 5% votes at the issuer’s General Meeting, hold at least 25% of shares covered by the admission application, or shareholders, each of whom holds less than 5% votes at the issuer’s General Meeting, hold at least 500,000 shares in the company, with the total value representing the PLN equivalent of at least EUR 17,000,000 (if this requirement is not met, shares may nevertheless be admitted if the WSE Management Board decides that the number of shares in the application, the manner of subscription or the manner of sale offers reasonable assurance that trading in those shares on the main market will be liquid); – The issuer has published financial statements accompanied by an opinion from a certified auditor for at least three subsequent financial years preceding the application.

When reviewing an application for admission the rules of public trading, as defined in of financial instruments to trading, the Man- the joint resolutions adopted by the WSE agement Board considers the following: Supervisory Board and the WSE Manage- ment Board,  Issuer’s financial standing, current and  Security of trading and interests of trad- projected, in particular the issuer’s profit- ing participants, ability, liquidity and debt-servicing ability, as well as other factors which influence Issuers’ applications are completed on a the issuer’s financial performance; special WSE form and filed directly with  Issuer’s growth prospects, especially the the WSE Management Board. Once the capacity to carry out investment plans, complete application has been filed, the and available sources of funding; Management Board of the Warsaw Stock  Experience and qualifications of mem- Exchange is obligated to adopt a resolution bers of the issuer’s governing and super- regarding admission or non-admission of visory bodies; the financial instruments concerned within  Terms and conditions under which the se- 14 days. curities were issued and compliance with

141 Rocznik GiełdowyFact Book 2009 2013

Rocznik Giełdowy 2009

ListedRodowód companies spółek by giełdowych* origin* Rodowód spółek giełdowych* YearRok OfertyPublic offering HeldWchodzące Mixed Mieszana formaPrivate Prywatne but o Private Prywatne SpółkiNIF Skarbuby State byw składholdings grupownership własnościformerly państwowym become od początku parteroweunderlying Rok Oferty Wchodzące Mieszana forma Prywatne o Prywatne Spółki PaństwaTreasury kapitałowych state-heldrodowodzie public programucompanies NFI Skarbu w skład grup własności państwowym od początku parterowe PaństwaExbud kapitałowych rodowodzie programu NFI Kable Exbud Krosno Kable Próchnik Krosno 1991 Swarzędz Próchnik Tonsil 1991 Swarzędz Wedel Tonsil Wólczanka Wedel Żywiec Wólczanka BREŻywiec BIG Elektrim (Millennium) BRE BIG 1992 Irena Universal Elektrim (Millennium) Mostostal- 1992 Irena Universal -Export Mostostal- Okocim -Export Polifarb-Okocim Mostostal- Efekt -Cieszyn -Warszawa Polifarb- Mostostal- Efekt 1993 Sokołów -Cieszyn -Warszawa WBK (BZWBK) 1993 Sokołów Vistula WBK (BZWBK) 125 123 AgrosVistula Holding AmerBank Kredyt Bank ESPEBEPE Dom-Plast BSK (DZPOLSKA) Drosed Optimus Agros Holding AmerBank Kredyt Bank ESPEBEPE Dom-Plast Dębica Kable BFK Indykpol (GrupaOnet) BSK (DZPOLSKA) Drosed Optimus Bełchatów Wistil Pekabex Skotan Fasing (Alchemia) PEPEES Polifarb Dębica Ropczyce Viscoplast ZEW Łukbut Protektor LZPS Milmet Morliny -Wadowice Sanwil Stomil programu NFI Garbarnia Brzeg Lentex 1994 Jelfa (ElektrimGarbarnia Brzeg (Alchemia) Kable)Łukbut LZPS Protektor (Protektor) Milmet Morliny Polna Ponar- -Wadowice Sanwil KrakChemiaStomil Bełchatów Wafapomp Wistil PPABank (BNPPL) Dębica Kable BFK Indykpol (GrupaOnet) Polifarb-Wrocław Remak (Alma) (Fortis Bank) 1994 Jelfa (Elektrim Kable) KrakChemia PPABank Rafako Mostostal-Zabrze (Alpras) (Yawal) Polifarb-Wrocław Remak (Alma) (Fortis Bank) ) Rolimpex Novita(PGF) Rafako Mostostal-Zabrze MNI

(Provimi-Rolimpex) Prochem (Fon) Rolimpex Novita Stalexport (Provimi-Rolimpex) Prochem Krakbrokers Muza Prokom Softbank Poland) (Asseco Suwary TIM Seafood Wilbo Yawal System (Yawal) Caspol LTL Mitex Orfe Pażur Prosper StGroup Europa TU Ster-Projekt (ABG Ster-Projekt) Szeptel ( Macrosoft (Macrologic) AS Motors AS Strzelec (Advanced Distribution Solutions) (Triton Development) Groclin Mieszko BankStalexport GdańskiKPBP-BICK Animex Beton Stal ComputerLand BPH (BANKBPH) (BICK)Mostostal-BWR (DBPBC) Budimex (Sygnity) Bank Gdański KPBP-BICK Animex Beton Stal ComputerLand 1995 Bytom Mostostal- -GdańskPBR PBR Elektromontaż- Farm Food BPH (BANKBPH) Mostostal- BWR (DBPBC) Budimex (Sygnity) Górażdże -Gdańsk Pekpol -Export Zasada Centrum 1995 Bytom -Gdańsk PBR Elektromontaż- Farm Food Polfa(Masters) Kutno (Arksteel)Petrobank Jutrzenka Górażdże (Pointgroup)Pekpol (COLIAN) -Export Zasada Centrum Mostostal-Sdl. Elpo Elpo PermediaWawel WFM ObornikiHolding Murawski Wafapomp Pia Piasecki Pemug PolnordNaftobudowaInstal Kraków Comarch Projprzem Clif Pollena CSS EwaKZWM Farmacol Leta Centrozap Agora Pozmeat Hydrobudowa- -Gdańsk Apexim -Śląsk Bakoma HydrotorJarosław Euro Bud InwestKoło Mostostal-Płock Ponar- Gant Medicinies Howell GPRD Mostostal-Kr. (POLIMEXMS) Famot Pleszew rodowodzie Hydrobudowa- Compensa Polna Energopol Brok Stomil Olsztyn Cersanit AMS (LG Petro Bank) Polfa Kutno Petrobank Jutrzenka PetrobankWarta Stomil Olsztyn (LG PetroPetro Bank)Bank) Elektrobudowa WartaBank Boryszew IGROUP Kęty Komunalny Chemiskór Echo Elektrobudowa Bank Boryszew IGROUP Oława (Nordea Bank) (4Media) Forte Kęty Komunalny Chemiskór Echo 1996 Paged Lubawa Kompap (Fortum Wrocław) MPEC Wrocław MPEC Częstochowa Elzab Oława (Nordea Bank)(4Media) Forte Stalprofil Beef-San EFL Polisa ŁDA Ocean 1996 Paged Lubawa Kompap PPWK PLI Polisa ŁDA Ocean Relpol (Nomi) rup własności państwowympoczątku od parterowe PPWK (MIT) PLI g Bank Handlowy Budimex Poznań BOŚ RelpolAmica Wronki(Nomi) Ampli Bielbaw 1997 Świecie Centrostal Gdańsk Apator Atlantis Ferrum Bank Handlowy Budimex Poznań BOŚ Amica Wronki Ampli Bielbaw Ekodrob Wchodzące forma Mieszana o Prywatne Prywatne Spółki w skład TUP Energoaparatura ZREW Poligrafia Sanok Stomil Unimil (Mondi Świecie) Elektromontaż -Energomontaż-Płn. Biurosystem Bauma (ULMA) Grajewo 1997 Świecie Centrostal Gdańsk (Cogna) Apator Atlantis Ferrum Hutmen -Warszawa (Stormm) (I&Bsystem) Best Izolacja (Icopal) (Mondi Świecie) Elektromontaż - Biurosystem Bauma (ULMA) Grajewo Impexmetal Hutmen -Warszawa (Stormm) (I&Bsystem) Best Izolacja (Icopal) Impexmetal (Calatrava) * W nawiasach podano nazwy spółek, pod jakimi były ostatnio notowane lub są notowane obecnie *Names under which companies were last quoted or are currently quoted are given in brackets. PKN Kogeneracja -BędzinKopex Delia Skarbu KGHM Państwa kapitałowych * W nawiasachKruszwicaOrbis PBK podanoWrocław Energomontaż-Płd. Polar WKSM Unibud nazwyElektrociepłownia-Wrocław Budopol Bank spółek,Mennica pod PaństwowaBank Pekaojakimi Lublin Instal TelekomunikacjaPolskie Odlewnie Polska były Manometry ostatnio ZEG notowane lub są notowane obecnie 142 122 2000 1999 Rok Oferty 1997 cd. 1998 Główny Rynek GPW * W nawiasach podano nazwy spółek, pod jakimi były ostatnio not owane lub są notowane obecnie. Główny Rynek GPW Rodowód spółek giełdowych* (cd.) 122 obecnie notowane są lub notowane ostatnio były jakimi pod spółek, nazwy podano nawiasach W * 125 123

WSE Main List (Alchemia) Bełchatów Wistil Pekabex Skotan Fasing PEPEES Polifarb Dębica Ropczyce Viscoplast ZEW Łukbut Protektor LZPS Milmet Morliny -Wadowice Sanwil Stomil programu NFI Garbarnia Brzeg Lentex Główny Rynek GPW Garbarnia Brzeg (Alchemia) Łukbut LZPS Protektor (Protektor) Milmet Morliny Polna Ponar- -Wadowice Sanwil Stomil Bełchatów Wafapomp Wistil (Yawal) (Alpras) (Yawal) ) (PGF) RodowódListed companies spółek by giełdowych* origin* (contd.) (cd.) 125 123 MNI (Fon) YearRok OfertyPublic offering WchodząceHeld MieszanaMixed formaPrivate Prywatne but o PrywatnePrivate SpółkiNIF Skarbuby State wby składholdings grup własnościownership formerly państwowym odbecome początku parteroweunderlying Krakbrokers AS Motors AS Muza Prokom Softbank Poland) (Asseco Suwary TIM Seafood Wilbo Yawal System (Yawal) Caspol LTL Mitex Orfe Pażur Prosper StGroup Europa TU Ster-Projekt (ABG Ster-Projekt) Szeptel ( Macrosoft (Macrologic) Strzelec (Advanced Distribution Solutions) (Triton Development) Groclin Mieszko PaństwaTreasury kapitałowych state-heldrodowodzie public programucompanies NFI (Alchemia) Bełchatów Wistil Pekabex Skotan Fasing PEPEES Polifarb Dębica Ropczyce Viscoplast ZEW Łukbut Protektor LZPS Milmet Morliny -Wadowice Sanwil Stomil programu NFI Garbarnia Brzeg Lentex Garbarnia Brzeg (Alchemia) Łukbut LZPS Protektor (Protektor) Milmet Morliny Polna Ponar- -Wadowice Sanwil Stomil Bełchatów Wafapomp Wistil KGHM Energoaparatura Brok Mieszko Lentex

Kruszwica Energomontaż-Płd. Elpo (Masters) Strzelec PEPEES (Alpras) (Yawal) )

1997 Orbis Poligrafia GPRD (Advanced (PGF) Polifarb Dębica (Masters)

cd. PBK Stomil Sanok Mostostal-Kr. Distribution Ropczyce MNI (Fon) Mostostal-Sdl. Elpo Elpo PermediaWawel WFM ObornikiHolding Murawski Wafapomp Pia Piasecki Pemug PolnordNaftobudowaInstal Kraków Comarch Projprzem Clif Pollena CSS EwaKZWM Farmacol Leta GPRD Mostostal-Kr. (POLIMEXMS) Pozmeat Centrozap Agora Hydrobudowa- -Gdańsk Apexim -Śląsk Bakoma HydrotorJarosław Euro Bud InwestKoło Mostostal-Płock Ponar- Gant Medicinies Howell Famot Pleszew rodowodzie Energopol Hydrobudowa- Compensa Polna Brok Polar Wrocław Unibud Mostostal-Sdl.Cersanit AMS Solutions) Viscoplast WKSM Unimil (POLIMEXMS) ZEW Krakbrokers AS Motors AS Muza Prokom Softbank Poland) (Asseco Suwary TIM Seafood Wilbo Yawal System (Yawal) Caspol LTL Mitex Orfe Pażur Prosper StGroup Europa TU Ster-Projekt (ABG Ster-Projekt) Szeptel ( Macrosoft (Macrologic) Strzelec (Advanced Distribution Solutions) (Triton Development) Groclin Mieszko ZREW Pozmeat

Elektrociepłownia- Budopol Wrocław Bank Cersanit(Rovese) AMS Garbarnia Brzeg Brzeg -Będzin Delia Częstochowa Elzab AS Motors (Alchemia) Częstochowa Elzab (Fortum Wrocław) MPEC Wrocław MPEC Stalprofil Beef-San EFL Kopex Ekodrob (Masters) Energopol (Triton Łukbut Mennica Energomontaż-Płn. Famot Pleszew Development) LZPS ProtektorProtektor Mostostal-Sdl. Elpo Elpo PermediaWawel WFM ObornikiHolding Murawski Wafapomp Pia Piasecki Pemug PolnordNaftobudowaInstal Kraków Comarch Projprzem Clif Pollena CSS EwaKZWM Farmacol Leta GPRD Mostostal-Kr. (POLIMEXMS) Pozmeat Centrozap Agora Hydrobudowa- -Gdańsk Apexim -Śląsk Bakoma HydrotorJarosław Euro Bud InwestKoło Mostostal-Płock Ponar- Gant Medicinies Howell Famot Pleszew rodowodzie Energopol Hydrobudowa- Compensa Polna Brok Cersanit AMS Państwowa Instal Lublin (AWBUD) Hydrobudowa- Apexim (Protektor)Milmet

Bank Pekao Manometryrup własności państwowympoczątku od parterowe -Gdańsk Bakoma MilmetMorliny g Telekomunikacja Odlewnie Polskie Hydrobudowa- CompensaMorliny Polna Polska ZEG -Śląsk Euro Bud Inwest Ponar-Polna Ekodrob Wchodzące forma Mieszana o Prywatne Prywatne Spółki w skład Energoaparatura Poligrafia Sanok Stomil Unimil ZREW TUP 1998 HydrotorEnergomontaż-Płn. Gant Ponar-Wadowice -Wadowice Częstochowa Elzab (Fortum Wrocław) MPEC Wrocław MPEC Jarosław Howell (KCI)Sanwil Stalprofil Beef-San EFL Koło Groclin SanwilStomil Mostostal-PłockMedicinies (PGF) (PGF)(PELION) Stomil Bełchatów

rup własności państwowympoczątku od parterowe Permedia Murawski Holding Wafapomp Bełchatów g Wawel Muza WafapompWistil -Będzin Delia PKN Kopex Kogeneracja Skarbu PaństwaKGHM kapitałowych Kruszwica Energomontaż-Płd. Orbis PBK Wrocław Polar WKSM Unibud Elektrociepłownia-Wrocław Budopol Bank WFM ObornikiMennica Państwowa PiaBank Pekao Lublin Instal PiaseckiTelekomunikacjaPolskie Odlewnie Polska Manometry ZEG Wistil Ekodrob Wchodzące forma Mieszana o Prywatne Prywatne Spółki w skład Energoaparatura Poligrafia Sanok Stomil Unimil ZREW TUP Energomontaż-Płn. Prokom 2000 1999 Rok Oferty 1997 cd. Softbank 1998 Główny Rynek GPW * W nawiasach podano nazwy spółek, pod jakimi były ostatnio not owane lub są notowane obecnie. Główny Rynek GPW Rodowód spółek giełdowych* (cd.) obecnie notowane są lub notowane ostatnio były jakimi pod spółek, nazwy podano nawiasach W * (Asseco Poland) Suwary TIM Wilbo Seafood -Będzin Delia PKN Kopex Kogeneracja Skarbu PaństwaKGHM kapitałowych Kruszwica Energomontaż-Płd. Orbis PBK Wrocław Polar WKSM Unibud Elektrociepłownia-Wrocław Budopol Bank Mennica PaństwowaBank Pekao Lublin Instal TelekomunikacjaYawalPolskie Odlewnie Polska Manometry System ZEG (Yawal) (Alpras) PKN TUP Centrozap(Ideon) Agora Pekabex 2000 1999 Rok Oferty 1997 cd. 1998 Główny Rynek GPW * W nawiasach podano nazwy spółek, pod jakimi były ostatnio not owane lub są notowane obecnie. Główny Rynek GPW Rodowód spółek giełdowych* (cd.) Pemug Caspol (Fon) Skotan obecnie notowane są lub notowane ostatnio były jakimi pod spółek, nazwy podano nawiasach W * Polnord Clif Naftobudowa Comarch Instal Kraków CSS Projprzem Farmacol Pollena Ewa Leta 1999 KZWM LTL Mitex Orfe Pażur Prosper StGroup TU Europa Ster-Projekt (ABG Ster-Projekt) Szeptel (MNI )

Kogeneracja Stalprofil Beef-San EFL Fasing 2000 MPEC Wrocław (PBS FINANSE) Krakbrokers (Fortum Wrocław) Macrosoft (Macrologic) * W nawiasach podano nazwy spółek, pod jakimi były ostatnio notowane lub są notowane obecnie *Names under which companies were last quoted or are currently quoted are given in brackets.

143 123 Rocznik GiełdowyFact Book 2009 2013

ListedRodowód companies spółek by giełdowych* origin* (contd.) (cd.)

Getin.pl (Getin) Elkop Hoga.pl (Wasko) LPP 2001 MCI Managment Tras Tychy (Trion)(KB Dom) Interia.pl Gki

Optimus (CDRED) Eldorado (Emperia) 2002 Telmax (Spin) Kruk Emax

BACA Duda Hoop (Kofola) 2003 Impel Redan Śnieżka

WSiP Globe Trade Centre Borsodchem RT. ATM Grupa Dwory (Synthos) PKOBP TVN FAM - Technika Plastbox Odlewnicza Betacom Pekaes DGA MOL Techmex Inter Cars JC Auto Artman Hygienika SM Media (Mediatel) Broker FM Ceramika Nowa Gala 2004 Elstar Oils PBG Capital Partners Comp Rzeszów (Assecopol) ATM Swissmed Torfarm (Neuca) Koelner CCC Praterm Polcolorit Ivax Corporation BMP Aktiengesellschaft Drozapol-Profil Eurofaktor (Gremisltn)

* W nawiasach podano nazwy spółek, pod jakimi były ostatnio notowane lub są notowane obecnie *Names under which companies were last quoted or are currently quoted are given in brackets.

144 124 GłównyWSE Main Rynek List GPW

RodowódListed companies spółek by giełdowych* origin* (contd.) (cd.)

Travelplanet.pl 125 Variant 123 Ruch Interferie CEZ North Coast Famur Cash Flow Bełchatów Wistil Pekabex Skotan Fasing (Alchemia) PEPEES Polifarb Dębica Ropczyce Viscoplast ZEW Łukbut Protektor LZPS Milmet Morliny -Wadowice Sanwil Stomil programu NFI Garbarnia Brzeg Lentex Garbarnia Brzeg (Alchemia) Łukbut LZPS Protektor (Protektor) Milmet Morliny Polna Ponar- -Wadowice SfinksSanwil Stomil Bełchatów Wafapomp Wistil Eurofilms (Ergis)

Bankier.pl (Alpras) (Yawal) )

Pamapol(PGF)

Mispol MNI (Fon) Gino Rossi Intersport Polska Krakbrokers Muza Prokom Softbank Poland) (Asseco Suwary TIM Seafood Wilbo Yawal System (Yawal) Caspol LTL Mitex Orfe Pażur Prosper StGroup Europa TU Ster-Projekt (ABG Ster-Projekt) Szeptel ( Macrosoft (Macrologic) AS Motors AS Strzelec (Advanced Distribution Solutions) (Triton Development) Groclin Mieszko eCard Inwest Consulting (Investcon) Action Qumak-Sekom

(Masters) Astarta Holding Hyperion Mostostal-Sdl. Elpo Elpo PermediaWawel WFM ObornikiHolding Murawski Wafapomp Pia Piasecki Pemug PolnordNaftobudowaInstal Kraków Comarch Projprzem Clif Pollena CSS EwaKZWM Farmacol Leta Centrozap Agora GPRD Pozmeat Hydrobudowa- -Gdańsk Apexim -Śląsk Bakoma HydrotorJarosław Euro Bud InwestKoło Mostostal-Płock Ponar- Gant Medicinies Howell Mostostal-Kr. (POLIMEXMS) Famot Pleszew rodowodzie Hydrobudowa- Compensa Polna Energopol Brok Cersanit AMS One-2-One Unima 2000 2006 AB Euromark Polska Asseco Slovakia Dom Development (Fortum Wrocław) MPEC Wrocław MPEC Częstochowa Elzab Stalprofil Beef-San EFL Netmedia Multimedia Polska HTL Strefa rup własności państwowympoczątku od parterowe

g Fota Żurawie Wieżowe(Gastelzur)(HERKULES) Cinema City Ekodrob Wchodzące forma Mieszana o Prywatne Prywatne Spółki w skład Energoaparatura TUP Poligrafia ZREW Stomil Sanok Stomil Unimil Energomontaż-Płn. Bakalland Arteria Monnari Trade CEDC LSI Software Pegas Nonwovens PKN Kogeneracja -BędzinKopex Delia Skarbu KGHM Państwa kapitałowych KruszwicaOrbis Energomontaż-Płd. PBK Wrocław Polar WKSM Unibud Elektrociepłownia-Wrocław Budopol Bank Mennica PaństwowaBank Pekao Lublin Instal TelekomunikacjaPolskie Odlewnie Polska Manometry Eurotel ZEG

* W nawiasach podano nazwy spółek, pod jakimi były ostatnio notowane lub są notowane obecnie 2000 1999 Rok Oferty 1997 cd. 1998 Główny Rynek GPW * W nawiasach podano nazwy spółek, pod jakimi były ostatnio not owane lub są notowane obecnie. *NamesGłówny Rynek GPW underRodowód spółek giełdowych* (cd.) which companies were last quoted or are currently quoted are given in brackets. obecnie notowane są lub notowane ostatnio były jakimi pod spółek, nazwy podano nawiasach W *

145 125 Rocznik GiełdowyFact Book 2009 2013

ListedRodowód companies spółek by giełdowych* origin* (contd.) (cd.)

* W nawiasach podano nazwy spółek, pod jakimi były ostatnio notowane lub są notowane obecnie *Names under which companies were last quoted or are currently quoted are given in brackets.

146 126 GłównyWSE Main Rynek List GPW

RodowódListed companies spółek by giełdowych* origin* (contd.) (cd.)

YearRok OfertyPublic offering WchodząceHeld MieszanaMixed formaPrivate Prywatne but o PrywatnePrivate SpółkiNIF Skarbuby State wby składholdings grup własnościownership formerly państwowym odbecome początku parteroweunderlying PaństwaTreasury kapitałowych state-heldrodowodzie public programucompanies NFI Seco/Warwick Seko PTA Group (Silvano) Pani Teresa Medica 2007 TelForceOne cd. UniCredit Italiano Warimpex Wielton Wola Info Zakłady Azotowe Chemoservis-Dwory Trakcja Polska Atlas Estates IZNS Iława (Kania) w Tarnowie Unibep Optopol Technology Enea Zremb-Chojnice ZM Herman (IF Capital) Centrozap Skyline Investment Power Media Wojas Hardex (Libra) Selena FM Belvedere K2 Internet Cyfrowy Polsat CAM MEDIA 2008 SKOK New World Resources Drewex Grupa Kościuszko (Poljadło) Pozbud T&R Marvipol Sonel PZ Cormay AD. Drągowski Atrem M.W. Trade Mirbud Anti (Greeneco) * W nawiasachBogdanka podano nazwyAssecosee spółek, pod jakimi były ostatnio notowane Centklimalub są notowane obecnie PGE Bumech Vindexus Aplisens Ipopema 2009 Delko Arctic Patentus Pccinter Intakus PZU KOV DSS EKOHOLD TAURONPE ABCDATA FASTFIN GPW FERRO BERLING PRAGMA 2010 LSTCAPITA RANKPRO TESGAS HARPER OTMUCHOW ZUE

*Names under which companies were last quoted or are currently quoted are given in brackets.

147 127 Rocznik GiełdowyFact Book 2009 2013

ListedRodowód companies spółek by giełdowych* origin* (contd.) (cd.)

YearRok OfertyPublic offering HeldWchodzące Mixed Mieszana formaPrivate Prywatne but o Private Prywatne SpółkiNIF Skarbuby State byw składholdings grupownership własnościformerly państwowym become od początku parteroweunderlying PaństwaTreasury kapitałowych state-heldrodowodzie public programucompanies NFI Asseco Krakowska ABMOPTEAM Solid Izolacja-Jarocin Business Solutions Fabryka Armatur AutomotiveINTERBUD KPPD Elektrotim Bipromet POLMED Components Mewa Hydrobudowa Rafamet KREC Europe Orzeł Biały EDINVEST Włocławek Resbud ArcusFORTUNA Orzeł (Hydrobudowa POL-MOT ASBIScROBYG Enterprises Radpol Polska) Warfama B3SystemAGROTON ZUK Stąporków 2010 Krakchemia Zastal BomiTRANSPOL ZNTK w Łapach cd. LC Corp Budvar4FUNMEDIA Centrum MOJ CityPTI Interactive Noble Bank ComplexMIKILAND Petrolinvest CPVOTUM Energia Pol-Aqua DROPCELTIC EKOEXPORT EuropejskiEUCO Fundusz SADOVAY Hipoteczny Energoinstal BGZ IZOSTAL BSCDRUK Erbud JSW IDEATFI WADEX OPENFIN ES-SYSTEMINPRO PBOANIOLA Gadu-GaduMEGARON JHMDEV GrupaAVIASG Finansowa ZAMET ESTAR Premium PGODLEW VentusEUIMPLANT (Hawe) QUERCUS Helio KINOPOL ImmoeastADVGRUPA Integer.plBENEFIT INTROLLIBET Infovide-MatrixMILKILAND KSGAGRO 2007 J.W.Construction 2011 NEWWORLDR (NEWWORLDN) KARENKRUK NOTEBOOK KernelNOVAKBM Holding GrupaENELMED Kolastyna KomputrronikWESTA KonsorcjumOVOSTAR Stali KREDYTAGROWILL INKASO MagellanDMWDM PRESCO Makarony Polskie COALENERG MakrumACAUTOGAZ MercorTOYA NepentesIQPARTNERS NTTSOPHARMA System OlympicEUROHOLD Entertainment Group BOWIM GETINOBLE Oponeo.plNOKAUT INTERAOLT OrcoVANTAGE Property Group CZTOREBKA P.A.KRKA Nova SOLAR PlazaMOBRUK Centers PolRestWORKSERV PrimaMEXPOLSKA Moda 2012 ProcadATMSI PronoxPCCEXOL Technology QuantumKDMSHIPNG Software RainbowTATRY Tours ReinholdVOXEL Polska RonsonEXILLON Europe ZEPAK ALIOR * W nawiasach podano nazwy spółek, pod jakimi były ostatnio notowane lub są notowane obecnie *Names under which companies were last quoted or are currently quoted are given in brackets.

148 126 WSE Main List

WSE Partner Programmes

To help companies find reliable partners of- WSE IPO Partners for SMEs fering support prior to a listing, the Warsaw Stock Exchange (WSE) runs two dedicated partner programmes: WSE IPO Partners to SMEs and WSE IPO Partners – Primary Mar- ket Leaders.

The aim of the programmes is to provide support for organisations which seek to raise inexpensive funds from the public market in collaboration with firms experi- The logo of ‘WSE IPO Partner for SMEs’ is enced in floatations of SMEs. WSE Partners granted to investment companies, legal can be selected from four categories: bro- firms, auditors and financial consultants par- kerage houses, certified auditors, legal firms ticipating in IPOs (initial public offerings) of and financial advisors. up to PLN 100 million, where the cost to the issuer (cost of service rendered by the in- The WSE endeavours to attract foreign issu- vestment company and other advisors) does ers in a variety of ways, notably through the not exceed 5% of the value of the issue and WSE IPO Partner Programmes. those issues were floated on the WSE Main List.

List of WSE IPO Partners for SMEs (as of February 2013)  Brokerage Houses  Statutory Auditors

Biuro Maklerskie Banku DnB NORD Polska S.A. PKF Consult Sp. z o.o. www.bmbndnord.pl www.pkfconsult.com.pl

Dom Inwestycyjny BRE BANKU S.A. DORADCA Zespół Doradców www.brebrokers.com.pl Finansowo-Księgowych Sp. z o.o. www.doradca.lublin.pl Dom Maklerski Capital Partners S.A. www.dmcp.com.pl GRUPA FINANS-SERVIS www.doradca.lublin.pl Millennium Dom Maklerski S.A. www.millenniumdm.pl Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o. NOBLE Securities S.A. www.kpfk.pl www.noblesecurities.p Moore Stephens Trzemżalski, Krynicki Trigon Dom Maklerski S.A. i Partnerzy Kancelaria Biegłych www.trigon.pl Rewidentów Sp. z o.o. www.moorestephens.gda.pl

POLINVEST-AUDIT Sp. z o.o. www.polinwest-audit.pl

149 Fact Book 2013

AdAc Sp. z o.o. White & Case W. Daniłowicz, W. Jurcewicz www.adac.pl i Wspólnicy - Kancelaria Prawna sp.k www.whitecase.pl BDO Sp. z o.o. www.bdo.pl Tomasik, Pakosiewicz i Wspólnicy s.k. www.tpw.net.pl Grant Thornton Frąckowiak Sp. z o.o. S.k. www.grantthornton.pl Łuczyński i Wspólnicy sp.k. Kancelaria Prawnicza REWIT Księgowi i Biegli Rewidenci Sp. z o.o. www.liwlegal.pl www.rewit.com.pl

ECA AUXILIUM S.A.  Financial Advisors www.auxilium.com.pl Dom Maklerski BZ WBK S.A. DGA Audyt Sp. z o.o. www.dmbzwbk.pl www.dga.pl/audyt IDMSA.PL Doradztwo Finansowe Sp. z o.o. LEX-FIN Sp. z o.o. www.idmsa.pl www.audyt.com.pl GoAdvisers S.A. zmieniona nazwa na Letus Baker Tilly Poland Audit Sp. z o.o. Capital S.A. www.bakertillypoland.eu www.goadvisers.com

4Audyt Sp. z o.o. BRE Corporate Finance S.A. www.4aAudyt.pl www.bcf.pl

Doradztwo dla Polskich Przedsiębiorstw  Law Firms Corporate Finance Sp. z o.o. Sp.k. www.ddpp.com.pl Kancelaria CSW Więckowska i Partnerzy Radcy Prawni TP Invest Sp. z o.o. www.kancelaria-csw.pl www.tpinvest.pl

Łatała i Wspólnicy spółka komandytowa INVESTcon GROUP S.A. www.latala.com.pl www.investcongroup.pl

Kancelaria prof. Marek Wierzbowski i Partnerzy M&M Doradztwo Gospodarcze Sp. z o.o. - Adwokaci i Radcowie Prawni www.mm-dg.pl www.wierzbowski.com DFP Doradztwo Finansowe Sp. z o.o. GIDE LOYRETTE NOUEL Tokarczuk, Jędrzejczyk www.dfp.pl i Wspólnicy Kancelaria Prawna GLN Spółka Komandytowa CC Group Sp. z o.o. www.gide.com www.ccgroup.com.pl

Forystek & Partnerzy Adwokaci i Radcowie Navigator Capital S.A. Prawni www.navigatorcapital.pl www.forystek.pl ProfesCapital Sp. z o.o. Kancelaria Radców Prawnych Oleś & Rodzynk- www.profescapital.pl iewicz Spółka Komandytowa www.oles.com.pl Capital One Advisers Sp. z o.o. www.capitalone.pl Weil, Gotshal & Manges - Paweł Rymarz Spółka Komandytowa www.weil.com

WKB Wierciński, Kwieciński, Baehr www.wkw.pl

Stolarek & Grabalski Kancelaria Prawnicza Sp. K. www.msag.pl

150 WSE Main List

WSE IPO Partners – Primary authorises qualified Partners to use the promotional logo of ‘WSE IPO Partner – Primary Market Leaders Market Leader.’ In order to qualify, the candidate company should have executed at least five IPOs totalling at least PLN 300 million (this includes new issues by WSE listed companies which had been floated with the support of the candidate company) in each two-year period under consideration. The Primary Market Leader title extends to the IPO market as well as the subsequent public offers made by listed companies. The programme is open to investment companies, legal firms, auditors and financial consultants operating on the primary market. Under the programme the WSE

List of WSE IPO Partners – Primary Market Leaders (as of February 2013)

 Statutory Auditors  Brokerage Houses

BDO Sp. z o.o. Dom Maklerski PKO Banku Polskiego S.A. www.bdo.pl www.bdm.pkobp.pl

Grant Thornton Frąckowiak Sp. z o.o. S.k. UniCredit CA IB Polska SA www.grantthornton.pl www.ca-ib.pl

Ernst & Young Audit Sp. z o.o. Millennium Dom Maklerski S.A. www.ey.com/pl www.millenniumdm.pl

PKF Consult Sp. z o.o. Dom Maklerski IDM S.A. www.pkfconsult.pl www.idmsa.pl

Kancelaria Porad Finansowo-Księgowych DM BZ WBK SA dr Piotr Rojek Sp. z o.o. www.dmbzwbk.pl www.kpfk.pl IPOPEMA Securities PricewaterhouseCoopers Sp. z o.o. www.ipopema.pl www.pwc.com/pl

 Legal Advisors

Kancelaria Radców Prawnych Oleś & Rodzynk- iewicz Spółka Komandytowa www.oles.com.pl

Kancelaria prof. Marek Wierzbowski i Partnerzy - Adwokaci i Radcowie Prawni www.wierzbowski.com

Weil, Gotshal & Manges - Paweł Rymarz Spółka Komandytowa www.weil.com

151 Fact Book 2013

WSE IPO Partner Programme can be used in efforts to attract issuers; they will also be allowed to include information on their WSE-authorised partner status in letters and documents. The Warsaw Stock Exchange supports its Partners by providing necessary consultations related to implementation of the Partner Agreement, by ensuring availability of its promotional publications and offering an opportunity to participate in events organized by the WSE to attract companies interested in having their financial instruments quoted on WSE- The Warsaw Stock Exchange has been ac- operated markets. tively pursuing the concept of turning War- saw into a trading hub for equities and debt The following companies joined the WSE securities issued by foreign companies, IPO Partner Programme in 2012: particularly those from Central and Eastern Europe. These efforts have not only led to  Asters Law Firm LLC (Ukraine) foreign IPOs on the WSE but also stimulat-  Group of Companies Pro Capital LL, ed increasing interest in the Polish market (Ukraine) among foreign entities engaging in broker-  Foyil Securities New Europe LLC age operations (pursuant to the legislation (Ukraine) of their country of domicile) or in other fi-  UAB FMI Orion Securities (Lithuania) nancial and investment-related operations.  Euro Partners (Israel) Their role in providing sales and promotional support for the WSE is now concentrated in the new programme, launched in mid-No- At the end of January 2012, a total of 28 or- vember 2006 under the name of WSE IPO ganisations from 13 countries participated Partner. in the WSE IPO Partner Programme.

The programme provides tangible benefits for both the WSE and its IPO Partners. The WSE obtains active support from local players in foreign markets who promote the Warsaw Stock Exchange and select companies interested in attracting capital through the WSE trading floor. A company which will be invited to sign a Partner Agreement with the WSE may use the title of WSE IPO Partner and will receive a relevant support- ing certificate. Under the agreement, IPO Partners will receive a special logo which

152 WSE Main List

List of WSE IPO PARTNER Companies (as of February 2013)

Altera Finance (Ukraine) Balkan Advisory Company IP EAD (Bulgaria) www.altera-finance.com www.bac.bg

Sokrat Capital (Ukraine) Kreston GCG (Ukraine) www.sokrat.kiev.ua www.kreston-gcg.com

Financial and Analytical Group Marfin CLR (Financial Services) Ltd (Cyprus) Pro-Consulting Ltd. (Ukraine) www.marfinbank.com.cy www.pro-consulting.com.ua Asters Law Firm LLC (Ukraine) Millennium Capital LLC (Ukraine) www.asterslaw.com www.mcapital.com.ua Group of Companies Pro Capital LLC (Ukraine) Uniter Investment Company CJSC (Belarus) www.procapital.com.ua www.uniter.by Euro Partners Ltd. (Israel) Concorde Capital LLC (Ukraine) www.europartners.co.il www.concorde.com.ua UAB FMI Orion Securities (Lithuania) INFIN Financial Services JSC (Turkey) www.orion.lt www.infin.com.tr Foyil Securities New Europe LLC (Ukraine) Priorbank JSC (Ukraine) www.foyil.com www.priorbank.by

Cyrrus a.s. (Czech Republic) www.cyrrus.cz

Renaissance Securities LTD (Cyprus) www.rencap.com

Wedbush Morgan Securities Inc. (USA) www.wedbush.com

Guardian Trust Securities SA (Greece) www.guardiantrust.gr

Silkroutefinancial (UK) www.silroutefinancial.com

Belinvestbank (Belarus) www.belinvestbank.by

InterCapital Securities Ltd (Croatia) www.intercapital.hr

Beiten Burkhardt Rechtsanwaltsgesellschaft mbH (Germany) www.bblow.com

CJSC Investment Financial Company Art-Capital (Ukraine) www.company.art-capital.com.ua

AB Finansta Corporate Finance (Lithuania) www.finansta.it

Investment Capital Ukraine LLC (Ukraine) www.icu.ua

Joint Stock Company Savings Bank Belarusbank (Belarus) www.belarusbank.by

153 Fact Book 2013

WSE Members

A WSE member is an entity which has been All categories of entities may conduct trad- granted permission to operate on the WSE ing in all financial instruments. The Manage- and, in particular, to conduct transactions. ment Board of the Warsaw Stock Exchange The authority to grant such permission lies defines the detailed scope of operations for with the Management Board of the WSE. WSE members.

Under the current rules and regulations, the At the end of 2012, a total of 60 organisa- following entities may become WSE mem- tions held the status of a WSE member, out bers: of which 31 were domiciled in Poland and 29 were so-called remote members, operat-  an investment firm, as defined in Article ing directly from their offices in other coun- 3(33) of the Act on Trading in Financial tries (located in Austria, Bulgaria, Czech Re- Instruments, which conducts transac- public, Cyprus, France, Germany, Hungary, tions on its own account or on the ac- Lithuania, the Netherlands, Romania, Swe- count of its clients; den, and the United Kingdom).  a foreign investment organisation which does not conduct brokerage activities In 2012, the following two overseas or- within the Republic of Poland; ganisations and one domestic entity were  any other entity which is a participant of granted WSE membership and authorised the National Depository for Securities to perform operations on the WSE: (NDS) and conducts transactions only  Dom Inwestycyjny XELION Sp. z o.o. on its own account;  Wedbush Europe Ltd.  any other entity which is not a participant of the National Depository for Se-  ING Bank N.V. curities and which conducts transactions only on its own account, provided that it indicates a NDS participant which has committed itself to meeting the transaction clearing and settlement obligations.

154 WSE Main List

 Domestic WSE Members  Remote WSE Members (as of 31 December 2012) (end of 2012)

1. ALIOR BANK S.A. 1. CONCORDE SECURITIES LTD. 2. BANCO ESPIRITO SANTO DE INVESTIMEN- 2. CREDIT SUISSE SECURITIES (EUROPE) LTD. TO S.A. ODDZIAŁ W POLSCE 3. CYRRUS AS 3. BANK BPH S.A. 4. GOLDMAN SACHS INTERNATIONAL 4. BANK DNB NORD POLSKA S.A. 5. HSBC BANK PLC 5. BANK GOSPODARKI ŻYWNOŚCIOWEJ S.A 6. IP INTERCAPITAL MARKETS AD 6. BANK POLSKA KASA OPIEKI S.A. 7. J.P. MORGAN SECURITIES LTD. 7. CENTRALNY DOM MAKLERSKI PEKAO S.A. 8. LIQUIDNET EUROPE LIMITED 8. COPERNICUS SECURITIES S.A. 9. MERRILL LYNCH INTERNATIONAL 9. DB SECURITIES S.A. 10. MORGAN STANLEY & CO. INTERNATIONAL 10. DOM INWESTYCYJNY BRE BANKU S.A. PLC 11. DOM MAKLERSKI BZ WBK S.A. 11. NEONET SECURITIES AB 12. DOM MAKLERSKI IDM S.A. 12. NOMURA INTERNATIONAL PLC 13. DOM MAKLERSKI AMERBROKERS S.A. 13. RAIFFEISEN CENTROBANK AG 14. DOM MAKLERSKI BANKU BPS S.A. 14. RENAISSANCE SECURITIES (CYPRUS) LIM- 15. DOM MAKLERSKI BANKU HANDLOWEGO ITED S.A. 15. SOCIETE GENERALE SA 16. DOM MAKLERSKI BANKU OCHRONY 16. UBS LIMITED ŚRODOWISKA S.A. 17. UNICREDIT BANK AG 17. DOM MAKLERSKI BDM S.A. 18. WOOD & COMPANY FINANCIAL SERVICES, 18. ERSTE SECURITIES POLSKA S.A. AS 19. ING SECURITIES S.A. 19. DRAGON CAPITAL (CYPRUS) LIMITED 20. IPOPEMA SECURITIES S.A. 20. EQUILOR INVESTMENT LTD 21. KBC SECURITIES N.V. (SPÓŁKA AKCYJNA) 21. UAB FMI ORION SECURITIES ODDZIAŁ W POLSCE 22. VTB CAPITAL PLC 22. MILLENNIUM DOM MAKLERSKI S.A. 23. BNP PARIBAS ARBITRAGE SNC 23. NOBLE SECURITIES SA 24. CARPATICA INVEST SA 24. OPERA DOM MAKLERSKI SP. Z O.O. 25. FIO BANKA AS 25. POWSZECHNA KASA OSZCZĘDNOŚCI 26. SIB (CYPRUS) LIMITED BANK POLSKI S.A. 27. WEDBUSH EUROPE LTD 26. TRIGON DOM MAKLERSKI S.A. 28. ING BANK N.V. 27. UNICREDIT CAIB POLAND S.A. 29. BT SECURITIES S.A. 28. X-TRADE BROKERS DOM MAKLERSKI SA 29. RAIFFEISEN BANK POLSKA S.A. 30. NWAI DOM MAKLERSKI S.A. 31. DOM INWESTYCYJNY XELION SP. Z O.O.

155 Fact Book 2013

Exchange Brokers DOM MAKLERSKI BDM S.A. DOM MAKLERSKI BANKU HANDLOWEGO and Supervising Brokers S.A. DOM MAKLERSKI BANKU OCHRONY WSE members are obligated to appoint indi- ŚRODOWISKA S.A. viduals (exchange brokers) who are author- DOM MAKLERSKI BZ WBK S.A. ised, on their behalf, to transfer orders to the DOM MAKLERSKI IDM S.A. WSE, modify or cancel orders. WSE mem- IPOPEMA SECURITIES S.A. bers are also required to appoint individuals KBC SECURITIES N.V. (SPÓŁKA AKCYJNA) who supervise the work of exchange bro- ODDZIAŁ W POLSCE kers (supervising brokers) and notify such MILLENNIUM DOM MAKLERSKI S.A. appointments to the WSE. NOBLE SECURITIES S.A. POWSZECHNA KASA OSZCZĘDNOŚCI BANK POLSKI S.A. Market Makers UNICREDIT CAIB POLAND S.A. The role of a market maker (market animator) NWAI DOM MAKLERSKI S.A. is to support liquidity of financial instruments TRIGON DOM MAKLERSKI S.A. and to do so as effectively as possible. There DOM MAKLERSKI BANKU BPS S.A. are two categories of market makers operat- ALIOR BANK S.A. ing on the Warsaw floor: WSE market makers BRE BANK S.A. and issuers’ market makers. A WSE market RAIFFEISEN CENTROBANK AG maker is a WSE member or another organisation which has signed a contract with the SOCIETE GENERALE SA Warsaw Stock Exchange whereby it under- UNICREDIT BANK AG takes to support liquidity of a financial instru- WOOD & COMPANY FINANCIAL SERVICES, ment by undertaking activities on its own AS account. The WSE market maker performs CREDIT SUISSE SECURITIES (EUROPE) its obligations in compliance with the WSE LIMITED Rules and contractual provisions. The market An issuer’s market maker is a WSE member making contract specifies, in particular, terms or other financial institution which, under a and conditions of market making to be met contract with an issuer, undertakes to sup- by the WSE market maker with regard to the port liquidity of a specific financial instru- financial instrument concerned. A WSE mar- ment. An issuer’s market maker who has no ket maker who has no WSE membership op- WSE membership operates through a WSE erates through a WSE member authorised to member authorised to act on a client’s ac- act on a client’s account. The Warsaw Stock count. When low liquidity in trading of some Exchange may sign market making contracts instruments is observed, issuers of such with multiple organisations for the same fi- instruments may join the Liquidity Support nancial instrument. WSE market makers may Programme. Details of the Programme are perform their responsibilities for financial in- given in the ‘Companies’ section (page 25). struments traded both within the continuous One of the requirements for issuers who join system and the single-price auction system. the Programme is to sign a market making contract with an organisation that would At the end of 2012, a total of 23 WSE mem- act as the issuer’s market maker. The terms bers (18 domestic and 5 remote members) and conditions of such contracts should be were acting as WSE market makers on the at least as favourable as the market making Main Market. terms defined for WSE market makers.

List of WSE Market Makers A total of 22 WSE members acted as issuers’ (as of 31 December 2012) market makers on the WSE’s main floor at the end of 2012 (19 of them domestic and 3 COPERNICUS SECURITIES S.A. remote members). DOM INWESTYCYJNY BRE BANKU S.A.

156 WSE Main List

List of Issuer’s Market Makers Starting from February 2012, the WSE has (as of 31 December 2012) been running the SuperAnimator TOP7 programme aimed to boost the liquidity of com- BANK DNB NORD S.A. panies which ranked one to seven in the COPERNICUS SECURITIES S.A. WIG20 ranking. The programme is a follow- DOM INWESTYCYJNY BRE BANKU S.A. up of the SuperAnimator TOP7 contest which DOM MAKLERSKI BDM S.A. had three editions in 2010-2011. DOM MAKLERSKI AMERBROKERS S.A. DOM MAKLERSKI BANKU BPS S.A. DOM MAKLERSKI BANKU HANDLOWEGO S.A. DOM MAKLERSKI BANKU OCHRONY ŚRODOWISKA S.A. DOM MAKLERSKI BZ WBK S.A. DOM MAKLERSKI IDM S.A. KBC SECURITIES N.V. (SPÓŁKA AKCYJNA) ODDZIAŁ W POLSCE POWSZECHNA KASA OSZCZĘDNOŚCI BANK POLSKI S.A. MILLENNIUM DOM MAKLERSKI S.A. NOBLE SECURITIES S.A. OPERA DOM MAKLERSKI SP. Z O.O. TRIGON DOM MAKLERSKI S.A. UNICREDIT CAIB POLAND S.A. NWAI DOM MAKLERSKI S.A. ALIOR BANK S.A. RAIFFEISEN CENTROBANK AG WOOD & COMPANY FINANCIAL SERVICES, AS UAB FMI ORION SECURITIES

157 Fact Book 2013

Members’ share in trading in 2012 – Cash market No. WSE Member Shares and rights to shares (PDA) Bonds Order-book trades Block trades Order-book trades Block trades

(PLN million) (%)(PLN million) (%) (PLN million) (%) (PLN million) (%)

1 DM BH 45 833.84 12.22 1 542.45 5.03 421.83 20.65 1.26 2.91 2 CSSELTD 39 230.18 10.46 1 608.37 5.25 ------3 IPOPEMA 31 263.42 8.33 5 038.65 16.44 23.30 1.14 ------4 PKO BP 29 188.32 7.78 6 098.34 19.90 577.05 28.25 27.24 62.90 5 DM BZ WBK 27 543.53 7.34 943.45 3.08 358.27 17.54 ------6 Unicredit Group 24 187.74 6.45 2 291.22 7.47 202.75 9.93 0.00 0.00 UNICRCAIB 11 003.43 2.93 1 958.19 6.39 181.32 8.88 ------CDM PEKAO 10 206.20 2.72 328.74 1.07 14.30 0.70 ------DM PEKAO 2 879.35 0.77 4.29 0.01 ------UNICREDIT BANK AG 98.76 0.03 ------7 ING SECUR 21 697.30 5.78 1 442.70 4.71 73.07 3.58 ------8 DI BRE Banku 19 246.89 5.13 728.53 2.38 41.87 2.05 0.23 0.53 9 KBC SECURITIES 15 421.90 4.11 74.44 0.24 28.40 1.39 6.77 15.63 10 WOOD 14 514.36 3.87 744.28 2.43 0.40 0.02 ------11 DB SECUR. 12 994.39 3.46 685.53 2.24 33.48 1.64 ------12 BESI 11 933.94 3.18 106.71 0.35 ------13 DM BOŚ SA 7 723.82 2.06 105.86 0.35 6.60 0.32 6.47 14.94 14 GOLDMAN 7 101.25 1.89 2 153.31 7.03 ------15 ERSTE 6 896.56 1.84 4 868.43 15.88 62.74 3.07 ------16 UBS 6 395.47 1.70 1.85 0.01 ------17 MILL DM 4 143.50 1.10 127.95 0.42 150.76 7.38 1.04 2.40 18 JPMORGAN 3 771.98 1.01 ------19 ALIOR BM 3 735.05 1.00 175.42 0.57 5.77 0.28 0.10 0.23 20 SOCIETE 3 575.03 0.95 ------21 NEONET 3 377.48 0.90 ------22 DM BPS 3 124.72 0.83 582.05 1.90 5.95 0.29 ------23 MERRILL 3 063.98 0.82 ------24 TRIGON 2 894.92 0.77 181.82 0.59 10.16 0.50 ------25 HSBC 2 868.69 0.76 187.87 0.61 ------26 BDM SA 2 668.62 0.71 18.31 0.06 10.74 0.53 0.21 0.48 27 RAIFFEISEN 2 618.41 0.70 ------28 IDMSA 2 597.87 0.69 579.31 1.89 1.68 0.08 ------29 NOMURA 2 139.44 0.57 ------

158 WSE Main List

Members’ share in trading in 2012 – Cash market (contd.) No. WSE Member Shares and rights to shares (PDA) Bonds Order-book trades Block trades Order-book trades Block trades

(PLN million) (%)(PLN million) (%) (PLN million) (%) (PLN million) (%)

30 NOBLE 1 992.83 0.53 54.21 0.18 0.48 0.02 ------31 BNP PARIBAS 1 967.93 0.52 ------32 MORGAN 1 638.90 0.44 ------33 XTB 1 610.83 0.43 ------0.34 0.02 ------34 BPH 1 393.73 0.37 3.89 0.01 0.98 0.05 ------35 OPERA 900.77 0.24 1.99 0.01 ------36 BGŻ SA 853.55 0.23 0.87 --- 10.02 0.49 ------37 AMERBROKERS 753.82 0.20 7.08 0.02 7.46 0.37 ------38 COPERNICUS 494.54 0.13 11.84 0.04 ------39 DNB NORD 399.92 0.11 32.39 0.11 8.21 0.40 ------40 CONCORDE 355.54 0.09 ------41 EQUILOR 336.39 0.09 ------42 VTB CAPITAL 266.58 0.07 ------43 RAIFFEISEN BANK POLSKA 211.90 0.06 0.30 --- 0.04 ------44 DRAGON 124.64 0.03 7.18 0.02 ------45 XELION 25.20 0.01 ------46 FIO Banka 9.96 ------47 ORION 5.62 ------48 SIB (CYPRUS) 4.94 ------49 CYRRUS 3.86 ------50 BT SECURITIES SA 3.09 ------51 NWAI DM 1.31 ------52 FIO 1.00 ------53 RENAISSANCE 0.45 ------54 INTERCAPITAL 0.22 ------55 CARPATICA 0.11 ------56 LIQUIDNET ------243.36 0.79 ------Total 375 110.24 100.00 30 650.01 100.00 2 042.36 100.00 43.31 100.00

159 Fact Book 2013

Members’ share in trading in 2012 – Derivatives market No. WSE Member Futures contracts Options Order-book trades Block trades Order-book trades Block trades

(contracts) (%) (contracts) (%) (options) (%) (options) (%)

1 DI BRE Banku 3 195 848 15.65 96 926 12.75 222 733 16.38 17 200 24.36 2 DM BOŚ SA 3 019 603 14.78 ------296 786 21.82 ------3 DM BZ WBK 2 425 236 11.87 11 628 1.53 245 426 18.04 ------4 Unicredit Group 1 773 785 8.69 187 354 24.64 121 013 8.90 9 300 13.17 CDM PEKAO 869 133 4.26 ------15 445 1.14 ------UNICREDIT BANK AG 489 216 2.40 187 354 24.64 84 745 6.23 9 300 13.17 DM PEKAO 294 683 1.44 ------20 823 1.53 ------UNICRCAIB 120 753 0.59 ------5 NOBLE 1 595 618 7.81 ------7 918 0.58 ------6 ERSTE 1 421 893 6.96 289 668 38.09 1 715 0.13 15 600 22.10 7 KBC SECURITIES 1 316 164 6.44 22 800 3.00 278 0.02 ------8 PKO BP 772 896 3.78 26 352 3.47 128 004 9.41 16 300 23.09 9 ING SECUR 695 365 3.40 ------9 636 0.71 ------10 CSSELTD 621 738 3.04 ------11 ALIOR BM 561 947 2.75 ------23 730 1.74 ------12 BDM SA 449 126 2.20 ------5 351 0.39 ------13 DB SECUR. 318 884 1.56 41 388 5.44 9 478 0.70 3 300 4.67 14 DM BH 314 412 1.54 49 320 6.49 3 183 0.23 8 300 11.76 15 IDMSA 248 200 1.22 ------52 904 3.89 ------16 BPH 205 795 1.01 ------8 052 0.59 ------17 DM BPS 197 836 0.97 ------4 877 0.36 ------18 IPOPEMA 186 152 0.91 34 960 4.60 55 ------19 MILL DM 166 524 0.82 ------3 200 0.24 ------20 TRIGON 160 909 0.79 ------17 878 1.31 ------21 AMERBROKERS 159 336 0.78 ------1 070 0.08 ------22 SOCIETE 141 515 0.69 ------3 250 0.24 ------23 XTB 121 569 0.60 ------140 361 10.32 ------24 BGŻ SA 98 770 0.48 ------3 082 0.23 ------25 OPERA 78 044 0.38 ------3 941 0.29 600 0.85 26 RAIFFEISEN 62 740 0.31 ------43 952 3.23 ------27 DNB NORD 62 487 0.31 ------1 325 0.10 ------28 RAIFFEISEN BANK POLSKA 21 533 0.11 ------696 0.05 ------

160 WSE Main List

Members’ share in trading in 2012 – Derivatives market (contd.) No. WSE Member Futures contracts Options Order-book trades Block trades Order-book trades Block trades

(contracts) (%) (contracts) (%) (options) (%) (options) (%)

29 XELION 18 598 0.09 ------30 BESI 8 159 0.04 ------31 WOOD 3 628 0.02 ------234 0.02 ------32 CONCORDE ------33 JPMORGAN ------34 MORGAN ------35 HSBC ------36 CYRRUS ------37 NEONET ------38 FIO ------39 GOLDMAN ------40 MERRILL ------41 LIQUIDNET ------42 UBS ------43 RENAISSANCE ------44 NOMURA ------45 INTERCAPITAL ------46 DRAGON ------47 EQUILOR ------48 BNP PARIBAS ------49 ORION ------50 BT SECURITIES SA ------51 VTB CAPITAL ------52 SIB (CYPRUS) ------53 FIO Banka ------54 CARPATICA ------55 NWAI DM ------56 COPERNICUS ------Total 20 424 310 100.00 760 396 100.00 1 360 128 100.00 70 600 100.00

161 Fact Book 2013

Organisation of Trading

2012 was the last complete year of the op- low will remain valid also for the UTP. The eration of WARSET, the transaction system key functional differences between WAR- used by the WSE since 2000. On 15 April SET and UTP, relevant for investors, are de- 2013 a new transaction system, UTP (Uni- scribed on pages 171–173. versal Trading Platform), will be launched. The key features of WARSET described be-

FinancialInstrumenty instruments ﬁnansowe and i systemyquotation notowa systemsń

SINGLE-PRICE CONTINUOUS BLOCK SYSTEM TRADING TRADES

SHARES (RIGHTS TO SHARES) PRE-EMPTIVE RIGHTS

BONDS

DERIVATIVES

INVESTMENT CERTIFICATES

ETFs

STRUCTURED PRODUCTS

WARRANTS

162 WSE Main List

Rules of Trading under WARSET

Transactions Types of orders

Before executing a transaction on the War- Multiple order types may be placed under saw Stock Exchange, an investor must have the WARSET system to allow investors to an investment account with an investment apply various investment strategies tailored firm (e.g. a brokerage house) which is a to their goals and needs in specific situa- WSE member. A member firm that has re- tions. ceived an order to execute a transaction on There are two main types of orders used in the WSE is responsible for the accurate ful- WSE trading: filment of such an order.  orders with a price limit,  orders without a stated price limit. Transactions on the WSE can be executed in one of the following quotation systems: Orders with a price limit (limit orders)  continuous trading, Here, the investor precisely defines a buy or  single-price system with two auctions sell price limit for the instrument concerned. per day. In the case of a buy order, this would be the Additionally, for large packets of financial maximum price which the investor agrees instruments block trades are allowed both to pay. In the case of a sell order, it is the within and outside the trading session. price below which the investor is not willing to sell the instruments in question. Orders It should be remembered that: As a rule, investors place their orders via  limits for equities, pre-emptive rights, the Internet or by phone, by contacting the rights to shares, investment certificates, brokerage house branch which runs their in- index participation units and warrants vestment account. Orders are then forward- are stated in PLN; ed to the member firm’s headquarters and  limits for bonds are stated as a percent- then, via an IT network, to a broker. The bro- age of nominal value; ker enters the orders into the WSE comput-  limits for futures contracts are stated in er system. The role of the Internet as an or- points (index futures) or in PLN (currency der-placing channel has gained importance and equity futures); over time. Since member firms’ IT systems  limits for index options are stated in are integrated with the WSE system, online points. order placement is fast and secure. Orders without a price limit When placing an order, the investor must Orders without a limit are intended for inves- specify: tors who do not want to wait long for their  the type of order (buy/sell); order to be executed and when completion  the price limit, or a type of order without of a transaction is more important than the a price limit; price obtained. Orders without a price limit  the order validity date; (respective Polish abbreviations: PKC, PCR  the name of the security or financial and PCRO) cannot be placed for options, instrument to be bought or sold; pre-emptive rights or warrants. In the case  the number of securities (volume); of other instruments orders without a limit  additional requirements for execution of are not accepted for the first session when the order. the instrument is quoted, except new series

163 Fact Book 2013 of index futures, currency futures and equity tion to an activation limit, these orders must futures. also contain a price limit for execution or a must-be-filled requirement. Market orders (MARKET; Polish abbreviation: PCR) can be placed only during con- Order validity dates tinuous trading (any phase except market balancing), and are executed at the price of The validity of brokers’ orders may be set the first best corresponding order placed on a specific date, or may be marked in one earlier. The unfilled portion of the order be- of the following ways: as a day order, good- comes an order with a limit price equal to till-cancelled (GTC), fill-and-kill (FAK) or fill- that at which the last transaction was con- or-kill (FOK). cluded. An order marked as GTC (DOM in Polish) is Market-on-opening orders (OPENING; Pol- valid indefinitely. A FAK order (WiN in Pol- ish abbreviation: PCRO) are placed during ish) is valid until the time of the first transac- the phase in which orders are accepted for the tion (or first transactions, if executed within opening and closing in the continuous trading multiple transactions simultaneously). A system and the single-price auction system, FAK is executed immediately after being as well as during market balancing. They are placed and may be executed in part. The un- executed, respectively, at the opening price, fulfilled portion of the order then becomes closing price, single price, or the price deter- void. mined during the balancing phase. A FOK order (WuA in Polish) is valid until Must-be-filled orders (MBF; Polish abbre- the time of the first transaction (or first trans- viation: PKC) can be placed at all stages of actions, if executed within multiple transac- continuous trading and the single-price auctions simultaneously). A FOK is executed tion, except the intervention phase and post- immediately after being placed but must be auction trading. When placed during the order executed in full, otherwise it becomes void. collection period for the opening, close, single-price auction and market balancing, these Continuous trading orders are executed respectively at the opening price, closing price, single price, and the Before the session begins, orders are accept- price determined during the balancing phase. ed in what is known as the pre-opening phase when transactions are not concluded but the Additional requirements for order execu- theoretical opening price is determined. Af- tion ter the completion of this phase, the opening A minimum size order (MIN; Polish abbrevi- price is determined (an auction procedure) ation: Wmin) specifies a minimum number and orders entered in the pre-opening phase of instruments which the investor requires are executed. This is when continuous quo- to be traded if the order is to be executed. tations begin, and buy and sell orders may be placed. In continuous trading, buyers and Hidden orders (HID; Polish abbreviation: sellers place orders which are then entered WUJ) are executed in stages. The investor into the system and executed on an ongo- specifies the size of successive portions to ing basis (provided that their prices match) or be executed, i.e. the number of securities to are kept in the order book to await placement be revealed at a time (minimum 100 instru- of a corresponding order with an appropriate ments). price to enable a transaction. There are two priorities applicable to execution of orders: A stop order (STOP; Polish abbreviation:  price, LimAkt) is not displayed immediately after  order placement time. being entered into the system, but is dis- OznaThis means that when two orders with closed only if the theoretical opening price an identical price are awaiting execution, or last price in continuous trading reaches the order entered into the system earlier the level specified by the investor. In addi- will be the first to be executed. To avoid ran-

164 WSE Main List dom price movements during the final part Once the single price is published, addi- of a continuous trading session, the session tional buy and sell orders are placed, with ends with a closing auction. After the clos- limits equal to the designated single price. ing price has been announced, a 5-minute This phase is referred to as ‘post-auction post-auction phase follows. During this trading’. phase, all transactions are executed at the In the case of the single-price system with respective closing prices. two auctions, the prices are determined and The most liquid stocks, all bond series, in- transactions are made twice daily. vestment certificates, futures, options, index participation units, ETFs and warrants are traded in the continuous trading system. If stocks are assigned to continuous trading, corresponding rights to shares and pre-emptive rights are also traded in this system. Regardless of the quotation system, a single instrument is always taken as the transaction unit.

Single-price auction system (electronic call auction) Quotations in the single-price system are based on a so-called auction procedure, i.e. the price of a security is determined on the grounds of orders entered before the opening. The first phase of the session is called pre-opening. During this phase, buy and sell orders are entered into the system, a theoretical opening price for the security is calculated and published, but no transactions are executed.

The single price is determined on the basis of brokers’ orders placed with and without a price limit. The moment the single price is published, it becomes the price at which transactions are concluded.

To determine the single price, the following rules are applied in the system:  to maximise trading volume;  to minimise the difference between the respective numbers of instruments in buy and sell orders that are feasible at a particular price;  to minimise the difference between the price being determined and the reference price.

165 Fact Book 2013

Trading session schedule (24h format) Continuous trading – cash market

8:00 Pre-opening (orders submitted for opening)

9:00 Opening (determining the opening price)

Continuous trading phase

17:20

Pre-closing (orders submitted for closing) 17:30 Closing (determining the closing price)

Post-auction trading 17:35

Continuous trading – derivatives market 8:00 Pre-opening (orders submitted for opening) 8:30 Opening (determining the opening price)

Continuous trading phase

17:20 Pre-closing (orders submitted for closing)

17:30 Closing (determining the closing price)

Post-auction trading 17:35

166 WSE Main List

Single-price auction system with two auctions

8:00

Pre-opening (orders submitted for opening)

11:00 Single-price auction Post-auction trading 11:30

Pre-opening (orders submitted for opening)

15:00 Single-price auction

Post-auction trading

15:30

Pre-opening (orders submitted for next day)

17:35

167 Fact Book 2013

Starting from 15 April 2013, the following abridged session schedule has been in force. This schedule is temporary and will apply until the end of 2013.

Harmonogram sesji giełdowej (tymczasowy) Continuous trading – cash market

8.30 Pre-opening phase (opening call)

9.00 Opening (opening price is determined)

Continuous trading phase

16.50

Pre-closing phase (closing call) 17.00 Closing (closing price is determined)

Post-auction trading 17.05

Continuous trading – derivatives market 8.30 Pre-opening phase (opening call) 8.45 Opening (opening price is determined)

Continuous trading phase

16.50 Pre-closing phase (closing call)

17.00 Closing (closing price is determined)

Post-auction trading 17.05

168 WSE Main List

Single-price system with two auctions

8.30

Pre-opening phase (opening call)

11.00 Opening (opening price is determined) Post-auction trading 11.30

Pre-opening phase (next opening call)

15.00 Opening (opening price is determined)

Post-auction trading

15.30

Pre-opening phase (next opening call)

17.05

Price variation limits Continuous trading In each quotation system there are limits on – dynamic price ranges price variations in relation to the reference WIG20 shares ±3.5% price. In the continuous trading system, the reference price for a transaction price and mWIG40 shares ±4.5% the closing price is defined as the opening Other shares ±6.5% price set at opening or during the balanc- Bonds ±2 percentage points ing phase at opening auction. If there is no Investment certificates ±6.5% opening price, the most recent closing price 1) is taken as a reference price. Structured products In the single-price auction system, the ref- WIG20 futures ±25 points erence price is defined as the most recent mWIG40 futures ±30 points single price determined for the specific instrument. Equity futures ±3.5% Bond futures ±0.4 percentage points Currency futures ±PLN 4 1) Price ranges determined each time by the half the value of WSE Management Board, on or before the day Index and equity options static price ranges preceding the first day of trading. Index participation units ±PLN 5

169 Fact Book 2013

Continuous trading – static price ranges

Instrument Reference price (opening) Acceptable price variation Acceptable price variation limit for the opening limit for the session, in case the opening price has been determined*

Shares Closing price ±10% relative to closing ±10% relative to opening price price

Index futures Daily settlement price ±5% relative to daily settle- ±5% relative to opening ment price price

Currency futures Daily settlement price ±3% relative to daily settle- ±3% relative to opening ment price price

Equity futures Daily settlement price ±5% relative to daily settle- ±5% relative to opening ment price price

Bonds Closing price ±3 percentage points ±3 percentage points relative to closing price relative to opening price

Structured products Closing price ±40% (or ±100 points) ±40% (or ±100 points) relative to closing price relative to opening price

Investment certificates Closing price ±10% relative to closing ±10% relative to opening price price

Rights to shares Closing price ±10% relative to closing ±10% relative to opening price price

Pre-emptive rights Closing price ±100% relative to closing ±100% relative to opening price price

Index participation units Closing price ±5% relative to closing ±5% relative to closing with offers on closing price price

Index options Theoretical price 5% (in PLN) of the average 5% (in PLN) of the average from the last 20 closing from the last 20 closing prices for the underlying prices for the underlying instrument from the last instrument (from the last month relative to theoretical month) relative to opening price price

* If no opening price has been determined at opening, the acceptable price variation limit is determined in relation to the closing price (the daily settlement price, the theoretical price).

