Warsaw, 13 March 2012

Presentation of the Results of WSE Group in 2011

Record-breaking Year in WSE History

2

Over PLN 250 bn of equity session turnover in 2011 (+21% vs. 2010)

Derivatives volume at 15.6 m instruments (+5.7% vs. 2010)

Value of Catalyst issues up by 85.8% to PLN 40 bn in 2011

Treasury BondSpot Poland reported over PLN 1 bn of Treasury bond turnover (+321%)

Sales revenues highest in history (PLN 268.8 mn)

1 As at 31.12 2011 2 Turnover volume for 2011 to capitalisation as at 31.12 2011

WSE on the Stock Exchange1

Market capitalisation PLN 1.48 bn

Average daily turnover in 2011 PLN 4.74 m

Dividend yield 9.1%

Free float 64.05%

Turnover ratio2 61.8%

PLN m 2011 change vs. 2010

Sales revenues 268.8 19.1%

Operating expenses 134.0 1.2%

Operating profit 133.7 45.7%

Net profit 134.1 41.5%

EBITDA1 164.7 34.4%

WSE Group financial results

1 EBITDA = EBIT + share of profit of associates + depreciation and amortisation

Business Expansion

Diversification and business expansion

Strengthening the regional role of WSE

Extended trading hours as one of the main drivers of more investor activity (average number of transactions per trading day up by 14.2%; session trading up by 21%)

Spin-off of the clearing house KDPW_CCP in KDPW Group

Treasury Securities Dealers once again selected TBSP as the platform of organised Treasury bond trading

3

Making WSE more attractive to market participants

Acquisition of PolPX (Feb. 2012) drives WSE expansion in exchange commodities and commodity derivatives trading

New single-stock futures, new ETFs, new structured products

Catalyst enters a phase of dynamic growth

16 new foreign listings; 46 foreign companies listed at end of 2011 (MM: 39, NC: 7)

Of 12 brokers admitted to operation in 2011, 10 are foreign brokers

One of Europe’s strongest IPO markets, record-high number of IPOs

Challenging Market Environment

4

1

-8 -12 -13 -14 -15 -17 -18 -19 -19 -20 -22 -24 -26 -26 -26 -28 -31 -35

-60 -71

Lira Turkey -15.3%

Forint Hungary -11.6%

Złoty Poland -10.8%

Koruna Czech Rep. -2.8%

Roble Russia -2.3%

Leu Romania -1.4%

Lev Bulgaria 0.0%

Peformance of main indices, 20113

Selected currencies to euro, 20114

Poland’s high GDP growth in 2011 (4.3% vs. 1.5% EU average1), but PLN and WSE under pressure of adverse international developments

In 2011, investment funds’ clients were exiting equity funds (total cash outflow from all funds: PLN 3.33 bn) 2

Horizontal price movements and very low volatility in H1 2011 did not favour increased equities and derivatives trading

Higher volatility in Q3 combined with stock price falls drove trading volumes up but was not good for investors

Regulatory changes in Open Pension Funds without influence on the funds activity on WSE in the last couple of months

Despite the adverse market conditions, WSE’s initiatives ensured record-high equities and derivatives trading volumes and very good financial results of WSE

1 Source: Eurostat; 2 Source: Analizy Online; 3 Source: FESE; 4 Source: ECB

Business Growth Drivers in 2012

5

EU GDP forecast1 Poland will be the fastest growing EU economy in 20121

Launch of UTP, state-of-the-art trading system, scheduled for 2 November 2012

Retail investment fund assets to household bank deposits ratio lowest since 2004

(15%); the trend may reverse as market sentiment improves

Ministry of Treasury plans to continue privatisation projects on WSE in 2012-2013; this

will attract new investors to WSE

2012 2013

Poland 2.5% 2.8%

Lithuania 2.3% 3.8%

Latvia 2.1% 4.0%

Romania 1.6% 3.4%

Bulgaria 1.4% 3.0%

Estonia 1.2% 4.0%

Slovakia 1.2% 2.9%

Denmark 1.1% 1.7%

Malta 1.0% 2.0%

Finland 0.8% 1.7%

Luxembourg 0.7% 2.3%

Austria 0.7% 1.9%

Sweden 0.7% 2.1%

Germany 0.6% 1.5%

UK 0.6% 1.5%

Ireland 0.5% 2.3%

France 0.4% 1.4%

EU27 0.0% 1.5%

Czech Rep. 0.0% 1.7%

Belgium -0.1% 1.5%

Hungary -0.1% 1.4%

Slovenia -0.1% 1.5%

Euro Zone 17 -0.3% 1.3%

Cyprus -0.5% 1.8%

Netherlands -0.9% 1.3%

Spain -1.0% 1.4%

Italy -1.3% 0.7%

Portugal -3.3% 1.1%

Greece -4.4% 0.7%

WSE focus: strengthen WSE image among foreign

issuers and investors

improve trading liqidity in foreign stocks

promote WSE markets among domestic investors (in particular bonds and derivatives)

develop commodity products

1 Source: Eurostat; 2 Source: Analizy Online

Retail investment fund assets to household bank deposits2

Dec

-99

Dec

-00

Dec

-01

Dec

-02

Dec

-03

Dec

-04

Dec

-05

Dec

-06

Dec

-07

Dec

-08

Dec

-09

Dec

-10

Dec

-11

Regional Dominance

6

26% 26% 34%

42% 50%

40% 41% 32%

29% 25%

15% 19% 16% 12% 12%

15% 12% 16% 16% 11%

3% 2% 1% 1% 2%

2007 2008 2009 2010 2011

Other (Bulgaria, Romania, Slovenia, Slovakia)

