2
The IPOPEMA Group - an introduction
Sales & Trading Asset Management Investment Banking Business Advisory
IPOPEMA AM IPOPEMA BC IPOPEMA Securities
WSE equities
BSE equities
PSE equities
Bonds
Equity research
Public offerings (IPO, SPO)
M&A deals
Bond issues
Financial restructuring
Private equity financing
Asset management Strategic advisory
IT advisory
Funds
Closed-end funds
Mutual funds
Active management
funds
IPOPEMA TFI
IPOPEMA Securities is one of the leading providers of brokerage services to institutional clients on the Warsaw, Budapest and Prague
Stock Exchanges.
IPOPEMA Securities boasts one of the largest and most active teams of investment bankers in Poland.
The Equity research department analyses 70 companies listed on the WSE and BSE, including almost all the blue-chip stocks
included in the WIG 20 index.
IPOPEMA TFI, managing 78 funds, is amongst the most active closed-end fund management companies in Poland.
Ipopema TFI manages about PLN 9 bn in assets, and is the 8th largest fund management companies in Poland.
The IPOPEMA Business Consulting team comprises more than 40 professionals.
3
IPOPEMA – a leader on the Polish Capital Markets
Team of 18 professionals involved in:
IPO’s and secondary offerings,
M&A advisory,
bonds offerings,
financial restructuring,
Track record of more than 75 transactions (total value of more than PLN 25bn).
2011
Best Capital
Markets team
• Vice-chairman of
IPOPEMA Securities S.A.
• Heads the
Capital Markets Department
• Previously worked for
BRE Corporate Finance Mariusz
Piskorski
IPOPEMA Capital Markets Department
- involved in most of the leading Polish Capital Markets deals of 2011-13
Best Capital Markets teams
(ranking 2011*)
Best Capital Markets teams
(ranking 2012***)
** Ranking prepared by Parkiet and Rzeczpospolita
by volume of IPOs conducted (PLN m)
*** Ranking prepared by Dealogic by volume
of transactions conducted (PLN m)
493
576
713
746
797
995
1196
1224
Citi
Credit Suisse
UniCredit
UBS
ING
JP Morgan
PKO BP
170
177
180
184
524
524
524
709
BESI
PKO BP
Trigon
Millenium
Barclays
Morgan Stanley
JP Morgan
* Ranking prepared by Parkiet and Rzeczpospolita
by volume of IPOs conducted (PLN m)
Best Capital Markets teams
(ranking 2012**)
2012
Best Capital
Markets team
565
767
767
767
845
845
905
1290
BZ WBK
Goldman Sachs
JP Morgan
Societe Generale
Citi Handlowy
PKO BP
UniCredit
The largest
number of IPOs in
2010-2011
Admission to
trading of the
largest value of
free float shares
through IPO on
the WSE in 2012
IPOPEMA – a leader in Equity Sales and Trading
2012 Best brokerage
house
2011 Best brokerage
house
2010 Best brokerage
house
Vice - Chairman of
IPOPEMA Securities S.A.
