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					Why is it worth being listed on the WSE?



                  Ukraine
                October, 2006
Dynamic increase in number of listed companies

    WSE – one of the most dynamic IPO markets in Europe, due to
    target governmental policies toward creation in Warsaw - the Central
    European regional financial center.
    36 IPO`s in 2004 – II place in Europe
    35 IPO`s in 2005 – III place in Europe
    Value of IPO`s – 2004 - 4,25 bln Euro
    Value of IPO`s - 2005 r. 1,7 bln Euro
    Estimation – 35 IPO`s in 2006




                                                                           2
       WSE - MOST IMPORTANT ACHIEVEMENTS
•   transparent, efficient and liquid market
•   large, active and diverse community of investors
•   dynamic increase in number of listed companies
•   diversity of financial instruments - comprehensive product offer
•   modern technical solutions (state-of-the-art trading system, open architecture, etc.)
•   operational excellence of WSE and other intermediaries on capital market
•   high standards: regulations, transparency and Corporate Governance
•   leading position in Central Europe and advancement to developed markets league
•   investors confidence in WSE
•   atractive trading floor for foreign issuers




                                                                                            3
     WSE - BASIC CHARACTERISTICS OF THE MARKET
•   25 member firms + 10 remote members
•   269 (including 7 foreign) listed companies (as of September 21, 2006)
•   equity market capitalisation - Euro 95 billion (domestic companies)
•   over 70 bond issues (mainly T-bonds)
•   derivatives market (index, currency and stock futures, index and stock options,
    T-bond futures)

                       AVERAGE DAILY TRADING FIGURES
                             WSE EQUITY MARKET
                                Jan-Aug 2006

• 121 442 orders
• 41 014 transactions
• equity turnover value – EURO 304.64 million




                                                                                      4
                     WSE - POSITION IN EUROPE
•   WSE a leader in Central & Eastern Europe:
      number of listed companies (1st place)
      number of newly-listed companies (1st place)
      value of IPOs (1th place)
      trading in derivatives (1st place)
      capitalisation of domestic companies (2nd place)
      trading in equities (2nd place)
      turnover velocity of domestic shares 38.7%
•   WSE in European Champion league:
      number of newly-listed companies (3rd place)
      volume of index futures traded (4th place)
      value of IPOs (7th place)


                                                          5
                             WIG - MARKET HISTORY
50 000                 Turnover (Euro m) - right scale                                450
45 000                 WIG index (month-end) - left scale                             400
40 000                                                                                350
35 000                                                                                300
30 000
                                                                                      250
25 000
                                                                                      200
20 000
15 000                                                                                150
10 000                                                                                100
 5 000                                                                                50
     0                                                                                0
         1991   1993       1995         1997         1999   2001   2003   2005 2006




                                                                     As of August 31, 2006

                                                                                             6
               ASSETS AVAILABLE ON THE MARKET
                    - AROUND EURO 175 BN

•   funds – net assets
      › Open Pension Funds – Euro 26,3 bn /30 September 2006/
      › Investments Funds– Euro 20,6 bn /31 August 2006/
•   banks – Euro 26.8 bn /31 August 2006/ - in securities
•   insurance companies – deposits Euro 22,6 bn /30 June 2006/
•   companies – deposits in banks Euro 27,1 bn /31 August 2006/
•   private savings – Euro 53,3 bn in banks /31 August 2006/




                                                                  7
                                      WSE – EQUITY MARKET
          Number of listed companies (end of period)
                                                                                                                                  270
          Number of new ly -listed companies                                                                           255
                                                                 221     225     230                        230
          Number of foreign companies (since 2003)                                         216
                                                         198                                      203

                                                  143

                                        83
                                65                  62     57
                         44                                                                                       36         35
                                                                   28                                   6
         16 7   22         22    21          18                            13                                                       22
   9 9               6                                                                 9     5              1      5          7          8


   1991 1992     1993    1994    1995    1996 1997        1998    1999    2000    2001 2002         2003        2004    2005 2006*

                                                                                                 * As of 13 October, 2006
Foreign issuers :
     2003 – 1 (BACA AG), 2004 – 4 (Borsodchem Plc., IVAX, BMP AG, MOL Plc.), 2005 – 2 (AMREST,
     SkyEurope). 2006 – 1 ASTARTA HOLDING N.V. (A UKRAINIAN COMPANY REGISTERED IN THE
     NETHERLANDS), Asseco Slovakia



