131. Warsaw Stock Exchange

WSE started operation in 1991 as a company held 100% by the State Treasury. In 2010, the State Treasury arranged a public offering of WSE shares; as a result, shares of the Exchange were newly listed on the WSE Main Market on 9 November 2010.

Warsaw Stock Exchange is the largest national financial instruments exchange in the region of Central and Eastern Europe1 and one of the fastest-growing exchanges in Europe. The Group offers a wide range of products and services within its trading markets of equity, derivative, debt and structured products, electricity, natural gas, property rights, as well as clearing of transactions, operation of the Register of Certificates of Origin of electricity and sale of market data.

As at 31 December 2013, WSE was a leader in the CEE Region in terms of capitalization of listed companies, the value of turnover in shares and the volume of turnover in derivatives. The share of WSE in trading in shares in the Region increased from 54.3% in 2012 to 58.5% in 2013. Furthermore, the electricity market comprised of the spot and the forward market operated by the Polish Power Exchange (“PolPX”), was the largest electricity market as measured by the volume of trade in 2013 in the CEE Region.

The WSE Group pursues activities on the financial market and the commodity market.

The financial market includes trading in equities, derivatives, debt instruments and other financial instruments, as well as listing and information services.

The commodity market includes trading in electricity, natural gas (spot and forward) and property rights in certificates of origin of energy, as well as operation of the Register of Certificates of Origin, clearing of transactions, settlement of exchange commodities and management of the resources of the clearing guarantee system.

The Group organizes and operates trading:

ON WSE MARKETS

WSE Main Market (trade in equities, equity-related financial instruments and other cash markets instruments as well as derivatives);

NewConnect (trade in equities and equity-related financial instruments of small and medium-sized enterprises);

Catalyst (trade in corporate, municipal, co-operative, Treasury and mortgage bonds operated by WSE on the regulated market and in the alternative trading system for retail clients);

ON THE MARKET OPERATED BY BONDSPOT

Treasury BondSpot Poland (wholesale trade in Treasury bonds);

Catalyst (trade in corporate, municipal, co-operative, Treasury and mortgage bonds operated by BondSpot on the regulated market and in the alternative trading system for wholesale clients);

ON THE MARKETS MANAGED BY THE POLISH POWER EXCHANGE

Energy Markets (trading in electricity with physical delivery on the following markets: Intra-Day Market, Day-Ahead Market, Commodity Forward Instruments Market, Electricity Auctions);

Property Rights Market (trading in property rights in certificates of origin of electricity);

CO2 Emission Allowances Market (trading in CO2 emission allowances);

Gas Exchange (trading in natural gas with physical delivery on the Intra-Day Market and the Commodity Forward Instruments Market).

The Group conducts clearing and settlement on the commodity market through the company Warsaw Commodity Clearing House (“WCCH”) and operates the Register of Certificates of Origin of electricity through the company PolPX.

On 15 October 2013, the WSE subsidiary WSEInfoEngine S.A. opened InfoEngineOTC, a platform of OTC trading in commodities (in the first phase, electricity and certificates of origin).

The WSE Group also earns revenues from the activity of trade operator on the electricity market and from educational activities, office space lease and promotions.