CEESEG – Budapest

CEESEG – Prague

CEESEG - Vienna

WSE

Share of region’s exchanges in equities trading1

107.5

65.7

29.2

14.6 10.8 6.4 4.9 4.2

Market cap of stock exchanges in the region (EUR bn)1

WSE: 50% of trading in stocks of companies from the region

Market capitalisation of domestic companies listed on WSE represents over 45% of market capitalisation of exchanges in the region

WSE attracts foreign issuers and investors 1 Source: FESE

Internationally Recognisable Brand

7

21.2%

3.4%

-2.8% -4.2% -5.3% -5.8% -7.3% -8.3%

Annual growth rate of equities trading on WSE and average for selected regions (2011/2010)1

1 Source: WFE, Prague Stock Exchange (session trading in local currencies; arithmetic mean; number of exchanges in brackets)

2 EME – Emerging Markets – Europe (Poland, Hungary, Czech Rep., Turkey, Russia) 3 EM – all markets other than DM (mainly emerging and frontier markets) 4 EMEA – Europe, Middle East, Africa 5. DM – Developed Market

Nasdaq OMX: 30

Deutsche Boerse: 18

Oslo Bors&Oslo Axess: 13

BME (Spanish Exch.): 9

NYSE Euronext: 25

Luxembourg: 20

WSE: 203

LSE Group: 107

IPOs in Europe, 20111

1 Source: PwC (excluding transfers between markets of a Group, e.g., from NewConnect to WSE Main Market)

2 Source: WFE (excluding transfers between markets)

WSE: #3 in Europe by value of IPOs and #1 by number of IPOs1

WSE in 2011 – #3 globally after Shenzhen and TMX Group2 in

terms of number of new listings2

WSE ranked #7 globally in 2011 by growth rate of equities trading and #1 by growth rate of the number of listings 1

Issuers Tap Strengths of WSE Markets

Main Market

domestic companies

Main Market

foreign companies

373 387

2010 2011

27

39

2010 2011

185

351

2010 2011

492

992

2010 2011

+4% +44% +90% +102%

#2 in Europe by number of IPOs,

#3 by value of IPOs (EUR 2.2 bn)1

WIG-Ukraine – new WSE index (10 participants)

Bulgarian, Lithuanian and Slovenian listings

#1 by number of IPOs on alternative markets in Europe1

Value of issues PLN 40 bn at end of 2011 (+85.8%)

First eurobond issue

1 Source: PwC (excluding transfers between markets of a Group, e.g., from NewConnect to WSE Main Market) 2 Non-Treasury bonds only 8

Fast growth of issuer base as proof of WSE international strengths

Strong Foundations of Growing Turnover

9

135.4 306.5

188.1

730.9

2010 2011

Conditional transactions Cash transactions

Value of T-bond trading on TBSP (PLN bn)

206.9 250.6

27.4 17.5

0

50

100

150

200

250

300

350

400

2010 2011

Block trades Session trades

Value of equities trading on WSE Main Market (PLN bn)

13 515 13 672

1 206 1 885

2010 2011

Single-stock and currency futures, options, index units Index futures

14 720

Volume of derivatives trading (thou. instruments)

Share of TBSP in secondary Treasuries trading was 9.6% in 2011 (3.9% in 2010)

Share of TBSP in inter-bank secondary Treasuries trading was 25.1% in 2011 (12.8% in 2010)

Biggest derivatives market in CEE

Total trading volume increased 5.7% YoY in 2011

Share of derivatives other than WIG20 futures in total volume increased from 8.4% in 2010 to 12.3% in 2011

WSE trading value increased while other key markets of the region reported decreased or stable trading values.

Liquidity up from 42.0% in 2010 to 45.6% in 2011

Average daily turnover increased by 15.4% to PLN 1,068 m

+14% +6%

15 557

+321%

323.5

1 037.5 234.3

268.1

WSE’s Increasing Impact

10

WSE Members

Growing network of WSE market data vendors

Number of real-time data subscribers increased by 15% to 327.3

thou. subscribers

Growing number of accounts operated by KDPW (1,498 thou.

at end of 2011 vs. 1,477 thou. at end of 2010)

Growing WSE Member network – one of key elements of WSE

strategy

12 new WSE Members in 2011:

2 Polish institutions

10 foreign investment firms

31 Remote WSE Members in 14 countries at end of 2011

Remote WSE Members generated 23.4% of session equities

trading in 2011 (+7.4 pp vs. 2010)

28 30

21 31

0

10

20

30

40

50

60

70

80

90

100

2010 2011

Remote Local

WSE Data Vendors

33 37

19 20

0

10

20

30

40

50

60

70

80

2010 2011

Foreign vendors Domestic vendors

+10%

52 57

+24%

PolPX:

the only commodity exchange in Poland, the biggest national power exchange in the region1

Very profitable business

Poland: #1 in the region and #6 in EU by production of electricity2

1 Central and Eastern Europe 2 Source: Eurostat, 2009 data.

GPW 90.3% Vattenfall

Sales Poland 6.8%

Electrabel 1.0%

PKP Energetyka

1.0%

Bergen Energi AS

0.8%

11

PolPX shareholders after acquisition by WSE

PolPX: Growing WSE Shareholder Value

Before the deal, WSE held 2.33% of PolPX

Acquisition of 80.33% from the consortium (PLN 154 per share, PLN 179.37 m in total)

