Results of WSE Group in Q Warsaw, 12 November 2012

Transcription

1 Results of WSE Group in Q3 202 Warsaw, 2 November 202

2 WSE GROUP IN Q3 202 Low turnover on equities and derivatives markets Seasonal reduction of volumes on the Property Rights Market and in the Register of Certificates of Origin (PolPX) Growth on bond markets: record-high cash transactions on Treasury BondSpot Poland; record-high value of non- Treasury bond issues listed on Catalyst Maintained high operating profit margin (47.7%) and EBITDA margin (57.0%) WSE s stake in PolPX capital increased to 98.7% (previously: 9.34%) 20 dividend payout PLN.44 per share, PLN 60.4 mn in aggregate, 49.9% of separate profit WSE Group Financial Results PLN 000 Q3 202 change v. Q2 202 change v. Q3 20 Sales revenues % -6.8% Operating expenses % 2.5% Operating profit % -8.4% Net profit % -32.0% EBITDA % -0.3% WSE Stock on the Exchange Capitalisation PLN.54 bn Average daily turnover in Q3 202 PLN.95 mn Dividend yield 3.9% Free float 64.62% Turnover ratio 2 3.6% EBITDA = EBIT + share of profit of associates + depreciation and amortisation As at Annualised turnover in Q3 202 to capitalisation as at

3 WSE GROUP S KEY PROJECTS FINANCIAL MARKET Final phase of implementation of the new trading system UTP COMMODITY MARKET (adoption of the new growth strategy ) gas exchange to open in Q4 202 or in Q 203 market of auctions and secondary trading in CO 2 emission allowances to open depending on the date of the Ministry of Environment tender for a national trading platform of CO 2 emission allowances Projects of KDPW New legal regulations: EMIR mandatory clearing of OTC derivatives and trade reporting KDPW trade repository service (as of ) KDPW_CCP planned OTC clearing house service as of Q

4 MAIN MARKET EQUITIES TRADING Quarterly Value of Equities Trading, PLN bn Session trading: PLN 45. bn in Q3 202 Q3 202 / Q3 20 (-33.4%) Q3 202 / Q2 202 (+7.0%) Block trading: PLN 7.3 bn in Q3 202 Q/ Q2/ Q3/ Q4/ Q/2 Q2/2 Q3/2 Session trades Block trades Increase in block trading, among others, as a result of sale of PKO BP shares by the State Treasury (value PLN 3.2 bn, PKO BP free float up by 7.2 pp.) Quarterly Change in Session Trading on WSE Main Market (Year on Year) Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 200% 50% 00% 50% 0% -50% -00%

5 WSE AND EU EQUITIES MARKETS WSE s share in equities trading on small and mid-sized EU exchanges (quarterly) WSE s growing share in equities trading on small and midsized EU exchanges Large exchanges reported less decrease in turnover than small and mid-sized exchanges 45% 30% 5% 0% Change in Equities Trading on EU Markets in Q3 202 (EUR bn, YoY) 6.4 WSE -33%.0 Small and mid-sized exchanges -40% Large exchanges -30%,692,92 MTFs % All EU equities markets 2,586-33%,732 Q3/ Q3/2 Q3/ Q3/2 Q3/ Q3/2 Q3/ Q3/2 Q3/ Q3/2 Source: FESE (session trade) Small and mid-sized exchanges (annual turnover <EUR 250 bn): Athens Exch., Boerse Stuttgart, Bratislava SE, Bucharest SE, Bulgarian SE, CEESEG - Budapest, CEESEG - Ljubljana, CEESEG - Prague, CEESEG - Vienna, Cyprus SE, Irish SE, Luxembourg SE, Malta SE, 2 Large exchanges (annual turnover > EUR 250 bn): BME (Spanish Exch.), Deutsche Boerse, London SE Group (LSE + Borsa Italiana), Nasdaq OMX Nordic, NYSE Euronext; 3 MTFs (multilateral trading facilities): BATS Europe (formerly BATS and Chi-X), Burgundy, Equiduct, NYSE Arca Europe, TOM, Turquoise 5

