CHANGE OF NAME OF WSE COMMODITIES S.A. TO WSE SERVICES S.A.

In January 2014, the company WSE Commodities acquired by WSE was transformed from a limited liability company into a joint-stock company. On 30 June 2014, the Ordinary General Meeting of WSE Commodities S.A. decided to change the name of the company to WSE Services S.A. The company plans to provide back-office services to WSE Group companies, mainly including financial, accounting,  HR and administration services.

INCEPTION OF INSTYTUT ANALIZ I RATINGU S.A.

In June 2014, WSE founded Instytut Analiz i Ratingu (Institute of Analysis and Rating, IAiR) whose mission is to improve the transparency of the non-Treasury debt market and its credibility to investors, and to ensure more rational allocation of capital through stronger links between the valuation of bonds and the issuer’s credit risk. A national rating agency will bridge the gap in the rating offer mainly for small and medium-sized enterprises. The activity of IAiR should enhance the effectiveness and liquidity of the Polish bond market. The new agency will in the first place focus on the local market and in the longer term also on the CEE market. The company is expected to launch its rating issuance service in 2015.

CHANGE OF PERSONS SITTING ON THE AUTHORITIES OF WSE GROUP COMPANIES

Polish Power Exchange

From 1 January 2014 to 22 April 2014, the composition of the Management Board of the Polish Power Exchange was as follows:

  • Ireneusz Łazor – President of the Management Board,
  • Adam Simonowicz – Vice-President of the Management Board.

On 23 April 2014, Adam Simonowicz was replaced by Michał Tryuk as Vice-President of the Management Board.

WCCH

In 2014, the composition of the WCCH Management Board was as follows:

  • Dariusz Bliźniak – President of the WCCH Management Board,
  • Andrzej Kalinowski – Member of the WCCH Management Board.

BondSpot S.A.

In 2014, the composition of the BondSpot S.A. Management Board was as follows

  • Jacek Fotek – President of the Management Board,
  • Piotr Woliński – Vice-President of the Management Board,
  • Anna Grabowska – Member of the Management Board.

IRK – WSE Research S.A.

From 1 January to 8 June 2014, the Management Board of IRK – WSE Research S.A. consisted of one member: Renata Żukowska was the President of the Management Board. On 9 June 2014, Piotr Szeliga joined the Management Board as Vice-President of the Management Board. On 27 November 2014, Piotr Szeliga resigned as Vice-President of the Management Board effective as of 31 December 2014 and was relieved from his duties under an agreement with the Supervisory Board of 10 December 2014. As of the beginning of 2015, the Management Board of IRK – WSE Research S.A. consists of one member.

WSE Services S.A.

From 1 January to 18 April 2014, the Management Board of WSE Services S.A. was comprised of Ireneusz Łazor and Grzegorz Onichimowski. On 18 April 2014, the composition of the Management Board was changes and it is now comprised of:

  • Dariusz Kułakowski - President of the Management Board,
  • Iwona Edris - Vice-President of the Management Board.

WSEInfoEngine S.A.

From 1 January to 20 June 2014, Grzegorz Onichimowski was the President of the Management Board and its only member. From 21 June 2014 to 11 February 2015, Bartłomiej Kosiński was the President of the Management Board. On 12 February 2015, Adam Simonowicz was appointed President of the Management Board.

Instytut Analiz i Ratingu S.A.

On 20 June 2014, the Management Board was appointed comprised of the following members:

  • Maja Gettig – President of the Management Board,
  • Błażej Lepczyński – Vice-President of the Management Board.

 

CHANGES OF THE ORGANISATIONAL STRUCTURE OF WSE

Following the changes on the Exchange Management Board in 2014, described in detail in Section III.10, WSE has a new organisational chart (Chart 8 - WSE organisational chart as at 31 December 2014).

WSE organisational chart as at 31 December 2014

WSE organisational chart