Additional stakes bought from RWE Polska, Enea, ZEW Kogeneracja

Strong position of WSE Group in view of regulatory changes on the EU and Polish energy market (liberalisation of gas market, further requirements for RES production)

6.0

12.6 11.2

20.8

29.4

41.2

55.9

7.1 8.4 9.0 11.2 15.1

17.6

24.7

2005 2006 2007 2008 2009 2010 2011

Net sales revenues (PLN m) Operating expenses (PLN m)

-1.2

3.7 2.6

8.5 12.4

19.8

26.4

2005 2006 2007 2008 2009 2010 2011

Net profit (PLN m)

12

New platform accelerating WSE growth with the introduction of new derivatives combining the know-how of both companies

Financially attractive deal, supporting the

effectiveness of WSE sources of funding, no major impact on dividend pay-out capacity

Fulfilment of WSE strategy of consolidating the Polish market infrastructure

Natural complementarity and further diversification of WSE Group business

Access to an attractive revenue stream

PolPX: Commodity Market Potential

WSE Group

13

WSEInfoEngine S.A. 100,00%

BondSpot S.A. (92,47%)

Subsidiaries Associates

KDPW S.A. (33,33%)

INNEX PJSC

(24,98%)

Centrum Giełdowe S.A.

(24,79%)

GIEŁDA PAPIERÓW WARTOŚCIOWYCH W WARSZAWIE S.A.

Instytut Rynku Kapitałowego – WSE Research S.A.

(100,00%)

Polish Power Exchange (90,33%)

IRGiT S.A. (100,00%)

Info GT Sp. z o.o. (100,00%)

KDPW_CCP S.A. (100,00%)

Successful Placement of WSE Bonds

14

Qualified investors – PLN 170 m

Public offering for qualified investors (December 2011)

90 subcriptions placed, 23 subscriptions accepted

Placed subscriptions 4.8 times higher than the value of allocated bonds

Individual investors – PLN 75 m

Public offering for individual investors (February 2012)

1,777 subscriptions for over PLN 100 m

25 percent reduction of subscriptions

Yield: WIBOR 6M + margin 117 bp

Two series of 5Y bonds, total value PLN 245 m

20 February 2012: assimilation, listed on: Catalyst – regulated market, Catalyst ATS

Series A Series B

Debt to equity1:

Net debt2 / EBITDA3:

Q3 2011 After bond issue4

0% ~44%

- 0.75

1 Interest-bearing liabilities (total liabilities under debt, e.g. principal and interest)/ approximate consolidated equity for WSE and PolPx; 2 Interest-bearing liabilities – cash and cash equivalents (without debt issue) 3 EBITDA = EBIT + share of profit of associates + depreciation and amortisation 4 Including series A bonds (PLN 170 m) and series B bonds, issued in February 2012 (PLN 75 m); on the basis of consolidated data

15

Financial results

Historically High Revenues

16

225.63 268.80

91.75

133.66

94.83

134.14

2010 2011

+19%

+46%

+43%

Q4/10 Q3/11 Q4/11

60.18 70.42

60.91

16.88

34.22 27.11

18.19

38.11

24.54

+1%

+61%

+35%

PLN m

Sales revenues

Operating profit

Net profit

Revenues grew 19% in 2011 (YoY) thanks to very good results of all lines

Growth stalled in Q4 due to falling equities trading on WSE

High growth of operating profit owing to cost discipline and no major one-off expenses (public offering expenses in 2010)

Growth of net profit modestly lower than growth of operating profit due to less growth of associates profit

Growth of Main Business Lines

17

168.78 202.97

20.22 23.39

32.57 36.57

2010 2011

+20%

+16%

+12%

43.85 53.50

44.05

Q4/10 Q3/11 Q4/11

5.51 6.05 5.56

8.62 9.54 9.46

+0.5%

+1%

+10%

PLN m

Trading revenues

Listing revenues

Information services

revenues

Modification of monthly subscriber fees as of July 2011 grew revenues in Q4

Price increase as of 2012 (annual data vendor fees)

Dynamic growth of the segment owing to many IPOs on WSE and active trading by foreign investors who generated 47% of turnover in 2011

Growing share of NewConnect and Catalyst issuers in total revenues (respectively, 7.7% in 2011 and 10.8% in Q4 2011 and 4.5% in 2010 and 3.6% in Q4 2011 - of listing revenues)

Modification of NewConnect price list as of 2012 (introduction fee increased from PLN 3 thou. to PLN 6 thou.)

Stable Revenues Structure

18

Equities 53%

Derivatives 15%

Bonds 5%

Trading (other)

2%

Listing 9%

Information services

14%

Other revenues

2%

Share of equities in sales revenues increased to 53% in 2011 (51% in 2010) thanks to equities market growth faster than in other segments

Structure of sales revenues in 2011

Q4 2011 Q4 2010

Revenues Share Revenues Share

Sales revenues 60 907,4 100% 60 181,0 100%

Equities trading 29 037,1 48% 31 647,7 53%

Derivatives trading 9 768,8 16% 8 726,1 14%

Trading (other)1 1 795,4 3% 1 211,1 2%

Bond trading 3 448,8 6% 2 265,2 4%

Listing 5 561,0 9% 5 507,0 9%

Information services 9 462,0 16% 8 621,0 14%

Other revenues 1 834,4 3% 2 203,0 4%

Growth of bond trading and information services revenues in Q4 2011 vs. Q4 2010 driven by dynamic growth of Catalyst and TBSP and modification of information services prices

Sales revenues, Q4 2011 (PLN thou.)

