The IPOPEMA Group - an introduction IPOPEMA Securities IPOPEMA TFI - - PowerPoint PPT Presentation

SLIDE 1

1

April

2014

SLIDE 2

2

The IPOPEMA Group - an introduction

Sales & Trading Asset Management Investment Banking Business Advisory IPOPEMA AM IPOPEMA BC IPOPEMA Securities

• WSE equities
• BSE equities
• PSE equities
• Bonds
• Equity research
• Public offerings (IPO, SPO)
• M&A deals
• Bond issues
• Financial restructuring
• Private equity financing
• Asset management
• Strategic advisory
• IT advisory

Funds

• Closed-end funds
• Mutual funds
• Active management

funds IPOPEMA TFI

• IPOPEMA Securities is one of the leading providers of brokerage services to institutional clients on the Warsaw, Budapest and

Prague Stock Exchanges.

• IPOPEMA Securities boasts one of the largest and most active teams of Investment Bankers in Poland.
• The IPOPEMA Brokerage Department carries out between 8-10% of daily volume on the WSE
• The Equity Research Department analyses 45 companies listed on the WSE and BSE, including most of the blue-chip stocks

included in the WIG 20 index.

• IPOPEMA TFI, managing more than 90 funds, is amongst the most active closed-end fund management companies in Poland.
• IPOPEMA TFI manages almost PLN 18 bn in assets, and is one of the largest fund management companies in Poland.
• The IPOPEMA Business Consulting team comprises more than 40 professionals.

SLIDE 3

3

IPOPEMA - a leader on the Polish Capital Markets

Professional team involved in:

• IPO’s and secondary offerings,
• M&A advisory,
• bonds offerings,
• financial restructuring,

Track record of more than 78 transactions (total value over PLN 30bn).

• Vice-chairman of

IPOPEMA Securities S.A.

• Heads the

Capital Markets Department

• Previously worked for

BRE Corporate Finance Mariusz Piskorski

IPOPEMA Capital Markets Department

• involved in most of the leading Polish Capital Markets deals of 2012-14

Best Capital Markets teams (ranking 2011*) Best Capital Markets teams (ranking 2012***)

** Ranking prepared by Parkiet and Rzeczpospolita by volume of IPOs conducted (PLN m) *** Ranking prepared by Dealogic by volume

• f transactions conducted (PLN m)

493 576 713 746 797 995 1196 1224

Citi Credit Suisse UniCredit UBS ING JP Morgan PKO BP

170 177 180 184 524 524 524 709

BESI PKO BP Trigon Millenium Barclays Morgan Stanley JP Morgan

* Ranking prepared by Parkiet and Rzeczpospolita by volume of IPOs conducted (PLN m)

Best Capital Markets teams (ranking 2012**) 2012 Best Capital Markets team

565 767 767 767 845 845 905 1290 BZ WBK Goldman Sachs JP Morgan Societe Generale Citi Handlowy PKO BP UniCredit

The largest number of IPOs in 2010-2011 Admission to trading of largest value of IPO shares in 2012 2013 Polish Equity House

• f the Year

2013 Best privatisation IPO

SLIDE 4

4

IPOPEMA - a leader in Equity Sales and Trading

2012

Best Brokerage House

2011

Best Brokerage House

2013

Best Brokerage House

• Vice - Chairman of

IPOPEMA Securities S.A.

• Heads the Ipopema

Sales&Trading Department

• Previously :

Board Member and Director,

• Institutional Clients at Citi
• Head of Sales at ABN Amro
• Arkadiusz joined IPOPEMA in August 2012
• has over 15 years of experience, being among

the top brokers in Poland for several years

• prior to joining IPOPEMA, he worked for Citibank

2011

Best broker

Arkadiusz Łabuńko Stanisław Waczkowski 2012

Best broker

Top Ranking Sales Team and Traders

IPOPEMA market share in WSE trading (since 2013)