Heads the Ipopema
Sales&Trading Department
Previously :
- Head of Sales at ABN Amro
- Director, Institutional Clients
Citibank Handlowy
Arkadiusz joined IPOPEMA in August 2012
Has over 15 years of experience, being among
the top brokers in Poland for several years
Prior to joining IPOPEMA, he worked for Citibank
2011 Best broker
Arkadiusz Łabuńko
Stanisław Waczkowski
2012 Best broker
Top ranked Sales - Traders
IPOPEMA participation in trading on the WSE (2013 YTD)
Bank General
rank (2012)
Profession-
alism
Quality of
service
Quality of
analysis
General
rank (2011)
Citi 1 2 2 2 3
DI BRE 3 5 5 3 6
Credit Suisse 4 3 4 4 4
ING 5 4 8 5 8
PKO BP 6 7 3 9 13
Erste 7 10 6 7 10
Espirito Santo 8 6 7 6 11
Deutsche Bank 9 9 9 15 5
BZ WBK 10 8 10 10 2
Equity Sales Department
4
Forbes institutional survey 2012
DM BH 12,31%
10,03%
Credit Suisse 9,41%
PKO BP 8,08%
BZ WBK 7,23%
DI BRE 4,61%
KBC 4,47%
Wood&Co 4,37%
Deutsche Bank 3,89%
ING 3,51%
Others 32,1%
5
IPOPEMA – market shares in Warsaw and Budapest
IPOPEMA’s market share of equity volume on the WSE (2009-2012) – between 8-10%
IPOPEMA’s market share of equity volume on the BSE during 2009-2012 – between 10-12%
Source:WSE, IPOPEMA
IPOPEMA’s market share of equity volume on the WSE (2009-13) – between 8-11%
IPOPEMA’s market share of equity volume on the BSE (2010-13) – between 6-12%
0%
2%
4%
6%
8%
10%
12%
0
10
20
30
40
50
60
Ja
n-0
9
Feb
-09
Mar-
09
Apr-
09
May-0
9
Ju
n-0
9
Ju
l-09
Aug
-09
Sep
-09
Oct-
09
No
v-0
9
De
c-0
9
Ja
n-1
0
Feb
-10
Mar-
10
Apr-
10
May-1
0
Ju
n-1
0
Ju
l-10
Aug
-10
Sep
-10
Oct-
10
No
v-1
0
De
c-1
0
Ja
n-1
1
Feb
-11
Mar-
11
Apr-
11
May-1
1
Ju
n-1
1
Ju
l-11
Aug
-11
Sep
-11
Oct-
11
No
v-1
1
De
c-1
1
Ja
n-1
2
Feb
-12
Mar-
12
Apr-
12
May-1
2
Ju
n-1
2
Ju
l-12
Aug
-12
Sep
-12
Oct-
12
No
v-1
2
De
c-1
2
Ja
n-1
3
Feb
-13
Mar-
13
Apr-
13
May-1
3
WSE trading (PLNbn) IPOPEMA's market share
0%
2%
4%
6%
8%
10%
12%
14%
0
1
2
3
4
5
6
BSE trading (EURbn) IPOPEMA's market share
6
Highly ranked Equity Research Department
2010
Highest quality of
analysis and
recommendations
2011
Highest quality of
analysis and
recommendations
2012
Highest quality of
analysis and
recommendations
Equity Research Department
Ranked Equity Research Analysts
Sector Analysts Selected companies
Financial Tomasz Bursa
Banki: Alior, Handlowy, Millenium, BRE,
BZWBK, Getin, ING, Pekao, Komercni
Banka, OTP, PKO BP, PZU, GPW
Construction Arkadiusz Chojnacki
Tomasz Duda
Budimex, Elektrobudowa, Erbud, Polimex,
PBG, Mostostal Warszawa
Mining Tomasz Duda JSW, KGHM, Bogdanka, Kęty, NWR,
Stalprodukt
Chemicals Konrad Anuszkiewicz Synthos, Police, Puławy, Ciech, ZA Tarnow
Agriculture Żaneta Marzec Astarta, Kernel, Agroton, IMC, KSG Agro,
Real Estate Arkadiusz Chojnacki
Tomasz Duda Echo, GTC, Orbis, Plaza Centers
Industrial Krzysztof Kuper
Żaneta Marzec
ACE, Arctic, Mennica, CEDC,
Rovese, Egis, Richter
Retail Arkadiusz Chojnacki
Krzysztof Kuper
Amrest, Emperia, CCC, Eurocash, LPP,
NFI EMF, Intercars
Oil&Gas Konrad Anuszkiewicz Lotos, PGNiG, PKN Orlen, MOL
Energy Arkadiusz Chojnacki
Tomasz Duda ENEA, PGE, Tauron, ZE PAK
TMT Waldemar Stachowiak
Agora, Asseco (Poland, Business
Consulting, Central Europe) TVN, Comarch,
TPSA, Netia, Cyfrowy Polsat, Cinema City,
Magyar Telekom
„Consistently for over 3 years, the best
Equity Research Department consisting of
7 analysts covering 72 public companies”
Arkadiusz
Chojnacki,
CFA
Best „strategy” analyst
2012
