1. Company Presentation September 2014 KDPW_CCP

2. Overview of the Polish Capital Market 2 KDPW Financial Supervision Authority (KNF) WSE Main Market, BondSpot, Catalyst, NewConnect, OTC Financial institutions and intermediaries Issuers Institutional investors Individual investors National Bank of Poland KDPW_CCP

3. 3 join the celebrations of the 25th anniversary of economic freedom in Poland ___________________________________ was established in 1991 was separated in 1994, as an independent, join stock company was created in 2011

4. KDPW_CCP 4 100 % 33% KDPW:  Trade repository service – EMIR compliant. One of the first 4 trade repositories in UE. ESMA registration of KDPW_TR (7 Nov. 2013)  LEI – one of the 14 agencies in the world allocating LEIs

5. Regulated Market ATS Derivative OTC Clearing Risk Management Collateral Management SPAN VaR Govt. Bonds T-Bills PLN WIG20 Companies REPO OTC Regulated Market ATS Cash OTC Central Securities Depository Corporate Actions Numbering Agency (ISIN, LEI) Operational Links with Foreign CSDs Managing Deposit Accounts Registering and Safekeeping of Securities OFE Transfer Payments Trade Repository Exchange Clearing House (GIR KDPW) Database Management Settlement Investor Compensation Scheme Asset Management Guarantee Fund 100% Main responsibilities of KDPW and KDPW_CCP

6. KDPW_CCP Milestones 6 2009 New Development Strategy of KDPW 2010 Creation of KDPW_CLEARPOOL Clearing Guarantor – first step to CCP 2011 Establishing of KDPW_CCP clearing house: Separate legal entity New clearing guarantee system SPAN CCP’s own capital 2012 Introducing novation to the Polish legal system Introduction of OTC clearing service 2013 Application for authorisation 2014 EU Authorisation of KDPW_CCP July 2011 Nov. 2012 8.04.2014

7. Authorised CCPs in UE (as of 12.09.2014) 7 No.CCPCountryDate 1Nasdaq OMX Clearing ABSweden18.03.2014 2European Central Counterparty N.V.Netherlands1.04.2014 3KDPW_CCPPoland8.04.2014 4Eurex Clearing AGGermany10.04.2014 5Cassa di Compensazione e Garanzia S.p.A.Italy20.05.2014 6LCH.Clearnet SAFrance22.05.2014 7European Commodity ClearingGermany11.06.2014 8LCH.Clearnet LtdUnited Kingdom12.06.2014 9Keler CCPHungary4.07.2014 10CME Clearing Europe LtdUnited Kingdom4.08.2014 11 CCP Austria, Abwicklungsstelle für Börsengeschäfte GmbH Austria14.08.2014 12LME Clear LtdUnited Kingdom3.09.2014

8. KDPW_CCP - Markets & Products CASH MARKET DERIVATIVES MARKET Regulated ATS OTC Regulated - Warsaw Stock Exchange (WSE) - BondSpot - Warsaw Stock Exchange (WSE) - BondSpot shares, bonds, subscription rights, allotment certificates, investment & structured certificates, index participation units, mortgage bonds, warrants, ETFs - NewConnect - Catalyst - BondSpot - NewConnect - Catalyst - BondSpot shares, allotment certificates, bonds, mortgage bonds - Warsaw Stock Exchange (WSE) futures contracts, options, index participation units Forward Rate Agreements, Interest Rate Swaps, Overnight Index Swaps, Basis Swaps -OTC (MarkitWire, SWIFTAccord) OTC -Matching Engine for REPO T-bonds 8

9. About KDPW_CCP  KDPW_CCP operates as a CCP (central counterparty) within the meaning of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, performing the clearing of transactions executed in the cash and derivatives markets, both in on-exchange and off- exchange (OTC) markets.  In accordance with KDPW_CCP regulations (the Rules of Transaction Clearing (Organised Trading) and the Rules of Transaction Clearing (Non-Organised Trading)) KDPW_CCP becomes the counterparty for all transactions accepted for clearing.  This is performed using the mechanism of clearing novation, introduced on the basis of the Law on Trading in Financial Instruments. 9

