X Trade Brokers Dom Maklerski S A : QI 2020 Results Presentation

QI 2020

RESULTS PRESENTATION

7 MAY 2020

AGENDA

Financial Data

Operational Data

Market Environment

Regulatory Environment

Appendix

2

FINANCIAL DATA

FINANCIAL DATA

Financial consolidated highlights

	(in PLN'000)	QI 2020	QIV 2019	Change	QI 2019
	Result of operations on financial instruments	305 009	87 877	217 132	39 253
	Other income	1 655	1 694	(39)	1 637
	Total operating income	306 664	89 571	217 093	40 890
	Salaries and employee benefits	(38 782)	(24 126)	14 656	(19 737)
	Marketing	(16 740)	(10 222)	6 518	(9 178)
	Amortization and depreciation	(1 861)	(1 720)	141	(1 788)
	Other operating expenses	(15 146)	(11 256)	3 890	(10 395)
	Total operating expenses	(72 529)	(47 324)	25 205	(41 098)
	Operating profit/loss (EBIT)	234 135	42 247	191 888	(208)
	Finance income	1 043	261	782	1 617
	Finance costs	(12 904)	(1 425)	11 479	(338)
	- negative foreign exchange differences relating to a company in Turkey	(21 880)	-	21 880	-
	Profit before tax	222 274	41 083	181 191	1 071
	Income tax	(46 305)	(4 045)	42 260	(308)
	Net profit	175 969	37 038	138 931	763
	(in PLN'000)	31.03.2020	31.12.2019	Change	31.03.2019
	Own cash	731 175	484 351	246 824	457 590
	Own cash and treasury bonds	757 387	499 250	258 137	457 590
	Total equity	690 132	490 744	199 388	455 500
	Standalone capital adequacy ratio (%)	18,0	14,6	3,4	15,3
	Aggregated capital adequacy ratio (%)	15,1	13,3	1,8	14,5

4

FINANCIAL DATA continued

Quarterly consolidated financial and operational data

(in PLN'000)	QI 2020	QIV 2019	QIII 2019	QII 2019	QI 2019	QIV 2018	QIII 2018		QII 2018
Total operating income	306 664	89 571	60 952	47 891	40 890	42 786	47 578		84 200
Total operating expenses	(72 529)	(47 324)	(42 980)	(42 490)	(41 098)	(40 862)	(48 837)		(41 750)
Operating profit (loss)	234 135	42 247	17 972	5 401	(208)	1 924	(1 259)		42 450
Net profit (loss)	175 969	37 038	15 507	4 393	763	3 973	(2 904)		40 915
	QI 2020	QIV 2019	QIII 2019	QII 2019	QI 2019	QIV 2018	QIII 2018	QII 2018
Total operating income	306 664	89 571	60 952	47 891	40 890	42 786	47 578		84 200
(in PLN'000)
Transaction volume in CFD	784 840	394 146	423 333	385 318	394 421	458 869	345 118		616 082
instrument in lots1
Profitability per lot (in PLN)2	391	227	144	124	104	93	138		137

In the first quarter of 2020 XTB noted a record revenue increase by 650,0 % y/y, i.e. by PLN 265,8 million from PLN 40,9 million to PLN 306,7 million. The significant factors determining the level of revenues were:

• above-averagevolatility on financial and commodity markets caused by among others coronavirus COVID-19 global pandemic and;
• a constantly growing client base combined with their high transaction activity noted in the number of concluded transactions in lots.

As a consequence the transaction volume in CFD instruments amounted to 784,8 thousand lots (QI 2019: 394,4 thousand lots) and a profitability per lot increased by 276,9%.