Best analyst
2011
Best analyst
2011
Best analyst
2012
•Director of the Equity Research
Department at IPOPEMA Securities
•Over 12 years of experience
gained at Citi and Espirito Santo
•Covers the construction, real estate
and energy sectors
•Ranked 2nd best analyst in Poland
Tomasz Bursa
Best banking sector
analyst 2010
Best analyst
2010
Tomasz Duda
•IPOPEMA analyst since 2009,
covers the banking and insurance
sector
•Previously worked for
Ernst&Young, Citi and Espirito
Santo
•The best analyst in 2012
according to Parkiet in terms of
valuation and recommendation
•IPOPEMA analyst since
2009
•Follows the mining and
energy sectors
•Previously worked for
Citi and Espirito Santo
Best mining sector analyst
2011
Best analyst
2011 Best analyst
2010,2011
• IPOPEMA analyst
since 2009
• Covers the chemicals
and oil&gas sector
• Previously worked for
Espirito Santo
Best Oil&Gas
sector analyst
2012
Best chemicals sector
analyst 2012
Best analyst
2012
Konrad Anuszkiewicz
Bank
General
ranking
(2012)
Offer
complexity
Professio
nalism
Report
quality
Report
usefulness
DI BRE 2 2 3 3 3
DM BH 3 5 2 2 2
DM PKO BP 4 4 4 6 4
DM BZ WBK 5 3 11 11 7
ING 6 6 5 8 8
UniCredit 7 7 6 4 9
Wood&Co 8 9 12 9 14
IDM 9 8 13 13 6
DM Trigon 10 13 15 10 5
Espirito
Santo 11 10 10 7 10
Equity Research ranking - 2012
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IPOPEMA TFI and IPOPEMA Asset Management
IPOPEMA Investment Fund Consistently among the best investment funds in Poland
IPOPEMA Asset Management One of the fastest growing asset management funds
IPOPEMA TFI focuses mainly on the
closed investment funds (FIZ),
dedicated to affluent consumers
(High Net Worth Individuals).
It currently manages 90 funds with
PLN 9,0 bn of assets under
management (31/05/2013).
The leading asset management
team in the equity, fixed-income and
real estate groups.
Service of active management
through the funds (IPOPEMA
Opportunity FIZ, Total FIZ).
Offer of the open-end investment
funds: IPOPEMA SFIO, m-INDEKS
FIO, Alior SFIO.
Our fund managers
Arkadiusz Bogusz IPOPEMA
Asset Management
According to
Citywire,
Arkadiusz is
among 1000
the World’s Top
Fund Managers
Our fund managers
IPOPEMA Asset Management
provides investment management
services dedicated to wealthy clients,
who require specialized financial
advisory support in managing their
finances.
The minimum contribution necessary
to be eligible for Asset Management
services is PLN 4m.
Among the company’s clients are
institutions such as insurance
companies, mutual funds, non-profit
organizations and also individual
investors.
A broad range of investment
strategies: both active and passive
based on an unique concept of
investing across the business cycle.
The value of assets managed by
IPOPEMA AM is PLN 2,2 bn
(31/05/2013).
Awards
IPOPEMA fund performance
Gold Portfolio Award 2011 in the category
„Best Domestic Bond Fund”
(11,4% return in 2010)
The best bond fund results in the first and
second quarter of 2010
Valuation on 31/05/2013
Paweł Jackowski IPOPEMA TFI
According to the
newspaper Parkiet
(4/01/13), IPOPEMA
Opportunity Fund
managed by Paweł
Jackowski was the best
fund of the absolute
return funds in Poland,
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Jerzy Kasprzak IPOPEMA TFI
According to the
newspaper Parkiet
(4/02/13), IPOPEMA
Agresywny Fund
managed by Jerzy
Kasprzak gave the best
12M rate of return among
Polish equity funds.