Single-price system – static price ranges Instrument Permissible price variation limit for auction ±10% relative to the reference price of the last Shares, rights to shares auction (extendable to 21%) ±3 percentage points relative to the reference Structured products price of the last auction ±100% relative to the reference price of the last Pre-emptive rights auction (extendable)

170 WSE Main List

Transaction settlement and clearing

Exchange member Custodian client client

cash Cash and order and securities order securities clearing order clearing

Exchange order members Custodian

Warsaw Stock Remote Exchange member copy of contract transaction transfer of order notes calculation of clearing operations initial cash preparation of contract notes clearing position Client calculation of initial cash Exchange clearing member position

post trade post trade settlement settlement instructions instructions

National Depository for Securities (NDS) Preparation of cash and securities NDS_CCP clearing delivery of cash transfer orders Clearing corrections due to shortage or ﬁnancial resources calculation of initial cash clearing calculation position Final cash Final securities settlement of settlement positions settlement

delivery of cash transfer orders

statements of depository accounts NDS participant's Clearing payment bank bank

cash settlement NDS participant

statements of cash accounts

As at 31 December 2012 Source: National Depository for Securities 171 Fact Book 2013

WARSETWARSET – system architecturearchitecture

Polish Financial Supervision Authority

Information distribution

National Depository for Securities

Exchange members Remote installation

Satellite market data distribution system

Clearing WAN and settlement

Exchange members Local installation

Exchange member T ANDE M computer network

Warsaw Stock Exchange ...

Investors Exchange member local installation

Institutions Individuals

Block trades

Block trades are transactions involving large The WSE Rules lay down precise conditions packets of financial instruments (including for block trade execution, defining the mini- derivatives). mum block value and the maximum differ- These trades are most commonly made be- ence between the price in a block trade and tween major investors who had previously the price of the specific instrument at a trad- agreed all transaction details (such as block ing session. size, price, and settlement date).

172 WSE Main List

UTP – The new transaction system

Launched on 15 April 2013, the Universal on a much greater scale. Investors who de- Trading Platform (UTP) will raise the technol- cide to get actively involved in algorithmic ogy standards at the WSE to a new height. trading can expect to benefit from trading In comparison with the previous system, the generated in this way, such as greater li- UTP is much faster and more efficient, and quidity, lower spreads, and, consequently, has a much higher capacity. In practice, this lower transaction costs. means that UTP can handle a much greater number of orders (20,000 orders per second Although the UTP does not introduce revo- versus slightly over 300 under the previous lutionary changes in the existing trading Warset system). rules, it nevertheless opens new opportunities for investors, as shown in the table on With the UTP, the Polish capital market will the next page. operate to the highest global standards, guaranteeing the organisation of trading that addresses the rising expectations of market participants and responds to global trends. By following the footsteps of markets which are already using the UTP, such as New York, Paris, Lisbon or Amsterdam, the WSE is joining the network of cutting- edge global stock markets.

While UTP is a quantum leap in technology, it does not introduce revolutionary changes in the existing rules of trading. It offers a broader array of functionalities, new kinds and types of order validity and it also enables trading in instruments in a new market segment, the market maker system (PL abbreviation: SAR) dedicated to instruments where the market maker plays a key role (e.g. warrants and structured products).

With its new transaction system, the Polish market has opened up to new categories of investors, including major global investment companies which apply algorithmic trading techniques. Under algorithmic trading transactions are made through dedicated systems which rely on various formulas. Overall, this functionality is designed for professional institutional investors but al- gorithms developed by brokerage houses will enable individual investors to apply this strategy as well. While algorithmic trading was possible previously, UTP will enable it

173 Fact Book 2013

Differences between WARSET and UTP

Warset UTP

Peg orders No Peg orders Peg orders: • The PEG order limit automatically traces the best buy or sell order limit in the order book and assumes their limit(s), thus improving the chances for orders to be executed. • When placing a PEG order, the investor may define an additional limit: - a maximum limit for buy orders, - a minimum limit for sell orders, which constrain transactions to those levels only.

Changes in existing Must-be-filled orders (Polish abbreviation: PKC) Must-be-filled orders (Polish abbreviation: PKC): order types • These orders must be executed in full. • Such orders may be executed in part. • They have the highest priority. • They have the same priority as PCR orders. • They can be placed at pre-opening, pre-closing • They can be placed at pre-opening, pre-closing and during the continuous trading phase: at and during the continuous trading phase. pre-opening, PKC orders are considered when • They are executed against the best available determining the theoretical opening price. matching order in the order book and may be - If a PKC order is not executed at the opening, it executed during in a number of transactions at induces market balancing at the opening. different prices; the orderer has no possibility to - If a PKC order is not executed during the conti- control the execution price. nuous trading phase, it induces market balancing • The portion of the order which has not been during the session (this order is always entered in executed in auctions remains in the order book the order book). as a PKC. - If a PKC order is not executed at the closing, the • In the continuous trading phase, a PKC order may non-transactional price is announced or the price be placed even if there are no other orders in the from the last transaction in continuous trading is order book. taken as the closing price.

Market price orders (Polish abbreviation: PCR) Market price orders (Polish abbreviation: PCR) These orders are executed at the best order limit • These orders replace the previous PCR and PCRO available in the order book. orders and are executed according to new rules. • Such orders may be placed only during the • They can be placed at pre-opening, pre-closing continuous trading phase. and during the continuous trading phase. • They capture the best matching offer. • They have the same priority as PKC orders. • The unfulfilled part of a PCR order remains in the or- • If at least one PCR order is in the order book at der book with a limit equal to the transaction price. the opening and there is no matching order, the instrument is suspended (a standard procedure). Market-on-opening orders (Polish abbreviation: • If no matching order is available in the order book PCRO) when a PCR order is placed during the continuous Orders at the best price available at the opening. trading phase, the order is rejected. • Such orders may be placed at pre-opening, • PCR orders placed at the post-auction phase are pre-closing and during market balancing. They also rejected. are considered when determining the theoretical opening price (TKO). They are fulfilled at the price determined at the opening/balancing. • PCRO orders have a higher priority than orders with a limit equal to the opening/closing price. • The unfulfilled part of a PCRO order is transferred to the next phase, its limit being equal to that of the last transaction

New Valid None Valid for next auction (Polish abbreviation: WNF) order for next • Such orders are accepted in the system during all validity auction phases of the trading session but they are active only at the nearest auction (opening, closing or types (Polish balancing phase for the instrument). abbre- • The unfulfilled part of the order is removed imme- viation: diately once the auction is completed. WNF) • All WNF orders are automatically cancelled once the session is closed. • The priority of WNF orders corresponds with the chronology of their inclusion into the transaction system.

174 WSE Main List

Warset UTP

Valid at None Valid at closing (Polish abbreviation: WNZ) closing • Such orders are accepted during each phase of (Polish the trading session but are only considered during the nearest closing auction. abbre- • The unfulfilled portion of the order is removed im- viation: mediately once the closing auction is completed. WNZ) • All WNZ orders are automatically cancelled once the trading session is closed. • The priority of WNZ orders corresponds with the chronology of their inclusion into the transaction system.

Valid until None Valid until specified (Polish abbreviation: WDC) specified • WDC orders remain in the order book until the mo- (Polish ment specified by the orderer; the moment may be defined with a precision of up to one second. abbre- • The expiry moment applies to the current trading viation: day. WDC)

STOP order activation The theoretical opening price (TKO) activates STOP In the pre-opening phase, STOP orders are not con- at pre-opening orders. Active STOP orders are executed at the sidered when determining the theoretical opening opening. price and the theoretical opening volume, nor are they considered when executing transactions at the opening.

Handling of hidden The theoretical opening volume covers the entire The theoretical opening volume covers only the orders (Polish WUJ volume. disclosed volume. abbreviation: WUJ) at pre-opening and pre-closing

Post-auction trading Transactions may be concluded in the post-auction Transactions in the post-auction phase may be rules phase only when a closing price was determined concluded at the most recent known transaction (continuous trading) or when an auction price was price, both in the continuous trading system and in determined (single-price system) on the day in the single-price system. question.

Market Maker No equivalent trading system under WARSET. Market Maker System (SAR) System (Polish abbre- • The system is intended for trading in instruments viation: SAR) where the participation of a market maker is mandatory (e.g. structured instruments, warrants). • An instrument may only have one market maker in the system. • If there are no quotations from a market maker, the possibility to conclude transactions is suspended. • No static or dynamic price corridors are applied (this role is fulfilled by marker maker’s buy/sell orders).

175 Fact Book 2013

Electronic Distribution of Market Data Mass-scale access to WSE data is enabled sites). The data vendors who have signed primarily though the use of the Internet. relevant agreements with the Warsaw Stock Exchange include renowned news agencies Commercial services (Thomson Reuters, Bloomberg, Polish Press Agency, Interactive Data, SIX Telekurs), Pol- Services delivered via data vendors ish and international brokerage houses (DM The recipients of commercial stock market BZWBK, DM BPH, CDM Pekao, ING Securi- news services are professional data ven- ties, DM BOŚ, DI BRE, DM Millennium, BDM dors, such as news agencies, as well as PKO BP), virtual banks (mBank, Multibank), brokerage houses, virtual banks, Internet major Polish web portals (general content portals, software houses etc. Data vendors sites such as Onet, WirtualnaPolska or Inte- offer market information to their clients, ria, and specialized sites such as Bankier.pl domestic and foreign, including brokerage and Parkiet.pl) and software houses (Statica). houses, banks, other financial market par- Mobile telephones are increasingly used by ticipants and individual investors. investors as a vehicle to deliver stock market data. Mobile phone owners can use com- All vendors may purchase, on equal terms, mercial news services to access a full range real-time data services offered by the WSE, of stock exchange data, price alert options including: or a bundle of prices on securities within a Service A - Cash market portfolio. - Offerings and transactions Service B - Derivatives - Offerings and transactions Service I - WSE indices Service C - Statistical information Service D - NewConnect Service E - Debt instruments listed on the WSE and BondSpot

The WSE charges a fixed annual fee from vendors. Firms connected directly to the WSE system pay a technical fee and a distribution fee, while the so-called sub-vendors, who receive stock market data through another vendor, pay only a distribution fee. For real-time market data (transferred within max. 15 minutes after it becomes available from the WSE), the Warsaw Stock Exchange also charges fees based on the number of end recipients (subscribers). Under the WSE vendor agreement, data provided in real- time may not be redistributed without the prior consent of the WSE unless delayed by at least 15 minutes (no fees are charged for delayed data and such data may be freely redistributed, e.g. on publicly accessible web-

176 WSE Main List

List of WSE data distributors (end of February 2013) Alior Bank S.A. Grupa TRINITY www.aliorbank.pl www.grupatrinity.pl Bank BPH Biuro Maklerskie INFRONT AS www.bm.bph.pl www.infront.as Bank Gospodarki Żywnościowej Biuro ING Securities S.A. Maklerskie www.ingsecurities.pl www.bgz.pl Interactive Data Dom Maklerski BDM S.A. www.KBCmakler.pl www.bdm.com.pl INTERIA. PL S.A. Biuro Maklerskie Banku DnBNord Polska www.interia.pl S.A. KBC Securities N.V. (Spółka Akcyjna) www.bmdnbnord.pl Oddział w Polsce Bloomberg LP www.kbcmakler.pl www.bloomberg.com Liquidnet Europe Limited BRE Bank S.A. – mBank www.liquidnet.com www.brebank.pl Millennium Dom Maklerski S.A. Brokerjet Bank AG www.millenniumdm.pl www.brokerjet.at NeoNet Securities S.A. CAIT Sp. z o.o. www.neonet.biz www.cait.com.pl NOBLE Securities S.A. Centralny Dom Maklerski Pekao S.A. www.noblesecurities,pl www.cdmpekao.com.pl Notoria Serwis SA Deutsche Bank PBC SA www.notoria,pl www.deutsche-bank-pbc.pl NYSE Technologies SAS Dom Inwestycyjny BRE Banku SA [email protected] www.brebank.pl Polska Agencja Prasowa S.A. Dom Inwestycyjny Xelion Sp. z o.o. www.pap.com.pl www.xelion.pl Polski Terminal Finansowy Sp. z o.o. Dom Maklerski AMERBROKERS S.A. www.terminalfinansowy.pl www.amerbrokers.pl/ Presspublica Sp. z o.o. Dom Maklerski Banku BPS S.A. www.rp.pl www.dmbps.pl/ Raiffeisen Bank Polska Dom Maklerski Banku Handlowego S.A. www.raiffeisen.pl www.dmbh.pl Reuters Limited Dom Maklerski BOŚ www.reuters.com www.bossa.pl Thomson Reuters (Markets) Europe Spółka Dom Maklerski BZ WBK S.A. Akcyjna Oddział w Polsce dmbzwbk.pl www.thomsonreuters.com Dom Maklerski IDM S.A. Saxo Bank A/S www.idmsa.pl www.saxobank.com Dom Maklerski PKO BP S.A. SIX Financial Information Ltd. www.dm.pkobp.pl www.six-telekurs.com Factiva SNL Financial LC www.factiva.com www.snl.com FactSet Research System Inc. Statica www.factset.com www.statica.pl Fidelity Investments SunGard Financial Systems (France) SAS www.fidelity.com www.gltrade.com Fidessa plc TRIGON Dom Maklerski SA www.fidessa.com www.trigon.pl Financial WEB S.A. UBS AG www.finweb.pl www.ubs.com Fio banka, a.s. Vwd. Vereingte Wirtschaftsdienste AG www.fio.sk www.vwd.com Grupa Onet.pl S.A. www.onet.pl

177 Fact Book 2013

Services available directly Depository for Securities and the Polish Finan- cial Supervision Authority, and a source of from the WSE market analytics and reviews prepared by the WSE public data services Economic Service of the Polish Press Agency. Apart from services to commercial users, the The website has two language versions: Polish Warsaw Stock Exchange also discloses stock and English. market information on a free-of charge basis. www.wseinternational.eu www.wse.com.pl A dedicated website for foreign companies list- This WSE website provides market updates, ed on the WSE. It offers company reports and recent announcements as well as resolutions education materials for prospective issuers. adopted by the Management Board and the The site has a Polish and an English version. Supervisory Board of the Warsaw Stock Ex- change. Trading data is published on an ongo- www.corp-gov.gpw.pl ing basis during sessions, with a 15-minute de- This website is dedicated to corporate govern- lay. The only exceptions are the WIG20 values, ance in WSE-listed companies. It offers ma- which are delivered in real time. The website terials regarding the implementation of best also contains comprehensive sections with practices as well as updates on relevant steps statistics and indices, organisational structure, taken by the WSE. The website is also used as operations and history of the WSE, legislation, a communication tool between the WSE and its description of trading systems and listed in- listed companies. It has two language versions: struments, contact details of listed companies, Polish and English. WSE members, data vendors as well as electronic versions of numerous WSE publications www.respectindex.pl as well as newsletters which are also distribut- This website promotes the WSE’s RESPECT ed via subscription. Information on the website Index of socially responsible companies and is available in Polish, English and Russian. reports on WSE’s outreach activities and ini- tiatives associated with social responsibility of www.newconnect.pl listed companies. The website is available in The NewConnect website offers quotations, Polish and English. market updates and recent announcements, legislation, statistics and contact details of listed www.gpwmedia.pl companies, authorised advisers, market mem- The site, operated by WSE Infoengine SA, a bers and data vendors. The website is available WSE subsidiary, offers video streaming from in Polish, English and Russian. IPOs on WSE markets, General Meetings of Shareholders and conferences. It publishes fi- www.wsecatalyst.pl nancial results, company reports and analytical This website was launched as Catalyst, the debt materials. market, came into being. The site provides information on authorised and listed instruments, In 2012 the WSE launched a mobile applica- market data, quotations, educational materials tion with stock market data for users of Apple for investors, information for potential issuers, iOS (iPhone, iPad) and Android. With this app, issuers’ documents and reports as well as Cata- owners of such mobile devices can monitor lyst regulations. The website is available in Pol- market quotations, key statistics and market ish and English. updates from the WSE Main List, NewConnect and Catalyst. www.gpwinfostrefa.pl This website is designed for investors who seek For many years the WSE has operated a mobile specific information regarding WSE-listed com- version of its main website, available at m.gpw. panies as well as market updates on Central pl., which means that users can monitor market and Eastern Europe. The site publishes official quotations, indices, updates, resolutions etc. announcements from listed companies as well on their mobile devices. The launch of the new as corporate communication content. It serves app for mobile users made market data even as a distribution channel for official messages more easily accessible for investors. from the Warsaw Stock Exchange, the National 178 WSE Main List

Listed Companies - WSE Main List (end of 2012)

ADVADIS [ADS] AMREST [EAT] ASTARTA [AST] ADVANCED AMREST HOLDINGS SE ASTARTA HOLDING DISTRIBUTION www.amrest.eu N. V. SOLUTIONS SA www.astartakiev.com www.ads-sa.com.pl APATOR [APT] APATOR SA ATLANTAPL [ATP] ADVGRUPA [ADV] www.apator.torun.pl ATLANTA POLAND SA GRUPA ADV SA www.atlantapoland. www.grupa-adv.pl APLISENS [APN] com.pl 06MAGNA [06N] APLISENS SA NARODOWY AGORA [AGO] www.aplisens.pl ATLANTIS [ATS] FUNDUSZ AGORA SA ATLANTIS SA INWESTYCYJNY www.agora.pl ARCTIC [ATC] www.atlantis-sa.pl MAGNA POLONIA SA ARCTIC PAPER SA www.magnapolonia. AGROTON [AGT] www.arcticpaper.com ATLASEST [ATL] com.pl AGROTON PUBLIC ATLAS ESTATES LIMITED ARCUS [ARC] LIMITED 08OCTAVA [08N] www.agroton.lg.ua ARCUS SA www.atlasestates.com NARODOWY www.arcus.pl FUNDUSZ AGROWILL [AWG] ATM [ATM] INWESTYCYJNY AGROWILL GROUP AB ARMATURA [ARM] ATM SA OCTAVA SA www.agrowill.lt KRAKOWSKA www.atm.com.pl www.octava.com.pl FABRYKA ARMATUR ALCHEMIA [ALC] SA ATMGRUPA [ATG] 4FUNMEDIA [4FM] ALCHEMIA SA www.kfa.pl ATM GRUPA SA 4FUN MEDIA SA www.alchemiasa.pl www.atmgrupa.pl www.4funmedia.pl ARTERIA [ARR] ALIOR [ALR] ARTERIA SA ATMSI [ASI] ABCDATA [ABC] Alior Bank SA www.arteria.pl ATM Systemy ABC DATA SA www.aliorbank.pl Informatyczne SA www.abcdata.com.pl ASBIS [ASB] www.atm-si.com.pl ALMA [ALM] ASBISC ENTERPRISES ABMSOLID [ABM] ALMA MARKET SA PLC ATREM [ATR] ABM SOLID SA www.almamarket.pl www.asbis.com ATREM SA www.abmsolid.eu www.atrem.pl ALTERCO [ALT] ASSECOBS [ABS] ABPL [ABE] ALTERCO SA ASSECO BUSINESS AVIASG [ASG] AB SA www.alterco.eu SOLUTIONS SA AVIA SOLUTION www.ab.pl www.assecobs.pl GROUP AB AMBRA [AMB] www.aviasg.com ACAUTOGAZ [ACG] AMBRA SA ASSECOPOL [ACP] AC SA www.ambra.com.pl ASSECO POLAND SA AWBUD [AWB] www.ac.com.pl www.asseco.pl AWBUD SA AMICA [AMC] www.awbud.pl ACE [ACE] AMICA WRONKI SA ASSECOSEE [ASE] AUTOMOTIVE www.amica.com.pl ASSECO SOUTH AZOTYTARNOW [ATT] COMPONENTS EASTERN EUROPE SA ZAKŁADY AZOTOWE EUROPE SA AMPLI [APL] www.asseco-see.com W TARNOWIE - www.acegroup.lu AMPLI SA MOŚCICACH SA www.ampli.com.pl ASSECOSLO [ACS] www.azoty.tarnow.pl ACTION [ACT] ASSECO CENTRAL ACTION SA EUROPE SA B3SYSTEM [B3S] www.action.pl www.asseco.sk B3SYSTEM SA www.b3system.pl

179 Fact Book 2013

BAKALLAND [BAK] BIOTON [BIO] BUDOPOL [BDL] CEDC [CDC] BAKALLAND SA BIOTON SA BUDOPOL-WROCŁAW CENTRAL EUROPEAN www.bakalland.pl www.bioton.pl SA DISTRIBUTION www.budopol.wroc.pl CORPORATION BANKBPH [BPH] BIPROMET [BPM] www.cedc.com BANK BPH SA BIPROMET SA BUDVARCEN [BDV] www.bph.pl www.bipromet.com.pl BUDVAR CENTRUM CELTIC [CPD] SA CELTIC PROPERTY BARLINEK [BRK] BLACKLION [BLI] www.budvar.pl DEVELOPMENTS SA BARLINEK SA BLACK LION www.celtic.pl www.barlinek.com.pl NARODOWY BUMECH [BMC] FUNDUSZ BUMECH SA CEZ [CEZ] BBICAPNFI [BBC] INWESTYCYJNY SA www.bumech.pl CEZ AS BBI CAPITAL www.blacklion.com.pl www.cez.cz NARODOWY BYTOM [BTM] FUNDUSZ BMPAG [BMP] ZAKŁADY CHEMOS [CHS] INWESTYCYJNY SA BMP AKTIENGESELLS- ODZIEŻOWE BYTOM CHEMOSERVIS- www.bbicapital.pl CHAFT SA DWORY SA www.bmp.com www.bytom.com.pl www.chemoservis.pl BBIDEVNFI [BBD] BBI DEVELOPMENT BNPPL [BNP] BZWBK [BZW] CIECH [CIE] NARODOWY BNP PARIBAS BANK BANK ZACHODNI CIECH SA FUNDUSZ POLSKA SA WBK SA www.ciech.com INWESTYCYJNY SA www.bnpparibas.pl www.bzwbk.pl www.bbidevelopment.pl CITYINTER [CIA] BOGDANKA [LWB] CALATRAVA [CTC] CITY INTERACTIVE SA BBIZENNFI [BBZ] LUBELSKI WĘGIEL CALATRAVA CAPITAL SA www.city-interactive. BBI ZENERIS BOGDANKA SA www.calatravacapital.pl com NARODOWY www.lw.com.pl; www. FUNDUSZ bogdanka.eu CAMMEDIA [CAM] COALENERG [CLE] INWESTYCYJNY SA CAM MEDIA SA COAL ENERGY SA www.bbizeneris.pl BOMI [BMI] www.cammedia.pl www.coalenergy.com. BOMI SA ua BEDZIN [BDZ] www.bomi.pl CAPITAL [CPA] ELEKTROCIEPŁOWNIA CAPITAL PARTNERS COGNOR [COG] BĘDZIN SA BORYSZEW [BRS] SA COGNOR SA www.ecb.com.pl BORYSZEW SA www.c-p.pl www.cognor.pl www.boryszew.com.pl BENEFIT [BFT] CASHFLOW [CFL] COLIAN [COL] BENEFIT SYSTEMS SA BOS [BOS] CASH FLOW SA COLIAN SA www.benefitsystems. BANK OCHRONY www.cashflow.com.pl www.jutrzenka.com.pl pl ŚRODOWISKA SA www.bosbank.pl CCC [CCC] COMARCH [CMR] BERLING [BRG] NG2 SA COMARCH SA BERLING SA BOWIM [BOW] www.ng2.com.pl www.comarch.pl www.berling.pl BOWIM SA www.bowim.pl CCENERGY [CCE] COMP [CMP] BEST [BST] CLEAN&CARBON COMP SA BEST SA BRE [BRE] ENERGY SA www.comp.com.pl www.best.com.pl BRE BANK SA www.ccenergy.pl www.brebank.com.pl COMPLEX [CMX] BETACOM [BCM] CCIINT [CCI] COMPLEX SA BETACOM SA BSCDRUK [BSC] CINEMA CITY www.complexmetal. www.betacom.com.pl BSC DRUKARNIA INTERNATIONAL N.V. com.pl OPAKOWAŃ SA www.cinemacity.nl BGZ [BGZ] www.bsc-packaging.com CORMAY [CRM] BANK GOSPODARKI CDRED [CDR] PZ CORMAY SA ŻYWNOŚCIOWEJ SA BUDIMEX [BDX] CD PROJEKT RED SA www.cormay.pl www.bgz.pl BUDIMEX SA www.optimus.pl www.budimex.com.pl

180 WSE Main List

CYFRPLSAT [CPS] DUDA [DUD] ELZAB SA TATO NYRT. CYFROWY POLSAT SA POLSKI KONCERN www.elzab.com.pl www.e-star.hu www.cyfrowypolsat.pl MIĘSNY DUDA SA www.pkmduda.pl EMCINSMED [EMC] EUCO [EUC] CZTOREBKA-PDA EMC INSTYTUT EUROPESJKIE [CZTA] DUON [DUO] MEDYCZNY SA CENTRUM CZERWONA TOREBKA Grupa Kapitałowa www.emc-sa.pl ODSZKODOWAŃ SA SA DUON www.euco.pl www.czerwonatorebka.pl www.duon.pl EMPERIA [EMP] EMPERIA HOLDING EUIMPLANT [EUI] DEBICA [DBC] ECARD [ECD] SA EUROIMPLANT SA FIRMA OPONIARSKA ECARD SA www.emperia.pl www.euroimplant. DĘBICA SA www.ecard.pl com.pl www.debica.com.pl ENAP [ENP] ECHO [ECH] ENERGOAPARATURA SA EUROCASH [EUR] DECORA [DCR] ECHO INVESTMENT www.enap.com.pl EUROCASH SA DECORA SA SA www.eurocash.com.pl www.decora.pl www.echo-inv.com.pl ENEA [ENA] ENEA SA EUROHOLD [EHG] DELKO [DEL] EDINIVEST [EDI] www.enea.pl EUROHOLD DELKO SA ED INVEST SA BULGARIA AD www.delko.com.pl www.edinvest.pl ENELMED [ENE] www.eurohold.bg CENTRUM MEDYCZNE DGA [DGA] EFEKT [EFK] ENEL-MED. SA EUROMARK [EMK] DGA SA KORPORACJA www.enel.pl EUROMARK POLSKA www.dga.com.pl GOSPODARCZA SA EFEKT SA ENERGOINS [ENI] www.euromark.pl DMWDM [WDM] www.efektsa.pl ENERGOINSTAL SA DOM MAKLERSKI www.energoinstal.pl EUROTEL [ETL] WDM SA EFH [EFH] EUROTEL SA www.wdmsa.pl EUROPEJSKI ENERGOPLD [EPD] www.eurotel.pl FUNDUSZ ENERGOMONTAŻ- DOMDEV [DOM] HIPOTECZNY SA POŁUDNIE SA EXILLON [EXL] DOM DEVELOPMENT www.efh.com.pl www.energomontaz.pl Exillon Energy SA SA www.exillonenergy.pl www. EKO [EKO] ENERGOPOL [EPL] domdevelopment. EKO HOLDING SA ENERGOPOL - FAM [FAM] com.pl www.eko.pl POŁUDNIE SA FAM GRUPA www. KAPITAŁOWA SA DRAGOWSKI [ADD] EKOEXPORT [EEX] energopolpoludnie.eu www.famgk.com.pl AD. DRĄGOWSKI SA EKO EXPORT SA www.dragowski.pl www.ekoexport.pl ERBUD [ERB] FAMUR [FMF] ERBUD SA FABRYKA MASZYN DREWEX [DRE] ELBUDOWA [ELB] www.erbud.pl FAMUR SA DREWEX SA ELEKTROBUDOWA SA www.famur.com.pl www.drewex.com www.elbudowa.com.pl ERG [ERG] ERG SA FARMACOL [FCL] DROP [DRP] ELEKTROTI [ELT] www.erg.com.pl FARMACOL SA DROP SA ELEKTROTIM SA www.farmacol.com.pl www.drop-sa.pl www.elektrotim.pl ERGIS [EEF] ERGIS-EUROFILMS SA FASING [FSG] DROZAPOL [DPL] ELKOP [EKP] www.ergis-eurofilms.eu FABRYKI SPRZĘTU DROZAPOL-PROFIL SA PRZEDSIĘBIORSTWO I NARZĘDZI www.drozapol.pl ELEKTROMONTAŻOWE ESSYSTEM [ESS] GÓRNICZYCH ELKOP SA ES-SYSTEM SA GRUPA KAPITAŁOWA DSS [DSS] www.elkop.pl www.essystem.pl FASING SA DOLNOŚLĄSKIE www.fasing.pl SUROWCE SKALNE ELZAB [ELZ] ESTAR [EST] SA ZAKŁADY URZĄDZEŃ ESTAR ALTERNATIV www.dss.pl KOMPUTEROWYCH ENERGIASZOLGAL-

181 Fact Book 2013

FASTFIN [FFI] GRAJEWO [GRJ] HYGIENIKA [HGN] INSTALKRK [INK] FAST FINANCE SA PFLEIDERER HYGIENIKA SA INSTAL KRAKÓW SA www.fastfinance.pl GRAJEWO SA www.hygienika.pl www.instalkrakow.pl www.pfleiderer.pl FERRO [FRO] HYPERION [HYP] INTAKUS [ITK] FERRO SA GREENECO [GET] HYPERION SA INTAKUS SA www.ferro.pl Greeneco www.hyperion.pl www.intakus.pl TECHNOLOGY SA FERRUM [FER] www.green-eco.net IDEATFI [IDA] INTEGERPL [ITG] FERRUM SA IDEA TOWARZYSTWO INTEGER.PL SA www.ferrum.com.pl GREMISLTN [GRS] FUNDUSZY www.integer.pl GREMI MEDIA SA INWESTYCYJNYCH FON [FON] www.eurofaktor.pl SA INTERAOLT [IRL] FON SA www.idea.tfi.pl INTER RAO Lietuva AB www.fon-sa.pl GROCLIN [GCN] www.interrao.lt/pol INTER GROCLIN AUTO IDEON [IDE] FORTE [FTE] SA IDEON SA INTERBUD [ITB] FABRYKI MEBLI www.groclin.com.pl www.ideon.eu INTERBUD-LUBLIN SA FORTE SA www.interbud.com.pl www.forte.com.pl GTC [GTC] IDMSA [IDM] GLOBE TRADE DOM MAKLERSKI INTERCARS [CAR] FORTUNA [FEG] CENTRE SA IDMSA SA INTER CARS SA FORTUNA www.gtc.com.pl www.idmsa.pl www.intercars.com.pl ENTERTAINMENT GROUP N.V. HANDLOWY [BHW] IGROUP [IGR] INTERFERI [INF] www.fortuna-group.eu BANK HANDLOWY W INTERNET GROUP SA INTERFERIE SA WARSZAWIE SA www.igroup.pl www.interferie.pl FOTA [FOT] www.citihandlowy.pl FOTA SA IFCAPITAL [IFC] INTERSPPL [IPO] www.fota.pl HARPER [HRP] IF CAPITAL SA INTERSPORT POLSKA HARPER HYGIENICS SA www.ifcapital.pl SA GANT [GNT] www.cleanic.pl www.intersport.pl GANT DEVELOPMENT IMCOMPANY [IMC] SA HAWE [HWE] INDUSTRIAL MILK INTROL [INL] www.gant.pl HAWE SA COMPANY SA INTROL SA www.hawesa.pl www.imcmilk.com.ua www.introlsa.pl GETIN [GTN] GETIN HOLDING SA HBPOLSKA [HBP] IMPEL [IPL] INWESTCON [INC] www.getin.pl HYDROBUDOWA IMPEL SA INWESTCON GROUP POLSKA SA www.impel.pl SA GETINOBLE [GNB] www.hbp-sa.pl www.ic.poznan.pl GETIN NOBLE BANK IMPEXMET [IPX] SA HELIO [HEL] IMPEXMETAL SA IPOPEMA [IPE] www.getinnoblebank. HELIO SA www.impexmetal. IPOPEMA SECURITIES pl www.helio.pl com.pl SA www.ipopema.pl GINOROSSI [GRI] HERKULES [HRS] INDYKPOL [IND] GINO ROSSI SA HERKULES SA INDYKPOL SA IQP [IQP] www.gino-rossi.com www.herkule-polska.pl www.indykpol.com.pl IQ PARTNERS SA www.iqpartners.pl GPW [GPW] HUTMEN [HTM] INGBSK [BSK] GIEŁDA PAPIERÓW HUTMEN SA ING BANK ŚLĄSKI SA IVMX [IMX] WARTOŚCIOWYCH www.hutmen.pl www.ing.pl INFOVIDE-MATRIX SA W WARSZAWIE SA www.infovidematrix.pl www.gpw.pl HYDROTOR [HDR] INPRO [INP] PRZEDSIĘBIORSTWO INPRO SA KANIA [KAN] GRAAL [GRL] HYDRAULIKI SIŁOWEJ www.inpro.com.pl Zakłady Przetwórstwa GRAAL SA HYDROTOR SA Mięsnego Henryk www.graal.pl www.hydrotor.com.pl Kania SA www.zpmkania.com.pl

182 WSE Main List

IZOLACJA [IZO] KGHM [KGH] KRAKCHEM [KCH] LIBRA [LBC] IZOLACJA-JAROCIN KGHM POLSKA MIEDŹ KRAKCHEMIA SA Libra Capital S.A SA SA www.krakchemia.pl www.libracapital.pl www.izolacja-jarocin.pl www.kghm.pl KREC [KRC] LOTOS [LTS] IZOSTAL [IZS] KINOPOL [KPL] KRYNICKI RECYKLING GRUPA LOTOS SA IZOSTAL SA KINO POLSKA TV SA SA www.lotos.pl www.izostal.com.pl www.kinopolska.pl www.krynicki.pl LPP [LPP] JHMDEV [JHM] KOELNER [KLR] KREDYTB [KRB] LPP SA JHM DEVELOPMENT KOELNER SA KREDYT BANK SA www.lpp.com.pl SA www.koelner.pl www.kredytbank.pl www. LSISOFT [LSI] jhmdevelopment.pl KOFOLA [KFL] KREDYTIN [KRI] LSI SOFTWARE SA KOFOLA SA KREDYT INKASO SA www.lsisoftware.pl JSW [JSW] www.kofola.pl www.kredytinkaso.pl JASTRZĘBSKA LSTCAPITA [LST] SPÓŁKA WĘGLOWA KOGENERA [KGN] KREZUS [KZS] LST CAPITAL SA SA ZESPÓŁ NARODOWY www.lstcapital.pl www. jsw.pl ELEKTROCIEPŁOWNI FUNDUSZ WROCŁAWSKICH INWESTYCYJNY LUBAWA [LBW] JUPITER [JPR] KOGENERACJA SA KREZUS SA LUBAWA SA JUPITER NFI SA www.kogeneracja. www.nfikrezus.pl www.lubawa.com.pl www.jupiter-nfi.pl com.pl KRKA [KRK] MAGELLAN [MAG] JWCONSTR [JWC] KOMPAP [KMP] Krka, d. d. MAGELLAN SA J.W. CONSTRUCTION PRZEDSIĘBIORSTWO www.krkapolska.pl www.magellan.pl HOLDING SA PRODUKCYJNO www.jwconstruction. HANDLOWE KOMPAP KRUK [KRU] MAKARONPL [MAK] com.pl SA KRUK SA MAKARONY POLSKIE www.kompap.pl www.kruksa.pl SA K2INTERNT [K2I] www.makarony.pl K2 INTERNET SA KOMPUTRON [KOM] KRUSZWICA [KSW] www.k2.pl KOMPUTRONIK SA ZAKŁADY MAKRUM [MKM] www.komputronik.pl TŁUSZCZOWE MAKRUM SA KBDOM [KBD] KRUSZWICA SA www.makrum.pl KORPORACJA KONSSTALI [KST] www.ztkruszwica.pl BUDOWLANA DOM KONSORCJUM STALI MARVIPOL [MVP] SA SA KSGAGRO [KSG] MARVIPOL SA www.kbdom.eu www.konsorcjumstali. KSG AGRO SA www.marvipol.pl com.pl www.ksgagro.com KCI [KCI] MCI [MCI] KCI SA KOPEX [KPX] LCCORP [LCC] MCI MANAGEMENT www.kci.pl KOPEX SA LC CORP SA SA www.kopex.com.pl www.lcc.pl www.mci.pl KDMSHIPNG Grupa kapitałowa KDM KOV [KOV] LENA [LEN] MCLOGIC [MCL] Shipping KULCZYK OIL LENA LIGHTING SA MACROLOGIC SA www.kdmshipping. VENTURES INC. www.lenalighting.pl www.macrosoft.pl com/pl www.kulczykoil.com LENTEX [LTX] MEDIATEL [MTL] KERNEL [KER] KPPD [KPD] ZAKŁADY LENTEX SA MEDIATEL SA KERNEL HOLDING SA KOSZALIŃSKIE www.lentex.com.pl www.mediatel.pl www.kernel.ua PRZEDSIĘBIORSTWO PRZEMYSŁU LIBET [LBT] MEGARON [MEG] KETY [KTY] DRZEWNEGO SA LIBET SA MEGARON SA GRUPA KĘTY SA www.kppd.pl www.libet.pl www.megaron.com.pl www.gk-kety.com.pl

183 Fact Book 2013

MENNICA [MNC] MOBRUK [MBR] NEUCA [NEU] OPENFIN [OPF] MENNICA POLSKA SA GRUPA KAPITAŁOWA NEUCA SA OPEN FINANCE SA www.mennica.com.pl MO-BRUK SA www.neuca.pl www.open.pl www.mobruk.pl MERCOR [MCR] NEWWORLDR [NWR] OPONEO [OPN] MERCOR SA MOJ [MOJ] NEWWORLD OPONEO.PL SA www.mercor.com.pl MOJ SA RESOURCES PLC www.oponeo.pl www.moj.com.pl www.nwrgroup.eu MEWA [MEW] OPTEAM [OPM] MEWA SA MOL [MOL] NFIEMF [EMF] OPTEAM SA www.mewa.com.pl MOL MAGYAR NARODOWY FUNDUSZ www.opteam.pl OLAJ - ES GAZIPARI INWESTYCYJNY MEXPOLSKA [MEX] NYILVANOSAN MUKODO EMPIK MEDIA & ORBIS [ORB] Mex Polska SA RESZVENYTARSASAG FASHION SA ORBIS SA www.mexpolska.pl www.mol.hu www.emf.pl www.orbis.pl

MIDAS [MDS] MONNARI [MON] NOKAUT [NOK] ORCOGROUP [OPG] NARODOWY FUNDUSZ MONNARI TRADE SA Grupa Nokaut SA ORCO PROPERTY INWESTYCYJNY W UPADŁOŚCI www.nokaut.pl GROUP SA MIDAS SA LIKWIDACYJNEJ www.orcogroup.com www.midasnfi.pl www.monnari.com.pl NORDEABP [NDA] NORDEA BANK POLSKA ORZBIALY [OBL] MIESZKO [MSO] MOSTALEXP [MSX] SA ORZEŁ BIAŁY SA ZAKŁADY PRZEMYSŁU MOSTOSTAL EXPORT SA www.nordeabank.pl www.orzel-bialy.com.pl CUKIERNICZEGO www.mostostal-export. MIESZKO SA com.pl NORTCOAST [NCT] OTMUCHOW [OTM] www.mieszko.com.pl NORTH COAST SA ZAKŁADY PRZEMYSŁU MOSTALPLC [MSP] www.northcoast.com.pl CUKIERNICZEGO MILKILAND [MLK] MOSTOSTAL PŁOCK SA OTMUCHÓW SA MILKILAND N.V. www.mostostal-plock. NOVAKBM [KBM] www.zpcotmuchow. www.milkiland.com com.pl NOVA KREDITNA BANKA com.pl MARIBOR D.D. MILLENNIUM [MIL] MOSTALWAR [MSW] www.nkbm.si OVOSTAR [OVO] BANK MILLENNIUM SA MOSTOSTAL OVOSTAR UNION N.V. www.bankmillennium.pl WARSZAWA SA NOVITA [NVT] www.ovostar.ua www.mostostal.waw.pl NOVITA SA MIRACULUM [MIR] www.novita.com.pl PAGED [PGD] MIRACULUM SA MOSTALZAB [MSZ] PAGED SA www.miraculum.pl MOSTOSTAL ZABRZE NOWAGALA [CNG] www.paged.pl HOLDING SA CERAMIKA NOWA GALA MIRBUD [MRB] www.mostostal.zabrze.pl SA PAMAPOL [PMP] MIRBUD SA www.nowa-gala.com.pl PAMAPOL SA www.mirbud.com.pl MUZA [MZA] www.pamapol.com.pl MUZA SA NTTSYSTEM [NTT] MISPOL [MIP] www.muza.com.pl NTT SYSTEM SA PANOVA [NVA] MISPOL SA www.ntt.com.pl P.A. NOVA SA www.mispol.com.pl MWTRADE [MWT] www.pa-nova.com.pl M.W. TRADE SA ODLEWNIE [ODL] MIT [MIT] www.mwtrade.pl ODLEWNIE POLSKIE SA PATENTUS [PAT] MIT MOBILE INTERNET www.odlewniepolskie.pl PATENTUS SA TECHNOLOGY SA NETIA [NET] www.patentus.pl www.ppwk.pl NETIA SA OLYMPIC [OEG] www.netia.pl OLYMPIC PBG [PBG] MNI [MNI] ENTERTAINMENT PBG SA MNI SA NETMEDIA [NEM] GROUP AS www.pbg-sa.pl www.mni.pl NETMEDIA SA www.oc.eu www.netmedia.com.pl PBOANIOLA [PBO] ONE2ONE [O2O] PBO ANIOŁA SA ONE-2-ONE SA www.pboaniola.pl www.one-2-one.pl

184 WSE Main List

PBSFINANSE [PBF] PETROLINV [OIL] POLICE [PCE] PROCHNIK [PRC] PBS FINANSE SA PETROLINVEST SA ZAKŁADY CHEMICZNE PRÓCHNIK SA www.beefsan.com.pl www.petrolinvest.pl POLICE SA www.prochnik.com.pl www.zchpolice.com PROJPRZEM [PJP] PCCEXOL [PCX] PGE [PGE] PROJPRZEM SA PCC Exol SA PGE POLSKA GRUPA POLIMEXMS [PXM] www.projprzem.com www.pcc-exol.eu ENERGETYCZNA SA POLIMEX - MOSTOSTAL www.pgesa.pl SA PROTEKTOR [PRT] PCCINTER [PCI] www.polimex-mostostal.pl LUBELSKIE ZAKŁADY PCC INTERMODAL SA PGNIG [PGN] PRZEMYSŁU www.pccintermodal.pl POLSKIE GÓRNICTWO POLJADLO [PLJ] SKÓRZANEGO NAFTOWE POLSKIE JADŁO SA PROTEKTOR SA PCGUARD [PCG] I GAZOWNICTWO SA www.polskiejadlo.com.pl www.protektorsa.pl PC GUARD SA www.pgnig.pl www.pcguard.pl POLLENAE [PLE] PTI [PTI] PGODLEW [PGO] FABRYKA KOSMETYKÓW POWSZECHNE PEGAS [PGS] POLSKA GRUPA POLLENA-EWA SA TOWARZYSTWO PEGAS NONWOVENS SA ODLEWNICZA SA www.pollenaewa.com.pl INWESTYCYJNE SA www.pegas.cz www.pgo-sa.com.pl www.ptisa.pl POLMED [POM] PEKAES [PEK] PKNORLEN [PKN] POLMED SA PULAWY [ZAP] PEKAES SA POLSKI KONCERN www.polmed.pl ZAKŁADY AZOTOWE www.pekaes.com.pl NAFTOWY ORLEN SA PUŁAWY SA www.orlen.pl POLNA [PLA] www.zapulawy.pl PEKAO [PEO] ZAKŁADY AUTOMATYKI BANK POLSKA KASA PKOBP [PKO] POLNA SA PWRMEDIA [PWM] OPIEKI SA POWSZECHNA KASA www.polna.com.pl POWER MEDIA SA www.pekao.com.pl OSZCZĘDNOŚCI www.power.com.pl BANK POLSKI SA POLNORD [PND] PELION [PEL] www.pkobp.pl POLNORD SA PZU [PZU] PELION SA www.polnord.pl POWSZECHNY ZAKŁAD www.pelion.eu PLASTBOX [PLX] UBEZPIECZEŃ SA PRZETWÓRSTWO POZBUD [POZ] www.pzu.pl PEMUG [PMG] TWORZYW POZBUD T&R SA PRZEDSIĘBIORSTWO SZTUCZNYCH www.pozbud.pl QUANTUM [QNT] MONTAŻU KONSTRUKCJI PLAST-BOX SA QUANTUM SOFTWARE STALOWYCH www.plast-box.com PRAGMAFA [PRF] SA I URZĄDZEŃ PRAGMA FAKTORING SA www.quantum-software. GÓRNICZYCH PEMUG SA PLAZACNTR [PLZ] www.grupafinansowa.pl com www.pemug.com.pl PLAZA CENTERS N.V. www.plazacenters.com PRAGMAINK [PRI] QUERCUS [QRS] PEP [PEP] PRAGMA INKASO SA QUERCUS TFI SA POLISH ENERGY POINTGROUP [PGM] www.pragmainkaso.pl www.quercustfi.pl PARTNERS SA PLATFORMA MEDIOWA www.pepsa.com.pl POINT GROUP SA PRESCO [PRE] QUMAKSEK [QSM] www.point-group.pl P.R.E.S.C.O. GROUP SA QUMAK - SEKOM SA PEPEES [PPS] www.presco.pl www.qumak.pl PRZEDSIĘBIORSTWO POLAQUA [PQA] PRZEMYSŁU PRZEDSIĘBIORSTWO PRIMAMODA [PMA] RADPOL [RDL] SPOŻYWCZEGO ROBÓT PRIMA MODA SA RADPOL SA PEPEES SA INŻYNIERYJNYCH www.primamoda.com.pl www.radpol.com.pl www.pepees.pl POL-AQUA SA www.pol-aqua.com.pl PROCAD [PRD] RAFAKO [RFK] PERMEDIA [PMD] PROCAD SA RAFAKO SA ZAKŁADY CHEMICZNE POLCOLORIT [PLT] www.procad.pl www.rafako.com.pl PERMEDIA SA POLCOLORIT SA www.permedia.pl www.polcolorit.pl PROCHEM [PRM] RAFAMET [RAF] PROCHEM SA FABRYKA OBRABIAREK www.prochem.com.pl RAFAMET SA www.rafamet.com.pl

185 Fact Book 2013

RAINBOW [RBW] SADOVAYA [SGR] SNIEZKA [SKA] TALEX [TLX] RAINBOW TOURS SA SADOVAYA GROUP SA FABRYKA FARB I TALEX SA www.rainbowtours.pl www.sadovayagroup. LAKIERÓW www.talex.pl com ŚNIEŻKA SA RANKPROGR [RNK] SANOK [SNK] www.sniezka.pl TATRY [TMR] RANK PROGRESS SA SANOCKIE ZAKŁADY Tatry mountain resorts www.rankprogress.pl PRZEMYSŁU SOBIESKI [BVD] a.s. GUMOWEGO BELVEDERE SA www.tmr.sk REDAN [RDN] STOMIL SANOK SA www.belvedere.fr REDAN SA www.stomilsanok. TAURONPE [TPE] www.redan.com.pl com.pl SOLAR [SOL] TAURON POLSKA Solar Company S.A ENERGIA SA REGNON [REG] SANWIL [SNW] www.solar-company. www.tauron-pe.pl REGNON SA SANWIL HOLDING SA com.pl www.regnon.com www.sanwil.com TELL [TEL] SONEL [SON] TELL SA REINHOLD [RHD] SECOGROUP [SWG] SONEL SA www.tell.pl REINHOLD POLSKA SECO/WARWICK SA www.sonel.pl A.B. www.secowarwick. TERESA [TER] www.reinholdpolska. com.pl SOPHARMA [SPH] PANI TERESA-MEDICA com SOPHARMA AD SA SEKO [SEK] www.sopharma.bg www.pani-teresa. RELPOL [RLP] SEKO SA com.pl RELPOL SA www.rybki-seko.pl STALEXP [STX] www.relpol.com.pl STALEXPORT TESGAS [TSG] SELENAFM [SEL] AUTOSTRADY SA TESGAS SA REMAK [RMK] SELENA FM SA www.stalexport- www.tesgas.pl PRZEDSIĘBIORSTWO www.selenafm.com autostrady.pl MODERNIZACJI TFONE [TFO] URZĄDZEŃ SFINKS [SFS] STALPROD [STP] TELFORCEONE SA ENERGETYCZNYCH SFINKS POLSKA SA STALPRODUKT SA www.telforceone.com REMAK SA www.sfinks.pl www.stalprodukt.pl www.remak.com.pl TIM [TIM] SILVANO [SFG] STALPROFI [STF] TIM SA RESBUD [RES] AS SILVANO FASHION STALPROFIL SA www.tim.pl RESBUD SA GROUP www.stalprofil.com.pl www.resbud.pl www.silvanofashion.com TOYA [TOA] STAPORKOW [ZUK] TOYA SA ROBYG [ROB] SIMPLE [SME] ZAKŁADY URZĄDZEŃ www.toya.pl ROBYG SA SIMPLE SA KOTŁOWYCH www.robyg.com.pl www.simple.com.pl STĄPORKÓW SA TPSA [TPS] www.zuk.com.pl TELEKOMUNIKACJA RONSON [RON] SKOK [SKO] POLSKA SA RONSON EUROPE N.V. TOWARZYSTWO SUWARY [SUW] www.tp.pl; www. www.ronson.pl FINANSOWE SUWARY SA tp-ir.pl SPÓŁDZIELCZYCH www.suwary.com.pl ROPCZYCE [RPC] KAS TRAKCJA [TRK] ZAKŁADY OSZCZĘDNOŚCIOWO- SWISSMED [SWD] TRAKCJA POLSKA SA MAGNEZYTOWE KREDYTOWYCH SA SWISSMED CENTRUM www.trakcjapolska. ROPCZYCE SA www.tfskok.pl ZDROWIA SA com www.ropczyce.com.pl www.swissmed.pl SKOTAN [SKT] TRANSPOL [TRN] ROVESE [RSE] SKOTAN SA SYGNITY [SGN] TRANS POLONIA SA ROVSE SA www.skotansa.pl SYGNITY SA www.transpolonia.pl www.rovse.com www.sygnity.pl SKYLINE [SKL] TRAVELPL [TVL] RUBICON [RBC] SKYLINE INVESTMENT SYNTHOS [SNS] TRAVELPLANET.PL SA RUBICON PARTNERS SA SYNTHOS SA www.travelplanet.pl NFI SA www.skyline.com.pl www.synthosgroup. www.rpnfi.pl com

186 WSE Main List

TRITON [TRI] VOXEL [VOX] YAWAL [YWL] TRITON VOXEL SA YAWAL SA DEVELOPMENT SA www.voxel.pl www.yawal.com www. tritondevelopment.pl WADEX [WAX] ZAMET [ZMT] PRZEDSIEBIORSTWO ZAMET INDUSTRY SA TUP [TUP] PRODUKCYJNO www.zamet-industry. TUP SA HANDLOWE SA com.pl www.tup.com.pl www.wadex.pl ZASTAL [ZST] TVN [TVN] WANDALEX [WDX] ZASTAL SA TVN SA WANDALEX SA www.zastal.pl www.tvn.pl www.wandalex.pl ZELMER [ZLR] ULMA [ULM] URSUS [URS] ZELMER SA ULMA URSUS SA www.zelmer.pl CONSTRUCCION www.ursus.com.pl POLSKA SA ZEPAK [ZEP] www.ulma-c.pl WARIMPEX [WXF] ZE PAK SA WARIMPEX www.zepak.com.pl UNIBEP [UNI] FINANZ- UND UNIBEP SA BETEILIGUNGS AG ZETKAMA [ZKA] www.unibep.pl www.warimpex.com ZETKAMA SA www.zetkama.com.pl UNICREDIT [UCG] WASKO [WAS] UNICREDIT S.P.A WASKO SA ZPUE [PUE] www.unicreditgroup. www.wasko.pl ZPUE SA eu www.zpue.pl WAWEL [WWL] UNIMA [U2K] WAWEL SA ZREMB [ZRE] UNIMA 2000 www.wawel.com.pl ZAKŁAD BUDOWY SYSTEMY TELEINFOR- MASZYN MATYCZNE SA WESTAISIC [WES] ZREMB - CHOJNICE www.unima2000. WESTA ISIC SA SA com.pl www.westa.com.ua www.zremb-ch.com.pl ZUE [ZUE] VANTAGE [VTG] WIELTON [WLT] ZUE SA VANTAGE WIELTON SA www.grupazue.pl DEVELOPMENT SA www.wielton.com.pl www.vantage-sa.pl ZYWIEC [ZWC] WIKANA [WIK] GRUPA ŻYWIEC SA VARIANT [VRT] WIKANA SA www.grupazywiec.pl VARIANT SA www.wikana.pl www.variant.pl WILBO [WLB] VINDEXUS [VIN] WILBO SA GIEŁDA PRAW www.wilbo.com.pl MAJĄTKOWYCH VINDEXUS SA WISTIL [WST] www.gpm-vindexus.pl WISTIL SA www.wistil.pl VISTULA [VST] VISTULA GROUP SA WOJAS [WOJ] www.vistula.com.pl WOJAS SA www.wojas.com.pl VOTUM-PDA [VOTA] VOTUM SA WORKSERV [WSE] www.votum-sa.pl WORK SERVICE SA www.workservice.pl

187

WSE Main list

The Derivatives Market

Derivative instruments listed on the Warsaw to dynamic and static price limitations defi- Stock Exchange include futures contracts, ned versus the reference price. options and index participation units. The trading volume for all derivatives totalled Important events on the deri- 11.3 million items. The WSE derivatives market is the only such well-developed vatives market in 2012 market of derivative instruments among ex-  New classes of currency futures were changes of Central and Eastern Europe. At launched. Equity futures for four new the end of December 2012 the number of companies were offered for the first time, registered NIKs (unique investor numbers) i.e. Giełda Papierów Wartościowych w was 81,818. Open interest at the end of 2012 Warszawie SA, Boryszew SA, Kulczyk Oil totalled 147,900. Ventures Inc. and Synthos SA. As of 1 Ja- nuary 2013 the WSE offered equity futu- All derivatives are traded under the conti- res for shares in 22 companies. nuous trading system between 8:30 a.m.  BRE Bank assumed the role of the mar- and 5:30 p.m. There is an auction at the ket maker on the WIG20 options market. opening and the closing of the session, as is In total, the liquidity of options trading is the case with other instruments traded un- currently supported by six market ma- der the continuous system. After the closing kers: four domestic entities and two fo- auction a 5-minute post-auction trading ses- reign ones. The increased number of sion follows (5:30 to 5:35 p.m.). market makers in recent years significantly improved the liquidity of trading in this The Warsaw Stock Exchange also enables segment. block trades in derivatives (futures contracts  A change was introduced in the WIG20 and options). A block trade may be made at characteristics, i.e. the number of options a price which falls between the price varia- with the nearest expiry date was increa- tion limits on the central market. The WSE sed. defines the maximum and minimum allo-  The characteristics of all currency futures wable volume of a block trade. were modified. The change involved the transaction unit (contract size), which was As the organiser of trading, the Warsaw reduced ten times. According to the new Stock Exchange develops trading standards characteristics, one currency future com- for each derivative instrument, i.e. a deta- prises 1,000 units of the currency concer- iled description which specifies, for instan- ned (USD, EUR or CHF) instead of the pre- ce, the calculation method to establish the vious 10,000. instrument value, the first and last day of trading etc. On the other hand, the procedures of settlement and registration as well as the margin are defined by KDPW_CCP, which acts as clearing house. In order to ensure liquidity in futures trading, some WSE members act as market makers. This means that they sign a relevant agreement with the WSE under which they are obligated to maintain bid/ask quotes in the order book. Quotations of derivatives are subject

191 Fact Book 2013

Futures

The futures contracts traded on the WSE in Overall, currency futures generated a 2012 were based on WIG20 and mWIG40 trading volume of 960,900 in 2012. The ave- indices, currencies (USD, EUR, CHF) and rage monthly volume totalled 80,600 and shares of companies. In total, at the end of the highest monthly volume in 2012 was the year, there were 91 series of futures in recorded in September, reaching 112,500 trading, by 12 more than one year earlier. contracts. At the end of the year, open in- As in previous years, the index futures mar- terest in those instruments reached 24,100. ket generated the highest trading volumes. The highest figure for open interest was The Warsaw bourse is comparable to other recorded in November: 27,000. The most developed European markets with respect popular currency futures in 2012 were the to the scale of trading in these futures as USD/PLN ones. The trading volume in this it holds, again, the 4th position in Europe class of futures reached 821,800 contra- in terms of trading volume in index futures. cts, which represented 85.5% of the total trading volume in currency futures. WIG20 futures continued to be the most popular of all derivatives. The trading volume for these instruments amounted to The highest trading volume in futures is ge- 9.1 million contracts. The average monthly nerated by domestic individual investors, volume in 2012 was 756,000 contracts, and who accounted for 47% volume in 2012. the monthly volume peaked in June 2012 (1.02 million futures contracts). At the end of 2012, open interest for this instrument totalled 89,900 whereas this value peaked at the end of February 2012, reaching 132,100 instruments. WIG20 futures took the 8th position in terms of trading volume among all index futures across Europe.

In 2012, the WSE continued to expand its range of equity futures. Four new contracts were launched, for the following equities: Giełda Papierów Wartościowych w War- szawie SA, Boryszew SA, Kulczyk Oil Ven- tures Inc. and Synthos SA. As a result, 22 equity futures were offered at the WSE at the end of the year. The trading volume for equity futures reached 540,300. The average monthly volume totalled 45,000 contracts. The monthly peak, representing 63,800 contracts, was recorded in October 2012. At the end of 2012 open interest in equity futures totalled 8,200. The number of open interest was highest in November, reaching 18,100 contracts.

192 WSE Main list

Index futures contracts – key characteristics Contract symbol FXYZkrr, where: F – type of instrument XYZ – abbreviated name of underlying instrument (WIG20, WIG40) k – delivery month code (specified by the WSE) rr – last two digits of delivery year Multiplier PLN 10 Contract value Multiplier x Contract price Quotation unit Index points Contract delivery months For WIG20 futures: the nearest four months from among March, June, September, December. For mWIG40 futures: the nearest three months from among March, June, September, December.

Last trading day The trading day on the third Friday of the delivery month. If there is no trading session on that date, the last trading session day preceding the third Friday of the delivery month is taken. Expiry date The same as the last trading day First trading day for a new series The first trading day following the expiry of the previous contract series Final settlement price Final settlement price is determined on the contract expiry date as the arithmetic mean of all values of an index (WIG20, mWIG40) during the last hour of continuous trading and its value at the session close, having rejected 5 top and 5 bottom index values.

The next business day following the contract expiry date (day after Settlement date the last trading day) Settlement method Cash settlement in PLN

193 Fact Book 2013

Currency futures contracts – key characteristics Contract symbol FXYZkrr, where: F – type of instrument XYZ – abbreviated name of underlying instrument (EUR, USD, CHF) k – delivery month code (specified by the WSE) rr – last two digits of delivery year

Transaction unit EUR 10,000, USD 10,000 or CHF 10,000 (Contract size) Contract delivery months 3 subsequent calendar months + 3 subsequent months from the March calendar cycle. Last trading day The trading day on the third Friday of the delivery month. If there is no trading session on that date, the last trading session day preceding the third Friday of the delivery month is taken. Expiry date The same as the last trading day First trading day for a new series The first trading day following the previous contract expiry Final settlement price The average EUR, USD or CHF exchange rate determined by the National Bank of Poland at the fixing on the contract expiry date multiplied by 100. It is expressed to the nearest PLN 0.01 (per EUR 100, USD 100, or CHF 100). Final settlement value Final settlement price (per EUR 1, USD 1 or CHF 1) multiplied by contract size Settlement date The next business day following the contract expiry date Settlement method Cash settlement in PLN

Trading calendar for WIG20 futures and currency futures

1 2 3 4 5 6 7 8 9 10 11 12

March

June

September

December

March

June

September

December

194 WSE Main list

Stock futures contracts – key characteristics Contract symbol FXYZkrr, where: F – type of instrument XYZ – abbreviated name of underlying instrument k – delivery month code (specified by the WSE) rr – last two digits of delivery year

Number of shares per contract 1,000

Quotation unit PLN (per share) Contract value Product of contract price and number of shares per contract

Contract delivery months Three nearest months of the following cycle: March, June, September, December

Expiry date The same as the last trading day

First trading day for a new series The first trading day following the previous contract expiry date

Final settlement price The price of the last transaction in underlying shares, concluded on the trading session on the expiry date for the futures concerned.

Settlement date The next business day following the contract expiry date (after the last trading day)

Settlement method Cash settlement in PLN (after the last trading day)

Trading calendar for WIG40 futures and stock futures

1 2 3 4 5 6 7 8 9 10 11 12

March

June

September

December

March

June

September

195 Fact Book 2013

Futures contracts – key figures Futures contracts (total) 2012 2011 2010 2009 2008 Continuous trading Total turnover value (PLN million) 207 477 353 124 330 472 254 550 303 423 Average turnover value per session (PLN thousand) 833 240 1 406 869 1 306 212 1 010 119 1 208 857 Total volume (thousand) 10 212 14 280 13 614 13 225 12 085 Average volume per session 41 013 56 891 53 809 52 480 48 148 Number of transactions per session 12 196 17 487 14 413 16 916 15 785 Open interest (at year-end) 122 749 115 275 124 504 110 199 73 475 Number of series (at year-end) 91 79 55 37 40 Block trades Total turnover value (PLN million) 8 959 8 541 10 177 4 134 3 325 Total volume 380 198 329 405 395 461 199 552 148 690 Number of transactions 596 620 786 405 308 WIG20 futures 2012 2011 2010 2009 2008 Continuous trading Total turnover value (PLN million) 198 406 338 257 323 673 246 656 297 577 Average turnover value per session (PLN thousand) 796 811 1 347 638 1 279 340 978 794 1 185 565 Total volume (thousand) 8 697 13 313 13 086 12 567 11 600 Average volume per session 34 927 53 040 51 724 49 871 46 214 Number of transactions per session 10 014 14 786 13 026 15 172 14 497 Open interest (at year-end) 89 858 104 924 114 019 101 122 68 334 Liquidity ratio (%) 132.8 176.2 212.9 198.5 237.6 Number of series (at year-end) 4 4 4 4 4 Block trades Total turnover value (PLN million) 8 959 8 535 10 177 4 119 3 303 Total volume 380 198 329 205 395 461 199 022 143 520 Number of transactions 596 619 786 403 304 mWIG40 futures 2012 2011 2010 2009 2008 Continuous trading Total turnover value (PLN million) 335 767 834 580 646 Average turnover value per session (PLN thousand) 1 346 3 057 3 297 2 302 2 572 Total volume (thousand) 14 29 33 30 25 Average volume per session 56 116 130 120 101 Number of transactions per session 49 94 108 100 88 Open interest (at year-end) 564 530 801 898 446 Liquidity ratio (%) 1.5 2.4 3.5 3.5 4.1 Number of series (at year-end) 3 3 3 3 3 Block trades Total turnover value (PLN million) --- 6 ------Total volume --- 200 ------Number of transactions --- 1 ------

196 WSE Main list

Futures contracts – key figures (contd.) Stock futures 2012 2011 2010 2009 2008 Continuous trading Total turnover value (PLN million) 3 336 7 453 2 108 1 435 1 574 Average turnover value per session (PLN thousand) 13 396 29 695 8 331 5 693 6 272 Total volume (thousand) 540 738 375 466 326 Average volume per session 2 170 2 939 1 484 1 848 1 301 Number of transactions per session 1 252 2 053 942 1 179 921 Open interest (at year-end) 8 197 6 545 7 735 6 315 2 626 Liquidity ratio (%) 2.2 3.9 1.5 1.5 1.6 Number of series (at year-end) 66 54 30 18 18 Block trades Total turnover value (PLN million) ------21 Total volume ------5 170 Number of transactions ------4 CHF futures 2012 2011 2010 2009 2008 Total turnover value (PLN million) 190 2 540 232 280 140 Average turnover value per session (PLN thousand) 765 10 120 916 1 111 2 224 Total volume (thousand) 28 73 8 9 6 Average volume per session 114 291 30 37 90 Number of transactions per session 24 208 20 25 49 Open interest (at year-end) 2 642 813 597 201 153 Number of series (at year-end) 6 6 6 4 4 EUR futures 2012 2011 2010 2009 2008 Total turnover value (PLN million) 770 926 910 2 607 1 036 Average turnover value per session (PLN thousand) 3 093 3 689 3 595 10 346 4 126 Total volume (thousand) 111 22 23 59 29 Average volume per session 445 87 89 236 114 Number of transactions per session 116 59 59 167 41 Open interest (at year-end) 8 583 1068 639 957 1 082 Number of series (at year-end) 6 6 6 4 4 USD futures 2012 2011 2010 2009 2008 Total turnover value (PLN million) 4 439 3 180 2 716 2 992 2 437 Average turnover value per session (PLN thousand) 17 828 12 671 10 735 11 874 9 708 Total volume (thousand) 822 104 89 93 98 Average volume per session 3300 416 351 368 391 Number of transactions per session 742 287 258 273 220 Open interest (at year-end) 12 905 1 395 713 706 833 Number of series (at year-end) 6 6 6 4 4 Block trades Total turnover value (PLN million) ------15 --- Total volume ------530 --- Number of transactions ------2 --- * CHF futures have been traded since 30 September 2008. 197 Fact Book 2013

WIG20 options

At the end of 2012 a total of 120 series of op- the theoretical price calculated according to tions were traded (all of them were WIG20 the Black-Scholes model. Given the nature options). The trading volume for these in- of the instrument, margins are required only struments reached 715,400. The open inte- from option writers (those opening short rest at the end of 2012 amounted to 14,500. positions). Option buyers do not pay margins. WIG20 options held the 13th position in 2012 in terms of trading volume among index options in Europe. The WSE offers Eu- ropean style options, which means that they can be exercised only on the expiry date. As is the case with futures, trading in options is supported by market makers: under a contract signed with the WSE they are obliged to place their own sell/buy orders in the order book. The reference price for options is

WIG20 options – key characteristics Abbreviated name of OW20krccc, where: option O – type of instrument k – exercise month code (specified by the WSE) r – last digit of expiry year ccc – exercise price

Multiplier PLN 10 per index point

Option value Product of option price and multiplier

Quotation unit Index points

Expiry months Four nearest months of the following cycle: March, June, September, December

Expiry date The third Friday of the expiry month for the series. If there is no trading session on that date, the last trading session day preceding the third Friday of the expiry month is taken.

Last trading day The same as expiry date

Exercise price Equal to the value of the underlying instrument, with respect to which the settlement balance will be determined taking the multiplier into account

Exercise value Product of exercise price and multiplier

Settlement price Settlement price is determined on the expiry date as the arithmetic mean of all WIG20 values during the last hour of continuous trading and the WIG20 value as determined at the session close, having rejected 5 top and 5 bottom index values

Settlement value Product of settlement price and multiplier

Settlement date First business day following the date on which settlement price is determined

Settlement method Cash settlement in PLN

198 WSE Main list

Options – key figures Options 2012 2011 2010 2009 2008 Continuous trading Total turnover value (PLN million)* 15 672 21 819 13 653 7 878 8 261 Average turnover value per session (PLN million) 62.94 86.93 53.97 31.27 32.92 Turnover value by premium (PLN million) 179.47 276.72 158.31 192.09 231.59 Total volume (thousand) 680 064 832 106 546 842 399 708 325 203 Average volume per session 2 731 3 315 2 161 1 586 1 296 Number of transactions per session 650 789 688 590 485 Open interest (at year-end) 14 462 17 517 43 583 20 850 6 925 Liquidity ratio (%) 10.49 11.37 8.98 6.34 6.60 Number of series (at year-end) 120 122 106 110 138 Block trades Total turnover value (PLN million)* 597 1 743 3 234 512 34 Turnover value by premium (PLN million) 10.45 29.70 50.85 9.05 1.08 Volume 35 300 65 695 128 270 21 940 1 380 Number of transactions 99 175 430 65 3

* Value of trading at the closing price of the underlying instrument.

199 Fact Book 2013

MiniWIG20 – index participation units

Acquisition of an index participation unit An index participation unit is a financial in- (IPU) is equivalent to investment in a portfo- strument representing all constituent shares lio of shares issued by 20 constituent com- of an index. In terms of the expected rate panies of the index. IPUs are priced in PLN, of return, the purchase of this instrument is with the price of one unit being equal to 1/10 equivalent to a purchase of the constituent of the WIG20 value. IPUs offer potential ear- shares of an index, without the need to actu- nings to those who expect the value of the ally buy the specific constituent shares. index to rise (long position, i.e. purchase of IPUs traded on the WSE are based on the IPUs) as well as those who anticipate a dec- WIG20, an index which reflects the perfor- line (short position, i.e. sale of IPUs). mance of 20 largest listed companies.