5

FINANCIAL DATA continued

Result of operations on financial instruments by classes

	(in PLN'000)	QI 2020	QIV 2019	Change	QI 2019
	Commodity CFDs	156 545	815	155 730	2 680
	Index CFDs	110 682	80 584	30 098	35 363
	Currency CFDs	34 048	6 163	27 885	433
	Stock CFDs	2 500	(56)	2 556	627
	Bond CFDs	163	(296)	459	329
	Total CFDs	303 938	87 210	216 728	39 432
	Shares and listed derivative instruments	1 839	531	1 308	178
	Gross gain on transactions in financial instruments	305 777	87 741	218 036	39 610
	Bonuses and discounts paid to customers	(119)	(150)	(31)	(71)
	Commission paid to cooperating brokers	(649)	286	935	(286)
	Net gain on transactions in financial instruments	305 009	87 877	217 132	39 253

6

FINANCIAL DATA continued

Result of operations on financial instruments by classes

Revenue by class of instrument	Revenue by class of instrument
QI 2020	QI 2019

1,5%6,8% 2,8%

1,1%

	36,2%		Index CFD's
51,2%			Currency CFD's
		Commodity CFD's
			Other

11,1%

89,3%

7

FINANCIAL DATA continued

Revenue by geographical area and segments

	(in PLN'000)	QI 2020	QIV 2019	Change	QI 2019
	Central and Eastern Europe	151 062	42 379	108 683	24 997
	- including Poland	85 432	33 967	51 465	22 319
	Western Europe	132 390	31 064	101 326	12 926
	- including Spain	58 136	15 208	42 928	6 964
	Latin America	23 212	16 128	7 084	2 967
	Total operating income	306 664	89 571	217 093	40 890

• Diversification of revenues in geographical terms:
• • Poland: 27,9% (QI 2019 r.: 54,6%) and Spain: 19,0% ( QI 2019 r.: 17,0%).
  • The share of other countries does not exceed in any case 15%.

	(in PLN'000)	QI 2020	QIV 2019	Change	QI 2019
	Retail segment	253 014	80 145	172 869	37 605
	Institutional segment (X Open Hub)	53 650	9 426	44 224	3 285
	Total operating income	306 664	89 571	217 093	40 890

8

FINANCIAL DATA continued

Operating expenses by type

	(in PLN'000)	QI 2020	QIV 2019	Change	QI 2019
	Salaries and employee benefits	38 782	24 126	14 656	19 737
	Marketing	16 740	10 222	6 518	9 178
	Other external services	7 767	7 540	227	5 815
	Costs of maintenance and lease of buildings	968	742	226	742
	Amortisation and depreciation	1 861	1 720	141	1 788
	Taxes and Statutory Fees	669	869	(200)	708
	Commission expenses	4 540	2 282	2 258	2 032
	Other costs	1 202	(177)	1 379	1 098
	Total operating expenses	72 529	47 324	25 205	41 098

Operating expenses structure QI 2020

In the QI of 2020 operating expenses amounted to PLN 72,5 million and were higher by PLN 31,4 million in relation to the same period a year earlier (QI 2019: PLN 41,1 million). The most significant changes occurred in:

• costs of salaries and employee benefits, an increase of PLN 19,0 million mainly due to provisions established for variable components of remuneration (bonuses) and unused holidays and an increase in employment;
• marketing costs, an increase of PLN 7,6 million mainly due to higher expenditures on marketing online campaigns;
• commission expenses, an increase of PLN 2,5 million as a result of larger amounts paid to payment service providers through which clients deposit their funds on transaction accounts;
• other external costs, an increase of PLN 2,0 million as a result of higher expenditures on: (i) IT support service (an increase of PLN 1,6 million y/y); (ii) IT systems and licenses (an increase of PLN 0,4 million y/y).

