Gielda Papierow Wartosciowych w Wrszw : GPW Announces the Composition of the Management Board of the New Term

GPW Announces the Composition of the Management Boardof the New Term
PRESS RELEASE

• The Exchange Supervisory Board has appointed Members of the GPW Management Board of the new term of office
• The GPW Management Board of the new term will be comprised of five members, including two new Management Board Members: Izabela Olszewska and Piotr Borowski
• The new Members of the Exchange Management Board will take office subject to the approval of KNF

Following a selection procedure, the Exchange Supervisory Board has decided to appoint four Members of the Exchange Management Board for the new term of office starting on 26 July 2018.

Two Members of the current term have been re-elected: Jacek Fotek, who will remain the Chief Financial Officer (CFO), and Dariusz Kułakowski, who will become the Chief Information Officer (CIO). Two newly appointed Members of the Management Board have been associated with the Warsaw Stock Exchange for many years and have professional experience in the capital market: Izabela Olszewska as Management Board Member responsible for business and sales development (CSO), and Piotr Borowski as Management Board Member for operations and regulation (COO).

The decision of the Exchange Supervisory Board concerning the two new Management Board Members will take effect subject to the approval of the Polish Financial Supervision Authority (KNF) for the changes to the composition of the Exchange Management Board, but not earlier than 1 August 2018.

The GPW Management Board of the new term of office will be headed by Marek Dietl as President (CEO), appointed by the GPW General Meeting on 23 April 2018.

Composition of the GPW Management Board of the new term of office:

Marek DIETL

Marek Dietl holds a degree from the Warsaw School of Economics and a PhD from the Institute of Economic Sciences, Polish Academy of Sciences. During his PhD programme, he was a fellow at the University of Glasgow. He is Assistant Professor at the Warsaw School of Economics (SGH) since 2012. In 2012-2013, he was a fellow at the University of Economics, Essex. He completed a two-year programme in finance: EY Executive Studies in Finance.

In 1999-2008, Marek Dietl worked with the international consultancy Simon-Kucher & Partners, where he was promoted from Intern to Proxy to Leader of the Warsaw office. In 2008-2012, he was with Krajowy Fundusz Kapitałowy S.A., initially as Investment Manager and later as Deputy Director for Investments.

Marek Dietl has served on the Supervisory Boards, Audit Committees, Investment (Selection) Committees of more than 20 companies including Atende, Bank Gospodarstwa Krajowego, BSC Drukarnie Opakowań, Mercator Medical, Polish Agency for Enterprise Development, PZU Witelo FIZAN.

Marek Dietl has served as an advisor and expert: Advisor to the President of Poland, Advisor to the President of the Energy Regulatory Office, Mediator at the Court of Arbitration of the Polish Financial Supervision Authority, Member of the Board of Economic Education at the National Bank of Poland, Expert of the Business Centre Club and the Sobieski Institute. He has headed Financial Instrument Task Forces appointed by the Director of the National Centre for Research and Development.

Jacek FOTEK

Jacek Fotek holds an MA in Foreign Trade from the Warsaw School of Economics and an MBA from the Quebec University Montreal (2002). His professional career has focused on the money and capital markets. He was a co-founder of the Polish interbank money and forex markets. In 1989-1990, he was responsible for operational management of the national foreign currency reserves at the National Bank of Poland. In 1990-1996, Chief Dealer at Bank Handlowy w Warszawie. In 1996-1997, CFO of Polski Bank Rozwoju. In 1997-1999, Member of the Management Board of Citibank (Poland) S.A., and previously Director of the Treasury Department and Director of Investor Relations. In 1999-2002 with Bank Handlowy w Warszawie S.A. as Advisor to the President and previously Director of the Internal Control Department. He was with PZU Asset Management S.A. in 2003-2009, among others as Vice President for Risk Management, Internal Control and Audit. CEO of BondSpot S.A. in 2009-2012 and 2013-2016. CEO of Invista DM S.A. in 2012-2013.

In December 2016, he was appointed Vice-President of the Management Board of the Warsaw Stock Exchange as CFO and Head of Sales and Development.

In September 2017, appointed by the Minister of Finance to the Audit Supervisory Authority (KNA).

Former member of Supervisory Boards of several organisations including PGE Polska Grupa Energetyczna S.A (2015-2016), GPW Foundation (2015-2016), BondSpot S.A. (2012-2013), IAiR S.A. (2014-2016). Since 1997, lecturer at Warszawski Instytut Bankowości; in 1993-2002, lecturer at Gdańska Akademia Bankowa; in 2010-2013, lecturer at Instytut Rynku Kapitałowego.

