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WARSAW STOCK EXCHANGE WARSAW STOCK EXCHANGE - ENTREPRENEUR-FRIENDLY PARTNER - ENTREPRENEUR-FRIENDLY PARTNER FOR INNOVATIVE, FAST-GROWING FOR INNOVATIVE, FAST-GROWING CE BUSINESSES CE BUSINESSES Dr. Ludwik Sobolewski, President & CEO TMT.Ventures’09 Warsaw March 5, 2009

Ludwik Sobolewski, Warsaw Stock Exchange @ TMT.Ventures'09 Warsaw

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Page 1: Ludwik Sobolewski, Warsaw Stock Exchange @ TMT.Ventures'09 Warsaw

WARSAW STOCK EXCHANGE WARSAW STOCK EXCHANGE - ENTREPRENEUR-FRIENDLY PARTNER - ENTREPRENEUR-FRIENDLY PARTNER

FOR INNOVATIVE, FAST-GROWING FOR INNOVATIVE, FAST-GROWING CE BUSINESSES CE BUSINESSES

Dr. Ludwik Sobolewski, President & CEOTMT.Ventures’09 WarsawMarch 5, 2009

Page 2: Ludwik Sobolewski, Warsaw Stock Exchange @ TMT.Ventures'09 Warsaw

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SKYEUROPEWARIMPEXIMMOEAST

SILVANO OLYMPIC

BMP AG

MOL

AMRESTCINEMA CITYPLAZA CENTER

CEZPEGASNWR

ASSECO

ACE

ASTARTAKERNEL

CEDC

ASBIS

ORCO GROUP

REINHOLD

RONSON

UNICREDIT ITALIANO

ATLAS ESTATES

BELVEDERE

WSE – INTERNATIONAL MARKET

FOREIGN COMPANIES APPRECIATE WSE POTENTIALWSE – INTERNATIONAL MARKET

Page 3: Ludwik Sobolewski, Warsaw Stock Exchange @ TMT.Ventures'09 Warsaw

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MAINTAINING AND STRENGTHENING INTEREST OF FOREIGN INVESTORS AND INTERMEDIARIESSIGNIFICANT growth of trading activity by remote members:

CONCORDE SECURITIES LTD (Hungary) HQ Direct AB (Sweden) WOOD & COMPANY FINANCIAL SERVICES (Czech

Republic) RAIFFEISEN CENTROBANK AG (Austria) CREDIT SUISSE SECURITIES (EUROPE) LTD (UK) JP MORGAN SECURITIES LTD (UK) BAYERISCHE HYPO- UND VEREINSBANK AG

(Germany) UNICREDIT CAIB AG (Austria) SOCIETE GENERALE (France) HSBC Bank (UK) CASHLINE SECURITIES (Hungary) CYRRUS (Czech Republic)

NEONET SECURITIES (Sweden) AS HANSAPANK (Estonia) DEKABANK DEUTSCHE

GIROZENTRALE (Germany) FIO (Slovakia) Goldman Sachs International (UK)

WSE – INTERNATIONAL MARKET

Page 4: Ludwik Sobolewski, Warsaw Stock Exchange @ TMT.Ventures'09 Warsaw

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Altera Finance (Ukraine) Sokrat Capital (Ukraine) Millennium Capital (Ukraine) Aval-Brok (Ukraine) Concorde Capital (Ukraine) CJSC Fund of Industrial Development (Ukraine) Financial and Analytical Group Pro-Consulting Ltd (Ukraine) Financial Company UKRANET (Ukraine) Hansapank (Estonia and Baltic states) WOOD & Company Financial Services (Czech Republic) Cyrrus a.s. (Czech Republic) Uniter Investment Company (Belarus) Priorbank JSC (Belarus) INFIN Financial Services (Turkey) Renaissance Securities (Cyprus) US Finance Connect LLC (USA) Silicon Hill Ventures LLC (USA) Wedbush Morgan Securities (USA)

WIDE AND GROWING NETWORK OF BUSINESS PARTNERS

WSE – INTERNATIONAL MARKET

Page 5: Ludwik Sobolewski, Warsaw Stock Exchange @ TMT.Ventures'09 Warsaw

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INVESTOR STRUCTURE – WSE MAIN LIST EQUITY MARKET (1997-2008)

STRUCTURE IN 2002 - 2008

0

20

40

60

80

100

2002 2003 2004 2005 2006 2007 2008

foreign institutional individual

• In 1H 2008 share of both foreign and domestic institutional investors in trading on equity market reached 41%, and individuals amounted to 18%;

• In 2H 2008 foreign investors dominated (46%), followed by domestic institutions (37%) and phisical persons (17%);

2H 2008 STRUCTURE

institutional; 37%

individual 17%

foreign; 46%

• In 2008 foreign investors were behind 43% equity turnover, institutions 39%, and phisical persons had 18% share;

• phisical persons in 2008 generated the smallest share in equity turnover in the history of WSE survey

Page 6: Ludwik Sobolewski, Warsaw Stock Exchange @ TMT.Ventures'09 Warsaw

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WSE AND NEW ISSUERS

9 16 2244 65 83

143

225 230 216 203230

255

9 7 6 22 21 18 13 9 5 1 5 7

371

221198

284351

33285762 81

3835366 252312

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Number of listed companiesNumber of new listingsNumber of foreign companies (since 2003)