6,4%

6,3%

10,7%		Salaries and employee
	benefits
		Marketing
		Other external services
	53,5%
		Commission expenses

23,1%		Other expenses

9

OPERATIONAL DATA

OPERATIONAL DATA

Consolidated KPIs

QI 2019		QI 2020

	45 660	49 338	50 273
					784 840
				454 360
21 911	22 245		24 386
6 843		16 243			394 421
		92 320
New clients	Average number of active	New accounts	Average number of active	Net depo	Transaction volume in CFD
	clients		accounts		instruments in lots

New clients

Average number of active clients1 Clients in total

New accounts

Average number of active accounts1 Accounts in total

Net deposits (in PLN'000)

Average operating income per active client (in PLN'000)2

Average operating income per active account (in PLN'000)2

Transaction volume in CFD instruments in lots

Profitability per lot (in PLN)

QI 2020	QIV 2019	QIII 2019	QII 2019	QI 2019	QIV 2018	QIII 2018	QII 2018
21 911	10 424	10 042	9 246	6 843	5 742	4 884	4 734
45 660	26 582	25 171	23 688	22 245	21 279	21 515	22 135
170 290	149 304	139 949	128 266	122 645	116 517	111 401	107 214
49 338	26 747	24 424	22 215	16 243	13 930	11 758	11 321
50 273	29 099	27 544	25 932	24 386	23 656	24 032	24 918
372 355	323 315	297 981	274 867	253 978	238 980	225 784	215 237
454 360	119 278	95 259	102 564	92 320	78 702	75 619	91 617
6,7	9,0	5,9	3,7	1,8	13,5	11,4	8,9
6,1	8,2	5,4	3,4	1,7	12,2	10,2	7,9
784 840	394 146	423 333	385 318	394 421	458 869	345 118	616 082
391	227	144	124	104	93	138	137

1. Average quarterly number of clients/accounts respectively for 3 months of 2020 and 12, 9, 6 and 3 months of 2019, and 12, 9 and 6 months of 2018.
2. Average operating income for the active clients/account respectively for 3 months of 2020 and 12, 9, 6 and 3 months of 2019, and 12, 9 and 6 months of 2018.

11

OPERATIONAL DATA continued

Marketing costs vs new clients

	QI 2020	QIV 2019	QIII 2019	QII 2019	QI 2019	QIV 2018	QIII 2018	QII 2018
Total operating expenses	72 529	47 324	42 980	42 490	41 098	40 862	48 837	41 750
(in PLN'000), including:
- Marketing (in PLN'000)
16 740	10 222	8 735	9 581	9 178	7 878	8 669	8 976
New clients	21 911	10 424	10 042	9 246	6 843	5 742	4 884	4 734

• In q/q terms, operating costs increased of PLN 25,2 million mainly due to higher by PLN 14,7 million costs of salaries and employee benefits and higher by PLN 6,5 million marketing expenditures.

Marketing costs New clients

	18 000							22 000
	16 000							20 000
Marketing costs (in PLN'000)	14 000							18 000
						16 000
12 000
						14 000
							New clients
10 000							12 000
8 000							10 000
6 000							8 000
						6 000
4 000
						4 000
	2 000							2 000
	0							0
	QI 2020	QIV 2019	QIII 2019	QII 2019	QI 2019	QIV 2018	QIII 2018	QII 2018

12

MARKET ENVIRONMENT

MARKET ENVIRONMENT

FX volatility on the market

J.P. Morgan Global FX Volatility Index (average, LHS)

FX CFDs traded by XTB's retail clients (RHS) in thous. lots

12%	299												360
11%			270									320
272			252
10%	246									280
10,2%			8,4%	8,4%
9%					7,8%				7,4%	240
8%								6,7%	7,2%		200
8,1%	8,0%		7,9%		128	133		6,3%
7%	7,6%	7,7%				191	160
6%						146	150	135		120
							120
5%										80

Volatility of equity market1	Volatility of commodity market1
			DAX volatility (avg., LHS)					Bloomberg Commodity Index volatility (avg., LHS)
			Index CFDs traded by XTB's retail clients (RHS) in thous. lots
							Commodity CFDs traded by XTB's retail clients (RHS) in thous. lots

