GPW 2007 – NOWA JAKOŚĆ

INVESTORS IN EXCHANGE TRADING

in 2011

- survey summary

2

• Research form: questionnaire; respondents provided exact values;

• Respondents: 29 domestic WSE members;

• Timing: January-February 2012;

• Data for the period: H2 of 2011, annual aggregated data based on the results for H1 and H2 of the year;

• Market maker activity and client portfolio management treated as domestic institutional investor activity;

• Survey taking into consideration trading in sessions on the WSE

Methodology notes

3

Main Market

*turnover calculated for both transaction parties

4

NewConnect

* turnover calculated for both transaction parties

5

Futures contracts

* turnover calculated for both transaction parties

6

Options

* turnover calculated for both transaction parties

7

Investors Instruments 2005 2006 2007 2008 2009 2010 2011

Foreign shares MM41 31 33 43 36 47 47

  shares NC3 2 2 2 3

  contracts5 9 10 10 11 14 16

  options1 3 12 12 4 12 24

Retail shares MM26 35 30 18 27 19 18

  shares NC92 92 88 87 77

  contracts77 66 56 53 52 50 46

  options75 71 53 58 65 60 64

Institutional shares MM33 34 37 39 37 34 35

  shares NC5 6 10 11 20

  contracts18 25 34 37 37 36 38

  options24 26 35 30 31 28 12

Summary – percentage data

*turnover calculated for both transaction parties

8

Investors Instruments 2006 2007 2008 2009 2010 2011

Foreignshares MM(mm PLN) 96 985 151 801 136 239 120 422 193 286 235 647

 shares NC(mm PLN) --- 5 14 19 76 112

 contracts(volume) 1 119 466 1 792 994 2 417 051 2 771 495 3 743 213 4 430 710

 options(volume) 17 086 91 048 77 477 34 992 130 450 404 934

Retailshares MM(mm PLN) 111 270 135 357 55 010 89 614 80 647 92 671

 shares NC(mm PLN) --- 143 755 962 2 722 2 860

 contracts (volume) 8 380 398 10 510 635 12 808 565 13 869 008 13 563 414 13 267 126

 options(volume) 464 992 419 888 374 855 513 577 660 697 1 059 573

Institutionalshares MM(mm PLN) 109 685 167 852 122 713 123 355 139 781 172 859

 shares NC(mm PLN) --- 8 54 99 330 746

 contracts (volume) 3 153 718 6 330 419 8 944 898 9 809 607 9 920 881 10 696 807

 options(volume) 173 188 279 056 198 092 240 997 302 557 199 705

Summary – value

*turnover calculated for both transaction parties

9

Disclaimer

This presentation has been prepared by Giełda Papierów Wartościowych w Warszawie S.A. (the“Company” or “WSE”) solely for use by its shareholders, clients or analysts and should not be treated as a part of any invitation or offer to sell any securities, invest or deal in or a solicitation of an offer to purchase any securities or recommendation to conclude any transaction, in particular with respect to securities of WSE.

The information contained in this document has been compiled in good faith by the Company, however all users of this presentation should take note that some of the data are based or provided to WSE by external sources and has not been independently verified. WSE does not make any representation as to accuracy, fairness, correctness or completeness of the information or the opinions contained herein.

WSE shall not be liable for the consequences of any decision made based on information included in this presentation. WSE hereby informs persons viewing this presentation that the only source of reliable data describing WSE financial results and events are current or periodic reports issued by WSE insatisfaction of its disclosure obligations under Polish law.