Equity Sales Department

Forbes – Polish Institutional Broker Survey 2013

Institution Overall Ranking (2013) Profess ionalism Service quality Analysis quality Overall Ranking (2012) PKO BP 1 3 2 3 5 Erste 3 5 3 12 7 UniCredit CAIB 4 7 6 6 12 ING 5 4 4 9 5 mBank 6 9 9 1 3 DM BH Citi 7 2 5 10 1 Wood&Co 8 6 3 7 11 Espirito Santo 9 8 8 5 8 Trigon DM 10 11 7 11 14

2013

Best broker

DM BH Citi 12,80% PKO BP 8,74% 8,41% Credit Suisse 8,17% BZ WBK 6,96% Wood&Co 4,91% mBank 4,50% Deutsche Bank 3,99% ING 3,41% KBC 3,28% Others 34,83%

SLIDE 5

5

IPOPEMA - significant market shares in Warsaw and Budapest

IPOPEMA’s market share of equity volume on the WSE (2009-2012) – between 8-10%

Source:WSE, IPOPEMA

IPOPEMA’s market share of equity volume on the WSE (2009-14) – between 6-11% IPOPEMA’s market share of equity volume on the BSE (2010-14) – between 4-12%

0% 2% 4% 6% 8% 10% 12% 14% 1 2 3 4 5 6

Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14

BSE trading (EURbn) IPOPEMA's market share 0% 2% 4% 6% 8% 10% 12% 10 20 30 40 50 60

Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14

WSE trading (PLNbn) IPOPEMA's market share

SLIDE 6

6

Highly ranked Equity Research Department

2010 Highest quality of Analysis and Recommendations 2011 Highest quality of Analysis and Recommendations 2012 Highest quality of Analysis and Recommendations

Equity Research Department covers more than 40 companies

Piotr Zielonka – the best Equity Analyst in Poland

Sector Selected Companies Financial Alior, Handlowy, Millenium, mBank, BZWBK, Getin Noble, ING, Pekao, PKO BP, PZU Construction Budimex, Elektrobudowa, Polimex-Mostostal, Trakcja Metals & Mining KGHM Chemicals Synthos, Police, Puławy, Ciech, ZA Tarnów Agriculture Astarta, Kernel, IMC, KSG Agro Real Estate GTC Industrial ACE, Mennica, Rovese, Richter, PKP Cargo Retail & Distribution Emperia, CCC, Eurocash, LPP, Intercars, Wawel, Jeronimo Martins Oil & Gas Lotos, PGNiG, PKN Orlen Energy ENEA, PGE, Tauron, ZE PAK, Energa

‘’Consistently the best Equity Research Department”

Bank Ov eralll ranking (2012) Offer complexity Professio nalism Report quality Report usefulness mBank

2 2 3 3 3

DM BH Citi

3 5 2 2 2

PKO BP

4 4 4 6 4

BZ WBK

5 3 11 11 7

ING

6 6 5 8 8

UniCredit

7 7 6 4 9

Wood&Co

8 9 12 9 14

IDM

9 8 13 13 6

DM Trigon

10 13 15 10 5

BESI

11 10 10 7 10

Equity Research ranking - 2012

The best Market Strategy 2012 The best Research Department 2012 Piotr Zielonka

• Since September 1st, chief of Equity Research Department
• For more than a dozen of years, Piotr Zielonka’s career has been

dedicated to the capital market. He previously worked for Citi Handlowy and PZU Asset Management

• Graduated from the Warsaw School of Economics („Information

Systems” and „Quantitative Methods, Finance and Banking”), CFA Charterholder since December 2007

• For the last years, Piotr Zielonka was consequently ranked 1st

as the best equity analyst in ranks prepared by „Forbes” magazine and „Parkiet” daily Best construction sector analyst Best retail and distribution sector analyst Best energy sector analyst Best analyst in 2014 Forbes and Parkiet Best analyst in 2013 Forbes and Parkiet Best analyst in 2012 Forbes and Parkiet

The best Market Strategy 2013 The best Research Department 2013 2013 Most accurate Recommendations

SLIDE 7

7

IPOPEMA TFI and IPOPEMA Asset Management IPOPEMA Investment Fund

Consistently among the best investment funds in Poland

IPOPEMA Asset Management

One of the fastest growing asset management funds Our fund manager

According to Citywire, Arkadiusz is among 1000 the World’s Top Fund Managers

Our fund manager

Awards IPOPEMA fund performance

Gold Portfolio Award 2011 in the category „Best Domestic Bond Fund” (11,4% return in 2010) The best bond fund results in the first and second quarter of 2010

• IPOPEMA TFI focuses mainly on

the closed investment funds (FIZ), dedicated to affluent consumers (High Net Worth Individuals).

