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WARSAW STOCK EXCHANCE

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

2. Main risks and threats related to the remaining months of 2015

The operation of the Warsaw Stock Exchange and the GPW Group companies is exposed to external risks related to the market and the legał and regulatory environment, and internal risks related to the operating activities.

The risk factors presented below may impact the operation of GPW in the remaining months of 2015, however the order in which they are presented does not reflect their relative importance for the Group.

Risk factors related to the sector of the Group's business activity

The Group faces competition from other exchanges and altemative trading platforms; their entry to the Polish market may adversely impact the activity of the Group and its subsidiaries, their Financial position and results of operations

The global exchange sector is highly competitive. Competition in trade and post-trade services in the European Union has been bolstered by legislative amendments designed to harmonise the regulations of EU member States and to integrate their financial markets. Multilateral trading facilities (MTFs) and other forms of exchange and OTC trade could be competitive to the GPW Group. Their active presence on the Polish market could cause attrition of some part of trading on the platforms operated by the Group and increase the pressure on transaction fees charged.

Risk factors related to geopolitics and the global economic conditions

Adverse developments affecting the global economy may negatively affect the Group's business, financial condition and results of operations

The Group's business is dependent on the conditions on the global financial markets. Trends in the global economy, especially in Europę and the USA, as well as geopolitics in the neighbouring countries impact investors' perception of risks and their activity on financial and commodity markets. Furthermore, as global investors think in terms of geographical regions to look for locations of investments, Poland and GPW may be perceived less favourably despite a stronger macroeconomic position compared to peer countries in the region. Less activity of international investors on the markets operated by the GPW Group could also make them less attractive to other market participants.

Risk factors relating to laws and regulations

The GPW Group operates in a highly regulated industry and regulatory changes may have an adverse effect on the Group's business, financial position and results of operations

GPW Group companies operate primarily in Poland but in addition to national law they are also governed by EU regulations. The legał system and regulatory environment can be subject to frequent and sometimes significant unanticipated changes while laws and regulations applicable in Poland may be subject to conflicting official interpretations. The Capital market and the commodity instruments market are subject to broad governmental regulation and may be subject to increasing regulatory scrutiny. Regulatory changes may have an adverse effect on GPW and its subsidiaries and on the current and futurę users of services of the GPW Group.

Amendments of Polish energy laws concerning the obligation ofselling electricity and natural gas on the public market could have an adverse impact on the business ofthe Polish Power Exchange, its financial position and results of operations

The Energy Law imposes on energy companies which generate electricity the obligation of selling no less than 15% of electricity generated within the year among others on commodity exchanges. A similar obligation of selling no less than 55% of high-methane natural gas introduced to the transmission grid within the year has been imposed on energy companies trading in gas.