The IPOPEMA Group - an introduction IPOPEMA Securities IPOPEMA TFI - PowerPoint PPT Presentation

April 1 2014

The IPOPEMA Group - an introduction IPOPEMA Securities IPOPEMA TFI IPOPEMA AM IPOPEMA BC Sales & Trading Investment Banking Funds Asset Management Business Advisory      WSE equities Public offerings (IPO, SPO) Closed-end funds Asset management Strategic advisory     BSE equities M&A deals Mutual funds IT advisory    PSE equities Bond issues Active management funds   Bonds Financial restructuring   Equity research Private equity financing  IPOPEMA Securities is one of the leading providers of brokerage services to institutional clients on the Warsaw, Budapest and Prague Stock Exchanges.  IPOPEMA Securities boasts one of the largest and most active teams of Investment Bankers in Poland.  The IPOPEMA Brokerage Department carries out between 8-10% of daily volume on the WSE  The Equity Research Department analyses 45 companies listed on the WSE and BSE, including most of the blue-chip stocks included in the WIG 20 index.  IPOPEMA TFI, managing more than 90 funds, is amongst the most active closed-end fund management companies in Poland.  IPOPEMA TFI manages almost PLN 18 bn in assets, and is one of the largest fund management companies in Poland.  The IPOPEMA Business Consulting team comprises more than 40 professionals. 2

IPOPEMA - a leader on the Polish Capital Markets IPOPEMA Capital Markets Department Professional team involved in: • Vice-chairman of IPO’s and secondary offerings, IPOPEMA Securities S.A.   M&A advisory, • Heads the Capital Markets Department  bonds offerings, • Previously worked for  financial restructuring, 2013 2013 2012 BRE Corporate Finance Mariusz Track record of more than 78 transactions Best privatisation Polish Equity House Best Capital Piskorski (total value over PLN 30bn ). IPO of the Year Markets team Best Capital Markets teams Best Capital Markets teams Best Capital Markets teams (ranking 2012**) (ranking 2012***) (ranking 2011*) UniCredit 1290 709 1224 1196 JP Morgan 524 905 PKO BP 995 PKO BP 845 Morgan Stanley 524 JP Morgan 797 ING Barclays 524 Citi Handlowy 845 746 UBS 184 Societe Generale Millenium 767 Admission to The largest 713 UniCredit Trigon 180 JP Morgan 767 trading of largest number of IPOs in 576 value of IPO Credit Suisse 2010-2011 PKO BP 177 Goldman Sachs 767 shares in 2012 493 Citi BESI 170 BZ WBK 565 *** Ranking prepared by Dealogic by volume ** Ranking prepared by Parkiet and Rzeczpospolita * Ranking prepared by Parkiet and Rzeczpospolita of transactions conducted (PLN m) by volume of IPOs conducted (PLN m) by volume of IPOs conducted (PLN m) - involved in most of the leading Polish Capital Markets deals of 2012-14 3

IPOPEMA - a leader in Equity Sales and Trading Equity Sales Department DM BH Citi 12,80% PKO BP Others 8,74% 34,83%  Vice - Chairman of IPOPEMA Securities S.A.  Heads the Ipopema Sales&Trading Department 8,41%  Previously : Board Member and Director, Credit Suisse KBC - Institutional Clients at Citi 8,17% 3,28% Stanisław - Head of Sales at ABN Amro ING Waczkowski 2013 2012 2011 3,41% BZ WBK Best Brokerage Best Brokerage Best Brokerage Deutsche Bank 6,96% Wood&Co House House House mBank 3,99% 4,91% 4,50% IPOPEMA market share in WSE trading (since 2013) Top Ranking Sales Team and Traders Forbes – Polish Institutional Broker Survey 2013  Arkadiusz joined IPOPEMA in August 2012 Overall Overall Profess Service Analysis Institution Ranking Ranking  has over 15 years of experience, being among ionalism quality quality (2013) (2012) the top brokers in Poland for several years PKO BP 1 3 2 3 5  prior to joining IPOPEMA, he worked for Citibank Arkadiusz Erste 3 5 3 12 7 Łabuńko UniCredit CAIB 4 7 6 6 12 ING 5 4 4 9 5 mBank 6 9 9 1 3 DM BH Citi 7 2 5 10 1 Wood&Co 8 6 3 7 11 2013 2012 2011 Espirito Santo 9 8 8 5 8 Best broker Best broker Best broker Trigon DM 10 11 7 11 14 4