IPUs – key figures 2012 2011 2010 2009 2008 Total turnover value (PLN thousand) 6 439 13 043 8 938 8 187 8 730 Average turnover value per session (PLN thousand) 26 52 35 32 35 Total volume (instruments) 28 610 50 040 36 240 42 161 36 327 Average volume per session 115 199 143 167 145 Number of transactions per session 7 7 9 12 7 Open interest (at year-end) 10 665 12 385 13 281 13 125 8 823 Number of series (at year-end) 1 1 1 1 1

WIG20 index participation units – key characteristics Abbreviated IPU name MW20 Underlying instrument WIG20 index Multiplier PLN 0.1 Value of an IPU Multiplier x Value of underlying instrument Quotation unit PLN per IPU Last trading day Penultimate trading day in December 2025. In exceptional cases, the WSE Management Board may set the last trading day to fall on a different date but must publish such information at least 4 weeks in advance.

Expiry date The date on which the settlement price is determined for the last time. The first day of trading after the last trading day. Fixed on: a) the third Friday of March, June, September or December. If no session is held on that day, the settlement price is fixed on the last trading date before that third Friday of March, June, September or December; b) on the expiry date. Settlement price Settlement price is determined as the arithmetic mean of all WIG20 values during the last hour of continuous trading and the WIG20 value as determined at the session close, having rejected 5 top and 5 bottom index values, multiplied by the multiplier.

Settlement value Equal to the settlement price

200 WSE Main list

Rights of IPU holders The holder may exercise IPU and receive a payment from the IPU writer equal to the settlement balance as at the first trading day following the exercise of the IPU Settlement balance The same as IPU settlement value As defined by KDPW_CCP. As a result of exercising, the unit holder Exercise rule receives the settlement balance.

Exercise date The date when the unit holder exercises his right or the trading day preceding the expiry date if the unit is not exercised earlier. The unit may be exercised on a trading day preceding each third Friday of March, June, September and December until the expiry date (or on that date). If: a) the day preceding the third Friday of March, June, September or December is not a trading day, the unit may be exercised on the last trading day before that date; b) the third Friday of March, June, September or December is not a trading day, the unit may be exercised on a trading day preceding the last trading day before the third Friday of March, June, September or December. The next business day following the date on which the settlement price is Settlement date determined Settlement method Cash settlement in PLN

It is only contributed by investors opening short positions. The minimum Margin contributed volume is defined by KDPW_CCP. An entity which maintains the investor’s by investor account may define a higher margin to be contributed by the investor.

201 Fact Book 2013

202

NewConnect

Information about NewConnect

NewConnect is an alternative trading plat- NewConnect flotation and which subse- form organised and run by the Warsaw quently collaborates with the issuer to en- Stock Exchange. NewConnect was launched sure proper adherence to obligations relat- on 30 August 2007, joining other European ed to mandatory disclosures. platforms of this kind, such as AIM in Lon- don or First North within the Scandinavian A company may raise capital through a pri- OMX Group. The launch of NewConnect vate placement (targeted at max. 99 inves- means that companies which do not meet tors) or a public offering (as on the regulated the admission criteria defined for the regu- market). lated market can still realistically consider a debut on the public market. NewConnect is A NewConnect IPO through a private place- intended for companies: ment (a closed offer, targeted exclusively to  in their initial phase of growth, building no more than 99 investors): a track record in business, as well as for  a resolution is adopted by the General market incumbents, Meeting regarding a private placement  seeking to raise between a few hundred and a NewConnect flotation; to a few dozen million Polish zlotys,  an application is submitted to the Nation-  with potentially high growth dynamics, al Depository for Securities for demateri- representing, in particular, innovative alisation of shares; the shares are regis- sectors, tered at the NDS;  intending to enter NewConnect as a  an application is submitted to the WSE re- step towards a flotation on the WSE’s questing shares to be introduced to New- Main List. Connect trading (attachments include an Authorised Adviser-approved informa- The path to NewConnect tion document);  within seven business days the WSE The Rules of the Alternative Trading System adopts a decision on bringing the shares (ATS) is the core document that regulates into trading (once the relevant resolution the initial public offering of shares on New- has been adopted, the information docu- Connect. ment is published on the NewConnect website); Only joint stock companies are allowed  a contract with a Market Maker is execut- to bring their shares to NewConnect. This ed; does not mean, however, that organisations  the company effects its IPO on NewCon- with other legal statuses are prevented from nect. holding a NewConnect flotation. However, in this case the owners need to transform A NewConnect IPO through a public offer- their organisation into a Polish joint stock ing: company or form a new joint stock com-  a resolution is adopted by the General pany and contribute the assets of their busi- Meeting regarding a public offering and a ness to such a new entity. NewConnect flotation;  a brokerage house and advisers are se- Companies which apply for their shares to lected; be traded under the ATS must first sign a  the relevant public information document contract with an Authorised Adviser i.e. (a prospectus or an information memo- a company which is responsible for their randum) is drawn up;

205 Fact Book 2013

 the Polish Financial Supervision Author- day, or the average turnover value exceed- ity approves the public information docu- ed PLN 5,000 per trading day; ment (a prospectus or an information  During the past six calendar months (includ- memorandum); ing the month of the periodic verification)  an application is submitted to the Nation- transactions involving the issuer’s shares al Depository for Securities for demateri- were made on at least a half of trading days alisation of shares; the shares are regis- applicable to those shares; tered at the NDS;  The average share price was higher than  an application is submitted to the WSE re- PLN 0.50 and the average volatility did not questing shares to be introduced to New- exceed 15%; Connect trading (attachments include a  The issuer’s shares have been quoted PFSA-approved prospectus or informa- on NewConnect for at least 12 calendar tion memorandum); months.  within seven business days the WSE adopts a decision on bringing the shares A company which is classified into NewCon- into trading (once the relevant resolution nect Lead receives a special marking in WSE has been adopted, the information docu- news services and is presented separately in ment is published on the NewConnect quotation tables. The list of companies classi- website); fied into NC Lead is reviewed once in a quarter  a contract with a Market Maker is executed; of a year.  the company effects its IPO on NewConnect. NewConnect High Liquidity Risk (NC HLR) NewConnect Segments The NC HLR segment includes companies which are considered to entail a higher liquid- NewConnect Lead ity risk. Companies are classified to this seg- NewConnect Lead within NewConnect is a ment on the basis of their market indices for segment for companies with a high potential the last three months. The criterion is defined for a transition to the WSE Main List. The aim as the average value of shares in free float not of the segment is to distinguish and promote exceeding PLN 1 million during the past three NewConnect leaders, and send a signal to months. investors about companies which have the potential to advance to the regulated market. Once a company has been classified into NC HLR, its shares are deleted from NewConnect Classification into this segment is based on indices, it receives a special marking in the quantitative and qualitative analysis. Qualita- WSE news services and is presented sepa- tive analysis verifies whether the issuer com- rately in quotation tables. The list of compa- plies with the rules and regulations applicable nies classified into NC HLR is reviewed once to the Alternative Trading System on NewCon- in a quarter of a year. nect, in particular the issuer’s performance with regard to mandatory disclosures defined NewConnect Super High Liquidity Risk (NC in the Rules of the Alternative Trading System. SHLR) This analysis also checks whether the issuer The NC SHLR segment includes companies adheres to corporate governance rules defined which are considered to entail a higher li- in ‘Best Practices for NewConnect Companies’. quidity risk and, additionally, experience high Quantitative analysis determines market indi- volatility of their share prices and whose as- cators for companies for the last six months. sets have been liquidated or a bankruptcy has Only companies which meet the following cri- been announced. teria may be classified into this segment:  The issuer’s average capitalisation exceeds Companies are classified to this segment on the PLN equivalent of EUR 5 million, and at the basis of their market indices for the last least 10% of the issuer’s shares are in free three months, i.e.: float on the classification date;  The average value of shares in free float in  The average number of transactions in the the last three months has not exceeded PLN issuer’s shares exceeded five per a trading 1 million,

206 NewConnect

 The average share price has been lower indices, it receives a special marking in the than PLN 0.10 or the average volatility has WSE news services and is presented separate- exceeded 10%, or ly in quotation tables, and its shares are trans-  The issuer has been declared bankrupt, or ferred to trading under the single-price system.  The liquidation of the issuer has been opened. The list of companies classified into NC SHLR is reviewed once in a quarter of a year. Once a company has been classified into NC SHLR, its shares are deleted from NewConnect

2012 on NewConnect

2012 saw continued growth of NewCon- sharing of knowledge and opinions connect. The market welcomed 89 IPOs, taking cerning companies’ activities. A special re- the first position in Europe in terms of IPOs porting requirement was introduced in the on regulated and alternative markets cov- case of companies which may give rise to ered by the PwC IPO Watch Europe report concerns regarding the safety of trading. for 2012. With 429 companies listed (incl. 8 foreign ones), the capitalisation of NewCon- Additionally, a new segmentation system nect reached PLN 11.1 billion at the end of was launched. Apart from NC Lead, two 2012 r. and was by 30% higher than the re- categories were introduced for companies spective value at the end of 2011. posing a liquidity risk: NC High Liquidity Risk (companies with free float capitalisa- The total value of trading on NewConnect in tion under PLN 1 million) and NC Super High 2012 reached PLN 1,303 million and was by Liquidity Risk (for companies from the HLR 33.4% higher than in 2011. The number of segment with an average share price under transactions in 2012 totalled 773,800 (which PLN 0.10 or volatility over 10%.). was by 28.6% lower). Meanwhile, according to a study conducted by the WSE, the high- The most recent changes concerning New- est share in NewConnect trading (as in previ- Connect have been in force since 1 March ous years), belonged to individual investors 2013. Among them is the introduction of a (73%). The share of domestic institutional minimum shareholding dispersion criterion investors stood at 17%, whereas foreign in- applicable to companies which are floated stitutional investors accounted for 10%. on the market for the first time. Addition- ally, the duration of a relationship with an In 2012 the WSE took steps to ensure a Authorised Adviser for NewConnect issuers greater degree of transparency and safety has been extended to three years and the of trading on NewConnect. In June 2012 limit of fines imposed on Authorised Advis- new regulations were introduced, with a ers and non-compliant companies has been more extensive catalogue of mandatory dis- elevated. closures and sanctions for non-compliance. More stringent requirements were imposed on Authorised Advisers as regards their the

207 Fact Book 2013

New companies on NewConnect in 2012 No. Company First quotation* Price of shares Change in price since Price of shares / rights to Issue first Date / rights to shares (PDA) offering price quotation shares (PDA) at year-end (PLN) (dd.mm) (PLN) (PLN) 1 UBOATLINE 1.00 3.01 0.73 0.95 -5.00 30.14 2 IMS 1.60 4.01 1.07 0.69 -56.88 -35.51 3 SFD 0.14 9.01 0.23 0.24 71.43 4.35 4 SLR 11.50 16.01 17.25 18.20 58.26 5.51 5 TILIA 40.00 17.01 53.00 125.00 212.50 135.85 6 QUART 3.00 19.01 3.90 3.65 21.67 -6.41 7 JANTAR 0.88 31.01 0.65 0.08 -90.91 -87.69 8 5THAVENUE 1.70 1.02 1.70 1.28 -24.71 -24.71 9 MBFACTORY 2.00 2.02 2.40 0.42 -79.00 -82.50 10 M10 0.10 6.02 0.15 0.07 -30.00 -53.33 11 FACHOWCY 1.32 15.02 1.63 0.13 -90.15 -92.02 12 PARTNER 0.14 16.02 0.11 0.11 -21.43 0.00 13 KOPAHAUS 0.70 17.02 0.95 1.20 71.43 26.32 14 PLAYMAKER 0.22 23.02 0.38 0.06 -72.73 -84.21 15 ADUMA 12.00 24.02 14.77 13.83 15.25 -6.36 16 MODECOM 20.00 28.02 16.50 14.00 -30.00 -15.15 17 IMMOFUND 0.35 9.03 0.44 0.14 -60.00 -68.18 18 OPTIZENLB 6.00 13.03 4.80 0.66 -89.00 -86.25 19 FARM51 6.40 14.03 3.78 3.88 -39.38 2.65 20 MODE 1.02 16.03 1.05 1.00 -1.96 -4.76 21 EDISON 1.30 30.03 1.95 3.20 146.15 64.10 22 IU 1.00 3.04 1.69 1.69 69.00 0.00 23 AUTOSPA 10.97 12.04 8.36 6.50 -40.75 -22.25 24 TWIGONET 3.45 13.04 3.68 3.27 -5.22 -11.14 25 LESNERUNO 1.00 23.04 1.13 1.06 6.00 -6.19 26 EONET 11.31 25.04 18.90 11.07 -2.12 -41.43 27 APOLLO 2.00 26.04 1.76 0.07 -96.50 -96.02 28 GMK 10.00 11.05 10.55 5.00 -50.00 -52.61 29 UNITED 0.99 14.05 0.99 0.56 -43.43 -43.43 30 CLOUD 1.20 18.05 1.86 2.20 83.33 18.28 31 FORPOSTA 11.00 22.05 14.60 13.00 18.18 -10.96 32 KKHERBAL 1.20 24.05 2.16 0.81 -32.50 -62.50 33 EKOKOGEN 0.77 25.05 0.80 0.64 -16.88 -20.00 34 INDEXMEDI 3.10 28.05 3.29 3.46 11.61 5.17 35 TRICEPS 2.20 4.06 2.72 2.20 0.00 -19.12 36 ALEJA 0.10 6.06 0.15 0.47 370.00 213.33

208 NewConnect

New companies on NewConnect in 2012 (contd.) No. Company First quotation* Price of shares Change in price since Price of shares / rights to Issue first Date / rights to shares (PDA) offering price quotation shares (PDA) at year-end (PLN) (dd.mm) (PLN) (PLN) 37 VGROUP 11.00 8.06 14.00 13.58 23.45 -3.00 38 VIVID 0.34 11.06 0.30 0.69 102.94 130.00 39 VENTURION 0.70 12.06 1.25 0.13 -81.43 -89.60 40 KME 0.10 13.06 0.10 0.03 -70.00 -70.00 41 INVENTI 0.54 15.06 0.69 0.89 64.81 28.99 42 OEM 1.00 15.06 1.52 0.53 -47.00 -65.13 43 AEDES 1.42 18.06 1.90 0.60 -57.75 -68.42 44 REKLAPL 0.13 19.06 0.10 0.04 -69.23 -60.00 45 YOURIMAGE 0.65 20.06 0.70 0.42 -35.38 -40.00 46 ADMASSIVE 7.00 21.06 7.80 14.85 112.14 90.38 47 VELTO 0.60 25.06 0.39 0.17 -71.67 -56.41 48 GOLDWYN 0.45 26.06 0.75 0.32 -28.89 -57.33 49 LSTECHHOM 1.25 27.06 1.10 1.14 -8.80 3.64 50 GONTYNIEC 20.00 4.07 21.94 21.80 9.00 -0.64 51 BAUMAL 2.00 5.07 3.00 9.52 376.00 217.33 52 ELEMENTAL 1.57 12.07 2.35 2.50 59.24 6.38 53 COLEOS 1.00 17.07 1.45 2.00 100.00 37.93 54 MOSTALWRO 1.00 18.07 1.42 2.30 130.00 61.97 55 ESPEROTIA 0.45 19.07 0.41 0.12 -73.33 -70.73 56 PILAB 2.00 20.07 3.60 9.40 370.00 161.11 57 FLYPL 0.50 27.07 0.90 2.63 426.00 192.22 58 ELKOPNRG 1.56 27.07 2.67 31.40 1 912.82 1 076.03 59 PLANETSOF 2.00 7.08 2.00 1.20 -40.00 -40.00 60 MADKOM 0.20 9.08 0.27 0.16 -20.00 -40.74 61 MERIT 2.00 22.08 2.80 0.34 -83.00 -87.86 62 LASERMED 1.15 29.08 1.30 1.29 12.17 -0.77 63 STERGAMES 0.60 30.08 1.08 0.56 -6.67 -48.15 64 PRYMUS 2.60 31.08 3.10 1.70 -34.62 -45.16 65 SFKPOLKAP 4.50 31.08 3.80 2.89 -35.78 -23.95 66 EBC 2.00 4.09 1.83 1.08 -46.00 -40.98 67 REVITUM 3.00 5.09 2.20 1.00 -66.67 -54.55 68 PRESTO-PDA 0.15 13.09 0.31 0.20 33.33 -35.48 69 BIOFACTOR 2.20 19.09 2.39 2.20 0.00 -7.95 70 TERMOREX 0.10 24.09 0.15 8.00 7 900.00 5 233.33 71 UNIMOTGAZ 2.85 26.09 3.00 3.00 5.26 0.00 72 ICPGROUP 2.35 27.09 3.39 2.80 19.15 -17.40

209 Fact Book 2013

NewConnect delistings in 2012 Suspension Last quotation No. Company date Reasons for delisting date (dd.mm.yy) (dd.mm.yy) Failure to comply with rules and 1 AVTECH 16.11.11 02.01.12 regulations guaranteeing the safety of ATS trading 2 MOBRUK 24.04.12 Transfer to WSE Main List 3 TMSBROKER 28.05.12 30.08.12 Abolishment of dematerialisation of shares 4 GREENTECH 01.10.12 Safety of trading 5 F24 01.10.12 Safety of trading 6 TONSILAC 01.10.12 Safety of trading Failure to comply with rules and 7 IQMEDICA 5.07.12 19.10.12 regulations applicable to ATS 8 VOXEL 22.10.12 Transfer to WSE Main List Failure to comply with rules and 9 SERENITY 8.10.12 30.10.12 regulations applicable to ATS Failure to comply with rules and 10 OPTONET 10.09.12 19.12.12 regulations applicable to ATS

210 NewConnect

Changes in nominal value on NewConnect in 2012 Date of last Date of quotation quotation after split/ No. Company before split/ Split ratio consolidation consolidation (dd.mm) (dd.mm) Splits 1 POLNOCNR 27.04 30.04 1:2 2 HOTBLOK 22.05 23.05 1:5 3 AITON 17.09 18.09 1:10 4 ELKOPNRG 26.10 29.10 1:500 Consolidations 1 ATSENERGY 27.04 30.04 1:50 2 VENO 18.05 21.05 1:155 3 PCZ 11.06 12.06 1:100 4 CERABUD 28.08 29.08 1:100 5 KUPIEC 24.09 25.09 1:10 6 ALEJA 20.11 21.11 1:10 7 LUG 23.11 26.11 1:25

Changes of company names on NewConnect in 2012 Change date No. Old name Old ticker New name New ticker (dd.mm) 1 FRESH24 F24 F24 F24 5.01 2 EENERGO EEN EASTSIDE ESC 16.02 3 PINOTCARO PCR WEGLOPEX WPX 10.04 4 TELECOMMD TCM OPTIZENLB OPT 9.05 5 INDEXCOP ICI IDH IDH 9.05 6 PRTRADE PTR INVICO IVC 16.05 7 ZAKUPY ZAK B2BPARTNER B2B 26.07 8 GOADVISER GOA LETUS LET 27.08 9 LEGALSTRM LEG PREMETINV PMI 27.08 10 BIOMEDINV BMV ASTORIA ACL 28.08 11 NOVAINV NOV DIGATE DGT 28.08 12 HMSG HMS APIS ASA 30.08 13 VICTORIA VIC 01CYBATON 01C 30.08 14 ADMUSIC AMU ADVERTIGO AVE 31.08 15 APACHEQ APQ VENTURION VIF 7.09

211 Fact Book 2013

Change date No. Old name Old ticker New name New ticker (dd.mm) 16 MWTENIS MWS SILVACG SCG 11.09 17 AUXILIUM AUX ECAUXILUM ECA 11.09 18 GUARDIER GRD APOLLO APC 25.09 19 DRKENDY DRK BOA BOA 18.10 20 BABY BAB GOLDWYN GCL 5.11 21 KINOMANIA KIN IMMOFUND IMF 20.11 22 MICROTECH MIC CUBEITG CTG 14.12 23 4STUDIO 4ST JANTAR JAN 17.12 24 PHOTON PHO PHOENIX PHO 28.12

Trading in shares and rights to shares (PDA) in 2012 (PLN million) Shares and rights to shares Total Continuous Single-price Block trades Other trading system January 69.6 0.0 6.3 --- 75.9 February 167.0 0.5 12.4 --- 179.9 March 192.7 1.9 29.2 --- 223.9 April 118.4 0.3 14.0 114.1 246.7 May 72.7 0.2 11.0 --- 83.9 June 54.4 0.0 22.9 --- 77.4 July 49.6 0.2 4.2 --- 53.9 August 86.4 0.3 10.2 --- 96.8 September 74.4 0.2 10.0 --- 84.5 October 78.2 1.8 3.9 --- 83.8 November 101.4 1.4 16.6 --- 119.4 December 67.9 1.4 21.5 --- 90.8

Total 1 132.6 8.3 162.0 114.1 1 416.9

212 NewConnect

Equities by trading value in 2012 No. Company Ticker Order-book trades Block trades Turnover Share Annual Average Average Average Turnover Number in turnover volume number number value of tran- turnover ratio per of tran- of orders sactions session sactions per per session (PLN million) (%) (%) (shares) session (PLN million) 1 ZWG ZWG 208.9 19.07 342.42 400 522 264 801 0.1 1 2 PSWCAPITA PCA 37.7 3.45 111.43 215 252 75 396 3 ATONHT ATO 27.5 2.51 95.35 61 270 55 288 4 INVENTI IVT 16.7 1.52 983.01 141 133 98 379 5 NICOGAMES NGS 15.8 1.45 139.39 1 027 717 42 896 6 DIGATE DGT 15.5 1.42 603.64 345 279 50 291 7 INVISTA INV 15.3 1.40 210.23 110 585 18 86 0.7 4 8 MDEVELOP MDE 15.1 1.38 381.47 300 725 44 280 9 FACHOWCY FAV 14.2 1.30 912.84 207 731 65 326 10 PARTNER PRN 13.8 1.26 772.77 478 000 51 232 11 LESNERUNO LES 13.2 1.21 368.54 67 096 47 170 1.5 4 12 PPG PPG 13.0 1.18 3.26 81 050 23 102 13 MEDICALG MDG 12.4 1.13 8.20 899 13 102 0.2 2 14 VENO VEN 12.2 1.11 3024.87 440 131 47 525 0.2 1 15 PREMETINV PMI 11.9 1.08 570.58 229 148 36 179 16 ONICO ONC 11.6 1.06 52.11 1 879 13 74 0.5 2 17 MGAMES MGS 11.4 1.04 161.09 584 916 213 610 18 BRIJU BRI 11.3 1.03 32.68 3 252 2 37 19 OPENNET OPE 11.2 1.02 812.13 22 700 42 184 20 DTP DTP 11.2 1.02 26.79 5 278 2 11 35.6 13 21 GOLDWYN GCL 10.4 0.95 1057.88 165 822 89 297 22 VOXEL VOX 10.0 0.91 11.56 3 536 16 72 0.8 3 23 MABION MAB 9.5 0.87 33.99 2 593 15 101 24 SERENITY SRT 9.3 0.85 94.36 708 003 28 667 25 TMSBROKER TMS 8.8 0.80 63.89 958 2 21 3.2 1 26 GENERGY GNR 8.7 0.80 44.25 136 927 28 187 3.1 8 27 HURTIMEX HRT 8.5 0.78 214.89 64 426 30 199 28 VEDIA VED 8.1 0.74 57.20 48 735 23 156 29 FLUID FLD 8.1 0.74 228.87 66 835 25 102 0.1 1 30 PLASMA PSM 7.7 0.70 70.03 2 611 7 48 0.7 2 31 AERFINANC AER 7.6 0.70 287.90 89 365 31 192 32 DEPEND DEP 7.6 0.69 295.00 97 567 37 208

213 Fact Book 2013

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share Annual Average Average Average Turnover Number in turnover volume number number value of tran- turnover ratio per of tran- of orders sactions session sactions per per session (PLN million) (%) (%) (shares) session (PLN million) 33 11BIT 11B 7.1 0.65 59.54 2 745 20 189 4.3 7 34 PLATIGE PLI 6.4 0.59 16.86 775 2 30 35 SYNEKTIK SNT 6.4 0.58 11.55 1 944 9 73 3.8 4 36 SILVACG SCG 6.2 0.57 422.39 64 546 27 159 37 DENTAMDC DAM 6.1 0.56 12.55 282 383 8 304 0.5 3 38 FUTURIS FUT 6.1 0.56 60.20 377 802 10 146 39 GKSKAT GKS 6.0 0.55 141.82 60 807 28 132 40 TROMEDIA TRO 5.8 0.53 57.12 28 283 10 57 0.7 7 41 LUG LUG 5.6 0.51 478.68 138 386 11 231 42 SMSKREDYT SMS 5.5 0.50 70.66 9 081 15 105 43 SCOPAK SCO 5.2 0.48 36.44 6 659 0 30 44 DAAH DAH 5.2 0.47 6.32 2 577 9 58 45 PRYMUS PRS 5.1 0.47 30.78 33 874 13 82 0.5 3 46 C2A C2A 5.0 0.45 105.04 173 397 19 122 47 WBAY WBY 5.0 0.45 151.77 168 670 21 223 48 PROGRES PRG 4.8 0.44 7.35 1 011 4 37 1.0 2 49 TERMOREX TRR 4.8 0.44 5.41 51 608 18 88 50 AZTEC AZC 4.8 0.43 28.00 3 512 14 133 51 IGORIA IGT 4.7 0.43 187.90 75 464 18 118 52 INTERNITY INT 4.6 0.42 12.32 3 772 2 26 0.5 1 53 ATCCARGO ATA 4.6 0.42 25.04 3 248 4 34 0.2 1 54 MARKA MRK 4.6 0.42 31.11 1 727 4 26 0.3 1 55 SOBET SOB 4.4 0.40 158.35 88 633 13 98 56 FONECO FNE 4.3 0.39 36.78 131 786 12 136 0.1 1 57 BLACKPOIN BPN 4.3 0.39 18.63 8 229 13 81 58 ESOTIQ EAH 4.3 0.39 63.80 587 3 27 6.7 9 59 M10 M10 4.2 0.39 132.82 106 255 16 113 60 BGE BGE 4.2 0.39 386.86 30 315 14 116 61 I3D I3D 4.2 0.38 17.73 5 965 14 99 0.5 4 62 WINDMOBIL WMO 4.1 0.37 23.54 3 092 10 56 63 PGSSOFT PSW 4.0 0.37 16.68 9 843 10 55 0.1 1 64 KOPAHAUS KOP 3.9 0.36 26.51 13 651 2 17 8.9 11

214 NewConnect

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share Annual Average Average Average Turnover Number in turnover volume number number value of tran- turnover ratio per of tran- of orders sactions session sactions per per session (PLN million) (%) (%) (shares) session (PLN million) 65 ORPHEE ORP 3.8 0.35 2.99 23 048 65 214 0.9 1 66 TPH TPH 3.8 0.35 4.94 5 829 7 44 67 MTC MTC 3.7 0.33 355.46 98 716 20 140 68 PLANETSOF PSF 3.6 0.33 232.31 23 465 22 108 69 ATSENERGY ATE 3.6 0.33 207.05 153 726 20 475 70 PROXYAD PXY 3.6 0.33 228.06 107 896 14 113 71 ORZLOPONY ORL 3.5 0.32 38.27 5 785 10 94 0.6 3 72 ADASTRA ADA 3.4 0.31 315.34 6 857 15 92 73 STOCKINFO STC 3.4 0.31 191.70 28 575 29 131 74 ELEMENTAL EMT 3.3 0.30 4.71 11 249 12 55 75 SZAR SZR 3.2 0.29 84.23 101 478 15 233 76 MAKORA MRA 3.2 0.29 38.55 66 418 14 107 77 DEMOLEN DEM 3.1 0.28 22.68 1 602 7 57 0.1 1 78 DASE DFG 3.1 0.28 199.06 24 203 15 98 79 EGB EGB 3.1 0.28 15.41 5 460 5 37 0.5 2 80 URLOPYPL URL 3.1 0.28 17.65 297 731 11 378 81 REKLAPL RPL 3.1 0.28 500.10 322 558 19 140 82 BROADGATE BDG 2.9 0.27 30.47 4 786 12 102 83 FARM51 F51 2.8 0.26 71.91 4 044 13 117 84 BLOOBER BLO 2.8 0.26 17.54 938 7 73 85 TELIANI TLV 2.7 0.25 81.52 18 727 16 171 86 FOREVEREN FOR 2.7 0.25 30.84 6 685 13 78 0.5 3 87 RUNICOM RUN 2.7 0.25 23.02 3 861 7 90 88 STERGAMES SGM 2.7 0.24 49.10 30 168 52 206 89 COOLMARK CLM 2.7 0.24 94.76 19 027 5 36 90 CSY CSY 2.6 0.24 25.92 6 693 7 51 0.3 1 91 TELESTR TLS 2.6 0.24 13.82 843 2 21 2.7 7 92 BALTICON BLT 2.6 0.23 49.73 50 926 12 183 93 BIOERG BER 2.6 0.23 45.54 12 534 12 115 0.8 3 94 DXD DXD 2.5 0.23 208.52 15 732 14 82 95 AGROLIGA AGL 2.4 0.22 11.80 146 6 65 96 RAJDY4X4 4X4 2.4 0.22 68.65 5 169 14 96

215 Fact Book 2013

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share Annual Average Average Average Turnover Number in turnover volume number number value of tran- turnover ratio per of tran- of orders sactions session sactions per per session (PLN million) (%) (%) (shares) session (PLN million) 97 GCINVEST GCI 2.4 0.22 3.84 3 858 2 11 98 SSI SSI 2.4 0.22 15.77 54 793 10 236 99 HOTBLOK HOT 2.4 0.22 44.74 125 787 12 89 100 EDISON EDN 2.4 0.22 66.59 5 158 10 37 101 NOVIAN NVN 2.4 0.21 12.22 861 686 7 526 102 LZMO LZM 2.3 0.21 13.89 4 482 3 19 0.2 1 103 GRAPHIC GRP 2.3 0.21 208.51 4 928 5 45 104 ARTEFE ART 2.2 0.20 46.66 149 922 7 285 105 COMPRESS COM 2.2 0.20 96.22 19 321 6 64 106 SCANMEDMM SCM 2.2 0.20 17.05 3 483 7 55 0.5 1 107 JANTAR JAN 2.2 0.20 176.21 43 720 13 151 108 PHOENIX PHO 2.2 0.20 9.86 9 107 7 89 109 BPC BPC 2.1 0.19 55.82 93 038 9 83 110 BIOMAXIMA BMX 2.1 0.19 26.28 1 300 7 66 1.6 5 111 RCUNION RCU 2.0 0.19 35.37 9 299 5 90 0.5 3 112 ROTOPINO ROT 2.0 0.18 40.73 3 306 2 55 6.1 3 113 ACREO ACR 1.9 0.18 66.32 4 395 9 87 114 RSY RSY 1.9 0.18 21.53 3 199 5 41 115 GPFCAUSA GPF 1.9 0.18 44.95 265 155 7 300 116 TABLEO TAB 1.9 0.17 137.58 3 868 6 35 117 5THAVENUE 5AH 1.9 0.17 6.78 5 318 4 41 0.2 1 118 IQMEDICA IQM 1.9 0.17 78.32 7 716 8 81 119 IMMOFUND IMF 1.9 0.17 58.58 33 809 12 56 120 REMEDIS REM 1.9 0.17 91.54 25 537 11 118 121 APIS ASA 1.8 0.17 172.93 171 799 10 203 122 EKOPOL EGH 1.8 0.17 38.05 2 119 3 41 123 NANOTEL NAN 1.8 0.17 142.44 4 062 8 81 124 STEMCELLS SCS 1.8 0.17 22.40 4 440 9 52 125 01CYBATON 01C 1.8 0.16 75.21 155 439 7 297 126 BIOMEDLUB BML 1.7 0.16 36.27 1 223 5 36 15.5 7 127 ASTORIA ACL 1.7 0.15 10.04 94 846 6 95 128 ECAUXILUM ECA 1.7 0.15 27.67 2 543 8 79 0.4 2

216 NewConnect

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share Annual Average Average Average Turnover Number in turnover volume number number value of tran- turnover ratio per of tran- of orders sactions session sactions per per session (PLN million) (%) (%) (shares) session (PLN million) 129 BALTONA BAL 1.7 0.15 2.15 972 5 19 130 GRODNO GRN 1.6 0.15 30.63 2 829 3 33 131 FORPOSTA FPO 1.6 0.15 26.74 928 1 25 132 FLYPL FLY 1.6 0.15 2.81 5 603 21 133 133 GRJAGUAR GJA 1.6 0.15 186.66 3 073 7 62 134 EPIGON EPI 1.6 0.14 33.31 41 141 4 135 135 IPODS IOD 1.6 0.14 65.67 3 165 10 118 136 OEM OEM 1.6 0.14 319.43 11 908 20 113 137 SPC SPC 1.6 0.14 46.93 30 042 8 73 138 WEEDO WDO 1.6 0.14 37.70 2 733 10 75 139 PLAYMAKER PMK 1.5 0.14 55.19 43 274 11 125 140 LUXIMA LUX 1.5 0.13 49.94 38 071 5 52 141 YELLOWHAT YEL 1.5 0.13 168.73 60 986 6 83 142 LIBERTY LTG 1.5 0.13 144.93 42 848 9 99 143 POLNOCNR PNR 1.5 0.13 46.48 8 177 9 118 144 BUDUS BDS 1.4 0.13 49.18 14 433 8 66 0.6 2 145 INNOGENE IGN 1.4 0.13 20.36 1 899 5 50 146 SMOKESHOP SMK 1.4 0.13 37.93 4 982 9 129 147 UBOATLINE UBT 1.4 0.13 64.82 6 801 8 73 148 DFP DFP 1.4 0.13 87.69 26 740 8 101 149 EMCAPITAL ECP 1.4 0.13 27.74 9 025 4 41 150 BLUETAX BTG 1.4 0.12 66.32 198 691 5 256 151 BAUMAL BAU 1.3 0.12 83.70 1 757 6 68 4.7 11 152 KUPIEC KPC 1.3 0.12 577.70 31 109 8 95 153 PPRICE PPR 1.3 0.12 53.05 42 768 7 64 154 COPERNIC CRS 1.3 0.12 1.75 43 0 13 1.5 1 155 LETUS LET 1.3 0.12 42.06 13 714 8 106 0.1 1 156 PHARMENA PHR 1.3 0.12 1.62 409 1 27 157 ROBINSON RBS 1.3 0.12 50.00 653 5 47 158 CWPE CWP 1.3 0.12 92.03 11 088 8 82 159 TERRA TRA 1.2 0.11 46.34 2 925 8 65 160 VENTUREIN VTI 1.2 0.11 44.70 12 279 6 80

217 Fact Book 2013

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share Annual Average Average Average Turnover Number in turnover volume number number value of tran- turnover ratio per of tran- of orders sactions session sactions per per session (PLN million) (%) (%) (shares) session (PLN million) 161 CUBEITG CTG 1.2 0.11 6.24 3 358 4 50 0.9 4 162 GLOBALTR GTR 1.2 0.11 59.90 14 682 7 59 0.5 3 163 LANGLOO LAN 1.2 0.11 67.54 49 157 6 77 164 MBPARTNER MBP 1.2 0.11 60.85 41 543 7 143 165 DIRECTES DES 1.1 0.10 45.41 10 475 5 54 166 MGMSYS MGM 1.1 0.10 54.79 27 584 98 312 167 KKHERBAL KKH 1.1 0.10 40.29 5 580 14 91 168 SARE SAR 1.1 0.10 13.79 1 067 2 34 0.2 1 169 SFD SFD 1.1 0.10 28.51 31 399 3 20 170 KOMFORTKM KKM 1.1 0.10 238.35 101 464 4 102 171 VISION VIV 1.1 0.10 33.40 137 481 5 336 172 AQUAPOZ AQA 1.1 0.10 20.45 521 3 41 0.4 2 173 GENOMED GEN 1.1 0.10 75.47 310 1 13 174 ECOTECH ECO 1.1 0.10 108.61 4 060 3 30 175 DRUKPAK DRU 1.1 0.10 2.04 261 1 16 0.4 1 176 BIOGENED BGD 1.0 0.09 5.05 103 3 37 1.6 2 177 INTWORKS IWS 1.0 0.09 101.44 5 948 8 90 178 GRUPAREC GRC 1.0 0.09 18.74 284 2 42 179 HORTICO HOR 1.0 0.09 5.18 2 325 3 42 180 INBOOK INB 1.0 0.09 21.64 5 266 6 66 181 VIVID VVD 1.0 0.09 6.64 17 867 13 83 182 DOMENOMAN DOA 1.0 0.09 39.39 6 443 3 27 0.2 2 183 INPOINT IPT 1.0 0.09 13.62 2 704 4 31 184 NEMEX NMX 1.0 0.09 149.14 38 527 8 81 185 STARKDEV STR 1.0 0.09 11.29 299 804 7 407 186 EKANCELAR EKA 1.0 0.09 5.13 1 459 4 39 187 EMMERSON EMM 1.0 0.09 22.42 13 721 4 65 188 KOMPLEKS KMS 0.9 0.09 117.64 6 387 5 73 189 MEW MSA 0.9 0.08 7.86 766 4 42 190 SELVITA SLV 0.9 0.08 3.92 948 3 43 191 WESTREAL WRE 0.9 0.08 38.03 3 704 4 26

218 NewConnect

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share Annual Average Average Average Turnover Number in turnover volume number number value of tran- turnover ratio per of tran- of orders sactions session sactions per per session (PLN million) (%) (%) (shares) session (PLN million) 192 ADUMA ADU 0.9 0.08 12.69 322 2 21 0.9 1 193 MAXIMUS MAX 0.9 0.08 94.48 22 910 5 130 2.7 11 194 OPTIZENLB OPT 0.9 0.08 26.51 5 054 5 66 195 EUROSNACK ECK 0.9 0.08 48.42 8 064 2 30 2.4 5 196 ORIONINV ORN 0.9 0.08 2.61 113 3 21 197 EXDEBT EXD 0.9 0.08 84.72 12 959 4 55 1.6 1 198 MOSTALWRO MWO 0.9 0.08 1.16 4 146 6 27 199 VELTO VEL 0.9 0.08 65.92 42 595 8 40 200 KLON KLN 0.8 0.08 29.69 7 107 6 90 2.0 2 201 VIAGUARA VGR 0.8 0.08 42.62 119 625 4 188 202 SEVENET SEV 0.8 0.07 13.98 3 748 4 48 203 ERS ERS 0.8 0.07 56.51 5 287 5 56 204 MOTORICUS MTR 0.8 0.07 46.36 5 660 6 96 205 TRICEPS TRC 0.8 0.07 22.52 1 239 11 49 206 APOLONIA APO 0.8 0.07 43.76 12 741 5 50 207 MAKOLAB MLB 0.8 0.07 41.52 2 626 3 43 208 PARTEX PAR 0.8 0.07 191.21 86 192 4 59 209 STIGROUP STI 0.8 0.07 31.46 18 956 6 77 210 HEFAL HEF 0.8 0.07 27.84 4 477 6 90 0.4 2 211 POLMAN PLM 0.8 0.07 23.49 11 667 2 25 0.4 2 212 TAMEX TOS 0.8 0.07 3.09 2 413 1 12 213 XSYSTEM XSM 0.8 0.07 203.35 3 267 5 55 214 DIGITAL DGL 0.8 0.07 11.93 5 434 3 83 215 FITEN FTN 0.8 0.07 1.93 958 2 15 0.1 1 216 PCZ PCZ 0.8 0.07 34.53 5 481 5 71 217 POLFA PLF 0.7 0.07 90.93 1 562 4 43 218 SUNTECH SUN 0.7 0.07 17.82 7 830 3 75 219 CCTOOLS CCT 0.7 0.07 18.87 3 524 4 56 220 INCANA ICA 0.7 0.07 18.60 5 472 2 38 221 MAGNIFICO MGF 0.7 0.07 31.94 4 868 5 69 222 FINHOUSE FIN 0.7 0.07 57.14 2 553 3 41

219 Fact Book 2013

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share Annual Average Average Average Turnover Number in turnover volume number number value of tran- turnover ratio per of tran- of orders sactions session sactions per per session (PLN million) (%) (%) (shares) session (PLN million) 223 RUCHCHORZ RCW 0.7 0.07 6.38 2 314 7 75 0.4 3 224 STARFIT SFI 0.7 0.07 33.63 839 4 50 225 ABSINVEST AIN 0.7 0.06 5.47 10 763 3 88 226 AITON AIT 0.7 0.06 22.97 335 3 33 7.7 20 227 ARTNEWMED ANM 0.7 0.06 29.69 11 936 5 64 228 INFOSYS IFS 0.7 0.06 5.16 851 3 36 229 AUTOSPA ASP 0.7 0.06 29.11 515 4 40 230 MODECOM MOD 0.7 0.06 153.43 297 5 47 0.9 3 231 OPTONET OTN 0.7 0.06 79.27 7 585 4 40 232 CLOUD CLD 0.7 0.06 10.12 2 155 2 13 233 VIDIS VDS 0.7 0.06 12.92 1 772 3 33 234 SLR SLR 0.7 0.06 2.82 169 1 14 235 SMT SMT 0.7 0.06 2.11 205 2 33 0.2 1 236 T2INVEST T2I 0.7 0.06 11.66 2 881 3 47 237 EMPORIUM EMR 0.6 0.06 40.43 6 442 3 28 238 GALVO GAL 0.6 0.06 68.45 3 479 2 37 0.1 1 239 GEOINVENT GEO 0.6 0.06 34.58 25 708 4 85 240 ICPD ICD 0.6 0.06 23.77 5 740 3 47 241 KCSP KCS 0.6 0.06 60.22 5 654 5 64 242 CERABUD CER 0.6 0.06 3454.21 86 470 7 226 243 EPICTURES EAP 0.6 0.06 40.17 2 240 5 59 0.1 1 244 EASTSIDE ESC 0.6 0.05 15.72 107 095 4 141 245 INWAZJAPC IPC 0.6 0.05 69.71 26 779 4 53 246 DANKS DNS 0.6 0.05 8.59 1 579 2 42 247 TAXUSFUND TXF 0.6 0.05 26.03 8 489 5 56 248 TONSILAC TAC 0.6 0.05 85.33 99 579 5 131 249 ABEONET ABO 0.6 0.05 59.93 1 444 2 62 250 GWARANT GWR 0.6 0.05 77.46 878 4 40 11.6 7 251 FABRFORMY FFO 0.6 0.05 24.11 4 557 3 71 0.8 1 252 NFPL NFP 0.6 0.05 6.28 1 241 3 40 0.8 3 253 BGSENERGY BGS 0.6 0.05 1.66 1 011 1 21 254 EZO EZO 0.6 0.05 3.41 320 2 50

220 NewConnect

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share Annual Average Average Average Turnover Number in turnover volume number number value of tran- turnover ratio per of tran- of orders sactions session sactions per per session (PLN million) (%) (%) (shares) session (PLN million) 255 GOLAB GOL 0.6 0.05 52.83 7 703 3 37 256 INTELIWIS ITL 0.6 0.05 7.96 2 002 4 75 257 MERA MER 0.6 0.05 5.47 1 109 4 114 258 SFKPOLKAP SFK 0.5 0.05 10.84 1 784 9 79 259 XPLUS XPL 0.5 0.05 19.76 13 096 3 53 260 BINARY BHX 0.5 0.05 9.71 1 059 3 64 261 IMS IMS 0.5 0.05 1.46 1 944 3 29 262 BIOMAX BIM 0.5 0.05 9.24 1 484 5 51 263 INWESTPL INW 0.5 0.05 14.83 4 684 2 28 264 M4B M4B 0.5 0.05 27.87 4 724 2 38 265 PILAB PIL 0.5 0.05 19.65 981 2 40 0.2 1 266 ALKAL ALK 0.5 0.04 5.26 749 3 41 267 WDBBU WDB 0.5 0.04 11.94 6 142 3 49 268 POSITIVE POS 0.5 0.04 13.39 1 998 1 47 1.6 3 269 WIERZYCL WRL 0.5 0.04 23.42 24 743 3 79 270 ADMASSIVE AMG 0.5 0.04 18.66 391 5 42 0.1 1 271 DORADCY24 D24 0.5 0.04 9.34 140 271 3 369 272 IDH IDH 0.5 0.04 3.94 126 570 5 205 273 PREMFOOD PFR 0.5 0.04 7.66 1 737 3 30 274 ZOC ZOC 0.5 0.04 22.17 1 699 4 35 275 ELKOPNRG ENR 0.5 0.04 0.00 1 1 8 276 AKCEPTFIN AFC 0.5 0.04 37.52 1 507 1 18 277 READGENE RDG 0.5 0.04 14.14 848 3 52 278 COMPERIA CPL 0.4 0.04 7.55 74 1 35 279 COLEOS CLO 0.4 0.04 0.74 2 401 4 24 280 IPOSA ISA 0.4 0.04 21.16 7 742 5 94 281 SURFLAND SSK 0.4 0.04 15.50 1 613 3 64 282 LSTECHHOM LSH 0.4 0.04 2.30 2 998 8 81 283 MINOX MNX 0.4 0.04 6.42 3 731 2 58 284 QUART QRT 0.4 0.04 6.00 461 1 20 285 STANUSCH STT 0.4 0.04 85.02 843 3 48 286 APS APS 0.4 0.04 10.05 766 2 32

221 Fact Book 2013

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share Annual Average Average Average Turnover Number in turnover volume number number value of tran- turnover ratio per of tran- of orders sactions session sactions per per session (PLN million) (%) (%) (shares) session (PLN million) 287 INVESTREM ITX 0.4 0.04 48.28 7 271 2 45 288 MALKOWSKI MMA 0.4 0.04 6.65 2 146 2 54 289 HYDRAPRES HPS 0.4 0.04 2.78 4 018 2 33 290 INVICO IVC 0.4 0.04 5.30 797 1 20 291 IU IUS 0.4 0.04 55.02 1 331 4 40 292 MILKPOL MLP 0.4 0.04 6.15 2 929 2 42 293 MARSOFT MAR 0.4 0.03 48.40 5 690 3 72 294 S4E S4E 0.4 0.03 3.83 259 1 43 295 ALEJA ALS 0.4 0.03 202.29 36 260 11 100 296 GONTYNIEC BRO 0.4 0.03 1.42 136 2 30 297 SAKANA SKN 0.4 0.03 13.48 3 646 2 80 298 WIDOKEN WDK 0.4 0.03 39.07 1 427 1 25 299 EKIOSK EKS 0.4 0.03 26.16 7 289 3 54 0.2 1 300 ESKIMOS ESK 0.4 0.03 15.64 2 919 3 52 301 NOTORIA NTS 0.4 0.03 38.27 351 1 14 0.4 2 302 APOLLO APC 0.3 0.03 112.62 10 996 5 57 303 EMUZYKA EMU 0.3 0.03 4.67 1 410 1 35 304 TILIA TIL 0.3 0.03 5.29 22 2 33 2.2 4 305 8FORMULA 8FO 0.3 0.03 24.26 974 2 34 306 B2BPARTNER B2B 0.3 0.03 6.08 3 562 1 58 307 BOA BOA 0.3 0.03 51.61 4 345 3 31 308 EBC EBC 0.3 0.03 7.59 2 846 6 63 309 EMONT ELM 0.3 0.03 11.67 3 045 1 43 310 ESPEROTIA EEI 0.3 0.03 7.85 15 247 3 32 0.1 1 311 MEDIANPOL MDN 0.3 0.03 57.31 6 191 2 29 312 VENTURION VIF 0.3 0.03 45.34 4 453 8 56 313 EFICOM EFI 0.3 0.03 19.65 2 446 3 47 314 EONET EON 0.3 0.03 1.00 121 2 38 315 MOBINI MOB 0.3 0.03 41.80 671 2 28 316 MORIZON MZN 0.3 0.03 1.81 796 1 13 317 STOPKLA STK 0.3 0.03 5.46 499 2 44 318 WEGLOPEX WPX 0.3 0.03 8.64 6 795 4 48

222 NewConnect

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share Annual Average Average Average Turnover Number in turnover volume number number value of tran- turnover ratio per of tran- of orders sactions session sactions per per session (PLN million) (%) (%) (shares) session (PLN million) 319 ALDA ALD 0.3 0.03 41.57 1 078 3 40 320 ALUMAST ALU 0.3 0.03 13.17 1 845 2 55 321 CALESCO CLS 0.3 0.03 92.74 832 1 32 322 WASPOL WAP 0.3 0.03 11.95 1 430 2 40 323 NAVIMORIN NIN 0.3 0.03 2.29 246 2 29 324 NWAI NWA 0.3 0.03 3.07 142 1 24 325 MODE MOE 0.3 0.03 5.05 1 522 3 41 326 TELEMEDPL TMP 0.3 0.03 4.33 268 2 39 0.6 4 327 VERBICOM VRB 0.3 0.03 7.40 1 093 3 52 328 EASYCALL ECL 0.3 0.02 12.14 591 1 38 329 GRUPAHRC HRC 0.3 0.02 48.48 1 947 1 44 330 MERIT MEI 0.3 0.02 23.46 4 361 5 44 331 PREFABET PBB 0.3 0.02 1.78 63 0 9 332 VCP VCP 0.3 0.02 37.71 720 2 59 333 DEKTRA DKR 0.3 0.02 3.17 77 1 26 334 FHDOM FHD 0.3 0.02 0.61 959 10 32 335 SYMBIO SYM 0.3 0.02 9.97 525 2 59 336 ABAK ABK 0.3 0.02 5.43 543 1 22 337 ANALIZY AOL 0.3 0.02 27.71 98 1 26 3.9 7 338 BRASTER BRA 0.3 0.02 0.88 5 412 17 93 339 BUDOSTAL5 BL5 0.3 0.02 31.94 7 634 2 32 340 DOMLEK DLK 0.3 0.02 25.67 41 1 28 341 EUROTAX ETX 0.3 0.02 1.16 232 1 38 342 JDB JDB 0.3 0.02 14.00 13 832 2 69 343 LAURENPES LPS 0.3 0.02 26.28 22 689 2 80 344 POLTRONIC PTN 0.3 0.02 68.86 1 444 1 12 0.5 3 345 ISIAG ISG 0.2 0.02 4.20 842 2 25 346 MONTUHOLD MTH 0.2 0.02 26.66 321 2 65 347 AEDES AED 0.2 0.02 40.51 3 913 4 48 0.5 1 348 VENITI VNT 0.2 0.02 5.65 276 1 28 349 YURECO YCO 0.2 0.02 3.22 819 2 36 350 ASSETUS ASS 0.2 0.02 1.20 108 3 45

223 Fact Book 2013

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share Annual Average Average Average Turnover Number in turnover volume number number value of tran- turnover ratio per of tran- of orders sactions session sactions per per session (PLN million) (%) (%) (shares) session (PLN million) 351 BLIRT BLR 0.2 0.02 6.41 441 1 30 352 MOMO MOM 0.2 0.02 21.98 3 531 2 46 353 AGROMA AGM 0.2 0.02 6.43 2 145 1 76 354 EKOBOX EBX 0.2 0.02 4.26 313 2 26 355 MADKOM MAD 0.2 0.02 2.09 8 948 6 61 356 MOBRUK MBR 0.2 0.02 0.60 27 1 10 357 SITE STE 0.2 0.02 8.90 8 762 2 70 358 UNIMOTGAZ UGZ 0.2 0.02 2.87 1 123 6 46 359 ARTBIZNES ABI 0.2 0.02 1.57 2 613 5 31 360 BBCONSULT BBA 0.2 0.02 1.61 2 469 10 69 361 MBFACTORY MBF 0.2 0.02 27.12 3 336 9 73 362 SUNEX SNX 0.2 0.02 7.08 3 444 2 41 363 BIOMASS BEP 0.2 0.02 4.73 16 367 17 101 364 CODEMEDIA COD 0.2 0.02 12.26 25 1 18 365 ACARTUS ACA 0.2 0.02 32.15 3 227 2 34 366 MAXIPIZZA MXP 0.2 0.02 27.72 2 903 1 54 367 MEDIACAP MCP 0.2 0.02 6.97 1 914 2 55 0.1 1 368 EXAMOBILE EXA 0.2 0.02 7.34 15 203 44 170 369 IZOBLOK IZB 0.2 0.02 1.53 25 1 13 370 EKOKOGEN EKG 0.2 0.01 24.96 1 554 1 42 0.7 6 371 GREMPCO GRM 0.2 0.01 11.83 1 341 2 46 372 INDEXMEDI INX 0.2 0.01 16.34 329 2 47 373 ASTRO ASR 0.2 0.01 0.59 235 2 71 374 LASERMED LSR 0.2 0.01 2.11 1 344 3 35 375 LOKATYBUD LBD 0.2 0.01 22.73 1 710 1 36 376 PFH PFH 0.2 0.01 1.41 79 2 15 0.4 1 377 SWISSPSM SWP 0.2 0.01 2.50 409 1 32 378 TECHMADEX TDX 0.2 0.01 1.00 97 3 35 379 AQUABB AQU 0.1 0.01 0.12 57 1 36 380 FININT FIP 0.1 0.01 12.84 340 1 31 381 IBCPOLSKA IBC 0.1 0.01 4.91 584 4 45 382 VGROUP VGS 0.1 0.01 1.88 102 0 24

224 NewConnect

Equities by trading value in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share Annual Average Average Average Turnover Number in turnover volume number number value of tran- turnover ratio per of tran- of orders sactions session sactions per per session (PLN million) (%) (%) (shares) session (PLN million) 383 BPI BPI 0.1 0.01 9.37 1 592 1 28 384 MINERAL MND 0.1 0.01 2.75 637 0 16 385 MPLVERBUM VER 0.1 0.01 11.80 685 2 35 386 ORGANIC ORG 0.1 0.01 0.72 90 1 28 387 POLSKIHR PLH 0.1 0.01 3.28 1 548 2 51 388 RODAN ROD 0.1 0.01 1.07 480 1 22 389 TAXNET TXN 0.1 0.01 18.36 393 1 16 390 AIRMARKET AIR 0.1 0.01 6.11 406 2 51 391 KME KME 0.1 0.01 64.53 28 133 4 59 392 PAKADEMIA PAK 0.1 0.01 1295.31 10 574 2 43 393 GMK GMK 0.1 0.01 1.43 93 1 11 394 IAI IAI 0.1 0.01 11.15 294 1 41 395 JRINVEST JRI 0.1 0.01 1.07 939 3 25 396 WAKEPARK WPK 0.1 0.01 10.58 6 454 8 58 397 BLUMERANG BLU 0.1 0.01 1.08 417 1 35 398 CASPAR CSR 0.1 0.01 1.66 10 0 17 399 ADMIRAL ADM 0.1 0.01 2.50 447 0 23 0.2 2 400 BIOFACTOR BFC 0.1 0.01 1.99 548 3 19 401 F24 F24 0.1 0.01 5.38 6 598 1 31 402 GREENENER GRE 0.1 0.01 23.93 1 810 1 41 403 ONERAY ORI 0.1 0.01 3.34 5 106 1 33 404 SEKA SEA 0.1 0.01 0.67 54 1 26 405 ADVERTIGO AVE 0.1 0.01 5.86 2 059 1 20 406 REVITUM REV 0.1 0.01 6.13 496 2 25 407 SYNKRET SYN 0.1 0.01 0.29 32 1 24 408 WERTHHOLZ WHH 0.1 0.01 0.46 854 1 16 409 WODKAN WOD 0.1 0.01 0.25 51 0 17 410 YOURIMAGE YOU 0.1 0.01 5.97 931 2 17 411 GOTFI GTF 0.1 0.01 0.49 32 1 31 412 KORBANK KOR 0.1 0.01 3.00 233 1 37 413 MPAY MPY 0.1 0.01 0.71 1 273 0 21 414 GPPI GPP 0.1 0.01 10.35 862 0 33

225 Fact Book 2013

226 NewConnect

Equities by rate of return in 2012

No. Company Rate of return since Price year-beginning (%) Low High Year-end (PLN) (EUR) (PLN) (PLN) (PLN) 1 TERMOREX 7900 8587.61 0.15 8.5 8 2 ELKOPNRG 1918.77 2088.38 1111.00 15700.00 31.40 3 BIOMASS 1000.00 1094.69 0.15 1.20 1.10 4 ZWG 430 474.44 0.67 5.65 4.77 5 FLYPL 426 470.23 0.75 10.70 2.63 6 BAUMAL 376.00 416.01 3.00 13.56 9.52 7 GOLDWYN 273.33 304.44 0.13 2.80 0.32 8 PREMETINV 250 280.09 0.07 0.6 0.35 9 TILIA 212.5 238.75 37 125 125 10 PGSSOFT 204.45 230.07 0.86 2.69 2.58 11 MOMO 200 225 0.11 0.40 0.36 12 VIVID 187.5 211.79 0.23 0.95 0.69 13 MEDICALG 158.82 180.57 24.10 76.99 66.00 14 BGE 157.73 179.42 0.03 2.99 2.50 15 EDISON 146.15 166.87 1.55 3.49 3.20 16 MOSTALWRO 130 149.34 1.27 2.33 2.30 17 INVISTA 122.22 141.08 0.25 0.81 0.60 18 KUPIEC 118.57 137.66 0.07 1.76 1.53 19 RAJDY4X4 114.93 133.04 0.68 5.28 1.09 20 ADMASSIVE 112.14 129.96 4.40 16.10 14.85 21 HORTICO 106.86 124.3 1.02 2.48 2.11 22 COLEOS 100 116.83 1.30 2.00 2.00 23 NFPL 88.52 104.38 1.10 2.57 2.30 24 PCZ 85.98 101.7 0.17 52.00 49.92 25 FHDOM 85 100.54 10.60 19.78 18.50 26 CLOUD 83.33 98.71 1.55 3.46 2.20 27 HURTIMEX 71.43 86.11 0.17 0.78 0.36 28 KOPAHAUS 71.43 85.8 0.76 1.53 1.20 29 SFD 71.43 85.8 0.11 0.25 0.24 30 PILAB 70.91 85.27 3.01 9.99 9.40 31 IU 69 83.22 1.22 2.60 1.69 32 GRUPAHRC 66.07 79.96 0.48 0.90 0.83 33 TROMEDIA 65.75 79.67 0.3 1.38 1.21 34 NANOTEL 65.69 79.59 1.25 2.78 2.27 35 INVENTI 64.81 78.58 0.15 2.75 0.89 36 TPH 64.62 78.46 1.09 3.6 2.14 37 POLMAN 63.16 76.98 0.18 0.38 0.31 38 EMCAPITAL 61.02 74.55 0.34 1.35 0.95 39 PLASMA 59.45 72.85 6.00 16.50 14.00 40 ELEMENTAL 59.24 72.6 1.85 3.36 2.50

227 Fact Book 2013

Equities by rate of return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) Low High Year-end (PLN) (EUR) (PLN) (PLN) (PLN) 41 ROTOPINO 58.71 72.07 1.43 3.5 2.46 42 IAI 58.12 71.39 1.05 2.26 1.85 43 GOLAB 55.56 68.38 0.08 0.70 0.28 44 TELESTR 54.91 67.93 9.45 15 14.5 45 WODKAN 53.51 66.41 4.57 7.98 6.75 46 MOBINI 50 62.58 0.54 4.90 1.68 47 AGROLIGA 49.36 61.91 40.01 90.00 82.00 48 POLFA 48.76 61.24 0.88 6.30 1.80 49 S4E 48.31 60.77 4.39 7.99 7 50 WINDMOBIL 47.89 60.31 3.69 6.5 6.3 51 SILVACG 46.15 58.5 0.1 0.91 0.19 52 EUROSNACK 45.45 57.7 0.28 0.74 0.48 53 AITON 45.16 57.35 1.81 22.00 1.97 54 DTP 44.26 56.38 5.15 8.90 8.80 55 MAKOLAB 43.15 55.18 0.75 1.68 1.35 56 MABION 42.72 54.71 10.50 18.70 15.00 57 ORIONINV 41.05 52.89 13.12 48.00 27.50 58 ANALIZY 37.97 49.56 8.50 12.50 12.00 59 SEVENET 37.65 49.27 0.55 1.28 1.17 60 DEPEND 36.36 47.79 0.15 0.56 0.30 61 EXAMOBILE 35.56 46.91 1.17 2.21 1.22 62 VERBICOM 33.95 45.21 0.5 1.48 1.29 63 DANKS 33.41 44.64 1.08 1.84 1.30 64 AERFINANC 33.33 44.63 0.16 0.63 0.28 65 NAVIMORIN 33.26 44.44 3.80 6.30 5.73 66 BRIJU 32.11 43.21 10.00 16.50 14.40 67 ADMIRAL 32.00 43.11 0.51 0.99 0.99 68 XSYSTEM 31.46 42.52 0.61 1.6 0.86 69 DOMEXBUD 30.43 41.36 1.00 1.89 1.50 70 ACREO 30.23 41.15 1.11 3.28 1.68 71 INVICO 29.05 39.9 1.48 2.70 1.91 72 GRODNO 26.21 36.8 1.28 3.87 3.04 73 BBCONSULT 25.67 36.23 2.80 3.94 3.77 74 PREMFOOD 25.53 36.09 0.7 2.39 1.18 75 WEGLOPEX 25 35.54 0.12 0.36 0.25 76 COMPERIA 22.12 32.37 14.80 36.00 19.05 77 WEEDO 21.73 31.95 0.51 6.2 2.48 78 QUART 21.67 31.89 3 5.57 3.65 79 SCANMEDMM 21.21 31.4 1.5 4.2 3.2 80 MPAY 20.83 31.12 0.17 0.29 0.29

228 NewConnect

Equities by rate of return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) Low High Year-end (PLN) (EUR) (PLN) (PLN) (PLN) 81 LUG 20.65 30.64 0.12 3.96 3.61 82 CFBPS 20.00 30.08 5.00 5.80 5.40 83 MINOX 19.51 29.63 0.35 0.66 0.49 84 FITEN 18.46 28.4 1.95 5.40 2.31 85 ADUMA 15.25 24.93 8.59 17.70 13.83 86 WIDOKEN 15 24.68 0.7 1.35 0.92 87 BPI 14.29 23.99 0.16 0.55 0.40 88 TAXUSFUND 13.64 23.29 0.15 0.49 0.25 89 EPIGON 13.33 22.65 0.12 0.20 0.17 90 EKOPOL 12.96 22.44 2.26 4.40 2.85 91 CUBEITG 12.9 22.41 0.92 2.00 1.40 92 DIGATE 12.5 22.1 0.04 0.48 0.18 93 KKHERBAL 12.5 21.96 0.52 8.40 0.81 94 LASERMED 12.17 21.58 1.02 1.70 1.29 95 LESNERUNO 12.16 21.61 0.22 2.68 1.06 96 INDEXMEDI 11.61 20.99 2.72 4.11 3.46 97 SMT 11.11 20.44 10.85 15.6 13.5 98 YELLOWHAT 11.11 20.1 0.05 0.16 0.1 99 GCINVEST 10.78 20.1 1.54 2.99 2.98 100 EFICOM 10.71 20.03 0.30 0.97 0.62 101 BRASTER 10.00 19.24 10.64 14.88 11.00 102 MARSOFT 9.09 18.27 0.17 0.41 0.24 103 GONTYNIEC 9 18.16 18.01 22.50 21.80 104 8FORMULA 8.70 17.81 0.85 2.07 1.00 105 GWARANT 8.64 17.77 1.47 3.60 3.05 106 ISIAG 7.42 16.46 0.80 2.00 1.29 107 ORPHEE 6.4 15.34 8.92 11.56 9.47 108 COMPRESS 6.25 15.03 0.30 0.75 0.34 109 INTELIWIS 6.25 15.19 0.60 1.70 0.85 110 HYDRAPRES 5.28 14.13 0.32 0.48 0.37 111 UNIMOTGAZ 5.26 14.1 2.3 3.34 3 112 EKOBOX 5.08 13.91 2.30 3.42 2.87 113 CSY 4.95 13.76 0.94 2.20 1.91 114 PLATIGE 4.71 13.51 28.00 40.00 34.45 115 SWISSPSM 4.29 13.06 0.95 2.07 1.7 116 KORBANK 3.91 12.63 0.89 1.58 1.33 117 FININT 3.5 12.2 0.92 2.77 2.30 118 TECHMADEX 3.08 11.74 23.18 30 26.8 119 ARTBIZNES 3.00 11.66 0.80 2.40 1.03 120 INFOSYS 2.61 11.23 1.81 5.70 4.33

229 Fact Book 2013

Equities by rate of return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) Low High Year-end (PLN) (EUR) (PLN) (PLN) (PLN) 121 NOTORIA 2.27 10.86 2.82 5.00 4.50 122 ICPGROUP 2.19 10.77 2.80 2.80 2.80 123 INBOOK 1.35 9.91 0.55 0.94 0.75 124 BGSENERGY 1.31 9.82 1.91 2.49 2.32 125 PFH 1.14 9.64 5.81 9.30 7.99 126 DEKTRA 0.87 9.34 10.30 16.81 12.46 127 GOTFI 0.74 9.2 7.31 11.40 8.21 128 BALTICON 0.00 8.50 0.11 0.27 0.13 129 BIOFACTOR 0.00 8.39 2.12 2.45 2.20 130 CCS 0.00 8.39 1.20 1.20 1.20 131 GKSKAT 0 8.32 0.15 0.90 0.26 132 GPPI 0 8.39 0.17 0.43 0.30 133 LANGLOO 0 8.29 0.05 0.18 0.08 134 MAXIMUS 0 8.46 0.10 0.22 0.12 135 ONERAY 0 8.85 0.04 0.09 0.05 136 PARTNER 0 8.43 0.07 0.30 0.11 137 TRICEPS 0 8.39 1.51 16.38 2.2 138 ASSETUS -0.57 7.78 1.04 19.30 8.00 139 DRUKPAK -0.77 7.57 13.50 19.40 15.50 140 TAXNET -1.4 6.89 0.9 1.75 1.41 141 JRINVEST -1.43 6.85 4.93 8.30 6.90 142 MODE -1.96 6.28 0.75 1.20 1.00 143 EONET -2.12 6.1 8.00 34.80 11.07 144 SURFLAND -2.13 6.11 0.76 1.5 0.92 145 BIOMAXIMA -2.78 5.39 5.01 9.50 6.30 146 MERA -2.99 5.16 1.74 2.78 1.95 147 GREMPCO -3.39 4.72 0.34 0.72 0.57 148 ESKIMOS -4.18 3.89 0.36 0.68 0.41 149 UBOATLINE -5 3 0.53 1.05 0.95 150 TWIGONET -5.22 2.75 3.27 3.7 3.27 151 AKCEPTFIN -5.71 2.23 0.95 1.30 0.99 152 SYNEKTIK -5.77 2.14 9.46 17 13.39 153 ALEJA -6.00 2.12 0.03 0.69 0.47 154 KOMPLEKS -6.04 1.87 0.27 1.10 0.95 155 STERGAMES -6.67 1.18 0.46 4.22 0.56 156 DOMLEK -7.45 0.33 19.01 32.69 24.48 157 SUNEX -7.69 0 0.16 0.36 0.24 158 SMSKREDYT -8.09 -0.36 1.05 4.14 1.25 159 LSTECHHOM -8.8 -1.13 0.76 1.45 1.14

