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WARSAW STOCK EXCHANGE – AN OVERVIEW OF THE MARKET

WARSAW STOCK EXCHANGE – AN OVERVIEW OF THE MARKET Dr. Ludwik Sobolewski, CEO Warsaw Stock Exchange Prague, 18 April 2007 Launch of WSE derivatives market – WIG20 futures Establishment of WSE Listing of first foreign company - Bank Austria Creditanstalt AG

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WARSAW STOCK EXCHANGE – AN OVERVIEW OF THE MARKET

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  1. WARSAW STOCK EXCHANGE – AN OVERVIEW OF THE MARKET Dr. Ludwik Sobolewski, CEO Warsaw Stock Exchange Prague, 18 April 2007

  2. Launch of WSE derivatives market – WIG20 futures Establishment of WSE Listing of first foreign company - Bank Austria Creditanstalt AG Apr1991 Nov1994 Jan1998 Nov2000 Oct2003 May2004 Jul2005 Nov2006 National Depository for Securities spinned-off from WSE Launch of WARSET – WSE trading system First remote member Poland’s EU entry MARKET OVERVIEW WSE EXPERIENCE - FROM LOCAL EMERGING TO FULLY-FLEDGED EUROPEAN MARKET Launch of WSE derivatives market – WIG20 futures Establishment of WSE Listing of first foreign company - Bank Austria Creditanstalt AG First IPO Partner Apr1991 Nov1994 Jan1998 Nov2000 Oct2003 May2004 Jul2005 Nov2006 National Depository for Securities spinned-off from WSE Launch of WARSET – WSE trading system First remote member Poland’s EU entry • progressing internationalization of WSE: • - 12 foreign companies from the Netherlands, Austria, Hungary, Germany, Ukraine, Slovakia, Czech Republic, USA • - 12 remote members from Austria, Germany, Hungary, Sweden, Great Britain, France, Czech Republic, Estonia • diversified and innovative product offer (unique in the CEE region) • state-of-the-art technological solutions - effective and safe trading system with access via communication protocols (MMTP, FIX) and global operator (TNS)

  3. 2006 GAINS IN DOMESTIC MARKET CAPITALISATION(Comparison of December 2006 with December 2005) MARKET OVERVIEW Note: In brackets place in WFE ranking; Source: WFE

  4. 2006 GAINS IN VALUE OF SHARE TRADING(Comparison of the period January–December 2006 with the same period of 2005) MARKET OVERVIEW Note: In brackets place in WFE ranking; Source: WFE

  5. 2006 GAINS IN NUMBER OF LISTED COMPANIES(Comparison of December 2006 with December 2005) MARKET OVERVIEW Note: In brackets place in WFE ranking; Source: WFE

  6. WSE - BASIC CHARACTERISTICS MARKET OVERVIEW • 38 member firms, including 12 remote members • 297 (including 12 foreign) listed companies • equity market capitalisation - Euro136 billion (domestic companies) • over 60 bond issues (mainly T-bonds) • derivatives market (index, currency and stock futures, index and stock options, T-bond futures) • equity market - 2006 value traded - Euro 91 bn • derivatives market - 2006 value traded - Euro 97 bn • P/E ratio (2006, year-end): 17.7 • P/BV ratio (2006, year-end): 2.53

  7. FUNDS ASSETS – PENSION & INVESTMENT FUNDS(EURO BILLION) MARKET OVERVIEW Source: Polish Central Statistical Office and Insurance and Pension Funds Supervisory Commission

  8. WSE INCREASING ROLE IN POLISH ECONOMY MARKET OVERVIEW Domestic equity market capitalisation/GDP ratio (%)

  9. MARKET OVERVIEW STABLE AND DIVERSIFIED INVESTOR STRUCTUREEQUITY MARKET (2002-2006)

  10. MARKET OVERVIEW WSE ATTRACTIVE FOR ISSUERS WSE – one of the most dynamic IPOs markets in Europe • No. 2 in Europe in 2004 - 36 IPOs • No. 3 in Europe in 2005 - 35 IPOs • No. 5 in Europe in 2006 - 38 IPOs • value of IPOs in 2004 - Euro 4.25 bn • value of IPOs in 2005 - Euro 1.7 bn • value of IPOs in 2006 - Euro 1.1 bn • 5-6% average cost of capital (WSE average for 2004-2006)

  11. MARKET OVERVIEW WSE PRAGMATIC AND TOP QUALITY APPROACH TO CORPORATE GOVERNANCE Corporate Governance Code • strengthens competitiveness and attractiveness of the market • reflects practical experience, current trends and market participants expectations • offers innovative approach to solving market problems • is both practical and useful for the market • offers benefits to all market participants - lower investment risk => lower cost of capital • supports transparency of the market and confidence of domestic and international investor community

  12. REGIONAL COMPETENCE ORGANIZATION FOCUSED ON EFFECTIVE ACQUISITION OF NEW ISSUERS • Foreign companies listed : • 2003 – 1 (BACA AG), 2004 – 4 (Borsodchem Plc., IVAX, BMP AG, MOL Plc.), 2005 – 2 (AMREST, SkyEurope). 2006 – 6 (ASTARTA HOLDING N.V. (AN UKRAINIAN COMPANY REGISTERED IN THE NETHERLANDS), ASSECO SLOVAKIA, CEZ, CINEMA CITY, CENTRAL EUROPEAN DISTRIBUTION CORPORATION, PEGAS NONWOVENS), 2007 – 1 (WARIMPEX) *WSE forecast

  13. Warsaw Stock Exchange 4 Książęca Str. 00-498 Warsaw tel. +48 22 628 32 32, fax +48 22 628 17 54 e-mail: wse@wse.com.pl

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