                                                                                                                                             8
                  MARKET CAPITALISATION
                                     (end of year)
EURO billion

  140

  120
                                                                          100
  100
                                                               80
   80

   60                                                52
                                                                                40
   40     34
                  29         28          30                         30
                                                          19
   20
                                              6
     0
           2000   2001        2002        2003       2004      2005       10.2006

                       Domestic companies             Foreign companies


                                                                                     9
             NUMBER OF LISTED COMPANIES
                                     (end of year)
300
                                                                                     262
                                                                    248
250    225        230                                   225
                               216
                                           202
200

150

100

 50
                                                 1            5           7                8
  0
       00




                  01




                              02




                                           03




                                                       04




                                                                    05




                                                                                     06
      20




                20




                            20




                                         20




                                                     20




                                                                  20




                                                                                   0
                                                                                .2
                                                                                 0
                                                                              .1
                                                                          13
                                     Domestic         Foreign
             Hungary – 2, Austria – 2, Ukraine – 1, German – 1, Netherland – 1,
                           Slovak - 1, Czech – (CEZ) Oct, 2006

                                                                                               10
                     INVESTOR STRUCTURE
              TRADING ON EQUITY MARKET 2002-2006
                           (PERCENTAGE BREAKDOWN)
100%
90%
        33%                                       33%       31%         33%        33%       34%
80%               39%         37%      40%

70%
60%
                                                                        24%        28%
        31%                                                 33%
50%               27%         28%                 38%                                        37%
                                       29%
40%
30%
                                                                        43%
20%     36%       34%         35%                           36%                    39%
                                       31%        29%                                        29%
10%
 0%
       1H 2002   2H 2002   1H 2003    2H 2003   1H 2004    2H 2004     1H 2005    2H 2005   1H 2006

                    Foreign          Domestic individual          Domestic institutional




                                                                                                      11
             WSE IN EU REGULATORY CONTEXT
                        WARSAW STOCK EXCHANGE


  regulated market within EU directives
  prospectus for debuting companies at WSE (prepared in accordance with EU
ordinance 809/2004) is binding for all EU markets, thus, secondary listings or issues
could be executed at any EU stock markets
     • While the companies listed at the London AM may not be traded at other EU
     stock markets, the companies listed at WSE can be listed anywhere in EU
     including the London main market




                                                                                        12
                Listing on WSE – benefits for issuers
Promotional and marketing effect
Listed company prestige
  Higher credibility in contact with banks and financial institutions (higher rating – lower cost
   of credit)
  Higher credibility in winning new contracts and business partners
Issuer operationally present in a foreign country (e.g. BACA. bmp. AmRest…)
Access to large pool of capital
Possibility of building a capital group (payments with new stock issues)
Possibility to offer stock throughout EU based on prospectuses approved in Poland




                                                                                                     13
                       WSE vs AIM
     LISTING COSTS COMPARED FOR RELEVANT ISSUE SIZE*
      Listing place   Issue value    Issue value         Costs             Costs            Costs
                        (GBP m)        (PLN m)          (GBP m)           (PLN m)             (as %
                                                                                         of issue value)

1.   AIM                  1.6            9.3               0.4              2.4               26
     WSE                  1.5            8.9               0.2              0.9              10.2
2.   AIM                  2.0            11.6              0.4              2.3               20
     WSE                  2.0            11.9              0.1              0.8               6.7
3.   AIM                  3.0            17.3              0.6              3.5               20
     WSE                  3.0            17.5              0.1              0.6               3.3
4.   AIM                  3.5            20.3              0.5              2.9               14
     WSE                  3.6            21.0              0.2              1.3               6.2
5.   AIM                  7.0            40.5              0.8              4.9               12
     WSE                  7.3            42.3              0.2              1.6               3.7

* Source: WSE calculations based on data of companies newly-listed on AIM and WSE in years 2004-2005.


                                                                                                           14
                   WSE and AIM - comparison

The way to the WSE is :


- Faster – aproximately 6-9 months.

- Cheaper – 5-7% of total issue costs (no need for Nomad, polish financial and
legal auditors are adequately qualified but for less money, no need to pay
continuation fees, supervison fee and fee for Nomad and broker).

- Can provide the company with nearly the same money as London AIM but
for less efforts and expences.

- AIM – is the dean-end, WSE - gives full EU financial passport to the
Company to other regulated markets in EU.