230 NewConnect

Equities by rate of return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) Low High Year-end (PLN) (EUR) (PLN) (PLN) (PLN) 160 GEOINVENT -9.09 -1.61 0.07 0.15 0.10 161 DYWILAN -9.32 -1.7 3.99 4.45 3.99 162 RUNICOM -9.68 -2.09 1.3 4.35 2.8 163 TABLEO -9.91 -2.33 1.2 3 2 164 GALVO -9.92 -2.37 0.54 1.90 1.09 165 CALESCO -10.00 -2.44 1.10 2.02 1.35 166 PROLOG -10.1 -2.55 8.99 10.09 8.99 167 FORPOSTA -10.34 -2.81 10.51 14.35 13.00 168 MALKOWSKI -10.38 -2.83 0.40 1.40 0.95 169 ADASTRA -10.84 -3.35 0.88 9.95 2.55 170 ERS -10.91 -3.37 0.36 0.90 0.49 171 DOMZDROW -11.33 -3.89 1.10 1.50 1.33 172 VGROUP -11.82 -4.41 12.5 16.34 13.58 173 AQUABB -11.97 -4.58 8.00 12.50 9.60 174 YURECO -12.2 -4.81 0.77 1.5 1.08 175 EUROTAX -12.23 -4.86 3.04 6.24 3.89 176 11BIT -12.24 -4.87 8.21 14.47 8.60 177 CODEMEDIA -12.48 -5.13 20.00 37.99 28.30 178 IZOBLOK -12.66 -5.33 18.31 35.70 20.00 179 ACARTUS -13.04 -5.76 0.11 0.31 0.20 180 IGORIA -13.33 -6.18 0.12 0.53 0.13 181 BOA -14.29 -7.07 0.12 0.72 0.30 182 AIRMARKET -15.60 -8.51 0.74 1.90 0.92 183 ESOTIQ -15.94 -8.88 22.00 40.00 26.90 184 SMOKESHOP -16.22 -9.13 0.53 1.93 0.62 185 ABAK -16.49 -9.47 1.05 2.08 1.57 186 01CYBATON -16.67 -9.56 0.03 0.07 0.05 187 APIS -16.67 -9.56 0.03 0.07 0.05 188 TELEMEDPL -16.67 -9.67 2.1 6.26 2.3 189 AZTEC -16.82 -9.83 3.40 8.46 5.39 190 KCSP -16.83 -9.83 0.24 0.65 0.57 191 ORZLOPONY -16.83 -9.84 1.40 3.18 1.68 192 EKOKOGEN -16.88 -9.87 0.54 0.84 0.64 193 PROGRES -16.88 -9.89 10 32 13.3 194 SAKANA -17.95 -11.1 0.24 0.6 0.32 195 FINHOUSE -18.33 -11.48 0.60 1.77 0.98 196 POLTRONIC -18.89 -12.07 0.50 1.06 0.73 197 SARE -19.41 -12.64 2.43 5.45 2.45 198 ALKAL -19.64 -12.89 1.96 5.00 2.25

231 Fact Book 2013

Equities by rate of return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) Low High Year-end (PLN) (EUR) (PLN) (PLN) (PLN) 199 VEDIA -19.7 -12.92 0.4 1 0.53 200 ABSINVEST -20.00 -13.25 0.22 0.34 0.24 201 MADKOM -20 -13.25 0.12 0.34 0.16 202 SEKA -20.75 -14.09 5.9 8.1 6.01 203 SLR -20.84 -14.18 15.22 21.8 18.2 204 EMUZYKA -20.95 -14.3 0.77 1.26 0.83 205 INWESTPL -21.05 -14.42 0.20 0.73 0.30 206 MEDIACAP -21.05 -14.48 0.28 0.79 0.45 207 RODAN -21.05 -14.41 0.85 1.59 0.9 208 MORIZON -21.58 -14.99 1.15 2.00 1.49 209 POLSKIHR -21.62 -15.04 0.23 0.49 0.29 210 VENTUREIN -21.62 -15.04 0.24 0.58 0.29 211 BIOMEDLUB -21.71 -15.13 4.22 9.00 4.94 212 IPOSA -21.74 -15.16 0.12 0.32 0.18 213 READGENE -22.27 -15.74 1 3.1 1.71 214 T2INVEST -22.61 -16.13 0.48 1.75 0.89 215 SYNKRET -23.02 -16.56 6.97 20.35 9.93 216 MGMSYS -23.13 -16.67 1.17 4.69 1.23 217 WERTHHOLZ -23.26 -16.84 0.3 0.46 0.33 218 BIOERG -24.39 -18.04 0.56 1.17 0.62 219 RCUNION -24.39 -18.06 0.62 1.48 0.93 220 MOTORICUS -24.56 -18.28 0.29 0.95 0.43 221 MARKA -24.57 -18.23 5.60 17.00 7.43 222 XPLUS -24.7 -18.31 0.1 0.26 0.11 223 5THAVENUE -24.71 -18.39 0.95 1.87 1.28 224 FMOZAROW -25 -18.7 0.26 0.69 0.45 225 TELESTO -25 -18.7 4 7.2 4.5 226 EKANCELAR -25.09 -18.79 0.85 4.40 2.00 227 EMONT -25.4 -19.07 0.35 0.65 0.47 228 SUNTECH -25.58 -19.4 0.22 0.55 0.32 229 ORGANIC -25.75 -19.52 4.05 9.00 5.94 230 EGB -26 -19.78 1.51 3.45 1.88 231 MEW -26.94 -20.8 2.90 6.30 4.15 232 IBCPOLSKA -27.43 -21.33 3.65 7.60 3.81 233 ECAUXILUM -28.02 -21.98 1.91 3.47 2.25 234 MPLVERBUM -29.25 -23.29 0.46 1.25 0.75 235 ROCCA -29.8 -23.9 1.06 1.51 1.06 236 INNOGENE -29.85 -23.96 1.30 4.78 2.35 237 M10 -30 -23.89 0.05 0.38 0.07

232 NewConnect

Equities by rate of return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) Low High Year-end (PLN) (EUR) (PLN) (PLN) (PLN) 238 MODECOM -30 -24.12 6.40 20.90 14.00 239 CASPAR -30.23 -24.36 27.91 66.00 27.91 240 WDBBU -30.43 -24.59 0.15 0.51 0.32 241 BLUMERANG -30.97 -25.18 0.70 1.20 0.78 242 INTERNITY -31.05 -25.25 3.80 7.00 3.99 243 TERMOEXP -31.91 -26.19 3.2 5.5 3.2 244 GENOMED -32.16 -26.46 11.92 22.80 13.50 245 VIDIS -32.56 -26.89 0.9 2.3 1.45 246 IPODS -32.66 -27.01 0.86 4.80 1.34 247 INPOINT -32.89 -27.26 0.73 2.50 1.02 248 ARTEFE -33.33 -27.94 0.03 0.08 0.04 249 BLUETAX -33.33 -27.94 0.02 0.04 0.02 250 PAKADEMIA -33.33 -27.82 0.03 4.04 4.00 251 SITE -33.33 -27.94 0.05 0.15 0.06 252 STARKDEV -33.33 -26.47 0.01 0.03 0.01 253 PSWCAPITA -33.62 -28.07 0.46 1.07 0.5 254 MEDIANPOL -34.15 -28.56 0.18 0.49 0.27 255 POLNOCNR -34.29 -28.77 0.43 2.09 0.46 256 ASTRO -34.56 -29.06 1.81 3.99 2.48 257 PRYMUS -34.62 -29.13 1.45 3.88 1.7 258 SPC -34.8 -29.2 0.09 0.39 0.14 259 WIERZYCL -35.19 -29.74 0.04 0.13 0.07 260 YOURIMAGE -35.38 -29.96 0.35 0.81 0.42 261 BLIRT -35.52 -30.09 1.00 3.50 1.87 262 MMCPL -35.76 -30.35 1.99 3.00 2.21 263 SFKPOLKAP -35.78 -30.38 2.72 4.62 2.89 264 FLUID -36.51 -31.14 0.22 1.35 0.40 265 PPG -36.51 -31.14 0.33 0.72 0.40 266 EKIOSK -36.84 -31.4 0.12 0.26 0.12 267 EPICTURES -36.91 -31.6 0.51 2.14 0.94 268 PPRICE -37.5 -32.32 0.07 0.21 0.10 269 M4B -37.78 -32.58 0.25 0.68 0.28 270 ROBINSON -38.5 -33.33 4.5 12.3 6.15 271 PREFABET -38.59 -33.44 15 29.4 19.65 272 ROVITA -39.02 -33.84 0.19 0.44 0.25 273 ICMVISION -39.09 -33.97 1.20 1.93 1.20 274 SSI -39.13 -33.97 0.1 0.26 0.14 275 ONICO -39.17 -34.06 8.80 37.40 11.06 276 CWPE -39.29 -34.23 0.20 0.73 0.34

233 Fact Book 2013

Equities by rate of return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) Low High Year-end (PLN) (EUR) (PLN) (PLN) (PLN) 277 FARM51 -39.38 -34.28 2.43 5.79 3.88 278 STEMCELLS -39.39 -34.31 0.72 4.05 1.2 279 MILKPOL -39.76 -34.69 0.27 0.89 0.48 280 KME -40 -34.51 0.03 0.06 0.03 281 PLANETSOF -40 -34.96 0.90 2.64 1.20 282 URLOPYPL -40 -34.51 0.03 0.05 0.03 283 KLON -40.38 -35.34 0.23 0.69 0.31 284 AUTOSPA -40.75 -35.77 4.81 10.70 6.50 285 NWAI -40.93 -35.97 4.45 17.85 8.27 286 STANUSCH -40.95 -36 1 2.94 1.24 287 ATCCARGO -41.35 -36.42 3.50 7.70 4.34 288 APS -41.62 -36.72 1.61 3.90 2.18 289 DASE -41.89 -37.01 0.20 0.90 0.43 290 KBJ -42.26 -37.41 3.57 7.59 4.29 291 DFP -42.86 -37.89 0.10 0.33 0.12 292 JDB -42.86 -37.97 0.04 0.11 0.04 293 TELIANI -43.1 -38.31 0.27 0.98 0.33 294 COPERNIC -43.23 -38.46 93.00 150.00 93.00 295 MAXIPIZZA -43.33 -38.59 0.15 0.35 0.17 296 STOCKINFO -43.43 -38.69 0.28 2.7 0.56 297 DOMENOMAN -43.56 -38.83 0.30 1.21 0.57 298 SZAR -43.75 -38.95 0.07 0.22 0.09 299 ADVERTIGO -44.00 -39.22 0.10 0.24 0.14 300 BALTONA -44.16 -39.47 5.28 9.25 5.50 301 ARTNEWMED -44.19 -39.53 0.08 0.43 0.24 302 BLACKPOIN -44.79 -40.15 1.30 4.44 1.49 303 FABRFORMY -44.93 -40.27 0.30 0.84 0.38 304 B2BPARTNER -45.00 -40.40 0.21 0.54 0.22 305 RSY -45.39 -40.8 0.93 4.79 2.25 306 MINERAL -45.45 -40.87 0.49 0.98 0.54 307 DIGITAL -45.59 -41.04 0.33 0.79 0.37 308 VENITI -45.98 -41.44 1.92 6.39 2.89 309 EBC -46 -41.45 0.91 2.35 1.08 310 MAGNIFICO -46.59 -42.07 0.24 1.10 0.47 311 OEM -47 -42.54 0.34 4.40 0.53 312 GRUPAREC -47.26 -42.83 8.38 22.35 10.97 313 ECOTECH -48 -43.64 0.45 1.60 0.65 314 MAKORA -48 -43.64 0.08 0.33 0.13 315 RUCHCHORZ -48 -43.64 0.63 2.09 0.91

234 NewConnect

Equities by rate of return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) Low High Year-end (PLN) (EUR) (PLN) (PLN) (PLN) 316 SELVITA -49.07 -44.79 2.28 5.5 2.74 317 EASTSIDE -50 -45.96 0.01 0.04 0.02 318 FUTURIS -50 -45.86 0.03 0.10 0.04 319 GMK -50 -45.8 5.00 11.00 5.00 320 NOVIAN -50 -44.44 0.01 0.02 0.01 321 REMEDIS -50 -45.81 0.18 0.45 0.2 322 VISION -50 -46.15 0.01 0.05 0.02 323 ATSENERGY -50.13 -46.04 0.01 0.83 0.17 324 ABEONET -50.46 -46.30 0.58 2.40 0.74 325 STARFIT -51.93 -47.89 1.7 7 2 326 PHOENIX -52.05 -48.03 0.36 1.74 0.70 327 MONTUHOLD -52.55 -48.57 1.60 7.50 2.60 328 I3D -52.87 -48.9 1.39 5.21 1.52 329 PROXYAD -53.33 -49.31 0.05 0.44 0.07 330 MBPARTNER -53.85 -50 0.05 0.19 0.06 331 AGROMA -54.17 -50.32 0.22 0.57 0.22 332 BIOMAX -54.18 -50.34 0.63 2.98 1.15 333 NICOGAMES -54.55 -50.6 0.02 0.11 0.05 334 NEMEX -54.68 -50.96 0.05 0.17 0.06 335 EZO -55.54 -51.81 3.59 11.87 3.97 336 SCOPAK -56.13 -52.44 1.82 4.75 2.04 337 WBAY -56.25 -52.49 0.05 0.34 0.07 338 INCANA -56.36 -52.69 0.21 0.69 0.24 339 IMS -56.88 -53.27 0.69 1.88 0.69 340 DAAH -57.38 -53.8 4.60 18.00 6.99 341 AQUAPOZ -57.50 -53.93 4.77 23.50 9.60 342 ALUMAST -57.89 -54.36 0.33 1.32 0.48 343 LUXIMA -58.18 -54.77 0.05 0.35 0.08 344 AEDES -58.33 -54.82 0.30 1.30 0.60 345 LZMO -59.34 -55.93 1.46 6.10 2.48 346 MBFACTORY -59.62 -56.22 0.30 1.23 0.42 347 INTWORKS -59.7 -56.33 0.27 2.30 0.54 348 ASTORIA -60.00 -56.51 0.04 0.15 0.05 349 IMMOFUND -60 -56.57 0.09 0.55 0.14 350 LIBERTY -60 -56.64 0.04 0.30 0.04 351 DOBRANASZA -60.77 -57.47 1.96 7.45 2.14 352 TERRA -61.75 -58.54 0.57 3.4 0.83 353 GREENENER -62.5 -59.3 0.07 0.30 0.09 354 RICHTER -62.8 -59.68 0.65 2.25 0.77

235 Fact Book 2013

Equities by rate of return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) Low High Year-end (PLN) (EUR) (PLN) (PLN) (PLN) 355 HOTBLOK -62.96 -59.93 0.02 0.75 0.04 356 CCTOOLS -63.33 -60.25 0.40 2.28 0.44 357 BINARY -63.57 -60.51 0.70 5.38 1.96 358 FONECO -63.64 -60.64 0.06 0.23 0.08 359 DEMOLEN -64.34 -61.34 4.00 15.00 4.60 360 EASYCALL -64.58 -61.61 0.70 3.00 0.85 361 HEFAL -65.81 -62.93 0.37 1.28 0.40 362 DORADCY24 -66.67 -63.24 0.01 0.03 0.01 363 GPFCAUSA -66.67 -63.24 0.01 0.05 0.01 364 KOMFORTKM -66.67 -63.97 0.01 0.15 0.04 365 LAURENPES -66.67 -63.73 0.02 0.10 0.03 366 REVITUM -66.67 -63.87 0.96 3.8 1 367 SYMBIO -67.07 -64.31 1.2 4.4 1.35 368 BIOGENED -67.31 -64.56 17.00 70.00 17.00 369 LOKATYBUD -67.39 -64.65 0.14 0.57 0.15 370 STOPKLA -68.02 -65.34 1.26 5.03 1.5 371 BLOOBER -68.15 -65.47 3.60 21.90 6.53 372 MTC -68.97 -66.36 0.07 0.31 0.09 373 WAKEPARK -68.97 -66.34 0.15 0.61 0.18 374 REKLAPL -69.23 -66.67 0.03 0.15 0.04 375 FOREVEREN -69.48 -66.92 0.57 2.50 0.65 376 ATONHT -69.78 -67.24 0.47 4.08 0.55 377 STIGROUP -70.37 -67.92 0.04 0.36 0.08 378 DXD -70.91 -68.48 0.20 1.69 0.21 379 DENTAMDC -71.43 -69.09 0.03 0.14 0.04 380 VELTO -71.67 -69.29 0.07 0.6 0.17 381 PLAYMAKER -72.73 -70.48 0.05 0.45 0.06 382 ESPEROTIA -73.33 -71.05 0.11 0.45 0.12 383 ZOC -74.23 -72.06 0.4 2.65 0.5 384 IDH -75 -72.53 0.01 0.04 0.01 385 PHARMENA -75 -72.9 6.09 27.00 6.16 386 VIAGUARA -75 -72.53 0.01 0.06 0.01 387 LETUS -76.56 -74.6 0.14 0.69 0.15 388 EXDEBT -76.67 -74.67 0.07 0.66 0.14 389 COOLMARK -76.92 -75 0.12 1.14 0.15 390 INVESTREM -76.92 -75.04 0.06 0.31 0.06 391 APOLONIA -77.14 -75.25 0.06 0.57 0.08 392 GRJAGUAR -77.14 -75.22 0.67 8.50 0.83 393 OPENNET -77.44 -75.55 0.45 15.00 2.03

236 NewConnect

Equities by rate of return in 2012 (contd.)

No. Company Rate of return since Price year-beginning (%) Low High Year-end (PLN) (EUR) (PLN) (PLN) (PLN) 394 BROADGATE -78.18 -76.35 0.65 3.86 0.84 395 GENERGY -78.41 -76.61 0.15 0.89 0.19 396 FACHOWCY -78.69 -76.9 0.11 1.24 0.13 397 EMMERSON -81.16 -79.58 0.13 0.75 0.13 398 VENTURION -81.43 -79.87 0.12 2.16 0.13 399 PARTEX -81.82 -80.21 0.02 0.20 0.03 400 MERIT -83 -81.58 0.28 3.20 0.34 401 VCP -83.53 -82.15 0.44 3.45 0.56 402 MGAMES -84.5 -83.19 0.22 2.50 0.31 403 APLINTER -85.48 -84.26 0.80 6.60 0.80 404 WESTREAL -86.04 -84.87 0.36 4.39 0.67 405 SOBET -86.32 -85.17 0.08 1.05 0.13 406 ICPD -86.47 -85.35 0.16 1.70 0.23 407 ALDA -86.79 -85.68 0.51 7.55 0.70 408 TAMEX -87.29 -86.22 0.8 6.47 0.82 409 MONDAY -88.02 -87.01 1.61 21.17 2.55 410 C2A -88.24 -87.27 0.03 0.85 0.04 411 CERABUD -88.40 -87.44 0.01 1.65 0.60 412 MDEVELOP -88.46 -87.51 0.04 1.09 0.06 413 DIRECTES -88.57 -87.63 0.06 0.87 0.08 414 GRAPHIC -88.83 -87.89 0.65 18.00 1.34 415 OPTIZENLB -89 -88.07 0.36 6.00 0.66 416 BPC -90.00 -89.13 0.04 0.50 0.05 417 JANTAR -90.91 -90.16 0.07 0.88 0.08 418 RELIGADEV -91.67 -90.81 0.01 0.13 0.01 419 GLOBALTR -91.95 -91.27 0.06 1.26 0.07 420 VENO -92.36 -91.72 0.01 1.76 0.71 421 POSITIVE -94.44 -93.98 0.11 2.40 0.11 422 WASPOL -95 -94.58 0.18 4 0.18 423 APOLLO -96.50 -96.20 0.04 3.00 0.07 424 EMPORIUM -97.66 -97.46 0.05 2.00 0.05 425 BUDUS -99.39 -99.34 0.07 20.50 0.10

237 Fact Book 2013

Equities with the highest rates of return in subsequent months of 2012 on NewConnect Month Equities Return (%) (PLN) (EUR) January NOVAINV 143.75 154.97 February MDEVELOP 181.25 189.36 March MWTENIS 208.33 208.68 April EONET 109.55 109.02 May CLOUD 143.33 131.33 June ATSENERGY 209.63 218.06 July FLYPL 266.00 279.71 August ELKOPNRG 421.32 416.00 September BGE 364.71 372.91 October TERMOREX 2857.14 2844.71 November CWPE 230.00 232.02 December BIOMASS 1000.00 1006.56

Dividends paid by NewConnect companies in 2012 No. Company General Meeting Record date Dividend per date (dd.mm) share (dd.mm) (PLN) 1 ONICO 5.03 20.03 4.40 2 SPC 16.03 15.06 0.02 3 I3D 28.03 28.06 0.18 4 DANKS 30.03 26.06 0.26 5 DEKTRA 11.04 27.04 1.50 6 APS 9.05 24.05 0.14 7 PHARMENA 14.05 14.06 0.05 8 PGSSOFT 14.05 31.05 0.11 9 CODEMEDIA 15.05 25.06 1.37 10 ORIONINV 22.05 22.08 1.62 11 WODKAN 25.05 23.07 0.14 12 COPERNIC 28.05 8.06 3.00 13 EUROTAX 29.05 11.06 0.56 14 BLACKPOIN 4.06 18.06 0.25 15 GWARANT 12.06 25.07 0.30 16 TMSBROKER 12.06 26.06 0.30 17 AQUABB 14.06 28.06 0.18 18 AITON 15.06 28.06 0.74 19 GRUPAHRC 19.06 2.07 0.01 20 SEKA 19.06 29.06 0.10 21 ANALIZY 20.06 29.06 0.40 22 WIERZYCL 21.06 5.07 0.01

238 NewConnect

Dividends paid by NewConnect companies in 2012 (contd.) No. Company General Meeting Record date Dividend per date (dd.mm) share (dd.mm) (PLN) 23 HYDRAPRES 21.06 20.09 0.01 24 EKOBOX 23.06 9.08 0.30 25 EGB 27.06 6.07 0.10 26 ECAUXILUM 27.06 6.07 0.25 27 EKOPOL 27.06 23.08 0.02 28 INTERNITY 28.06 10.07 0.18 29 ESKIMOS 28.06 16.07 0.03 30 MAKOLAB 29.06 16.07 0.03 31 MILKPOL 29.06 10.07 0.03 32 KOMPLEKS 29.06 16.07 0.03 33 LUG 29.06 28.09 0.01 34 ISIAG 29.06 9.07 0.04 35 PCZ 29.06 31.07 0.10 36 XSYSTEM 30.06 16.07 0.03 37 STARFIT 30.06 25.07 0.10 38 VERBICOM 12.07 1.08 0.01 39 XPLUS 31.07 31.08 0.02 40 GRODNO 27.09 5.11 0.03

* Dividend for foreign companies has been converted at the NBP’s average exchange rate as of the record date.

Shares and rights to shares (PDA) with highest daily turnover in 2012 Turnover Turnover Turnover Turnover Date value volume Date value volume No. Shares (dd. No. Shares (dd. ) (PLN (million of ) (PLN (million of mm million) shares) mm million) shares) 1 ZWG 24.02 9.03 4.90 14 ZWG 14.03 4.26 1.71 2 DTP 22.08 8.10 0.91 15 ZWG 23.03 4.07 1.67 3 ZWG 12.03 7.56 3.44 16 ZWG 17.02 3.98 2.90 4 ZWG 09.03 6.81 3.35 17 ZWG 27.02 3.87 2.14 5 ZWG 23.02 6.45 4.35 18 ZWG 19.04 3.82 1.65 6 ZWG 02.03 6.41 3.60 19 PRYMUS 20.12 3.74 2.11 7 ZWG 13.03 5.60 2.29 20 ZWG 16.03 3.65 1.55 8 ZWG 17.04 5.48 2.55 21 ZWG 30.03 3.44 1.44 9 ZWG 08.03 5.37 2.86 22 ZWG 28.03 3.31 1.41 10 ZWG 18.04 4.67 1.93 23 ZWG 26.04 3.08 1.26 11 SCOPAK 22.08 4.61 1.44 24 ZWG 26.03 3.00 1.21 12 BRIJU 18.12 4.60 0.34 25 BRIJU 28.08 2.94 0.20 13 ZWG 15.03 4.31 1.81 26 ZWG 20.02 2.87 2.10

239 Fact Book 2013

Shares and rights to shares (PDA) with highest daily turnover in 2012 (contd.) Turnover Turnover Turnover Turnover Date value volume Date value volume No. Shares (dd. No. Shares (dd. ) (PLN (million of ) (PLN (million of mm million) shares) mm million) shares) 27 ZWG 20.04 2.81 1.27 64 PARTNER 16.11 1.57 8.11 28 KOPAHAUS 22.08 2.73 1.96 65 ZWG 22.03 1.53 0.62 29 ZWG 06.03 2.70 1.57 66 PSWCAPITA 30.01 1.49 1.78 30 FACHOWCY 18.05 2.68 7.02 67 ZWG 20.03 1.49 0.65 31 PLATIGE 23.08 2.56 0.07 68 MARKA 16.02 1.47 0.13 32 ZWG 21.02 2.45 1.75 69 PPG 25.04 1.46 2.15 33 ZWG 07.03 2.45 1.41 70 ZWG 07.09 1.43 0.37 34 TERMOREX 02.10 2.40 2.40 71 ZWG 10.05 1.42 0.63 35 ZWG 21.03 2.31 0.97 72 FORPOSTA 13.09 1.42 0.11 36 FACHOWCY-PDA 02.03 2.31 3.04 73 ZWG 11.04 1.41 0.70 37 ZWG 24.04 2.23 0.97 74 ZWG 16.05 1.38 0.63 38 ZWG 02.05 2.18 0.92 75 FACHOWCY-PDA 17.02 1.38 0.96 39 GCINVEST 23.08 2.17 0.87 76 MEDICALG 12.03 1.37 0.02 40 ZWG 05.03 2.13 1.19 77 ZWG 11.05 1.36 0.63 41 PPG 24.04 2.12 3.14 78 INVENTI 09.11 1.36 3.26 42 ZWG 16.02 1.93 1.54 79 INVENTI 14.11 1.36 1.13 43 ZWG 30.04 1.90 0.81 80 ZWG 27.04 1.34 0.57 44 ALEJA-PDA 14.06 1.89 12.12 81 INVENTI 20.11 1.33 0.83 45 ZWG 19.03 1.88 0.83 82 MDEVELOP 29.03 1.32 4.64 46 ESOTIQ 28.03 1.86 0.06 83 DTP 18.06 1.30 0.17 47 ATONHT 03.04 1.82 0.48 84 ALEJA-PDA 28.06 1.28 9.84 48 ZWG 15.02 1.81 1.61 85 ZWG 27.03 1.28 0.53 49 INTERNITY 23.08 1.80 0.41 86 INVISTA 30.01 1.26 2.86 50 ZWG 17.05 1.79 0.80 87 FACHOWCY-PDA 27.02 1.25 1.25 51 ZWG 23.04 1.78 0.80 88 COPERNIC 30.08 1.24 0.01 52 ZWG 02.04 1.77 0.73 89 ORPHEE 03.12 1.23 0.12 53 FACHOWCY 03.04 1.72 1.57 90 ZWG 02.08 1.22 0.49 54 PPG 23.04 1.71 2.57 91 HURTIMEX 20.01 1.22 2.02 55 ZWG 29.03 1.69 0.74 92 11BIT 04.07 1.22 0.13 56 ZWG 13.08 1.67 0.59 93 INVENTI 12.11 1.18 1.79 57 FACHOWCY-PDA 24.02 1.66 1.45 94 PPG 20.04 1.18 1.82 58 ZWG 05.04 1.63 0.72 95 ZWG 14.09 1.18 0.28 59 MGAMES 14.11 1.63 2.31 96 ZWG 03.04 1.17 0.49 60 NICOGAMES 16.10 1.63 18.42 97 FACHOWCY-PDA 15.02 1.17 0.65 61 ZWG 10.04 1.61 0.72 98 FUTURIS 28.02 1.17 19.11 62 PLASMA 07.12 1.60 0.11 99 INVENTI 13.11 1.14 1.36 63 ZWG 25.04 1.59 0.65 100 ZWG 16.08 1.13 0.34

240 NewConnect

Rights to shares (PDA) by turnover in 2012 No. Company Ticker Order-book trades Block trades Turnover Share in Annual Average Average Average Turnover Number of value turnover turnover volume number of number value transac- ratio per session transac- of orders tions tions per per session session (PLN million) (%) (%) (equities) (PLN million) 1 FACHOWCY-PDA FAVA 17.0 37.33 1690.33 602 769 203 534 - - 2 ALEJA-PDA ALSA 8.9 19.52 822.93 878 410 60 255 - - 3 PRESTO-PDA PSTA 5.8 12.73 510.46 279 704 39 123 - - 4 ARI-PDA ARIA 2.5 5.54 408.22 279 497 156 461 - - 5 MBFACTORY-PDA MBFA 2.0 4.40 679.71 10 095 26 127 - - 6 NICOGAMES-PDA NGSA 1.8 3.91 74.71 975 105 44 205 - - 7 WEEDO-PDA WDOA 0.9 2.00 198.09 8 946 18 102 - - 8 DXD-PDA DXDA 0.8 1.85 63.28 12 203 10 62 - - 9 KME-PDA KMEA 0.8 1.71 208.02 238 679 28 143 - - 10 INWAZJAPC-PDA IPCA 0.7 1.52 49.61 38 848 6 41 - - 11 SLR-PDA SLRA 0.7 1.49 47.86 1 126 16 80 - - 12 PILAB-PDA PILA 0.6 1.34 76.64 5 748 22 108 - - 13 KKHERBAL-PDA KKHA 0.5 1.19 166.31 8 046 21 119 - - 14 STARFIT-PDA SFIA 0.4 0.86 22.03 3 029 17 76 - - 15 PARTNER-PDA PRNA 0.4 0.81 25.77 134 474 18 90 - - 16 SPC-PDA SPCA 0.3 0.75 46.46 12 335 3 27 - - 17 VIVID-PDA VVDA 0.3 0.64 12.91 24 693 7 60 - - 18 OPTONET-PDA OTNA 0.2 0.40 113.87 12 653 9 81 - - 19 FOREVEREN-PDA FORA 0.2 0.37 3.42 6 288 10 57 - - 20 ICPGROUP-PDA ICPA 0.1 0.31 23.26 1 124 5 41 - - 21 MEDIANPOL-PDA MDNA 0.1 0.29 27.99 4 402 5 39 - - 22 FORPOSTA-PDA FPOA 0.1 0.22 1.62 335 3 32 - - 23 ZWG-PDA ZWGA 0.1 0.18 2.45 9 795 18 83 - - 24 FMOZAROW-PDA FMOA 0.1 0.15 11.11 706 1 20 - - 25 PINOTCARO-PDA PCRA 0.1 0.11 1.07 1 609 3 33 - - 26 ALDA-PDA ALDA 0.0 0.07 3.54 133 3 26 - - 27 DXD-PDA DXDA 0.0 0.07 12.65 1 840 8 49 - - 30 RELIGADEV-PDA RELA 0.0 0.07 2.20 3 732 2 45 - - 29 AEDES-PDA AEDA 0.0 0.04 2.10 572 2 22 - -

241 Fact Book 2013

Rights to shares (PDA) by turnover in 2012 (contd.) No. Company Ticker Order-book trades Block trades Turnover Share in Annual Average Average Average Turnover Number of value turnover turnover volume number of number value transac- ratio per session transac- of orders tions tions per per session session (PLN million) (%) (%) (equities) (PLN million) 30 SYNKRET-PDA SYNA 0.0 0.04 1.19 224 5 22 - - 31 VENITI-PDA VNTA 0.0 0.04 5.10 282 2 27 - - 32 VGROUP-PDA VGSA 0.0 0.04 0.35 34 1 29 - - 33 F24-PDA F24A 0.0 0.02 0.55 5 227 2 25 - - 34 ALUMAST-PDA ALUA 0.0 0.00 0.04 43 0 21 - - 35 BLIRT-PDA BLRA 0.0 0.00 0.00 0 0 16 - - 36 EASTSIDE-PDA ESCA 0.0 0.00 0.01 92 0 4 - - 37 EUROSNACK-PDA ECKA 0.0 0.00 0.61 400 0 5 - - 38 POSITIVE-PDA POSA 0.0 0.00 0.08 179 0 24 - - 39 VENO-PDA VENA 0.0 0.00 0.06 9 620 1 39 - -

242 NewConnect

Companies by market value (end of 2012) No. Company No. of shares Market value Market P/BV P/E Dividend (items) (PLN million) share yield (%) (%)

Domestic companies 1 PCZ 36 250 000.00 1 809.60 16.75 4.37 154.4 0.3 2 TERMOREX 113 000 000.00 904.00 8.37 73.52 x --- 3 ELKOPNRG 16 250 000.00 510.25 4.72 269.40 x --- 4 DTP 35 714 000.00 314.28 2.91 3.92 37.7 --- 5 ELEMENTAL 103 163 727.00 257.91 2.39 2.28 20.0 --- 6 PPG 619 034 378.00 247.61 2.29 0.72 19.3 --- 7 MEDICALG 3 421 926.00 225.85 2.09 3.16 37.3 --- 8 BIOMEDLUB 38 560 410.00 190.49 1.76 3.90 654.6 --- 9 MOSTALWRO 74 540 776.00 171.44 1.59 3.86 30.7 --- 10 ZWG 28 080 000.00 133.94 1.24 14.73 47.8 --- 11 TILIA 1 000 000.00 125.00 1.16 18.41 x --- 12 AQUABB 12 986 996.00 124.68 1.15 0.36 14.1 1.9 13 PLATIGE 3 182 857.00 109.65 1.01 4.97 x --- 14 FLYPL 41 545 000 109.26 1.01 28.49 x --- 15 COPERNIC 1 155 056 107.42 0.99 2.46 17 3.1 16 CUBEITG 76 704 477 107.39 0.99 1.08 x --- 17 MABION* 6 900 000.00 103.50 0.96 4.87 x --- 18 GCINVEST 32 438 184 96.67 0.89 0.83 3.4 --- 19 SCOPAK 47 350 000 96.59 0.89 2.46 x --- 20 SYNEKTIK* 6 682 000.00 89.47 0.83 6.02 x --- 21 BRIJU 5 978 260 86.09 0.80 3.97 18.8 --- 22 DAAH 10 903 697 76.22 0.71 2.91 60.9 --- 23 COLEOS 37 000 000 74.00 0.68 11.73 x --- 24 SMT 5 369 577 72.49 0.67 5.37 15.4 --- 25 PGSSOFT 27 641 405.00 71.31 0.66 9.99 x 4.3 26 DRUKPAK 4 171 472 64.66 0.60 1.60 15 --- 27 KOPAHAUS 52 495 000.00 62.99 0.58 5.95 16.1 --- 28 TPH 29 400 000.00 62.92 0.58 1.44 8.6 --- 29 BAUMAL 6 600 000.00 62.83 0.58 5.92 4.9 --- 30 BALTONA 11 256 577 61.91 0.57 2.80 x --- 31 STOCKINFO 108 870 000.00 60.97 0.56 287.58 x --- 32 PROGRES* 4 440 000.00 59.05 0.55 2.08 3.6 --- 33 WEGLOPEX 230 000 000.00 57.50 0.53 2.34 x ---

243 Fact Book 2013

Companies by market value (end of 2012) (contd.) No. Company No. of shares Market value Market P/BV P/E Dividend (items) (PLN million) share yield (%) (%)

34 SYNKRET 5 620 242.00 55.81 0.52 17.13 x --- 35 FHDOM 3 000 000 55.50 0.51 5.78 x --- 36 EKANCELAR 26 700 000 53.40 0.49 5.65 25.1 --- 37 CASPAR 1 841 577.00 51.40 0.48 5.51 x --- 38 BIOMAX 44 560 000.00 51.24 0.47 3.97 x --- 39 TELESTR* 3 341 895 48.46 0.45 3.80 12.9 --- 40 EMCAPITAL 50 000 000.00 47.50 0.44 5.00 x --- 41 INVISTA 78 971 946.00 47.38 0.44 1.47 x --- 42 CODEMEDIA 1 669 385.00 47.24 0.44 2.32 11.0 4.6 43 ESOTIQ* 1 754 000.00 47.18 0.44 1.90 12.7 --- 44 QUART 12 830 000.00 46.83 0.43 1.68 21.3 --- 45 WINDMOBIL 7 292 245 45.94 0.43 4.20 18 --- 46 CFBPS 8 363 508 45.16 0.42 2.70 30.9 --- 47 PHARMENA 7 036 042.00 43.34 0.40 2.52 37.4 0.7 48 PFH 5 408 325.00 43.21 0.40 2.49 68.8 --- 49 BALTICON 310 500 000 40.37 0.37 0.98 46.9 --- 50 SUNEX 162 332 280.00 38.96 0.36 1.94 53.1 --- 51 ADMIRAL 38 075 060.00 37.69 0.35 3.10 26.8 --- 52 GRODNO 12 300 000.00 37.39 0.35 1.54 11.5 1.0 53 SCANMEDMM 11 500 000 36.80 0.34 0.89 44 --- 54 01CYBATON 717 332 160.00 35.87 0.33 1.10 x --- 55 AUTOSPA 5 408 679 35.16 0.33 3.61 x --- 56 WODKAN 5 118 675.00 34.55 0.32 0.16 31.7 2.1 57 INTERNITY* 8 330 000.00 33.24 0.31 2.40 8.0 4.5 58 RUNICOM 11 675 685.00 32.69 0.30 6.49 x --- 59 FITEN 14 100 000 32.57 0.30 1.29 16.2 --- 60 SLR 1 788 000 32.54 0.30 5.37 22.9 --- 61 PSWCAPITA 60 000 000.00 30.00 0.28 0.52 x 28.9 62 ORIONINV 1 082 312.00 29.76 0.28 1.29 20.5 5.9 63 NFPL 12 767 308.00 29.36 0.27 3.46 13.6 --- 64 TECHMADEX 1 074 700 28.80 0.27 2.84 x --- 65 SELVITA 10 463 566.00 28.67 0.27 3.99 x --- 66 ATCCARGO 6 500 000.00 28.21 0.26 2.62 x --- 67 PLASMA 2 000 000.00 28.00 0.26 1.53 7.3 ---

244 NewConnect

Companies by market value (end of 2012) (contd.) No. Company No. of shares Market value Market P/BV P/E Dividend (items) (PLN million) share yield (%) (%)

68 BRASTER 2 472 291 27.20 0.25 2.93 x --- 69 JRINVEST 3 900 000.00 26.91 0.25 1.25 7.7 --- 70 INVICO 13 751 572.00 26.27 0.24 1.14 28.1 --- 71 LUG 7 198 570.00 25.99 0.24 0.68 6.5 6.9 72 COMPERIA 1 357 084.00 25.85 0.24 7.71 14.8 --- 73 GONTYNIEC 1 178 600.00 25.69 0.24 2.24 16.2 --- 74 DOMLEK 1 040 013.00 25.46 0.24 8.92 909.3 --- 75 EKOBOX 8 826 000.00 25.33 0.23 2.24 12.7 10.5 76 ORGANIC 4 182 326.00 24.84 0.23 1.72 x --- 77 ROTOPINO 10 000 000.00 24.60 0.23 2.04 28.5 --- 78 ASTRO 9 900 000 24.55 0.23 1364.00 x --- 79 EGB 13 054 000.00 24.54 0.23 0.63 4.9 5.3 80 DENTAMDC 611 713 655.00 24.47 0.23 27.96 x --- 81 5THAVENUE 19 060 000 24.40 0.23 2.42 105.2 --- 82 SEKA 4 000 000.00 24.04 0.22 0.94 10.8 1.7 83 WIDOKEN 25 909 133.00 23.84 0.22 0.84 x --- 84 HORTICO 11 184 090.00 23.60 0.22 1.71 16.3 --- 85 IMS 33 115 036.00 22.85 0.21 2.51 19.0 --- 86 EONET 2 059 379 22.80 0.21 2.17 x --- 87 BIOGENED 1 311 555 22.30 0.21 0.88 13.4 --- 88 LZMO 8 930 000.00 22.15 0.21 1.19 x --- 89 DYWILAN 5 284 000.00 21.08 0.20 5.73 x --- 90 INVENTI 23 232 000.00 20.68 0.19 4.97 135.1 --- 91 READGENE 11 790 010.00 20.16 0.19 5.25 x --- 92 ADMASSIVE 1 350 000 20.05 0.19 5.50 16.9 --- 93 AITON 10 122 730 19.94 0.18 3.39 19.2 3.8 94 MERA 10 092 500.00 19.68 0.18 0.36 5.4 --- 95 EUROTAX 5 000 000.00 19.45 0.18 8.20 12.1 14.4 96 BIOMAXIMA 3 040 000.00 19.15 0.18 2.34 22.5 --- 97 11BIT 2 217 199.00 19.07 0.18 3.11 18.0 --- 98 CCS 15 891 000.00 19.07 0.18 2.20 x --- 99 LSTECHHOM 16 700 000.00 19.04 0.18 4.78 x --- 100 FORPOSTA 1 454 546 18.91 0.18 4.17 x --- 101 SMSKREDYT* 15 000 000.00 18.75 0.17 2.77 10.5 ---

245 Fact Book 2013

Companies by market value (end of 2012) (contd.) No. Company No. of shares Market value Market P/BV P/E Dividend (items) (PLN million) share yield (%) (%)

102 EPIGON 108 750 000 18.49 0.17 1.96 5.8 --- 103 AZTEC 3 414 667 18.41 0.17 1.62 18 --- 104 VGROUP 1 341 000.00 18.21 0.17 4.21 41.7 --- 105 ASSETUS 2 250 000.00 18.00 0.17 31.25 x --- 106 GENOMED 1 321 301.00 17.84 0.17 4.25 x --- 107 INFOSYS 4 107 076.00 17.78 0.16 2.22 12.7 --- 108 IDH 1 760 777 268.00 17.61 0.16 0.22 x --- 109 NOVIAN 1 756 161 332.00 17.56 0.16 0.27 x --- 110 GENERGY 92 000 000.00 17.48 0.16 0.44 9.1 --- 111 VIVID 25 300 000 17.46 0.16 3.92 70.7 --- 112 WERTHHOLZ 52 800 000 17.42 0.16 1.31 x --- 113 BGE 6 951 233.00 17.38 0.16 15.96 x --- 114 PREFABET 876 627.00 17.23 0.16 0.61 2.7 --- 115 MARKA 2 314 286.00 17.20 0.16 1.30 10.5 --- 116 PRYMUS 10 000 000.00 17.00 0.16 1.48 6.8 --- 117 MINOX 34 526 451.00 16.92 0.16 0.47 1.6 --- 118 EZO 4 257 777.00 16.90 0.16 2.25 x --- 119 ADUMA 1 206 251 16.68 0.15 4.79 34.8 --- 120 IZOBLOK 828 700.00 16.57 0.15 0.94 23.1 --- 121 MODECOM 1 180 284.00 16.52 0.15 1.04 10.7 --- 122 TROMEDIA 13 650 000.00 16.52 0.15 0.95 6.7 --- 123 BIOMASS 15 000 000 16.50 0.15 11.89 x --- 124 BLACKPOIN 11 000 000.00 16.39 0.15 0.67 4.9 17.1 125 MORIZON 10 948 520.00 16.31 0.15 5.76 x --- 126 TAMEX 19 450 000.00 15.95 0.15 1.14 x --- 127 ANALIZY 1 320 000 15.84 0.15 5.55 15.5 3.3 128 NAVIMORIN 2 727 050.00 15.63 0.14 1.22 x --- 129 NWAI 1 851 500.00 15.31 0.14 2.12 12.6 --- 130 RUCHCHORZ 16 790 701.00 15.28 0.14 57.88 x --- 131 GWARANT 5 000 000.00 15.25 0.14 3.23 8.2 9.8 132 ONICO 1 375 000.00 15.21 0.14 2.53 7.0 39.8 133 ASTORIA 302 077 132 15.10 0.14 0.52 x --- 134 GRUPAREC 1 376 671.00 15.10 0.14 1.08 x --- 135 IAI 8 156 235.00 15.09 0.14 6.11 x ---

246 NewConnect

Companies by market value (end of 2012) (contd.) No. Company No. of shares Market value Market P/BV P/E Dividend (items) (PLN million) share yield (%) (%)

136 ICPGROUP 5 337 468.00 14.94 0.14 8.28 16.6 --- 137 FARM51 3 760 000.00 14.59 0.14 5.23 x --- 138 ADASTRA 5 576 932.00 14.22 0.13 91.16 x --- 139 I3D 9 290 000.00 14.12 0.13 3.52 x 10.9 140 GREMPCO 24 612 300.00 14.03 0.13 0.43 66.5 --- 141 SPC 100 000 000 14.00 0.13 1.21 14.1 2.5 142 BBCONSULT 3 675 000.00 13.85 0.13 3.06 x --- 143 PILAB 1 470 000.00 13.82 0.13 14.33 x --- 144 DEKTRA 1 104 000.00 13.76 0.13 3.25 10.5 12.0 145 CSY 7 200 000.00 13.75 0.13 1.68 16.4 --- 146 GOTFI 1 640 000.00 13.46 0.12 4.07 22.2 --- 147 TELEMEDPL 5 800 000 13.34 0.12 6.10 43.6 --- 148 HYDRAPRES 35 934 992.00 13.30 0.12 0.75 7.7 2.7 149 ORZLOPONY 7 878 888.00 13.24 0.12 1.15 x --- 150 ECAUXILUM 5 881 000 13.23 0.12 0.93 x 11.1 151 SFKPOLKAP 4 550 000.00 13.15 0.12 0.74 11.0 --- 152 STARKDEV 1 300 000 000.00 13.00 0.12 0.80 x --- 153 MPAY 44 800 000.00 12.99 0.12 1.91 x --- 154 RCUNION 13 840 209.00 12.87 0.12 1.79 x --- 155 URLOPYPL 420 000 000 12.60 0.12 0.94 x --- 156 ALKAL 5 547 620.00 12.48 0.12 1.25 7.9 --- 157 SSI 88 500 000.00 12.39 0.11 0.92 4.8 --- 158 INNOGENE 5 202 522.00 12.23 0.11 11.47 x --- 159 S4E 1 737 171.00 12.16 0.11 1.06 4.0 --- 160 ABSINVEST 49 000 000.00 11.76 0.11 0.79 29.0 --- 161 APS 5 296 839 11.55 0.11 1.17 5.9 6.4 162 IBCPOLSKA 3 012 244.00 11.48 0.11 2.81 x --- 163 VEDIA 21 213 393.00 11.24 0.10 1.24 47.2 --- 164 VERBICOM 8 689 996.00 11.21 0.10 2.08 21.1 0.8 165 ROCCA 10 345 000.00 10.97 0.10 6.90 x --- 166 DEMOLEN 2 350 000.00 10.81 0.10 1.02 x --- 167 POLMAN 34 730 250.00 10.77 0.10 1.31 8.0 --- 168 SFD 44 480 000.00 10.68 0.10 0.97 x --- 169 MEW 2 521 093.00 10.46 0.10 3.39 x ---

247 Fact Book 2013

Companies by market value (end of 2012) (contd.) No. Company No. of shares Market value Market P/BV P/E Dividend (items) (PLN million) share yield (%) (%)

170 ARTBIZNES 10 000 000 10.30 0.10 3.01 x --- 171 RODAN 11 162 810.00 10.05 0.09 0.59 53.4 --- 172 ATONHT* 18 202 056.00 10.01 0.09 0.57 x --- 173 NICOGAMES 197 987 341.00 9.90 0.09 0.79 x --- 174 SZAR 110 000 000.00 9.90 0.09 0.60 7.0 --- 175 APIS 195 845 000.00 9.79 0.09 1.10 x --- 176 UNIMOTGAZ 3 203 797.00 9.61 0.09 0.68 7.1 --- 177 MAKOLAB 7 074 730.00 9.55 0.09 2.01 8.6 2.2 178 MOMO 26 000 000.00 9.36 0.09 3.16 x --- 179 FABRFORMY 24 485 020 9.30 0.09 1.04 20 --- 180 PROLOG 1 000 000.00 8.99 0.08 3.03 x --- 181 RAJDY4X4 8 144 695.00 8.88 0.08 1.28 x --- 182 ROBINSON 1 444 642.00 8.88 0.08 1.77 29.9 --- 183 FLUID 21 996 040.00 8.80 0.08 0.36 6.5 --- 184 ISIAG 6 800 000.00 8.77 0.08 2.11 8.9 3.1 185 FONECO 109 000 000.00 8.72 0.08 0.43 x --- 186 BLOOBER 1 330 789 8.69 0.08 1.18 26.9 --- 187 ESKIMOS 20 667 197 8.47 0.08 0.61 13.8 7.3 188 ECOTECH 12 930 687.00 8.40 0.08 0.54 x --- 189 AQUAPOZ 870 000 8.35 0.08 0.72 5 --- 190 RSY 3 700 000.00 8.33 0.08 2.60 93.5 --- 191 DOMEXBUD 5 412 537 8.12 0.08 1.10 x --- 192 BLIRT 4 286 347.00 8.02 0.07 2.66 x --- 193 EASTSIDE 398 038 617 7.96 0.07 0.44 32.5 --- 194 STEMCELLS 6 636 500.00 7.96 0.07 3.20 x --- 195 REMEDIS 39 126 666.00 7.83 0.07 2.02 x --- 196 SEVENET 6 676 533 7.81 0.07 0.75 10.7 --- 197 MALKOWSKI 8 040 400.00 7.64 0.07 0.58 36.7 --- 198 MBPARTNER 126 226 025.00 7.57 0.07 0.38 x --- 199 IU 4 445 000.00 7.51 0.07 4.83 19.5 --- 200 BLUMERANG 9 600 000.00 7.49 0.07 0.54 2.2 --- 201 EKOPOL 2 594 532 7.39 0.07 0.87 x 0.9 202 XPLUS 66 883 012 7.36 0.07 2.10 x 18.1 203 FUTURIS 183 221 537 7.33 0.07 0.47 x ---

248 NewConnect

Companies by market value (end of 2012) (contd.) No. Company No. of shares Market value Market P/BV P/E Dividend (items) (PLN million) share yield (%) (%)

204 CLOUD 3 300 000.00 7.26 0.07 10.87 x --- 205 GRUPAHRC 8 500 000.00 7.06 0.07 5.12 47.7 1.2 206 EUROSNACK 14 668 508.00 7.04 0.07 4.49 x --- 207 SWISSPSM 4 070 895 6.92 0.06 2.50 x --- 208 MOTORICUS 16 040 000.00 6.90 0.06 0.71 22.2 --- 209 LASERMED 5 342 874.00 6.89 0.06 42.81 x --- 210 YURECO 6 323 526.00 6.83 0.06 2.42 189.7 --- 211 KUPIEC 4 414 609.00 6.75 0.06 0.96 11.7 --- 212 DOMZDROW 5 042 332.00 6.71 0.06 0.00 x --- 213 PREMFOOD 5 650 001.00 6.67 0.06 6.97 7.4 --- 214 LOKATYBUD 44 276 975.00 6.64 0.06 0.51 x --- 215 MADKOM 41 490 000.00 6.64 0.06 1.99 x --- 216 BINARY 3 376 321 6.62 0.06 2.20 35.6 --- 217 KBJ 1 540 792.00 6.61 0.06 2.44 x --- 218 PARTNER 60 000 000.00 6.60 0.06 0.99 32.4 --- 219 KORBANK 4 936 620.00 6.57 0.06 1.54 9.5 --- 220 KLON 20 930 000.00 6.49 0.06 0.38 20.0 --- 221 EMUZYKA 7 516 666.00 6.24 0.06 1.84 5.7 --- 222 XSYSTEM 7 200 000 6.19 0.06 1.33 57.3 3.3 223 UBOATLINE 6 502 000.00 6.18 0.06 0.85 10.2 --- 224 CERABUD 10 275 938 6.17 0.06 1.02 x --- 225 INPOINT 6 025 334.00 6.15 0.06 3.54 x --- 226 KOMPLEKS 6 362 000.00 6.04 0.06 0.61 9.4 3.2 227 DANKS 4 577 057.00 5.95 0.06 2.03 4.9 20.0 228 MODE 5 913 218.00 5.91 0.05 11.26 57.4 --- 229 MAKORA 44 900 000.00 5.84 0.05 1.56 x --- 230 MILKPOL 11 853 500.00 5.69 0.05 1.01 70.2 6.3 231 BMMEDICAL 3 140 000 5.65 0.05 1.93 x --- 232 EKOKOGEN 8 820 000 5.64 0.05 5.08 x --- 233 T2INVEST 6 150 000 5.47 0.05 0.27 x --- 234 TAXNET 3 857 765 5.44 0.05 1.31 34.4 --- 235 SARE 2 215 500.00 5.43 0.05 1.86 13.9 --- 236 TABLEO 2 700 000 5.40 0.05 2.01 x --- 237 INTELIWIS 6 258 915.00 5.32 0.05 5.90 x ---

249 Fact Book 2013

Companies by market value (end of 2012) (contd.) No. Company No. of shares Market value Market P/BV P/E Dividend (items) (PLN million) share yield (%) (%)

238 BIOERG 8 500 000 5.27 0.05 4.26 239.5 --- 239 OPENNET 2 584 000.00 5.25 0.05 0.41 655.7 --- 240 WDBBU 16 364 400 5.24 0.05 1.18 4.1 --- 241 POLTRONIC 7 158 000.00 5.23 0.05 1.17 10.0 --- 242 GMK 1 040 100.00 5.20 0.05 11.18 x --- 243 WIERZYCL 74 311 006 5.20 0.05 0.51 6 14.3 244 SUNTECH 15 940 000 5.10 0.05 2.24 x --- 245 MEDIACAP 11 134 880.00 5.01 0.05 1.82 16.0 --- 246 VISION 250 000 000.00 5.00 0.05 0.29 x --- 247 AKCEPTFIN 5 000 000 4.95 0.05 0.68 6.5 --- 248 VIDIS 3 414 131 4.95 0.05 0.89 117.9 --- 249 GRAPHIC 3 588 527.00 4.81 0.04 2.14 x --- 250 FOREVEREN 7 332 235 4.77 0.04 14.80 x --- 251 MGAMES 15 250 000.00 4.73 0.04 2.36 x --- 252 DIGITAL 12 650 027.00 4.68 0.04 0.55 37.1 --- 253 EDISON 1 451 567 4.65 0.04 5.26 x --- 254 INBOOK 6 097 830.00 4.57 0.04 4.39 x --- 255 INDEXMEDI 1 300 000.00 4.50 0.04 1.86 x --- 256 NOTORIA 1 000 000.00 4.50 0.04 2.21 x --- 257 GALVO 4 000 000.00 4.36 0.04 0.48 7.7 --- 258 SOBET 32 962 500.00 4.29 0.04 0.38 x --- 259 BIOFACTOR 1 902 000.00 4.18 0.04 1.17 119.6 --- 260 ADVERTIGO 29 750 000.00 4.17 0.04 1.11 595.0 --- 261 DIGATE 23 131 925.00 4.16 0.04 0.21 x --- 262 MOBINI 2 461 250.00 4.13 0.04 3.98 x --- 263 GKSKAT 15 823 735.00 4.11 0.04 2.09 x --- 264 YELLOWHAT 41 000 000.00 4.10 0.04 0.98 x --- 265 ARTEFE 101 250 000 4.05 0.04 1.11 7.9 --- 266 VENTURION 30 945 000 4.02 0.04 1.46 x --- 267 WESTREAL 6 000 000 4.02 0.04 0.28 3.1 --- 268 KCSP 7 000 000.00 3.99 0.04 6.25 x --- 269 TRICEPS 1 792 500 3.94 0.04 7.22 x --- 270 EMMERSON 30 145 179 3.92 0.04 0.15 x --- 271 WEEDO 1 580 000 3.92 0.04 0.00 x ---

250 NewConnect

Companies by market value (end of 2012) (contd.) No. Company No. of shares Market value Market P/BV P/E Dividend (items) (PLN million) share yield (%) (%)

272 ABAK 2 490 000.00 3.91 0.04 1.97 x --- 273 INVESTREM 64 750 000.00 3.89 0.04 0.41 1.2 --- 274 OPTIZENLB 5 799 419.00 3.83 0.04 1.48 x --- 275 LESNERUNO 3 600 000.00 3.82 0.04 3.46 x --- 276 HURTIMEX 10 465 315.00 3.77 0.03 2.42 7.4 --- 277 DORADCY24 373 985 665 3.74 0.03 2.81 x --- 278 POLSKIHR 12 757 242.00 3.70 0.03 3.09 x --- 279 CALESCO 2 723 471 3.68 0.03 2.74 44.3 --- 280 WBAY 52 500 000.00 3.68 0.03 0.28 x --- 281 VENO 5 140 706 3.65 0.03 0.25 x --- 282 PLANETSOF 3 000 000.00 3.60 0.03 3.73 6.7 --- 283 PREMETINV 10 000 001.00 3.50 0.03 9.00 x --- 284 MGMSYS 2 821 500.00 3.47 0.03 4.76 13.2 --- 285 DEPEND 11 485 000.00 3.45 0.03 1.89 x --- 286 ROVITA 13 637 600.00 3.41 0.03 0.96 x --- 287 STOPKLA 2 275 246.00 3.41 0.03 1.67 x --- 288 AEDES 5 651 430 3.39 0.03 0.69 3 --- 289 DOBRANASZA 1 585 000 3.39 0.03 1695.95 x --- 290 ESPEROTIA 28 123 985 3.37 0.03 1.00 x --- 291 OEM 6 307 000.00 3.34 0.03 3.65 25.7 --- 292 B2BPARTNER 15 090 000.00 3.32 0.03 0.61 x --- 293 BROADGATE 3 941 715 3.31 0.03 0.22 3.3 --- 294 STARFIT 1 653 000 3.31 0.03 2.33 11.1 4.2 295 TERMOEXP 1 035 342.00 3.31 0.03 2.42 8.5 --- 296 EBC 3 000 000.00 3.24 0.03 1.08 x --- 297 VENITI 1 116 000 3.23 0.03 6.14 x --- 298 AGROMA 14 600 000 3.21 0.03 0.87 x --- 299 APLINTER 3 973 600 3.18 0.03 9.81 x --- 300 ATSENERGY 18 487 040 3.14 0.03 0.28 8.7 --- 301 MINERAL 5 769 988.00 3.12 0.03 1.09 9.5 --- 302 SURFLAND 3 361 166.00 3.09 0.03 1.05 x --- 303 EMONT 6 500 000.00 3.06 0.03 0.66 6.9 --- 304 FININT 1 320 062 3.04 0.03 50.60 x --- 305 GOLAB 10 752 000.00 3.01 0.03 1.45 8.6 ---

251 Fact Book 2013

Companies by market value (end of 2012) (contd.) No. Company No. of shares Market value Market P/BV P/E Dividend (items) (PLN million) share yield (%) (%)

306 GREENENER 33 340 000.00 3.00 0.03 1.33 x --- 307 POLNOCNR 6 380 000.00 2.93 0.03 0.32 4.7 --- 308 STERGAMES 5 100 000 2.86 0.03 5.60 x --- 309 HOTBLOK 70 000 000.00 2.80 0.03 0.38 x --- 310 ACREO 1 650 000 2.77 0.03 2.91 13.7 --- 311 FMOZAROW 6 120 250.00 2.75 0.03 1.62 x --- 312 DOMENOMAN 4 770 000 2.72 0.03 0.99 x --- 313 NANOTEL 1 200 000.00 2.72 0.03 1.79 5.9 --- 314 C2A 66 850 000 2.67 0.02 0.23 8 --- 315 EFICOM 4 300 000 2.67 0.02 0.61 x --- 316 TELESTO 590 000.00 2.66 0.02 2.23 2.7 --- 317 INCANA 10 976 800.00 2.63 0.02 0.55 67.5 --- 318 LUXIMA 32 800 000.00 2.62 0.02 0.59 x --- 319 PPRICE 26 000 001.00 2.60 0.02 3.29 x --- 320 HEFAL 6 210 953.00 2.48 0.02 0.47 x --- 321 EXDEBT 17 448 942 2.44 0.02 0.32 x --- 322 ARTNEWMED 10 008 514 2.40 0.02 0.00 x --- 323 BUDOSTAL5 17 061 000 2.39 0.02 0.00 x --- 324 MEDIANPOL 8 865 170.00 2.39 0.02 0.61 x --- 325 MMCPL 1 073 513.00 2.37 0.02 1.91 6.4 --- 326 INWESTPL 7 863 087.00 2.36 0.02 0.77 3.7 --- 327 POSITIVE 20 785 612.00 2.29 0.02 0.00 x --- 328 MAXIMUS 18 750 000.00 2.25 0.02 0.90 54.9 --- 329 RICHTER 2 900 000.00 2.23 0.02 0.00 x --- 330 CWPE 6 510 000.00 2.21 0.02 1.07 x --- 331 EKIOSK 18 090 000 2.17 0.02 1.47 x --- 332 SAKANA 6 733 000.00 2.15 0.02 0.95 9.1 --- 333 ERS 4 318 600 2.12 0.02 1.42 x --- 334 CCTOOLS 4 650 000.00 2.05 0.02 2.20 28.8 --- 335 SMOKESHOP 3 270 500 2.03 0.02 2.82 42.2 --- 336 TAXUSFUND 8 118 950.00 2.03 0.02 1.07 x --- 337 BPC 40 338 000.00 2.02 0.02 0.31 x --- 338 DASE 4 687 500 2.02 0.02 0.94 3 --- 339 MONDAY 788 485.00 2.01 0.02 0.08 x ---

252 NewConnect

Companies by market value (end of 2012) (contd.) No. Company No. of shares Market value Market P/BV P/E Dividend (items) (PLN million) share yield (%) (%)

340 BLUETAX 100 000 000 2.00 0.02 1.82 x --- 341 LAURENPES 66 500 000.00 2.00 0.02 1.57 9.2 --- 342 VENTUREIN 6 840 000 1.98 0.02 0.53 1.1 --- 343 SYMBIO 1 431 323.00 1.93 0.02 0.57 16.2 --- 344 ONERAY 38 098 319.00 1.90 0.02 0.56 x --- 345 TELIANI 5 720 000 1.89 0.02 3.58 x --- 346 JDB 47 000 000.00 1.88 0.02 0.36 10.2 --- 347 STANUSCH 1 497 005 1.86 0.02 2.40 x --- 348 GEOINVENT 18 512 500.00 1.85 0.02 1.33 x --- 349 MPLVERBUM 2 444 444.00 1.83 0.02 0.59 18.9 --- 350 M4B 6 400 000.00 1.79 0.02 0.71 5.7 --- 351 ZOC 3 588 500.00 1.79 0.02 1.36 51.3 --- 352 MAGNIFICO 3 794 593.00 1.78 0.02 1.28 x --- 353 EXAMOBILE 1 450 000 1.77 0.02 5.74 x --- 354 KKHERBAL 2 179 000.00 1.76 0.02 3.46 27.2 --- 355 ALUMAST 3 652 094 1.75 0.02 0.00 x --- 356 SILVACG 9 190 303 1.75 0.02 0.10 x --- 357 YOURIMAGE 4 170 000 1.75 0.02 2.64 67.4 --- 358 IPODS 1 300 000.00 1.74 0.02 0.44 1.0 --- 359 GPPI 5 775 000.00 1.73 0.02 0.47 x --- 360 LANGLOO 21 594 748.00 1.73 0.02 0.79 x --- 361 GPFCAUSA 172 202 995.00 1.72 0.02 0.53 2.4 --- 362 BPI 4 283 500.00 1.71 0.02 0.61 x --- 363 COMPRESS 5 000 000.00 1.70 0.02 1.53 28.8 --- 364 AIRMARKET 1 777 251.00 1.64 0.02 13.86 x --- 365 IPOSA 9 110 000.00 1.64 0.02 0.54 1.0 --- 366 IMMOFUND 11 600 000.00 1.62 0.01 2.22 x --- 367 REKLAPL 40 000 000.00 1.60 0.01 0.49 x --- 368 EPICTURES 1 650 000 1.55 0.01 0.55 18.5 --- 369 PROXYAD 22 139 718.00 1.55 0.01 0.69 x --- 370 ACARTUS 7 499 000 1.50 0.01 1.13 25.9 --- 371 SITE 24 509 564.00 1.47 0.01 0.22 5.3 --- 372 VELTO 8 400 000 1.43 0.01 0.47 x --- 373 JANTAR 17 681 820.00 1.41 0.01 3.31 x ---

253 Fact Book 2013

Companies by market value (end of 2012) (contd.) No. Company No. of shares Market value Market P/BV P/E Dividend (items) (PLN million) share yield (%) (%)

374 APOLLO 20 000 000 1.40 0.01 0.74 x --- 375 DFP 11 697 000.00 1.40 0.01 0.42 x --- 376 FACHOWCY 10 561 185 1.37 0.01 0.25 x --- 377 VCP 2 449 148.00 1.37 0.01 0.62 x --- 378 LETUS 8 890 000.00 1.33 0.01 0.25 x --- 379 8FORMULA 1 300 000.00 1.30 0.01 1.27 x --- 380 IGORIA 10 000 001.00 1.30 0.01 4.92 x --- 381 MARSOFT 5 427 563.00 1.30 0.01 0.78 x --- 382 TERRA 1 571 700.00 1.30 0.01 0.85 7.3 --- 383 REVITUM 1 293 500.00 1.29 0.01 4.13 x --- 384 STIGROUP 16 002 400 1.28 0.01 0.08 x --- 385 M10 18 000 001.00 1.26 0.01 1.11 x --- 386 GLOBALTR 17 253 333 1.21 0.01 0.20 1.3 --- 387 MDEVELOP 19 629 400.00 1.18 0.01 1.17 x --- 388 MTC 12 800 000.00 1.15 0.01 0.09 x --- 389 ALEJA 2 350 000.00 1.10 0.01 0.48 x --- 390 FINHOUSE 1 112 500 1.09 0.01 3.26 47.4 --- 391 EASYCALL 1 211 300.00 1.03 0.01 0.96 x --- 392 GOLDWYN 3 209 610.00 1.03 0.01 1.61 x --- 393 GRJAGUAR 1 213 823.00 1.01 0.01 0.55 37.3 --- 394 PLAYMAKER 16 622 567.00 1.00 0.01 1.59 x --- 395 VIAGUARA 93 770 000 0.94 0.01 0.17 x --- 396 WASPOL 5 179 840 0.93 0.01 0.30 x --- 397 DXD 4 320 000.00 0.91 0.01 0.35 x --- 398 PAKADEMIA 226 845.00 0.91 0.01 0.00 x --- 399 ABEONET 1 200 000 0.89 0.01 1.53 x --- 400 MAXIPIZZA 4 857 588.00 0.83 0.01 0.50 x --- 401 NEMEX 13 630 000.00 0.82 0.01 1.09 x --- 402 ALDA 1 123 600.00 0.79 0.01 0.84 19.7 --- 403 INTWORKS 1 460 000.00 0.79 0.01 2.35 131.4 --- 404 LIBERTY 19 700 000.00 0.79 0.01 0.27 x --- 405 MONTUHOLD 300 000.00 0.78 0.01 0.00 x --- 406 COOLMARK 5 000 000 0.75 0.01 2.26 x --- 407 BUDUS 7 371 763 0.74 0.01 0.05 x ---

254 NewConnect

Companies by market value (end of 2012) (contd.) No. Company No. of shares Market value Market P/BV P/E Dividend (items) (PLN million) share yield (%) (%)

408 KME 24 360 020.00 0.73 0.01 0.28 x --- 409 WAKEPARK 3 781 000.00 0.68 0.01 1.07 x --- 410 MBFACTORY 1 550 000.00 0.65 0.01 15.50 x --- 411 KOMFORTKM 15 980 000.00 0.64 0.01 14.20 x --- 412 BOA 2 096 186 0.63 0.01 1.01 x --- 413 RELIGADEV 63 440 940.00 0.63 0.01 0.12 x --- 414 APOLONIA 7 250 000.00 0.58 0.01 0.46 x --- 415 MERIT 1 654 500.00 0.56 0.01 1.38 x --- 416 DIRECTES 5 743 083.00 0.46 0.00 0.05 x --- 417 PARTEX 11 224 313.00 0.34 0.00 0.82 x --- 418 INWAZJAPC 30 698 500.00 0.31 0.00 0.00 x --- 419 EMPORIUM 3 967 712 0.20 0.00 0.00 x --- Total domestic companies: 10 804.74 100.00 2.06 x 0.6

Foreign companies 1 ORPHEE 16 600 000.00 157.20 55.59 0.00 x --- 2 TWIGONET 13 021 554.00 42.58 15.06 6.93 x --- 3 BGSENERGY 15 209 000.00 35.28 12.48 1.73 7.3 --- 4 AGROLIGA 307 560.00 25.22 8.92 0.70 1.7 --- 5 PHOENIX 23 000 000.00 16.10 5.69 0.00 x --- 6 AERFINANC 9 129 059.00 2.56 0.91 0.88 1.1 --- 7 ICMVISION 2 031 500.00 2.44 0.86 7.57 x --- 8 ICPD 6 011 476.00 1.38 0.49 0.08 x --- Total foreign companies: 282.76 100.00 4.19 x ---

* Companies included in NewConnect Lead

255 Fact Book 2013

Pre-emptive rights traded on NewConnect in 2012

Record date Ratio per new Trading dates No. ISIN Instrument (dd.mm.yyyy) share (dd.mm.yyyy-dd.mm.yyyy)

1 PLMWTNS00036 MWTENIS-PP 22.11.2011 0.50 19.01.2012 - 23.01.2012 2 PLDDSA000036 DXD-PP 06.02.2012 1.00 07.03.2012 - 13.03.2012 3 PLHMSG000050 HMSG-PP 16.01.2012 4.31 02.04.2012 - 05.04.2012 4 PLEENRG00055 EASTSIDE-PP 01.02.2012 1.00 07.05.2012 - 07.05.2012 5 PLPARTX00036 PARTEX-PP 12.07.2012 1.00 29.08.2012 - 11.09.2012 6 PLPHRMN00029 PHARMENA-PP 06.09.2012 8.00 10.09.2012 - 21.09.2012 7 PLBIOMD00058 ASTORIA-PP 17.12.2012 3.33 19.12.2012 - 08.01.2013

Pre-emptive rights – key figures 2012 2011 2010 2009 2008 Pre-emptive rights Number of series traded at year-end 1 1 0 0 0 Total turnover for the year (PLN million) 328 2 667 8 826 490 793 Average turnover per session (PLN million) 1.32 10.63 34.89 1.95 3.16 Number of transactions per session 2 7 20 3 6 Average value of transaction (PLN) 755 1 437 1 717 740 489

256 NewConnect

NewConnect – shares and rights to shares (PDA) – key figures 2012 2011 2010 2009 2008 Index NCIndex at year-end 33.26 41.62 63.44 49.70 38.19 NCXLifeSci at year-end 55.23 80.83 98.85 ------Return on NCIndex (%) -20.09 -34.39 27.65 30.14 -73.51 Return on NCXLifeSci (%) -31.67 -18.23 -1.15 ------

Companies Number of all listed companies at year-end 429 351 185 107 84 of which domestic companies 421 344 182 105 83 of which foreign companies 8 7 3 2 1 Capitalisation at year-end (PLN million) 11 088 8 487 5 138 2 554 1 438 of which domestic companies (PLN million) 10 805 8 384 4 971 2 457 1 396 of which foreign companies (PLN million) 283 104 167 97 41 Average P/E ratio* -357.6 57.5 120.8 x 25.0 Average P/BV ratio* 3.93 5.98 10.59 18.05 3.44 Dividend yield at year-end (%)* 0.6 0.4 0.4 0.2 0.1 Turnover value for the year (PLN million) 1 303 1 955 1 847 581 420 Average turnover value per session (PLN million) 5.2 7.8 7.3 2.3 1.7 Number of transactions per session 3 107 4 312 3 471 1 285 980 Average value of transaction (PLN) 1 684 1 806 2 103 1 795 1 707 Turnover ratio (%)** 1.1 19.9 61.6 42.0 40.1 Number of sessions for the year 249 251 253 252 251

Continuous trading Number of all listed companies at year-end 408 350 184 107 84 Number of transactions per session 3 072 4 307 3 449 1 285 980 Total turnover value for the year (PLN million) 1 133 1 858 1 743 540 413

Single-price system Number of all listed companies at year-end 21 1 1 0 0 Number of transactions per session 34 4 21 ------Total turnover value for the year (PLN million) 8 1 10 ------

Block trades Number of transactions (single-counted) 274 219 139 39 19 Average value of transaction (PLN million) 0.59 0.44 0.67 1.06 0.39 Total turnover value for the year (PLN million) 162 96 93.5 41.5 7.5

* Average annual figure for all listed companies. ** For domestic companies.