27%											415	420	16%
24%											24,8%	380 14%
										340
21%					303						12%
				266			16,2%			300
18%						13,8%	15,6%	14,6%	260	10%
15%							13,2%
		11,5%	178	15,1%14,7%					12,1%	220	8%
12%	10,6%	10,5%		230
						192		180	6%
9%								177	168	170	140
139	142	161	8,9%		153
6%							100	4%

										14,0%	115
						13,3%		12,5%		104	100
					11,7%		11,2%		85
10,7%
	9,8%							9,8%		70
	9,1%	8,9%	9,1%				8,8%
		8,3%					55
49		41			43			50	45		40
	38	36	38					25
					27
					23	22	23			10

Source: Bloomberg, XTB

1Volatility of German blue chip index DAX 30 and Bloomberg Commodity Index is calculated as an annualized historical daily volatility based on 30-days period standard deviation.

14

REGULATORY ENVIRONMENT

REGULATORY ENVIRONMENT

Regulatory changes in industry

Poland - draft bill amending act on supervision over financial market and other acts

On 1 August 2019 the Polish Financial Supervision Authority decided to introduce additional requirements while offering contracts for difference to retail clients and to introduce the category of an experienced retail client who will be able to offer CFDs with a higher level of leverage while applying the remaining restrictions.

Assumption of the PFSA's Product intervention:

• prohibition of placing on the market consisting of the dissemination, directing to retail clients or potential retail clients of information, advertising or promotion, as well as the distribution or sale of contracts for difference to retail clients, except when the following conditions are met:
• • the investment firm requires the retail client to make an initial margin, which should be understood as any payment in order to conclude a CFD, excluding commissions, transaction fees and any other related costs, with a percentage specified in the PFSA Product Intervention;
  • the investment firm provides protection to the retail client by forcibly closing a position on the retail client's account (so-calledstop-out) when the margin level reaches 50%;
  • the investment firm provides the retail client with protection against a negative balance, which shall be understood as a limitation of the total liabilities of the retail client in respect of all CFD positions related to the CFD trading account at the supplier of the CFD contract to the amount of funds on that account;
  • the investment firm does not directly or indirectly transfer to the retail client any payment, monetary advantage or any excluded non-monetary benefit in connection with the marketing, distribution or sale of CFDs, except for realized profits from the CFDs provided, whereby a non-monetary benefit should be understood as any non-monetary benefit information and research tools to the extent that they relate to CFDs;
  • advertising or promotional information, including correspondence or messages, disseminated or directed to the retail client or potential retail client directly or indirectly by the investment firm, in connection with the marketing, distribution or sale of CFDs, contains an appropriate risk warning.
• entering the status of experienced retail client.

16

REGULATORY ENVIRONMENT continued

Regulatory changes in industry

The PFSA's Product intervention - status of experienced retail client

Retail clients of an investment firms who already have relevant experience and awareness of investment risk have the opportunity to submit a written application for the status of an experienced retail client.

In order to become an experienced retail customer, two conditions must be met in total:

• The retail client concluded within 24 months:
• • opening transactions in CFDs with a nominal value of at least PLN equivalent of EUR 50 000* each, with a frequency of at least 10 opening transactions per quarter in four quarters; or
  • CFD opening transactions with a nominal value of at least PLN equivalent of EUR 10 000* each, with a frequency of at least 50 opening transactions per quarter during four quarters; or
  • opening transactions in the scope of CFDs with a total nominal value of at least PLN equivalent of EUR 2 000 000*, with the client concluding at least 40 opening transactions per quarter in four quarters;
• The retail client shall have appropriate knowledge regarding derivatives, including CFDs, supported by:
• • obtaining relevant professional certificates, in particular: Investment Advisor, Securities Broker, Chartered Financial Analyst, Financial Risk Manager, Professional Risk Manager, ACI Dealing Certificate, ACI Diploma, or relevant field education; or
  • a minimum of 50 hours of training on derivatives, including CFDs, confirmed by obtaining relevant certificates or confirmations issued on the basis of knowledge verification by relevant training providers, within the last 12 months; or
  • confirmation that the client carries out or performed activities or works or worked under an employment contract or other contractual relationship on which the function is based, for at least a year in a position that requires professional knowledge regarding the conclusion of transactions in CFDs or other derivatives.