                                                                                 15
                                    CRITERIA
            WSE Parallel Market -                                   AIM
             regulated market                           Alternative Trading System

•   No minimum proportion of shares to be in   •   No minimum proportion of shares to be in
    public hands                                   public hands

•   No trading record requirement              •   No trading record requirement

•   No minimum size of company                 •   No minimum size of company

•   No requirements regarding the employment   •   A company coming to AIM must have a
    of a Nominated Adviser neither Broker          Nominated Adviser and Broker at all times

•   Prospectus drawn up according to           •   Prospectus drawn up according to
    Commission Regulation (EC) No 809/2004 –       Commission Regulation (EC) No 809/2004 –
    first public offering                          first public offering




                                                                                               16
                  LISTING CRITERIA AT WSE
  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, unless such information document is not required
transferability not SIGNIFICANLTY restricted
no bankruptcy or liquidation proceedings underway with respect to the issuer
no minimum quantitative requirements
value of shares/equity no less than PLN equivalent of EUR 1,000,000
dispersion
  at least 25% of all company shares held by small share holders (shareholders each of whom
   controls no more than 5% of GM votes), or
  at least 500,000 company shares of value equal to no less than PLN equivalent of EUR
   17,000,000 held by small shareholders:

financial statements together with auditor’s opinions for at least past three
consecutive financial years published


                                                                                                    17
      LISTING REQUIREMENTS FOR SHARES
               PARALLEL MARKET
Listing requirements set out in the WSE Rules:
    relevant information document drawn up and approved by the competent
    supervisory authority
    transferability not restricted
    no bankrupcy nor liquidation proceedings with regard to the issuer
    no minimum quantitative requirements
    no restrictions such as on the main market (nor less than 25% of shares)
    held by small shareholders.




                                                                               18
              FOREIGN COMPANIES LISTED ON WSE
             COMPANY                              COUNTRY                  SECTOR
                                                  OF ORIGIN
BANK AUSTRIA CREDITANSTALT AG           AUSTRIA               BANKING
(2003)
BORSODCHEM (2004)                       HUNGARY               CHEMICAL
BMP AKTIENGESELLSCHAFT (2004)           GERMANY               NEW TECHNOLOGY

MOL (2004)                              HUNGARY               CHEMICAL

AMREST HOLDING NV. (2005)               NETHERLANDS           OTHER SERVICES
                                                              (KFC. PIZZA HUT RESTAURANTS)
SKYEUROPE AG(2005)                      AUSTRIA               OTHER SERVICES (AIRLINES)

IVAX Inc. (2004)                        USA                   PHARMACEUTICALS
(delisted in 2006 - merger with TEVA)
ASTARTA KIEV                            UKRAINE               AGRICULTURE
ASSECO SLOVAKIA                         SLOVAKIA              IT SYSTEMS



                                                                                             19
                  IPO VALUE STRUCTURE
                        2004-2005
value of the offers up to Euro 10 million – 43.66% WSE listed companies debuting
in 2004-2005
value of the offers above 10 and below Euro 100 million – 45.07% WSE listed
companies debuting in 2004-2005
value of the offers above Euro 100 million – 11.27% WSE listed companies
debuting in 2004-2005



minimum offer value in 2004-2005 = Euro 0.78 million
the largest offer value in 2004-2005 = Euro 1 894.70 million



                                                                                   20
                   IPO COST ON WSE


minimum Euro 38 900
on average 5-7% of capital raised (WSE - years 2004-2005)
average (median) cost of IPO in Warsaw - years 2004-2005 - Euro 395 000
(5.29%)
lower cost for subsequent offers




                                                                          21
             IPO COST ON THE WSE IN 2006
                          (1)
             Company   Dabut date     Debut date    Value of issue (PLN)      Cost (PLN)          (%)
                        Allotment      Shares
                       Certificates
                          (PDA)
 1   North Coast        10 Apr 2006   10 Apr 2006             23 450 000.00        1 959 793.13   8.36