1

1 WSE Member fees and other cash market instruments

Costs

19

2011 2010 change (YoY)

Q4/11 Q3/11 Q4/10 change

(Q4’11/Q4’10)

Operating expenses 133 966 132 341 1% 35 198 33 605 42 848 -18%

Depreciation and amortisation 15 620 16 681 -6% 3 889 3 924 4 370 -11%

Staff costs 51 841 43 922 18% 15 220 11 899 13 448 13%

Rent and other maintenance fees 6 877 6 279 10% 1 767 1 724 1 568 13%

Fees and charges 15 675 16 045 -2% 1 791 5 561 4 026 -56%

including: fee paid to KNF 14 361 14 986 -4% 1 331 5 248 3 647 -64%

External services 36 235 42 101 -14% 10 466 8 156 17 259 -39%

Other operating expenses 7 718 7 313 6% 2 066 2 341 2 176 -5%

Operating expenses in 2011 similar to 2010

Sharp decrease of cost of external services in all of 2011 and in Q4 2011 vs. Q4 2010 due to one-off costs of the WSE public offering in 2010

Increase of staff costs in Q4 2011 due to actuarial valuation of WSE future financial liabilities to employees

High Profitability

20 1 EBITDA = EBIT + share of profit of associates + depreciation and amortisation

Good business results in Q4 and all of 2011 combined with high profitability

EBITDA and EBIT highest since 2008

52.7% 54.3%

61.3% EBITDA

105.1 122.6

164.7

EBITDA1 (PLN m)

100.7 94.8

134.1

Net profit (PLN m)

13.9% 18.1% 25.6%

ROE

Operating profit (PLN m)

79.5 91.8

133.7

39.9% 40.7% 49.7%

EBIT

Q4/10 Q3/11 Q4/11

40.1% 59.3% 54.2%

Q4/10 Q3/11 Q4/11

28.0% 48.6% 43.8%

Q4/10 Q3/11 Q4/11

18.1% 25.4% 25.6%

Quarterly EBITDA Quarterly ROE Quarterly EBIT

2.40 2.26

3.20

EPS (PLN)

Q4/10 Q3/11 Q4/11

0.44 0.90 0.60

Quarterly EPS

High Liquidity

21

Balance Sheet overview (PLN thou.) 2011 2010

Non-current assets 355 291 337 664

Property and equipment 128 672 119 516

Intangible assets 60 621 60 167

Investment in associates 147 894 138 956

Current assets 377 616 220 862

Trade and other receivables 29 620 81 416

Available-for-sale financial assets 56 651 30 787

Cash and equivalents 291 085 107 600

Total assets 732 907 558 526

Equity 524 492 524 726

Long-term liabilities 175 517 4 814

Liabilities in respect of bond issue 170 226 0

Short-term liabilities 32 898 28 986

Trade payables 10 516 7 472

Corporate income tax liabilities 5 011 0

Other liabilities 4 459 11 440

Employee benefits payable 11 851 9 790

Total liabilities 732 907 558 526

At end of 2011 balance sheet only includes series A bond issue (PLN 170 m; series B: PLN 75 m in Q1 2012)

Cash and equivalents net of

receipts from the issue at a high PLN 121 m

Dividend policy to pay out at

least 30-50% of separate profit is safe

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 have 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 in satisfaction of its disclosure obligations under Polish law.

23

Additional slides – financial data

Consolidated statement of comprehensive income

24

in PLN m, under IFRS 2011 2010 Q4 '11 Q3 '11 Q2 '11 Q1 '11 Q4 '10 Q3 '10 Q2 '10 Q1 '10

Revenue 268.80 225.63 60.91 70.42 68.31 69.16 60.18 53.97 57.49 53.98

Revenue from trading 202.97 168.78 44.05 53.50 50.64 54.79 43.85 40.69 43.19 41.05

Shares and other equity instruments 143.09 115.44 29.04 36.57 37.55 39.93 31.65 28.27 28.67 26.85

Derivative instruments 40.33 40.08 9.77 11.94 8.31 10.31 8.73 9.00 11.23 11.12

Other fees from market participants 5.29 4.50 1.57 1.32 1.24 1.15 1.15 1.10 1.24 1.01

Fixed-income securities 13.45 8.58 3.45 3.50 3.37 3.12 2.27 2.28 2.00 2.04

Other cash instruments 0.81 0.18 0.22 0.15 0.17 0.27 0.07 0.04 0.04 0.03

Revenue from listing 23.39 20.22 5.56 6.05 6.48 5.30 5.51 4.59 5.54 4.59

Annual listing fees 16.75 14.58 4.25 4.24 4.19 4.07 3.70 3.63 3.64 3.60

Introduction and admission fees 6.63 5.64 1.30 1.81 2.29 1.23 1.80 0.96 1.89 0.99

Revenue from information services 36.57 32.57 9.46 9.54 9.35 8.21 8.62 7.97 8.08 7.90

Other revenue 5.87 4.05 1.83 1.33 1.84 0.87 2.20 0.73 0.68 0.44

Operating expenses 133.97 132.34 35.20 33.61 34.08 31.08 42.85 30.60 30.45 28.44

Depreciation and amortization 15.62 16.68 3.89 3.92 3.83 3.98 4.37 4.14 4.18 3.99

