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GPW 2007 – NOWA JAKOŚĆ

INVESTORS IN EXCHANGE TRADING – H1 2010 - summary of survey findings. GPW 2007 – NOWA JAKOŚĆ. Methodological Notes. Type of survey: questionnaire; the respondents quoted exact values Survey participants: 27 national WSE members Survey timing: July 2010 Data for: H1 2010

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GPW 2007 – NOWA JAKOŚĆ

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  1. INVESTORS IN EXCHANGE TRADING – H1 2010 - summary of survey findings GPW 2007 – NOWA JAKOŚĆ

  2. Methodological Notes • Type of survey: questionnaire; the respondents quoted exact values • Survey participants: 27 national WSE members • Survey timing: July 2010 • Data for: H1 2010 • The activities of market maker and customer portfolio management were treated as activities of national institutional investors • The survey covered WSEsession trading data

  3. WSE MAIN LIST

  4. Major Highlights 50 2600.0 45 2550.0 40 2500.0 35 2450.0 30 2400.0 25 2350.0 Trading value (PLN mln) WIG20 at month end 20 2300.0 15 2250.0 • In H1 2010 equity trading reached almost PLN 200 billion. which accounted for almost 60% of trading in 2009 • From the beginning of the year the rates of return for major stock exchange indices ranged from +1% (mWIG40) to -6% (WIG20) • In the primary market. 11 IPOs were carried out including two record-breaking in terms of value: PZU and TAURON attracted new investors to the stock exchange 10 2200.0 5 2150.0 0 2100.0 January Feb. March April May June

  5. Foreign Investors Other 13% 47 % 43 % 41 % Austria; 6 % 36 % 33 % 31 % Czech Republic; 8% United Kingdom; 60 % France; 13 % 2005 2006 2007 2008 2009 2010H • UK brokers continue to lead in terms of the origin of foreign orders at the WSE • In H2 2009 the runner-up position was held by the Czech brokers (at present French brokers) • Foreign investors accounted for the highest share in stock trading in the history of WSE surveys • In value terms foreign investors’ trading exceeded PLN 94 billion

  6. Institutional Investors Other 13% 39 % Dealer; 5% 37 % 37 % Investment Companies 44% 34 % Market maker 17% 33 % 33 % 2005 2006 2007 2008 2009 2010H Pension Funds 21% • Investment Companies held the dominant position among institutional investors as they attracted new investors and their assets exceeded PLN 100 billion once again • The runner-up position was recovered by the pension funds (a year ago 17%. now 21%) • The share of domestic financial institutions in stock trading fell to the level prevailing 4 years ago • In value terms institutional investors’ trading exceeded PLN 65 billion

  7. Individual Investors orders transactions 76 % 74 % 73 % 68 % 35 % 63 % 30 % 50 % 70 % 69 % 27 % 26 % 65 % 60 % 20 % 18 % 49 % 29 % 2005 2006 2007 2008 2009 2010H 2005 2006 2007 2008 2009 2010H • The share of transactions made by individual investors via Internet reached a record-high level of 70% • Share of domestic individual investors in stock trading fell to 20% • Retail investors generated PLN 40 billion in trading i.e. the same level as in H1 2009

  8. NEWCONNECT MARKET

  9. Major Highlights 450 62 400 60 350 300 58 250 NCI at month end Trading value (PLN mln) 56 200 150 54 • In H1 2010 stock trading totalled PLN 1.3 billion. which was more than in the whole 2009 • The NCIndex growth exceeded 15% since the beginning of the year. which is the highest rate of return of all stock exchange indices • In H1 2010 the stocks of 32 companies debuted on NewConnect. At the end of June 2010 136 issuers were listed. 100 52 50 0 50 January Feb. March April May June

  10. Foreign Investors 3 % Czech Republic 40% 2 % 2 % 1 % Other 60% 2007 2008 2009 2010H • Foreign brokers are dominated by investors from other countries than those in the region. Western Europe and the United States of America. • Share of foreign investors in stock trading in the NewConnect market was down to 1% • Foreign investors trading in H1 2010 was higher than in the whole 2009

  11. Institutional Investors Other 11% Dealer 3 % 9 % 7 % Other Companies 35% 6 % 5% Investment Companies 22% 2007 2008 2009 2010H Market maker 29% • The highest share in trading in the alternative market was held by non-financial enterprises. • In the previous edition of the survey the leader in this category were brokerage houses acting as market makers • Share of domestic institutions in stock trading in the NewConnect market fell to 7% • Institutional investors’ trading totalled PLN 90 million

  12. Individual Investors 92 % 92 % 92 % 97 % 96 % 88 % 89 % 79 % 2007 2008 2009 2010H 2007 2008 2009 2010H • Most of IPOs on the NewConnect market were carried out through private placements • In 2007 private placements accounted for 79%. whereas this year private placements accounted for 97% of offerings • The share of domestic individuals in stock trading in the NewConnect market exceeded again 90% • Domestic retail investors generated PLN 1.2 billion in trading in H1 2010.

