Slajd 1 - dnevnik.bg

Slajd 1 - dnevnik.bg

WSE OFFER FOR THE FOREIGN COMPANIES June 2010 Robert Kwiatkowski Director Business Development Department 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 2 WSE LEADER IN THE REGION Source: FESE, May 10 3

23 FOREIGN COMPANIES LISTED ON THE WSE 4 WHY DO FOREIGN COMPANIES LIST IN POLAND? Possible motives: Raising capital for investment Reduction of barriers for the Polish investors Capitalizing on product market reputation Liquidity Strengthening the companys output market Linkages with product market sales

Increase of visibility and investor recognition for the company transaction costs, regulatory barriers, websites in Polish Enhancing the corporate image Better local press coverage Familiarity with local financial community Committing to disclosure and corporate governance standards Geographical and cultural proximity 5 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 6 INTERNATIONAL MARKET CLIENTS AND PARTNERS WSE REMOTE MEMBERS Remote member Country of origin Concorde Securities LTD

Cashline Securities LTD Hungary Swedbank AS Estonia Neonet Securities AB Sweden Raiffeisen Centrobank AG Unicredit CAIB AG Austria Credit Suisse Securities (Europe) Ltd JP Morgan Securities Ltd Goldman Sachs International HSBC BANK Merrill Lynch International Liquidnet Europe UBS Ltd

United Kingdom FIO o.c.p. Slovakia Wood & Company Financial Services Czech Republic Bayerische Hypo- und Vereinsbank AG Dekabank Deutsche Girozentrale Germany Societe Generale SA France Cyrrus Czech Republic

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) 7 WSE MARKETS GPW WSE WSE MAIN LIST (Regulated market) Non-regulated market CATALYST (bond market) 8 THE PATH TO THE WSE LISTING ACCESS TO THE WARSAW STOCK EXCHANGE

PUBLIC OFFER PROSPECTUS MEMORANDUM Financial requirements Financial statements together with auditors opinions for at least past three consecutive financial years required 6-9 months lasting procedure PRIVATE PLACEMENT INFORMATION DOCUMENT No financial requirements Market accessible for start-ups App. 3 months lasting procedure 9 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 10 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 of EUR 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 auditors opinions for at least past three consecutive financial years published (IFRS) corporate governance rules need to be adopted 11 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) 12 BUSINESS PARTNERS SUPPORT FOR THE SUCCESS OF IPO 13

Thank you for your attention! Robert Kwiatkowski Director Business Development Department Warsaw Stock Exchange Ksiazeca 4, 00-498 Warsaw Phone + 48 22 537 70 98 Fax + 48 22 537 77 90 www.gpw.pl Email: [email protected]

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