Source: WSE

IPO MARKET

Page 7: Ludwik Sobolewski, Warsaw Stock Exchange @ TMT.Ventures'09 Warsaw

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231 127

4 159

9 321

6 980

18 200

13 168

34465

33

65

36

3538

81

913

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

20 000

2000 2001 2002 2003 2004 2005 2006 2007 2008

0

10

20

30

40

50

60

70

80

90

Value of Offerings (PLN m.) Number of debuts

WSE MAIN LIST NUMBER OF DEBUTING COMPANIES

AND OFFERINGS VALUES

IPO MARKET

Page 8: Ludwik Sobolewski, Warsaw Stock Exchange @ TMT.Ventures'09 Warsaw

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NUMBER OF LISTINGS

38

81

33

24

61

0

20

40

60

80

100

2006 2007 2008

Main market NewConnect

In 2007 the number of listings at WSE reached 105 (including WSE Main List and NewConnect market).

In 2008 - 94 new companies were listed.

Source: WSE

IPO MARKET

Page 9: Ludwik Sobolewski, Warsaw Stock Exchange @ TMT.Ventures'09 Warsaw

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IPO VALUE – NEWLY LISTED COMPANIES*

3 814

9320

2 4453700

18 23615 370

0

5 000

10 000

15 000

20 000

2006 2007 2008

The value of public offerings in 2007 amounted almost to PLN 18.2 billion (EUR 4.8 bn). This was the record value in the history of WSE.

M P

LN

Offer Value of Newly Listed Companies

including:Newly Issued Shares –

(capital increase)

Source: WSE

* Excluding NewConnect market

IPO MARKET

Page 10: Ludwik Sobolewski, Warsaw Stock Exchange @ TMT.Ventures'09 Warsaw

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INTERNATIONAL COMPARISON

WSE - one of the most active IPO markets in Europe in recent years

with high number and value of IPO

WSE no. 1 in terms of number IPOs

in 4Q 2008

No. Exchange No. of IPOs

Value of IPOs (EUR

m.)

1 London 99 8 884

2 Warsaw 94 2 502

3 NYSE-Euronext 65 2 501

4 OMX 26 208

5 Luxembourg 20 314

6 Oslo 13 63

7 Deutsche Boerse 12 330

8 Borsa Italiana 6 129

9 Switzerland 6 424

10 Madrid (BME) 1 292

11 Ireland (ISE) 1 -

12 Wiener Boerse - -

13 Athens - -

Source: PWC; 2008 data

IPOs ON STOCK EXCHANGES IN EUROPE IN 2008 (ALL MARKETS)

IPO MARKETIPO MARKET

Page 11: Ludwik Sobolewski, Warsaw Stock Exchange @ TMT.Ventures'09 Warsaw

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WSE MAIN LIST(Regulated market)

Non-regulated market

WSE

WSE MARKETS

28

Innovative, dynamically developing small-cap

companies

Large companies with good track record

Page 12: Ludwik Sobolewski, Warsaw Stock Exchange @ TMT.Ventures'09 Warsaw

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NEWCONNECT IN 2008 TURNOVER ON EQUITIES AND ALLOTMENT

CERTIFICATES (PLN m.)

0

100

200

300

400

500

600

700

800

900

2007 2008 IH 2008

• in 2008 both the number of companies and the turnover rose;

• the average session equity turnover amounted to PLN 3.3 m.

• at the end of 2008 on NewConnect 83 companies were listed and 1 foreign one;

• the majority of companies on NewConnect are listed after private placement;

NUMBER OF COMPANIES

0

20

40

60

80

100

2007 2008 IH 2008

Page 13: Ludwik Sobolewski, Warsaw Stock Exchange @ TMT.Ventures'09 Warsaw

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INVESTOR STRUCTURE – NEWCONNECT STRUCTURE IN 2007 - 2008

0

20

40

60

80

100

2007 2008 IH 2008

foreign institutions individuals

• in 1H 2008 share of foreign investors amounted to 2%, domestic institutions 6%, and individuals 92%;

• in 2H 2008 domestic institutions generated 8% of turnover, foreign investors 1% only, and phisical persons 91%;

2H 2008 STRUCTURE

foreign1%

institutional 8%

individual 91%

• in 2008 individual investors generated 92% of turnover, domestic institutions 6%, and foreign 2%;

Page 14: Ludwik Sobolewski, Warsaw Stock Exchange @ TMT.Ventures'09 Warsaw

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WSE DEVELOPMENT STRATEGY - FROM LOCAL EMERGING MARKET TO A CEE

REGIONAL CENTRE

First foreign company

PROGRESSING INTERNATIONALISATION OF THE WSE • 25 foreign companies • 17 remote members • 18 WSE IPO Partners• wide base of foreign investors

Oct2003 July 2005

Nov2006 Aug 2007 Jul 2008 2009 ………….

First remote member

First IPO Partner

Launch of NewConnect WSE alternative marekt

WSE becomes the largest exchange in the CEE region

by market cap

Project concerning development of debt and commodities market

STRATEGIC GOAL to become a CEE regional centre

Page 15: Ludwik Sobolewski, Warsaw Stock Exchange @ TMT.Ventures'09 Warsaw

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Warsaw Stock Exchange4 Książęca Str. 00-498 Warsaw

tel. +48 22 628 32 32, fax +48 22 628 17 54e-mail: [email protected]