6 TRANSACTION FEES Average transaction fee on equities Main Market (bp) New transaction fees as of 203 Reduction of transaction fees on equities markets (Main Market and NewConnect) Reduced transaction fees for day trading in futures Reduced market maker fees Modification of transaction fees effective as of Q-Q3 202 Income from trading in equities (session and block trades) to total turnover (session and block trades) Transaction Trade on account of Fee session block clients Exchange Member market maker Current fee Fee as of Reduction of fixed fee on executed order or block trade in shares, allotment certificates, ETF units - on the Main Market and on NewConnect X X X X PLN PLN Reduction of fixed fee on order in shares, allotment certificates, ETF units executed on the Main Market and on NewConnect in the performance of market maker tasks X X PLN 0.20 (WIG20) PLN 0.0 (other) PLN Reduction of fee on index futures (other than day trading) X X X PLN.70 PLN Reduction of fees on day trading in futures (degressive fees for increasing day trading volume) X X PLN.70 (index) PLN 0.34 (stock) PLN 0.08 (currency) PLN (index) PLN (stock) PLN (currency) 5. Reduction of fees on futures traded on Exchange Member s own account (degressive fees for increasing volume) X X X PLN.70 (index) PLN 0.34 (stock) PLN 0.08 (currency) PLN (index) PLN (stock) PLN (currency) 6

7 IPOS IPOs on Europe s Equities Markets, Q3 202 Issuer Activity on WSE Markets (for/as at the end of Q3 202) LSE Group: 7 Deutsche Boerse: 5 Nasdaq OMX: 4 Luxembourg: 2 Oslo Bors: WSE: 26 NYSE Euronext: SIX Swiss: Main Market 2 IPOs (incl. foreign IPO) 435 listed companies (incl. 4 foreign companies) 24 IPOs 420 listed companies (incl. 7 foreign companies) 2 new issuers 57 new bond issues 47 listed issuers (incl. State Treasury) WSE: # in Europe by number of IPOs and #4 by value of IPOs in Q3 202 KDM Shipping th Ukrainian company newly listed on the Main Market in Q3 202 Privatisation transaction: 30 October 202, Zespół Elektrowni PAK shares newly listed on WSE (IPO value PLN 68.5 mn; capitalisation on first day of trading PLN.35 bn) Source: PwC (excluding transfers between markets of a group, e.g., from NewConnect to WSE Main Market) 7

8 DERIVATIVE INSTRUMENTS Quarterly Volume of Trading in Derivatives (mn) Low volatility of WIG20 and the index s horizontal movement prevailing for several quarters curb the volumes on the futures market. Volume of trading in derivatives down by 4% in Q3 202 v. Q Volume of trading down by 4% in Q3 202 v. Q3 20 which was record-high in WSE history. Q/ Q2/ Q3/ Q4/ Q/2 Q2/2 Q3/2 As of May 202, the volume of trading in currency futures is calculated on the basis of a trading unit equal to,000 contracts (previously: 0,000 contracts), therefore derivatives turnover volume in Q2 202 and subsequent quarters is not fully comparable with data in previous periods 8

9 BOND MARKETS TBS Poland Value of Trading in Treasury Bonds (PLN bn) Wartośd obrotów na TBS Poland (mld PLN) Cash transactions Conditional transactions Catalyst (non-treasury instruments) Value of listed issues (PLN bn) Number of series Q2/0 Q3/0 Q4/0 Q/ Q2/ Q3/ Q4/ Q/2 Q2/2 Q3/2 Growth of Poland s Non-Treasury Debt Instruments Market (value of issues at the end of the period; PLN bn) Dynamic growth of cash transactions: Q3 202 / Q3 20 (+70%) Q3 202 / Q2 202 (+36%) Growing role of Catalyst on Poland s non-treasury bond market 43 percent share in value of issues at the end of Q3 202 v. 39% at the end of Q3 20 Without taking into account commercial papers listed on the cash market, share of Catalyst increases to 52% (at the end of Q3 20) and to 56% (at the end of Q3 202) Municipal bonds Corporate bonds Source: Fitch Polska Bank bonds Commercial papers Total: PLN 90. bn of which 39% on Catalyst Q3/ Q3/2 Total: PLN 2.5 bn of which 43% on Catalyst 9