• It currently manages 93 funds

with PLN 18,2 bn of assets under management (31/03/2014).

• The leading asset management

team in the equity, fixed-income and real estate groups.

• Service of active management

through the funds (IPOPEMA Opportunity FIZ, IPOPEMA Global Macro FIZ, IPOPEMA Global Macro EUR FIZ, Total FIZ).

• Offer of the open-end investment

funds: IPOPEMA SFIO, m- INDEKS FIO, Alior SFIO.

Valuation on 31/03/2014

• No. 1 in the Citywire

Rating of equity funds’ managers in Poland. (20/05/13)

• IPOPEMA

Asset Management provides investment management services dedicated to wealthy clients, who require specialized financial advisory support in managing their finances.

• The

minimum contribution necessary to be eligible for Asset Management services is PLN 4m.

• Among the company’s clients are

institutions such as insurance companies, mutual funds, non- profit

• rganizations

and also individual investors.

• A broad range of investment

strategies: both active and passive based on an unique concept of investing across the business cycle.

• The value of assets managed by

IPOPEMA AM is PLN 1,8 bn (31/03/2014).

Paweł Jackowski

IPOPEMA TFI IPOPEMA Asset Management

Arkadiusz Bogusz, Ph.D.

IPOPEMA Asset Management IPOPEMA TFI Fund change 3M change 12M IPOPEMA Gotówkowy 0,62% 3,12% IPOPEMA Obligacji 1,62% 5,58% IPOPEMA Makro Alokacji

• 0,04%

5,66% IPOPEMA Mały ch i Średnich Spółek 1,21% 26,44% IPOPEMA Agresy wny

• 0,53%

7,05% IPOPEMA Short Equity

• 3,06%
• 10,80%

IPOPEMA m-INDEKS FIO 3,32% 30,61%

SLIDE 8

8

Selected Capital Markets transactions

IPOPEMA - strong in Investment Banking

SLIDE 9

9

IPOPEMA - strong in Investment Banking Selected Capital Markets transactions

SLIDE 10

10

Selected Private Equity/M&A and other transactions

IPOPEMA - strong in Investment Banking Selected Debt transactions

Issue agent and depository

• f plain vanilla bonds

57,000,000 PLN

April 2010

SLIDE 11

11

IPOPEMA Securities on the Warsaw Stock Exchange

IPOPEMA Securities share price

May 2009 – March 2014

Source: WSE, IPOPEMA

• IPO on WSE on 26th May 2009
• Private placement dedicated to institutional investors
• Current market cap amounts to PLN 250-300 mn

IPO price = 5 PLN

IPOPEMA Securities Shareholders

Entities related to IPOPEMA 45,6% OFE PZU 9,9% Quercus TFI 5,9% free float 38,7%

2 4 6 8 10 12 14 16 18 20

SLIDE 12

12

IPOPEMA Business Consulting

Strategy, Organisation and Managment

• Business strategy,

new operating models

• Optimisation of

business processes and

• rganisational

structures

• Cost reduction and

employment

• ptimisation
• Cash flow

improvement

• Business plans and

feasibility studies

Mergers and Acquisitions

• Market research
• Integration

strategies

• Synergy

assessment and development of integration programmes

• Process and
• rganisational

transformation

• Programme

Management (PMO)

Shared Services and Outsourcing

• Back office

reorganisation strategy

• Efficiency

assessment and

• ptimisation of

back office functions based on benchmarking analysis

• Comprehensive

implementation of shared services centres

• Preparation for
• utsourcing
• Interim

management

Supply Chain Optimisation

• Logistics and
• perational audits,

the SCM maturity profiles

• Optimisation of

business processes in the area of logistics, production, procurement and sales, improvement of efficiency and productivity