IPOPEMA - significant market shares in Warsaw and Budapest Source:WSE, IPOPEMA 10 20 30 40 50 60 0 1 2 3 4 5 6 0 Jan-09 Jan-10 Feb-09 Feb-10 Mar-09 Mar-10 Apr-09 Apr-10 May-09 IPOPEMA’s market share of equity volume on the WSE (2009-14) – between 6-11% IPOPEMA’s market share of equity volume on the BSE (2010-14) – between 4-12% Jun-09 May-10 Jul-09 Jun-10 Aug-09 Jul-10 Sep-09 IPOPEMA’s market share of equity volume on the WSE (2009 -2012) – between 8-10% Aug-10 Oct-09 Nov-09 Sep-10 Dec-09 Oct-10 Jan-10 Nov-10 Feb-10 Dec-10 Mar-10 Apr-10 Jan-11 May-10 Feb-11 Jun-10 Mar-11 Jul-10 Apr-11 Aug-10 WSE trading (PLNbn) BSE trading (EURbn) Sep-10 May-11 Oct-10 Jun-11 Nov-10 Jul-11 Dec-10 Jan-11 Aug-11 Feb-11 Sep-11 Mar-11 Oct-11 Apr-11 Nov-11 May-11 Jun-11 Dec-11 Jul-11 Jan-12 Aug-11 Feb-12 5 Sep-11 Mar-12 Oct-11 Nov-11 Apr-12 Dec-11 May-12 Jan-12 Jun-12 IPOPEMA's market share IPOPEMA's market share Feb-12 Jul-12 Mar-12 Apr-12 Aug-12 May-12 Sep-12 Jun-12 Oct-12 Jul-12 Nov-12 Aug-12 Sep-12 Dec-12 Oct-12 Jan-13 Nov-12 Feb-13 Dec-12 Mar-13 Jan-13 Feb-13 Apr-13 Mar-13 May-13 Apr-13 Jun-13 May-13 Jun-13 Jul-13 Jul-13 Aug-13 Aug-13 Sep-13 Sep-13 Oct-13 Oct-13 Nov-13 Nov-13 Dec-13 Dec-13 Jan-14 Jan-14 Feb-14 Feb-14 Mar-14 0% 2% 4% 6% 8% 10% 12% 14% 0% 2% 4% 6% 8% 10% 12%

Highly ranked Equity Research Department Equity Research Department covers more than 40 companies Sector Selected Companies ‘’ Consistently the best Equity Research Department ” Alior, Handlowy, Millenium, mBank, BZWBK, Getin Noble, ING, Pekao, Financial PKO BP, PZU Construction Budimex, Elektrobudowa, Polimex-Mostostal, Trakcja Metals & Mining KGHM Synthos, Police, Puławy, Ciech, ZA Tarnów Chemicals Agriculture Astarta, Kernel, IMC, KSG Agro Real Estate GTC Industrial ACE, Mennica, Rovese, Richter, PKP Cargo Retail & 2012 2011 2010 Emperia, CCC, Eurocash, LPP, Intercars, Wawel, Jeronimo Martins 2013 Distribution Highest quality of Highest quality of Highest quality of Most accurate Analysis and Analysis and Analysis and Oil & Gas Lotos, PGNiG, PKN Orlen Recommendations Recommendations Recommendations Recommendations Energy ENEA, PGE, Tauron, ZE PAK, Energa Piotr Zielonka – the best Equity Analyst in Poland Equity Research ranking - 2012 • Since September 1st, chief of Equity Research Department Ov eralll Offer Professio Report Report • For more than a dozen of years, Piotr Zielonka’s career has been Bank ranking complexity nalism quality usefulness dedicated to the capital market. He previously worked for Citi (2012) Handlowy and PZU Asset Management • Graduated from the Warsaw School of Economics („ Information 2 2 3 3 3 mBank Systems ” and „ Quantitative Methods, Finance and Banking ”), 3 5 2 2 2 DM BH Citi CFA Charterholder since December 2007 The best The best 4 4 4 6 4 PKO BP • For the last years, Piotr Zielonka was consequently ranked 1st Research Department Market Strategy as the best equity analyst in ranks prepared by „Forbes” Piotr Zielonka 5 3 11 11 7 BZ WBK 2013 2013 magazine and „Parkiet” daily 6 6 5 8 8 ING 7 7 6 4 9 UniCredit 8 9 12 9 14 Wood&Co Best analyst in 2014 Best analyst in 2013 Best analyst in 2012 Forbes and Parkiet Forbes and Parkiet Forbes and Parkiet 9 8 13 13 6 IDM The best The best 10 13 15 10 5 DM Trigon Research Department Market Strategy 11 10 10 7 10 BESI Best construction sector Best retail and distribution Best energy sector 2012 2012 analyst sector analyst analyst 6