10 Q/0 Q2/0 Q3/0 Q4/0 Q/ Q2/ Q3/ Q4/ Q/2 Q2/2 Q3/2 Q/0 Q2/0 Q3/0 Q4/0 Q/ Q2/ Q3/ Q4/ Q/2 Q2/2 Q3/2 Q/0 Q2/0 Q3/0 Q4/0 Q/ Q2/ Q3/ Q4/ Q/2 Q2/2 Q3/2 Q/0 Q2/0 Q3/0 Q4/0 Q/ Q2/ Q3/ Q4/ Q/2 Q2/2 Q3/2 POLISH POWER EXCHANGE MARKET DATA Volume of Trading on Markets Operated by PolPX (TWh) CDM DAM+ Intra Day PRM COR Property rights: issued cancelled xx.x aggregate volume issued and cancelled CDM Commodity Derivatives Market of electricity supply forward contracts DAM Day-Ahead Market (physical spot electricity market) Intra-Day Market PRM Market of Property Rights in certificates of origin of electricity COR Register of Certificates of Origin of electricity produced from renewable energy sources and cogeneration Seasonal decrease of volumes on PRM; highest market participant activity is reported in Q when certificates of origin for the previous year have to be cancelled by the end of March. Recovery on the forward energy market: up by 5% YoY and by 69% QoQ in Q

11 POLPX GROUP STRATEGY FOR PolPX Existing and Prospective Business Segments Goals of PolPx Group Strategy: To strengthen the position of PolPX as the biggest trading platform on Poland s energy and energy commodity market. CERTIFICATES OF ORIGIN NEW CERTIFICATES: - ORANGE -WHITE TRANSBORDER ELECTRICITY MARKETS To build up a broad portfolio of trading and information products on commodity and financial markets in Poland and other countries of the region. To win the leading position in Central and Eastern Europe. ELECTRICITY PolPX CO2 EMISSION ALLOWANCES To participate in the European single energy market. GAS - NATURAL - LPG NEW MARKETS: CASH SETTLED COMMODITY DERIVATIVES WSE - BIOMASS - existing markets -GREEN ENERGY -COAL - prospective business areas

12 WSE Group Financial Results 2

13 WSE GROUP KEY FINANCIALS Sales Revenue (PLN mn) Net Profit (PLN mn) EBITDA (PLN mn) % % % Q3/ Q4/ Q/2 Q2/2 Q3/2 Q3/ Q4/ Q/2 Q2/2 Q3/2 Q3/ Q4/ Q/2 Q2/2 Q3/2 Q3 20 was record-high in WSE history and is a high basis of comparison for Q3 202 Operating profit: PLN 3.3 mn in Q3 202 (-0.% QoQ; -8.4% YoY); operating profit margin: 47.7% (+3 pp. QoQ; -0.9 pp. YoY) Return on equity (ROE) in last 4 quarters: 2.4% v. 25.4% a year ago EBITDA margin in Q3 202 was 57%; up by 3.7 pp. QoQ and down by 2.3 pp. YoY Profits of associates in Q3 202, mainly KDPW, was PLN 2 mn (+5.8% QoQ; -44.3% YoY) Negative result on financial operations (-PLN.24 mn) due to WSE bond payments. EBITDA = EBIT + share of profit of associates + depreciation and amortisation 3

14 REVENUE STRUCTURE PolPX s presence in WSE Group protects Group revenue against financial market cycles Sales revenue in Jan-Sep 202 down by only 3.9% YoY Share of revenue from trading in equities in total revenue down from 55% in Jan-Sep 20 to 38% in Jan-Sep 202 Revenue from trading in equities grew less than equities turnover QoQ due to a higher share of large orders in total executed orders. Revenue from trading in debt instruments grew by 8% YoY to record-high PLN 4.3 mn. Lower revenue from the commodity market as a result of seasonal decrease of volumes on the Properties Rights Market and in the Register of Certificates of Origin (PolPX) Structure of Sales Revenues, Q3 202 Commodity market 23% Information services 3% Listing 8% Other revenue % Other 3% Bonds 6% Equities 36% Derivatives 0% PLN 000 fees from exchange members and other cash market instruments; 2 Commodity market includes revenue of PolPX Group and poee WSE EM Q3 202 Q3 20 change YoY Q2 202 change QoQ Sales revenues % % Financial market % % Trading equities % % Trading derivatives % % Trading debt instruments % % Trading other % % Listing % % Information services % % Commodity market % Trading in electricity % Trading in property rights % Other fees from participants % Register of Certificates of Origin % Clearing % Other revenue % % 4

