1 July

2013

2

The IPOPEMA Group - an introduction

Sales & Trading Asset Management Investment Banking Business Advisory

IPOPEMA AM IPOPEMA BC IPOPEMA Securities

WSE equities

BSE equities

PSE equities

Bonds

Equity research

Public offerings (IPO, SPO)

M&A deals

Bond issues

Financial restructuring

Private equity financing

Asset management Strategic advisory

IT advisory

Funds

Closed-end funds

Mutual funds

Active management

funds

IPOPEMA TFI

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 Equity Research Department analyses 70 companies listed on the WSE and BSE, including almost all the blue-chip stocks

included in the WIG 20 index.

IPOPEMA TFI, managing 78 funds, is amongst the most active closed-end fund management companies in Poland.

IPOPEMA TFI manages about PLN 11 bn in assets, and is one of the largest fund management companies in Poland.

The IPOPEMA Business Consulting team comprises more than 40 professionals.

3

IPOPEMA – a leader on the Polish Capital Markets

Team of 17 professionals involved in:

IPO’s and secondary offerings,

M&A advisory,

bonds offerings,

financial restructuring,

Track record of more than 75 transactions (total value of more than PLN 25bn).

• Vice-chairman of

IPOPEMA Securities S.A.

• Heads the

Capital Markets Department

• Previously worked for

BRE Corporate Finance Mariusz

Piskorski

IPOPEMA Capital Markets Department

- involved in most of the leading Polish Capital Markets deals of 2011-13

Best Capital Markets teams

(ranking 2011*)

Best Capital Markets teams

(ranking 2012***)

** Ranking prepared by Parkiet and Rzeczpospolita

by volume of IPOs conducted (PLN m)

*** Ranking prepared by Dealogic by volume

of transactions conducted (PLN m)

493

576

713

746

797

995

1196

1224

Citi

Credit Suisse

UniCredit

UBS

ING

JP Morgan

PKO BP

170

177

180

184

524

524

524

709

BESI

PKO BP

Trigon

Millenium

Barclays

Morgan Stanley

JP Morgan

* Ranking prepared by Parkiet and Rzeczpospolita

by volume of IPOs conducted (PLN m)

Best Capital Markets teams

(ranking 2012**)

2012

Best Capital

Markets team

565

767

767

767

845

845

905

1290

BZ WBK

Goldman Sachs

JP Morgan

Societe Generale

Citi Handlowy

PKO BP

UniCredit

The largest

number of IPOs in

2010-2011

Admission to

trading of the

largest value of

free float shares

through IPO on

the WSE in 2012

2013

Best

Equity House

4

IPOPEMA – a leader in Equity Sales and Trading

2012 Best brokerage

house

2011 Best brokerage

house

2010 Best brokerage

house

Vice - Chairman of

IPOPEMA Securities S.A.

Heads the Ipopema

Sales&Trading Department

Previously :

- Head of Sales at ABN Amro

- Director, Institutional Clients

Citibank Handlowy

Arkadiusz joined IPOPEMA in August 2012

Has over 15 years of experience, being among

the top brokers in Poland for several years

Prior to joining IPOPEMA, he worked for Citibank

2011 Best broker

Arkadiusz Łabuńko

Stanisław Waczkowski

2012 Best broker

Top ranked Sales - Trader

IPOPEMA participation in trading on the WSE (2013 YTD)

Bank General

rank (2012)

Profession-

alism

Quality of

service

Quality of

analysis

General

rank (2011)

Citi 1 2 2 2 3

DI BRE 3 5 5 3 6

Credit Suisse 4 3 4 4 4

ING 5 4 8 5 8

PKO BP 6 7 3 9 13

Erste 7 10 6 7 10

Espirito Santo 8 6 7 6 11

Deutsche Bank 9 9 9 15 5

BZ WBK 10 8 10 10 2

Equity Sales Department

Forbes institutional survey 2012

DM BH 12,62%

9,66%

Credit Suisse 9,37%

PKO BP 8,17% BZ

WBK 7,22%

DI BRE 4,58%

Wood&Co 4,43%

Deutsche Bank 4,14%

KBC 4,09%

ING 3,45%

Others 32,27%

5

IPOPEMA – market shares in Warsaw and Budapest

IPOPEMA’s market share of equity volume on the WSE (2009-2012) – between 8-10%

IPOPEMA’s market share of equity volume on the BSE during 2009-2012 – between 10-12%

