WSE OFFER FOR THE FOREIGN COMPANIES

1. WSE OFFER FOR THE FOREIGN COMPANIES June 2010 Robert Kwiatkowski Director Business Development Department

2. WSE STRENGTHS • Transparent, efficient and liquid market • Solid legal foundations • Easy to access, efficient transaction and settlement chain • Large, active and diverse community of investors • Dynamic market and product development • Comprehensive product offer - active cash and derivatives markets • Fast, flexible and secure transaction system • High standards: regulations, transparency and Corporate Governance • Leading position in Central Europe • Investors’ confidence in WSE • Active IPO market • Cross-border activity and internationalization - WSE attractive for foreign issuers, investors and intermediaries • WSE – a „Recognised Stock Exchange” designation from HM Revenue and Customs

3. WSE – LEADER IN THE REGION Source: FESE, May ‘10

4. 23 FOREIGN COMPANIES LISTED ON THE WSE

5. WHY DO FOREIGN COMPANIES LIST IN POLAND? Possible motives: • Raising capital for investment • Reduction of barriers for thePolish investors • transaction costs, regulatory barriers, websites in Polish • Capitalizing on product market reputation • Liquidity • Strengthening the company’s output market • Linkages with product market sales • Increase of visibility and investor recognition for the company • Enhancing the corporate image • Better local press coverage • Familiarity with local financial community • Committing to disclosure and corporate governance standards • Geographical and cultural proximity

6. LISTING ON THE WSE – BENEFITS FOR ISSUERS • Promotional and marketing effect • Listed company prestige • Higher credibility in contacts with banks and financial institutions (higher rating – lower cost of credit) • Higher credibility in winning new contracts and business partners • Access to large pool of capital • Possibility of building a capital group (payments with new stock issues) • EU passport facilitates access to any regulated EU stock exchange - based on a prospectus approved in any EU country (prospectus - translated into English, prospectus summary - translated into Polish for Polish market) • Stable investor structure

7. INTERNATIONAL MARKET CLIENTS AND PARTNERS WSE REMOTE MEMBERS 27 WSE IPO PARTNERS from 10 countries • Altera Finance (Ukraine) • Belarusbank (Belarus) • Sokrat Capital (Ukraine) • Swedbank (Estonia) • Pro-Consulting (Ukraine) • Millenium Capital (Ukraine) • Uniter (Belarus) • Wood &Company (Czech Republic) • Concorde Capital (Ukraine) • INFIN Financial Services (Turkey) • Priorbank(Belarus) • Cyrrus (Czech Republic) • Aval-Brok Limited (Ukraine) • US Finance Connect (USA) • Fund of Industrial Development (Ukraine) • Renenissance Securities (Cyprrus) • Sillicon Hill Ventures (USA) • Ukranet (Ukraine) • Wedbush Morgan Securities (USA) • Azov&BlackSea (Ukraine) • Avantazh Capital (Ukraine) • Guardian Trust (Greece) • Glenic-M (Russia) • BG Capital (Ukraine) • Silk route finance (UK) • Intercapital Securities (Croatia)

8. WSE MARKETS GPW WSE WSE MAIN LIST (Regulated market) Non-regulated market CATALYST (bond market)

9. THE PATH TO THE WSE LISTING ACCESS TO THE WARSAW STOCK EXCHANGE PUBLIC OFFER PRIVATE PLACEMENT INFORMATION DOCUMENT PROSPECTUS MEMORANDUM • Financial requirements • Financial statements together with auditor’s opinions for at least past three consecutive financial years required • 6-9 months lasting procedure • No financial requirements • Market accessible for start-ups • App. 3 months lasting procedure

10. USE OF SINGLE EUROPEAN PASSPORT • Preparation of prospectus in accordance with EU ordinance 809/2004 binding for all EU markets, thus secondary listings or issues could be executed at any EU stock markets („single passport rule”) • Approval of prospectus in Poland by Polish Financial Supervision Authority (PFSA) or in the country of EU home member state with prospectus notification in Poland • Translation into language of the country where securities are to be offered Single European Passport allows a non-EU company to offer stock admitted for trading on WSE in all 27 EU countries based on one prospectus

11. LISTING CRITERIA – MAIN MARKET Listing requirements set in WSE Rules and ordinance of Finance Minister dated October 14, 2005: • appropriate information document prepared and approved by relevant supervision authority in EU (single passport), unless such information document is not required • no bankruptcy or liquidation proceedings underway with respect to the issuer • transferability not restricted • value of shares/equity no less than PLN equivalent ofEUR 10,000,000 • Dispersion: • 15% of shares all company shares held by small shareholders (shareholders each of whom controls no more than 5% of GM votes), and • 100,000 shares referred to in the application for admission to exchange trading with a value equal at least to EUR 1,000,000, calculated based on the last sale or issue price held by small shareholders. • financial statements together with auditor’s opinions for at least past three consecutive financial years published (IFRS) • corporate governance rules need to be adopted

12. ONGOING OBLIGATIONS – WSE MAIN LIST • Periodic reports (consolidated and non-consolidated, IFRS) • Quarterly reports (not audited) • Semi-annual reports (not audited, reviewed by an auditor) • Annual reports (audited)

13. BUSINESS PARTNERS – SUPPORT FOR THE SUCCESS OF IPO

14. Thank you for your attention! Robert Kwiatkowski Director Business Development Department Warsaw Stock Exchange Ksiazeca 4, 00-498 Warsaw Phone + 48 22 537 7098 Fax + 48 22 537 77 90 www.gpw.pl Email: Robert.Kwiatkowski@gpw.pl