15 WSE GROUP OPERATING EXPENSES Operating expenses down by 2.4% in Q3 202 v. Q Oprating expenses up by 2.5% YoY in Q3 202 due to consolidation of PolPX (as of March 202). Separate operating expenses of WSE down by.7% YoY in Q WSE s advance fee to KNF in Q4 202: PLN 4.2 mn. WSE Group Operating Expenses (PLN mn) PLN 000 Q3 202 Q3 20 change (YoY) Q2 202 change (QoQ) Operating expenses % % Depreciation and amortisation % % Employee costs % % Rent and other fees % % Fees and charges % % incl: KNF fee (WSE) % % External services % % Other operating expenses % % - Impact of PolPX consolidation Q/ Q2/ Q3/ Q4/ Q/2 Q2/2 Q3/2 2 PolPX cost (before WSE Group adjustments) 2 WSE consolidated PolPX as of March 202 5

16 POLPX GROUP - FINANCIALS PolPX Group Key Financials PolPX Group results consolidated as of March 202. Operating expenses down by 42% in Q3 202 v. Q WSE s stake in PolPX equity at 98.7%. PolPX Group net profit in consolidation period was PLN 9.5 mn while the cost of payments of bonds issued by WSE among others to acquire PolPX was PLN.6 mn in Jan-Sep 202. PLN mn Trade in property rights 8% March 202 Other fees from market participants 6% Electricity trade (forward) Electricity trade 8% (spot) 4% Register of Certificates of Origin 35% Other 3% Q2 202 Clearing 26% Q3 202 Revenue Operating expenses Operating profit Net profit consolidated by WSE as of the beginning of March 202 PolPX Group Revenue Structure in Jan-Sep 202 6

17 WSE GROUP BALANCE SHEET PLN mn Non-current assets Property and equipment Intangible assets Investment in associates Available-for-sale financial assets Other non-current assets Current assets Trade and other receivables Available-for-sale financial assets Cash and cash equivalents Other Total assets Equity Non-current liabilities Current liabilities Total equity and liabilities Growth of intangible assets in 202 driven by goodwill on the acquisition of PolPX (PLN 47.8 mn). Available-for-sale financial assets (current assets) decreased due to redemption of Treasury bonds in WSE portfolio. 20 dividend payout: PLN 60.4 mn. Cash includes assets of the WCCH clearing guarantee system (restricted assets) at PLN 0 mn in Q

18 WSE Investor Relations ul. Książęca Warsaw Disclaimer This presentation has been prepared by Giełda Papierów Wartościowych w Warszawie S.A. ( Warsaw Stock Exchange, WSE or Company ) for its shareholders, analysts, and other contractors. This presentation has been prepared solely for information and is not an offer to buy or sell or a solicitation of an offer to buy or sell any securities or instruments. This presentation is not an investment recommendation or an offer to provide any services. All efforts have been made to present the data in this presentation; however, some data are derived from external sources and have not been independently verified. No warranty or representation can be given that information in this presentation is exhaustive or true. The WSE has no liability for any decisions made on the basis of any information or opinion in this presentation. The WSE informs that in order to obtain information about the Company reference should be made to periodic and current reports published in compliance with applicable provisions of Polish legislation. 8

19 Additional Slides Financial Data 9

20 REVENUES LISTING AND INFORMATION SERVICES Listing (PLN m) Total Annual fees Introduction, listing fees and others Information services (PLN m) Number of subscribers ('000) Przychody ze sprzedaży informacji Q/ Q2/ Q3/ Q4/ Q/2 Q2/2 Q3/2 Q/ Q2/ Q3/ Q4/ Q/2 Q2/2 Q3/2 Annual fees: Depend on the company s market capitalisation at the end of each year Stable revenue source throughout the year Currency of the fees from foreign subscribers changed from EUR to PLN, increase of monthly fees denominated in PLN ( July 20) Annual fees from data vendors changed as of 202 (price increase and currency change to PLN) 20

21 PROFIT OF ASSOCIATES AND NET FINANCIAL INCOME Share of profit of associates (PLN 000) Net financial income (PLN m) 5,438 4,420 KDPW Group (WSE stake: 33.33%) Centrum Giełdowe (WSE stake: 24.79%) Total 4, ,64 5,058 3,985 4,325,998 3,957,738 2,03 2,25,94, Q/ Q2/ Q3/ Q4/ Q/2 Q2/2 Q3/ Q/ Q2/ Q3/ Q4/ Q/2 Q2/2 Q3/ KDPW net profit for WSE (PLN m) Negative net financial income in Q, Q2 and Q3 202 due to the cost of service of the bond issue at PLN m per quarter Centrum Giełdowe result depends on the USD/PLN exchange rate due to a loan denominated in USD In Q2 20 the share of profit of associates was increased by PLN 28 k as an impact of full consolidation - first-time consolidation of KDPW_CCP in the KDPW Group 2