Salaries 39.39 35.23 10.38 9.63 10.05 9.32 11.21 8.17 8.37 7.47

Other employee costs 12.45 8.70 4.84 2.27 2.49 2.85 2.24 2.04 2.13 2.30

Rent and other rent related fees 6.88 6.28 1.77 1.72 1.71 1.68 1.57 1.66 1.53 1.52

Fees and charges 15.67 16.05 1.79 5.56 4.13 4.20 4.03 3.59 4.22 4.21

including: fees paid to KNF 14.36 14.99 1.33 5.25 3.89 3.89 3.65 3.42 3.96 3.96

External services 36.24 42.10 10.47 8.16 10.30 7.31 17.26 9.32 8.20 7.32

Other operating expenses 7.72 7.31 2.07 2.34 1.57 1.74 2.18 1.68 1.81 1.64

Other income 0.44 1.14 0.31 0.01 -0.38 0.50 0.93 -0.10 0.11 0.19

Other expenses 1.61 2.68 -1.09 2.61 0.03 0.06 1.39 1.20 0.07 0.02

Operating profit 133.66 91.75 27.11 34.22 33.82 38.52 16.88 22.08 27.09 25.71

Net financial income 13.94 9.42 1.56 7.80 2.01 2.57 2.27 0.89 3.94 2.33

Share of profit of associates 15.47 14.17 2.00 3.61 4.42 5.44 2.89 4.43 2.49 4.36

Profit before income tax 163.06 115.34 30.66 45.63 40.25 46.52 22.04 27.40 33.51 32.40

Income tax expense 28.92 20.52 6.12 7.53 7.36 7.92 3.85 5.19 5.70 5.79

Profit for the period 134.14 94.83 24.54 38.11 32.89 38.60 18.19 22.21 27.82 26.61