  13. DERIVATIVE INSTRUMENTS

  14. Major Highlights 1800 250 1600 200 1400 1200 150 1000 Open Interest (no. of instruments) Turnover Volume (tousand instruments) 800 100 600 • In H1 2010 the trading volume of contracts and options totalled 8.2 million. which accounted for 59% of trading volume in 2009 • At the same time new series of contracts for shares of new issuers. including PGE and PZU. were admitted to trading • The launch of short sales in mid 2010 may represent a growth opportunity for derivative instruments volumes 400 50 200 0 0 January Feb. March April May June

  15. Foreign Investors – Futures Czech Republic 1% Other 5% France 9% 12 % 11 % 10 % 10 % 9 % Austria 54 % 5 % United Kingdom 31 % 2005 2006 2007 2008 2009 2010H • Austrian institutions generate the highest share of trading. similarly to 2009 • The ranking in further positions did not change and they were occupied by brokers from UK and France • Share of foreign investors in futures trading reached a record-high level in the history of WSE surveys and accounts for 12% • Futures trading volume executed by foreign investors totalled 950 thousand contracts

  16. Institutional Investors – Futures Other 10% 37 % 37 % Dealer 6 % 36 % 34 % 25 % 18 % Investment Companies 17% Market maker 67% 2005 2006 2007 2008 2009 2010H • In the category of institutions the lead in contract trading was held by market makers (67% vs. 61% last year) • Compared to last year the activity of investment companies declined (last year they accounted for 23%) • Share of domestic financial institutions in futures trading was slightly down to 36% • Trading volume executed by institutional investors in H1 2010 totalled 2.8 million contracts

  17. Individual Investors – Futures orders transactions 85 % 83 % 78 % 75 % 77 % 69 % 66 % 53 % 56 % 73 % 72 % 53 % 52 % 52 % 64 % 63 % 54 % 51 % 2005 2006 2007 2008 2009 2010H 2005 2006 2007 2008 2009 2010H • 73% of orders in futures market are placed on the stock exchange through Internet accounts • The share of Internet transactions in retail trading rose to a record-high level of 85% • Share of individual investors remained at the 2009 level and amounted to 52% • In H1 2010 the trading volume executed by retail investors accounted for 60% of 2009 volume

  18. Foreign Investors - Options United Other 3% Kingdom 1% 12 % 12 % 10 % Austria 96% 4 % 3 % 1 % 2005 2006 2007 2008 2009 2010H • In the category of foreign brokers the options market is dominated by Austrian institutions similarly to the futures market • Share of foreign investors in options trading returned to the 2008 level and amounted to 10% • In H1 2010 the trading volume executed by foreign investors was higher than in the overall last year and reached almost 30 thousand options

  19. Institutional Investors - Options Other 3% Investment Companies 4% 35 % 32 % 30 % 30 % Market makers 27% 26 % 24 % Banks 66 % 2005 2006 2007 2008 2009 2010H • In the category of domestic institutions a predominant position in options tradingbelongs to market makers (also acting on the account of the bank) • They accounted for 93% of options trading volume • Share of institutional investors in options trading rose to 32% • In H1 2010 options trading volume executed by domestic institutions reached 102 thousand options

  20. Individual Investors - Options orders transactions 75 % 71 % 86 % 86 % 85 % 65 % 73 % 58 % 58 % 67 % 53 % 62 % 87 % 79 % 69 % 69 % 69 % 59 % 2005 2006 2007 2008 2009 2010H 2005 2006 2007 2008 2009 2010H • Number of orders in options trading sent via Internet accounts fell from 87% to 69% • The share of Internet transactions in individual investors trading in the last 18 months stabilized at the level of 85% • Share of individual investors in options trading was down to 58% i.e. to the 2008 level • Individual investors generated trading volume ca. 181 thousand options

  21. CATALYST BONDS MARKET

  22. Major Highlights 18 40 16 35 14 30 12 25 10 Issues Value (PLN mln. line graph) No. of Issues (bar graph) 20 8 15 6 • Since the beginning of the year we have observed a systematic growth in the number of issuers and value of corporate and local government bond issues in the Catalyst market • Along with the growing number of listed series the interest shown in the Catalyst market has been growing. which is confirmed by the growth of trading volume in value terms and number of transactions • Recently a major event was the first IPO of co-operative bank’s bonds in the Catalyst market 10 4 5 2 0 0 January Feb. March April May June

  23. SUMMING UP

  24. Number of accounts Number of accounts Number of Internet accounts 589 Total Active 420 1 314 352 1 099 293 997 187 880 877 412 822 115 255 239 219 192 166 2005 2006 2007 2008 2009 2010H 2005 2006 2007 2008 2009 2010H • First time ever the number of Internet accounts handled by brokerage houses exceeded 500 thousand. • Since 2005 the number of Internet accounts rose fourfold from 115 thousand to 589 thousand • Record high offerings of the State Treasury attracted new investorsto the stock exchange : the number of investment accounts rose to a record-high level • The number of active accounts (at least one transaction in the surveyed period) accounts for 31%

  25. Summing Up – Data In Percentage Terms Key: *ML – Main List; *NC – NewConnect market

  26. Summing Up – Data in Value Terms Key: *ML – Main List; *NC – NewConnect market (in PLN millions)

  27. More information: WSE Marketing Communications Department Marcin Przeszłowski 605-470-665 marcin.przeszlowski@gpw.pl Anna Szarek 603-366-808 anna.szarek@gpw.pl

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