257 Fact Book 2013

Investors

2012 saw a continuation of trends observed market equalled 73%. Domestic financial in 2011 with regard to NewConnect inves- institutions accounted for 17%, with private tor structure. As in the preceding year, companies still playing the main role in this the largest proportion of trading on group, accounting for more than a half of NewConnect was generated by individual the turnover. The share of foreign investors investors whose share of trading in the rose from 3% to 10%.

NewConnect investor structure (% share in trading) Investors 2012 2011 2010 2009 2008 Foreign 10 3 2 2 2 Domestic individual 73 77 87 89 92 Domestic institutional 17 20 11 9 6

NewConnect investor structure (% share in trading)

Investors’ shares in NewConnect trading in 2012

73% Domestic individual

17% Domestic institutional

10% Foreign

258 NewConnect

NewConnect Indices

At the end of 2012 the WSE calculated date, i.e. 30 August 2007, the value of the and published two NewConnect indices: index was 100 points. The list of index con- NCIndex and NCLifeScience. stituents is updated on a quarterly basis and companies’ shares in the index are determined on the basis of their respective numbers of shares in free float. However, the largest companies may account for no more NCIndex is a total return index, with income than 10% of the index. The index includes from dividends and pre-emptive rights be- companies which are not classified to HRL ing considered in its calculation. The values or SHLR segments. of NCIndex are published on a continuous basis from the start till the end of the session, at five-minute intervals. On the base

NCLifeScience in 2012

50 43.83 20 Feb 45

30 32.53 18 Dec 25 July May April June March August October January February December November September

259 Fact Book 2013

NCLifeScience covers shares of companies from the broadly defined life sciences, in particular those which make use of patents related to knowledge of living organisms. The weights of companies in NCLifeScience derive from their respective weights in NCIn- dex and are updated on a quarterly basis. The values of this index are published three times a day: at 11:15 a.m., 3:15 p.m. and at the closing of each session. The index has been published since 20 September 2010. The value of this index on the base date i.e. 30 August 2010 was 100 points. The index includes companies which are not classified to HRL or SHLR segments.

NCLifeScience in 2012

100

90 97.55 8 Feb 80

60 55.23 28 Dec 50

40 July May April June March August October January February December November September

260 NewConnect

NCIndex portfolio structure (end of 2012) No. Shares Price of Number of shares in Market Share in shares portfolio value NCIndex (PLN) (PLN) (%) 1 MEDICALG 66.00 1 700 000 112 200 000 6.28 2 TERMOREX 8.00 11 008 000 88 064 000 4.93 3 CUBEITG 1.40 50 792 000 71 108 800 3.98 4 DTP 8.80 7 326 000 64 468 800 3.61 5 ORPHEE 9.47 6 600 000 62 502 000 3.50 6 FHDOM 18.50 2 500 000 46 250 000 2.59 7 PFH 7.99 5 408 000 43 209 920 2.42 8 BIOMEDLUB 4.94 8 560 000 42 286 400 2.37 9 ELEMENTAL 2.50 14 900 000 37 250 000 2.08 10 COPERNIC 93.00 390 000 36 270 000 2.03 11 SYNEKTIK 13.39 2 431 000 32 551 090 1.82 12 PROGRES 13.30 2 252 000 29 951 600 1.68 13 MABION 15.00 1 900 000 28 500 000 1.59 14 PLATIGE 34.45 766 000 26 388 700 1.48 15 GCINVEST 2.98 8 680 000 25 866 400 1.45 16 KOPAHAUS 1.20 20 555 000 24 666 000 1.38 17 EKANCELAR 2.00 12 000 000 24 000 000 1.34 18 ZWG 4.77 4 758 000 22 695 660 1.27 19 TELESTR 14.50 1 414 000 20 503 000 1.15 20 AQUABB 9.60 2 041 000 19 593 600 1.10 21 BRASTER 11.00 1 640 000 18 040 000 1.01 22 PPG 0.40 42 697 000 17 078 800 0.96 23 DENTAMDC 0.04 391 228 000 15 649 120 0.88 24 MOSTALWRO 2.30 6 313 000 14 519 900 0.81 25 FLYPL 2.63 5 473 000 14 393 990 0.81 26 ATCCARGO 4.34 3 311 000 14 369 740 0.80 27 BRIJU 14.40 978 000 14 083 200 0.79 28 TILIA 125.00 112 000 14 000 000 0.78 29 GONTYNIEC 21.80 612 000 13 341 600 0.75 30 PLASMA 14.00 894 000 12 516 000 0.70 31 LUG 3.61 3 408 000 12 302 880 0.69 32 COLEOS 2.00 6 100 000 12 200 000 0.68 33 BALTONA 5.50 2 175 000 11 962 500 0.67 34 BAUMAL 9.52 1 200 000 11 424 000 0.64 35 DRUKPAK 15.50 721 000 11 175 500 0.63 36 NOVIAN 0.01 1 083 832 000 10 838 320 0.61 37 IDH 0.01 1 073 059 000 10 730 590 0.60 38 ESOTIQ 26.90 397 000 10 679 300 0.60 39 11BIT 8.60 1 227 000 10 552 200 0.59 40 PGSSOFT 2.58 3 907 000 10 080 060 0.56 41 IMS 0.69 14 571 000 10 053 990 0.56 42 NFPL 2.30 4 367 000 10 044 100 0.56

261 Fact Book 2013

NCIndex portfolio structure (end of 2012) (contd.) No. Shares Price of Number of shares in Market Share in shares portfolio value NCIndex (PLN) (PLN) (%) 43 PCZ 49.92 197 000 9 834 240 0.55 44 PSWCAPITA 0.50 18 900 000 9 450 000 0.53 45 NICOGAMES 0.05 187 987 000 9 399 350 0.53 46 SCOPAK 2.04 4 550 000 9 282 000 0.52 47 ONICO 11.06 825 000 9 124 500 0.51 48 FITEN 2.31 3 924 000 9 064 440 0.51 49 INTERNITY 3.99 2 241 000 8 941 590 0.50 50 SELVITA 2.74 3 221 000 8 825 540 0.49 51 BGSENERGY 2.32 3 750 000 8 700 000 0.49 52 CFBPS 5.40 1 613 000 8 710 200 0.49 53 WINDMOBIL 6.30 1 373 000 8 649 900 0.48 54 INVISTA 0.60 13 704 000 8 222 400 0.46 55 BIOMAXIMA 6.30 1 280 000 8 064 000 0.45 56 JRINVEST 6.90 1 160 000 8 004 000 0.45 57 TPH 2.14 3 649 000 7 808 860 0.44 58 EMCAPITAL 0.95 8 100 000 7 695 000 0.43 59 VEDIA 0.53 13 991 000 7 415 230 0.42 60 PREFABET 19.65 363 000 7 132 950 0.40 61 PHARMENA 6.16 1 146 000 7 059 360 0.40 62 MERA 1.95 3 599 000 7 018 050 0.39 63 ATONHT 0.55 12 534 000 6 893 700 0.39 64 LZMO 2.48 2 731 000 6 772 880 0.38 65 GRODNO 3.04 2 212 000 6 724 480 0.38 66 TAMEX 0.82 7 412 000 6 077 840 0.34 67 S4E 7.00 860 000 6 020 000 0.34 68 ECAUXILUM 2.25 2 644 000 5 949 000 0.33 69 FORPOSTA 13.00 455 000 5 915 000 0.33 70 ORZLOPONY 1.68 3 365 000 5 653 200 0.32 71 SMT 13.50 414 000 5 589 000 0.31 72 CASPAR 27.91 199 000 5 554 090 0.31 73 GENERGY 0.19 28 694 000 5 451 860 0.31 74 INFOSYS 4.33 1 261 000 5 460 130 0.31 75 VGROUP 13.58 401 000 5 445 580 0.31 76 DAAH 6.99 774 000 5 410 260 0.30 77 5THAVENUE 1.28 4 209 000 5 387 520 0.30 78 RUNICOM 2.80 1 891 000 5 294 800 0.30 79 EKOBOX 2.87 1 826 000 5 240 620 0.29 80 ADMASSIVE 14.85 350 000 5 197 500 0.29 81 MINOX 0.49 10 608 000 5 197 920 0.29 82 SSI 0.14 36 465 000 5 105 100 0.29 83 NWAI 8.27 614 000 5 077 780 0.28 84 HYDRAPRES 0.37 13 367 000 4 945 790 0.28

262 NewConnect

NCIndex portfolio structure (end of 2012) (contd.) No. Shares Price of Number of shares in Market Share in shares portfolio value NCIndex (PLN) (PLN) (%) 85 BIOGENED 17.00 285 000 4 845 000 0.27 86 ADUMA 13.83 342 000 4 729 860 0.27 87 AITON 1.97 2 352 000 4 633 440 0.26 88 WEGLOPEX 0.25 18 000 000 4 500 000 0.25 89 PHOENIX 0.70 6 373 000 4 461 100 0.25 90 IZOBLOK 20.00 219 000 4 380 000 0.25 91 EONET 11.07 394 000 4 361 580 0.24 92 WODKAN 6.75 643 000 4 340 250 0.24 93 BIOMAX 1.15 3 732 000 4 291 800 0.24 94 ORIONINV 27.50 156 000 4 290 000 0.24 95 EZO 3.97 1 067 000 4 235 990 0.24 96 ORGANIC 5.94 708 000 4 205 520 0.24 97 AGROLIGA 82.00 51 000 4 182 000 0.23 98 EGB 1.88 2 207 000 4 149 160 0.23 99 INNOGENE 2.35 1 765 000 4 147 750 0.23 100 APS 2.18 1 897 000 4 135 460 0.23 101 GRUPAREC 10.97 377 000 4 135 690 0.23 102 FARM51 3.88 1 053 000 4 085 640 0.23 103 MEW 4.15 987 000 4 096 050 0.23 104 AZTEC 5.39 754 000 4 064 060 0.23 105 COMPERIA 19.05 211 000 4 019 550 0.23 106 EPIGON 0.17 23 678 000 4 025 260 0.23 107 MARKA 7.43 536 000 3 982 480 0.22 108 RCUNION 0.93 4 259 000 3 960 870 0.22 109 PRYMUS 1.70 2 254 000 3 831 800 0.21 110 VERBICOM 1.29 2 971 000 3 832 590 0.21 111 EKOPOL 2.85 1 320 000 3 762 000 0.21 112 SMSKREDYT 1.25 3 000 000 3 750 000 0.21 113 POLMAN 0.31 11 930 000 3 698 300 0.21 114 FUTURIS 0.04 92 276 000 3 691 040 0.21 115 LSTECHHOM 1.14 3 212 000 3 661 680 0.21 116 MAKORA 0.13 27 870 000 3 623 100 0.20 117 CSY 1.91 1 895 000 3 619 450 0.20 118 BLOOBER 6.53 543 000 3 545 790 0.20 119 INVICO 1.91 1 845 000 3 523 950 0.20 120 ABSINVEST 0.24 14 602 000 3 504 480 0.20 121 TROMEDIA 1.21 2 845 000 3 442 450 0.19 122 ASTORIA 0.05 68 763 000 3 438 150 0.19 123 SCANMEDMM 3.20 1 074 000 3 436 800 0.19 124 SLR 18.20 185 000 3 367 000 0.19 125 BALTICON 0.13 25 500 000 3 315 000 0.19 126 ARTBIZNES 1.03 3 098 000 3 190 940 0.18

263 Fact Book 2013

NCIndex portfolio structure (end of 2012) (contd.) No. Shares Price of Number of shares in Market Share in shares portfolio value NCIndex (PLN) (PLN) (%) 127 SYNKRET 9.93 316 000 3 137 880 0.18 128 SWISSPSM 1.70 1 771 000 3 010 700 0.17 129 FLUID 0.40 7 300 000 2 920 000 0.16 130 VENO 0.71 4 041 000 2 869 110 0.16 131 TELEMEDPL 2.30 1 228 000 2 824 400 0.16 132 VIVID 0.69 4 098 000 2 827 620 0.16 133 BLACKPOIN 1.49 1 810 000 2 696 900 0.15 134 SZAR 0.09 30 000 000 2 700 000 0.15 135 AUTOSPA 6.50 409 000 2 658 500 0.15 136 ADMIRAL 0.99 2 675 000 2 648 250 0.15 137 01CYBATON 0.05 52 456 000 2 622 800 0.15 138 I3D 1.52 1 699 000 2 582 480 0.14 139 READGENE 1.71 1 494 000 2 554 740 0.14 140 STARKDEV 0.01 251 681 000 2 516 810 0.14 141 ANALIZY 12.00 203 000 2 436 000 0.14 142 BBCONSULT 3.77 644 000 2 427 880 0.14 143 EUROTAX 3.89 625 000 2 431 250 0.14 144 HORTICO 2.11 1 147 000 2 420 170 0.14 145 MORIZON 1.49 1 599 000 2 382 510 0.13 146 URLOPYPL 0.03 78 228 000 2 346 840 0.13 147 DEMOLEN 4.60 493 000 2 267 800 0.13 148 RSY 2.25 1 004 000 2 259 000 0.13 149 INVENTI 0.89 2 482 000 2 208 980 0.12 150 MAKOLAB 1.35 1 575 000 2 126 250 0.12 151 VISION 0.02 102 500 000 2 050 000 0.12 152 LUXIMA 0.08 24 679 000 1 974 320 0.11 153 IBCPOLSKA 3.81 512 000 1 950 720 0.11 154 TWIGONET 3.27 583 000 1 906 410 0.11 155 EASTSIDE 0.02 93 496 000 1 869 920 0.11 156 RUCHCHORZ 0.91 2 069 000 1 882 790 0.11 157 MODECOM 14.00 133 000 1 862 000 0.10 158 ROBINSON 6.15 297 000 1 826 550 0.10 159 BIOERG 0.62 2 918 000 1 809 160 0.10 160 HOTBLOK 0.04 45 266 000 1 810 640 0.10 161 INPOINT 1.02 1 763 000 1 798 260 0.10 162 MEDIACAP 0.45 3 951 000 1 777 950 0.10 163 WIERZYCL 0.07 25 067 000 1 754 690 0.10 164 WBAY 0.07 24 750 000 1 732 500 0.10 165 FONECO 0.08 20 949 000 1 675 920 0.09 166 CLOUD 2.20 756 000 1 663 200 0.09 167 BLIRT 1.87 872 000 1 630 640 0.09 168 GALVO 1.09 1 500 000 1 635 000 0.09

264 NewConnect

NCIndex portfolio structure (end of 2012) (contd.) No. Shares Price of Number of shares in Market Share in shares portfolio value NCIndex (PLN) (PLN) (%) 169 GREMPCO 0.57 2 823 000 1 609 110 0.09 170 APIS 0.05 31 845 000 1 592 250 0.09 171 STEMCELLS 1.20 1 333 000 1 599 600 0.09 172 DIGITAL 0.37 4 198 000 1 553 260 0.09 173 NAVIMORIN 5.73 270 000 1 547 100 0.09 174 FABRFORMY 0.38 4 056 000 1 541 280 0.09 175 AQUAPOZ 9.60 159 000 1 526 400 0.09 176 DORADCY24 0.01 151 668 000 1 516 680 0.09 177 ISIAG 1.29 1 159 000 1 495 110 0.08 178 PREMETINV 0.35 4 192 000 1 467 200 0.08 179 FOREVEREN 0.65 2 189 000 1 422 850 0.08 180 MOMO 0.36 3 950 000 1 422 000 0.08 181 YURECO 1.08 1 324 000 1 429 920 0.08 182 CODEMEDIA 28.30 50 000 1 415 000 0.08 183 OPENNET 2.03 696 000 1 412 880 0.08 184 EMMERSON 0.13 10 691 000 1 389 830 0.08 185 DEPEND 0.30 4 610 000 1 383 000 0.08 186 GENOMED 13.50 102 000 1 377 000 0.08 187 QUART 3.65 366 000 1 335 900 0.08 188 PARTNER 0.11 12 000 000 1 320 000 0.07 189 STOCKINFO 0.56 2 370 000 1 327 200 0.07 190 EDISON 3.20 409 000 1 308 800 0.07 191 SUNTECH 0.32 4 098 000 1 311 360 0.07 192 KOMPLEKS 0.95 1 352 000 1 284 400 0.07 193 DANKS 1.30 977 000 1 270 100 0.07 194 EBC 1.08 1 174 000 1 267 920 0.07 195 HURTIMEX 0.36 3 514 000 1 265 040 0.07 196 KORBANK 1.33 942 000 1 252 860 0.07 197 TABLEO 2.00 629 000 1 258 000 0.07 198 DEKTRA 12.46 99 000 1 233 540 0.07 199 EKOKOGEN 0.64 1 940 000 1 241 600 0.07 200 EMUZYKA 0.83 1 485 000 1 232 550 0.07 201 ICMVISION 1.20 1 000 000 1 200 000 0.07 202 BLUMERANG 0.78 1 513 000 1 180 140 0.07 203 TECHMADEX 26.80 44 000 1 179 200 0.07 204 ALKAL 2.25 516 000 1 161 000 0.07 205 EUROSNACK 0.48 2 414 000 1 158 720 0.07 206 RODAN 0.90 1 292 000 1 162 800 0.07 207 ARTEFE 0.04 28 652 000 1 146 080 0.06 208 ASSETUS 8.00 138 000 1 104 000 0.06 209 ATSENERGY 0.17 6 478 000 1 101 260 0.06 210 PPRICE 0.10 11 021 000 1 102 100 0.06

265 Fact Book 2013

NCIndex portfolio structure (end of 2012) (contd.) No. Shares Price of Number of shares in Market Share in shares portfolio value NCIndex (PLN) (PLN) (%) 211 ADVERTIGO 0.14 7 785 000 1 089 900 0.06 212 KKHERBAL 0.81 1 349 000 1 092 690 0.06 213 SEKA 6.01 180 000 1 081 800 0.06 214 GWARANT 3.05 345 000 1 052 250 0.06 215 INBOOK 0.75 1 396 000 1 047 000 0.06 216 INDEXMEDI 3.46 300 000 1 038 000 0.06 217 HEFAL 0.40 2 567 000 1 026 800 0.06 218 MBPARTNER 0.06 17 000 000 1 020 000 0.06 219 SFKPOLKAP 2.89 350 000 1 011 500 0.06 220 TRICEPS 2.20 452 000 994 400 0.06 221 AKCEPTFIN 0.99 1 000 000 990 000 0.06 222 DOMLEK 24.48 40 000 979 200 0.06 223 POLNOCNR 0.46 2 089 000 960 940 0.05 224 SOBET 0.13 7 228 000 939 640 0.05 225 GPFCAUSA 0.01 92 382 000 923 820 0.05 226 ICPD 0.23 3 942 000 906 660 0.05 227 EKIOSK 0.12 7 297 000 875 640 0.05 228 PROLOG 8.99 97 000 872 030 0.05 229 DFP 0.12 7 024 000 842 880 0.05 230 PILAB 9.40 90 000 846 000 0.05 231 LETUS 0.15 5 248 000 787 200 0.04 232 MGAMES 0.31 2 509 000 777 790 0.04 233 SARE 2.45 321 000 786 450 0.04 234 BROADGATE 0.84 919 000 771 960 0.04 235 ROTOPINO 2.46 315 000 774 900 0.04 236 TAXNET 1.41 533 000 751 530 0.04 237 ALUMAST 0.48 1 522 000 730 560 0.04 238 ERS 0.49 1 512 000 740 880 0.04 239 XPLUS 0.11 6 589 000 724 790 0.04 240 CCTOOLS 0.44 1 640 000 721 600 0.04 241 BLUETAX 0.02 34 865 000 697 300 0.04 242 KLON 0.31 2 242 000 695 020 0.04 243 DOMZDROW 1.33 511 000 679 630 0.04 244 ESPEROTIA 0.12 5 713 000 685 560 0.04 245 FMOZAROW 0.45 1 500 000 675 000 0.04 246 LASERMED 1.29 512 000 660 480 0.04 247 PLANETSOF 1.20 516 000 619 200 0.04 248 SILVACG 0.19 3 268 000 620 920 0.04 249 ICPGROUP 2.80 217 000 607 600 0.03 250 PROXYAD 0.07 8 581 000 600 670 0.03 251 STERGAMES 0.56 1 050 000 588 000 0.03 252 EXAMOBILE 1.22 391 000 477 020 0.03

266 NewConnect

NCIndex portfolio structure (end of 2012) (contd.) No. Shares Price of Number of shares in Market Share in shares portfolio value NCIndex (PLN) (PLN) (%) 253 BIOFACTOR 2.20 204 000 448 800 0.03 254 EXDEBT 0.14 3 214 000 449 960 0.03 255 MONDAY 2.55 166 000 423 300 0.02 256 WAKEPARK 0.18 2 224 000 400 320 0.02 257 ALEJA 0.47 798 000 375 060 0.02 258 GLOBALTR 0.07 5 311 000 371 770 0.02 259 MGMSYS 1.23 302 000 371 460 0.02 260 XSYSTEM 0.86 400 000 344 000 0.02 261 UNIMOTGAZ 3.00 107 000 321 000 0.02 262 OEM 0.53 507 000 268 710 0.02 263 REVITUM 1.00 258 000 258 000 0.01 264 INVESTREM 0.06 3 750 000 225 000 0.01 265 WASPOL 0.18 981 000 176 580 0.01 266 GRAPHIC 1.34 121 000 162 140 0.01 267 MERIT 0.34 367 000 124 780 0.01 268 C2A 0.04 2 312 000 92 480 0.01 269 BIOMASS 1.10 60 000 66 000 0.00 270 MADKOM 0.16 500 000 80 000 0.00

267 Fact Book 2013

NCLifeScience portfolio structure (end of 2012) No. Shares Price of Number of shares in Market Share in shares portfolio value NCLifeScience (PLN) (PLN) (%) 1 BIOMEDLUB 4.94 8 560 000 42 286 400 33.89 2 MABION 15.00 1 900 000 28 500 000 22.84 3 BRASTER 11.00 1 640 000 18 040 000 14.46 4 SELVITA 2.74 3 221 000 8 825 540 7.07 5 BIOMAXIMA 6.30 1 280 000 8 064 000 6.46 6 PHARMENA 6.16 1 146 000 7 059 360 5.66 7 BIOGENED 17.00 285 000 4 845 000 3.88 8 READGENE 1.71 1 494 000 2 554 740 2.05 9 BLIRT 1.87 872 000 1 630 640 1.31 10 STEMCELLS 1.20 1 333 000 1 599 600 1.28 11 GENOMED 13.50 102 000 1 377 000 1.10

NCIndex and NCLifeScience values in 2012 Session NCLife Session NCLife Session NCLife NCIndex NCIndex NCIndex (dd.mm) Science (dd.mm) Science (dd.mm) Science 30.12.11 41.62 80.83 1.02 41.76 83.73 2.03 43.22 91.6 2.01 41.49 81.53 2.02 41.63 84.03 5.03 43.21 90.8 3.01 41.4 81.97 3.02 42.04 85.54 6.03 43.09 91.44 4.01 41.15 81.45 6.02 42.18 91.82 7.03 42.94 91.97 5.01 40.9 80.55 7.02 42.39 91.72 8.03 42.79 91.55 9.01 41 84.77 8.02 43.14 ▲ 97.55 9.03 43.07 92.32 10.01 41.09 85.98 9.02 43.01 95.36 12.03 43.11 92.34 11.01 40.96 83.06 10.02 43.1 94.02 13.03 43.22 92.59 12.01 41.16 83.15 13.02 42.87 92.82 14.03 43.04 91.92 13.01 41.02 83.06 14.02 43.08 93.47 15.03 43.06 89.2 16.01 40.89 82.67 15.02 43.51 93.83 16.03 43.22 85.7 17.01 41.28 84.34 16.02 43.31 93.08 19.03 43.43 90.19 18.01 41.09 84.51 17.02 43.65 93.62 20.03 43.35 89.12 19.01 41.13 84.5 20.02 ▲43.83 95.08 21.03 43.23 87.34 20.01 41.11 84.69 21.02 43.56 94.65 22.03 42.45 85.89 23.01 41.03 84.7 22.02 43.25 94.86 23.03 42.24 86.14 24.01 40.71 83.93 23.02 43.37 94.81 26.03 42.02 87.01 25.01 40.96 84.25 24.02 43.19 94.81 27.03 42.21 86.71 26.01 41.3 84.42 27.02 43.27 95.12 28.03 41.94 86.1 27.01 41.18 84.38 28.02 43.12 94.68 29.03 41.93 87.05 30.01 41.18 84.06 29.02 42.78 91.6 30.03 42.57 89.61 31.01 41.33 84.5 1.03 42.72 91.25 2.04 42.26 89.15

268 NewConnect

NCIndex and NCLifeScience values in 2012 (contd.) Session NCLife Session NCLife Session NCLife NCIndex NCIndex NCIndex (dd.mm) Science (dd.mm) Science (dd.mm) Science 3.04 42.41 88.98 31.05 37.58 79.33 25.07 34.02 73.13 4.04 42.32 88.35 1.06 37.37 78.27 26.07 33.85 72.34 5.04 42.37 88.46 4.06 37.06 77.93 27.07 33.98 73.2 10.04 41.82 87.96 5.06 36.59 77.88 30.07 33.98 71.71 11.04 41.91 86.56 6.06 36.69 78.26 31.07 33.9 70.98 12.04 41.85 85.33 8.06 36.87 78.46 1.08 34.15 71.85 13.04 41.73 85.21 11.06 36.83 79.14 2.08 33.76 71.51 16.04 41.29 84.65 12.06 36.82 80.29 3.08 34.09 72.82 17.04 41.54 84.47 13.06 36.78 79.88 6.08 34.29 71.49 18.04 41.42 81.78 14.06 36.74 79.6 7.08 34.29 71.85 19.04 41.37 81.99 15.06 36.56 79.39 8.08 34.23 72.28 20.04 40.85 83.68 18.06 36.42 78.97 9.08 34.87 69.31 23.04 40.19 82.1 19.06 36.53 78.18 10.08 34.69 68.85 24.04 40.46 83.82 20.06 36.65 78.49 13.08 34.71 68.75 25.04 40.44 84.32 21.06 36.68 77.76 14.08 34.4 68.31 26.04 40.2 83.89 22.06 36.83 78.38 16.08 34.58 68.14 27.04 40.25 84.46 25.06 36.67 78.8 17.08 34.7 68.5 30.04 40.72 83.52 26.06 36.27 76.43 20.08 34.53 67.01 2.05 40.91 83.18 27.06 36.53 77.05 21.08 34.23 66.4 4.05 40.98 83.37 28.06 36.32 76.7 22.08 34.38 65.54 7.05 40.51 83.5 29.06 36.7 76.46 23.08 34.65 66.7 8.05 40.47 82.93 2.07 36.38 76.38 24.08 34.39 67.35 9.05 40.12 82.84 3.07 36.24 76.93 27.08 34.44 67.71 10.05 40.16 81.44 4.07 35.94 77.36 28.08 34.19 66.81 11.05 40.06 82.14 5.07 35.87 76.08 29.08 33.96 65.76 14.05 40 85.86 6.07 35.92 76.31 30.08 34.24 66.68 15.05 39.55 84.46 9.07 35.62 75.68 31.08 34.55 69.38 16.05 39.43 84.35 10.07 35.5 75.32 3.09 34.64 69.44 17.05 38.89 82.78 11.07 35.35 75.47 4.09 34.78 75.13 18.05 38.74 82.39 12.07 34.97 75.24 5.09 34.5 74.84 21.05 38.69 81.01 13.07 34.9 76.42 6.09 34.39 74.79 22.05 38.65 81.64 16.07 35.06 74.92 7.09 34.27 75.09 23.05 38.52 81.32 17.07 35.04 76.7 10.09 34.21 72.88 24.05 38.09 80.09 18.07 34.83 75.94 11.09 34.21 73.07 25.05 37.77 78.4 19.07 34.88 74.89 12.09 34.25 70.96 28.05 37.76 79.85 20.07 34.74 73.99 13.09 34.55 71.05 29.05 37.71 79.49 23.07 33.94 74.06 14.09 35.03 70.82 30.05 37.69 77.17 24.07 34.3 75.09 17.09 35.13 69.66

269 Fact Book 2013

NCIndex and NCLifeScience values in 2012 (contd.) Session NCLife Session NCLife Session NCLife NCIndex NCIndex NCIndex (dd.mm) Science (dd.mm) Science (dd.mm) Science 18.09 35.21 70.26 22.10 34.78 62.75 26.11 33.41 60.47 19.09 35.01 70.29 23.10 34.71 62.91 27.11 33.48 60.19 20.09 34.83 69.91 24.10 34.7 63.29 28.11 33.36 60.91 21.09 34.82 69.76 25.10 34.7 64.51 29.11 33.18 62.3 24.09 34.7 69.5 26.10 34.41 63.81 30.11 33.45 59.73 25.09 34.52 68.73 29.10 34.78 64.69 3.12 33.34 59 26.09 34.76 69.22 30.10 34.54 64.77 4.12 33.39 59.67 27.09 34.72 69 31.10 35.24 65.42 5.12 33.19 58.83 28.09 34.7 68.19 2.11 34.93 65.35 6.12 33.22 58.28 1.10 34.32 67.39 5.11 34.7 62.73 7.12 33.47 57.59 2.10 34.38 65.83 6.11 34.62 62.53 10.12 33.4 57.59 3.10 34.31 65.81 7.11 34.14 60.6 11.12 33.44 57.3 4.10 34.24 66.03 8.11 34.07 60.5 12.12 33.19 56.7 5.10 34.34 66.62 9.11 34.16 60.15 13.12 32.93 56.39 8.10 34.48 65.97 12.11 34.27 60.05 14.12 32.91 56.37 9.10 34.53 66.06 13.11 34.21 59.67 17.12 32.69 56.63 10.10 34.53 64.99 14.11 34.42 60.94 18.12 ▼32.53 55.33 11.10 34.82 65.54 15.11 34.1 61.85 19.12 32.55 55.89 12.10 34.8 65.25 16.11 33.77 60.54 20.12 32.54 55.56 15.10 34.77 64.8 19.11 33.71 58.78 21.12 32.72 56.17 16.10 34.78 63.04 20.11 33.71 59.21 27.12 33.06 56 17.10 34.77 63.14 21.11 33.59 59.53 28.12 33.26 ▼ 55.23 18.10 34.54 63.32 22.11 33.61 60.76 19.10 34.59 64.02 23.11 33.65 60.79

▲ All-year high for 2012 ▼ All-year low for 2012

270 NewConnect

Trading Rules

Companies may choose from two available transaction. The choice of trading system systems on NewConnect: is made at the issuer’s sole discretion but  order-driven (with participation of a Mar- may be preceded by consultation with an ket Animator), or Authorised Adviser.  price-driven (with a Market Maker). At the end of 2012 all NewConnect com- Shares can be traded within a continuous panies were traded under the order-driven trading system or a single-price auction system. The session schedule is the same system with two auctions daily. In the order as that of the WSE’s Main List and so are the driven system the Market Animator is ob- types of orders and execution priorities. The ligated to stimulate trading, i.e. to support prices of traded instruments are always set the liquidity of the issuer’s shares. In the with an accuracy of PLN 0.01, regardless of price-driven system the Market Maker has price levels. the obligation to place buy and sell orders. The Market Maker is always a party to each

Trading session schedule on the NewConnect (24h system)

Order-driven market – continuous trading 8:00 – 9:00 Pre-opening phase (opening call) – orders may be submitted, modified and cancelled – transactions are not executed 9:00 Opening (opening price is determined and transactions are made at the opening) – order submission, modification and cancellation is suspended – transactions are executed at a price equal to the opening price 9:00 – 17:20 Continuous trading phase – orders may be submitted, modified and cancelled – transactions are executed 17:20 – 17:30 Pre-closing phase (closing call) – orders may be submitted, modified and cancelled – transactions are not executed 17:30 Closing (closing price is determined and transactions are made at the closing) – order submission, modification and cancellation is suspended – transactions are executed at a price equal to the closing price 17:30 – 17:35 Post-auction trading

271 Fact Book 2013

Order-driven market – continuous trading1 8:00 – 11:00 Pre-opening phase (opening call) – orders may be submitted, modified and cancelled – transactions are not executed 11:00 – 11:30 Intervention phase

11:30 Opening (opening price is determined and transactions are made at the opening) – order submission, modification and cancellation is suspended – transactions are executed at a price equal to the opening price 11:30 – 17:20 Continuous trading phase – orders may be submitted, modified and cancelled – transactions are executed 17:20 – 17:30 Pre-closing phase (closing call) – orders may be submitted, modified and cancelled – transactions are not executed 17:30 Closing (closing price is determined and transactions are made at the closing) – order submission, modification and cancellation is suspended – transactions are executed at a price equal to the closing price 17:30 – 17:35 Post-auction trading

1 This schedule applies to an issuer's debut trading session on NewConnect

Price-driven market – continuous trading 9:30 – 17:10 Continuous trading phase – Market Makers submit orders (quotations) – other market members submit orders – transactions are executed

272 NewConnect

Order-driven market – single-price system 8:00 – 11:00 Pre-opening phase (opening call) – orders may be submitted, modified and cancelled – transactions are not executed 11:00 Opening (single price is determined and transactions are made at the opening) – order submission, modification and cancellation is suspended – transactions are executed at a price equal to the opening price 11:00 – 11:30 Post-auction trading 11:30 – 15:00 Pre-opening phase (opening call) – orders may be submitted, modified and cancelled – transactions are not executed 15:00 Opening (single price is determined and transactions are made at the opening) – order submission, modification and cancellation is suspended – transactions are executed at a price equal to the opening price 15:00 – 15:30 Post-auction trading 15:30 – 17:35 Pre-opening phase (next day opening call) – orders may be submitted, modified and cancelled – transactions are not executed

Order-driven market – single-price system2 8:00 – 11:00 Pre-opening phase (opening call) – orders may be submitted, modified and cancelled – transactions are not executed 11:00 – 11:30 Intervention phase

11:30 Opening (single price is determined and transactions are made at the opening) – order submission, modification and cancellation is suspended – transactions are executed at a price equal to the opening price 11:30 – 12:00 Post-auction trading 12:00 – 15:00 Pre-opening phase (opening call) – orders may be submitted, modified and cancelled – transactions are not executed 15:00 Opening (single price is determined and transactions are made at the opening) – order submission, modification and cancellation is suspended – transactions are executed at a price equal to the opening price 15:00 – 15:30 Post-auction trading 15:30 – 17:35 Pre-opening phase (next day opening call) – orders may be submitted, modified and cancelled – transactions are not executed

2 This schedule applies to the issuer’s debut trading session on NewConnect

273 Fact Book 2013

Starting from 15 April 2013, the following abridged session schedule has been in force. This schedule is temporary and will apply until the end of 2013.

Continuous trading 8:30 – 9:00 Pre-opening phase (opening call) 9:00 Opening (opening price is determined) 9:00 – 16:50 Continuous trading phase 16:50 – 17:00 Pre-closing phase (closing call) 17:00 Closing (closing price is determined) 17:00 – 17:05 Post-auction trading

Single-price system 8:30 – 11:00 Pre-opening phase (opening call) 11:00 Opening (opening price is determined) 11:00 – 11:30 Post-auction trading 11:30 – 15:00 Pre-opening phase (next opening call) 15:00 Opening (opening price is determined) 15:00 – 15:30 Post-auction trading 15:30 – 17:05 Pre-opening phase (next opening call)

On the first day of trading in financial instruments the trading is organised in accordance with the following schedule:

Continuous trading 8:30 – 11:00 Pre-opening phase (opening call) 11:00 Opening (opening price is determined) 11:00 – 16:50 Continuous trading phase 16:50 – 17:00 Pre-closing phase (closing call) 17:00 Closing (closing price is determined) 17:00 – 17:05 Post-auction trading

Single-price system 8:30 – 11:00 Pre-opening phase (opening call) 11:00 Opening (opening price is determined) 11:00 – 12:00 Post-auction trading 12:00 – 15:00 Pre-opening phase (next opening call) 15:00 Opening (opening price is determined) 15:00 – 15:30 Post-auction trading 15:30 – 17:05 Pre-opening phase (next opening call)

274 NewConnect

Price variation limits on NewConnect

Continuous trading Instrument Reference price Acceptable price variation limit for Acceptable price variation (opening) the opening limit for the session, in case the opening price has been determined*

Shares Closing price ±20% relative to closing price ±20% relative to opening price Rights to shares (extendable to 44%) (extendable) Pre-emptive rights

* If no opening price has been determined at opening, the acceptable price variation limit is determined in relation to the closing price. On the debut day, the price variation limit relative to the opening price is max. ±50% for shares and rights to shares, and the price variation limit relative to the opening price established during the balancing phase is max. ±100%.

Single-price system Instrument Permissible price variation limit for auction* Shares ±20% relative to the reference price of the last auction Rights to shares (extendable) Pre-emptive rights

* On the debut day the price variation limit for the first single price on shares and on rights to shares is max. ±50%, whereas upon consent of the Alternative Trading System (ATS) operator the price variation limit may reach max. ±100%.

275 Fact Book 2013

NewConnect Members

NewConnect membership is open only to and that they have made the required payment organisations which have the status of a WSE to the fund which secures ATS transactions (the member. fund is operated by the National Depository for Securities). Alternatively, the payment may be In order to obtain NewConnect membership, in- made by another organisation which has signed terested WSE members must apply to the WSE an agreement with the relevant market member to set the start date and the scope of their op- to settle NewConnect transactions. erations to be conducted on NewConnect. In order to begin operations on NewConnect, WSE NewConnect members include domestic bro- members are required to submit a declaration kerage houses, banks engaging in brokerage confirming that they intend to join the market activities and foreign investment firms.

NewConnect Members (end of 2012) Alior Bank SA Dom Maklerski BZ WBK SA www.aliorbank.pl www.dmbzwbk.pl Banco Espirito Santo de Investimento S.A. Dom Maklerski IDM SA www.esinvestment.com www.idmsa.pl Bank BPH SA ERSTE Securities Polska SA www.bph.pl www.esp.pl Bank DnB NORD Polska SA ING Securities SA w Warszawie www.dnbnord.pl www.ingsecurities.pl Bank Gospodarki Żywnościowej SA IP INTERCAPITAL MARKETS AD www.bgz.pl www.intercapital.bg/en Bank Polska Kasa Opieki SA IPOPEMA SECURITIES SA www.pekao.com.pl www.ipopema.pl Centralny Dom Maklerski Pekao SA KBC Securities NV (SA) Oddział w Polsce www.cdmpekao.com.pl www.kbcmakler.pl Copernicus Securities SA Millennium Dom Maklerski SA www.copernicus.pl www.millenniumdm.pl CYRRUS as * NOBLE Securities SA www.cyrrus.cz www.noblesecurities.pl Concorde Securities S.A. * NWAI Dom Maklerski www.concordesecurities.hu www.nwai.pl DB Securities SA OPERA Dom Maklerski Sp. z o.o. www.db.com www.opera.pl Dom Inwestycyjny BRE Banku SA Powszechna Kasa Oszczędności Bank Polski SA www.dibre.com.pl www.dm.pkobp.pl Dom Maklerski AmerBrokers SA Raiffeisen Bank Polska SA www.amerbrokers.pl www.raiffeisen.pl Dom Maklerski Banku BPS SA TRIGON Dom Maklerski SA www.dmbps.pl www.trigon.pl Dom Maklerski Banku Handlowego SA UniCredit CAIB Poland SA www.dmbh.pl www.ca-ib.com Dom Maklerski Banku Ochrony Środowiska SA Wood & Company Financial Services as * www.bossa.pl www.wood.cz Dom Maklerski BDM SA X- Trade Brokers Dom Maklerski SA www.bdm.com.pl www.xtb.pl Dom Inwestycyjny Xelion sp. z o.o. * A foreign investment firm.

276 NewConnect

NewConnect Members’ shares in trading in 2012 No. Brokerage houses Order-book trades Block trades

(PLN million) (%) (PLN million) (%) 1 DI BRE Banku 357.65 15.67 49.03 15.13 2 DM BZ WBK 302.19 13.24 88.84 27.41 3 ALIOR BM 293.89 12.88 8.43 2.6 4 DM BOŚ SA 237.71 10.42 19.48 6.01 5 CDM PEKAO 151.38 6.63 4.29 1.32 6 PKO BP 123.48 5.41 11.62 3.59 7 BDM SA 119.18 5.22 4.25 1.31 8 ING SECUR 92.55 4.06 2.17 0.67 9 DM PEKAO 77.38 3.39 3.87 1.19 10 NOBLE 63.59 2.79 0.48 0.15 11 BESI 62.74 2.75 2.45 0.76 12 AMERBROKERS 50.72 2.22 0.73 0.23 13 DNB NORD 47.62 2.09 2.22 0.69 14 TRIGON 46.35 2.03 8.23 2.54 15 KBC SECURITIES 44.44 1.95 2.16 0.67 16 BPH 41.16 1.8 1.15 0.35 17 IDMSA 38.8 1.7 28.9 8.92 18 MILL DM 32.46 1.42 22.07 6.81 19 BGŻ SA 20.85 0.91 20 XTB 18.62 0.82 0.1 0.03 21 DB SECUR. 12.49 0.55 6.21 1.92 22 COPERNICUS 11.44 0.5 13.85 4.27 23 DM BH 7.63 0.33 9.07 2.8 24 ERSTE 6.9 0.3 25 IPOPEMA 5.96 0.26 0.2 0.06 26 DM BPS 5.76 0.25 27 WOOD 3.14 0.14 16.2 5 28 RAIFFEISEN BANK POLSKA 1.5 0.07 29 UNICRCAIB 1.44 0.06 12.23 3.77 30 CYRRUS 0.83 0.04 31 NWAI DM 0.75 0.03 32 OPERA 0.52 0.02 33 INTERCAPITAL 0.28 0.01 34 XELION 0.26

277 Fact Book 2013

Market Animator/Market Maker

During their presence on NewConnect, is sufficient. The WSE may commit the issu- each issuer is supported by an investment er to fulfil the requirement mentioned above company which acts as a market animator. should it deem this condition necessary to The status of NewConnect market anima- improve the liquidity of the issuer’s instru- tor is available for market members and ments. other investment firms (incl. foreign ones) which have signed relevant contracts with At the end of December 2012 a total of 15 the WSE and committed to support liquidity market animators were active on NewCon- of financial instruments traded on NewCon- nect. nect. After two years following the first trading of financial instruments on NewConnect, the WSE may waive the requirement for an issuer to have a market animator, provided that the liquidity of the issuer’s instruments

List of NewConnect Market Animators (as of 31 December 2012)

Bank DnB NORD Polska SA Powszechna Kasa Oszczędności Bank www.dnbnord.pl Polski SA www.dm.pkobp.pl Cyrrus, a.s.* www.cyrrus.cz Copernicus Securities SA www.copernicus.pl Dom Maklerski Amerbrokers SA www.amerbrokers.pl NOBLE Securities SA www.noblesecurities.pl Dom Maklerski Banku Ochrony Środowiska SA ALIOR Bank SA www.bossa.pl www.aliorbank.pl/pl/biuro_maklerskie Dom Maklerski BZ WBK SA Dom Maklerski Banku BPS SA www.dmbzwbk.pl www.dmbps.pl Dom Maklerski IDM SA NWAI Dom Maklerski SA www.idmsa.pl www.nwai.pl Dom Maklerski TRIGON SA www.trigon.pl

* A foreign investment firm.

278 NewConnect

Authorised Advisers on NewConnect

Any company which intends to effect its IPO The role of the Authorised Adviser is to pro- on NewConnect has an obligation to under- vide comprehensive services to issuers dur- take co-operation with an authorised ad- ing their preparation for the IPO, e.g. checking viser, i.e. an advisory company authorised if the information document has been drawn by the WSE to operate within its Alternative up in accordance with the ATS requirements, Trading System (ATS). approving the information document (which The status of an authorised adviser is avail- is viewed as an endorsement that the com- able to investment companies, law firms, pany referred by the Authorised Adviser to audit companies or financial consultancies NewConnect is a reliable one) and, for three with expertise in providing capital market years following the IPO, ensuring qualified services to small and medium enterprises support with regard to compliance with man- and, since 2012, employing at least two datory disclosures and the trading in issuer’s holders of the Alternative Trading System financial instruments within the ATS. Adviser Certificate. This certificate can be obtained upon passing a specialised exami- As of 31 December 2012 a total of 93 entities nation (organised by the WSE) which veri- were registered as Authorised Advisers on fies the candidate’s knowledge and practi- NewConnect. cal command of Alternative Trading System regulations.

NewConnect Authorised Advisers *Companies which concurrently act as Authorised Advisers on NewConnect and Catalyst.

4Capital sp. z o.o.* Bank Gospodarki Żywnościowej SA - Bi- www.4-capital.pl uro Maklerskie* ABISTEMA Kancelaria Doradcza sp. z o.o.* www.bgz.pl/biuro_maklerskie/ www.abistema.pl Bank Zachodni WBK SA* ACADIA Spółka z ograniczoną www.bzwbk.pl odpowiedzialnością S.K.A. Bastion Dom Inwestycyjny sp. z o.o. www.acadia.pl www.bastiongroup.com Adwokaci i Radcowie Prawni sp. k. Iza- BDO sp. z o.o. bella Żyglicka i Wspólnicy* www.bdo.pl www.kpr.pl Beskidzkie Biuro Consultingowe SA* Art Capital sp. z o.o. www.bbc-polska.com www.art-capital.pl Best Capital sp. z o.o.* Bank DnB NORD Polska SA* www.bestcapital.com www.dnbnord.pl Blue Tax Group SA* www.bluetax.pl

279 Fact Book 2013

BRE Corporate Finance SA* EBC Solicitors SA* www.bcf.pl www.ebcsolicitors.pl BTFG Audit sp. z o.o. ECA Auxilium SA www.bt-fg.com www.auxilium.com.pl Capital City sp. z o.o.* EFICOM SA www.capitalcity.pl www.eficom.pl Capital Kopernik SA* Equity Advisors sp. z o.o.* www.capitalkopernik.pl www.equityadvisors.pl Capital One Advisers sp. z o.o.* Equity Market Consulting Group sp. z o.o. www.capitalone.pl www.emcg.pl Carnelian Partners sp. z o.o. ERSTE Securities Polska SA* www.carnelian.pl www.esp.pl CC Group sp. z o.o. Fitz Roy sp. z o.o.* www.ccgroup.com.pl www.fitz-roy.pl Cellica sp. z o.o. Grant Thornton Frąckowiak sp. z o.o. sp. k.* www.cellica.pl www.GrantThornton.pl Certus Capital SA Grupa Gumułka - Audyt sp. z o.o.* www.certuscapital.pl www.gumulka.pl Chabasiewicz, Kowalska i Partnerzy. Grupa Trinity SA* Radcowie Prawni* www.grupatrinity.pl www.ck-legal.pl ICF sp. z o.o.* Capital Solutions ProAlfa sp. z o.o. www.icfsa.pl www.cs-proalfa.pl IDMSA.PL Doradztwo Finansowe sp. z o.o. Copernicus Securities SA www.df.idmsa.pl www.copernicus.pl Infinity8 SA* Corvus Corporate Finance sp. z o.o.* www.infinity8.pl www.corvuscf.pl Invest Concept sp. z o.o. CWW S. Cetera, M. Węgrzyn-Wysocka www.investconcept.pl i Wspólnicy Kancelaria Radców Prawnych INVESTcon Group SA* i Adwokatów sp. k. www.investcongroup.pl www.cww.pl IPO SA* Dąbrowski Finance sp. z o.o.* www.ipo.pl www.dabrowskifinance.eu IPO Doradztwo Strategiczne SA DFI sp. z o.o. www.ipo.com.pl www.dfi.com.pl Jonak Doradztwo sp. z o.o.* Dom Inwestycyjny Investors SA* www.jonaklaw.com www.investors.pl Kancelaria CSW Więckowska i Partnerzy, Dom Inwestycyjny Taurus SA* Radcy Prawni* www.dom-taurus.pl www.kancelaria-csw.pl Dom Maklerski Banku BPS SA* Kancelaria Radców Prawnych Leszek www.dmbps.pl Czarny, Wojciech Budny i Wspólnicy sp. k. Dom Maklerski BDM SA* www.czarny-budny.pl www.bdm.com.pl Kurek, Kościołek Wójcik Kancelaria Dom Maklerski BOŚ SA* Radców Prawnych sp. p. www.bossa.pl www.kkw.pl Dom Maklerski Capital Partners SA* Lema Finance sp. z o.o.* www.dmcp.com.pl www.lemacapital.pl Dom Maklerski WDM SA* Lewandowski Pyffel & Partners sp. z o.o.* www.wdmsa.pl www.lpip.pl DSBJ Grupa Doradcza sp. z o.o.* www.dsbj.eu

280 NewConnect

Łuczyński i Wspólnicy sp. k. Sobolewska i Wspólnicy www.liwlegal.pl Doradcy Prawni sp. k.* M&M Doradztwo Gospodarcze sp. z o.o.* www.smlegal.pl www.mm-dg.pl T&T Consulting sp. z o.o. Mercurius Financial Advisors sp. z o.o. sp. k. www.ttconsulting.pl www.mfa.pl Tatar i Wspólnicy sp. k.* Metropolitan Capital Solutions sp. z o.o. www.tatar.com.pl S.K.A. Top Consulting SA www.metropolitancapital.pl www.topconsult.pl Navigator Capital SA Trigon Dom Maklerski SA* www.navigatorcapital.pl www.trigon.pl Nobilis Partners Polewczak Gładysz Valor Partners sp. z o.o.* Grocholski sp. k. www.valorpartners.pl www.nobiliscounsels.com Ventus Asset Management SA* Noble Securities SA* www.ventusam.pl www.noblesecurities.pl WDM Autoryzowany Doradca sp. z o.o.* NWAI Dom Maklerski SA* www.wdmsa.pl www.nwai.pl Wołoszański, Rożko i Partnerzy Kancelaria O.M. Finance sp. z o.o.* Radców Prawnych* www.omfin.pl www.wrplegal.pl OPERA Dom Maklerski sp. z o.o.* Zarzecki, Lasota i Wspólnicy sp. z o.o.* www.opera.pl www.zarzecki.pl PKF Consult sp. z o.o.* www.pkfpolska.pl PL Consulting sp. z o.o. www.pl-consulting.pl Platinium Investment sp. z o.o. www.platiniuminvest.com Prof. Marek Wierzbowski i Partnerzy - Adwokaci i Radcowie Prawni www.mwlegal.pl PROFESCAPITAL sp. z o.o.* www.profescapital.pl Prometeia Capital sp. z o.o. www.prometeia.pl Radzikowski, Szubielska i Wspólnicy sp.k. (Chadbourne & Parke)* www.chadbourne.com Raiffeisenbank a.s. www.rb.cz Raiffeisen Investment Polska sp. z o.o. www.raiffeiseninvestment.com Rubicon Partners Corporate Finance SA* www.rubiconpartners.pl Runicom Corporate Finance sp. z o.o. sp. k.* www.runicomcf.pl SALWIX sp. z o.o.* www.salwix.pl Secus Asset Management SA* www.secus.pl

281 Fact Book 2013

Mandatory Disclosures

The following disclosures are mandatory for Connect companies. EIB was developed in- NewConnect companies: house and is supervised by the WSE.  current reports, containing information on all relevant events and plans affecting their In the WSE's efforts to ensure a high qual- market status or the price of their financial ity of relations between NewConnect com- instruments, panies and investors and, consequently, to  periodic financial reports: facilitate growth of the market as a whole, - quarterly reports, ‘Best Practices for NewConnect Companies’ - audited annual reports, with an auditor’s have been mandatory since 2009. Accord- report and statement. ing that document, listed companies are required to publish their annual reports to- In comparison with the regulated market, gether with a descriptive corporate govern- NewConnect companies are not required to ance report and current reports on viola- publish semi-annual reports, they have more tions of best practices, if any. time to publish annual reports (six months) and are subject to a narrower scope of dis- A detailed list of current and periodic re- closures in their quarterly reports. ports, with their respective coverage and publication deadlines, is provided in Appen- Reporting under the ATS Rules is managed dix 3 to the Rules of the Alternative Trading through the Electronic Information Base System, available from www.newconnect.pl (EIB). This is a system for publishing current (section: Regulations). and periodic reports submitted by New-

Distribution of NewConnect Data

Any investor may watch NewConnect quota- At present, nearly all Polish data vendors (31 tions as they appear through www.newcon- companies) offer NewConnect quotations. nect.pl and www.gpwinfostrefa.pl. Access to Moreover, quotations are distributed by 5 NewConnect data is also available through leading global news agencies (Thomson Reu- authorised data vendors. ters, Bloomberg, Interactive Data, SIX Tele- kurs and VWD). Subscribers have easy access At the end of December 2012 a total of 39 ven- to stock quotations via the same applications dors offered real-time access to stock quota- which they use to monitor the WSE Main List tions to their subscribers. This group includes quotations. Currently, nearly 282,000 sub- 22 brokerage houses, 7 news agencies, 6 web scribers have access to NewConnect quota- portals, 3 IT system providers and 1 bank. The tions. Among them over 277,000 are Polish vast majority of those vendors have offered investors and the remaining ones are foreign access to NewConnect quotations since its entities. launch.

282 NewConnect

 List of Data Vendors (end of February 2013)

Banku DnB NORD Polska SA Onet.pl www.bmdnbnord.pl www.onet.pl Dom Maklerski BDM S.A. BGŻ www.bdm.com.pl www.bgz.pl Bankier.pl FT Interactive Data www.bankier.pl www.interactivedata.com CDM Pekao Bloomberg www.cdmpekao.com.pl www.bloomberg.com DM BPH OPERA Dom Maklerski www.bm.bph.pl www.opera.pl Interia.pl Alior Bank www.interia.pl www.aliorbank.pl Presspublica NOBLE Securities www.rp.pl www.noblesecurities.pl DM BZ WBK DM Banku Handlowego www.dmbzwbk.pl www.dmbh.pl DM BOŚ VWD www.bossa.pl www.vwd.com DM Amerbrokers Polski Terminal Finansowy www.amerbrokers.pl www.terminalfinansowy.pl Reuters Raiffeisen Bank Polska www.reuters.com www.raiffeisen.pl DM PKO BP Deutsche Bank PBC www.dm.pkobp.pl www.deutsche-bank-pbc.pl DM Trigon Xignite www.trigon.pl www.xignite.com DI BRE Notoria Serwis www.brebank.pl www.ir.notoria.pl ING Securities www.ingsecurities.pl Wirtualna Polska www.wp.pl Polska Agencja Prasowa www.pap.pl Telekurs www.six-telekurs.com Dom Maklerski IDM www.idmsa.pl Bonnier Business www.bonnier.pl mBank www.mbank.pl KBC Securities www.kbcmakler.pl

283 Fact Book 2013

Company reports

Access to issuers’ reports is enabled through ligation to have quarterly reports audited or EIB. As is the case with quotations, reports reviewed. If an issuer is part of a group and can be viewed at www.newconnect.pl and is required to prepare consolidated financial www.gpwinfostrefa.pl. Access to EIB reports reports under separate regulations, such con- is also offered via authorised data vendors. solidated reports are also submitted. At the end of December 2012 a total of 19 vendors offered access to company reports to their subscribers (with availability of real- -time quotations). This group included 18 Polish companies and one foreign entity (Reu- ters). NewConnect companies are required to publish their current reports, audited annual reports and quarterly reports. There is no ob-

 List of distributors of company reports (end of 2012) DM Millennium CDM Pekso www.millenniumdm.pl www.cdmpekao.com.pl Biuro Maklerskie Money.pl Banku DnB NORD Polska SA www.money.pl www.bmdnbnord.pl CAIT Reuters www.cait.com.pl www.reuters.com XTB Presspublica www.xtb.pl www.rp.pl Grupa Trinity Interia.pl www.grupatrinity.pl www.interia.pl Financial Web Polska Agencja Prasowa www.finweb.com www.pap.pl WSEInfoEngine Bankier.pl www.infoengine.pl www.bankier.pl Notoria Serwis Bonnier Business www.notoria.pl www.bonnier.pl DM BDM NOBLE Securities www.bdm.com.pl www.noblesecurities.pl Onet.pl www.onet.pl

284 NewConnect

Listed Companies - NewConnect (end of 2012)

11BIT [11BA] ADMASSIVE AKCEPTFIN [AFC] AQUABB [AQU] 11 BIT STUDIOS SA ADMASSIVE SA AKCEPT FINANCE SA AQUA SA W www.11bitstudios.pl www.admassive.pl www.akceptfinance.pl BIELSKU-BIAŁEJ www.aqua.com.pl 01CYBRATON [01C] ADMIRAL [ADM] ALDA-PDA [ALDA] 01 CYBATON SA ADMIRAL BOATS SA ALDA SA AQUAPOZ [AQA] www.01cyberaton.eu www.admiral-boats. www.alda.com.pl AQUA SA com www.aqua.poznan.pl 5THAVENUE ALEJA [ALS] 5th Avenue Holding ADUMA [ADU] ALEJA SAMOCHO- AIR-PDA SA ADUMA SA DOWA SA AGENCJA ROZWOJU www.5avenueholding. www.aduma.pl www.alejasamocho- INNOWACJI SA com dowa.pl www.arisa.com.p ADVERTIGO [AVE] 11BIT [11BA] ADVERTIGO SA ALKAL [ALKA] APIS [ASA] 11 BIT STUDIOS SA www.ad-music.pl ALKAL SA APIS SA www.11bitstudios.pl www.alkal.pl www.apissa.pl ADVGRUPA [ADV] 8FORMULA [8FO] GRUPA ADV SA ALUMAST [ALU] ARTBIZNES [ABI] FORMUŁA 8 SA www.grupa-adv.pl ALUMAST SA Art & Business Maga- www.formula8.pl www.alumast.eu zine SA AEDES [AED] www.artbiznes.pl ABAK [ABK] AEDES SA ANALIZY [AOL] ABAK SA www.aedes.pl ANALIZY ONLINE SA ARTEFE [ART] www.abak.com.pl www.analizy.pl ARTEFE SA AERFINANC [AER] www.artefe.com.pl ABEONET [ABO] AERFINANCE PLC APLINTER [API] ABEONET SA www.aerfinance.com A.PL INTERNET SA ARTNEWMED www.abeonet.pl www.a.pl [ANM] AGROLIGA [AGL] ART NEW MEDIA SA ABSINVEST [AIN] AGROLIGA GROUP APOLLO [APC] www.artnewmedia.pl ABS INVESTMENT SA PLC APOLLO CAPITAL SA www.absinvestment.pl www.agroliga.com.ua www. apollocapital.pl ASSETUS [ASS] ASSETUS SA ACARTUS [ACA] AGROMA [AGM] APOLONIA [APO] www.assetus.pl ACARTUS SA AGROMA SA APOLONIA MEDICAL www.acartus.pl www.agroma.pl SA ASTORIA [ACL] www.apoloniastudio. ASTORIA CAPITAL ACREO [ACR] AIRMARKET [AIR] com SA ACREO SA AIR MARKET SA www.biomedinves- www.acreo.pl www.airmarketsa. APS-PDA [APSA] tors.pl com AUTOMATYKA-PO- ADASTRA [ADA] MIARY-STEROWANIE ASTRO [ASR] AD ASTRA EEXECU- AITON [AIT] SA ASTRO SA TIVE CHARAKTER SA AITON CALDWELL SA www.aps.pl www.astroastro.pl www.aam.com.pl www.aitoncaldwell.pl

285 Fact Book 2013

ATCCARGO [ATA] BGSENERGY [BGS] BMMEDICAL CCTOOLS [CCT] ATC CARGO SA BGS ENERGY PLUS [BMM] CALL CENTR TOOLS www.atc-cargo.pl A.S. BM MEDICAL SA SA www.bgs-energy.cz www.medical.pl www.cctools.pl ATONHT [ATO] ATON-HT SA BIOFACTOR [BFC] BOA [BOA] CERABUD [CER] www.aton.com.pl BIOFACTORY SA BOA SA CERABUD SA www.biofactory.pl www.boasa.com.pl www.cerabud.pl ATSENERGY [ATE] ATLANTIS ENERGY BINARY [BHX] BPC [BPC] CFBPS [CFB] SA BINARY HELIX SA BLACK PEARL CAPI- CF BANKU BPS SA www.atlantis-energy. www.binaryhelix.eu TAL SA www.cfbps.pl pl www.blackpearlcapi- BIOERG [BER] CLOUD [CLD] tal.pl AUTOSPA [ASP] BIOERG SA CLOUD TECHNOLO- Auto-Spa Sp. z o.o. www.bioerg.pl BPI [BPI] GIES SA www.auto-spa.pl BLU PRE IPO SA www.cloudtechnolo- BIOGENED [BGD] www.blupreipo.com. gies.pl ECAUXILIUM [ECA] BIOGENED SA pl ECA AUXILIUM www.biogened.pl CODEMEDIA [COD] BRASTER [BRA] KANCELARIA CODEMEDIA SA BIOMAS [BEP] BRASTER SA BIEGŁYCH www.codemedia.pl BIOMASS ENERGY www.braster.eu REWIDENTÓW SA PROJECT SA COLEOS [CLO] www.auxilium.com.pl BRIJU [BRI] www.bep-sa.pl COLEOS SA BRIJU SA AZTEC [AZC] www.coleos.pl BIOMAX [BIM] www.briju.pl AZTEC INTERNA- BIOMAX SA COMPERIA [CPL] TIONAL SA BROADGATE [BGD] www.biomaxsa.pl COMPERIA.PL SA www.aztec-interna- BROAD GATE SA www.comperia.pl tional.eu BIOMAXIMA [BMX] www.broadgate.pl BIOMAXIMA SA COMPRESS [COM] B2BPARTNER [B2B] BUDOSTAL5 [BL5] www.biomaxima.com COMPRESS SA B2B PARTNER SA BUDOSTAL-5 SA www.compress.com. www.zakupy.com BIOMEDLUB [BML] w.budostal5.com.pl pl BIOMED-LUBLIN SA BALTICON [BLT] BUDUS [BDS] www.biomed.lublin. COOLMARK [CLM] BALTICON SA KATOWICKIE pl COOL MARKETING www.balticon.pl PRZEDSIĘBIORSTWO SA BLACKPOIN [BPN] BUDOWNICTWA BALTONA [BAL] www.coolmarket- BLACK POINT SA PRZEMYSŁOWEGO PRZEDSIEBIORSTWO ing.pl w.blackpoint.pl BUDUS SA HANDLU ZAGRANIC- www.budus.com.pl COPERNIC [CRS] ZNEGO BLIRT [BLR] COPERNICUS SECU- BALTONA SA BLIRT SA C2A [C2A] RITIES SA www.baltona.pl www.blirt.pl CALL2ACTION SA www.copernicus.pl www.call2action.pl BAUMAL [BAU] BLOOBER [BLO] CSY [CSY] BAUMAL GROUP SA BLOOBER TEAM SA CALESCO [CLS] CSY SA www.baumal.pl www.blooberteam. CALESCO SA www.csy.ilawa.pl com www.calesco.pl BBCONSULT [BBA] CUBEITG [CTG] Beskidzkie Biuro Con- BLUETAX [BTG] CASPAR [CSR] CUBE.ITG SA sultingowe SA BLUE TAX GROUP CASPAR ASSET www.cubeitg.pl www. bbc-polska. SA MANAGEMENT SA com www.bluetax.pl CWPE [CWP] CCS [CCS] CENTRUM WSPIERI- BGE [BGE] BLUMERANG [BLU] CYFROWE CENTRUM ANIA PROJEKTÓW BGE SA BLUMERANG INVES- SERWISOWE SA EUROPEJSKICH SA www.bgesa.pl TORS SA www.ccsonline.pl www.cwpe.pl www.blumerang.pl