External services. financial ratios

25

in PLN thousand, under IFRS 2011 2010

External services 36 235 42 101

Building renovations and maintenance 11 914 11 433

Advertising expenses 6 897 12 968

Electronic data transfer 6 543 5 224

Consulting and audit fees 2 446 3 943

Press announcements 31 99

Staff training 1 046 900

Security 1 005 920

Telecommunication 500 603

Information services 366 604

Office cleaning 391 417

Legal and translation services 664 1 746

Software modifications 244 178

Other external services 4 186 3 066

PLN m 2011 2010 Q4 '11 Q3 '11 Q2 '11 Q1 '11

Operating profit 133.66 91.75 27.11 34.22 33.82 38.52

164.75 122.60 32.99 41.75 42.07 47.93

EBITDA* 61.3% 54.3% 54.2% 59.3% 61.6% 69.3%

EBITDA margin** (%) 49.7% 40.7% 44.5% 48.6% 49.5% 55.7%

Operating profit margin*** (%) 25.6% 18.1% 25.6% 25.0% 23.1% 20.4%

Return on equity (ROE)**** (%) 32.5% 0.0% 32.5% 0.0% 0.0% 0.0%

Balance sheet - assets

26

in PLN m, under IFRS

2011 2010 31.12.2011 30.09.2011 30.06.2011 31.03.2011

Non-current assets 355.29 337.66 355.29 348.88 393.98 395.87

Property and equipment 128.67 119.52 128.67 125.00 118.05 117.20

Intangible assets 60.62 60.17 60.62 59.76 59.45 59.85

Investments in associates 147.89 138.96 147.89 145.29 141.53 144.07

Deferred tax assets 3.11 4.01 3.11 3.35 4.44 5.23

Available for sale financial assets 11.80 11.83 11.80 12.31 67.35 66.34

Financial assets held to maturity 0.00 0.00 0.00 0.00 0.00 0.00

Prepayments 3.20 3.19 3.20 3.16 3.15 3.18

Current assets 377.62 220.86 377.62 183.17 239.55 210.26

Inventories 0.26 0.44 0.26 0.28 0.29 0.43

Corporate income tax receivable 0.00 0.62 0.00 0.00 0.00 0.00

Trade and other receivables 29.62 81.42 29.62 51.51 50.27 47.01

Available-for-sale financial assets 56.65 30.79 56.65 55.88 0.00 31.06

Financial assets held to maturity 0.00 0.00 0.00 0.00 0.00 0.00

Other short-term financial assets 0.00 0.00 0.00 0.02 0.00 0.00

Cash and cash equivalents 291.08 107.60 291.08 75.48 188.99 131.76

Total assets 732.91 558.53 732.91 532.05 633.52 606.13

Balance sheet - equity

27

in PLN m, under IFRS

2011 2010 31.12.2011 30.09.2011 30.06.2011 31.03.2011

Equity 524.49 524.73 524.49 499.29 460.99 562.84

Share capital 63.87 63.87 63.87 63.87 63.87 63.87

Other reserves 0.27 0.20 0.27 0.10 -0.03 -0.28

Retained earnings 459.07 459.77 459.07 434.15 396.15 498.29

Non-controlling interest 1.28 0.88 1.28 1.18 1.00 0.97

Non-current liabilities 175.52 4.81 175.52 3.46 3.37 3.65

Employee benefits payable 4.21 2.37 4.21 2.37 2.27 2.37

Other non-current liabilities 0.07 0.08 0.07 0.08 0.09 0.11

Finance lease liabilities 1.02 1.01 1.02 1.01 1.01 1.17

Provisions for other liabilities and charges 170.23 0.00 170.23 0.00 0.00 0.00

Current liabilities 0.00 1.36 0.00 0.00 0.00 0.00

Trade payables 32.90 28.99 32.90 29.30 169.16 39.64

Finance lease liabilities 10.52 7.47 10.52 2.65 3.30 3.93

Corporate income tax payable 0.06 0.07 0.06 0.07 0.07 0.07

Other liabilities 5.01 0.00 5.01 6.71 5.57 4.42

Employee benefits payable 4.46 11.44 4.46 10.33 153.11 26.42

Provisions for other liabilities and charges 12.85 9.79 12.85 9.54 7.01 4.54

Total equity and liabilities 0.00 0.21 0.00 0.00 0.10 0.25

Equity 732.91 558.53 732.91 532.05 633.52 606.13

Cash flows

28

in PLN m, under IFRS

2011 2010

Cash flows from operating activities 129.99 90.04

Cash generated from operations 152.44 110.10

Income tax paid -22.46 -20.06

Cash flows from investing activities 18.53 130.19

Purchases of property and equipment -20.72 -8.33

Proceeds from sale of property and equipment 0.18 0.13

Purchases of intangible assets -4.58 -28.35

Purchases of financial assets available for sale -54.20 0.00

Purchase of an associate 0.00 0.00

Acquisition of subsidiary less acquired cash 0.00 0.00

Redemption/ sale of financial assets available for sale 30.04 159.63

Redemption of financial assets held to maturity 0.00 0.00

Purchases of bonds held to maturity 0.00 0.00

Redemption of financial assets held to maturity 0.00 0.00

Interest received 6.31 6.48

Dividends received 61.52 0.49

Other -0.02 0.14

Cash flows from financing activities 34.97 -596.80

Dividends paid -135.03 -596.80

Net increase/ (decrease) in cash and cash equivalents 170.00 0.00

Cash and cash equivalents at the beginning of the period 183.48 -376.57

Cash and cash equivalents at the end of the period 107.60 484.17

Cash flows from operating activities 291.08 107.60

Income – listing and market services

29

4.6

5.5

4.6

5.5 5.3

6.5 6.1

5.6

Total

3.6 3.6 3.6 3.7 4.1 4.2 4.2 4.3

1.0

1.9

1.0

1.8 1.2

2.3 1.8

1.3

Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11

Annual fees Introduction fees

Listing (PLN m)

7.9 8.1 8.0 8.6 8.2

9.3 9.5 9.5

Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11

Information services revenue

188.2

259.0 266.7 285.4

310.2 324.4 332.0 327.3

Number of subscribers

Information services (PLN m)

Fees for information services denominated only in PLN, change from EUR, increase of monthly fees denominated in PLN (1 July 2011)

Change of annual fees for data vendors as of the beginning of 2012 (price increase and currency change to PLN)

Record number of new listings on NewConnect market

Annual fees:

Depend on the company’s market capitalization at the end of each year

Stable revenue source throughout the year

Profit of associates and financial income

30

Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11

2.3

3.9

0.9

2.3 2.6 2.0

7.8

1.6

Net financial income (PLN m)

72

-949

970 43 380 216

-710 -217

4.287 3.435

3.464

2,848

5,058

3,984 4,325

2,215

Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11

KDPW Group (WSE share: 33.3%)

4,359

2,487

4,434

2,890

5,438

4,420 3,614

1,998

Total

Share of profit of associates (PLN k)

Centrum Giełdowe result depends on USD/PLN exchange rate due to a loan denominated in USD

1 In Q2 2011 the share of profit of associates was increased by PLN 218 k as an impact of full consolidation - first-time consolidation of KDPW_CCP in the KDPW Group

Centrum Giełdowe (GPW share: 24,79%)

23.2

10.7 10.2

14.0 15.8

2007 2008 2009 2010 2011

KDPW – net profit for WSE (PLM m)

Revenues – trading segment

31

26.8 28.7 28.3 31.6

39.9 37.6 36.6 29.0

Equities (PLN m)

1 2

2.0 2.0 2.3 2.3

3.1 3.4 3.5 3.4

Fixed income (PLN m)

11.1 11.2 9.0 8.7

10.3 8.3

11.9 9.8

Derivatives (PLN m)

1.0 1.3

1.1 1.2 1.4 1.4 1.5

1.8

Other3 (PLN m)

41.1 43.2 40.7 43.9

54.8 50.6

53.5

44.1

Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11

Trading (PLN m)

1 2

1 Includes revenue from tender for shares in the amount of PLN 7.7 m (mainly tender for BZ WBK shares) 2 Includes PLN 3 m trading revenue from invoice correction for Q1 2011

3 Other fees paid by market participants and other cash instruments

32

Slide pool – market data

WSE Group business lines

33

Trad

ing

Largest CEE exchange, with domestic market capitalization of PLN 446 bn (Main Market) and PLN 8.4 bn (NewConnect)

777 listed companies (426 – Main Market, 351 - NewConnect)

39 foreign issuers listed on the WSE Main Market, 7 on NewConnect market

208 non-treasury bond series, PLN 40.0 bn issue value of Catalyst bond market

List

ing

Strong trading flow generated by 60 exchange members, both local and remote

#1 in CEE, and #9 in Europe, by cash equity turnover value

Strong growth potential on Catalyst and Treasury BondSpot Poland

Cash securities

Derivatives

Fixed income

Market data and other services

provider of real-time Polish trading data, supplied via 54 data vendors (327.3k subscribers at the end of 2011)

