1September2013

2

The IPOPEMA Group - an introduction

Sales & Trading Asset ManagementInvestment Banking Business Advisory

IPOPEMA AM IPOPEMA BCIPOPEMA 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 IPOPEMA Brokerage Department carries out between 8-10% of daily volume on the WSE

� 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 90 funds, is amongst the most active closed-end fund management companies in Poland.

� IPOPEMA TFI manages almost PLN 12 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 over PLN 25bn ).

• Vice-chairman ofIPOPEMA Securities S.A.

• Heads the Capital Markets Department

• Previously worked for BRE Corporate Finance

MariuszPiskorski

IPOPEMA Capital Markets Department

- involved in most of the leading Polish Capital Market s 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 volumeof 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**)

2012Best 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 largestnumber of IPOs in

2010-2011

Admission to trading of largest

value of IPO shares in 2012

2013Polish Equity House

of the Year

4

DM BH12,72% 9,62%

Credit Suisse9,32%

DM PKO BP8,34%

DM BZ-WBK7,26%DI BRE

4,60%Wood&Co

4,56%

DB4,02%

KBC3,80%

ING3,51%

Others32,25%

IPOPEMA - a leader in Equity Sales and Trading

2012Best Brokerage

House

2011Best Brokerage

House

2010Best 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

2011Best broker

ArkadiuszŁabuńko

StanisławWaczkowski

2012Best broker

Top Ranking Sales Team and Traders

IPOPEMA market share in WSE trading (2013 YTD)

Equity Sales Department

Forbes – Polish Institutional Broker Survey 2012

Institution Professionalism

Servicequality

Analysis quality

OverallRanking

CitiHandlowy 2 2 2 1

DI BRE 5 5 3 3

Credit Suisse 3 4 4 4

ING 4 8 5 5

PKO BP 7 3 9 6

Erste 10 6 7 7

Espirito Santo 6 7 6 8

Deutsche Bank 9 9 15 9

BZ WBK 8 10 10 10

5

IPOPEMA - significant market shares in Warsaw and Bu dapest

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 (20 09-13) – between 8-11%

IPOPEMA’s market share of equity volume on the BSE (20 10-13) – between 6-12%

0%

2%

4%

6%

8%

10%

12%

0

10

20

30

40

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60

Jan-

09

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-09

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-09

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-09

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-09

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09

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9

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-09

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-09

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-10

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-10

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-10

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-10

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0

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-10

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11

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-11

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-11

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-12

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-12

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-12

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-12

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-12

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-12

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-12

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-13

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-13

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-13

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-13

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13

Jul-1

3

WSE trading (PLNbn) IPOPEMA's market share

0%

2%

4%

6%

8%

10%

12%

14%

0

1

2

3

4

5

6

BSE trading (EURbn) IPOPEMA's market share

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Highly ranked Equity Research Department

2010Highest quality of

Analysis and Recommendations

2011Highest quality of

Analysis and Recommendations

2012Highest quality of

Analysis and Recommendations

Equity Research Department covers more than 70 companie s

Piotr Zielonka – the best Equity Analyst in Poland

Sector Selected Companies

FinancialBanki: 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

IndustrialACE, Arctic, Mennica, CEDC, Rovese, Egis, Richter

RetailAmrest, Emperia, CCC, Eurocash, LPP, NFI EMF, Intercars

Oil&Gas Lotos, PGNiG, PKN Orlen, MOL

Energy ENEA, PGE, Tauron, ZE PAK

TMTAgora, 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”

Bank Ov eralll ranking (2012)

Offercomplexity

Professionalism

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

BESI 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

Piotr Zielonka

• Since September 1st, chief of Equity Research Department

• For more than a dozen of years, Piotr Zielonka’s career has been dedicated to the capital market. He previously worked for CitiHandlowy and PZU Asset Management

• Graduated from the Warsaw School of Economics („Information Systems” and „Quantitative Methods, Finance and Banking”), CFA Charterholder since December 2007

• For the last years, Piotr Zielonka was consequently ranked 1st as the best equity analyst in ranks prepared by „Forbes” magazine and „Parkiet” daily

Best analyst in 2013 „Forbes”

Best construction sectoranalyst

Best retail and distribution sector

analyst

Best energy sectoranalyst

Best analyst in 2012 „Forbes”

Best analyst in 2012 „Parkiet”

Best analyst in 2011 „Parkiet”

7

IPOPEMA TFI and IPOPEMA Asset Management

IPOPEMA Investment FundConsistently among the best investment funds in Poland

IPOPEMA Asset ManagementOne of the fastest growing asset management funds

Our fund managers

According to Citywire,

Arkadiusz isamong 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 onthe closed investment funds(FIZ), dedicated to affluentconsumers (High Net WorthIndividuals).

� It currently manages 90 fundswith PLN 11,9 bn of assets undermanagement (31/07/2013).

� The leading asset managementteam in the equity, fixed-incomeand real estate groups.

� Service of active managementthrough the funds (IPOPEMAOpportunity FIZ, IPOPEMAGlobal Macro FIZ, Total FIZ).

� Offer of the open-end investmentfunds: IPOPEMA SFIO, m-INDEKS FIO, Alior SFIO.

Valuation on 31/07/2013

No. 1 in the CitywireRating 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 0,70% -

IPOPEMA Obligacji 1,17% 4,51%

IPOPEMA Makro Alokacji 2,32% 13,74%

IPOPEMA Mały ch i Średnich Spółek 15,72% -

IPOPEMA Agresy wny 6,04% 26,66%

IPOPEMA Short Equity -4,94% -

IPOPEMA m-INDEKS FIO 14,53% 29,66%

Analizy Online Rating

� IPOPEMA Asset Managementprovides investment managementservices dedicated to wealthyclients, who require specializedfinancial advisory support inmanaging their finances.

� The minimum contributionnecessary to be eligible for AssetManagement services is PLN4m.

� Among the company’s clients areinstitutions such as insurancecompanies, mutual funds, non-profit organizations and alsoindividual investors.

� A broad range of investmentstrategies: both active andpassive based on an uniqueconcept of investing across thebusiness cycle.

� The value of assets managed byIPOPEMA AM is PLN 2,2 bn(31/07/2013).

Paweł JackowskiIPOPEMA TFIIPOPEMA Asset Management

Jerzy KasprzakIPOPEMA TFIIPOPEMA Asset Management

Arkadiusz BoguszIPOPEMA Asset ManagementIPOPEMA TFI

8

Selected Capital Markets transactions

IPOPEMA - strong in Investment Banking

9

Selected Public Offerings

IPOPEMA - strong in Investment Banking

10

Selected Debt transactions

Selected Private Equity/M&A and other transactions

IPOPEMA - strong in Investment Banking

11

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IPO

PE

MA

Securities on the W

arsawS

tock Exchange

IPO

PE

MA

Securities share

priceM

ay 2009 –A

ugust 2013

Source: W

SE

, IPO

PE

MA

�IP

O on W

SE

on 26th May 2009

�P

rivateplacem

entdedicatedto institutionalinvestors

�C

urrentmarket cap am

ountsto P

LN 250-300 m

n

Entities

associatedw

ith IPO

PE

MA

51,0%

OF

E P

ZU

9,3%

Aviva O

FE

5,3%

free float34,4%

IPO

price=

5 PLN

12

IPOPEMA’s Foreign Partners – in the Merger Alliance

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 mid-sized M&A deals. 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 SAPsolutions

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 82E-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 fullDistrict Court for the Capital City of Warsaw in Warsaw, XII Commercial Division of the National Court Register,

entry No. KRS 0000230737