• Integrated
• perational

planning S&OP

• Design and

implementation of advanced planning systems APS

IT Management and Technologies

• IT strategy and
• rganisation
• IT optimisation,

support and development

• Management of IT

projects

• Solutions for

management of processes and electronic document circulation (scanning, OCR, workflow)

• Business

Intelligence

SAP Applications

• Defining

requirements and support in bidding processes

• Implementation of

SAP applications

• Sector specific

solutions

• Post

implementation audits

• Optimisation and

improvement of implemented SAP solutions

Procurement Optimisation

• Procurement audits

(to check if the procedures in place are effective)

• Sourcing (cost
• ptimisation)
• Procurement
• rganisation

(centralisation and implementation of IT tools)

• Process
• ptimisation
• Development of

market specific procurement strategies

SLIDE 13

13

IPOPEMA’s Foreign Partners – in the Merger Alliance

IPOPEMA Securities is the exclusive Polish partner of Mergers Alliance, an international network of corporate finance and investment banking firms. Partner firms of Mergers Alliance specialise in mid-sized M&A deals. Mergers Alliance is an organisation with over 240 professionals based in 48 locations.

SLIDE 14

14

14

• IPOPEMA Securities S.A. (the “Company”, “IPOPEMA”) with registered office in Warsaw, is a licensed brokerage house operating on the basis of the license issued by the Polish Securities and Exchange

Commission (presently the Polish Financial Supervision Authority) dated 30 June 2005. The Company is entered in the National Court Register maintained by the District Court for the Capital City of Warsaw, 12th Commercial Division of the National Court Register, under number KRS 0000230737. NIP (tax identification number): 527-24-68-122. Share capital: PLN 2.993.783,60 paid up in full. The Company is supervised by the Polish Financial Supervision Authority.

• This presentation (“Presentation”) has been prepared solely for use by its customers and shareholders or analysts. The information and data contained herein may not constitute the basis for an investment
• decision. They should not be treated as an offer to purchase securities, an offer, invitation or solicitation of an offer to purchase, invest or make any transactions involving such securities or recommendation

to conclude any transaction, in particular in respect of securities of the Company or form of investment advice, as well as offer to conclude an agreement within the meaning of the Civil Code.

• The Company declares that it makes every effort to ensure that this Presentation has been prepared with due care. All information contained herein are derived from the Company's own sources or external

sources deemed by the Company to be reliable, but there is no guarantee that they are complete and fully reflect the facts. The Company cannot guarantee the correctness and completeness of the information contained herein and accepts no responsibility for damages resulting from its use for any other purpose. The Company shall not be liable for the consequences of decisions taken on the basis of the Presentation and opinion contained herein. All opinions and assessments contained in this Presentation are an expression of our best knowledge, supported by market information from competent sources, applicable at the time of its preparation. In no event may the content of this Presentation be construed as any type of explicit or implicit representation or warranty made by the Company or its representatives. The information contained in this Presentation has not been independently verified and may be subject to change at any time without prior notice.

• Publishing by IPOPEMA of data contained in this Presentation does not constitute an infringement of the laws applicable to companies whose shares are traded on a regulated market, in particular on the

regulated market operated by the Warsaw Stock Exchange S.A. Information contained herein has been communicated to the public by IPOPEMA within current or periodic reports, or complement them, not giving the basis to pass them as a part of fulfilling by IPOPEMA disclosure obligations of a public company. The only source of reliable data describing IPOPEMA’s financial results, forecasts, events or indicators are current or periodic reports submitted by IPOPEMA in satisfaction of its disclosure obligation under Polish law.

• This Presentation is not for release, directly or indirectly, in or into the United States, Australia, Canada or Japan.

Disclaimer

IPOPEMA Securities S.A.

• Ul. Próżna 9, 00-107 Warsaw, Poland
• Tel. /+48 22/ 236 92 00, fax /+48 22/ 236 92 82

E-mail: ipopema@ipopema.pl www.ipopema.pl