In 2013, the Group’s operations were mainly driven by the following factors:

• According to estimates of the Central Statistical Office (GUS) as at January 2014, GDP growth in Poland was 1.6% in 2013. Despite general economic slow-down in the European Union, Poland’s GDP growth rate remains one of the best in Europe. The annual growth rate of WSE’s main indices: WIG by 8%, mWIG40 and sWIG80 by more than 30%, and the growth in turnover in shares on the Main Market (+26% YoY), indicate a significant recovery on the market; however, the planned pension system reform in Poland curbed investor activity and sentiment.
• Stocks on WSE and on the global markets in general performed at a low volatility, similar to 2012. Volatility of stock prices on WSE was the lowest since 2006, which limited the potential of growth in turnover on the stock market and was the main driver of the decrease in the volume of trading in WIG20 futures.
• Since 15 April 2013, trading on WSE is supported by the state-of-the-art trading system UTP, which offers superior speed and efficiency compared to the legacy system. With UTP, the Polish capital market has opened up to new categories of investors, including large global investment firms which use algorithmic trading. The implementation of UTP has largely enhanced the ability of WSE to differentiate investment opportunities offered on WSE, leading to gradual opening of new market segments and new classes of assets (financial instruments) which previously could not be introduced on a large scale to the market due to the technological constraints of the legacy trading system Warset.
• In January and February 2013, the composition of the Company’s Management Board changed, resulting among others in expansion of activities on the commodity market into the OTC segment, the conclusion of an agreement to acquire a 30% interest in Aquis Exchange Limited, UK, and the development of WSE’s new strategy for 2014-2020.
• On 31 March 2013, support measures for energy production in high-efficiency cogeneration under the Energy Law expired. As a result, net of the seasonality on PolPX, revenues from sales on the commodity market decreased quarter after quarter in 2013 in the following segments: trading in property rights in certificates of origin of electricity produced in high-efficiency cogeneration (PMEC, PMGM), clearing of such transactions (WCCH), and operation of the register of certificates of origin.