*) the equivalent of amounts expressed in Euro is determined using the average Euro exchange rate announced by the National Bank of Poland, in force on the day preceding the date of submission of the application by the retail customer in which the exchange rate was announced.

17

REGULATORY ENVIRONMENT continued

Regulatory changes in industry

Status of the Experienced Retail Client at XTB

In order to provide XTB's retail customers with the opportunity to meet the condition of having an appropriate level of knowledge about derivatives, confirmed by a certificate and necessary to submit an application for the status of an experienced retail customer, XTB has introduced a new version of the EDUCATION section on the xStation transaction platform, in which customers have the opportunity to learn over 50 hours of educational materials prepared by XTB's experts, and then taking the test verifying their level of knowledge and, after obtaining a positive result, receiving the XTB's Certificate.

XTB has developed and introduced technological solutions in accordance with the Expert Customer Verification Standard (Standard weryfikacji klienta doświadczonego) in force since October 14, 2019, prepared by the Chamber of Brokerage Houses (Izba Domów Maklerskich) for the purposes of uniform verification of the experience of an experienced customer regarding the CFD market, specifying:

• exam knowledge base, consisting of 180 questions covered in five thematic blocks,
• principles and logic of conducting a test verifying the client's level of knowledge, consisting of a set of 40 questions selected randomly from the exam knowledge base, for which the client has 60 minutes to solve and must obtain a positive result set at 65% (26 points),
• conditions to be met by the certificate issued to the client after successful completion of the educational training.

18

REGULATORY ENVIRONMENT continued

Regulatory changes in industry

The PFSA's Product intervention

Maximum leverage limits after introduction of the PFSA's Product intervention for retail clients who

do not have the status of experienced client.

30:1	For CFDs	in which the underlying instrument is a currency pair consisting of the
following two currencies: EUR, USD, JPY, CAD, GBP, CHF.
	For CFDs in which the underlying instruments are:
	 main stock indices (FTSE, CAC, DAX, DJIA, S&P, NASDAQ, Nikkei, ASX, EURO
20:1	STOXX);
 gold;
	 currency pair, in which at least one currency is different than EUR, USD, JPY, CAD,
	GBP or CHF.
10:1	For CFDs in which the underlying instruments are commodities other than gold (e.g. oil)
and stock indices other than FTSE, CAC, DAX, DJIA, S&P, NASDAQ, Nikkei, ASX or EURO
	STOXX.
5:1	For CFDs	in which the underlying instruments are stocks or other underlying
instruments which are not mentioned in the table.
2:1	For CFDs in which the underlying instruments are cryptocurrencies (e.g. bitcoin).

19

REGULATORY ENVIRONMENT continued

Regulatory changes in industry

The PFSA's Product intervention

Maximum leverage limits after introduction of the PFSA's Product intervention for retail clients who

have the status of experienced client.

	For CFDs in which the underlying instrument is:
	 one currency pair;
	 one of the following stock indices:
	o Financial Times Stock Exchange 100 (FTSE 100);
	o Cotation Assistée en Continu 40 (CAC 40);
100:1	o Deutsche Boerse AG German Stock Index 30 (DAX30);
o Dow Jones Industrial Average (DJIA);
	o Standard & Poors 500 (S&P 500);
	o NASDAQ Composite Index (NASDAQ);
	o NASDAQ 100 Index (NASDAQ 100);
	o Nikkei Index (Nikkei 225);
	o Standard & Poors / Australian Securities Exchange 200 (ASX 200);
	o EURO STOXX 50 Index (EURO STOXX 50)
	 Gold.
10:1	For CFDs in which the underlying instruments are commodities other than gold (e.g. oil)
and stock indices other than FTSE, CAC, DAX, DJIA, S&P, NASDAQ, Nikkei, ASX or EURO
	STOXX.
5:1	For CFDs in which the underlying instruments are stocks or other underlying
instruments which are not mentioned in the table.
2:1	For CFDs in which the underlying instruments are cryptocurrencies (e.g. bitcoin).