Source:WSE, IPOPEMA

IPOPEMA’s market share of equity volume on the WSE (2009-13) – between 8-11%

IPOPEMA’s market share of equity volume on the BSE (2010-13) – between 6-12%

0%

2%

4%

6%

8%

10%

12%

14%

0

1

2

3

4

5

6

BSE trading (EURbn) IPOPEMA's market share

0%

2%

4%

6%

8%

10%

12%

0

10

20

30

40

50

60

Ja

n-0

9

Feb

-09

Mar-

09

Apr-

09

May-0

9

Ju

n-0

9

Ju

l-09

Aug

-09

Sep

-09

Oct-

09

No

v-0

9

De

c-0

9

Ja

n-1

0

Feb

-10

Mar-

10

Apr-

10

May-1

0

Ju

n-1

0

Ju

l-10

Aug

-10

Sep

-10

Oct-

10

No

v-1

0

De

c-1

0

Ja

n-1

1

Feb

-11

Mar-

11

Apr-

11

May-1

1

Ju

n-1

1

Ju

l-11

Aug

-11

Sep

-11

Oct-

11

No

v-1

1

De

c-1

1

Ja

n-1

2

Feb

-12

Mar-

12

Apr-

12

May-1

2

Ju

n-1

2

Ju

l-12

Aug

-12

Sep

-12

Oct-

12

No

v-1

2

De

c-1

2

Ja

n-1

3

Feb

-13

Mar-

13

Apr-

13

May-1

3

Ju

n-1

3

WSE trading (PLNbn) IPOPEMA's market share

6

Highly ranked Equity Research Department

2010

Highest quality of

analysis and

recommendations

2011

Highest quality of

analysis and

recommendations

2012

Highest quality of

analysis and

recommendations

Equity Research Department

Ranked Equity Research Analysts

Sector Selected companies

Financial Banki: Alior, Handlowy, Millenium, BRE, BZWBK, Getin, ING, Pekao, Komercni Banka, OTP, PKO BP,

PZU, GPW

Construction Budimex, Elektrobudowa, Erbud, Polimex, PBG, Mostostal Warszawa

Mining JSW, KGHM, Bogdanka, Kęty, NWR, Stalprodukt

Chemicals Synthos, Police, Puławy, Ciech, ZA Tarnow

Agriculture Astarta, Kernel, Agroton, IMC, KSG Agro,

Real Estate Echo, GTC, Orbis, Plaza Centers

Industrial ACE, Arctic, Mennica, CEDC,

Rovese, Egis, Richter

Retail Amrest, Emperia, CCC, Eurocash, LPP,

NFI EMF, Intercars

Oil&Gas Lotos, PGNiG, PKN Orlen, MOL

Energy ENEA, PGE, Tauron, ZE PAK

TMT Agora, Asseco (Poland, Business Consulting, Central Europe) TVN, Comarch, TPSA, Netia, Cyfrowy

Polsat, Cinema City, Magyar Telekom

„Consistently for over 3 years, the best

Equity Research Department consisting of

7 analysts covering 72 public companies”

Tomasz Bursa

Best banking sector

analyst 2010

• IPOPEMA analyst since 2009,

covers the banking and

insurance sector

• Previously worked for

Ernst&Young, Citi and Espirito

Santo

• The best analyst in 2012

according to Parkiet in terms

of valuation and

recommendation

Best analyst

2010,2011

• IPOPEMA analyst since

2009

• Covers the chemicals

and oil&gas sector

• Previously worked for

Espirito Santo

Best Oil&Gas

sector analyst

2012

Best chemicals sector

analyst 2012

Best analyst

2012

Konrad Anuszkiewicz

Bank

General

ranking

(2012)