Fund Change 3M Change 12M
IPOPEMA Gotówkowy 0,71% -
IPOPEMA Obligacji 1,70% 6,37%
IPOPEMA Makro Alokacji 2,19% 13,75%
IPOPEMA Mały ch i Średnich Spółek 3,55% -
IPOPEMA Agresy wny 1,93% 33,96%
IPOPEMA Short Equity -0,86% -
IPOPEMA m-INDEKS FIO 7,66% 24,26%
Selected bond issues
10
IPOPEMA - strong Investment Banking
Selected Private Equity/M&A and other transactions
10
0
2
4
6
8
10
12
14
16
18
2009-0
5-2
6
2009-0
6-2
6
2009-0
7-2
6
2009-0
8-2
6
2009-0
9-2
6
2009-1
0-2
6
2009-1
1-2
6
2009-1
2-2
6
2010-0
1-2
6
2010-0
2-2
6
2010-0
3-2
6
2010-0
4-2
6
2010-0
5-2
6
2010-0
6-2
6
2010-0
7-2
6
2010-0
8-2
6
2010-0
9-2
6
2010-1
0-2
6
2010-1
1-2
6
2010-1
2-2
6
2011-0
1-2
6
2011-0
2-2
6
2011-0
3-2
6
2011-0
4-2
6
2011-0
5-2
6
2011-0
6-2
6
2011-0
7-2
6
2011-0
8-2
6
2011-0
9-2
6
2011-1
0-2
6
2011-1
1-2
6
2011-1
2-2
6
2012-0
1-2
6
2012-0
2-2
6
2012-0
3-2
6
2012-0
4-2
6
2012-0
5-2
6
2012-0
6-2
6
2012-0
7-2
6
2012-0
8-2
6
2012-0
9-2
6
2012-1
0-2
6
2012-1
1-2
6
2012-1
2-2
6
2013-0
1-2
6
2013-0
2-2
6
2013-0
3-2
6
2013-0
4-2
6
2013-0
5-2
6
IPOPEMA Securities on the Warsaw Stock Exchange
IPOPEMA Securities share price
May 2009 – June 2013
Source: WSE, IPOPEMA
IPOPEMA Securities shareholders
IPO on WSE on 26th May 2009
Private placement dedicated to institutional investors
Current market cap amounts to PLN 250-300 mn
Entities associated
with IPOPEMA 51,0%
OFE PZU 9,3%
Aviva OFE 5,3%
free float 34,4%
11
IPO price = 5 PLN
12
IPOPEMA’s foreign partners
IPOPEMA Securities is the exclusive Polish partner of Mergers Alliance, an international network
of corporate finance and investment banking firms.
Partner firms of Mergers Alliance specialise in M&A deals in the segment of medium-
sized enterprises. Mergers Alliance is an organisation with over 200 professionals
based in 30 countries.
12
IPOPEMA Business Consulting
Strategy,
Organisation
and Managment
Business strategy,
new operating
models
Optimisation of
business
processes and
organisational
structures
Cost reduction and
employment
optimisation
Cash flow
improvement
Business plans and
feasibility studies
Mergers and
Acquisitions
Market research
Integration
strategies
Synergy
assessment and
development of
integration
programmes
Process and
organisational
transformation
Programme
Management
(PMO)
Shared
Services and
Outsourcing
Back office
reorganisation
strategy
Efficiency
assessment and
optimisation of
back office
functions based on
benchmarking
analysis
Comprehensive
implementation of
shared services
centres
Preparation for
outsourcing
Interim
management
Supply Chain
Optimisation
Logistics and
operational audits,
the SCM maturity
profiles
Optimisation of
business
processes in the
area of logistics,
production,
procurement and
sales,
improvement of
efficiency and
productivity
Integrated
operational
planning S&OP
Design and
implementation of
advanced planning
systems APS
IT Management
and
Technologies
IT strategy and
organisation
IT optimisation,
support and
development
Management of IT
projects
Solutions for
management of
processes and
electronic
document
circulation
(scanning, OCR,
workflow)
Business
Intelligence
SAP
Applications
Defining
requirements and
support in bidding
processes
Implementation of
SAP applications
Sector specific
solutions
Post
implementation
audits
Optimisation and
improvement of
implemented SAP
solutions
Procurement
Optimisation
Procurement audits
(to check if the
procedures in
place are effective)
Sourcing (cost
optimisation)
Procurement
organisation
(centralisation and
implementation of
IT tools)
Process
optimisation
Development of
market specific
procurement
strategies
13
IPOPEMA Securities S.A.
Ul. Próżna 9, 00-107 Warsaw, Poland
Tel. /+48 22/ 236 92 00, fax /+48 22/ 236 92 82
E-mail: [email protected]
www.ipopema.pl
NIP (Tax Identification Number): 527-24-68-122 • share capital: PLN 2,993,783.60, paid up in full
District Court for the Capital City of Warsaw in Warsaw, XII Commercial Division of the National Court Register,
entry No. KRS 0000230737