22 REVENUES TRADING: FINANCIAL MARKET Shares (PLN m) Derivatives (PLN m) Fixed income (PLN m) Other 3 (PLN m) Trading, financial market (PLN m) Q/ Q2/ Q3/ Q4/ Q/2 Q2/2 Q3/2 Includes revenue from tender for shares in the amount of PLN 7.7 m (mainly tender for BZ WBK shares) 2 Includes PLN 3 m trading revenue from invoice correction for Q 20 3 Other fees paid by market participants and other cash instruments 22

23 INVESTMENTS AND DEBT Investment expenditures, PLN m Debt ratios * Debt to equity ratio % 0.0% The Group s major investment in Jan-Sep 202 was acquisition of PolPx. The investment was PLN 2 m) Total capital expenditures in 202, excluding PolPX, planned at ca. PLN 93 m Cost of debt service at PLN 3.9 m in Q3 202, 3.8 m in Q2 202 and 3.9 m in Q 202 Debt to equity at 46.8% at the end of Q3 202 v. 0.0% at the end of Q3 20 Capital expenditures in 2009 excluding investment in BondSpot; 2 Planned capital expenditures in 202 excluding investment in PolPX; 3 Interest-bearing liabilities (total liabilities under debt. e.g. principal and interest)/ consolidated equity. 23

24 Additional Slides Market Data 24

25 Trading Listing WSE GROUP BUSINESS LINES Listing and trading ( ) Largest CEE exchange, with domestic market capitalisation of PLN 484 bn (Main Market) and PLN 9.2 bn (NewConnect) 855 listed companies (435 Main Market, NewConnect) 4 foreign issuers listed on WSE Main Market, 7 on NewConnect 302 non-treasury bond series, PLN 48.8 bn issue value on Catalyst Information services and other services Provider of real-time trading data via 58 data vendors (285.k subscribers at 30 September 202) Supports listed companies IR and PR strategies through company WSEInfoEngine and internet platforms, including WSEInfoSpace and WSEInternational Trading flow generated by 60 exchange members, both local and remote Post-trade services Equities Derivatives Fixed income Commodities # in CEE and #8 in Europe by cash equity turnover value # in CEE and #4 in Europe by stock index future turnover Dynamic growth of Catalyst and Treasury BondSpot Poland Taking control of PolPX (consolidated since March 202) drives expension of WSE Group 33.3% stake (alongside the State Treasury and the National Bank of Poland) in KDPW Group, the Polish CSD and clearing house for WSE, BondSpot and OTC trades KDPW provides WSE with a share of profits and influence over the structure of the Polish capital markets, WCCH clearing house in the Group provides clearing services for the commodity market Source: FESE WSE operates across a wide range of markets, maximising revenue potential from listing, trading, information and post-trade services 25

26 UTP: STATE-OF-THE-ART TECHNOLOGY IN Q4 2 WARSET capacity UTP capacity Number of incoming messages per second (during a session) Number of transactions per day Fully scalable Number of outgoing market data messages per second Fully scalable Latency of the trading system 60ms 0.5ms System used on NYSE Euronext exchanges in New York, Paris, Lisbon, Amsterdam, Brussels Accommodating new categories of investors including high-frequency traders Broader range of functionalities (including new types or orders), listing of instruments in new market segments dedicated to specific product groups (e.g. warrants and structured products) 26

27 ISSUERS AND NEW LISTINGS NC: number of new listings Domestic Foreign Main Market: number of listed companies and new listings (long-term perspective) Number of listed companies New listings Main Market: number of new listings Domestic Foreign Transfer from NC Q-Q

28 ATTRACTIVE VENUE FOR ISSUERS Main Market offering value (PLN bn) NewConnect shares offering value (PLN m) 0. IPO SPO Previously listed companies Newly listed companies Main Market number of listed companies NewConnect number of listed companies domestic foreign domestic foreign

29 CAPITALISATION OF DOMESTIC COMPANIES AND GDP Capisalisation of domestic companies and WIG index Capitalisation of domestic companies to Polish GDP Capitalisation of domestic companies (PLN bn) WIG index (%),400 GDP (PLN bn) Capitalisation of domestic companies (PLN bn) Capitalisation/GDP 80% ,200 90, ,76,06,068,085, % 46% 48% 39% 38% 34% % % % 308 3% 4% % 60% 50% 40% 30% 20% 0% 0% Source: Central Statistical Office, WSE. GDP in 20 preliminary data 29