Supports listed companies’ IR and PR strategies through company WSEInfoEngine and internet platforms, including WSEInfoSpace and WSEInternational

33.3% stake (alongside the State Treasury and the National Bank of Poland) in KDPW Group, the Polish CSD and clearing house for WSE, BondSpot and OTC trades

KDPW provides WSE with both influence over the structure of the Polish capital markets, and an attractive share in KDPW’s earnings stream

Post-trade services

Commodities Growth potential of electricity market and other products

Listing and trading (31.12.2011)

#1 in CEE, and #4 in Europe, by stock index future turnover

WSE operates across a wide range of financial markets, maximising revenue potential from listing, trading, market data and post-trade services

WSE one of the fastest developing stock exchanges

34

Warsaw SE Shenzhen SE

Santiago SE

Colombo SE

Budapest SE

Mexican Exch.

Istanbul SE

Hong Kong Exch

National SE India

TMX Group

Top 10 world stock exchanges with the highest growth of number of companies1

- Number of companies as of end 2011

- Increase of no. of companies 2010 to 2011

33%

21%

16%

13%

11%

6%

6%

5%

5%

5%

777

1411

267

272

476

1496

1640

3945

824

440

291.4

0.5

27.8

2029.1

86.5

6.2

135.9

34.0

477.5

0.6

The first stock exchange in the world in terms of the growth dynamics of the number of companies in 20111

The fifth stock exchange in the world and the first in Europe in terms of turnover growth 2010 to 2011

1 Source: WFE; regulated and alternative markets 2 Source: WFE; session trading (USD)

45%

44%

30%

27%

26%

26%

25%

24%

21%

16%

Saudi Stock Market

Mauritius SE

Colombia SE

Philippine SE

Korea Exchange

MICEX

Warsaw SE

Lima SE

Bursa Malaysia

Ljubljana SE

Top 10 world stock exchanges with the highest turnover growth in 20112

291,4

0,5

36,8

27,8

2 029,1

514,3

86,5

6,2

135,9

0,6 -Turnover value 2011 (USD bn)

- Increase of turnover 2010 to 2011

Issuers and new listings

35

0 0 1 0 2 1 1 0

14 18 28 25

36 41 53

38

Domestic Foreign

NC: number of new listings

1 2 1 4 3

1 1 1 1

4 2 6

2 2 1

6

3

11

5

8

5 2

Domestic Foreign Transfer form NC

Main Market: number of new listings

Main Market – number of companies and new listings (long-term perspective)

230 216

203 230

255 284

351 374 379

400 426

9 5 6 36 35 38

81

33 13

34 38

0

50

100

150

200

250

300

350

400

450

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Number of companies New listings

Attractive venue for issuers

36

118 134 161

182 215

255

307 344

2 2 3 3 5 6 7 7

Domestic Foreign

33 58 91 55 212 151 196 168 13 23 45 44

42 46

520

44

SPO IPO

354 360 361 373 373 381 387 387

24 23 23 27 29 35 37 39

Domestic Foreign

17.8

1.0 2.5 1.2 1.1 0.5 1.2 0.7

0.1

12.8

0.2 2.3 0.3 2.3

5.7 0.2

IPO SPO

Main Market – number of companies NewConnect – number of companies

Main Market – offering value (PLN bn) NewConnect – raised capital (PLN m)

Domestic market capitalisation and GDP

37

Domestic companies capitalisation to WIG index

103 111 140

214

308

438

510

267

421

543

446

-22.0

3.2 44.9 27.9 33.7 41.6 10.4

-51.1

46.9 18.8

-20.8

-60

-10

40

90

140

190

180

80

20

120

220

320

420

520

620

Domestic companies capitalisation (PLN bn) WIG index return rate (%)

Domestic companies capitalisation to Polish GDP1

780 790 821 865 896 952

1,016 1,068 1,085 1,127

1,176

103 111 140 214

308

438 510

267

421

543 446

13% 14% 17%

25%

34%

46% 50%

25%

39%

48%

38%

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

200

400

600

800

1,000

1,200

1,400

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

GDP (PLN bn) Domestic companies capitalisation (PLN bn) Ratio

1Source: Central Statistical Office, WSE. GDP in 2011 – preliminary data

WSE Main Market turnover

38

Equity trading (PLN bn)

27.4 17.6

206.9 250.6

2010 2011

234.3

-36%

Total turnover

Session trading

Block trading

268.1 45.6 53.8 49.6

57.9 63.9 63.8 67.8 55.2

6.1

6.9 2.7

11.8 3.9 7.3 3.7

2.6

Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11

Quarterly value and turnover dynamics vs. WIG index (PLN bn)

44

44

42

44 44 44 43 43 41.0

44.4

39.6

42.9 45.1 42.9

49.5

44.8

51.7 49.9

52.5 51.1 51.7 49.9 52.4

55.1

Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11

Free float (%) Turnover ratio (%) Top 5 share in turnover (%)

WIG Index

Session trading

Block trading Total turnover

Change q-o-q

2.0% 17.4% -13.8% 33.4% -2.8% 4.9% 0.6% -19.3% 57,7 52.3 69.7 67.8 71.1 60.6 51.7 57.1 71.5