286 NewConnect

DAAH [DAH] DOMEXBUD [DMX] EGB [EGB] EMUZYKA [EMU] DOM AUKCYJNY AB- DOMEX-BUD DEVEL- EGB INVESTMENTS E-MUZYKA SA BEY HOUSE SA OPMENT SA SA www.e-muzyka.pl www.abbeyhouse.pl www.domex-bud.pl www.egb.pl EONET [EON] DANKS [DNS] DOMLEK [DML] EKANCELAR [EKA] EO NETWORKS SA DANKS EUROPE- DOM LEKARSKI SA E-KANCELARIA www.eo.pl JSKIE CENTRUM www.domlekarski.pl GRUPA FINANSOWA EPICTURES - PDA DORADZTWA SA DOMZDROW [DMZ] [EAPA] PODATKOWEGO SA www.e-kancelaria. DOMZDROWIA.PL SA EAST PICTURES SA www.danks.com.pl com www.domzdrowia.pl www.eastpictures.pl DASE [DFG] EKIOSK [EKSA] DORADCY24 [D24] EPIGON [EPI] DASE FINANCIAL E-KIOSK SA DORADCY24 SA EPIGON SA GROUP SA www.e-kiosk.pl www.doradcy24.pl www.epigonsa.pl www.dase.pl EKOBOX [EBX] DRUKPAK [DRU] ERS [ERS] DEKTRA [DKR] EKOBOX SA KUJAWSKIE EUROSYSTEM SA DEKTRA SA www.ekobox.pl ZAKŁADY POLIGRA- www.eurosystem. www.dektra.pl FICZNE EKOKOGEN [EKG] com.pl DEMOLEN [DEM] DRUK-PAK SA EKOKOGENERACJA ESKIMOS [ESK] DE MOLEN SA www.drukpak.pl SA ESKIMOS SA www.demolen.com. www.ekokogenerac- DTP [DTP] www.eskimossa.pl pl ja.com DTP SA ESOTIQ [EAH] DENTAMDC – PDA www.dtpartners.pl EKOPOL [EGH] ESOTIQ&HENDERSON [DAMA] EKOPOL DYWILAN [DYW] SA DENT-A-MEDICAL SA GÓRNOŚLĄSKI DYWILAN SA www.esotiqhender- www.dent-a-medical. HOLDING SA www.dywilan.pl son.com com www.eg.com.pl D&D [DXD] ESPEROTIA [EEI] DEPEND [DEP] ELEMENTAL [EMT] D&D SA ESPEROTIA ENERGY DEPEND SA ELEMENTAL HOLD- www.d-d.com.pl INVESTMENTS SA www.depend.pl ING SA www.esperotia.pl EASTSIDE [ESC] www.elemental- DFP [DFP] EASTSIDECAPITOL holding.pl EUROSNACK [ECK] DFP DORADZTWO SA OSNACK SA FINANSOWE SA ELKOPNRG [ENR] www.eastsidecapital. www.eurosnack.pl www.dfp.pl ELKOP ENERGY SA eu www.elkopenergy- EUROTAX [ETX] DIGITAL [DGL] EASYCALL [ECL] sa.pl EURO-TAX.PL SA DIGITAL AVENUE SA EASYCALL.PL SA www.euro-tax.pl www.digitalavenue.pl EMCAPITAL [ECP] www.easycall.pl EMMERSON CAPI- EXAMOBILE [EXA] DIRECTES [DES] EBC [EBC] TAL SA EXAMOBILE SA DIRECT ESERVICES EBC SOLICITORS SA www.emmersoncapi- www.examobile.com SA www.ebcsolicitors.pl tal.pl www.direkt24.biz EXDEBT [EXD] ECOTECH [ECO] EMMERSON [EMM] EX-DEBT SA. DOBRANASZA ECOTECH POLSKA EMMERSON SA www.exdebt.pl [DNA] SA www.emmerson.pl DOBRA NASZA SA EZO [EZO] www.ecotech.com.pl www.dobranasza.pl EMONT [ELM] EZO SA EDISON [EDN] ELEKTROMONT SA www.ezo-recycling.pl DOMENOMAN EDISON SA www.elektromont.pl [DOA] FABRFORMY [FFO] www.edison.pl DOMENOMANIA. EMPORIUM [EMR] FABRYKA FORMY SA PL SA EFICOM [EFI] EMPORIUM SA www.fabryka-formy.pl EFICOM SA www.domenomania. www.emporiumsa. FACHOWCY [FAV] www.eficom.pl pl com.pl FACHOWCY.PL VEN- 287 Fact Book 2013

TURES SA GALVO [GAL] GPPI [GPP] I3D [I3D] www.fachowcy.pl GALVO SA GRUPA PACTOR - I3D SA www.galvo.com.pl POTEMPA INKASSO www.isd.pl FARM51 [F51] SA THE FARM 51 GROUP GCINVEST [GCI] IAI [IAI] www.gppi.pl SA GC INVESTMENT SA IAI SA www.thefarm51.com www.gcinvest.pl GRAPHIC [GRP] www.iai-sa.com GRAPHIC SA FHDOM [FHD] GENERGY [GNR] IBCPOLSKA [IBC] www.graphic.pl FUNDUSZ HIPOTEC- GENESIS ENERGY SA IBC POLSKA F&P SA ZNY DOM SA www.divicom.pl GREENENER [GRE] www.grupaibc.pl www.funduszhipotec- D.B.B. GREEN EN- GENOMED [GEN] ICMVISION [ICM] zny.pl ERGY SA GENOMED SA ICOM VSION HOLD- www.dbbgreen.pl FINHOUSE [FIN] www.genomed.pl ING AS FINHOUSE SA GREMPCO [GRM] www.icomvision.com GEOINVENT [GEO] www.finhouse.pl GREMPCO SA GEOINVENT SA ICPGROUP [ICP] www.grempco.com FININT [FIP] www.geoinvent.com. ICP GROUP SA FINANCIAL INTERME- pl GRJAGUAR [GJA] www.icpgroup.pl DIARIES POLSKA SA GRUPA JAGUAR SA GKSKAT [GKS] ICPD [ICD] www.fipsa.pl www.grupajaguar.pl GKS GIEKSA KATO- INTERCAPITAL PROP- FITEN [FIN] WICE SA GRODNO [GRN] ERTY FITEN SA www.gieksa.pl GRODNO SA DEVELOPMENT www.fiten.pl www.grodno.pl www.icpd.bg GLOBAL [GTR] FLUID [FLD] GLOBAL TRADE SA GRUPAHRC [HRC] IGORIA [IGT] FLUID SA www.global-trade.pl GRUPA HRC SA IGORIA TRADE SA www.fluid.pl www.hrc.com.pl www.igoriatrade.com GMK [GMK] FLYPL [FLY] GRUPA MENNICE GRUPAREC [GRC] IMS [IMS] FLY.PL SA KRAJOWE SA GRUPA RECYKL SA INTERNET MEDIA www.fly.pl www.gmksa.pl www.gruparecykl.pl SERVICES SA www.ims.fm FMOZAROW-PDA GOLAB [GOL] GWARANT [GWR] [FMOA] GOLAB SA GWARANT AGENCJA IMMOFUND [IMF] FABRYKA MASZYN www.golabsa.pl OCHRONY SA IMMOFUND SA OŻARÓW SA www.gwarant.pl www.immofundsa.pl GOLDWYN [GCL] www.fm-ozarow.pl GOLDWYN CAPITAL HEFAL [HEF] INBOOK-PDA FONECO [FNE] SA HEFAL SERWIS SA [INBA] FON ECOLOGY SA www.goldwyncapital. www.hefalserwis.pl; INBOOK SA www.fon-sa.pl pl www.hefal.pl www.inbook.pl FOREVEREN [FOR] GONTYNIEC [BRO] HORTICO [HOR] INCANA [ICA] FOREVER ENTER- BROWAR GON- HORTICO SA INCANA SA TAINMENT SA TYNIEC SA www.hortico.pl www.incana.pl www.forever-enter- www. browarc- HOTBLOK [HOT] IDH [IDH] tainment.com zarnkow.pl HOTBLOK SA IDH SA FORPOSTA [FDO] GOTFI [GTF] www.hotblok.pl www.indexcoperni- FORPOSTA SA GO TFI SA cus.com HURTIMEX [HRT] www.forposta.pl www.gounited.pl HURTIMEX SA INDEXMEDI [INX] FUTURIS [FUT] GPFCAUSA –PDA www.hurtimex.com. INDEXMEDICA SA FUTURIS SA [GPFA] pl www.indexmedica.pl www.futuris.com.pl GRUPA PRAWNO HYDRAPRES [HPS] INFOSYS [IFS] FINANSOWA CAUSA HYDRAPRES SA INFOSYSTEMS SA SA www.hydrapres.pl www.infosystems.pl www.gpfcausa.pl

288 NewConnect

INNOGENE [IGN] IZOBLOK [IZB] KORBANK [KOR] LZMO [LZM] INNO-GENE SA IZO BLOK SA KORBANK SA LZMO SA www.inno-gene.eu www.izo-blok.pl www.korbank.pl www,lzm.pl www.investor.kor- INPOINT [IPT] JANTAR [JAN] M4B [M4B] bank.pl IN POINT SA JANTAR DEVELOP- M4B SA www.in-point.pl MENT SA KUPIEC [KPC] www.m4b.pl www.jantardevelop- KUPIEC SA INTELIWIS [ITL] M10 [M10] ment.pl www.kupiec.az.pl INTELIWISE SA M10 SA www.inteliwise.com JDB [JDB] LANGLOO [LAN] www.m10sa.pl JURAJSKI DB SA LANGLOO.COM SA IU [IUS] MABION [MAB] www.jdbsa.pl www.langloo.com INTERNET UNION SA MABION SA www.internetunion.pl JRINVEST [JRI] LASERMED [LSR] www.mabion.eu JR INVEST SA LASER-MED SA INTERNITY [INT] MADKOM [MAD] www.jrinvest.pl www.laseroterapia. INTERNITY SA MADKOM SA bydgoszcz.pl www.internitysa.pl KBJ [KBJ] www.madkom.pl KBJ SA LAURENPES [LPS] INTWORKS [IWS] MAGNIFICO [MGF] www.kbj.com.pl LAUREN PESO POL- INTERNET WORKS MAGNIFICO SA SKA SA SA KCSP [KCS] www.magnifico.com. www.laurenpeso.pl www.internetworks.pl KCSP SA pl www.kcsp.pl PREMETINV [PMI] INVENTI [IVT] MAKOLAB [MLB] PRECIOUS METALS INVENTI SA KKHERBAL [KKH] MAKOLAB SA INVESTMENTS SA www.inventi-power.pl K&K HERBAL PO- www.makolab.com www.legalstream.pl LAND SA INVESTREM [ITX] MAKORA [MRA] www.kkpoland.pl LESNERUNO [LES] INVEST-REMEX SA MAKORA SA LEŚNE RUNO SA www.investremex.pl KLON [KLN] www.makora.com www.lesneruno.pl KLON SA INVICO [IVC] MALKOWSKI www.klon.net.pl LETUS [LET] INVICO SA [MMA] LETUS CAPITAL SA www.pragmatrade.pl KME[KME] MAŁKOWSKI- www.letuscapitalsa. KANCELARIA ME- MARTECH SA INVISTA [INV] com DIUS SA www.malkowski.pl INVISTA SA www. kancelariame- LIBERTY [LTG] www.invista.com.pl MARKA [MRK] dius.pl LIBERTY GROUP SA. MARKA SA INWAZJA [IPC] www.libertygroup.pl KOMFORTKM www.markasa.pl INWAZJAPC SA [KKM] LOKATYBUD [LBD] www.inwazjapc.pl MARSOFT [MAR] KOMFORT-KLIMA SA LOKATY BUDOW- MARSOFT SA INWESTPL [INW] www.komfort-klima.pl LANE SA www.marsoftsa.pl INWESTYCJE.PL SA www.lokatybudow- KOMPLEKS [KMS] www.inwestycje.pl lane.pl MAXIMUS [MAX] GRUPA KONSULTIN- MAXIMUS SA IPO [ISAA] GOWO-INZYNIERYJ- LSTECHHOM [LSH] www.maximussa.pl IPO SA NA LS TECH HOMES SA www.ipo.pl KOMPLEKS SA www.lstechhomes. MAXIPIZZA [MXP] MAXIPIZZA SA IPODS [IOD] www.kompleks.pl com www.maxipizza.pl IPO DORADZTWO KOPAHAUS [KOP] LUG [LUG] STRATEGICZNE SA KORPORACJA BU- LUG SA MBFACTORY [MBF] www.ipo.com.pl DOWLANA KOPA- www.lug.com.pl MOBILE FACTORY SA HAUS SA www.mobilefactory.pl ISIAG [ISG] LUXIMA [LUX] www.kopahaus-bar- INSTYTUT SZKOLEN LUXIMA SA MBPARTNER [MBP] linek.pl I ANALIZ GOSP- www.luxima.com.pl MOBILE PARTNER SA ODARCZYCH SA www.mobilepartner.pl www.instytutsiag.pl 289 Fact Book 2013

MDEVELOP [MDE] MODE [MOE] NEMEX [NMX] ORIONNV [ORN] M DEVELOPMENT SA MODE SA NEMEX SA ORION INVESTMENT www.m-develop- www.mode360.eu www.nemex.pl SA ment.pl www.orioninvest- MODECOM [MOD] NFPL [NFP] ment.pl MEDIACAP [MCP] MODECOM SA NOWOCZESNA MEDIACAP SA www.modecom.pl FIRMA SA ORPHEE [ORP] www.emlab.pl www.nf.pl ORPHEE SA MOMO [MOM] www.orphee-medical. MEDIANPOL-PDA MOMO SA NICOGAMES [NGS] com [MDNA] www.momo.com.pl NICOLAS GAMES SA MEDIAN POLSKA SA www.nicolasgames.pl ORZLOPONY [ORL] MONDAY [MDV] www.medianpolska.pl ORZEŁ SA MONDAY DEVELOP- NOTORIA [NTS] www.salon-opon.com MEDICALG [MGD] MENT SA NOTORIA SERWIS SA MEDICALGORITH- www.mondaydevel- www.notoria.pl QUART [QRT] MICS opment.pl QUART DEVELOP- DIGATE [DGT] www.medicalgorith- MENT SA MONTUHOLD DIGATE SA mics.pl www.quart.com.pl [MTH] www.digate.pl MERA [MER] MONTU HOLDING SA PAKADEMIA [PAK] NOVIAN [NVN] MERA SCHODY SA www.montu.pl POLSKA AKADEMIA NOVIAN SA. www.mera.pl RACHUNKOWOŚCI MORIZON [MZN] www.novian.pl SA MERIT [MEI] MORIZON SA NWAI [NWA] www.par.edu.pl MERIT INVEST SA www.morizon.pl NWAI DOM MAKLER- www.meritinvest.pl PARTEX [PAR] MOSTALWRO SKI SA PARTEX SA MEW [MSA] MOSTOSTAL www.nwai.pl www.listwy.com MEW SA WROCŁAW SA OEM [OEM] www.mewsa.pl www.mostostal. PARTNER [PRN] OSTATNIE MIEJSCA wroclaw.pl PARTNER-NIERU- MGAMES [MGS] SA CHOMOSCI SA MACRO GAMES SA MOTORICUS [MTR] www.oemsa.pl www.partnernieru- www.macrogames.pl MOTORICUS SA ONERAY [ORI] chomosci.com.pl www.oponix.pl MGMSYS [MGM] ONERAY INVEST- PCZ [PCZ] MGM SA MPAY [MPY] MENT SA PCZ SA www.mgm.com.pl MPAY SA www.oneray.pl www.pczsa.pl www.mpay.pl MILKPOL [MLP] ONICO [ONC] www.pcz,com.pl MILKPOL SA MPLVERBUM [VER] ONICO SA PFH [PFH] www.milkpol.com.pl MPL VERBUM SA www.onico.pl POLSKI FUNDUSZ www.verbum.com.pl MINERAL [MND] OPENNET [OPE] HIPOTECZNY SA MINERAL MIDRANGE MTC [MTC] OPEN-NET SA www.pfh.pl SA MOTOR TRADE COM- www.open.net.pl PGSSOFT [PSW] www.mineralmid- PANY SA OPTIZENLB [OPT] PGS SOFTWARE SA range.com www.mtcsa.pl OPTIZEN LABS SA www.pgs-soft.com MINOX [MNX] MW TENIS SA www.optizenlabs.com PHARMENA [PHR] MINOX SA www,mwtenis.pl ORGANIC [ORG] PHARMENA SA www.minox.com.pl NANOTEL [NAN] ORGANIC FARMA www.pharmena.com. MMCPL [MMC] NANOTEL SA ZDROWIA SA pl MM CONFERENCES www.nanotel.pl www.organicmarket. PHOENIX [PHO] SA pl NAVIMORIN [NIN] PHOENIX ENERGY www.mmcpolska.pl NAVIMOR-INVEST SA A.S. MOBINI [MOB] www.navimorinvest. www.phoenixnen- MOBINI SA eu ergy.as www.mobini.pl

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PILAB [PIL] PREMFOOD [PFR] REVITUM [REV] SCOPAK [SCO] PiLAB SA PREMIUM FOOD REVITUM SA- CEN- SCO-PAK SA www.pilab.pl RESTAURANTS SA TRUM DIAGNOSTYKI www.scopak.com.pl www.sushi77.com ORGANIZMU PLANETSOF [PSF] SEKA [SEA] www.revitum.pl PLANET SOFT SA PRESTO-PDA SEKA SA www.planetsoft.pl [PSTA] RICHTER [RMS] www.seka.pl PRESTO SA RICHTER MED SA PLASMA [PSM] SELVITA [SLV] www.presto-kominy. www.richtermed.pl PLASMA SYSTEM SA SELVITA SA pl www.plasmasystem. ROBINSON [RBS] www.selvita.pl pl PROGRES [PRG] ROBINSON EUROPE SEVENET [SEV] PROGRES INVEST- SA PLATIGE [PLI] SEVENET SA MENT SA www.robinson.pl PLATIGE IMAGE SA www.sevenet.pl www.progresinvest- www.platige.com ROCCA [RCA] ment.com SFD [SFD] ROCCA SA PLAYMAKER [PMK] SFD SA PROLOG [PRL] www.rocca.pl PLAYMAKERS SA www.sfdsa.pl PRO-LOG SA www.playmakers.tv RODAN [ROD] www.prolog.pl SFKPOLKAP [SFK] RODAN SYSTEMS SA POLMAN [PLM] SKOCZOWSKA FAB- PROXYAD [PXY] www.rodan.pl POLMAN SA RYKA KAPELUSZY PROXYAD SA www.polman.pl ROTOPINO [ROT] POLKAP SA www.proxyad.pl ROTOPINO.PL SA www.polkap.pl POLNOCNR [PNR] PRYMUS [PRS] www.marketo.com PÓŁNOC SILVACG [SCG] PRYMUS SA NIERUCHOMOŚCI SA ROVITA [ROV] SILVA CAPITAL www.prymussa.pl www.polnoc.pl ROVITA SA GROUP SA PSWCAPITA [PCA] www.rovita.com.pl www.mwtenis.pl POLSKIHR [PLHA] PSW CAPITAL SA POLSKI HOLDING RSY [RSY] SITE [STE] www.pswcapital.pl REKRUTACYJNY SA RSY SA SITE SA www.pswholding.pl www.polskihr.pl www.rsy.ilawa.pl www.site.pl RAJDY4X4 [4X4] POLTRONIC [PTN] RUCHCHORZ SLR [SLR] RAJDY 4X4 SA POLTRONIC SA [RCW] SOCIALIZER SA www.rajdy 4x4.pl www.poltronic.eu RUCH CHORZÓW SA www.socializer.pl RCUNION [RCU] www.ruchchorzow. POSITIVE [POS] SMOKESHOP R&C UNION SA com.pl POSITIVE ADVISORY [SMKA] www.rcunion.pl SA RUNICOM [RUN] SMOKE SHOP SA www.positiveadvi- READGENE [RDG] RUNICOM SA www.smoke.pl sory.pl READ-GENE SA www.runicom.pl SMSKREDYT [SMS] www.read-gene.com PPG [PPG] S4E [S4E] SMS KREDYT HOLD- PLATINUM PROPER- REKLAPL [RPL] S4E SA ING SA TIES GROUP SA PSA CAPITAL SA www.s4e.pl www.smsholding.pl www.ppgsa.pl www.psacapital.com SAKANA [SKN] SMT [SMT] PPRICE [PPR] RELIGADEV-PDA SAKANA SA SMT SOFTWARE SA POWER PRICE SA [RELA] www.sakana.pl www.smtsoftware. www.powerpricesa.pl RELIGA DEVELOP- com SARE [SAR] MENT SA PREFABET [PBB] SARE SA SOBET [SOB] www.religa.com.pl PREFABET-BIAŁE www.saresa.pl SOBET SA BŁOTA SA REMEDIS [REM] www.sobet.pl SCANMEDMM www.prefabet-bb. REMEDIS SA [SCM] SPC [SPC] com.pl www.remedis.eu SCANMED MULTIME- SUPER PREMIUM DIS SA CARS SA www.multidedis.pl www.spcsa.pl

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SSI [SSI] SYNEKTIK [SNT] TERMOREX [TRR] VENITI [VNT] SECURITY SYSTEM SYNEKTIK SA TERMO-REX SA VENITI SA INTEGRATION SA www.synektik.com.pl www.termo-rex.pl www.veniti.pl www.ssisa.pl SYNKRET [SYN] TERRA [TRA] VENO [VEN] STANUSCH [STT] SYNKRET SA TERRA SA VENO SA STANUSCH TECH- www.synkret.pl www.dom-produk- www.veno-sa.pl NOLOGIES SA cyjny-terra.pl SZAR [SZR] VENTUREIN [VTI] www.stanusch.com SZAR SA TILIA [TIL] VENTURE INCUBA- STARFIT-PDA [SFIA] www.szar.pl TILIA SA TOR SA STAR FITNESS SA www.tilia.com.pl www.ventureincuba- T2INVEST [T2I] www.star-fitness.pl tor.pl T2 INVESTMENT SA TPH _ PDA [TPH] STARKDEV [STR] www.t2investment.pl TELE-POLSKA HOLD- VENTURION [VIF] STARK DEVELOP- ING SA VENTURION INVEST- TABLEO [TAB] MENT SA www.tphsa.pl MENT FUND SA TABLEO SA www.starkdev.pl www.vifsa.pl www.tableo.pl TRICEPS [TRC] STEMCELLS [SCS] TRICPES.PL SA VERBICOM [VRB] TAMEX [TOS] STEM CELLS SPIN SA www.hurt.triceps.pl VERBICOM SA TAMEX OBIEKTY www.stemcellsspin. www.verbicom.pl SPOPRTOWE SA TROMEDIA [TRO] com.pl www.tamex.com.pl TRO MEDIA SA VGROUP [VGS] STERGAMES [SGM] www.tro.pl V GROUP SA TAXNET [TXN] STERGAMES SA www.v-group.pl TEX-NET SA TWIGONET [TWI] www.stergames.com www.tex-net.pl TWIGONET EUROPE VIAGUARA [VGR] STIGROUP [STI] SA VIAGUARA SA TAXUSFUND [TXF] STI GROUP SA www.twigonet.com www.viaguara.com TAXUS FUND SA www.stigroup.pl www.taxusfund.pl UBOATLINE [UBT] VIDIS [VDS] STOPKLA [STK] UBOAT-LINE SA VIDIS SA TECHMADEX [TDX] STOPKLATKA SA www.uboat.pl www.vidis.pl TECHMADEX SA www.stopklatka-sa.pl www.techmadex.com UNIMOTGAZ VISION [VIV] SUNEX [SNX] UNIMOT GAZ SA VIRTUAL VISION SA TELEMEDPL [TMP] SUNEX SA www.unimotgaz.pl www.virtualvision.pl TELEMEDYCYNA www.sunex.pl POLSKA SA UNITED [UTD] VIVID [VVD] SUNTECH [SUN] www.telemedycyn- UNITED SA VIVID SA SUNTECH SA apolska.pl www.unitedsa.pl www.vivid.pl www.suntech.pl TELESTO [TLO] URLOPYPL [URL] WAKEPARK [WPK] SURFLAND [SSK] TELESTO SA URLOPY.PL WAKEPARK SA SURFLAND SYS- www.telestosa.pl www.urlopy.pl www.wakeparkwro- TEMY KOMPUTER- claw.pl TELESTR [TLS] VCP [VCP] OWESA TELESTRADA SA VENTURE CAPITAL WASPOL [WAP] www.ssk.com.pl www.telestrada.pl POLAND SA WASPOL SA SWISSPSM [SWP] www.vcpoland.pl www.waspol.info.pl TELIANI [TLVA] SWISSMED PRYWAT- TELIANI VALLEY VEDIA [VED] WBAY [WBY] NY SERWIS MEDYC- POLSKA SA VEDIA SA WEALTH BAY SA ZNY SA www.telianivalley.pl www.vedia.pl www.wealthbay.pl www.swissmedpsm. pl TERMOEXP [TME] VELTO [VEL] WDBBU [WDB] TERMOEXPERT SA VELTO SA WDB BROKERZY SYMBIO [SYM] www.termoexpert. www.velto.pl UBEZPIECZENIOWI SYMBIO POLSKA SA com.pl SA www.symbio.pl www.wdbsa.pl

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WDMSA [WDM] YURECO [YCO] WROCŁAWSKI DOM YURECO SA MAKLERSKI SA www.rdi.pl www.wdmsa.pl ZOC [ZOC] WEEDO-PDA ZOO CENTRUM SA [WDOA] www.zoo-centrum.pl WEEDO SA ZWG [ZWG] www.weedosa.pl ZWG SA WERTHHOLZ www.zwg.com.pl [WHH] WERTH-HOLZ SA www.werth-holz.pl WESTREAL [WRE] WEST REAL ESTATE SA www.westrealestate. pl WEGLOPEX [WPX] WĘGLOPEX HOLD- ING SA www.pinotcaro.com WIDOKEN [WDK] WIDOK ENERGIA SA www.widokenergia.pl WIERZYCL [WRL] WIERZYCIEL SA www.wierzycielsa.pl WINDMOBIL [WMO] WIND MOBILE SA www.windmobile.pl WODKAN [WOD] WODKAN PRZEDSIE- BIORSTWO WODO- CIAGÓW I KANALIZACJI SA www.wodkan.com.pl XPLUS [XPL] XPLUS SA www.xplus.pl XSYSTEM [XSM] XSYSTEM SA www.xsystem.pl YELLOWHAT [YEL] YELLOW HAT SA www.yellowhat.pl YOURIMAGE [YOU] YOUR IMAGE SA www.yourimage.pl

293

CATALYST

Information about CATALYST

The WSE debt instrument market called Catalyst was designed as a platform to fa- CATALYST was launched on 30 September cilitate financing for local government units 2009. This is the first organised debt instru- and enterprises and to enable investments ments market in Poland. It is maintained on in such instruments on an efficient, safe and transaction platforms owned by the War- transparent public market. With its architec- saw Stock Exchange (regulated market and ture, Catalyst can serve the needs of diffe- ATS) and BondSpot (also regulated market rent investor groups: wholesale and retail and ATS). Catalyst is designed for trading investors, as well as institutional and indivi- in municipal and corporate bonds, as well dual investors. as mortgage bonds and other debt instruments. Within Catalyst, retail Treasury bonds are also traded on the regulated market.

Legal foundations of Catalyst

The key regulations which determine the le-  WSE Rules, gal foundations for Catalyst operations are  Specific Rules of Exchange Trading, given below:  Rules of Non-exchange Regulated  The Act on Bonds, Trading,  The Act on Mortgage Bonds and  Specific Rules of Non-exchange Regula- Mortgage Banks, ted Trading,  The Act on Public Offering, Conditions  Rules of the Alternative Trading System Governing the Introduction of Financial operated by the WSE, Instruments to Organised Trading, and  Rules of the Alternative Trading System on Public Companies, operated by BondSpot.  The Act on Trading in Financial Instru- ments. All of the currently applicable legal docu- Catalyst Operating Rules define its main ments relating to Catalyst can be found on rules of operation, including authorisation its website (www.wsecatalyst.pl). of debt instruments, admission of debt instruments to trading in all market segments, participation in trading, issuers’ mandatory disclosures etc. Specific regulations concerning the trading in debt instruments on Catalyst are defined in:

297 Fact Book 2013

2012 on Catalyst

Established three years earlier as a debt instrument market, Catalyst recorded significantly growth in 2012. Together with the State Treasury, the total number of issuers on Catalyst reached 156 at the end of 2012 (100 at the end of 2011). Issuers included 12 local governments, 121 enterprises and 22 co-operative banks.

At the end of 2012, a total of 325 series of non-treasury debt instruments were listed, and 23 additional series were authorised. The average turnover per session nearly do- ubled, reaching PLN 4.5 million.

At the end of 2012, the total nominal value of all debt instruments (treasury and non- -treasury) listed on Catalyst reached PLN 567.3 billion versus PLN 531.6 billion in 2011. The nominal value of non-treasury debt instruments listed on that market at the end of 2012 totalled PLN 52.3 billion, which represented 30.9% growth since the end of 2011.

298 CATALYST

Debt instruments listed on Catalyst in 2012 No. ISIN Code Instrument Issuer Market /¹ Corporate bonds 1 PLNFI0600028 06N0213 NFI MAGNA POLONIA WSE ATS BS ATS 2 PLADMBT00021 ADM1212 ADMIRAL BOATS WSE ATS 3 PLAOWFK00027 AOW0214 AOW FAKTORING WSE ATS BS ATS 4 PLAOWFK00019 AOW0512 AOW FAKTORING WSE ATS BS ATS 5 PLARCHM00016 ARH0713 ARCHICOM WSE ATS BS ATS 6 PLNFI1200091 BBD0213 BBI DEVELOPMENT WSE ATS BS ATS 7 PLNFI1200109 BBD0214 BBI DEVELOPMENT WSE ATS BS ATS 8 PLNFI1200117 BBI0214 BBI DEVELOPMENT WSE ATS BS ATS 9 PLNFI1000079 BBZ0312 BBI ZENERIS WSE ATS BS ATS 10 PLNFI1000087 BBZ0712 BBI ZENERIS WSE ATS BS ATS 11 PL0000500039 BGK0213 Bank Gospodarstwa Krajowego BS ATS 12 PL0000500047 BGK0215 Bank Gospodarstwa Krajowego BS ATS 13 PL0000500054 BGK0514 Bank Gospodarstwa Krajowego BS ATS 14 PL0000500088 BGK1016 Bank Gospodarstwa Krajowego BS ATS 15 PLBDSTL00041 BL50313 BUDOSTAL-5 WSE ATS 16 PLBDSTL00033 BL50612 BUDOSTAL-5 WSE ATS 17 PLBDSTL00058 BL50613 BUDOSTAL-5 WSE ATS 18 PLBDSTL00074 BL50913 BUDOSTAL-5 WSE ATS 19 PLNFI0400056 BLI1213 BLACK LION NFI WSE ATS BS ATS 20 PLBOS0000050 BOB1213 BANK OCHRONY ŚRODOWISKA BS ATS 21 PLBOS0000068 BOC1213 BANK OCHRONY ŚRODOWISKA BS ATS 22 PLBOS0000076 BOD0521 BANK OCHRONY ŚRODOWISKA BS ATS 23 PLBOS0000084 BOE1014 BANK OCHRONY ŚRODOWISKA WSE ATS BS ATS 24 PLBOS0000092 BOF1014 BANK OCHRONY ŚRODOWISKA WSE ATS BS ATS 25 PLBPCZT00015 BPO0721 BANK POCZTOWY WSE ATS 26 PLBSTII00012 BS20613 BEST II NS FIZ WSE ATS BS ATS 27 PLBSTII00020 BS20614 BEST II NS FIZ WSE ATS BS ATS 28 PLBSTNS00011 BS30212 BEST III NS FIZ WSE ATS BS ATS 29 PLBSTNS00060 BS30214 BEST III NS FIZ WSE ATS BS ATS 30 PLBSTNS00037 BS30513 BEST III NS FIZ WSE ATS BS ATS 31 PLBSTNS00078 BS30514 BEST III NS FIZ WSE ATS BS ATS 32 PLBSTNS00045 BS30813 BEST III NS FIZ WSE ATS BS ATS 33 PLBSTNS00029 BS31112 BEST III NS FIZ WSE ATS BS ATS 34 PLBSTNS00052 BS31113 BEST III NS FIZ WSE ATS BS ATS

299 Fact Book 2013

Debt instruments listed on Catalyst in 2012 (contd.) No. ISIN Code Instrument Issuer Market /¹ 35 PLBEST000051 BST0512 BEST WSE ATS BS ATS 36 PLBEST000077 BST0513 BEST WSE ATS BS ATS 37 PLBEST000093 BST0514 BEST WSE ATS BS ATS 38 PLBEST000069 BST1112 BEST WSE ATS BS ATS 39 PLBEST000085 BST1113 BEST WSE ATS BS ATS 40 PLCDRL000019 CDL1014 CDRL WSE ATS 41 PLEFH0000014 EFHOHA EUROPEJSKI FUNDUSZ HIPOTECZNY BS RM 42 PL0000400099 EIB0526 EUROPEJSKI BANK INWESTYCYJNY WSE RM 43 PL0000400024 EIB0617 EUROPEJSKI BANK INWESTYCYJNY WSE RM 44 PLELECT00047 ELC0413 ELECTUS WSE ATS 45 PLERBUD00046 ERB0714 ERBUD BS ATS 46 PLFSTFC00020 FFI0113 FAST FINANCE WSE ATS 47 PLFERRO00040 FRO0416 FERRO WSE ATS BS ATS 48 PLFRRTM00018 FRR0514 FERRATUM CAPITAL POLAND WSE ATS 49 PLGHLMC00016 GHE0714 GHELAMCO INVEST BS ATS 50 PLGHLMC00024 GHI0714 GHELAMCO INVEST BS ATS 51 PLNOBLE00033 GNB0618 GETIN NOBLE BANK BS ATS 52 PLNOBLE00041 GNB0817 GETIN NOBLE BANK BS ATS 53 PLNOBLE00058 GNB0917 GETIN NOBLE BANK BS ATS 54 PLNOBLE00074 GNB1017 GETIN NOBLE BANK BS ATS 55 PLGANT000196 GND0312 GANT DEVELOPMENT WSE ATS BS ATS 56 PLGANT000204 GND0513 GANT DEVELOPMENT WSE ATS BS ATS 57 PLGANT000212 GND0612 GANT DEVELOPMENT WSE ATS BS ATS 58 PLNOBLE00066 GNO0917 GETIN NOBLE BANK BS ATS 59 PLGANT000139 GNT0312 GANT DEVELOPMENT WSE ATS BS ATS 60 PLGANT000170 GNT0313 GANT DEVELOPMENT WSE ATS BS ATS 61 PLGANT000147 GNT0513 GANT DEVELOPMENT WSE ATS 62 PLGANT000154 GNT0612 GANT DEVELOPMENT WSE ATS BS ATS 63 PLGANT000220 GNT0813 GANT DEVELOPMENT WSE ATS BS ATS 64 PLGANT000162 GNT0912 GANT DEVELOPMENT WSE ATS BS ATS 65 PLGANT000238 GNT1013 GANT DEVELOPMENT WSE ATS BS ATS 66 PLGANT000188 GNT1212 GANT DEVELOPMENT WSE ATS 67 PL0000500021 IDS1018 Bank Gospodarstwa Krajowego WSE RM BS RM 68 PL0000500070 IDS1022 Bank Gospodarstwa Krajowego WSE RM BS RM 69 PLIIF0000013 IIF0912 IIF WSE ATS

300 CATALYST

Debt instruments listed on Catalyst in 2012 (contd.) No. ISIN Code Instrument Issuer Market /¹ 70 PLIPFIP00025 IPF0615 IPF INVESTMENTS POLSKA BS ATS 71 PL0000500013 IPS1014 Bank Gospodarstwa Krajowego WSE RM BS RM 72 PL0000500062 IWS0645 Bank Gospodarstwa Krajowego WSE RM BS RM 73 PLKRINK00063 KRI0414 KREDYT INKASO BS ATS 74 PLKRINK00071 KRI0416 KREDYT INKASO BS ATS 75 PLKRK0000085 KRU0115 KRUK WSE ATS 76 PLKRK0000069 KRU0514 KRUK WSE ATS 77 PLKRK0000093 KRU0712 KRUK WSE ATS 78 PLKRK0000101 KRU0713 KRUK WSE ATS 79 PLKRK0000077 KRU1114 KRUK WSE ATS 80 PLLCCRP00033 LCC0414 LC CORP BS ATS 81 PLMOBRK00039 MBR0814 MO-BRUK WSE ATS BS ATS 82 PLMCIMG00137 MCI0314 MCI MANAGEMENT WSE ATS BS ATS 83 PLMCIMG00129 MCI0613 MCI MANAGEMENT WSE ATS BS ATS 84 PLMCIMG00111 MCI0912 MCI MANAGEMENT WSE ATS BS ATS 85 PLMERA000027 MER0412 MERA S.A. WSE ATS 86 PLMERA000035 MER0614 MERA S.A. WSE ATS 87 PLMKDOM00010 MKD0713 MAK DOM WSE ATS BS ATS 88 PLMLMDP00049 MMP0416 MULTIMEDIA POLSKA BS ATS 89 PLMLMDP00031 MMP1115 MULTIMEDIA POLSKA BS ATS 90 PLMEWSA00027 MSA0613 MEW WSE ATS BS ATS 91 PLMEWSA00035 MSA1013 MEW WSE ATS 92 PLMRVPL00057 MVF1213 MARVIPOL WSE ATS BS ATS 93 PLMRVPL00065 MVG1213 MARVIPOL WSE ATS BS ATS 94 PLMRVPL00073 MVP0114 MARVIPOL WSE ATS BS ATS 95 PLMRVPL00081 MVP0415 MARVIPOL WSE ATS BS ATS 96 PLMRVPL00024 MVP0613 MARVIPOL WSE ATS BS ATS 97 PLMRVPL00032 MVP0813 MARVIPOL WSE ATS BS ATS 98 PLNAVIG00015 NAV0213 NAVI GROUP WSE ATS 99 PLNAVIG00023 NAV0812 NAVI GROUP WSE ATS 100 PLNAVIG00031 NAV0912 NAVI GROUP WSE ATS 101 PLNAVIG00049 NAV1212 NAVI GROUP WSE ATS 102 PLMZCOR00019 ORK0312 ORGANIKA WSE ATS BS ATS 103 PLMZCOR00027 ORK0712 ORGANIKA WSE ATS BS ATS 104 PLORZL000068 ORL0412 ORZEŁ WSE ATS BS ATS

301 Fact Book 2013

Debt instruments listed on Catalyst in 2012 (contd.) No. ISIN Code Instrument Issuer Market /¹ 105 PLORZL000100 ORL0814 ORZEŁ WSE ATS BS ATS 106 PLOSHEE00018 OSH1012 OSHEE POLSKA WSE ATS 107 PLPRMCM00014 PCM0312 PRIME CAR MANAGEMENT WSE ATS BS ATS 108 PLPRMCM00022 PCM0314 PRIME CAR MANAGEMENT WSE ATS BS ATS 109 PLPCCRK00019 PCR0613 PCC ROKITA WSE RM 110 PLPCZ0000019 PCZ0514 PCZ WSE ATS 111 XS0545031642 PKO1015 PKO Finance AB WSE ATS BS ATS 112 PLPLKMT00015 PLK0915 POLKOMTEL FINANCE AB (PUBL) BS ATS 113 PLGFPRE00057 PRF0413 Pragma Faktoring WSE ATS 114 PLPRGNK00033 PRI0912 PRAGMA INKASO WSE ATS 115 PLPRGNK00041 PRI1212 PRAGMA INKASO WSE ATS 116 PLPSPRT00018 PSG0512 POLSPORT GROUP WSE ATS 117 PLNFI0500038 RBC0413 RUBICON PARTNERS NFI WSE ATS BS ATS 118 PLNFI0500046 RBC0912 RUBICON PARTNERS NFI WSE ATS BS ATS 119 PLREMDS00062 REM0112 REMEDIS A 120 PLREMDS00096 REM0612 REMEDIS A 121 PLREMDS00013 REM0712 REMEDIS A 122 PLREMDS00104 REM0712BK1 REMEDIS A 123 PLRNSER00011 RNA0414 RONSON EUROPE BS ATS 124 PLRNSER00029 RNB0414 RONSON EUROPE BS ATS 125 PLRNKPR00030 RNK1213 RANK PROGRESS WSE ATS BS ATS 126 PLROBYG00073 ROB0415 ROBYG WSE ATS BS ATS 127 PLROBYG00040 ROB1013 ROBYG WSE ATS BS ATS 128 PLROBYG00057 ROB1113 ROBYG WSE ATS BS ATS 129 PLROBYG00065 ROB1213 ROBYG WSE ATS BS ATS 130 PLRDNST00035 ROD0813 RODAN SYSTEMS WSE ATS 131 PLSCOPK00038 SCO0713 SCO-PAK WSE ATS 132 PLSCOPK00046 SCO0813 SCO-PAK WSE ATS 133 PLSCNDV00017 SDV0314 SCAN DEVELOPMENT WSE ATS BS ATS 134 PLMILOP00028 SIO1213 SIÓDEMKA BS ATS 135 PLSOLVC00018 SOL0412 SOLVECO WSE ATS 136 PLTRKPL00048 TRK1213 TRAKCJA - TILTRA POLSKA WSE ATS 137 PLTRUST00010 TRU0614 TRUST WSE ATS BS ATS 138 PLVEDIA00037 VED0613 VEDIA WSE ATS 139 PLWDKEN00042 WDK0112 WIDOK ENERGIA SP Z O. O. WSE ATS

302 CATALYST

Debt instruments listed on Catalyst in 2012 (contd.) No. ISIN Code Instrument Issuer Market /¹ 140 PLWDKEN00059 WDK0512 WIDOK ENERGIA SP Z O. O. WSE ATS 141 PLWDENG00024 WDK0712 WIDOK ENERGIA SA WSE ATS 142 PLELPO000099 WIK0713 WIKANA S.A. BS ATS 143 AT0000A0PCA4 WXF0514 Warimpex Finanz- und Beteiligungs AG BS ATS 144 PLZPS0000015 ZPS1212 ZPS KRZĘTLE WSE ATS

Co-operative bonds 1 PLBBSDR00012 BBS1225 BS-BBS DARŁOWO WSE ATS 2 PLBSPOM00010 BOM0221 BS OSTRÓW MAZOWIECKA WSE ATS 3 PLBSPLS00013 BPL0421 BS PŁOŃSK WSE ATS 4 PLBPS0000032 BPS0718 BPS WARSZAWA WSE ATS BS ATS 5 PLBPS0000024 BPS0720 BPS WARSZAWA WSE ATS 6 PLBSPT000017 BPT0620 BS-HEXABANK WSE ATS 7 PLBSBR000023 BRB0425 BS BIAŁA RAWSKA WSE ATS 8 PLPBSC000016 BSC0620 BS-PBS CIECHANÓW WSE ATS 9 PLPBSC000024 BSC0621 BS-PBS CIECHANÓW WSE ATS 10 PLBSLIM00011 BSL0521 BS LIMANOWA WSE ATS 11 PLBSPIA00017 BSP0620 BS PIASECZNO WSE ATS 12 PLBSSKR00011 BSS0418 BS SKIERNIEWICE WSE ATS 13 PLSBRIR00017 BSW0721 BS - SK BANK WOŁOMIN WSE ATS 14 PLESBSR00014 ESB0725 BS-ESBANK WSE ATS 15 PLGBSBR00015 GBS0621 BS-GBS BANK BARLINEK WSE ATS 16 PLMBSLM00013 MBS0720 BS-MBS ŁOMIANKI WSE ATS 17 PLOKBS000017 OKB0520 BS-OK BANK KNURÓW WSE ATS 18 PLPBS0000016 PBS0720 BS-PBS SANOK WSE ATS 19 PLPBS0000024 PBS1021 BS-PBS SANOK WSE ATS 20 PLPMBSZ00016 PMS0624 BS-PMBS ZABŁUDÓW WSE ATS 21 PLKRBSP00017 SBK1020 BS-KBS KRAKÓW WSE ATS 22 PLSBRS000016 SBR0325 BS-SBR SZEPIETOWO WSE ATS 23 PLSBRS000024 SBR0725 BS-SBR SZEPIETOWO WSE ATS 24 PLWAWBS00014 WBS0521 BS-WBS BANK WARSZAWA WSE ATS

Municipal bonds 1 PL0012200016 BRZ1016 BRZESKO WSE ATS 2 PL0015200013 CHE0614 CHEŁM A

303 Fact Book 2013

Debt instruments listed on Catalyst in 2012 (contd.) No. ISIN Code Instrument Issuer Market /¹ 3 PL0015200021 CHE0714 CHEŁM A 4 PL0015200039 CHE0814 CHEŁM A 5 PL0016200012 JAR1213A POWIAT JAROSŁAWSKI A 6 PL0016200020 JAR1213B POWIAT JAROSŁAWSKI A 7 PL0016200038 JAR1213C POWIAT JAROSŁAWSKI A 8 PL0016200046 JAR1214D POWIAT JAROSŁAWSKI A 9 PL0016200053 JAR1214E POWIAT JAROSŁAWSKI A 10 PL0016200061 JAR1214F POWIAT JAROSŁAWSKI A 11 PL0013200015 KON0715 KONOPISKA WSE ATS 12 PL0013200023 KON0916 KONOPISKA WSE ATS 13 PL0005200023 KRN1212 KÓRNIK WSE ATS 14 PL0014200022 OSW0914 OŚWIĘCIM A 15 PL0006200014 PLZ0915 POŁCZYN ZDRÓJ WSE ATS 16 PL0006200022 PLZ0916 POŁCZYN ZDRÓJ WSE ATS 17 PL0006200030 PLZ0917 POŁCZYN ZDRÓJ WSE ATS 18 PL0009200029 RAD0912 RADLIN WSE RM 19 PL0001200035 RYB1117 RYBNIK BS RM 20 PL0001200019 RYB1213 RYBNIK BS RM 21 PL0001200027 RYB1214 RYBNIK BS RM 22 PL0008200053 TCZ0817 TCZEW WSE ATS 23 PL0008200012 TCZ0913 TCZEW A 24 PL0008200020 TCZ0914 TCZEW A 25 PL0008200038 TCZ0915 TCZEW A 26 PL0008200046 TCZ0916 TCZEW A 27 PL0004200016 TUR0916 TUREK A 28 PL0011200025 USM0212 USTRONIE MORSKIE WSE ATS 29 PL0011200033 USM0213 USTRONIE MORSKIE WSE ATS 30 PL0011200041 USM0314 USTRONIE MORSKIE WSE ATS 31 PL0011200058 USM0315 USTRONIE MORSKIE WSE ATS 32 PL0003200074 WAW0318 WARSZAWA WSE RM BS RM 33 PL0003200066 WAW0321 WARSZAWA WSE RM BS RM 34 PL0003200025 WAW0922 WARSZAWA WSE RM BS RM 35 PL0003200041 WAW1017 WARSZAWA WSE RM BS RM 36 PL0003200017 WAW1019 WARSZAWA WSE RM BS RM 37 PL0011300015 WSL0313 WODZISLAW SLASKI WSE ATS 38 PL0011300023 WSL0314 WODZISLAW SLASKI WSE ATS

304 CATALYST

Debt instruments listed on Catalyst in 2012 (contd.) No. ISIN Code Instrument Issuer Market /¹ 39 PL0007200013 ZAB0614 ZĄBKI A 40 PL0007200021 ZAB0715 ZĄBKI A 41 PL0007200039 ZAB0916 ZĄBKI A 42 PL0010200026 ZAM1212 ZAMOŚĆ WSE ATS

Treasury bonds 1 PL0000102836 DS1013 STATE TREASURY WSE RM BS RM 2 PL0000103602 DS1015 STATE TREASURY WSE RM BS RM 3 PL0000104543 DS1017 STATE TREASURY WSE RM BS RM 4 PL0000105441 DS1019 STATE TREASURY WSE RM BS RM 5 PL0000106126 DS1020 STATE TREASURY WSE RM BS RM 6 PL0000106670 DS1021 STATE TREASURY WSE RM BS RM 7 PL0000103529 IZ0816 STATE TREASURY WSE RM BS RM 8 PL0000105359 IZ0823 STATE TREASURY WSE RM BS RM 9 PL0000105730 OK0112 STATE TREASURY WSE RM BS RM 10 PL0000106324 OK0113 STATE TREASURY WSE RM BS RM 11 PL0000106712 OK0114 STATE TREASURY WSE RM BS RM 12 PL0000105912 OK0712 STATE TREASURY WSE RM BS RM 13 PL0000106563 OK0713 STATE TREASURY WSE RM BS RM 14 PL0000106100 OK1012 STATE TREASURY WSE RM BS RM 15 PL0000104659 PS0412 STATE TREASURY WSE RM BS RM 16 PL0000105037 PS0413 STATE TREASURY WSE RM BS RM 17 PL0000105433 PS0414 STATE TREASURY WSE RM BS RM 18 PL0000105953 PS0415 STATE TREASURY WSE RM BS RM 19 PL0000106340 PS0416 STATE TREASURY WSE RM BS RM 20 PL0000106795 PS1016 STATE TREASURY WSE RM BS RM 21 PL0000105565 TZ0212 STATE TREASURY WSE RM BS RM 22 PL0000105995 TZ0213 STATE TREASURY WSE RM BS RM 23 PL0000106449 TZ0214 STATE TREASURY WSE RM BS RM 24 PL0000105664 TZ0512 STATE TREASURY WSE RM BS RM 25 PL0000106118 TZ0513 STATE TREASURY WSE RM BS RM 26 PL0000106555 TZ0514 STATE TREASURY WSE RM BS RM 27 PL0000105771 TZ0812 STATE TREASURY WSE RM BS RM 28 PL0000106225 TZ0813 STATE TREASURY WSE RM BS RM 29 PL0000106662 TZ0814 STATE TREASURY WSE RM BS RM 30 PL0000105904 TZ1112 STATE TREASURY WSE RM BS RM

305 Fact Book 2013

Debt instruments listed on Catalyst in 2012 (contd.) No. ISIN Code Instrument Issuer Market /¹ 31 PL0000106332 TZ1113 STATE TREASURY WSE RM BS RM 32 PL0000106787 TZ1114 STATE TREASURY WSE RM BS RM 33 PL0000105391 WS0429 STATE TREASURY WSE RM BS RM 34 PL0000104857 WS0437 STATE TREASURY WSE RM BS RM 35 PL0000102646 WS0922 STATE TREASURY WSE RM BS RM 36 PL0000106480 WZ0115 STATE TREASURY WSE RM BS RM 37 PL0000104717 WZ0118 STATE TREASURY WSE RM BS RM 38 PL0000106068 WZ0121 STATE TREASURY WSE RM BS RM

Mortgage bonds 1 PLBPHHP00010 BPHLZ01 PEKAO BANK HIPOTECZNY BS RM 2 PLBPHHP00044 BPHLZ04 PEKAO BANK HIPOTECZNY BS RM 3 PLRHNHP00151 BREHA08 BRE BANK HIPOTECZNY WSE RM BS RM 4 PLRHNHP00169 BREHA09 BRE BANK HIPOTECZNY WSE RM BS RM 5 PLRHNHP00177 BREHA10 BRE BANK HIPOTECZNY WSE RM BS RM 6 PLRHNHP00185 BREHA11 BRE BANK HIPOTECZNY WSE RM BS RM 7 PLRHNHP00193 BREHA12 BRE BANK HIPOTECZNY WSE RM BS RM 8 PLRHNHP00219 BREHA13 BRE BANK HIPOTECZNY WSE RM BS RM 9 PLRHNHP00227 BREHA14 BRE BANK HIPOTECZNY WSE RM BS RM 10 PLRHNHP00235 BREHA15 BRE BANK HIPOTECZNY WSE RM BS RM 11 PLRHNHP00243 BREHA16 BRE BANK HIPOTECZNY WSE RM BS RM 12 PLRHNHP00250 BREHA17 BRE BANK HIPOTECZNY WSE RM BS RM 13 PLRHNHP00144 BREHPA7 BRE BANK HIPOTECZNY BS RM 14 PLBPHHP00069 PEK0321 PEKAO BANK HIPOTECZNY BS RM 15 PLBPHHP00051 PEK1020 PEKAO BANK HIPOTECZNY BS RM 16 PLBPHHP00077 PEOH203 PEKAO BANK HIPOTECZNY WSE RM BS RM

Public mortgage bonds 1 PLRHNHP00201 BREPA05 BRE BANK HIPOTECZNY WSE RM BS RM 2 PLRHNHP00045 BREPUA1 BRE BANK HIPOTECZNY BS RM 3 PLRHNHP00052 BREPUA2 BRE BANK HIPOTECZNY BS RM 4 PLRHNHP00110 BREPUA4 BRE BANK HIPOTECZNY BS RM

/¹ WSE RM – WSE Regulated Market, WSE ATS – WSE Alternative Trading System, BS RM – BondS- pot Regulated Market, BS ATS – BondSpot Alternative Trading System, A – authorised (not traded).

306 CATALYST

Value of issues listed on Catalyst in 2012 No. ISIN Code Instrument Redemption Type of interest Currency Interest rate Nominal Value of total date rate price issue (PLN (yyyy.mm.dd) million) Corporate bonds 1 PLNFI0600028 06N0213 2013.02.22 fixed rate PLN 10.00 1 000 6.59 2 PLADMBT00047 ADM0415 2015.04.16 floating rate PLN 12.10 1 000 5.38 3 PLADMBT00039 ADM1013 2013.10.19 floating rate PLN 11.83 1 000 3.08 4 PLADVPL00037 ADV1114 2014.11.16 floating rate PLN 10.54 1 000 4.00 5 PLAKCFN00039 AFC0314 2014.03.23 fixed rate PLN 11.20 1 000 3.44 6 PLALIOR00011 ALR0220 2020.02.14 floating rate PLN 9.88 1 000 280.00 7 PLAOWFK00027 AOW0214 2014.02.28 fixed rate PLN 10.20 100 10.00 8 PLARGPN00018 ARG0113 2013.01.16 fixed rate PLN 13.80 10 000 0.25 9 PLARCHM00016 ARH0713 2013.07.22 fixed rate PLN 10.10 1 000 21.35 10 PLNFI1200091 BBD0213 2013.02.22 floating rate PLN 10.63 10 000 8.50 11 PLNFI1200109 BBD0214 2014.02.21 floating rate PLN 11.13 10 000 26.50 12 PLNFI1200125 BBD0215 2015.02.23 floating rate PLN 11.63 10 000 21.45 13 PLBBF0000013 BBF0615 2015.06.29 fixed rate PLN 11.00 100 2.66 14 PLNFI1200117 BBI0214 2014.02.21 floating rate PLN 11.13 10 000 5.00 15 PLNFI1200133 BBI0215 2015.02.23 floating rate PLN 11.63 10 000 13.55 16 PLNFI1000103 BBZ0313 2013.03.08 fixed rate PLN 12.65 1 000 15.00 17 PLNFI1000111 BBZ0613 2013.06.28 fixed rate PLN 12.00 1 000 6.58 18 PLNFI1000095 BBZ1213 2013.12.18 floating rate PLN 11.16 1 000 5.03 19 PL0000500039 BGK0213 2013.02.16 floating rate PLN 5.51 1 000 1 000.00 20 PL0000500047 BGK0215 2015.02.16 floating rate PLN 5.77 1 000 1 000.00 21 PL0000500054 BGK0514 2014.05.11 floating rate PLN 5.13 1 000 1 000.00 22 PL0000500088 BGK1016 2016.10.05 floating rate PLN 5.91 1 000 500.00 23 PLBDSTL00041 BL50313 2013.03.31 floating rate PLN 11.82 100 2.26 24 PLBDSTL00058 BL50613 2013.06.30 floating rate PLN 11.82 100 2.01 25 PLBDSTL00074 BL50913 2013.09.30 floating rate PLN 12.32 100 5.00 26 PLBOS0000050 BOB1213 2013.12.02 floating rate PLN 5.90 1 000 400.00 27 PLBOS0000076 BOD0521 2021.05.18 floating rate PLN 7.48 10 000 100.00 28 PLBOS0000084 BOE1014 2014.10.04 floating rate PLN 6.64 1 000 230.00 29 PLBOS0000092 BOF1014 2014.10.04 floating rate PLN 6.39 1 000 150.10 30 PLBOS0000100 BOG0222 2022.02.28 floating rate PLN 8.23 1 000 100.00 31 PLBOS0000118 BOH0215 2015.02.27 floating rate PLN 6.52 1 000 185.00

307 Fact Book 2013

Value of issues listed on Catalyst in 2012 (contd.) No. ISIN Code Instrument Redemption Type of interest Currency Interest rate Nominal Value of total date rate price issue (PLN (yyyy.mm.dd) million) 32 PLBPCZT00023 BPO0714 2014.07.10 floating rate PLN 6.85 10 000 200.00 33 PLBPCZT00015 BPO0721 2021.07.08 floating rate PLN 8.90 10 000 47.34 34 PLBSTII00012 BS20613 2013.06.22 floating rate PLN 8.85 1 000 28.00 35 PLBSTII00020 BS20614 2014.06.22 floating rate PLN 11.05 1 000 30.00 36 PLBSTNS00060 BS30214 2014.02.28 floating rate PLN 11.72 1 000 0.02 37 PLBSTNS00037 BS30513 2013.05.31 floating rate PLN 10.82 1 000 8.00 38 PLBSTNS00078 BS30514 2014.05.31 floating rate PLN 11.92 1 000 8.00 39 PLBSTNS00045 BS30813 2013.08.31 floating rate PLN 11.02 1 000 0.01 40 PLBSTNS00052 BS31113 2013.11.30 floating rate PLN 11.57 1 000 0.01 41 PLBEST000077 BST0513 2013.05.26 floating rate PLN 12.10 1 000 10.00 42 PLBEST000093 BST0514 2014.05.26 floating rate PLN 13.10 1 000 10.00 43 PLBEST000085 BST1113 2013.11.26 floating rate PLN 12.60 1 000 5.00 44 PLBLTXG00028 BTG1113 2013.11.14 fixed rate PLN 12.00 1 000 0.50 45 PLCPPRK00011 CAP0715 2015.07.09 floating rate PLN 10.15 100 100.00 46 PLCDRL000019 CDL1014 2014.10.07 floating rate PLN 10.44 1 000 9.58 47 PLNOVIN00053 DGT0414 2014.04.05 fixed rate PLN 14.00 1 000 0.95 48 PLDEKPL00016 DKP0214 2014.02.17 floating rate PLN 11.38 100 12.50 49 PLDMINM00016 DMM0914 2014.09.22 floating rate PLN 12.06 1 000 5.26 50 PLDMINM00032 DMM1013 2013.10.09 floating rate PLN 11.83 1 000 0.51 51 PLDMINM00024 DMM1014 2014.10.30 floating rate PLN 11.88 1 000 0.37 52 PLDMDVL00038 DOM0217 2017.02.02 floating rate PLN 8.64 10 000 120.00 53 PLDPTRP00010 DTP1114 2014.11.28 floating rate PLN 11.36 1 000 13.40 54 PLESTPT00042 EAP0214 2014.02.26 fixed rate PLN 14.00 1 000 0.52 55 PLESTPT00034 EAP1213 2013.12.20 fixed rate PLN 14.00 1 000 0.74 56 PLECHPS00100 ECH0515 2015.05.18 floating rate PLN 8.14 100 000 115.00 57 PLECISC00015 ECI0115 2015.01.27 floating rate PLN 10.03 1 000 20.98 58 PLECISC00023 ECS0115 2015.01.27 floating rate PLN 10.03 1 000 24.32 59 PLEFH0000014 EFHOHA 2013.12.04 floating rate PLN 7.43 640 10.24 60 PL0000400099 EIB0526 2026.05.05 zero-coupon PLN ---- 10 000 215.00 61 PL0000400024 EIB0617 2017.06.15 zero-coupon PLN ---- 100 000 275.00 62 PLEKGPF00052 EKA0413 2013.04.16 fixed rate PLN 13.00 1 000 3.00 63 PLEKGPF00060 EKA0513 2013.05.11 fixed rate PLN 13.00 1 000 1.60

308 CATALYST

Value of issues listed on Catalyst in 2012 (contd.) No. ISIN Code Instrument Redemption Type of interest Currency Interest rate Nominal Value of total date rate price issue (PLN (yyyy.mm.dd) million) 64 PLEKGPF00045 EKA1213 2013.12.22 fixed rate PLN 15.00 1 000 1.00 65 PLEKGPF00078 EKC0513 2013.05.31 fixed rate PLN 13.00 1 000 1.00 66 PLEKGPF00086 EKK0513 2013.05.30 fixed rate PLN 13.00 1 000 1.82 67 PLELECT00047 ELC0413 2013.04.22 floating rate PLN 10.79 1 000 36.83 68 PLENERG00014 ENG1019 2019.10.18 floating rate PLN 6.30 10 000 1 000.00 69 PLERBUD00046 ERB0714 2014.07.15 floating rate PLN 8.57 1 000 50.00 70 PLFRMGR00023 F510914 2014.09.08 floating rate PLN 13.43 100 1.08 71 PLFSTFC00020 FFI0113 2013.01.11 floating rate PLN 11.66 1 000 11.27 72 PLFSTFC00038 FFI0315 2015.03.23 floating rate PLN 12.46 1 000 30.00 73 PLFERRO00040 FRO0416 2016.04.04 floating rate PLN 10.44 1 000 18.57 74 PLFRRTM00018 FRR0514 2014.05.23 floating rate PLN 12.10 1 000 28.00 75 PLGCINV00037 GCI0414 2014.04.29 floating rate PLN 11.25 1 000 17.50 76 PLGHLMC00032 GHE0415 2015.04.20 floating rate PLN 10.79 100 000 132.50 77 PLGHLMC00016 GHE0714 2014.07.21 floating rate PLN 10.15 100 000 150.00 78 PLGHLMC00040 GHI0415 2015.04.20 floating rate PLN 10.79 100 000 4.60 79 PLGHLMC00024 GHI0714 2014.07.21 floating rate PLN 10.15 100 000 50.00 80 PLNOBLE00082 GNB0218 2018.02.23 floating rate PLN 8.88 1 000 241.64 81 PLNOBLE00090 GNB0318 2018.03.23 floating rate PLN 8.51 1 000 160.00 82 PLNOBLE00108 GNB0418 2018.04.27 floating rate PLN 8.30 1 000 40.00 83 PLGETBK00020 GNB0518 2018.05.23 floating rate PLN 8.16 1 000 37.28 84 PLNOBLE00033 GNB0618 2018.06.29 floating rate PLN 8.06 100 000 250.00 85 PLNOBLE00041 GNB0817 2017.08.10 floating rate PLN 8.61 100 000 35.00 86 PLGETBK00046 GNB0819 2019.08.27 floating rate PLN 8.67 1 000 172.03 87 PLNOBLE00058 GNB0917 2017.09.01 floating rate PLN 8.53 1 000 50.00 88 PLGETBK00111 GNB0919 2019.09.26 floating rate PLN 8.50 1 000 17.99 89 PLNOBLE00074 GNB1017 2017.10.17 floating rate PLN 8.27 1 000 45.00 90 PLGETBK00129 GNB1019 2019.10.21 floating rate PLN 8.35 1 000 40.00 91 PLGANT000204 GND0513 2013.05.06 floating rate PLN 11.25 1 000 10.00 92 PLGETBK00038 GNF0618 2018.06.14 floating rate PLN 7.79 1 000 40.00 93 PLNOBLE00066 GNO0917 2017.09.20 floating rate PLN 8.43 1 000 20.00 94 PLGANT000170 GNT0313 2013.03.29 floating rate PLN 8.95 1 000 26.00 95 PLGANT000253 GNT0314 2014.03.27 floating rate PLN 10.45 100 20.80

309 Fact Book 2013

Value of issues listed on Catalyst in 2012 (contd.) No. ISIN Code Instrument Redemption Type of interest Currency Interest rate Nominal Value of total date rate price issue (PLN (yyyy.mm.dd) million) 96 PLGANT000147 GNT0513 2013.05.27 floating rate PLN 9.07 1 000 1.10 97 PLGANT000246 GNT0613 2013.06.19 floating rate PLN 10.83 1 000 21.00 98 PLGANT000220 GNT0813 2013.08.19 floating rate PLN 10.90 1 000 10.00 99 PLGANT000261 GNT0814 2014.08.28 fixed rate PLN 11.00 1 000 21.93 100 PLGANT000238 GNT1013 2013.10.25 floating rate PLN 9.50 100 25.00 101 PLGPFCS00067 GPF0214 2014.02.23 fixed rate PLN 15.00 1 000 0.42 102 PLGPW0000033 GPW0117 2017.01.02 floating rate PLN 6.31 100 245.00 103 PLHGNKA00093 HGN0713 2013.07.31 floating rate PLN 12.15 1 000 2.39 104 PLCNTZP00044 IDE0315 2015.03.02 floating rate PLN 11.12 100 15.00 105 PL0000500021 IDS1018 2018.10.24 fixed rate PLN 6.25 1 000 11 652.50 106 PL0000500070 IDS1022 2022.10.25 fixed rate PLN 5.75 1 000 5 250.00 107 PLIIF0000021 IIF0114 2014.01.29 floating rate PLN 11.95 1 000 5.29 108 PLINDOS00019 INS1214 2014.12.08 floating rate PLN 10.37 1 000 8.00 109 PLECMNG00068 INV0615 2015.06.18 floating rate PLN 11.26 1 000 3.87 110 PLIPFIP00025 IPF0615 2015.06.30 floating rate PLN 12.44 100 000 200.00 111 PL0000500013 IPS1014 2014.10.24 fixed rate PLN 5.75 1 000 6 893.00 112 PL0000500062 IWS0645 2045.06.25 fixed rate PLN 6.00 1 000 1 000.00 113 PLJDNKA00013 JED0415 2015.04.04 floating rate PLN 10.69 100 9.00 114 PLZPMHK00010 KAN0913 2013.09.27 floating rate PLN 10.51 1 000 15.00 115 PLZPMHK00028 KAN1113 2013.11.07 floating rate PLN 11.05 1 000 5.00 116 PLZPMHK00036 KAN1214 2014.12.04 floating rate PLN 10.67 1 000 17.78 117 PLHOOP000069 KFL1213 2013.12.21 floating rate PLN 7.86 1 000 3.08 118 PLHOOP000077 KFL1214 2014.12.21 floating rate PLN 8.56 1 000 45.93 119 PLKLON000036 KLN1115 2015.11.18 floating rate PLN 10.14 100 4.00 120 PLKRINK00113 KR20116 2016.01.02 floating rate PLN 10.54 1 000 5.00 121 PLKRINK00105 KRI0116 2016.01.02 floating rate PLN 10.64 1 000 35.00 122 PLKRINK00063 KRI0414 2014.04.04 floating rate PLN 9.94 1 000 60.00 123 PLKRINK00071 KRI0416 2016.04.04 floating rate PLN 10.94 1 000 15.00 124 PLKRINK00089 KRI0615 2015.06.08 floating rate PLN 9.34 1 000 69.00 125 PLKRINK00121 KRI0916 2016.09.05 floating rate PLN 10.71 1 000 30.00 126 PLKRINK00097 KRI1216 2016.12.08 floating rate PLN 10.34 1 000 18.00 127 PLKRK0000085 KRU0115 2015.01.05 floating rate PLN 9.90 1 000 17.00