Since 1993, founding member of the dealer association Polskie Stowarzyszenie Dealerów Bankowych - FOREX POLSKA (currently ACI Poland). He has completed many international training courses and programmes in the capital and money markets, risk management, audit and investments.

Dariusz KUŁAKOWSKI

Dariusz Kułakowski holds a degree in Economic Cybernetics and Information Science from the Warsaw School of Economics. He completed a post-graduate programme at the University of Banking and Insurance and the Warsaw University of Technology.

He completed a number of IT management and project management programmes. He is an ITIL Expert certified by EXIN (Examination Institute for Information Science).

He has worked on the capital market for most of his professional career.

He worked with the Warsaw Stock Exchange (GPW) in 1993-2001, initially as Exchange System Section Head (until 1999) and later Deputy Director of the IT Department (until 2001).

In 2001-2003, Dariusz Kułakowski worked with PZU S.A. as Director of the IT Integration Bureau responsible for the implementation of the Group's IT Strategy as well as IT integration.

In 2003-2006, he was the President's Plenipotentiary for IT at the Social Security Institution (ZUS) responsible for all IT departments, and at the same time Director of the Information Supply Department and Technical Co-ordinator of the Comprehensive IT System Project.

In 2006-2013, he returned to GPW as General Director for Technology directly responsible for the IT Department including the operation of the Exchange's IT systems and project management (among others, implementation of the trading system UTP).

In September 2013, he was appointed to the Management Board of the Warsaw Stock Exchange responsible for IT.

Awarded the Silver Cross of Merit for building the capital market in Poland.

Izabela OLSZEWSKA

Izabela Olszewska holds a degree from the Department of Finance and Statistics, Warsaw School of Economics, and a PhD from the Department of Economic Sciences, University of Warsaw. She attended the International Institute for Securities Market Development programme offered by the US Securities and Exchange Commission.

She has worked on the capital market since 1992, initially as Analyst at Bank Handlowy's Capital Operations Centre and since 1999 with the Warsaw Stock Exchange. She held a number of business and sales management functions at GPW, worked with investors and companies, both local and international, from many sectors, and was responsible for the development of the product offer of the regulated market and alternative markets. She is now Managing Director for Development.

Member of the Supervisory Board of Bondspot S.A. since October 2015. She sat on the supervisory boards of the Polish Power Exchange (TGE S.A.) and InfoEngine S.A. She was delegated by the Supervisory Board of both BondSpot S.A. and TGE S.A. to temporarily perform the functions of President of the Management Board. Until June 2018, Member of the Board of Directors of Aquis Exchange, London, as Non-Executive Director.

She has worked for many years with Krajowy Depozyt Papierów Wartościowych (Central Securities Depository of Poland) as a member of the Advisory Board.

Piotr BOROWSKI

Piotr Borowski holds a degree from the University of Economics in Poznań, a post-graduate degree in Corporate Finance and Taxation from the Warsaw School of Economics, and a securities broker's licence.

He has worked on the Polish capital market and with the Warsaw Stock Exchange throughout his professional career, initially as an exchange broker. In 1991-2006 with banks and brokerage houses in management positions. In 1993-2006 with Kredyt Bank S.A. and KBC N.V. Group as Investment Director of Dom Maklerski Kredyt Banku S.A., Deputy General Director of KBC Securities N.V. Branch in Poland and Financial Markets Auditor with KBC N.V. in Brussels. In 1997-2007, Member of the Management Board of the Chamber of Brokerage Houses (IDM).

In 2007-2016 with the Warsaw Stock Exchange as Director for Development and Regional Co-operation, Investor Relations and Research, Cash Market Development and a GPW representative on the Management Committee of the Federation of European Securities Exchanges (FESE) in Brussels.

Since 2017, an independent consultant focusing on investor relations and capital markets. Since February 2018 affiliated with the UK consultancy BTA Consulting Ltd as a consultant in capital market development projects.

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The Warsaw Stock Exchange (GPW) is the biggest exchange in Central and Eastern Europe and organises trade on one of Europe's fastest growing capital markets. GPW operates a regulated equities and derivatives market, as well as NewConnect, an alternative trading platform for growing companies. GPW is also developing Catalyst, a market for corporate and municipal bond issuers. The Polish Power Exchange (TGE), a member of the GPW Group since February 2012, offers trade in electricity, natural gas, property rights and guarantees of origin and CO2 emission allowances. Since 9 November 2010, GPW is a publicly traded company listed on the Warsaw Stock Exchange. For more information, visit www.gpw.pl/en-home.