20

REGULATORY ENVIRONMENT continued

Regulatory changes in industry

Act amending the Act on Public Offering, on Conditions for the Introduction of Financial Instruments to the Organized Trading System and on Public Companies

On October 16, 2019, Sejm adopted an amendment to the Act on public offering and the conditions of financial instruments to organized trading, and on public companies. On November 5, 2019, the bill was signed by the President. Date of entry into force of the provisions is divided - part of the law appeared within 14 days of the announcement, part on January 1, 2020, and part will come into force on September 3, 2020.

The most important assumptions:

• the obligation to adopt a remuneration policy for members of the management board and supervisory board of a public company by the general meeting at least every four years - the solutions adopted in the policy should contribute to the implementation of the business strategy, long-term interests and stability of the company. The policy should include a description of fixed and variable components of remuneration, as well as bonuses and other monetary and non-monetary benefits that may be granted to members of the management board and the supervisory board. The supervisory board should prepare an annual remuneration report, which will then be reviewed by the general meeting;
• obligations in transactions with related entities - the conclusion of a significant transaction requires the consent of the company's supervisory board or, if the articles of association provide so, a general meeting, while a significant transaction within the meaning of the amendment is a transaction concluded by the company with a related entity whose value exceeds 5% of the total assets Act on Accounting of September 29, 1994, established on the basis of the last approved financial statement of the company. If a significant transaction concerns the interests of a member of the supervisory board or a shareholder, respectively, he does not participate in making decisions to consent to the conclusion of this transaction. The company publishes information on a significant transaction on its website at the time of conclusion of the transaction at the latest. The information obligation excludes: (i) transactions concluded on market terms as part of the company's normal operations, (ii) transactions concluded with a 100% subsidiary, and (iii) transactions related to the payment of remuneration to members of the management board or the supervisory board due in accordance with the company's remuneration policy;
• changes in the scope of shareholder identification - any public company will be able to apply to the National Depository for Securities, brokerage house or bank keeping the account for information about shareholders.

21

APPENDIX

APPENDIX

Consolidated statement of financial position

	(in PLN'000)	31 March 2020	31 December 2019
	Own cash and cash equivalents	731 175	457 590
	Clients' cash and cash equivalents	539 388	416 699
	Financial assets at fair value through P&L	194 507	107 881
	Financial assets at amortised cost	12 617	5 173
	Intangible assets	623	679
	Property, plant and equipment	13 029	17 151
	Deferred income tax assets	9 455	9 445
	Other assets	5 499	7 996
	Total assets	1 506 293	1 022 614
	Amounts due to clients	670 395	500 688
	Financial liabilities held for trading	39 942	15 938
	Deferred income tax provision	10 216	14 525
	Liabilities due to lease	17 252	12 635
	Other liabilities	78 356	23 328
	Total liabilities	816 161	567 114
	Equity attributable to the owners of the Parent Company	690 132	455 500
	Total equity and liabilities	1 506 293	1 022 614

23

APPENDIX continued

Consolidated cash flow statement

	(in PLN'000)	QI 2020	QI 2019
	Profit before tax	222 274	1 071
	Amortization and depreciation	1 861	1 788
	Foreign exchange (gains) losses from translation of own cash	(4 872)	786
	Change in balance of financial assets at fair value through P&L and financial liabilities held for	(28 776)	(5 891)
	trading
	Change in balance of restricted cash	(68 543)	(52 791)
	Change in balance of amounts due to clients	96 603	52 847
	Other adjustments and changes	45 097	(5 089)
	Cash from operating activities	263 644	(7 279)
	Income tax paid	(20 697)	(78)
	Interests	83	122
	Net cash from operating activities	243 030	(7 235)
	Expenses relating to payments for property, plant and equipment	(275)	(984)
	Expenses relating to payments for intangible assets	(109)	(35)
	Net cash from investing activities	(384)	( 1 019)
	Payments of liabilities and interest under lease	(694)	(1 359)
	Net cash from financing activities	(694)	(1 359)
	Increase (Decrease) in net cash and cash equivalents	241 952	(9 613)