30 MAIN MARKET TURNOVER Quarterly value and turnover dynamics v. WIG index (PLN bn) Session trades Block trades WIG index Q/0 Q2/0 Q3/0 Q4/0 Q/ Q2/ Q3/ Q4/ Q/2 Q2/2 Q3/ Free float (%) Turnover ratio (%) TOP5 share in turnover (%) Q/0 Q2/0 Q3/0 Q4/0 Q/ Q2/ Q3/ Q4/ Q/2 Q2/2 Q3/2 Turnover ratio based on average monthly FESE data 30

31 VALUE OF TRADING AND NUMBER OF TRADES Session trading value (PLN bn) Block trading value (PLN bn) Total trading value (PLN bn) Average number of trades per session ('000)

32 EQUITIES MARKETS: LONG-TERM PERSPECTIVE 30 Monthly value of session trading on WSE Main Market 200 H 202 (PLN bn) NewConnect: capitalisation (PLN bn) and new listings Capitalisation New listings WSE Main Market: return of turnover growth dynamics to the level before the crisis Turnover value in 20 at 2.% of the 200 turnover value. NewConnect: turnover value (PLN m) NewConnect: constant increase of the market parameters, market supplied with new companies and increased investors interest

33 DERIVATIVES MARKET 94.8 Index futures trading volume in Europe (Q-Q3 202; m) Derivatives trading volume (m) Q/0 Q2/0 Q3/0 Q4/0 Q/ Q2/ Q3/ Q4/ Q/2 Q2/2 Q3/2 Structure of derivatives trading volume WIG20 futures mwig40 futures stock futures currency futures option miniwig20 particiaption units 3.7% 87.5% Q m 4.5%.7% 5.7% 0.2% 0.3% 76.8% Q m 2.% 7.% 0.% 0.3% as of May 202, the volume of trading in fx futures is calculated on the basis of a trading unit equal to,000 contracts (previously: 0,000 contracts), therefore derivatives turnover volume since that date arenot fully comparable with data in previous periods 33

34 EXCHANGE MEMBERS Number of exchange members Countries Pochodzenie of origin zdalnych of remote członków members GPW Remote 7 8 Local Sweden: Russia: 3 Lithuania: UK: Netherlands: 9 Germany: Ukraine: Czech Rep.:2 France: 2 Austria: Hungary: 2 Romania:2 Bulgaria: Q/ Q2/ Q3/ Q4/ Q/2 Q2/2 Q3/2 Brokers from Ukraine and Russia formally operate through entities registered in the UK and in Cyprus 34

35 INVESTORS Share in equity trading on Main Market by investor type Share in futures trading by investor type 36% 39% 32% 33% 34% 37% 39% 37% 34% 35% 35% 9% 24% 22% 20% 25% 34% 37% 37% 36% 38% 36% 29% 29% 35% 26% 35% 30% 8% 27% 9% 8% 9% 79% 74% 74% 75% 66% 56% 53% 52% 50% 46% 47% 35% 32% 33% 4% 3% 33% 43% 36% 47% 47% 46% H 202 Foreign Polish individual Polish institutional 2% 2% 4% 5% 9% 0% 0% % 4% 6% 7% H 202 Foreign Polish individual Polish institutional Source: WSE survey, estimates AuM of pension. funds (PLN bn) AuM of investment. funds (PLN bn) Sept 202 Source: KNF H 202 Source: IZFiA 35

36 WSE GROUP AND SHAREHOLDER STRUCTURE Shareholder structure by number of shares Subsidiaries BondSpot S.A. (92.47%) Polish Power Exchange (98.7%) Warsaw Stock Exchange Associates KDPW S.A. (33.33%) KDPW_CCP S.A. (00%) State Treasury - preffered shares Other shareholders - preffered shares Other shareholders - bearer shares 35.00% 64.62% 0.38% IRGiT S.A. (00%) Info GT Sp. z o.o. (00%) WSEInfoEngine S.A. (00%) Instytut Rynku Kapitałowego WSE Research S.A. (00%) Centrum Giełdowe S.A. (24.79%) Shareholder structure by voting rights State Treasury - preffered shares Other shareholders - preffered shares Other shareholders - bearer shares 47.73% 5.70% Preferred shares A series held by the State Treasury, investment firms, banks and other shareholders are preferred in voting rights in a way that each A series share constitutes two voting rights at the General Shareholders Meeting. 0.57% 36