310 CATALYST

Value of issues listed on Catalyst in 2012 (contd.) No. ISIN Code Instrument Redemption Type of interest Currency Interest rate Nominal Value of total date rate price issue (PLN (yyyy.mm.dd) million) 128 PLKRK0000143 KRU0214 2014.02.04 floating rate PLN 8.25 1 000 20.00 129 PLKRK0000176 KRU0316 2016.03.21 floating rate PLN 8.59 1 000 120.00 130 PLKRK0000069 KRU0514 2014.05.25 floating rate PLN 9.11 1 000 25.00 131 PLKRK0000101 KRU0713 2013.07.11 floating rate PLN 8.21 1 000 11.00 132 PLKRK0000127 KRU0913 2013.09.06 floating rate PLN 7.70 1 000 25.00 133 PLKRK0000135 KRU0914 2014.09.06 floating rate PLN 8.90 1 000 35.00 134 PLKRK0000077 KRU1114 2014.11.25 floating rate PLN 9.61 1 000 29.50 135 PLKRK0000192 KRU1116 2016.11.05 floating rate PLN 9.35 1 000 30.00 136 PLKNCPT00012 KWS0313 2013.03.29 floating rate PLN 10.71 1 000 8.00 137 PLFBRD000059 LBD1213 2013.12.15 zero-coupon PLN ---- 1 000 5.50 138 PLLCCRP00033 LCC0414 2014.04.15 floating rate PLN 8.88 100 000 100.00 139 PLLCCRP00041 LCC0515 2015.05.25 floating rate PLN 8.40 100 000 65.00 140 PLLSTIA00034 LST0614 2014.06.12 fixed rate PLN 11.50 1 000 0.69 141 PLMSTFR00016 MAS0215 2015.02.13 floating rate PLN 9.65 1 000 0.80 142 PLMOBRK00039 MBR0814 2014.08.12 floating rate PLN 10.14 1 000 50.00 143 PLMCIMG00137 MCI0314 2014.03.31 floating rate PLN 8.95 1 000 35.35 144 PLMCIMG00129 MCI0613 2013.06.28 floating rate PLN 9.89 1 000 27.45 145 PLMERA000035 MER0614 2014.06.17 floating rate PLN 11.74 1 000 5.00 146 PLMERA000043 MER1213 2013.12.06 floating rate PLN 12.49 100 2.50 147 PLKLSTN00033 MIR0513 2013.05.07 floating rate PLN 13.51 1 000 4.78 148 PLMKDOM00010 MKD0713 2013.07.22 floating rate PLN 10.65 1 000 23.28 149 PLMLMSK00014 MLX0414 2014.04.25 floating rate PLN 11.09 1 000 12.91 150 PLMLMSK00022 MLX0714 2014.07.09 floating rate PLN 11.90 1 000 4.70 151 PLMLMSK00030 MLX0813 2013.08.30 fixed rate PLN 11.00 1 000 7.53 152 PLMLMDP00049 MMP0416 2016.04.29 floating rate PLN 7.75 10 000 107.00 153 PLMLMDP00056 MMP0617 2017.06.06 floating rate PLN 8.43 10 000 250.00 154 PLMLMDP00031 MMP1115 2015.11.30 floating rate PLN 8.00 500 000 400.00 155 PLMINOX00036 MNX0414 2014.04.25 fixed rate PLN 12.00 100 4.82 156 PLMARKA00030 MRK0214 2014.02.17 floating rate PLN 13.13 1 000 14.11 157 PLMRTMB00018 MRT0520 2020.05.09 floating rate PLN 10.70 10 000 26.38 158 PLMEWSA00027 MSA0613 2013.06.14 fixed rate PLN 12.00 110 5.06 159 PLMEWSA00035 MSA1013 2013.10.11 fixed rate PLN 12.50 100 2.36

311 Fact Book 2013

Value of issues listed on Catalyst in 2012 (contd.) No. ISIN Code Instrument Redemption Type of interest Currency Interest rate Nominal Value of total date rate price issue (PLN (yyyy.mm.dd) million) 160 PLMURPL00034 MUR0415 2015.04.27 floating rate PLN 9.96 100 7.50 161 PLMURPL00042 MUR0515 2015.05.16 floating rate PLN 9.86 100 7.50 162 PLMURPL00026 MUR0814 2014.08.22 floating rate PLN 10.63 100 25.00 163 PLMRVPL00057 MVF1213 2013.12.06 fixed rate PLN 9.45 100 30.00 164 PLMRVPL00065 MVG1213 2013.12.13 fixed rate PLN 9.45 100 10.00 165 PLMRVPL00073 MVP0114 2014.01.04 fixed rate PLN 9.45 100 20.00 166 PLMRVPL00081 MVP0415 2015.04.08 floating rate PLN 10.80 100 39.06 167 PLMRVPL00024 MVP0613 2013.06.29 floating rate PLN 7.94 1 000 39.40 168 PLMRVPL00032 MVP0813 2013.08.30 floating rate PLN 10.41 1 000 14.45 169 PLMRVPL00099 MVP0914 2014.09.16 floating rate PLN 8.58 1 000 30.79 170 PLNAVIG00015 NAV0213 2013.02.21 floating rate PLN 14.64 1 000 2.00 171 PLNAVIG00064 NAV0314 2014.03.03 fixed rate PLN 11.00 1 000 0.50 172 PLNAVIG00072 NAV1113 2013.11.15 floating rate PLN 12.20 1 000 4.71 173 PLNAVIG00056 NAV1213 2013.12.02 floating rate PLN 12.81 1 000 0.68 174 PLNETTL00018 NEL0414 2014.04.30 floating rate PLN 12.75 1 000 1.26 175 PLNMV0000012 NMV0114 2014.01.20 floating rate PLN 10.31 1 000 1.61 176 PLNRDCD00017 NOR0414 2014.04.14 floating rate PLN 10.70 2 000 1.00 177 PLODRTS00025 ODR1114 2014.11.28 floating rate PLN 8.62 1 000 60.00 178 PLMZCOR00035 ORK0314 2014.03.27 floating rate PLN 12.46 1 000 35.00 179 PLORZL000100 ORL0814 2014.08.22 fixed rate PLN 11.00 1 000 10.00 180 PLOSHEE00026 OSH0314 2014.03.26 floating rate PLN ---- 1 000 5.00 181 PLODLZW00019 OZE0813 2013.08.29 floating rate PLN 11.41 1 000 10.00 182 PLPNSKA00026 PAN0614 2014.06.30 fixed rate PLN 11.00 1 000 25.00 183 PLPNSKA00018 PAN1214 2014.12.30 fixed rate PLN 11.00 1 000 10.00 184 PLPWTRN00015 PAW0115 2015.01.12 floating rate PLN 9.66 100 10.00 185 PLPCCRK00019 PCR0613 2013.06.14 fixed rate PLN 9.00 100 15.00 186 PLPCCRK00027 PCR1014 2014.10.03 fixed rate PLN 9.00 100 25.00 187 PLPCZ0000019 PCZ0514 2014.05.30 fixed rate PLN 14.00 1 000 5.00 188 PLPCZ0000043 PCZ0615 2015.06.30 floating rate PLN 10.94 1 000 8.00 189 PLPCZ0000068 PCZ1015 2015.10.31 fixed rate PLN 11.00 1 000 13.00 190 PLPGNIG00063 PGN0617 2017.06.19 floating rate PLN 5.43 10 000 2 500.00 191 PLPRINW00018 PIN0414 2014.04.04 floating rate PLN 9.94 1 000 10.00

312 CATALYST

Value of issues listed on Catalyst in 2012 (contd.) No. ISIN Code Instrument Redemption Type of interest Currency Interest rate Nominal Value of total date rate price issue (PLN (yyyy.mm.dd) million) 192 PLPRINW00026 PIN1014 2014.10.30 floating rate PLN 9.75 1 000 10.00 193 PLPKN0000083 PKN0219 2019.02.27 floating rate PLN 6.72 100 000 1 000.00 194 PLPKO0000081 PKO0922 2022.09.14 floating rate PLN 6.60 100 000 1 600.70 195 XS0545031642 PKO1015 2015.10.21 fixed rate EUR 3.73 50 000 800.00 196 PLPRESC00059 PRE0814 2014.08.23 floating rate PLN 10.33 1 000 30.00 197 PLPRESC00042 PRE1213 2013.12.12 floating rate PLN 9.31 1 000 30.00 198 PLGFPRE00057 PRF0413 2013.04.19 floating rate PLN 9.30 1 000 25.00 199 PLGFPRE00065 PRF1214 2014.12.12 floating rate PLN 8.81 1 000 15.00 200 PLPTIW000022 PTI0714 2014.07.30 floating rate PLN 11.65 1 000 5.02 201 PLQLTDL00010 QLT0313 2013.03.29 fixed rate PLN 11.00 1 000 0.80 202 PLNFI0500038 RBC0413 2013.04.27 floating rate PLN 10.75 1 000 32.00 203 PLREDAN00050 RDN0113 2013.01.12 floating rate PLN 9.67 100 6.00 204 PLREDAN00068 RDN0814 2014.08.23 floating rate PLN 11.13 1 000 8.50 205 PLRLGDL00056 REL0214 2014.02.12 fixed rate PLN 14.00 1 000 2.40 206 PLRLGDL00031 REL0913 2013.09.30 fixed rate PLN 14.00 1 000 2.23 207 PLRLGDL00049 REL1113 2013.11.07 fixed rate PLN 14.00 1 000 1.04 208 PLREMDS00146 REM0613 2013.06.27 fixed rate PLN 10.00 1 2.96 209 PLREMDS00138 REM0713 2013.07.08 floating rate PLN ---- 1 4.00 210 PLREMDS00153 REM0813 2013.08.01 fixed rate PLN 10.00 1 0.70 211 PLREMDS00179 REM0913 2013.09.01 floating rate PLN ---- 1 1.25 212 PLRNSER00011 RNA0414 2014.04.18 floating rate PLN 9.05 10 000 51.34 213 PLRNSER00029 RNB0414 2014.04.18 floating rate PLN 9.75 10 000 36.16 214 PLRNKPR00030 RNK1213 2013.12.09 floating rate PLN 9.31 1 000 100.00 215 PLROBYG00073 ROB0415 2015.04.18 fixed rate PLN 8.90 100 40.00 216 PLROBYG00081 ROB0615 2015.06.20 floating rate PLN 7.98 100 20.00 217 PLROBYG00040 ROB1013 2013.10.01 fixed rate PLN 8.90 100 60.00 218 PLROBYG00057 ROB1113 2013.11.16 fixed rate PLN 8.35 100 20.00 219 PLROBYG00065 ROB1213 2013.12.02 fixed rate PLN 8.90 100 22.75 220 PLRDNST00035 ROD0813 2013.08.05 floating rate PLN 13.14 100 3.00 221 PLROBYG00099 ROG0615 2015.06.20 floating rate PLN 8.98 100 10.00 222 PLSCOPK00038 SCO0713 2013.07.25 floating rate PLN 12.16 1 000 22.98 223 PLSCOPK00046 SCO0813 2013.08.29 floating rate PLN 12.12 1 000 6.54

313 Fact Book 2013

Co-operative bonds 1 PLBBSDR00012 BBS1225 2025.12.24 floating rate PLN 7.15 1 000 2.90 2 PLBSPOM00010 BOM0221 2021.02.11 floating rate PLN 8.64 1 000 10.00 3 PLBSPLS00013 BPL0421 2021.04.15 floating rate PLN 7.90 1 000 7.00 4 PLBSPLS00021 BPL0422 2022.04.27 floating rate PLN 7.75 100 7.00 5 PLBPS0000032 BPS0718 2018.07.15 floating rate PLN 8.17 1 000 100.00 6 PLBPS0000024 BPS0720 2020.07.12 floating rate PLN 8.66 1 000 80.00 7 PLBPS0000040 BPS1122 2022.11.29 floating rate PLN 8.30 100 85.20 8 PLBSPT000017 BPT0620 2020.06.11 floating rate PLN 7.54 1 000 4.00 9 PLBSBR000023 BRB0425 2025.04.09 floating rate PLN 8.42 1 000 10.00

314 CATALYST

Municipal bonds 1 PL0019200019 BRD1023 2023.10.19 floating rate PLN 6.49 1 000 12.70 2 PL0012200016 BRZ1016 2016.10.19 floating rate PLN 6.79 1 000 3.50 3 PL0015200013 CHE0614 2014.06.24 floating rate PLN ---- 1 000 5.00 4 PL0015200021 CHE0714 2014.07.30 floating rate PLN ---- 1 000 5.00 5 PL0015200039 CHE0814 2014.08.31 floating rate PLN ---- 1 000 5.00 6 PL0017200011 ELG0319 2019.03.08 floating rate PLN 5.83 1 000 5.00 7 PL0017200029 ELG0320 2020.03.08 floating rate PLN 5.93 1 000 5.50 8 PL0017200037 ELG0321 2021.03.30 floating rate PLN 6.09 100 9.00

315 Fact Book 2013

Value of issues listed on Catalyst in 2012 (contd.) No. ISIN Code Instrument Redemption Type of interest Currency Interest rate Nominal Value of total date rate price issue (PLN (yyyy.mm.dd) million) 9 PL0017200045 ELG0322 2022.03.30 floating rate PLN 6.19 100 15.50 10 PL0017200052 ELG0523 2023.05.25 floating rate PLN 5.90 100 15.50 11 PL0017200060 ELG0524 2024.05.25 floating rate PLN 6.00 100 16.50 12 PL0017200078 ELG0625 2025.06.29 floating rate PLN 6.64 100 18.00 13 PL0016200012 JAR1213A 2013.12.18 floating rate PLN ---- 1 000 1.00 14 PL0016200020 JAR1213B 2013.12.18 floating rate PLN ---- 1 000 1.00 15 PL0016200038 JAR1213C 2013.12.06 floating rate PLN ---- 1 000 0.50 16 PL0016200046 JAR1214D 2014.12.18 floating rate PLN ---- 1 000 1.00 17 PL0016200053 JAR1214E 2014.12.18 floating rate PLN ---- 1 000 1.00 18 PL0016200061 JAR1214F 2014.12.18 floating rate PLN ---- 1 000 0.50 19 PL0013200015 KON0715 2015.07.29 floating rate PLN 7.15 1 000 0.55 20 PL0013200023 KON0916 2016.09.08 floating rate PLN 6.98 1 000 2.20 21 PL0014200022 OSW0914 2014.09.06 floating rate PLN ---- 1 000 0.50 22 PL0006200014 PLZ0915 2015.09.07 floating rate PLN 7.98 1 000 0.60 23 PL0006200022 PLZ0916 2016.09.07 floating rate PLN 7.98 1 000 0.70 24 PL0006200030 PLZ0917 2017.09.07 floating rate PLN 7.98 1 000 0.80 25 PL0001200035 RYB1117 2017.11.13 floating rate PLN 4.86 1 000 40.50 26 PL0001200019 RYB1213 2013.12.30 floating rate PLN 5.76 1 000 14.50 27 PL0001200027 RYB1214 2014.12.23 floating rate PLN 5.81 1 000 18.50 28 PL0008200053 TCZ0817 2017.08.25 floating rate PLN 5.91 1 000 2.00 29 PL0008200012 TCZ0913 2013.09.04 floating rate PLN ---- 1 000 5.00 30 PL0008200020 TCZ0914 2014.09.04 floating rate PLN ---- 1 000 5.00 31 PL0008200038 TCZ0915 2015.09.04 floating rate PLN ---- 1 000 5.00 32 PL0008200046 TCZ0916 2016.09.04 floating rate PLN ---- 1 000 5.00 33 PL0004200016 TUR0916 2016.09.28 floating rate PLN ---- 1 000 2.80 34 PL0011200033 USM0213 2013.02.25 floating rate PLN 6.60 1 000 0.80 35 PL0011200041 USM0314 2014.03.24 floating rate PLN 6.17 1 000 0.80 36 PL0011200058 USM0315 2015.03.24 floating rate PLN 6.17 1 000 0.30 37 PL0020200016 WAL1025 2025.10.08 floating rate PLN 7.12 1 000 30.00 38 PL0020200024 WAL1027 2027.10.22 floating rate PLN 6.98 1 000 27.00 39 PL0003200074 WAW0318 2018.03.29 fixed rate PLN 6.48 1 000 300.00 40 PL0003200066 WAW0321 2021.03.18 fixed rate PLN 6.64 1 000 300.00

316 CATALYST

Value of issues listed on Catalyst in 2012 (contd.) No. ISIN Code Instrument Redemption Type of interest Currency Interest rate Nominal Value of total date rate price issue (PLN (yyyy.mm.dd) million) 41 PL0003200025 WAW0922 2022.09.23 fixed rate PLN 6.45 1 000 600.00 42 PL0003200041 WAW1017 2017.10.25 fixed rate PLN 5.35 1 000 300.00 43 PL0003200017 WAW1019 2019.10.25 fixed rate PLN 6.70 1 000 600.00 44 PL0018200010 WCL1225 2025.12.20 floating rate PLN 7.01 1 000 30.00 45 PL0011300015 WSL0313 2013.03.29 floating rate PLN 6.94 1 000 2.00 46 PL0011300023 WSL0314 2014.03.29 floating rate PLN 6.94 1 000 2.00 47 PL0007200013 ZAB0614 2014.06.10 floating rate PLN ---- 1 000 4.00 48 PL0007200021 ZAB0715 2015.07.23 floating rate PLN ---- 1 000 4.20 49 PL0007200039 ZAB0916 2016.09.23 floating rate PLN ---- 1 000 4.90

Treasury bonds 1 PL0000102836 DS1013 2013.10.24 fixed rate PLN 5.00 1 000 23 369.74 2 PL0000103602 DS1015 2015.10.24 fixed rate PLN 6.25 1 000 27 133.64 3 PL0000104543 DS1017 2017.10.25 fixed rate PLN 5.25 1 000 26 402.93 4 PL0000105441 DS1019 2019.10.25 fixed rate PLN 5.50 1 000 25 921.53 5 PL0000106126 DS1020 2020.10.25 fixed rate PLN 5.25 1 000 23 370.14 6 PL0000106670 DS1021 2021.10.25 fixed rate PLN 5.75 1 000 21 848.43 7 PL0000107264 DS1023 2023.10.25 fixed rate PLN 4.00 1 000 6 589.74 8 PL0000103529 IZ0816 2016.08.24 indexed PLN 3.00 1 271 12 127.68 9 PL0000105359 IZ0823 2023.08.25 indexed PLN 2.75 1 149 6 697.03 10 PL0000106324 OK0113 2013.01.25 zero-coupon PLN ---- 1 000 10 001.26 11 PL0000106712 OK0114 2014.01.25 zero-coupon PLN ---- 1 000 21 808.11 12 PL0000106563 OK0713 2013.07.25 zero-coupon PLN ---- 1 000 13 392.62 13 PL0000107009 OK0714 2014.07.25 zero-coupon PLN ---- 1 000 10 287.37 14 PL0000105037 PS0413 2013.04.25 fixed rate PLN 5.25 1 000 20 520.96 15 PL0000105433 PS0414 2014.04.25 fixed rate PLN 5.75 1 000 29 570.74 16 PL0000105953 PS0415 2015.04.25 fixed rate PLN 5.50 1 000 29 324.00 17 PL0000106340 PS0416 2016.04.25 fixed rate PLN 5.00 1 000 23 768.30 18 PL0000107058 PS0417 2017.04.25 fixed rate PLN 4.75 1 000 20 098.07 19 PL0000107314 PS0418 2018.04.25 fixed rate PLN 3.75 1 000 4 526.32 20 PL0000106795 PS1016 2016.10.25 fixed rate PLN 4.75 1 000 23 481.92 21 PL0000105995 TZ0213 2013.02.01 floating rate PLN 4.89 100 26.69

317 Fact Book 2013

Mortgage bonds 1 PLRHNHP00151 BREHA08 2013.04.29 floating rate PLN 6.05 1 000 25.00 2 PLRHNHP00169 BREHA09 2014.04.28 floating rate PLN 6.10 1 000 25.00 3 PLRHNHP00177 BREHA10 2014.07.28 floating rate PLN 6.55 1 000 200.00 4 PLRHNHP00185 BREHA11 2015.09.28 floating rate PLN 6.31 1 000 100.00 5 PLRHNHP00193 BREHA12 2014.11.28 floating rate PLN 5.79 1 000 100.00 6 PLRHNHP00219 BREHA13 2016.04.20 floating rate PLN 5.92 1 000 200.00 7 PLRHNHP00227 BREHA14 2015.05.15 floating rate PLN 5.64 1 000 100.00 8 PLRHNHP00235 BREHA15 2017.06.16 floating rate PLN 5.20 1 000 200.00 9 PLRHNHP00243 BREHA16 2015.07.07 floating rate PLN 6.02 1 000 100.00 10 PLRHNHP00250 BREHA17 2013.10.21 floating rate PLN 5.79 1 000 200.00 11 PLRHNHP00268 BREHA18 2017.04.20 floating rate PLN 6.07 1 000 200.00 12 PLRHNHP00276 BREHA19 2018.06.15 floating rate PLN 5.91 1 000 200.00 13 PLRHNHP00318 BREHA20 2016.11.15 floating rate PLN 6.20 1 000 100.00 14 PLRHNHP00300 BREHE01 2017.10.19 floating rate EUR 2.31 1 000 10.00 15 PLBPHHP00069 PEK0321 2021.03.14 floating rate PLN 6.15 1 000 250.00

318 CATALYST

Public mortgage bonds 1 PLRHNHP00201 BREPA05 2015.11.30 floating rate PLN 5.73 1 000 100.00 2 PLRHNHP00284 BREPA06 2015.07.28 floating rate PLN 6.45 1 000 100.00 3 PLRHNHP00292 BREPA07 2016.09.28 floating rate PLN 6.74 1 000 150.00 4 PLRHNHP00110 BREPUA4 2013.09.20 floating rate PLN 5.46 1 000 100.00

319 Fact Book 2013

Trading in various instruments on Catalyst in 2012 No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) Corporate bonds 1 PL0000500021 IDS1018 WSE RM PLN 301 931 127 327 781 0 0 0 2 PL0000500070 IDS1022 WSE RM PLN 114 341 92 119 828 0 0 0 3 PLGPW0000033 GPW0117 WSE RM PLN 394 905 1 687 40 309 128 544 9 12 990 4 PLMOBRK00039 MBR0814 WSE ATS PLN 22 250 483 22 822 2 365 8 2 442 5 PLGHLMC00032 GHE0415 BS ATS PLN 207 3 21 257 0 0 0 6 PLGANT000170 GNT0313 WSE ATS PLN 12 415 679 12 621 4 899 3 5 034 7 PLMCIMG00129 MCI0613 WSE ATS PLN 12 203 167 12 337 0 0 0 8 PLKRK0000069 KRU0514 WSE ATS PLN 11 737 151 12 059 0 0 0 9 PLNOBLE00082 GNB0218 WSE ATS PLN 9 993 1 329 10 213 0 0 0 10 PLMRVPL00081 MVP0415 WSE ATS PLN 91 082 510 8 977 0 0 0 11 PLKRK0000077 KRU1114 WSE ATS PLN 8 613 17 8 913 0 0 0 12 PLSCOPK00038 SCO0713 WSE ATS PLN 8 471 587 8 288 0 0 0 13 PLRNKPR00030 RNK1213 WSE ATS PLN 8 236 409 8 211 16 532 8 16 814 14 PLNFI0500038 RBC0413 WSE ATS PLN 7 413 144 7 427 0 0 0 15 PLGANT000204 GND0513 WSE ATS PLN 6 699 856 6 661 0 0 0 16 PLGHLMC00016 GHE0714 BS ATS PLN 66 13 6 525 3 1 299 17 PLNOBLE00033 GNB0618 BS ATS PLN 62 26 6 328 2 1 206 18 PLNOBLE00090 GNB0318 WSE ATS PLN 5 828 499 5 910 0 0 0 19 PLMRVPL00057 MVF1213 WSE ATS PLN 52 328 254 5 076 0 0 0 20 PLFERRO00040 FRO0416 WSE ATS PLN 4 634 150 4 860 8 084 3 8 462 21 PLROBYG00073 ROB0415 WSE ATS PLN 44 699 171 4 520 43 516 8 4 359 22 PLPGNIG00063 PGN0617 BS ATS PLN 440 9 4 476 0 0 0 23 PLODRTS00025 ODR1114 WSE ATS PLN 4 393 165 4 442 0 0 0 24 PLMKDOM00010 MKD0713 WSE ATS PLN 4 461 70 4 401 0 0 0 25 PLGHLMC00024 GHI0714 BS ATS PLN 43 21 4 355 0 0 0 26 PLPCZ0000043 PCZ0615 WSE ATS PLN 4 234 583 4 262 0 0 0 27 PLMRTMB00018 MRT0520 BS ATS PLN 416 2 4 212 0 0 0 28 PLMCIMG00137 MCI0314 WSE ATS PLN 4 097 284 4 168 0 0 0 29 PLGANT000220 GNT0813 WSE ATS PLN 4 027 325 4 041 0 0 0 30 PLMLMDP00049 MMP0416 BS ATS PLN 392 12 3 972 0 0 0 31 PLPCCRK00019 PCR0613 WSE RM PLN 38 227 872 3 880 2 300 2 235

320 CATALYST

Trading in various instruments on Catalyst in 2012 (contd.) No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) 32 PLKRK0000085 KRU0115 WSE ATS PLN 3 799 79 3 877 7 686 7 7 985 33 PLGFPRE00057 PRF0413 WSE ATS PLN 3 839 42 3 869 3 000 1 3 130 34 PLELPO000099 WIK0713 WSE ATS PLN 3 647 82 3 761 1 960 7 2 021 35 PLROBYG00040 ROB1013 WSE ATS PLN 35 405 215 3 547 0 0 0 36 PLNFI1200109 BBD0214 WSE ATS PLN 328 53 3 381 0 0 0 37 PLMRVPL00032 MVP0813 WSE ATS PLN 3 436 442 3 376 0 0 0 38 PLORZL000100 ORL0814 WSE ATS PLN 3 289 300 3 324 650 4 654 39 PLKRK0000101 KRU0713 WSE ATS PLN 3 128 93 3 238 4 299 2 4 354 40 PL0000500013 IPS1014 WSE RM PLN 2 951 69 3 103 0 0 0 41 PLNFI1200125 BBD0215 WSE ATS PLN 298 6 3 075 95 1 959 42 PLMLMDP00031 MMP1115 BS ATS PLN 6 5 2 974 10 2 5 143 43 PLGFPRE00065 PRF1214 WSE ATS PLN 2 721 303 2 793 0 0 0 44 PLZPMHK00010 KAN0913 WSE ATS PLN 2 677 378 2 717 0 0 0 45 PLPRMCM00014 PCM0312 WSE ATS PLN 22 778 138 2 390 0 0 0 46 PLNFI1200133 BBI0215 WSE ATS PLN 226 11 2 323 295 3 2 895 47 PLKRK0000135 KRU0914 WSE ATS PLN 2 267 10 2 313 7 100 4 7 124 48 PLMRVPL00024 MVP0613 WSE ATS PLN 2 264 339 2 263 0 0 0 49 PLARCHM00016 ARH0713 WSE ATS PLN 2 164 97 2 189 0 0 0 50 PLPKN0000083 PKN0219 BS ATS PLN 21 3 2 160 0 0 0 51 PLALIOR00011 ALR0220 BS ATS PLN 2 100 5 2 141 1 500 2 1 550 52 PLPRESC00042 PRE1213 WSE ATS PLN 2 080 134 2 130 0 0 0 53 PLNOBLE00108 GNB0418 WSE ATS PLN 1 906 204 1 938 0 0 0 54 PLCNTZP00044 IDE0315 WSE ATS PLN 18 559 56 1 880 0 0 0 55 PLGANT000162 GNT0912 WSE ATS PLN 1 834 341 1 849 0 0 0 56 PLIPFIP00025 IPF0615 BS ATS PLN 17 12 1 831 0 0 0 57 PLPCZ0000019 PCZ0514 WSE ATS PLN 1 712 469 1 799 0 0 0 58 PLBEST000085 BST1113 WSE ATS PLN 1 723 280 1 787 0 0 0 59 PLNFI1000095 BBZ1213 WSE ATS PLN 1 832 328 1 751 1 200 1 1 242 60 PLMLMDP00056 MMP0617 WSE ATS PLN 168 21 1 725 1 899 2 19 461 61 PLKLSTN00033 MIR0513 WSE ATS PLN 1 658 382 1 667 0 0 0 62 PLFRRTM00018 FRR0514 WSE ATS PLN 1 546 220 1 586 10 054 9 10 227 63 PLGETBK00046 GNB0819 WSE ATS PLN 1 513 167 1 545 0 0 0

321 Fact Book 2013

Trading in various instruments on Catalyst in 2012 (contd.) No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) 64 PLBPCZT00023 BPO0714 WSE ATS PLN 150 18 1 530 0 0 0 65 PLSCOPK00046 SCO0813 WSE ATS PLN 1 462 194 1 423 500 1 489 66 PLBOS0000084 BOE1014 WSE ATS PLN 1 383 77 1 420 42 000 3 42 563 67 PLWRKSR00043 WSE0613 WSE ATS PLN 1 369 175 1 388 129 1 123 68 PLZPMHK00028 KAN1113 WSE ATS PLN 1 312 146 1 334 0 0 0 69 PLWDRZW00019 WLO0613 WSE ATS PLN 1 323 130 1 321 3 885 2 3 968 70 PLMLMSK00014 MLX0414 WSE ATS PLN 1 257 35 1 313 100 1 104 71 PLGANT000238 GNT1013 WSE ATS PLN 12 729 95 1 290 1 000 1 105 72 PLOSHEE00018 OSH1012 WSE ATS PLN 1 574 265 1 239 1 000 3 857 73 PLLCCRP00041 LCC0515 BS ATS PLN 12 1 1 215 0 0 0 74 PLROBYG00065 ROB1213 WSE ATS PLN 11 947 176 1 196 0 0 0 75 PLKRINK00105 KRI0116 WSE ATS PLN 1 126 124 1 175 0 0 0 76 PLNFI1200125 BBD0215 BS ATS PLN 110 1 1 169 0 0 0 77 PLPRESC00059 PRE0814 WSE ATS PLN 1 101 59 1 148 0 0 0 78 PLDPTRP00010 DTP1114 WSE ATS PLN 1 085 77 1 107 2 687 10 2 724 79 PLNFI0500046 RBC0912 WSE ATS PLN 1 181 199 1 105 1 500 1 1 539 80 PL0000500021 IDS1018 BS RM PLN 995 3 1 066 0 0 0 81 PLPRINW00018 PIN0414 WSE ATS PLN 1 031 133 1 059 0 0 0 82 PLEKGPF00037 EKA1112 WSE ATS PLN 1 041 283 1 057 0 0 0 83 PLKLON000036 KLN1115 WSE ATS PLN 10 349 25 1 050 0 0 0 84 PLWRTHL00024 WHH1214 WSE ATS PLN 10 371 188 1 043 0 0 0 85 XS0545031642 PKO1015 WSE ATS EUR 20 9 1 026 0 0 0 86 PLMEWSA00035 MSA1013 WSE ATS PLN 9 958 331 1 015 0 0 0 87 PLBOS0000076 BOD0521 BS ATS PLN 100 1 1 002 0 0 0 88 PLRDNST00035 ROD0813 WSE ATS PLN 9 963 302 983 0 0 0 89 PLPCCRK00027 PCR1014 WSE RM PLN 9 323 217 956 1 000 1 103 90 PLBEST000077 BST0513 WSE ATS PLN 918 136 949 0 0 0 91 PLMARKA00030 MRK0214 WSE ATS PLN 896 204 927 0 0 0 92 PLELECT00047 ELC0413 WSE ATS PLN 878 159 890 0 0 0 93 PLBEST000093 BST0514 WSE ATS PLN 825 126 866 800 1 845 94 PLESTPT00034 EAP1213 WSE ATS PLN 772 254 790 0 0 0 95 PLGCINV00037 GCI0414 WSE ATS PLN 767 137 785 0 0 0

322 CATALYST

Trading in various instruments on Catalyst in 2012 (contd.) No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) 96 PLAOWFK00027 AOW0214 WSE ATS PLN 7 675 97 778 0 0 0 97 PLGPW0000033 GPW0117 BS ATS PLN 7 526 2 771 0 0 0 98 PLGANT000188 GNT1212 WSE ATS PLN 754 88 757 0 0 0 99 PLKRK0000168 KRU1212 WSE ATS PLN 750 2 755 150 1 151 100 PLKRK0000143 KRU0214 WSE ATS PLN 740 8 743 2 874 3 3 005 101 PLKRINK00113 KR20116 WSE ATS PLN 705 104 729 0 0 0 102 PLECOPL00028 TBR1013 WSE ATS PLN 7 365 278 726 0 0 0 103 PLADMBT00039 ADM1013 WSE ATS PLN 706 140 720 0 0 0 104 PLADMBT00047 ADM0415 WSE ATS PLN 703 174 717 0 0 0 105 PLMRVPL00073 MVP0114 WSE ATS PLN 7 187 73 714 0 0 0 106 PLNOVIN00053 DGT0414 WSE ATS PLN 969 241 712 0 0 0 107 PLADMBT00021 ADM1212 WSE ATS PLN 700 141 711 0 0 0 108 PLMRVPL00065 MVG1213 WSE ATS PLN 7 193 66 700 0 0 0 109 PLREDAN00050 RDN0113 WSE ATS PLN 8 477 211 695 0 0 0 110 PLRLGDL00056 REL0214 WSE ATS PLN 704 134 679 0 0 0 111 PLGANT000261 GNT0814 WSE RM PLN 678 137 677 0 0 0 112 PLMINOX00036 MNX0414 WSE ATS PLN 6 600 123 666 0 0 0 113 PLPRGNK00041 PRI1212 WSE ATS PLN 639 82 664 0 0 0 114 PLCPPRK00011 CAP0715 WSE ATS PLN 6 241 133 648 0 0 0 115 PLCDRL000019 CDL1014 WSE ATS PLN 636 159 643 0 0 0 116 PLRLGDL00031 REL0913 WSE ATS PLN 629 195 626 0 0 0 117 PLLCCRP00033 LCC0414 BS ATS PLN 6 2 615 0 0 0 118 PLHGNKA00093 HGN0713 WSE ATS PLN 591 151 608 0 0 0 119 PLPCZ0000068 PCZ1015 WSE ATS PLN 592 118 594 0 0 0 120 PLTRUST00010 TRU0614 WSE ATS PLN 572 22 585 482 1 496 121 PLPRMCM00022 PCM0314 WSE ATS PLN 5 316 111 566 0 0 0 122 PL0000500039 BGK0213 BS ATS PLN 555 4 561 0 0 0 123 PLTRUST00028 TRU1214 WSE ATS PLN 535 10 557 0 0 0 124 PLGETBK00020 GNB0518 WSE ATS PLN 543 51 557 0 0 0 125 PLWDRZW00027 WLO1214 WSE ATS PLN 5 453 19 548 0 0 0 126 PLVEDIA00037 VED0613 WSE ATS PLN 526 98 546 0 0 0 127 PLWRKSR00035 WSE0513 WSE ATS PLN 539 59 544 0 0 0

323 Fact Book 2013

Trading in various instruments on Catalyst in 2012 (contd.) No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) 128 PLAKCFN00039 AFC0314 WSE ATS PLN 518 47 536 0 0 0 129 PLGANT000147 GNT0513 WSE ATS PLN 522 98 513 0 0 0 130 PLZPMHK00036 KAN1214 WSE ATS PLN 497 57 504 0 0 0 131 PLZPS0000015 ZPS1212 WSE ATS PLN 481 112 483 0 0 0 132 PLNAVIG00015 NAV0213 WSE ATS PLN 469 125 478 0 0 0 133 PLJDNKA00013 JED0415 WSE ATS PLN 4 078 95 417 0 0 0 134 PLNAVIG00056 NAV1213 WSE ATS PLN 404 75 413 0 0 0 135 PLWDENG00032 WDK0313 WSE ATS PLN 405 62 412 0 0 0 136 PLMURPL00026 MUR0814 WSE ATS PLN 4 001 65 407 0 0 0 137 PLBEST000069 BST1112 WSE ATS PLN 396 47 406 200 1 208 138 PLNAVIG00072 NAV1113 WSE ATS PLN 393 62 398 0 0 0 139 PLINDOS00019 INS1214 WSE ATS PLN 376 29 391 3 300 5 3 362 140 PLIIF0000013 IIF0912 WSE ATS PLN 372 51 391 212 1 221 141 PLMERA000035 MER0614 WSE ATS PLN 364 69 383 1 461 1 1 479 142 PLGPFCS00067 GPF0214 WSE ATS PLN 402 99 372 0 0 0 143 PLDEKPL00016 DKP0214 WSE ATS PLN 3 533 58 360 0 0 0 144 PLBLTXG00028 BTG1113 WSE ATS PLN 358 80 359 0 0 0 145 PLFSTFC00020 FFI0113 WSE ATS PLN 344 56 357 0 0 0 146 PLWDENG00040 WDK0513 WSE ATS PLN 350 1 354 2 500 8 2 533 147 PLNFI1000079 BBZ0312 WSE ATS PLN 313 26 339 0 0 0 148 PLROBYG00057 ROB1113 WSE ATS PLN 3 176 52 318 0 0 0 149 PLPRINW00026 PIN1014 WSE ATS PLN 311 52 315 0 0 0 150 PLKRINK00063 KRI0414 BS ATS PLN 300 1 314 500 1 519 151 PLNETTL00018 NEL0414 WSE ATS PLN 310 85 312 0 0 0 152 PLMEWSA00027 MSA0613 WSE ATS PLN 2 709 121 307 0 0 0 153 PLDMINM00016 DMM0914 WSE ATS PLN 298 61 305 0 0 0 154 PLVOXEL00022 VOX0614 WSE ATS PLN 290 120 299 0 0 0 155 PLMZCOR00035 ORK0314 WSE ATS PLN 283 49 298 3 450 2 3 687 156 PLMRVPL00099 MVP0914 WSE ATS PLN 298 52 294 0 0 0 157 PLHOOP000077 KFL1214 WSE ATS PLN 257 21 263 5 847 4 6 061 158 PLQLTDL00010 QLT0313 WSE ATS PLN 243 36 243 0 0 0 159 PLESTPT00042 EAP0214 WSE ATS PLN 232 81 235 0 0 0

324 CATALYST

Trading in various instruments on Catalyst in 2012 (contd.) No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) 160 PLFSTFC00038 FFI0315 WSE ATS PLN 222 43 234 1 081 4 1 107 161 PLKRK0000176 KRU0316 WSE ATS PLN 224 28 232 0 0 0 162 PLMSTFR00016 MAS0215 WSE ATS PLN 211 48 215 0 0 0 163 PLEKGPF00060 EKA0513 WSE ATS PLN 210 52 214 0 0 0 164 PLBBF0000013 BBF0615 WSE ATS PLN 2 056 55 212 0 0 0 165 PLGANT000139 GNT0312 WSE ATS PLN 208 45 211 0 0 0 166 PLGANT000212 GND0612 WSE ATS PLN 205 20 210 0 0 0 167 PLMZCOR00019 ORK0312 WSE ATS PLN 206 34 207 0 0 0 168 PLPSPRT00018 PSG0512 WSE ATS PLN 200 47 203 0 0 0 169 PLBOS0000100 BOG0222 BS ATS PLN 200 2 201 0 0 0 170 PLPWTRN00015 PAW0115 WSE ATS PLN 1 876 33 193 4 780 1 486 171 PLFBRD000059 LBD1213 WSE ATS PLN 222 26 193 0 0 0 172 PLECMNG00068 INV0615 WSE ATS PLN 183 41 184 0 0 0 173 PLRLGDL00049 REL1113 WSE ATS PLN 164 24 163 0 0 0 174 PLECOPL00036 TBR0713 WSE ATS PLN 165 39 159 0 0 0 175 PLNAVIG00049 NAV1212 WSE ATS PLN 152 31 154 0 0 0 176 PLNAVIG00031 NAV0912 WSE ATS PLN 150 35 153 0 0 0 177 PLKNCPT00012 KWS0313 WSE ATS PLN 146 10 147 0 0 0 178 PLORZL000068 ORL0412 WSE ATS PLN 137 33 140 0 0 0 179 PLGETBK00111 GNB0919 WSE ATS PLN 136 8 138 0 0 0 180 PLMERA000043 MER1213 WSE ATS PLN 1 292 34 135 0 0 0 181 PLNFI1000103 BBZ0313 WSE ATS PLN 123 10 132 0 0 0 182 PLUBTLN00020 UBT0914 WSE ATS PLN 130 46 131 0 0 0 183 PLMZCOR00027 ORK0712 WSE ATS PLN 124 28 126 0 0 0 184 PLNFI1000087 BBZ0712 WSE ATS PLN 112 11 123 0 0 0 185 PLEKGPF00078 EKC0513 WSE ATS PLN 112 30 115 0 0 0 186 PLWDKEN00059 WDK0512 WSE ATS PLN 106 42 109 0 0 0 187 PLMILOP00028 SIO1213 BS ATS PLN 1 1 105 0 0 0 188 PLPKO0000081 PKO0922 BS ATS PLN 1 1 102 0 0 0 189 PLBOS0000068 BOC1213 BS ATS PLN 100 1 100 0 0 0 190 PLNFI0600028 06N0213 WSE ATS PLN 97 18 100 0 0 0 191 PLADVPL00037 ADV1114 WSE ATS PLN 93 11 97 0 0 0

325 Fact Book 2013

Trading in various instruments on Catalyst in 2012 (contd.) No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) 192 PLPTIW000022 PTI0714 WSE ATS PLN 90 9 94 0 0 0 193 PLMURPL00042 MUR0515 WSE ATS PLN 922 12 93 0 0 0 194 PLHOOP000085 KFO1214 WSE ATS PLN 82 4 85 0 0 0 195 PLECISC00023 ECS0115 WSE ATS PLN 78 14 80 3 200 6 3 233 196 PLBSTII00020 BS20614 WSE ATS PLN 74 12 79 0 0 0 197 PLREDAN00068 RDN0814 WSE ATS PLN 72 16 73 0 0 0 198 PLECISC00015 ECI0115 WSE ATS PLN 65 14 67 200 2 202 199 PLLSTIA00034 LST0614 WSE ATS PLN 65 22 67 0 0 0 200 PLKRK0000192 KRU1116 WSE ATS PLN 60 5 62 0 0 0 201 PLTRKPL00048 TRK1213 WSE ATS PLN 60 9 58 0 0 0 202 PLNAVIG00023 NAV0812 WSE ATS PLN 57 14 58 0 0 0 203 PLWDENG00024 WDK0712 WSE ATS PLN 56 7 57 0 0 0 204 PLAOWFK00019 AOW0512 WSE ATS PLN 536 25 55 0 0 0 205 PLDMINM00024 DMM1014 WSE ATS PLN 54 16 54 0 0 0 206 PLBPCZT00015 BPO0721 WSE ATS PLN 5 4 52 0 0 0 207 PLODLZW00019 OZE0813 WSE ATS PLN 45 8 45 0 0 0 208 PLPLPGR00044 PPG1012 WSE ATS PLN 44 7 45 0 0 0 209 PLKRK0000093 KRU0712 WSE ATS PLN 42 4 43 1 500 1 1 524 210 PLEKGPF00052 EKA0413 WSE ATS PLN 41 12 42 0 0 0 211 PLBOS0000092 BOF1014 WSE ATS PLN 39 5 40 0 0 0 212 PLFRMGR00023 F510914 WSE ATS PLN 371 20 39 0 0 0 213 PLGANT000253 GNT0314 WSE ATS PLN 382 11 38 80 000 2 8 016 214 PLKRINK00121 KRI0916 WSE ATS PLN 35 7 37 0 0 0 215 PLPRGNK00033 PRI0912 WSE ATS PLN 31 8 33 0 0 0 216 PLMLMSK00030 MLX0813 WSE ATS PLN 31 13 31 0 0 0 217 PLOSHEE00026 OSH0314 WSE ATS PLN 30 3 30 0 0 0 218 PLSCNDV00017 SDV0314 WSE ATS PLN 285 7 29 0 0 0 219 PLEKGPF00045 EKA1213 WSE ATS PLN 25 3 28 0 0 0 220 PLMERA000027 MER0412 WSE ATS PLN 264 11 27 0 0 0 221 PLEKGPF00086 EKK0513 WSE ATS PLN 22 6 23 0 0 0 222 PLBEST000051 BST0512 WSE ATS PLN 20 2 21 0 0 0 223 PLPNSKA00026 PAN0614 WSE ATS PLN 20 1 20 0 0 0

326 CATALYST

Trading in various instruments on Catalyst in 2012 (contd.) No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) 224 PLPNSKA00018 PAN1214 WSE ATS PLN 20 1 20 700 1 714 225 PLTRUST00036 TRU1213 WSE ATS PLN 19 2 19 0 0 0 226 PLKRK0000127 KRU0913 WSE ATS PLN 17 2 18 1 500 1 1 506 227 PLNFI0400056 BLI1213 WSE ATS PLN 146 2 15 0 0 0 228 PLBDSTL00041 BL50313 WSE ATS PLN 135 3 12 0 0 0 229 PLWDKEN00042 WDK0112 WSE ATS PLN 10 3 11 0 0 0 230 PLHOOP000069 KFL1213 WSE ATS PLN 10 1 11 0 0 0 231 PLNRDCD00017 NOR0414 WSE ATS PLN 5 1 10 0 0 0 232 PLBDSTL00033 BL50612 WSE ATS PLN 9 3 9 0 0 0 233 PLBDSTL00074 BL50913 WSE ATS PLN 103 7 8 0 0 0 234 PLBSTNS00052 BS31113 WSE ATS PLN 5 1 5 0 0 0 235 PLGANT000246 GNT0613 WSE ATS PLN 5 2 5 0 0 0 236 PLGETBK00129 GNB1019 WSE ATS PLN 4 2 4 0 0 0 237 PLKRK0000119 KRU0912 WSE ATS PLN 1 1 1 5 701 3 5 825 238 PLNFI0600028 06N0213 BS ATS PLN 0 0 0 0 0 0 239 PLAOWFK00027 AOW0214 BS ATS PLN 0 0 0 0 0 0 240 PLAOWFK00019 AOW0512 BS ATS PLN 0 0 0 0 0 0 241 PLARCHM00016 ARH0713 BS ATS PLN 0 0 0 0 0 0 242 PLNFI1200091 BBD0213 BS ATS PLN 0 0 0 0 0 0 243 PLNFI1200091 BBD0213 WSE ATS PLN 0 0 0 0 0 0 244 PLNFI1200109 BBD0214 BS ATS PLN 0 0 0 0 0 0 245 PLNFI1200117 BBI0214 WSE ATS PLN 0 0 0 0 0 0 246 PLNFI1200117 BBI0214 BS ATS PLN 0 0 0 0 0 0 247 PLNFI1200133 BBI0215 BS ATS PLN 0 0 0 0 0 0 248 PLNFI1000079 BBZ0312 BS ATS PLN 0 0 0 0 0 0 249 PLNFI1000111 BBZ0613 WSE ATS PLN 0 0 0 0 0 0 250 PLNFI1000087 BBZ0712 BS ATS PLN 0 0 0 0 0 0 251 PL0000500047 BGK0215 BS ATS PLN 0 0 0 0 0 0 252 PL0000500054 BGK0514 BS ATS PLN 0 0 0 0 0 0 253 PL0000500088 BGK1016 BS ATS PLN 0 0 0 0 0 0 254 PLBDSTL00058 BL50613 WSE ATS PLN 0 0 0 0 0 0 255 PLNFI0400056 BLI1213 BS ATS PLN 0 0 0 0 0 0

327 Fact Book 2013

Trading in various instruments on Catalyst in 2012 (contd.) No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) 256 PLBOS0000050 BOB1213 BS ATS PLN 0 0 0 0 0 0 257 PLBOS0000084 BOE1014 BS ATS PLN 0 0 0 0 0 0 258 PLBOS0000092 BOF1014 BS ATS PLN 0 0 0 0 0 0 259 PLBOS0000118 BOH0215 BS ATS PLN 0 0 0 0 0 0 260 PLBSTII00012 BS20613 BS ATS PLN 0 0 0 0 0 0 261 PLBSTII00012 BS20613 WSE ATS PLN 0 0 0 0 0 0 262 PLBSTII00020 BS20614 BS ATS PLN 0 0 0 0 0 0 263 PLBSTNS00011 BS30212 BS ATS PLN 0 0 0 0 0 0 264 PLBSTNS00011 BS30212 WSE ATS PLN 0 0 0 0 0 0 265 PLBSTNS00060 BS30214 BS ATS PLN 0 0 0 0 0 0 266 PLBSTNS00060 BS30214 WSE ATS PLN 0 0 0 0 0 0 267 PLBSTNS00037 BS30513 WSE ATS PLN 0 0 0 0 0 0 268 PLBSTNS00037 BS30513 BS ATS PLN 0 0 0 0 0 0 269 PLBSTNS00078 BS30514 WSE ATS PLN 0 0 0 0 0 0 270 PLBSTNS00078 BS30514 BS ATS PLN 0 0 0 0 0 0 271 PLBSTNS00045 BS30813 BS ATS PLN 0 0 0 0 0 0 272 PLBSTNS00045 BS30813 WSE ATS PLN 0 0 0 0 0 0 273 PLBSTNS00029 BS31112 WSE ATS PLN 0 0 0 0 0 0 274 PLBSTNS00029 BS31112 BS ATS PLN 0 0 0 0 0 0 275 PLBSTNS00052 BS31113 BS ATS PLN 0 0 0 0 0 0 276 PLBEST000051 BST0512 BS ATS PLN 0 0 0 0 0 0 277 PLBEST000077 BST0513 BS ATS PLN 0 0 0 0 0 0 278 PLBEST000093 BST0514 BS ATS PLN 0 0 0 0 0 0 279 PLBEST000069 BST1112 BS ATS PLN 0 0 0 0 0 0 280 PLBEST000085 BST1113 BS ATS PLN 0 0 0 0 0 0 281 PLCPPRK00011 CAP0715 BS ATS PLN 0 0 0 0 0 0 282 PLDEKPL00016 DKP0214 BS ATS PLN 0 0 0 0 0 0 283 PLDMINM00016 DMM0914 BS ATS PLN 0 0 0 0 0 0 284 PLDMINM00032 DMM1013 WSE ATS PLN 0 0 0 0 0 0 285 PLDMDVL00038 DOM0217 BS ATS PLN 0 0 0 0 0 0 286 PLDPTRP00010 DTP1114 BS ATS PLN 0 0 0 0 0 0 287 PLECHPS00100 ECH0515 BS ATS PLN 0 0 0 0 0 0

328 CATALYST

Trading in various instruments on Catalyst in 2012 (contd.) No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) 288 PLEFH0000014 EFHOHA BS RM PLN 0 0 0 0 0 0 289 PL0000400099 EIB0526 WSE RM PLN 0 0 0 0 0 0 290 PL0000400024 EIB0617 WSE RM PLN 0 0 0 0 0 0 291 PLENERG00014 ENG1019 BS ATS PLN 0 0 0 0 0 0 292 PLERBUD00046 ERB0714 BS ATS PLN 0 0 0 0 0 0 293 PLFSTFC00038 FFI0315 BS ATS PLN 0 0 0 0 0 0 294 PLFERRO00040 FRO0416 BS ATS PLN 0 0 0 0 0 0 295 PLGHLMC00040 GHI0415 BS ATS PLN 0 0 0 0 0 0 296 PLNOBLE00041 GNB0817 BS ATS PLN 0 0 0 0 0 0 297 PLNOBLE00058 GNB0917 BS ATS PLN 0 0 0 0 0 0 298 PLNOBLE00074 GNB1017 BS ATS PLN 0 0 0 0 0 0 299 PLGANT000196 GND0312 BS ATS PLN 0 0 0 0 0 0 300 PLGANT000196 GND0312 WSE ATS PLN 0 0 0 0 0 0 301 PLGANT000204 GND0513 BS ATS PLN 0 0 0 0 0 0 302 PLGANT000212 GND0612 BS ATS PLN 0 0 0 0 0 0 303 PLGETBK00038 GNF0618 BS ATS PLN 0 0 0 0 0 0 304 PLNOBLE00066 GNO0917 BS ATS PLN 0 0 0 0 0 0 305 PLGANT000139 GNT0312 BS ATS PLN 0 0 0 0 0 0 306 PLGANT000170 GNT0313 BS ATS PLN 0 0 0 0 0 0 307 PLGANT000154 GNT0612 BS ATS PLN 0 0 0 0 0 0 308 PLGANT000154 GNT0612 WSE ATS PLN 0 0 0 0 0 0 309 PLGANT000246 GNT0613 BS ATS PLN 0 0 0 0 0 0 310 PLGANT000220 GNT0813 BS ATS PLN 0 0 0 0 0 0 311 PLGANT000162 GNT0912 BS ATS PLN 0 0 0 0 0 0 312 PLGANT000238 GNT1013 BS ATS PLN 0 0 0 0 0 0 313 PL0000500070 IDS1022 BS RM PLN 0 0 0 0 0 0 314 PLIIF0000021 IIF0114 WSE ATS PLN 0 0 0 0 0 0 315 PLIMPCN00037 IMC1112 WSE ATS PLN 0 0 0 0 0 0 316 PL0000500013 IPS1014 BS RM PLN 0 0 0 0 0 0 317 PL0000500062 IWS0645 BS RM PLN 0 0 0 0 0 0 318 PL0000500062 IWS0645 WSE RM PLN 0 0 0 0 0 0 319 PLZPMHK00010 KAN0913 BS ATS PLN 0 0 0 0 0 0

329 Fact Book 2013

Trading in various instruments on Catalyst in 2012 (contd.) No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) 320 PLZPMHK00028 KAN1113 BS ATS PLN 0 0 0 0 0 0 321 PLZPMHK00036 KAN1214 BS ATS PLN 0 0 0 0 0 0 322 PLHOOP000069 KFL1213 BS ATS PLN 0 0 0 0 0 0 323 PLHOOP000077 KFL1214 BS ATS PLN 0 0 0 0 0 0 324 PLHOOP000085 KFO1214 BS ATS PLN 0 0 0 0 0 0 325 PLKRK0000184 KN10316 WSE ATS PLN 0 0 0 0 0 0 326 PLKRINK00113 KR20116 BS ATS PLN 0 0 0 0 0 0 327 PLKRINK00105 KRI0116 BS ATS PLN 0 0 0 0 0 0 328 PLKRINK00071 KRI0416 BS ATS PLN 0 0 0 0 0 0 329 PLKRINK00089 KRI0615 BS ATS PLN 0 0 0 0 0 0 330 PLKRINK00121 KRI0916 BS ATS PLN 0 0 0 0 0 0 331 PLKRINK00097 KRI1216 BS ATS PLN 0 0 0 0 0 0 332 PLKRK0000150 KRU0612 WSE ATS PLN 0 0 0 0 0 0 333 PLKNCPT00012 KWS0313 BS ATS PLN 0 0 0 0 0 0 334 PLFBRD000059 LBD1213 BS ATS PLN 0 0 0 0 0 0 335 PLMOBRK00039 MBR0814 BS ATS PLN 0 0 0 0 0 0 336 PLMCIMG00137 MCI0314 BS ATS PLN 0 0 0 0 0 0 337 PLMCIMG00129 MCI0613 BS ATS PLN 0 0 0 0 0 0 338 PLMCIMG00111 MCI0912 WSE ATS PLN 0 0 0 0 0 0 339 PLMCIMG00111 MCI0912 BS ATS PLN 0 0 0 0 0 0 340 PLMKDOM00010 MKD0713 BS ATS PLN 0 0 0 0 0 0 341 PLMLMSK00014 MLX0414 BS ATS PLN 0 0 0 0 0 0 342 PLMLMSK00022 MLX0714 WSE ATS PLN 0 0 0 0 0 0 343 PLMLMSK00030 MLX0813 BS ATS PLN 0 0 0 0 0 0 344 PLMLMDP00056 MMP0617 BS ATS PLN 0 0 0 0 0 0 345 PLMEWSA00027 MSA0613 BS ATS PLN 0 0 0 0 0 0 346 PLMURPL00034 MUR0415 WSE ATS PLN 0 0 0 0 0 0 347 PLMURPL00034 MUR0415 BS ATS PLN 0 0 0 0 0 0 348 PLMURPL00042 MUR0515 BS ATS PLN 0 0 0 0 0 0 349 PLMURPL00026 MUR0814 BS ATS PLN 0 0 0 0 0 0 350 PLMRVPL00057 MVF1213 BS ATS PLN 0 0 0 0 0 0 351 PLMRVPL00065 MVG1213 BS ATS PLN 0 0 0 0 0 0

330 CATALYST

Trading in various instruments on Catalyst in 2012 (contd.) No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) 352 PLMRVPL00073 MVP0114 BS ATS PLN 0 0 0 0 0 0 353 PLMRVPL00081 MVP0415 BS ATS PLN 0 0 0 0 0 0 354 PLMRVPL00024 MVP0613 BS ATS PLN 0 0 0 0 0 0 355 PLMRVPL00032 MVP0813 BS ATS PLN 0 0 0 400 1 402 356 PLMRVPL00099 MVP0914 BS ATS PLN 0 0 0 0 0 0 357 PLNAVIG00064 NAV0314 WSE ATS PLN 0 0 0 0 0 0 358 PLNMV0000012 NMV0114 WSE ATS PLN 0 0 0 0 0 0 359 PLODRTS00025 ODR1114 BS ATS PLN 0 0 0 0 0 0 360 PLMZCOR00019 ORK0312 BS ATS PLN 0 0 0 0 0 0 361 PLMZCOR00035 ORK0314 BS ATS PLN 0 0 0 0 0 0 362 PLMZCOR00027 ORK0712 BS ATS PLN 0 0 0 0 0 0 363 PLORZL000068 ORL0412 BS ATS PLN 0 0 0 0 0 0 364 PLORZL000100 ORL0814 BS ATS PLN 0 0 0 0 0 0 365 PLODLZW00019 OZE0813 BS ATS PLN 0 0 0 0 0 0 366 PLPRMCM00014 PCM0312 BS ATS PLN 0 0 0 0 0 0 367 PLPRMCM00022 PCM0314 BS ATS PLN 0 0 0 0 0 0 368 PLPCZ0000043 PCZ0615 BS ATS PLN 0 0 0 0 0 0 369 PLPCZ0000068 PCZ1015 BS ATS PLN 0 0 0 0 0 0 370 XS0545031642 PKO1015 BS ATS EUR 0 0 0 0 0 0 371 PLPLKMT00015 PLK0915 BS ATS PLN 0 0 0 2 000 1 1 019 370 372 PLPLPGR00036 PPG0912 WSE ATS PLN 0 0 0 0 0 0 373 PLPRESC00059 PRE0814 BS ATS PLN 0 0 0 0 0 0 374 PLPRESC00042 PRE1213 BS ATS PLN 0 0 0 0 0 0 375 PLNFI0500038 RBC0413 BS ATS PLN 0 0 0 0 0 0 376 PLNFI0500046 RBC0912 BS ATS PLN 0 0 0 0 0 0 377 PLRNSER00011 RNA0414 BS ATS PLN 0 0 0 0 0 0 378 PLRNSER00029 RNB0414 BS ATS PLN 0 0 0 0 0 0 379 PLRNKPR00030 RNK1213 BS ATS PLN 0 0 0 0 0 0 380 PLROBYG00073 ROB0415 BS ATS PLN 0 0 0 0 0 0 381 PLROBYG00081 ROB0615 WSE ATS PLN 0 0 0 0 0 0 382 PLROBYG00081 ROB0615 BS ATS PLN 0 0 0 0 0 0 383 PLROBYG00040 ROB1013 BS ATS PLN 0 0 0 0 0 0

331 Fact Book 2013

Co-operative bonds 1 PLBPS0000032 BPS0718 WSE ATS PLN 40 377 744 41 002 0 0 0 2 PLPBS0000024 PBS1021 WSE ATS PLN 110 340 379 11 259 2 383 1 240 3 PLBSLIM00011 BSL0521 WSE ATS PLN 6 882 113 7 081 0 0 0 4 PLSBRIR00017 BSW0721 WSE ATS PLN 5 770 122 5 880 1 650 3 1 701 5 PLBSPOM00010 BOM0221 WSE ATS PLN 5 721 153 5 878 0 0 0 6 PLBSBR000023 BRB0425 WSE ATS PLN 5 554 112 5 708 244 2 247 7 PLPBS0000016 PBS0720 WSE ATS PLN 4 472 256 4 651 3 764 5 3 933 8 PLBSSKR00011 BSS0418 WSE ATS PLN 4 482 175 4 618 128 1 129 9 PLKRBSP00017 SBK1020 WSE ATS PLN 3 746 236 3 887 0 0 0 10 PLKBSAK00014 KBS0518 WSE ATS PLN 24 831 140 2 562 3 000 1 310 11 PLPBSC000024 BSC0621 WSE ATS PLN 2 396 155 2 426 568 1 582 12 PLWAWBS00014 WBS0521 WSE ATS PLN 1 830 77 1 874 0 0 0 13 PLBPS0000024 BPS0720 WSE ATS PLN 1 598 69 1 656 0 0 0 14 PLBPS0000040 BPS1122 WSE ATS PLN 10 272 73 1 038 0 0 0 15 PLMBSLM00013 MBS0720 WSE ATS PLN 1 004 21 1 017 500 2 514 16 PLBSPIA00017 BSP0620 WSE ATS PLN 855 48 863 0 0 0

332 CATALYST

Municipal bonds 1 PL0003200017 WAW1019 WSE RM PLN 2 526 76 2 771 0 0 0 2 PL0003200025 WAW0922 WSE RM PLN 2 439 55 2 602 0 0 0 3 PL0001200019 RYB1213 BS RM PLN 927 3 949 0 0 0 4 PL0003200041 WAW1017 WSE RM PLN 674 15 697 0 0 0 5 PL0011200041 USM0314 WSE ATS PLN 679 6 693 0 0 0 6 PL0013200023 KON0916 WSE ATS PLN 487 4 521 0 0 0 7 PL0005200023 KRN1212 WSE ATS PLN 492 3 509 0 0 0 8 PL0003200025 WAW0922 BS RM PLN 410 1 431 0 0 0 9 PL0003200074 WAW0318 WSE RM PLN 301 39 322 0 0 0 10 PL0011300023 WSL0314 WSE ATS PLN 281 4 288 0 0 0 11 PL0011300015 WSL0313 WSE ATS PLN 283 2 287 0 0 0 12 PL0003200041 WAW1017 BS RM PLN 152 1 153 0 0 0 13 PL0013200015 KON0715 WSE ATS PLN 122 24 128 0 0 0 14 PL0006200030 PLZ0917 WSE ATS PLN 100 19 109 0 0 0

333 Fact Book 2013

Trading in various instruments on Catalyst in 2012 (contd.) No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) 15 PL0012200016 BRZ1016 WSE ATS PLN 76 2 81 0 0 0 16 PL0006200014 PLZ0915 WSE ATS PLN 66 5 70 0 0 0 17 PL0006200022 PLZ0916 WSE ATS PLN 62 3 67 0 0 0 18 PL0018200010 WCL1225 WSE RM PLN 50 3 54 0 0 0 19 PL0011200058 USM0315 WSE ATS PLN 31 4 32 0 0 0 20 PL0009200029 RAD0912 WSE RM PLN 23 1 23 0 0 0 21 PL0011200033 USM0213 WSE ATS PLN 14 1 14 0 0 0 22 PL0017200011 ELG0319 WSE RM PLN 10 1 10 0 0 0 23 PL0008200053 TCZ0817 WSE ATS PLN 8 4 8 0 0 0 24 PL0010200026 ZAM1212 WSE ATS PLN 6 2 6 0 0 0 25 PL0011200025 USM0212 WSE ATS PLN 6 1 6 0 0 0 26 PL0019200019 BRD1023 WSE RM PLN 0 0 0 0 0 0 27 PL0019200019 BRD1023 BS RM PLN 0 0 0 0 0 0 28 PL0017200011 ELG0319 BS RM PLN 0 0 0 0 0 0 29 PL0017200029 ELG0320 WSE RM PLN 0 0 0 0 0 0 30 PL0017200029 ELG0320 BS RM PLN 0 0 0 0 0 0 31 PL0017200037 ELG0321 WSE RM PLN 0 0 0 0 0 0 32 PL0017200037 ELG0321 BS RM PLN 0 0 0 0 0 0 33 PL0017200045 ELG0322 WSE RM PLN 0 0 0 0 0 0 34 PL0017200045 ELG0322 BS RM PLN 0 0 0 0 0 0 35 PL0017200052 ELG0523 BS RM PLN 0 0 0 0 0 0 36 PL0017200052 ELG0523 WSE RM PLN 0 0 0 0 0 0 37 PL0017200060 ELG0524 WSE RM PLN 0 0 0 0 0 0 38 PL0017200060 ELG0524 BS RM PLN 0 0 0 0 0 0 39 PL0017200078 ELG0625 WSE RM PLN 0 0 0 0 0 0 40 PL0017200078 ELG0625 BS RM PLN 0 0 0 0 0 0 41 PL0001200035 RYB1117 BS RM PLN 0 0 0 0 0 0 42 PL0001200027 RYB1214 BS RM PLN 0 0 0 0 0 0 43 PL0020200016 WAL1025 WSE RM PLN 0 0 0 0 0 0 44 PL0020200016 WAL1025 BS RM PLN 0 0 0 0 0 0 45 PL0020200024 WAL1027 BS RM PLN 0 0 0 0 0 0 46 PL0020200024 WAL1027 WSE RM PLN 0 0 0 0 0 0

334 CATALYST

Trading in various instruments on Catalyst in 2012 (contd.) No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) 47 PL0003200074 WAW0318 BS RM PLN 0 0 0 0 0 0 48 PL0003200066 WAW0321 WSE RM PLN 0 0 0 0 0 0 49 PL0003200066 WAW0321 BS RM PLN 0 0 0 0 0 0 50 PL0003200017 WAW1019 BS RM PLN 0 0 0 0 0 0 51 PL0018200010 WCL1225 BS RM PLN 0 0 0 0 0 0

Treasury bonds 1 PL0000106712 OK0114 WSE RM PLN 72 123 1 580 67 122 200 1 185 2 PL0000106324 OK0113 WSE RM PLN 54 857 992 53 246 252 1 151 3 PL0000107009 OK0714 WSE RM PLN 46 856 584 43 514 0 0 0 4 PL0000106563 OK0713 WSE RM PLN 42 286 1 039 40 351 0 0 0 5 PL0000105912 OK0712 WSE RM PLN 38 200 500 37 703 0 0 0 6 PL0000106126 DS1020 WSE RM PLN 20 670 487 21 827 200 1 215 7 PL0000106068 WZ0121 WSE RM PLN 21 361 182 21 151 0 0 0 8 PL0000104717 WZ0118 WSE RM PLN 20 178 203 20 198 793 3 785 9 PL0000105441 DS1019 WSE RM PLN 18 304 131 20 022 0 0 0 10 PL0000105359 IZ0823 WSE RM PLN 14 885 28 17 636 0 0 0 11 PL0000105433 PS0414 WSE RM PLN 15 518 462 16 409 1 000 2 1 068 12 PL0000106670 DS1021 WSE RM PLN 12 260 100 13 482 850 2 877 13 PL0000106894 TZ0215 WSE RM PLN 112 621 355 11 390 0 0 0 14 PL0000105953 PS0415 WSE RM PLN 10 617 411 11 180 0 0 0 15 PL0000106100 OK1012 WSE RM PLN 10 323 278 10 129 0 0 0 16 PL0000103602 DS1015 WSE RM PLN 8 921 418 9 697 0 0 0 17 PL0000106662 TZ0814 WSE RM PLN 89 821 566 9 065 0 0 0 18 PL0000104543 DS1017 WSE RM PLN 8 302 260 8 815 0 0 0 19 PL0000102836 DS1013 WSE RM PLN 8 361 74 8 573 0 0 0 20 PL0000106787 TZ1114 WSE RM PLN 81 464 630 8 217 0 0 0 21 PL0000102646 WS0922 WSE RM PLN 7 183 168 7 747 500 2 518 22 PL0000106340 PS0416 WSE RM PLN 7 421 428 7 680 2 750 5 2 844 23 PL0000105730 OK0112 WSE RM PLN 6 091 58 6 082 400 1 400 24 PL0000107264 DS1023 WSE RM PLN 6 062 12 6 034 0 0 0 25 PL0000105391 WS0429 WSE RM PLN 5 272 29 5 747 0 0 0