Offer

complexity

Professio

nalism

Report

quality

Report

usefulness

DI BRE 2 2 3 3 3

DM BH 3 5 2 2 2

DM PKO BP 4 4 4 6 4

DM BZ WBK 5 3 11 11 7

ING 6 6 5 8 8

UniCredit 7 7 6 4 9

Wood&Co 8 9 12 9 14

IDM 9 8 13 13 6

DM Trigon 10 13 15 10 5

Espirito

Santo 11 10 10 7 10

Equity Research ranking - 2012 „Ipopema Securities – a

company listed on the WSE, was

the best in this edition of our

ranking. Equity analysts from

Ipopema took the top places in

each category”

The best market

strategy

2012

The best Research

Department

2012

7

IPOPEMA TFI and IPOPEMA Asset Management

IPOPEMA Investment Fund Consistently among the best investment funds in Poland

IPOPEMA Asset Management One of the fastest growing asset management funds

Our fund managers

According to

Citywire,

Arkadiusz is

among 1000

the World’s Top

Fund Managers

Our fund managers

Awards

IPOPEMA fund performance

Gold Portfolio Award 2011 in the

category „Best Domestic Bond Fund”

(11,4% return in 2010)

The best bond fund results in the first

and second quarter of 2010

IPOPEMA TFI focuses mainly on

the closed investment funds

(FIZ), dedicated to affluent

consumers (High Net Worth

Individuals).

It currently manages 87 funds

with PLN 11,6 bn of assets under

management (30/06/2013).

The leading asset management

team in the equity, fixed-income

and real estate groups.

Service of active management

through the funds (IPOPEMA

Opportunity FIZ, IPOPEMA

Global Macro FIZ, Total FIZ).

Offer of the open-end investment

funds: IPOPEMA SFIO, m-

INDEKS FIO, Alior SFIO.

Valuation on 30/06/2013

No. 1 in the Citywire

Rating of equity funds’

managers in Poland.

(5/20/13)

IPOPEMA Agresywny

Fund managed by Jerzy

Kasprzak received 4* in

Analizy Online Rating.

(4/17/13)

Fund Change 3M Change 12M

IPOPEMA Gotówkowy 0,60% -

IPOPEMA Obligacji 0,21% 4,50%

IPOPEMA Makro Alokacji 1,22% 15,20%

IPOPEMA Mały ch i Średnich Spółek 4,30% -

IPOPEMA Agresy wny -2,45% 16,17%

IPOPEMA Short Equity 3,86% -

IPOPEMA m-INDEKS FIO 5,75% 19,82%

Analizy Online Rating

IPOPEMA Asset Management

provides investment management

services dedicated to wealthy

clients, who require specialized

financial advisory support in

managing their finances.

The minimum contribution

necessary to be eligible for Asset

Management services is PLN

4m.

Among the company’s clients are

institutions such as insurance

companies, mutual funds, non-

profit organizations and also

individual investors.

A broad range of investment

strategies: both active and

passive based on an unique

concept of investing across the

business cycle.

The value of assets managed by

IPOPEMA AM is PLN 2,2 bn

(30/06/2013).