24

DISCLAMER

Neither this presentation (the "Presentation") nor any copy of it nor the information contained herein is being issued or may be distributed directly or indirectly to or into the United States, Canada, Australia or Japan. By attending this meeting where this Presentation is being made, or by reading the Presentation slides, you agree to be bound by the following limitations. The following applies to the Presentation, the oral presentation of the information in the Presentation by the Company or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively referred to as the "Presentation").

The Presentation has been prepared by X-Trade Brokers Dom Maklerski S.A. with its registered office in Warsaw (the "Company") solely for use at the investor presentation being given in connection with the publication of the Report for the I quarter 2020.

The Presentation does not constitute or form a part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or any member of its group (the "Group"), nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its Group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. The Presentation does not constitute a recommendation or investment advice regarding any securities of the Company or its Group.

The information contained in the Presentation does not purport to be comprehensive and has not been independently verified. No representation, warranty or undertaking, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained in the Presentation.

The information, opinions and forward-looking statements contained in the Presentation speak only as at the date of the Presentation and are subject to change without notice. The Company is under no obligation to update or keep current the information contained in the Presentation. To the extent permitted under the applicable provisions of law the Company shall have no liability whatsoever (in negligence or otherwise) for any loss however arising from any use of the Presentation or its contents or otherwise arising in connection with the Presentation.

The Presentation contains certain statistical and market information. Such market information has been sourced from and/or calculated based on data provided by third-party sources identified in the Presentation or by the Company, if not attributed exclusively to third-party sources. Because such market information has been prepared in part based upon estimates, assessments, adjustments and judgments that are based on the Company's or third-party sources' experience and familiarity with the sector in which the Company operates and has not been verified by an independent third party, such market information is to a certain degree subjective. While it is believed that such estimates, assessments, adjustments and judgments are reasonable and that the market information was prepared appropriately to reflect the sector and the market in which the Company operates, there is no assurance that such estimates, assessments, adjustments and judgments are the most appropriate for making determinations relating to market information or that market information prepared by other sources will not differ materially from the market information included herein.

Matters discussed in the Presentation may constitute forward-looking statements. Forward-looking statements are those other than statements of historical facts. Statements that include the words "expect", "intend", "plans", "believe", "project", "anticipate", "will", "target", "aim", "may", "would", "could", "continue" and similar statements of a future or forward-looking nature indicate such forward- looking statements. Forward-looking statements may include statements regarding financial performance, business strategy, plans and objectives of the Company for future operations (including development plans relating to the Company). All forward-looking statements included in the Presentation address matters that involve known and unknown risks, uncertainties and other factors that could cause the Company's and/or the Group's actual results, performance or achievements to differ materially from those indicated in these forward-looking statements and from past results, performance or achievements of the Company and/or the Group, respectively. Such forward-looking statements are based upon various assumptions of future events, including numerous assumptions regarding the Company's and/or the Group's present and future business strategies and future operating environment. Although the Company believes that these estimates and assumptions are reasonable, they may prove to be incorrect. The Company and its respective agents, employees or advisors do not intend to, and expressly disclaim any duty, undertaking or obligation to make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in the Presentation to reflect any change in events, conditions or circumstances.

The Presentation and any materials distributed in connection with the Presentation are not directed to, nor are they intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or applicable regulations or that would require any authorisation, registration, notification or licensing within such jurisdiction. Persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

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X-Trade Brokers Dom Maklerski S.A.

ul. Ogrodowa 58

00-876 Warszawa, Polska

www.xtb.pl

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