10. KDPW_CCP guarantees clearing of transactions executed on the regulated cash and derivatives market. Regulated cash market trading platforms Regulated derivatives market trading platform 10 Regulated Market and Alternative Trading System KDPW_CCP guarantees clearing of transactions executed on the cash market in the alternative trading system. ATS cash market trading platforms:

11. Since the end of 2012 KDPW_CCP has operated an OTC derivatives trade clearing system including a clearing liquidity guarantee system. Main functionalities of the OTC trade clearing system:  clearing of trades accepted to the OTC clearing system and intermediation in settlement arising from clearing  risk management  collateral management  function of central counterparty (CCP) through novation  reporting to the Trade Repository (service offered by KDPW) 11 OTC Clearing in KDPW_CCP Bank A Bank B Trade Repository (KDPW) National Bank of Poland Confirmation platforms* Communication SWIFT CSD (KDPW) repo settlement safekeeping CSD (KDPW) repo settlement safekeeping SWI EMIR compliant

12.  FRA  IRS  OIS  Basis Swaps  REPO  In the future: instruments denominated in EUR  and other currencies – with regard to market demand. 12 PLN OTC Clearing: Cleared Instruments KDPW_CCP has focused on OTC derivatives denominated in PLN

13.  MarkitWire OTC Clearing: Confirmation Platforms KDPW_CCP clears trades on the basis of clearing instructions delivered by an electronic platform operator (MarkitWire, SWIFT Accord or proprietary matching solution for REPO).  SWIFT Accord 13

14. Reporting to Trade Repository  In addition to compliance with its reporting obligations as a CCP, KDPW_CCP has developed the service of reporting derivative contracts to the Trade Repository operated by KDPW (KDPW_TR) on request of Clearing Members.  Reporting can be delegated both by Clearing Members and through them by their Clients and entities concluding derivative transactions on request of their Clients (Brokers).  On 7 November 2013 The European Securities Market Authority (ESMA) has registered the KDPW Trade Repository, confirming that it fulfills all trade repository requirements under EMIR.  The KDPW Trade Repository (KDPW_TR) was one of the first four such institutions to be registered in Europe.  KDPW_TR is approved to register all derivative contracts classes, both from the regulated and OTC market. 14 EMIR compliant

15. 15 _CCP: Clearing Guarantee System – Default Waterfall Credits of the defaulting member Margins: initial deposit > initial margin > additional margin Resources of the relevant default fund Contributed by the defaulting member Dedicated resources of KDPW_CCP (in the amount corresponding to at least 25% of the capital requirements taking into account the allocation of the resources in relation to the size of the fund) Contributions of other KDPW_CCP clearing members to the relevant default fund Own funds of KDPW_CCP (up to 110% of the capital requirements) Additional contributions of other KDPW_CCP clearing members to the relevant default fund (not more than 50% of the last existing contributions according to the lates update) Remaining own funds of KDPW_CCP EMIR compliant

16.  General clearing member:  the amount of PLN 50 M (ca. EUR 12 M) and the sum of PLN 5 M (ca. EUR 1.2 M) for each entity represented by the clearing member in any scope for the clearing of transactions performed by KDPW_CCP – for banks;  the amount of PLN 15 M (ca. EUR 3.5 M) and the sum of PLN 2 M (ca. EUR 0.5 M) for each entity represented by the clearing member in any scope for the clearing of transactions performed by KDPW_CCP – for brokerage houses;  Ordinary (direct) clearing member:  PLN 25 M (ca. EUR 6 M) for banks;  PLN 4 M (ca. EUR 1 M) for brokerage houses;  Clearing house:  PLN 15 M (ca. EUR 3.5 M). Capital Requirements for Clearing Members 16 Organised Trading:  General clearing member:  PLN 100 M (ca. EUR 25 M);  Individual clearing member:  PLN 50 M (ca. EUR 12.5 M);  Clearing house:  PLN 100 M (ca. EUR 25 M). OTC Market:

17. www.kdpwccp.eu 17