 2   Cash Flow         15 May 2006    21 Jul 2006             20 000 000.00         539 243.49    2.70
                        8 Jun 2006     8 Jun 2006             14 000 000.00                 n/a
 3   SFINKS
                        12 Jun 2006   12 Jun 2006             16 106 612.00         933 319.71
 4   EUROFILMS                                                                                    5.79
                        19 Jun 2006   19 Jun 2006             11 250 000.00        1 723 000.00
 5   BANKIER.PL                                                                                   15.32
                       20 Jun 2006                            66 000 000.00        3 232 000.00
 6   PAMAPOL                                                                                      4.90
                                      22 Jun 2006             29 200 000.00        1 823 267.72
 7   MISPOL             22 Jun 2006                                                               6.24
                                                              36 000 000.00        3 188 627.60
 8   GINO ROSSI         26 Jun 2006   26 Jun 2006                                                 8.86
                        11 Jul 2006                           20 000 000.00         728 603.28
 9   INTERSPORT                                                                                   3.64
                        12 Jul 2006                            8 000 000.00         708 086.84
10   Ecard                            12 Jul 2006                                                 8.85




                                                                                                          22
                            IPO COST ON THE WSE IN 2006
                                        (2)
             Company           Dabut date     Debut date    Value of issue (PLN)       Cost (PLN)           (%)
                                Allotment      Shares
                               Certificates
                                  (PDA)

11   Inwest Consulting          20 Jul 2006                             3 750 000.00           248 894.00   6.64

12   Action SA                  24 Jul 2006                            54 000 000.00         2 415 000.00   4.47

13   Qumak-Sekom                3 Aug 2006    3 Aug 2006               20 500 000.00         1 316 922.00   6.42

14   Famur                      4 Aug 2006    4 Aug 2006              151 242 300.00         6 377 687.88   4.22

16   Astarta Holding N.V.                     17 Aug 2006              95 000 000.00         7 440 789.01   7.83

17   Hyperion                   18 Aug 2006   18 Aug 2006              35 000 000.00         2 384 000.00   6.81

18   ONE-2-ONE                  22 Aug 2006                            13 000 000.00         1 423 000.00   10.95

19   Unima                                    13 Sep 2006              14 400 000.00         1 145 161.71   7.95

20   AB                         21 Sep 2006   21 Sep 2006              74 093 925.00         1 465 149,77   1,98

21   Euromark                                 29 Sep 2006              66 903 425,00         1 141 363,86   1,71




                                                                                                                    23
                       IPO COST ON THE WSE IN 2006
                                   (3)
             Company      Dabut date     Debut date    Value of issue (PLN)       Cost (PLN)           (%)
                           Allotment      Shares
                          Certificates
                             (PDA)

22   Asseco Slovakia                     10 Oct 2006              90 000 000,00         6 894 763,00   7,66

     Total                                                     905 771 262.00        47 962 673,00




                                                                                                              24
      The Warsaw Stock Exchange

Exchange fees:
                                      The main       The parallel
        Fee            Periodicity
                                       market          market
                                      0,03% of the
 For introduction of
                                       issue value
shares to exchange     on-off fee                     3.000 PLN
                                     (8.000 PLN –
       trading
                                      96.000 PLN)
 For admission to
                       on-off fee     3.000 PLN       2.000 PLN
 exchange trading
                                      0,02% of the   0,02 % of the
  For a listing of                   market value    market value
                       anual fee
     shares                          (9.000 PLN –    (3.000 PLN –
                                      70.000 PLN)     8.000 PLN)



                                                                     25
          Depository fees (for KDPW):

•   One-off fees
    ›   Fees for registration as a direct participant – opening a
        securities account: 20.000 PLN
    ›   Fee for admitting shares and convertible bonds to the
        Depository: 0,015% of the issue value, not less, however, than
        2.500 PLN and not more than 150.000 PLN
•   Annual fees
    ›   Fee for direct participation: 4.000 PLN for each type of
        participant status
    ›   Annual participation fee for issuers: 6.000 PLN


                                                                         26
Financial Supervisory Commission


Commission fees:


 Fee for recording securities: 0,06% of issue value, not
 more, however, than 25.000 EUR for each new issue.




                                                           27
                 Thank you very much.



                          Warsaw Stock Exchange
                          4 Książęca Str, 00- 498 Warsaw
                    tel.: +48 (22) 537 75 61, +48 (22) 537 70 98

Contacts:

Lukasz Jagiello, Director, Planning&Business Development Department
ph. (+48 22) 537 75 61, e-mail: Lukasz.Jagiello@wse.com.pl

Emil Stepien, Planning&Business Development Department
ph. (+48 22) 537 70 88, e-mail: Emil.Stepien@wse.com.pl


                                                                      28

				
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