335 Fact Book 2013

Trading in various instruments on Catalyst in 2012 (contd.) No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) 26 PL0000104543 DS1017 BS RM PLN 5 543 5 5 670 0 0 0 27 PL0000106449 TZ0214 WSE RM PLN 47 312 283 4 764 0 0 0 28 PL0000106480 WZ0115 WSE RM PLN 4 553 116 4 594 0 0 0 29 PL0000106936 WZ0117 WSE RM PLN 3 966 71 3 977 0 0 0 30 PL0000106795 PS1016 WSE RM PLN 3 623 189 3 710 0 0 0 31 PL0000106712 OK0114 BS RM PLN 3 620 3 3 306 0 0 0 32 PL0000106126 DS1020 BS RM PLN 3 323 4 3 306 0 0 0 33 PL0000102836 DS1013 BS RM PLN 3 068 5 3 114 0 0 0 34 PL0000106555 TZ0514 WSE RM PLN 24 194 285 2 440 0 0 0 35 PL0000107058 PS0417 WSE RM PLN 2 202 31 2 299 0 0 0 36 PL0000106332 TZ1113 WSE RM PLN 22 089 207 2 227 0 0 0 37 PL0000105037 PS0413 WSE RM PLN 1 988 69 2 022 1 000 2 1 026 38 PL0000106225 TZ0813 WSE RM PLN 17 949 175 1 809 0 0 0 39 PL0000105995 TZ0213 WSE RM PLN 14 845 192 1 498 0 0 0 40 PL0000105441 DS1019 BS RM PLN 1 362 2 1 383 0 0 0 41 PL0000103602 DS1015 BS RM PLN 1 237 4 1 321 0 0 0 42 PL0000106118 TZ0513 WSE RM PLN 12 073 119 1 219 0 0 0 43 PL0000105904 TZ1112 WSE RM PLN 10 260 117 1 039 0 0 0 44 PL0000103529 IZ0816 WSE RM PLN 730 57 962 0 0 0 45 PL0000107009 OK0714 BS RM PLN 1 000 1 925 0 0 0 46 PL0000105664 TZ0512 WSE RM PLN 8 169 45 828 0 0 0 47 PL0000104857 WS0437 WSE RM PLN 747 86 786 0 0 0 48 PL0000106340 PS0416 BS RM PLN 709 3 733 0 0 0 49 PL0000105771 TZ0812 WSE RM PLN 7 066 85 712 0 0 0 50 PL0000106563 OK0713 BS RM PLN 384 2 368 0 0 0 51 PL0000105912 OK0712 BS RM PLN 334 1 331 0 0 0 52 PL0000107058 PS0417 BS RM PLN 215 1 219 0 0 0 53 PL0000106324 OK0113 BS RM PLN 200 1 192 0 0 0 54 PL0000104659 PS0412 WSE RM PLN 151 6 157 250 1 261 55 PL0000106449 TZ0214 BS RM PLN 1 450 1 146 0 0 0 56 PL0000102646 WS0922 BS RM PLN 120 1 124 0 0 0 57 PL0000105565 TZ0212 WSE RM PLN 1 043 15 106 0 0 0

336 CATALYST

Trading in various instruments on Catalyst in 2012 (contd.) No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) 58 PL0000106068 WZ0121 BS RM PLN 102 1 99 0 0 0 59 PL0000106670 DS1021 BS RM PLN 0 0 0 0 0 0 60 PL0000107264 DS1023 BS RM PLN 0 0 0 0 0 0 61 PL0000103529 IZ0816 BS RM PLN 0 0 0 0 0 0 62 PL0000105359 IZ0823 BS RM PLN 0 0 0 0 0 0 63 PL0000105730 OK0112 BS RM PLN 0 0 0 0 0 0 64 PL0000106100 OK1012 BS RM PLN 0 0 0 0 0 0 65 PL0000104659 PS0412 BS RM PLN 0 0 0 0 0 0 66 PL0000105037 PS0413 BS RM PLN 0 0 0 0 0 0 67 PL0000105433 PS0414 BS RM PLN 0 0 0 0 0 0 68 PL0000105953 PS0415 BS RM PLN 0 0 0 0 0 0 69 PL0000107314 PS0418 BS RM PLN 0 0 0 0 0 0 70 PL0000107314 PS0418 WSE RM PLN 0 0 0 0 0 0 71 PL0000106795 PS1016 BS RM PLN 0 0 0 0 0 0 72 PL0000105565 TZ0212 BS RM PLN 0 0 0 0 0 0 73 PL0000105995 TZ0213 BS RM PLN 0 0 0 0 0 0 74 PL0000106894 TZ0215 BS RM PLN 0 0 0 0 0 0 75 PL0000105664 TZ0512 BS RM PLN 0 0 0 0 0 0 76 PL0000106118 TZ0513 BS RM PLN 0 0 0 0 0 0 77 PL0000106555 TZ0514 BS RM PLN 0 0 0 0 0 0 78 PL0000105771 TZ0812 BS RM PLN 0 0 0 0 0 0 79 PL0000106225 TZ0813 BS RM PLN 0 0 0 0 0 0 80 PL0000106662 TZ0814 BS RM PLN 0 0 0 0 0 0 81 PL0000105904 TZ1112 BS RM PLN 0 0 0 0 0 0 82 PL0000106332 TZ1113 BS RM PLN 0 0 0 0 0 0 83 PL0000106787 TZ1114 BS RM PLN 0 0 0 0 0 0 84 PL0000105391 WS0429 BS RM PLN 0 0 0 0 0 0 85 PL0000104857 WS0437 BS RM PLN 0 0 0 0 0 0 86 PL0000106480 WZ0115 BS RM PLN 0 0 0 0 0 0 87 PL0000106936 WZ0117 BS RM PLN 0 0 0 0 0 0 88 PL0000104717 WZ0118 BS RM PLN 0 0 0 0 0 0

337 Fact Book 2013

Trading in various instruments on Catalyst in 2012 (contd.) No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) Mortgage bonds 1 PLRHNHP00250 BREHA17 WSE RM PLN 84 297 6 84 675 0 0 0 2 PLRHNHP00268 BREHA18 WSE RM PLN 27 250 3 27 418 27 250 3 27 541 3 PLRHNHP00177 BREHA10 WSE RM PLN 23 000 1 23 499 23 000 1 23 606 4 PLRHNHP00193 BREHA12 WSE RM PLN 10 700 2 10 986 0 0 0 5 PLRHNHP00235 BREHA15 WSE RM PLN 1 000 1 1 001 49 000 2 49 028 6 PLBPHHP00085 PEOH204 WSE RM PLN 600 2 595 0 0 0 7 PLBPHHP00010 BPHLZ01 BS RM PLN 10 1 10 0 0 0 8 PLBPHHP00044 BPHLZ04 BS RM PLN 0 0 0 0 0 0 9 PLRHNHP00151 BREHA08 WSE RM PLN 0 0 0 0 0 0 10 PLRHNHP00151 BREHA08 BS RM PLN 0 0 0 0 0 0 11 PLRHNHP00169 BREHA09 WSE RM PLN 0 0 0 0 0 0 12 PLRHNHP00169 BREHA09 BS RM PLN 0 0 0 0 0 0 13 PLRHNHP00177 BREHA10 BS RM PLN 0 0 0 0 0 0 14 PLRHNHP00185 BREHA11 BS RM PLN 0 0 0 0 0 0 15 PLRHNHP00185 BREHA11 WSE RM PLN 0 0 0 0 0 0 16 PLRHNHP00193 BREHA12 BS RM PLN 0 0 0 0 0 0 17 PLRHNHP00219 BREHA13 BS RM PLN 0 0 0 0 0 0 18 PLRHNHP00219 BREHA13 WSE RM PLN 0 0 0 0 0 0 19 PLRHNHP00227 BREHA14 WSE RM PLN 0 0 0 0 0 0 20 PLRHNHP00227 BREHA14 BS RM PLN 0 0 0 0 0 0 21 PLRHNHP00235 BREHA15 BS RM PLN 0 0 0 0 0 0 22 PLRHNHP00243 BREHA16 WSE RM PLN 0 0 0 0 0 0 23 PLRHNHP00243 BREHA16 BS RM PLN 0 0 0 0 0 0 24 PLRHNHP00250 BREHA17 BS RM PLN 0 0 0 0 0 0 25 PLRHNHP00268 BREHA18 BS RM PLN 0 0 0 0 0 0 26 PLRHNHP00276 BREHA19 WSE RM PLN 0 0 0 0 0 0 27 PLRHNHP00276 BREHA19 BS RM PLN 0 0 0 0 0 0 28 PLRHNHP00318 BREHA20 BS RM PLN 0 0 0 0 0 0 29 PLRHNHP00318 BREHA20 WSE RM PLN 0 0 0 0 0 0 30 PLRHNHP00300 BREHE01 WSE RM EUR 0 0 0 0 0 0 31 PLRHNHP00300 BREHE01 BS RM EUR 0 0 0 0 0 0

338 CATALYST

Trading in various instruments on Catalyst in 2012 (contd.) No. ISIN Code Instrument Market Cur- Order-book trades Block trades rency Volume No. of Turnover Volume No. of Turnover value transac- value transactions tions (PLN thous.) (PLN thous.) 32 PLRHNHP00144 BREHPA7 BS RM PLN 0 0 0 0 0 0 33 PLBPHHP00069 PEK0321 BS RM PLN 0 0 0 0 0 0 34 PLBPHHP00051 PEK1020 BS RM PLN 0 0 0 0 0 0 35 PLBPHHP00077 PEOH203 WSE RM PLN 0 0 0 0 0 0 36 PLBPHHP00077 PEOH203 BS RM PLN 0 0 0 0 0 0 37 PLBPHHP00085 PEOH204 BS RM PLN 0 0 0 0 0 0 38 PLBPHHP00093 PEOH205 WSE RM PLN 0 0 0 0 0 0 39 PLBPHHP00093 PEOH205 BS RM PLN 0 0 0 0 0 0 40 PLBPHHP00101 PEOH206 BS RM EUR 0 0 0 0 0 0 41 PLBPHHP00101 PEOH206 WSE RM EUR 0 0 0 0 0 0

Public mortgage bonds 1 PLRHNHP00201 BREPA05 BS RM PLN 0 0 0 0 0 0 2 PLRHNHP00201 BREPA05 WSE RM PLN 0 0 0 0 0 0 3 PLRHNHP00284 BREPA06 WSE RM PLN 0 0 0 0 0 0 4 PLRHNHP00284 BREPA06 BS RM PLN 0 0 0 0 0 0 5 PLRHNHP00292 BREPA07 BS RM PLN 0 0 0 0 0 0 6 PLRHNHP00292 BREPA07 WSE RM PLN 0 0 0 0 0 0 7 PLRHNHP00045 BREPUA1 BS RM PLN 0 0 0 0 0 0 8 PLRHNHP00052 BREPUA2 BS RM PLN 0 0 0 0 0 0 9 PLRHNHP00110 BREPUA4 BS RM PLN 0 0 0 0 0 0

WSE RM – WSE Regulated Market WSE ATS – WSE Alternative Trading System BS RM – BondSpot Regulated Market BS ATS – BondSpot Alternative Trading System

339 Fact Book 2013

Bonds on Catalyst – key figures* 2012 2011 2010 2009 Total Continuous trading Number of issuers at year-end 153 98 48 12 Number of bonds listed at year-end 334 226 120 60 Total turnover value for the year (PLN million) 1 517 1 191 1 466 1 464 Average turnover per session (PLN million) 6.09 4.74 5.80 5.81 Number of transactions per session 170 119 95 95 Average value of transaction (PLN) 35 855 39 747 61 202 61 334

Block trades Number of transactions (single-counted) 207 215 57 92 Average value of transaction (PLN million) 6.07 5.95 4.86 27.27 Total turnover value for the year (PLN million) 1 256 1 280 277 2 509

Warsaw Stock Exchange Continuous trading Number of issuers at year-end 135 84 41 8 Number of bonds listed at year-end 291 195 109 53 Total turnover value for the year (PLN million) 1 428 1 072 1 359 1 433 Average turnover per session (PLN million) 5.73 4.27 5.37 5.69 Number of transactions per session 169 119 94 95 Average value of transaction (PLN) 33 879 35 986 57 047 60 096

Block trades Number of transactions (single-counted) 198 180 44 20 Average value of transaction (PLN million) 1.15 1.30 5.79 2.22 Total turnover value for the year (PLN million) 228 234 255 44

BondSpot Continuous trading Number of issuers at year-end 70 44 19 7 Number of bonds listed at year-end 182 143 72 50 Total turnover value for the year (PLN million) 89 119 108 31 Average turnover per session (PLN million) 0.36 0.47 0.43 0.48 Number of transactions per session (single-counted) 1 1 1 0 Average value of transaction (PLN) 531 374 658 476 753 173 1 344 648

Block trades Number of transactions (single-counted) 9 35 13 72 Average value of transaction (PLN million) 114.17 29.89 1.72 34.23 Total turnover value for the year (PLN million) 1 027 1 046 22 2 465 *Excluding authorised bonds

340 CATALYST

Mortgage bonds on Catalyst – key figures 2012 2011 2010 2009 Total Continuous trading Number of issuers at year-end 2 2 2 2 Number of bond series listed at year-end 23 20 17 16 Total turnover value for the year (PLN) 148 173 984 23 561 985 19 651 118 19 746 Average turnover per session (PLN) 595 076 93 872 77 672 309 Number of transactions per session 0 0 0 0 Average value of transaction (PLN) 9 878 266 1 178 099 1 091 729 3 949 Block trades Number of transactions 6 --- 1 --- Average value of transaction (PLN) 16 695 797 --- 30 233 100 --- Total turnover value for the year (PLN) 100 174 780 --- 30 233 100 ---

Warsaw Stock Exchange Continuous trading Number of issuers at year-end 2 2 1 --- Number of bond series listed at year-end 21 12 6 --- Total turnover value for the year (PLN million) 148 173 984 261 766 0 --- Average turnover per session (PLN million) 595 076 1 043 0 --- Number of transactions per session 0 0 0 --- Average value of transaction (PLN) 9 878 266 87 255 0 --- Block trades Number of transactions 6 ------Average value of transaction (PLN) 16 695 797 ------Total turnover value for the year (PLN) 100 174 780 ------

BondSpot Continuous trading Number of issuers at year-end 2 2 2 2 Number of bond series listed at year-end 23 20 17 16 Total turnover value for the year (PLN million) 0 23 561 985 19 651 118 19 746 Average turnover per session (PLN million) 0 93 872 77 672 309 Number of transactions per session 0 0 0 0 Average value of transaction (PLN) 0 1 178 099 1 091 729 3 949 Block trades Number of transactions (single-counted) ------1 --- Average value of transaction (PLN) ------30 233 100 --- Total turnover value for the year (PLN) ------30 233 100 ---

341 Fact Book 2013

Catalyst Trading Rules

Trading Rules on WSE ket makers are always a party to each transaction. The choice of the market and trading markets system is always made by the issuers, pro- Within Catalyst, an issuer of debt instruments vided their instruments meet the respective (corporate, municipal or mortgage bonds, or admission criteria. other debt instruments) may choose one of WSE’s two markets: a regulated market or All debt instruments on Catalyst are currently an unregulated market (alternative trading traded on an order-driven market. The order- system, ATS). These markets differ in terms -driven market rules for both WSE-operated of admission criteria to be fulfilled by instru- markets are identical. Session schedules for ments. Trading on regulated markets is order- the regulated market and for ATS are also -driven whereas non-regulated markets com- identical. Types of orders and execution prio- prise: rities are also the same. The prices of traded  order-driven market (with a market anima- instruments are always set with an accuracy tor), or of 0.01 percentage point, regardless of price  price-driven market (with a market maker). levels.

Continuous trading as well as single-price system with two auctions is available on both markets. Market animators, which operate on order-driven markets, stimulate trading i.e. ensure liquidity of instruments issued by a particular issuer. Market makers, which operate on price-driven markets, undertake quoting i.e. they place buy/sell orders. Mar-

342 CATALYST

WSE Regulated Market (WSE RM) Session schedule (24h system) Order-driven market – continuous trading Pre-opening phase (opening call) 8:00 – 9:00 – orders may be submitted, modified and cancelled – transactions are not executed Opening (opening price is determined and transactions are made at the opening) 9:00 – order submission, modification and cancellation is suspended – transactions are executed at a price equal to the opening price Continuous trading phase 9:00 – 17:20 – orders may be submitted, modified and cancelled – transactions are executed Pre-closing phase (closing call) 17:20 – 17:30 – orders may be submitted, modified and cancelled – transactions are not executed Closing (closing price is determined and transactions are made at the closing) 17:30 – order submission, modification and cancellation is suspended – transactions are executed at a price equal to the closing price Pre-opening phase (next day opening call) 17:30 – 17:35 – orders may be submitted, modified and cancelled – transactions are not executed

Order-driven market – single-price auction 8:00 – 11:00 Pre-opening phase (opening call) – orders may be submitted, modified and cancelled – transactions are not executed 11:00 Opening (single price is determined and transactions are made at the opening) – order submission, modification and cancellation is suspended – transactions are executed at a price equal to the opening price 11:00 – 11:30 Post-auction trading 11:30 – 15:00 Pre-opening phase (opening call) – orders may be submitted, modified and cancelled – transactions are not executed 15:00 Opening (single price is determined and transactions are made at the opening) – order submission, modification and cancellation is suspended – transactions are executed at a price equal to the opening price 15:00 – 15:30 Post-auction trading 15:30 – 17:35 Pre-opening phase (next day opening call) – orders may be submitted, modified and cancelled – transactions are not executed

343 Fact Book 2013

Price variation limits on the regulated market

Continuous trading Instrument Reference price Acceptable price variation for the Acceptable price variation for the opening opening for the session, in case the opening price has been determined*

Corporate Closing price ±3 percentage points relative to ±3 percentage points relati- bonds closing price ve to opening price Municipal (extendable to ±6 percentage points) (extendable to ±6 percenta- bonds ge points) Mortgage bonds

* If no opening price has been determined at opening, the acceptable price variation limit is determined in relation to the closing price. In continuous trading, there are additional dynamic price variation limits of ±2 points relative to the price of most recent transaction.

Single-price auction system Instrument Acceptable price variation limit for auction Corporate bonds Municipal bonds ±3 points relative to reference price at the most recent Mortgage bonds auction (extendable to ±6 percentage points)

WSE Non-regulated market (WSE ATS) Session schedule (24h system) Order-driven market – continuous trading 8:00 – 9:00 Pre-opening phase (opening call) – orders may be submitted, modified and cancelled – transactions are not executed 9:00 Opening (opening price is determined and transactions are made at the opening) – order submission, modification and cancellation is suspended – transactions are executed at a price equal to the opening price 9:00 – 17:20 Continuous trading phase – orders may be submitted, modified and cancelled – transactions are executed 17:20 – 17:30 Pre-closing phase (closing call) – orders may be submitted, modified and cancelled – transactions are not executed 17:30 Closing (closing price is determined and transactions are made at the closing) – order submission, modification and cancellation is suspended – transactions are executed at a price equal to the closing price 17:30 – 17:35 Pre-opening phase (next day opening call) – orders may be submitted, modified and cancelled – transactions are not executed

344 CATALYST

Price-driven market – continuous trading 9:30 – 17:10 Continuous trading phase – Market Makers submit orders (quotations) – other market members submit orders – transactions are executed

Price variation limits on the non-regulated market Continuous trading Instrument Reference price Acceptable price variation Acceptable price variation for for the opening for the opening the session, in case the opening price has been determined* Corporate bonds Closing price ±3 percentage points relative ±3 percentage points relative Municipal bonds to closing price to opening price Mortgage bonds (extendable to ±6 percentage (extendable to ±6 percentage points) points)

* If no opening price has been determined at opening, the acceptable price variation limit is determined in relation to the closing price.

Single-price auction system Instrument Acceptable price variation limit for auction Corporate bonds ±3 points relative to reference price at the most recent Municipal bonds auction (extendable to ±6 percentage points) Mortgage bonds

345 Fact Book 2013

Starting from 15 April 2013, the following abbreviated session schedule will be applied. The schedule is temporary and will be in place until the end of 2013.

WSE Regulated market (WSE RM) and WSE Non-regulated market (WSE ATS)

Single-price auction 8:30 – 11:00 Pre-opening phase (opening call) 11:00 Opening (opening price is determined and transactions are made at the opening) 11:00 – 11:30 Post-auction trading 11:30 – 15:00 Pre-opening phase (next opening call) 15:00 Opening (opening price is determined and transactions are made at the opening) 15:00 – 15:30 Post-auction trading 15:30 – 17:05 Pre-opening phase (next opening call)

346 CATALYST

BondSpot Trading Rules For instruments with a nominal value of:  under PLN 100 – tick sizes are presented BondSpot operates two markets within the with an accuracy of 0.1 points, CATALYST system: a regulated non-exchan-  at least PLN 100 but under PLN 10,000 – ge market and an Alternative Trading System tick sizes are presented with an accuracy (ATS). The minimum nominal value of an is- of 0.01 points, sue, equalling PLN 5 million, is the key admis-  at least PLN 10,000 or higher – tick sizes sion criterion for those markets. are presented with an accuracy of 0.0001 points. The trading rules for both BondSpot-operated No price variation limits apply to either of markets are the same. Trading takes place wit- the two markets. Bids placed on these mar- hin a continuous trading system. Additionally, kets are valid until the end of the trading day block trades can be executed and deals can and are removed from the system at the end be struck for the best bid under a negotiated of the trading day. Customers can place or- trade (RFQ), and an inquiry may be sent to a ders with a longer execution period provi- selected market participant. ded that the market participant concerned commits to placing such bids repeatedly as By definition, both BondSpot-operated mar- per their customers’ orders up until execu- kets are wholesale markets, i.e. bids can be tion or expiry of such orders. placed only if they reach or exceed a minimum threshold of PLN 100,000 (nominal va- Additional conditions can be specified for lue). However, given the market history be- bids. fore the arrival of Catalyst, retail instruments  WAN (all or none) – bids must be execu- are also traded and the minimum threshold ted in full, of PLN 100,000 does not apply to them. The  RBZ – bids are executed either in part or price of debt instruments in bids and trades in full; the part which has not been exe- is defined as a percentage of their nominal cuted is removed from the market. value, expressed in PLN or in another convertible currency specified by BondSpot S.A. Trading schedules for the regulated market Tick sizes are the same for both markets and and ATS are identical. Types of orders and depend on the nominal value of the instru- execution priorities are the same. ment concerned.

Regulated and non-regulated BondSpot market (BS RM and BS ATS)*

Trading day schedule (24h system) – bids from market animators may be placed or removed 8:30 – 9:00 Animators’ bids – transactions are not executed – bids from any types of participants may be placed 9:00 – 17:30 Continuous trading or removed – transactions are executed automatically – information on block trade terms may be placed 8:30 – 15:00 Block trades or removed – transactions are confirmed by market supervision Closing – bids become invalid and are removed from markets 17:30 – transactions are not executed

* Starting from 15 April 2013, sessions on BondSpot-operated markets will begin at 9:00 and end at 17:00. This change of schedule is temporary.

347 Fact Book 2013

Listing on Catalyst

From an issuer’s perspective, the differen- Authorisation ces between Catalyst segments primarily consist in differences regarding admission Authorisation means that an issue is registe- (listing) criteria and the scope of mandatory red within the Catalyst information system disclosures. and the issuer needs to adhere to the current and periodic mandatory disclosures de- Catalyst listing for debt instruments may fined in Annex 1 to the Catalyst Rules. While take two forms: authorisation is not equivalent to a regula-  introducing an issue to trading on either ted market admission, it nevertheless offers a regulated market or within an alterna- a number of benefits for the issuer such as, tive trading system, or e.g., a marketing effect, greater credibility  obtaining a Catalyst authorisation. and higher awareness on the financial market. In order to obtain authorisation, issuers Admission/listing on Catalyst are required to submit an application with attachments. The only attachment which Issuers who wish to have their instruments must be prepared specifically for this pur- traded on a Catalyst regulated market are pose is the so-called ‘report on the issuer’ required to prepare a prospectus and have i.e. a short summary of key data about the it approved by the PFSA. However, this re- issuer and the issue. quirement does not apply to local governments: they are not required to prepare a prospectus even for a public offering but, instead, they issue a document with essential information about the issue and the issuer (a so-called ‘information document’). An information document must also be prepared for instruments to be traded within an ATS. Ru- les pertaining to such documents have been defined in Annex 1 to the WSE ATS Rules and Annex 1 to the BondSpot ATS Rules.

Issuers who have their instruments listed on one of the equities markets operated by the WSE can take advantage of a ‘fast track procedure’ to launch their debt instruments in an alternative trading system. Instead of preparing an information document, such companies are only required to draw up an information sheet with essential data about the issue. Companies which are already listed on the regulated market are only required to publish their current report regarding the issue of debt instruments. The content of such reports, defined in the relevant Fi- nance Minister’s ordinance, is identical with that of the information sheet.

348 CATALYST

Catalyst Participants

Only organisations which have been official- correspond with the organisation’s previous ly admitted may engage in direct operations scope of operations. on the Catalyst debt market. According to the existing regulations, the following may Admission to operations on a Catalyst regu- become Catalyst participants: an investment lated market (WSE or BondSpot regulated company, a foreign investment company, a non-exchange market) is a prerequisite for credit institution or another entity which me- admission to operations within the Catalyst ets the requirements defined in the relevant alternative trading systems (ATS). Admis- legislation and can guarantee correct perfor- sion to operations on the WSE ATS is a pre- mance of duties related to the Catalyst mar- requisite for admission to operations on the ket operations. BondSpot ATS. Admission to operations on the WSE regulated market is a prerequisite Organisations admitted to Catalyst opera- for admission to operations on the BondSpot tions may trade in all debt instruments admit- regulated non-exchange market. ted to/introduced on Catalyst, on their own account or on their customers’ account. Specific terms of admittance to operations for each market, as well as documents and Organisations which are WSE members, information to be submitted by applicants members or participants of the regulated are laid down in the rules pertaining to each non-exchange BondSpot market or partici- respective market and in other applicable re- pants of Treasury BondSpot Poland may be gulations. admitted to operations on one of the Catalyst markets, excluding admittance to operations on the WSE regulated market, upon notifica- tion of their intent to operate on that market. The intended scope of operations should

Market Animators on Catalyst ATS In line with the ATS Rules, debt instruments Copernicus Securities SA listed in the Catalyst ATS segment must Dom Maklerski BDM SA be backed by a Market Animator who has Dom Maklerski IDM SA made a valid commitment to perform this role for them. At the end of December 2012 Dom Maklerski BZ WBK SA a total of 12 Market Animators were active Dom Maklerski AmerBrokers SA on Catalyst. Dom Maklerski Banku BPS SA Dom Maklerski BOŚ SA Market animators on Catalyst (as of 31 December 2012): NWAI Dom Maklerski SA Opera Dom Maklerski Sp. z o.o. Powszechna Kasa Oszczędności Bank Polski SA ALIOR Bank SA NOBLE Securities SA

349 Fact Book 2013

List of CATALYST participants in 2012 No. Name of Catalyst participant WSE BondSpot Alternative Alternative regulated regulated Trading Trading System market market System operated by operated by BondSpot the WSE 1 ALIOR BANK SA ✔ ✔ 2 BANK BPH SA ✔ ✔ ✔ 3 BANK DNB NORD POLSKA SA ✔ ✔ 4 BANK GOSPODARKI ŻYWNOŚCIOWEJ SA ✔ ✔ ✔ ✔ 5 BANK POLSKA KASA OPIEKI SA (PEKAO) ✔ ✔ ✔ ✔ 6 DOM MAKLERSKI BDM SA ✔ ✔ 7 CENTRALNY DOM MAKLERSKI PEKAO SA ✔ ✔ ✔ ✔ 8 COPERNICUS SECURITIES SA ✔ ✔ ✔ ✔ 9 DB SECURITIES SA ✔ ✔ 10 DOM INWESTYCYJNY BRE BANKU SA ✔ ✔ ✔ ✔ 11 DOM MAKLERSKI AMERBROKERS SA ✔ ✔ 12 DOM MAKLERSKI BANKU BPS SA ✔ ✔ 13 DOM MAKLERSKI BANKU HANDLOWEGO SA ✔ ✔ ✔ ✔ 14 DOM MAKLERSKI BOŚ SA ✔ ✔ ✔ ✔ 15 DOM MAKLERSKI BZ WBK SA ✔ ✔ ✔ ✔ 16 DOM MAKLERSKI IDM SA ✔ ✔ 17 TRIGON DOM MAKLERSKI SA ✔ ✔ ✔ 18 ERSTE SECURITIES POLSKA SA ✔ ✔ ✔ ✔ 19 ING SECURITIES SA ✔ ✔ ✔ ✔ 20 IPOPEMA SECURITIES SA ✔ ✔ 21 MILLENNIUM DOM MAKLERSKI SA ✔ ✔ ✔ ✔ 22 NOBLE SECURITIES S,A. ✔ ✔ 23 OPERA DOM MAKLERSKI SP.ZO.O. ✔ ✔ ✔ POWSZECHNA KASA OSZCZĘDNOŚCI 24 ✔ ✔ ✔ ✔ BANK POLSKI SA (PKO BP) 25 UNICREDIT CAIB POLAND SA ✔ ✔ ✔ ✔ 26 X-TRADE BROKERS DOM MAKLERSKI S.A. ✔ ✔ KBC SECURITIES N.V. (SPÓŁKA 27 ✔ ✔ AKCYJNA) ODDZIAŁ W POLSCE BANCO ESPIRITO SANTO 28 DE INVESTIMENTO SA ✔ ✔ ODDZIAŁ W POLSCE 29 CONCORDE SECURITIES LTD ✔ WOOD & COMPANY FINANCIAL 30 ✔ SERVICES AS.

350 CATALYST

List of CATALYST participants in 2012 (contd.) No. Name of Catalyst participant WSE BondSpot Alternative Alternative regulated regulated Trading Trading System market market System operated by operated by BondSpot the WSE 31 RAIFFEISEN CENTROBANK AG ✔ 32 RAIFFEISEN BANK POLSKA SA ✔ ✔ ✔ CREDIT SUISSE SECURITIES 33 ✔ (EUROPE) LTD. 34 JP MORGAN SECURITIES PLC ✔ ✔ 35 UNICREDIT BANK AG ✔ 36 SOCIETE GENERALE S.A. ✔ ✔*) ✔*) 37 HSBC BANK PLC ✔ 38 CYRRUS, A.S. ✔ 39 NEONET SECURITIES AB ✔ 40 FIO BANKA AS ✔ 41 GOLDMAN SACHS INTERNATIONAL ✔ 42 MERILL LYNCH INTERNATIONAL ✔ 43 LIQUIDNET EUROPE LIMITED ✔ 44 UBS EUROPE LIMITED ✔ 45 NOMURA INTERNATIONAL plc ✔ RENAISSANCE SECURITIES 46 ✔ (CYPRUS) LIMITED 47 IP INTERCAPITAL MARKETS AD ✔ 48 EQUILOR INVESTMENT LTD. ✔ 49 DRAGON CAPITAL (CYPRUS) LTD. ✔ 50 NWAI DOM MAKLERSKI S.A. ✔ ✔ ✔ ✔ MORGAN STANLEY & CO 51 ✔ INTERNATIONAL PLC 52 BNP PARIBAS ARBITRAGE SNC ✔ 53 UAB FMI ORION SECURITIES ✔ 54 BT SECURITIES SA ✔ 55 VTB CAPITAL PLC ✔ 56 SIB (CYPRUS) LIMITED ✔ 57 CARPATICA INVEST S.A. ✔ 58 DOM INWESTYCYJNY XELION SP. Z O.O. ✔ 59 WEDBUSH EUROPE LTD. ✔ TOTAL 61 16 29 15

*) Societe Generale SA operates on BondSpot markets through Societe Generale SA Oddział w Polsce.

351 Fact Book 2013

Catalyst participants’ shares in trading on WSE-operated markets in 2012 No. Catalyst participant Bonds Mortgage bonds Continuous trading Block trades Continuous trading Block trades (PLN million) (%) (PLN million) (%) (PLN million) (%) (PLN million) (%) 1 PKO BP 641.91 22.48 46 10.10 1 0.34 ------2 DM BH 435.12 15.24 1 0.28 ------3 DM BZ WBK 406.92 14.25 5 1.12 13 4.39 ------4 CDM PEKAO 195.22 6.84 0 0.08 ------5 MILL DM 168.25 5.89 8 1.71 23.04 7.77 6 DI BRE Banku 145.92 5.11 93 20.46 209.1 70.56 200.35 100 7 DM BPS 129.58 4.54 28 6.09 ------8 IDMSA 118.00 4.13 38.42 8.42 ------9 NOBLE 88.60 3.10 36 7.95 ------10 ING SECUR 80.34 2.81 2 0.39 ------11 ERSTE 62.89 2.20 ------12 DM BOŚ SA 46.79 1.64 23 4.98 ------13 COPERNICUS 44.69 1.57 123 26.88 ------14 DB SECUR. 44.45 1.56 1.16 0.25 ------15 BDM SA 37.73 1.32 0 0.05 ------16 ALIOR BM 36.85 1.29 1 0.21 ------17 KBC SECURITIES 34.97 1.22 13 2.82 ------18 AMERBROKERS 25.36 0.89 9 1.91 9.99 3.37 ------19 IPOPEMA 23.30 0.82 13 2.78 40.22 13.57 ------20 TRIGON 19.07 0.67 2 0.42 ------21 DM PEKAO 18.60 0.65 ------22 BGŻ SA 11.66 0.41 ------23 UNICRCAIB 10.05 0.35 ------24 XTB 8.94 0.31 ------25 DNB NORD 8.77 0.31 0 0.05 ------26 BPH 4.76 0.17 ------27 NWAI DM 4.38 0.15 2 0.47 ------28 RAIFFEISEN BANK POLSKA 1.04 0.04 ------29 OPERA 0.49 0.02 12 2.59 ------30 WOOD 0.40 0.01 ------31 XELION 0.01 0.00 ------

TOTAL 2 855.00 100.00 456.21 100.00 296.35 100.00 200.35 100.00

352 CATALYST

Catalyst participants’ shares in trading on BondSpot-operated markets in 2012

No. Catalyst participant Turnover value (PLN million) Share (%)

1 UniCredit CAIB Poland S.A. 2 103.00 94.08 2 Dom Maklerski Banku Handlowego S.A. 35.56 1.59 3 Centralny Dom Maklerski PEKAO S.A. 28.30 1.27 4 Powszechna Kasa Oszczędności Bank Polski S.A. 19.56 0.88 5 Dom Maklerski BZ WBK S.A. 13.48 0.60 6 Copernicus Securities S.A. 13.38 0.60 7 Dom Maklerski Millennium S.A. 11.86 0.53 8 Opera Dom Maklerski Sp z o.o. 8.04 0.36 9 ING Securities Polska S.A. w Warszawie 1.24 0.06 10 Dom Maklerski Banku Ochrony Środowiska S.A. 0.41 0.02 11 ERSTE Securities Polska S.A. 0.40 0.02 12 Bank PEKAO S.A. Biuro Maklerskie 0.21 0.01 13 Banco Espirito Santo de Investimento S.A. 0.00 0.00 14 Bank Gospodarki Żywnościowej S.A. 0.00 0.00 15 Biuro Maklerskie Banku BPH S.A. 0.00 0.00 16 Bank PEKAO S.A. 0.00 0.00 17 Raiffeisen Bank Polska S.A. 0.00 0.00 18 Dom Inwestycyjny BRE Bank S.A. 0.00 0.00 19 Societe Generale S.A. Oddział w Polsce 0.00 0.00 20 NWAI DM S.A. 0.00 0.00 21 TRIGON DM S.A. 0.00 0.00 22 NOBLE SECURITIES S.A. 0.00 0.00

TOTAL 2 235.44 100.00

353 Fact Book 2013

Authorised Advisers on Catalyst

Authorized Advisers on Catalyst include an experienced adviser is recommendable, advisory companies (investment compa- and sometimes essential. As at the end of nies, law firms, audit companies or financial 2012, a total of 59 entities were registered consultancies) which have capital market as Catalyst Authorised Advisers. expertise as well as experience in suppor- The list of Authorised Advisers can be found ting issues of debt instruments, whether on page 276. corporate, municipal or co-operative. As is the case with NewConnect, each advisory company authorised by the WSE is required, starting from 2012, to employ at least two holders of the Alternative Trading Sy- stem Adviser Certificate. In contrast with NewConnect, an issuer of bonds on Catalyst has no obligation to employ an Authorised Adviser. However, qualified support from

The Catalyst Strategic Partner Programme

The aim of the Catalyst Strategic Partner  Raiffeisen Bank Polska S.A., Programme is to join efforts undertaken by  Powszechna Kasa Oszczędności Bank the WSE and its business partners in pro- Polski S.A., moting investment opportunities connected  Dom Maklerski Banku BPS S.A. with Catalyst and to take steps aimed at attracting new issuers of debt instruments, i.e. companies and local governments interested in obtaining a Catalyst authorization or in introducing their debt instruments to trading. Partners receive the Catalyst Strategic Partner title, confirmed with a certificate. At the end of December 2012 the following organisations held the Catalyst Strategic Part- ner title:

354 CATALYST

Mandatory Disclosures for Catalyst Issuers

All Catalyst issuers are subject to manda- Under mandatory disclosures local govern- tory disclosures. The scope of disclosures ments are required to submit current upda- varies depending on the issuer status and tes and periodic information, i.e. a budget the status of the market where the issuer’s performance report accompanied by an opi- instruments are listed. The least stringent nion from a regional audit board, whereas disclosure requirements are imposed on is- other issuers are required to submit current suers who have decided to obtain only an updates as well as semi-annual and annual authorization for their issues. reports. Catalyst issuers whose shares have been brought to alternative trading on New- Current and periodic submissions for issu- Connect or admitted to trading on a regu- ers of instruments admitted to alternative lated market, must comply with disclosure trading systems are regulated by: requirements stipulated in regulations of the  Annex 4 to the WSE ATS Rules, and respective markets.  Annex 3 to the BondSpot ATS Rules.

Distribution of Catalyst Information

As is the case with the WSE Main List and PAP, BM Raiffeisen Polska, Onet, Interia, NewConnect, Catalyst information is distri- Wirtualna Polska, Presspublica and Notoria buted by professional vendors which re- Serwis. ceive market data under a contract signed with the WSE. All exchange data vendors Catalyst information is publicly accessible provide their customers with data from from www.gpwcatalyst.pl, a WSE-operated WSE-operated Catalyst markets. Data from website. BondSpot-operated markets are made available to Reuters, Bloomberg, SIX Telekurs,

355 Fact Book 2013

List of Catalyst Issuers (end of 2012)

 Issuers of municipal  Issuers of corporate Europejski Fundusz Hipo- bonds bonds teczny www.efh.com.pl Brzesko Admiral Boats www.brzesko.pl www.admiral-boats.com Europejski Bank Inwesty- cyjny Chełm AOW Faktoring www.eib.org www.chelm.pl www.aow.com.pl FAST FINANCE S.A. Konopiska ARCHICOM www.fastfinance.pl www.konopiska.pl www.archicom.pl FERRATUM CAPITAL PO- Kórnik Bank Gospodarstwa Krajo- LAND S.A. www.kornik.pl wego www.bgk.com.pl FERRO S.A. Oświęcim www.ferro.pl www.um.oswiecim.pl Bank Ochrony Środowiska S.A. GANT Development Połczyn Zdrój www.bosbank.pl www.gant.pl www.polczyn-zdroj.pl Bank Pocztowy S.A. Getin Noble Bank S.A. Powiat jarosławski www.pocztowy.pl www.getinnoblebank.pl www.starostwo.jarosław.pl BBI Development NFI Ghelamco Invest Radlin www.bbidevelopment.pl www.ghelamco.be www.radlin.pl BBI Zeneris NFI S.A. IIF S.A. Rybnik www.bbizeneris.pl www.iif.pl www.rybnik.pl BEST S.A. IPF INVESTMENT POLSKA Tczew www.best.com.pl www.ipf.org.uk www.tczew.pl BEST II NS FIZ Kredyt Inkaso S.A. Turek www.tfibest.com.pl www.kredytinkaso.pl www.miastoturek.pl BEST III NS FIZ KRUK S.A. Ustronie Morskie www.tfibest.com.pl www.kruksa.pl www.ustronie-morskie.pl BLACK Lion NFI S.A. LC Corp S.A. Warszawa www.blacklion.com.pl www.lcc.pl www.um.warszawa.pl BUDOSTAL-5 S.A. MAK DOM Wodzisław Śląski www.budostal5.com.pl www.makdom.pl www.wodzislaw-slaski.pl CDRL S.A. MARVIPOL S.A. Zamość www.cdrl.pl www.marvipol.pl www.zamosc.um.gov.pl Electus S.A. MCI Management Ząbki www.electus.pl www.mci.pl www.zabki.pl Erbud S.A. Mera S.A. www.erbud.pl www.mera.pl

356 CATALYST

MEW S.A. RONSON EUROPE BS-BBS Darłowo www.mew.pl www.rubiconpartners.pl www.bbsdarlowo.pl Mo-BRUK S.A. Scan Development BS-ESBANK www.mobruk.pl www.scandevelopment.pl www.esbank.pl Multimedia Polska S.A. SCO-PAK S.A. BS-GBS BANK BARLINEK www.multimedia.pl www.scopak.com.pl www.gbsbank.pl NAVI GROUP S.A. Siódemka BS-HEXABANK www.navi-group.sa www.siodemka.com www.hexabank.pl NFI Magna Polonia S.A. SOLVECO BS-KBS Kraków www.magnapolonia.com.pl www.solveco.pl www.kbsbank.com.pl ORGANIKA TRAKCJA-Tiltra S.A. BS-MBS Łomianki www.organika.pl www.trakcja.com www.mbsbank.pl ORZEŁ S.A. Trust S.A. BS-OK BANK Knurów www.orzelsa.com; www. www.trust.pl www.okbank.pl salon-opon.com VEDIA S.A. BS-PBS Ciechanów OSHEE POLSKA www.vedia.pl www.pbsciechanow.pl www.oshee.eu Warimpex Finanz- und BS-PBS Sanok PCC Rokita S.A. Beteiligungs AG www.pbsbank.pl www.pcc.rokita.pl www.warimpex.at BS-PMBS Zabłudów PCZ S.A. Widok Energia S.A. www.pmbank.pl www.pczsa.pl www.widokenergia.pl BS-SBR Szepietowo PKO Finance AB Widok Energia Sp. z o.o. www.sbrbank.pl www. www.widokenergia.pl BS-WBS BANK WARSZA- POLKOMTEL FINANCE AB WIKANA S.A. WA (PUBL) www.wikana.pl www.bank-wbs.pl www.polkomtel.com ZPS KRZĘTLE  Issuers of mortgage POLSPORT GROUP www.krzetle.pl bonds www.pol-sport.com  Issuers of co-operative PEKAO Bank Hipoteczny Pragma Factoring S.A. bonds www.pekaobh.pl www.pragmafactoring.pl BPS Warszawa BRE Bank Hipoteczny PRAGMA INKASO S.A. www.bankbps.pl www.rhb.com.pl www.pragmainkaso.pl BS-SK Bank Wołomin  Issuers of public mortga- PRIME CAR MANAGE- www.sbrzr.pl MENT ge bonds www.masterlease.pl BS Biała Rawska BRE Bank Hipoteczny www.bsbr.pl RANK PROGRESS S.A. www.brehipoteczny.pl www.rankprogress.pl BS Limanowa www.bs.limanowa.pl  Issuers of treasury bonds REMEDIS www.remedis.eu BS Ostrów Mazowiecka Ministerstwo Skarbu Pań- www.bsostowmaz.pl stwa ROBYG www.msp.gov.pl www.robyg.pl BS Piaseczno www.bspiaseczno.pl RODAN SYSTEMS S.P. www.rodan.pl BS Płońsk www.bsplonsk.pl RUBICON PARTNERS NFI www.ronson.pl BS Skierniewice www.bsskierniewice.pl

357 WSE Energy Market POEE

WSE Energy Market in 2012

In 2012 the WSE Energy Market (WSE EM) The settlement and clearing of WSE EM tran- enabled trading in electricity on the Daily- sactions was effected by the Exchange Cle- -Hourly Electricity Market (WSE ELM) and aring House of the National Depositary for trading in energy-related derivative pro- Securities. The WSE Energy Market was a ducts on the Electricity Futures Market (WSE place where transactions could be conduc- ELFM). ted by all categories of energy market participants, i.e. producers, trading companies The WSE ELM offered an opportunity to and end users. effect ongoing purchase and sale of electricity with execution within a short, four-day Turnover on the WSE Energy Market in timeframe. The main driver was the single 2012 price system (SPS) combined with a continuous trading system. Participants were of- In 2012 the turnover on each of the energy fered a broad range of products within each markets reached the following figures: trading system, comprising standard hourly  WSE ELM – 2,216,660 MWh, products as well as standard block products  WSE ELFM – 5,204,784 MWh. such as peak and base. The turnover values for each month of the The WSE ELFM enabled transactions in year are given on the chart below. standard energy futures for periods such as weeks, quarters, months and years in hourly blocks such as base, peak and off- -peak, under the continuous trading system, auctions organised by the WSE or upon a participant’s request. Settlement of WSE ELFM transactions could be effected not only with a pre-defined price limit but also at prices set daily on the basis of poDeeK indices generated on WSE ELM or prices set during the morning trading within the SPS on WSE ELM.

*As of 1 April 2013, the WSE will discontinue to organise trading in commodities, and this function will be transferred to the TGE (Polish Power Exchange), part of the WSE Group.

359 Fact Book 2013

Wolumen obrotów na REK GPW i RTE GPW w 2012 r. Turnover volume on WSE ELM and WSE ELFM in 2012 (MWh)

5 000 000

ELFM 4 000 000 ELM

3 000 000

2 000 000

1 000 000

0 1 2 3 4 5 6 7 8 9 10 11 12

Market Participants

14. Ideon S.A. At the end of December 2012, a total of 30 15. Inter Energia S.A. organisations, including two brokerage hou- 16. KOPEX S.A. ses, were authorised to operate on the WSE 17. MEM METRO Group Energy Energy Market. Additionally, 16 other orga- Production& Management Sp. z o.o. nisations were active on that new market via 18. Mercuria Energy Trading Sp. z o.o. brokerage houses. 19. NOBLE Securities S.A. 20. PGE GiEK SA - Oddział Elektrownia Opole List of WSE Energy Market participants, 21. PGE Górnictwo i Energetyka as of 31 December 2012: Konwencjonalna S.A. 22. PGE Polska Grupa Energetyczna S.A. 1. Alpiq Energy SE 23. PKP Energetyka S.A. 2. Dom Maklerski BOŚ S.A. 24. Polska Energia - Pierwsza Kompania 3. EDF Energia Sp. z o.o. Handlowa Sp. z o.o. 4. EDF TRADING LIMITED 25. RWE Polska S.A. 5. ELEKTRIM - VOLT S.A. 26. Slovenske Elektrarne a.s. S.A. 6. Elektrownia Pątnów II Sp. z o.o. Oddział w Polsce 7. Elektrownia Połaniec S.A. 27. TAURON Polska Energia S.A. – Grupa GDF SUEZ Energia Polska 28. Vattenfall Energy Trading Sp. z o.o. 8. ENEA Trading Sp. z o. o. 29. Zespół Elektrowni Pątnów-Adamów-Konin 9. ENEA Wytwarzanie S.A. S.A. 10. Energa-Obrót S.A. 30. ZOMAR S.A. 11. EXEN s.r.o. 12. Ezpada s.r.o. 13. FITEN S.A.

360 Warsaw Stock Exchange

The History of the Warsaw Stock Exchange 1991-2012 The first stock exchange in Poland was ope- 3 September ned in Warsaw on 12 May 1817 under the First issue of the Ceduła, the WSE’s official daily name of the ‘Mercantile Exchange’. The first bulletin trading session took place on 16 May 1817. 3 December WSE accepted as a correspondent member of Sessions were held between noon and the World Federation of Exchanges (formerly 1:00 p.m. In the 19th century, the Exchan- FIBV) ge traded primarily in bills of exchange and bonds. Equity trading grew in importance in 1992 the second half of the 19th century. 9 January Second weekly trading session introduced In the twenty years between the two World 28 January Wars, exchanges in Poland operated under First exchange terminals installed at WSE mem- a presidential executive order concerning bers’ offices the organisation of exchanges. 23 April First trading session supported by an IBM Apart from Warsaw, stock exchanges also AS/400-based system operated in Katowice, Kraków, Lviv, Łódź, 15 June Poznań and Vilnius. T-bonds first quoted under continuous trading system Paradoxically, the interruption in exchange 1 September operations in Warsaw as a result of World T-bonds first quoted under single-price trading system War II and then the transition to the com- munist economic system enabled Poland to 1993 create a modern stock exchange which leve- 4 January rages best practices and state-of-the-art so- Third weekly trading session introduced lutions of developed European exchanges. 22 April WSE parallel market launched 1990 1 May 16 October Settlement cycle changed from T+5 to T+3 Poland and France signed a co-operation agree- 9 June ment to open a securities exchange in Warsaw First share split performed 5 July 1991 Post-auction trading computerized; order place- 12 April ment via Exchange terminals enabled Foundation Act for Giełda Papierów 15 July Wartościowych w Warszawie SA (The Warsaw First dissemination of trading results via Tele- Stock Exchange Company) signed text 16 April First trading session; listed companies: Tonsil, 1994 Próchnik, Krosno, Kable and Exbud; trading 10 February sessions held once a week First quotation of pre-emptive rights associated 16 July with listed shares Additional specialist’s offer (post-auction trad- 1 March ing) introduced First allocation of new shares via public sub- 1 August scription Computerised settlement system introduced 16 April WIG20 price index introduced

361 Fact Book 2013

1 July 10 July Fourth weekly trading session introduced Market capitalisation reaches PLN 40 billion 3 October Fifth weekly trading session introduced 1998 10 October 16 January WSE accepted as member of World Federation Derivatives market launched, WIG20 futures in- of Exchanges (WFE) troduced 7 November 9 March The National Depository for Securities estab- First warrants introduced to trading lished as a separate entity 4 August First quotation of rights to shares (BRE shares) 1995 15 September 3 January WSE accepted as an affiliate member of IOSCO WIRR (parallel market index) introduced (International Organization of Securities Com- 25 January missions) First meeting of Coordinating Committee for the 21 September New Trading System Values of MIDWIG (mid-cap index) first pub- 20 April lished Continuous trading first supported with IBM 25 September AS/400 and Exchange terminals USD futures introduced to trading 17 May 28 December First public invitation to sell WSE-listed shares Last quotation of NIF certificates 18 December Crossing phase introduced to post-auction trad- 1999 ing 26 March WSE sectoral subindices first announced 1996 May 6 May First ‘Exchange Schools’ for novice investors WSE’s capitalisation reaches PLN 20 billion launched (organised by the WSE) 8 July 31 May Shares of first five companies introduced to EUR futures introduced to trading continuous trading 4 June 15 July WSE becomes associate member of FESE (Fed- NIF (National Investment Funds) certificates in- eration of European Securities Exchanges) troduced to single-price auction system 11 June 12 August WSE’s capitalisation exceeds PLN 100 billion NIF certificates introduced to continuous trading July 1 October WSE signed two memoranda of understanding Commercial real-time WSE data distribution (on cooperation and information exchange): system launched with the London Stock Exchange (12 July) and 20 December the Paris Bourse (16 July) Invitations to tender for supply of new trading system sent out 2000 February 1997 Real-time WSE data first available via vendors 3 February online WIG20 index first published during continuous 5 April trading; 1,000th trading session on the WSE Corporate bonds first quoted on the WSE (is- 20 February suer: Clif SA) First company (Elpo) listed on free market 28 April 21 May Innovative Technologies Segment (Si-Tech) es- 100th company listed on WSE tablished May 19 May Number of investment accounts exceed 1 million TechWIG index introduced for the WSE SiTech 12 June 25 May First quotation of shares in fifteen National In- First investment certificates introduced to trad- vestment Funds (NIF) ing

362 Warsaw Stock Exchange

8 June 2004 New WSE headquarters (Exchange Centre) of- 1 May ficially opened New division of WSE markets: the main (regu- 1 August lated official) market and parallel (regulated un- TechWIG futures introduced to trading official) market 17 November 3 June New Warsaw Stock Exchange Trading System WSE accepted as a full member of FESE (Fed- (WARSET) introduced eration of European Securities Exchanges) 15 December 2001 Best Practices in Public Companies 2005 adopt- 22 January ed by the WSE’s Supervisory Board and Man- First equity futures introduced to trading on agement Board shares of TPSA, ELEKTRIM, PKN ORLEN 7 February 2005 2000th trading session on the WSE 14 February 9 August T-bonds futures introduced to trading Memorandum of Co-operation signed between 11 July the WSE and the National Stock Exchange of First remote member of the WSE starts opera- Lithuania tions (Fischer Partners Fondkommission AB) 22 October 17 October Futures based on shares of another five com- Share options for shares of five companies in- panies introduced to trading: AGORA, KGHM, troduced PEKAO, BRE and PROKOM 25 November 26 November Shareholders Forum – first forum for individual Index participation units based on the WIG20 investors index (MiniWIG20) introduced to trading 2006 2002 23 February 8 February Dynamic price ranges introduced as an addi- WSE signed cross-membership and cross-ac- tional mechanism to curb price variations cess agreement with Euronext 17 August 18 February First company from Eastern markets debuted MIDWIG futures first quoted on the WSE on the WSE: Astarta Holding N.V. from Ukraine 25 April 1 September Convertible bonds (company: ComArch) first New ticks introduced quoted on the WSE 25 August September Structured products introduced to trading (is- The WSE’s Supervisory Board and Manage- suer: Deutsche Bank AG London) ment Board adopted resolutions on introducing 16 October Best Practices in Public Companies (Corporate Block trades in derivatives enabled Governance) 25 October WSE welcomed the debut of CEZ, the largest 2003 company in Central and Eastern Europe (as of 1 September debut day) Post-auction trading phase introduced at the 15 November end of continuous trading Contract with the first WSE IPO Partner signed: 22 September E-volution Capital, a brokerage house from WIG20 options introduced Kiev, Ukraine 14 October First foreign issuer debut on the WSE: Bank 2007 Austria Creditanstalt AG 18–19 January 22 December The first edition of the Central & Eastern Eu- WIG-PL (domestic companies index) first pub- ropean Market Forum took place. This event lished is intended for investors, companies and other institutions associated with the stock market. Meetings with specialists and companies as well as public debates with Polish

363 Fact Book 2013 and foreign experts are organised within the 17 December CEE Forum A site devoted to foreign companies listed on 5 February the WSE was launched at www.wseinterna- All sectoral subindices were denominated at a tional.eu. The aim of the site is to give investors 10:1 ratio a better picture of foreign companies listed on 16 March the Warsaw bourse. The site is intended for all New rules for computing and qualifying com- domestic and foreign investors, both individual panies to indices came into force. The previous and professional. Data and news are available MIDWIG index was replaced by the mWIG40, in two languages (Polish and English). and the WIRR superseded by the sWIG80. The 20 December portfolios of the WIG20, the mWIG40 and the UniCredit, an Italian company and the largest sWIG80 are defined on the basis of a single bank in Central and Eastern Europe, made its ranking list of companies based on trading vol- debut on the WSE, becoming the largest com- ume in the past 12 months and market value pany listed on the Warsaw bourse 1 April 21 December Segmentation of listed companies was modi- Highest equity trading value per session (PLN fied and three segments of equities were in- 4.14 billion) in WSE history troduced: 5 PLUS, 50 PLUS and 250 PLUS. The segment labelled 5 PLUS includes shares in 2008 companies with a capitalisation of under EUR 14 May 50 million; 50 PLUS covers companies with a The WSE launched two new segments: MINUS capitalisation between EUR 50 and 250 million 5 and ALERT LIST. The former includes shares whereas capitalisation of over EUR 250 million of companies with capitalisation up to EUR 5 puts companies into the segment called 250 million whereas ALERT LIST is designed for PLUS companies whose share prices are highly vola- 9 May tile or which are under bankruptcy proceedings A new online service, designed by the WSE 25 June and the Polish Press Agency, was launched at Representative office of the WSE opens in Kiev, ww.WSEInfoSpace.eu. It is a business news site the capital city of Ukraine. The office serves as with information on Polish and foreign compa- an information centre for prospective issuers nies listed on the WSE, providing news from and investors from Ukraine interested in ei- markets in Central and Eastern Europe. The ther raising or investing capital on the Warsaw site is fully accessible to the public and free of bourse charge, with information available in two lan- 10 July guage versions (Polish and English). WSE finalises its purchase of a 25% stake in the 30 August Ukrainian exchange INNEX NewConnect, a new market, organised and op- July erated by the WSE, was launched. NewConnect The Liquidity Support Programme is launched. is designed to finance start‑ups and new com- The programme is designed for companies panies with a high growth potential. Among the which, based on WSE-defined criteria, achieve first companies to have made their debuts on low liquidity ratios this market (on the first day of trading) were: 1 September Digital Avenue, S4E, ViaGuara, Virtual Organisation of trading sessions is changed. Vision and Wrocławski Dom Maklerski. New- Starting from this date, trading sessions on the Connect has the status of an organised market cash market (continuous trading system) begin but is operated by the WSE outside the regu- at 9:00 a.m. and sessions on the derivatives lated market, as an alternative trading system. market start at 8:30 a.m. 12 October The Warsaw Stock Exchange became a share- 2009 holder of the Sibiu Monetary Financial and 5 January Commodities Exchange, Sibex (Monetar Fi- Companies are offered the opportunity to sub- nanciara si de Marfuri; Sibiu, Romania). As a mit their current reports during a trading session, result of the WSE’s contribution to the capital which means that the ‘session silence’ require- increase, the Management Board of Sibex allo- ment is abolished for companies listed under the cated shares to the WSE representing 1.8% of continuous trading system, currently operated be- Sibex share capital tween 8:30 and 16:30

364 Warsaw Stock Exchange

February 12 May The WSE sets up a Bond Market Development IPO of PZU SA – the largest IPO in the history Committee with a mission to support the crea- of the WSE tion and development of an organised market 1 July for debt instruments WSE enables short selling under new rules, 23 February thus considerably improving the appeal of the Co-operation Memorandum signed with the Be- market by boosting its efficiency larusian Currency and Stock Exchange. The aim 12 July of the Memorandum is to create a market senti- Strategic partnership of NYSE Euronext and ment conducive to investments and to support WSE announced; under the agreement the collaboration between financial markets of the WSE is expected to launch a new transaction two countries system with improved efficiency and extended 10 March functionalities Information on concentrated positions in fu- 20 September tures first published Life Science index first published on NewCon- 4 May nect; the index covers companies from the The WSE launches two new indices: WIG- broadly defined health care sector 20short and WIG20lev. 22 September 11 September The first ETF launched in the WSE; WIG20 ETFs The WSE becomes a majority shareholder in are issued by LYXOR Asset Management MTS-CeTO (currently: BondSpot SA), taking up 9 November an additional 61.31% stake. WSE’s total share- WSE’s own IPO on its trading floor, marking a holding is 92.47%. milestone in its history; the IPO attracted enor- 30 September mous interest, with over 323,000 individual in- The WSE launches Catalyst, the market for debt vestors subscribing to its shares, and multiple instruments, co-organised by the WSE and oversubscription among institutional investors BondSpot. Catalyst is the first organised mar- 11 December ket in Poland designed for corporate, municipal, poee, the WSE Energy Market, launched; the mortgage bonds and other debt instruments. market offers opportunities for energy trading 3 November on its Daily-Hourly Market and for transactions New share issue of PKO BP, worth PLN 5.1 bil- with a longer time horizon on the futures mar- lion, is launched ket. 6 November PGE introduces its shares, worth PLN 6 billion, 2011 marking the second largest market debut ever 3 January on the WSE and the largest floatation in 2009 Starting from 2011 a new session schedule 19 November was launched, whereby exchange sessions The RESPECT Ranking is announced and the start at 8:30 a.m. (futures market) and at 9:00 RESPECT Index is first published. The WSE and a.m. (spot market), and end at 5:30 p.m., i.e. its external partners initiated a study on social one hour later than before. responsibility of listed companies in order to 3 January enhance social responsibility and promote the The WSE commenced calculation of WIG- idea among listed companies. As a result, the div, an index comprising up to 30 compa- first index of socially responsible companies nies from WIG20, mWIG40, sWIG80 with the was developed (RESPECT Index). highest dividend yields. WIGdiv constituents 2010 must also pay dividends regularly (at least 11 January 3 times within the last 5 accounting years). BondSpot-operated ATS launched on Catalyst, WIGdiv is a total return index. allowing the market to reach its target architec- 16 February ture Treasury BondSpot Poland (TBSP), a Treas- 25 February ury bond index was launched. Starting from WSE designated as a ‘Recognised Stock Ex- this date, this index has been published, change’ by HM Revenue & Customs (UK) among others, on the WSE and BondSpot 16 March websites. TBSP is the first official index for NewConnect Lead (NCLead) segment launched Treasury bonds in Poland. on NewConnect

365 Fact Book 2013

28 February 19 October WIG-Basic Materials Index, a sectoral subin- The WSE Board adopted a uniform text of dex, was launched. the WSE Statutes and consented to the pur- 18 March chase of shares in Towarowa Giełda Energii Kernel Holding became the first Ukrainian is- SA (energy exchange) and adopted amend- suer to be included in WIG20, the WSE blue ments to Best Practices of WSE Companies’ chip index. 2 November 16 April Stock futures for four more companies were The WSE celebrated its 20th anniversary. As added to the WSE portfolio. part of the celebrations, conferences were held 8 November and an Open Doors Day was organised, attract- The contract for the purchase of shares in To- ing a record number of 10,000 participants. warowa Giełda Energii SA was signed. 4 May 22 November The WSE started calculating and publishing Catalyst welcomed the first bonds denomi- a national index WIG-Ukraine. This is the nated in foreign currency: eurobonds issued first and only index outside Ukraine which by PKO Bank Polski. comprises only companies from that coun- 28 November try. WIG-Ukraine is the second national index The first stock futures for a foreign company, calculated by the WSE, after WIG-Poland, an Kernel Holding, were launched. In total, eight- index of Polish companies, published since een stock futures are traded on the WSE. December 2003. 28 November 31 May The WSE Main List welcomed the first com- LYXOR ETF DAX and LYXOR ETF S&P500, pany from Bulgaria, SOPHARMA AD. issued by Multi Units Luxemburg, held their 1 December debuts on the WSE Main List. The WSE started calculating WIGPlus, an in- 6 July dex which reflects the market sentiment in Jastrzębska Spółka Węglowa held its IPO the smallest companies on the WSE Main on the WSE. This is the largest share issue List. conducted by the Treasury in 2011, and the 6 December fourth largest IPO in the history of the WSE A resolution was adopted to organise a WSE and the fourth largest offering after 3 quar- bonds issue, the issuing process was com- ters of 2011 across Europe. The value of the menced and the prospectus was submitted. IPO was PLN 5.37 billion. Approx. 170,000 15 December Poles subscribed to JSW shares. TURBO Certificates were launched as an 21 July innovative financial instrument in Poland: Warrants and new series of structured cer- leveraged knock-out (barrier) certificates. tificates issued by Raiffeisen Centrobank AG Those instruments were issued by Raiffeisen made their first appearance on the WSE. In Centrobank AG. A total of 31 series of those total, 117 new financial instruments were leveraged certificated were introduced to added within one day, including 90 option- trading, based on prices of 10 WSE-listed in- based warrants and 27 structured certificates struments. (bonus and discount-based). 30 August 2012 The 4th anniversary of NewConnect, coincid- 4 January ing with the IPO of the 300th company on The WSE launches its series I bonds with a this alternative equities market operated by nominal value of PLN 170 million for trading the WSE. on Catalyst. 30 September 20 February Two years since the launch of Catalyst. Af- The WSE’s series II bonds, sold in a tranche ter those two years, Catalyst had 185 series for individual investors, are first traded on of municipal, corporate and co-operative Catalyst; the value of series II bonds is PLN bonds in listing, worth PLN 35 billion. Debt 75 million. securities were launched on this market by 24 February 90 issuers from Poland and other countries. The WSE takes over a controlling stake in

366 Warsaw Stock Exchange

TGE (Polish Power Exchange) worth nearly change Clearing House (commodities mar- PLN 180 million. ket) operated by the Settlement House for 2 April Commodities Exchanges. The WSE enables transactions made under 12 September cross orders. The arrival of 237 structured products is- 1 May sued by Raiffeisen Centrobank AG. The WSE launches changes in its standard 30 September for currency futures (USD, EUR and CHF). Three years since the launch of Catalyst 21 May (147 issuers, more than 300 bond series). The WSE announces important amen- 11 October dments to the Rules of the Alternative GAZ-SYSTEM SA signs a collaboration Trading System and launches a new seg- agreement with TGE, as an important step mentation for NewConnect. towards exchange gas trading. 24 May 26 November NYSE Technologies and the WSE announce The WSE amends its ‘Best Practices for their partnership with regard to selling mar- WSE Listed Companies’. ket data. 3 December 30 May The IPO of the 50th foreign company on the The WSE starts to calculate and publish WSE. WIG-CEE, its first regional index. 3 December 13 June The WSE starts to calculate and publish The WSE website takes the first place in the WIG20TR, an index which covers income 5th edition of the ‘Issuers’ Golden Website’ from equities, in particular from dividends contest organised by the Issuers Association. and pre-emptive rights. 26 June 14 December New regulations of NewConnect become The IPO of Alior Bank on the WSE Main List. effective as part of the NewConnect reform. This IPO, worth nearly PLN 2.1 billion, is the 27 June largest private placement in the history of The WSE announces the composition of the WSE. new segments on NewConnect: High Liqui- 20 December dity Risk (HLR) and Super High Liquidity The Gas Exchange begins its operations on Risk (SHLR). the TGE trading floor. 12 July Equities from as many as 400 issuers are listed on NewConnect. 27 August The WSE launches a mobile application for Apple iOS and Android users. 27 August The WSE, the Polish Power Grid (PSE) and the Polish Power Exchange (TGE) sign a collaboration agreement. 31 August The 5th edition of ‘NewConnect Convention /Catalyst Bond Congress’ is held. 31 August The 5th anniversary of the launch of New- Connect (413 companies listed, including 7 foreign ones; more than PLN 2.5 billion of capital raised). 5 September The Polish Financial Supervision Authority approves the Rules of Gas Trading on the Polish Power Exchange and the Rules of Ex-

367 Fact Book 2013

Exchange Holidays in 2013

The Warsaw Stock Exchange is open Mon- day to Friday except on the following dates in 2013:

 1 January (Tuesday)  29 March (Friday)  1 April (Monday)  16 April (Tuesday)  1 May (Wednesday)  3 May (Friday)  30 May (Thursday)  15 August (Thursday)  1 November (Friday)  11 November (Monday)  24 December (Tuesday)  25 December (Wednesday)  26 December (Thursday)

368 Warsaw Stock Exchange

Selected Capital Market Selected International Institutions Financial Institutions

Izba Domów Maklerskich World Federation of Exchanges (WFE) Chamber of Brokerage Houses www.world-exchanges.org www.idm.com.pl Federation of European Securities Exchan- Komisja Nadzoru Finansowego (KNF) ges (FESE) Polish Financial Supervision Authority (PFSA) www.fese.eu www.knf.gov.pl International Organization of Securities Krajowy Depozyt Papierów Wartościowych Commissions (IOSCO) National Depository for Securities (NDS) www.iosco.org www.kdpw.pl

Narodowy Bank Polski National Bank of Poland www.nbp.pl

Stowarzyszenie Inwestorów Indywidual- nych Individual Investors’ Association www.sii.org.pl

Stowarzyszenie Emitentów Giełdowych Issuers Association www.seg.org.pl

Związek Maklerów i Doradców Polish Association of Brokers and Investment Advisors www.zmid.org.pl

369 The Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie SA) Książęca 4 00-498 Warsaw Poland

Secretariat tel. (+48 22) 628 32 32 fax (+48 22) 537 77 90

Marketing Communications Office tel. (+48 22) 537 79 57 fax (+48 22) 625 67 48 e-mail: [email protected]

Telephone inquiries for companies tel. (+48 22) 537 72 62 (+48 22) 537 72 14 (+48 22) 537 79 38

e-mail: [email protected]

Internet: Main List NewConnect Catalyst www.gpw.pl www.newconnect.pl www.gpwcatalyst.pl

E-mail: Main List NewConnect Catalyst [email protected] [email protected] [email protected] ISSN 1428-1171