Paweł Jackowski IPOPEMA TFI

IPOPEMA Asset Management

Jerzy Kasprzak IPOPEMA TFI

IPOPEMA Asset Management

Arkadiusz Bogusz IPOPEMA Asset Management

IPOPEMA TFI

8

Selected Capital Markets transactions

IPOPEMA - strong Investment Banking

9

Selected Capital Markets transactions

IPOPEMA - strong Investment Banking

10

Selected bond issues

IPOPEMA - strong Investment Banking

Selected Private Equity/M&A and other transactions

11

IPOPEMA Securities on the Warsaw Stock Exchange

IPOPEMA Securities share price

May 2009 – July 2013

Source: WSE, IPOPEMA

IPO on WSE on 26th May 2009

Private placement dedicated to institutional investors

Current market cap amounts to PLN 250-300 mn

Entities associated

with IPOPEMA 51,0%

OFE PZU 9,3%

Aviva OFE 5,3%

free float 34,4%

IPO price = 5 PLN

0

2

4

6

8

10

12

14

16

18

2009-0

5-2

6

2009-0

6-2

6

2009-0

7-2

6

2009-0

8-2

6

2009-0

9-2

6

2009-1

0-2

6

2009-1

1-2

6

2009-1

2-2

6

2010-0

1-2

6

2010-0

2-2

6

2010-0

3-2

6

2010-0

4-2

6

2010-0

5-2

6

2010-0

6-2

6

2010-0

7-2

6

2010-0

8-2

6

2010-0

9-2

6

2010-1

0-2

6

2010-1

1-2

6

2010-1

2-2

6

2011-0

1-2

6

2011-0

2-2

6

2011-0

3-2

6

2011-0

4-2

6

2011-0

5-2

6

2011-0

6-2

6

2011-0

7-2

6

2011-0

8-2

6

2011-0

9-2

6

2011-1

0-2

6

2011-1

1-2

6

2011-1

2-2

6

2012-0

1-2

6

2012-0

2-2

6

2012-0

3-2

6

2012-0

4-2

6

2012-0

5-2

6

2012-0

6-2

6

2012-0

7-2

6

2012-0

8-2

6

2012-0

9-2

6

2012-1

0-2

6

2012-1

1-2

6

2012-1

2-2

6

2013-0

1-2

6

2013-0

2-2

6

2013-0

3-2

6

2013-0

4-2

6

2013-0

5-2

6

2013-0

6-2

6

12

IPOPEMA’s foreign partners

IPOPEMA Securities is the exclusive Polish partner of Mergers Alliance, an international network

of corporate finance and investment banking firms.

Partner firms of Mergers Alliance specialise in M&A deals in the segment of medium-

sized enterprises. Mergers Alliance is an organisation with over 200 professionals

based in 30 countries.

13

IPOPEMA Business Consulting

Strategy,

Organisation

and Managment

Business strategy,

new operating

models

Optimisation of

business

processes and

organisational

structures

Cost reduction and

employment

optimisation

Cash flow

improvement

Business plans and

feasibility studies

Mergers and

Acquisitions

Market research

Integration

strategies

Synergy

assessment and

development of

integration

programmes

Process and

organisational

transformation

Programme

Management

(PMO)

Shared

Services and

Outsourcing

Back office

reorganisation

strategy

Efficiency

assessment and

optimisation of

back office

functions based on

benchmarking

analysis

Comprehensive

implementation of

shared services

centres

Preparation for

outsourcing

Interim

management

Supply Chain

Optimisation

Logistics and

operational audits,

the SCM maturity

profiles

Optimisation of

business

processes in the

area of logistics,

production,

procurement and

sales,

improvement of

efficiency and

productivity

Integrated

operational

planning S&OP

Design and

implementation of

advanced planning

systems APS

IT Management

and

Technologies

IT strategy and

organisation

IT optimisation,

support and

development

Management of IT

projects

Solutions for

management of

processes and

electronic

document

circulation

(scanning, OCR,

workflow)

Business

Intelligence

SAP

Applications

Defining

requirements and

support in bidding

processes

Implementation of

SAP applications

Sector specific

solutions

Post

implementation

audits

Optimisation and

improvement of

implemented SAP

solutions

Procurement

Optimisation

Procurement audits

(to check if the

procedures in

place are effective)

Sourcing (cost

optimisation)

Procurement

organisation

(centralisation and

implementation of

IT tools)

Process

optimisation

Development of

market specific

procurement

strategies

IPOPEMA Securities S.A.

Ul. Próżna 9, 00-107 Warsaw, Poland

Tel. /+48 22/ 236 92 00, fax /+48 22/ 236 92 82

E-mail: ipopema@ipopema.pl

www.ipopema.pl

NIP (Tax Identification Number): 527-24-68-122 • share capital: PLN 2,993,783.60, paid up in full

District Court for the Capital City of Warsaw in Warsaw, XII Commercial Division of the National Court Register,

entry No. KRS 0000230737