Value of trading and number of session trades – Main Market

39

40.3 31.8 40.1 59.8

98.5

169.3

239.7

165.7 175.9

234.3

268.1

12.5 11.4 12.3 15.6 19.8

45.0

60.8

38.2

51.4 48.4 55.3

0

20

40

60

80

100

120

140

0

50

100

150

200

250

300

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Session trading value (PLN bn) Block trading value (PLN bn)

Total trading value (PLN bn) No. of trades per session (thou., RHS)

Equities market – long-term perspective

40

1.2 1.4

2.6

5.1

8.5

24

61

26

86

172

0

20

40

60

80

100

120

140

160

180

0

1

2

3

4

5

6

7

8

9

2007 2008 2009 2010 2011

Market Cap New listings

0

5

10

15

20

25

30

Monthly turnover value on the Main Market 2001 –2011 (PLN bn)

NewConnect: market cap (PLN bn)

and new listings

152 420 581

1847 1955

2007 2008 2009 2010 2011

NewConnect: turnover value (PLN m) WSE Main Market: return of turnover growth dynamics to the level before crisis

Turnover value in 2011 on the level of 121.1% of the entire 2010 value

NewConnect: constant increase of the market parameters, market supplied with new companies and increased investors’ interest

Derivative instruments

41

-21% 1% -22% 3% 20% -19% 43% 20% 3.22 3.33 3.99 3.25 4.66 4.10 4.07

3.88 3.93 3.07 3.13

3.71 2.99

4.38 3.53

0.18 0.16

0.14 0.19

0.27

0.24

0.27

0.12

Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11

Futures Options

Derivative instruments turnover volume (m)

Total volume1 Change q-o-q

3.66

13.7

8.4 6.1

2.5 1.9 0.3 0.05 0.001

486.3 97.2 37.5

Index futures turnover volume in Europe (2011; m)

Increasing share of options and stock futures volume

WIG20 futures Options Stock futures Currency futures miniWIG20 participation units mWIG40 futures

92.8% 3.3% 2.6% 0.8%

0.2%

0.2%

87.7%

5.8%

4.7% 1.3% 0.3% 0.2%

2010 14.72 m

2011 15.56 m

Debt instruments

42

Development of non-treasury debt market in Poland (value of issues at the end of the period; PLN bn)

14.79 22.25

17.58

24.19 24.05

36.75 10.85

14.35

Q4/10 Q4/11

Municipal bonds Bank bonds Corporate bonds Commercial papers

Total: PLN 63.7 bn out of which 32% listed

Total: PLN 97.5 bn out of which

41% listed on Catalyst

Source: Fitch Polska

28 31 41 36 72 70 80 84

35 20 44

89

176

237

187

131

Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11

Wartość obrotów na TBS Poland (mld PLN)

Cash market Repo market

TBS Poland trading value (PLN bn)

10.9

19.9 21.6 21.5 24.3

30.9 35.0

40.0

37 51 73

97 114

142

184 208

-100

-50

0

50

100

150

200

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11

Catalyst (instrumenty nieskarbowe)

Issue value (PLN bn)

Number of series

Catalyst (non-treasury instruments)

Romania:2

Bulgaria:2

France: 2 Hungary: 2

UK: 9

Czech rep.:3

Germany: 2 Ukraine: 1

Slovakia:1

Lithuania: 1

Austria:1

Estonia: 1

26 24 25 26 31 28 28 28 28 28 28 28 29 30

7 10 17

18 18 19 20 20 21 23 25

31 31

2004 2005 2006 2007 2008 2009 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11

Remote Local

The number of exchange members

Origin of WSE remote members

Exchange members

43

Sweden: 1

Russia: 3 1

1

1 Brokers from Ukraine and Russia formally operate through entities registered in the UK and in Cyprus

Share of remote exchange members in session equity trading

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

100%

1/2

00

6

4/2

00

6

7/2

00

6

10

/20

06

1/2

00

7

4/2

00

7

7/2

00

7

10

/20

07

1/2

00

8

4/2

00

8

7/2

00

8

10

/20

08

1/2

00

9

4/2

00

9

7/2

00

9

10

/20

09

1/2

01

0

4/2

01

0

7/2

01

0

10

/20

10

1/2

01

1

4/2

01

1

7/2

01

1

10

/20

11

Foreign Local

Investors’ structure

44

84.8 116.2

139.6 137.1

179.0

221.5 226.2

2005 2006 2007 2008 2009 2010 2011

. AUM of Polish pension funds (PLN bn)

61.3

98.8

135.0

74.2 93.5

116.1 114.4

2005 2006 2007 2008 2009 2010 2011

. AUM of Polish investment funds (PLN bn)

Source: KNF Source: IZFiA

34% 35% 32% 33% 41%

31% 33% 43%

36% 47% 47%

37% 29% 29% 35%

26% 35% 30%

18% 27% 19% 18%

29% 36% 39%

32% 33% 34% 37% 39% 37% 34% 35%

0%

20%

40%

60%

80%

100%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Foreign Polish individuals Polish institutional

Share in futures turnover by investor type – Main Market

2% 2% 2% 4% 5% 9% 10% 10% 11% 14% 16%

83% 79% 74% 74% 75% 66% 56% 53% 52% 50% 46%

15% 19% 24% 22% 20% 25% 34% 37% 37% 36% 38%

0%

20%

40%

60%

80%

100%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Foreign Polish individuals Polish institutional

Share in equity turnover by investor type – Main Market