TERMS AND SCOPE OF COMPLIANCE WITH CORPORATE GOVERNANCE RULES

Warsaw Stock Exchange complied with all corporate governance principles laid down in the Code of Best Practice for WSE Listed Companies in 2014.

WSE accepted the corporate governance rules laid down in the Code of Best Practice for WSE Listed Companies as of the date of admission of the Company’s shares to trading on the regulated market on 5 November 2015. The Code of Best Practice for WSE Listed Companies is available on the website http://gpw.pl/lad_korporacyjny_na_gpw, the official corporate governance website of Warsaw Stock Exchange for listed companies.

As a company listed on WSE, the Exchange complied with all the corporate governance rules laid down in the Code of Best Practice for WSE Listed Companies in 2014.

In addition, WSE is subject to the Corporate Governance Rules for Supervised Institutions issued by the Polish Financial Supervision Authority (PFSA) on 22 July 2014 as a set of rules governing internal and external relations of supervised institutions, including relations with shareholders and clients, their organisation, the operation of internal supervision and the key internal systems and functions, as well as the statutory authorities and the rules of their co-operation. The Corporate Governance Rules for Supervised Institutions are available on the PFSA website at http://www.knf.gov.pl/dla_rynku/zasady_ladu_korporacyjnego/index.html.

The Exchange complies with the rules laid down in the Corporate Governance Rules for Supervised Institutions with the exception of the rules defined in § 53, § 54.1-3, § 55, § 56, § 57, which are inapplicable to WSE’s business profile as WSE does not manage assets on clients’ account. Furthermore, considering that some of the recommendations defined in the Corporate Governance Rules for Supervised Institutions are addressed to the Company’s shareholders, an item will be put on the agenda of the next General Meeting of WSE to introduce the shareholders to the Corporate Governance Rules for Supervised Institutions and allow them to make any comments.

Information on the Company’s compliance with corporate governance rules is published on the WSE website (http://www.gpw.pl/lad_korporacyjny).