Letter from the Chairman of the Exchange Supervisory Board

Leszek PawłowiczDear Sirs,

The position of WSE in Central and Eastern Europe has been strengthening steadily for several years. This was also true in 2012, a year which turned out to be challenging for exchanges around the world owing to a decrease in the value of equities trading, also affecting WSE, but which also bolstered the advantage of the Warsaw Stock Exchange over the other markets in the region and made WSE one of the most active IPO hubs in Europe. Suffice it to say that the biggest initial public offering of a private company in the history of the WSE (IPO of Alior Bank) was successfully placed in December 2012. The value of the IPO was close to PLN 2.1 billion. It was also one of the biggest IPOs in all of Europe in 2012.

A description of the activity of WSE in 2012 would be incomplete without mentioning two crucial events which have forever changed the perception of WSE. The first of those was the acquisition of the Polish Power Exchange (PolPX) in February 2012. The transaction was closed on attractive financial terms. Considering the income which PolPX contributed to the consolidated results of WSE in the remaining months of 2012, the acquisition is bound to be appreciated by WSE shareholders. PolPX has largely diversified the business model of WSE Group, providing robust protection against the volatility of financial markets.

The other event, or process, of strategic importance to the Exchange and the entire capital market in Poland was the implementation of the new transaction system delivered by NYSE Technologies, the Universal Trading Platform (UTP). The project involved more than 100 partners: several dozen brokerage houses, data vendors, the KDPW Group, and the Polish Financial Supervision Authority. The new system went live without interruption on 15 April 2013. The new trading system represents a quantum leap in technology and will serve as WSE’s chief asset, reinforcing the international position of the Exchange. It should be emphasised that the technology transition on the Exchange entails a major modernisation of the IT systems of many Exchange Members.

The Polish Power Exchange and UTP successfully combine building shareholder value and WSE’s mission. At the core of the mission is the constant strive for improved quality and credibility of the capital market, which should to the best extent possible address the needs of the economy – not only the Polish economy but increasingly, with every new foreign issuer listed on WSE, the regional and the European economy.

I believe that the coming years will bring further achievement of WSE’s ambitious strategic goals in a way that continues to serve the interests of the shareholders and stakeholders of the Warsaw Stock Exchange.


Leszek Pawłowicz
Chairman of the Supervisory Board of the Exchange

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