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WARSAW STOCK EXCHANCE

Semi-annual Report of the Giełda Papierów Wartościowych w Warszawie S.A. Group for HI 2015

1.2. Organisation of the Group and the effect of changes in its structure

As at 30 June 2015, the parent entity and seven subsidiaries comprised the Giełda Papierów Wartościowych w Warszawie S.A. Group. In addition, GPW held shares in three associates.

Figurę 1 GPW Group and associates

Source: Company

The subsidiaries are Consolidated using fuli consolidation as of the datę of ta king control while the associates are Consolidated using equity accounting.

GPW holds 10% of the Ukrainian stock exchange INNEX P1SC and 1.3% of the Romanian stock exchange S.C. SIBEX - Sibiu Stock Exchange S.A. GPW operates a representative Office in Kiev and has a permanent representative in London.

The Group does not hołd any branches or establishments.

The structure of the GPW Group may change in 2015 following the decision of the GPW Management Board to concentrate all commodity market assets of the GPW Group within the PolPX Group (Polish Power Exchange and its subsidiary Warsaw Commodity Clearing House, WCCH) and to sell 100% of WSEInfoEngine S.A., a company operating on the off-exchange commodity market, to the Polish Power Exchange. On 15 July 2015, the Exchange Management

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