INTERIM REPORT OF THE

GIEŁDA PAPIERÓW WARTOŚCIOWYCH W WARSZAWIE S.A. GROUP

FOR 9M 2021

1. Selected market data
2.
3. Information about the GPW Group
3.1. Information about the Group 3.1.1. Background information about the Group 3.1.2. Organisation of the Group 3.1.3. Ownership 3.2. Main risks and threats
4. Financial position and assets
4.1. Summary of the GPW Group's results and the impact of the SARS-COV-2 pandemic on the Group's results. 12 4.2. Consolidated statement of comprehensive income 4.2.1. Sales revenue – summary …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 4.2.2. Sales revenue – financial market …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 4.2.3. Sales revenue – commodity market 4.2.4. Other sales revenue 4.2.5. Operating expenses 4.2.6. Other income, other expenses, loss on impairment of receivables 4.2.7. Financial income and expenses 4.2.8. Share of profit of entities measured by the equity method 4.2.9. Income tax 4.3. Consolidated statement of financial position 4.4. Consolidated statement of cash flows
5. Seasonality and cyclicity of operations
5.1. Trading on the financial market 5.2. Trading on the commodity market
6.
7.
7.1. External factors 7.2. Internal factors
8. Other information
9.
Appendix: Condensed Consolidated Interim Financial Statements for the nine-month period ended 30 September 2021

1. Selected market data¹

¹ All value and volume statistics in this Report are single-counted, unless indicated otherwise.

2 Including IPOs of dual-listed companies.

Number of Exchange Members

Number of data vendors

Turnover volume - futures contracts (mn contracts)

Catalyst - value of listed non-treasury bond issues (PLN bn)4

Number of new listings - NewConnect

Number of companies - NewConnect

(spot + forward,TWh)

Turnover volume - electricity (spot + forward; TWh)

Turnover volume - gas
(spot + forward; TWh)

Volume of redeemed certificates of origin of electricity from RES (TWh)

Volume of issued certificates of origin of electricity from RES (TWh)

2. Selected consolidated financial data

Table 1: Consolidated statement of comprehensive income, earnings per share, EBITDA

	Nine-month period ended 30 September
	2021 (unaudited)	2020 (unaudited)	2021 (unaudited)	2020 (unaudited)
	PLN'000 EUR'000[1]
Sales revenue	3 0 0 0 6 0	2 8 7 6 2 6	6 5 9 5 5	6 5 0 1 5
O perating expens es	(1 6 6 2 0 3 )	(1 5 0 3 0 5 )	(3 6 5 3 2 )	(3 3 9 7 5 )
Gains on revers ed impairment of rec eivables /(Los s es ) on impairment of rec eivables	5 4 9	(8 7 3 )	1 2 1	(1 9 7 )
O ther revenue	1 2 2 6	2 0 5 7	2 6 9	4 6 5
O ther expens es	(1 6 7 0 )	(5 7 1 3 )	(3 6 7 )	(1 2 9 1 )
Operat ing prof it	133 962	132 792	29 445	30 016
Financ ial inc ome	3 8 1	5 9 1 3	8 4	1 3 3 7
Financ ial expens es	(9 0 4 6 )	(1 8 9 7 4 )	(1 9 8 8 )	(4 2 8 9 )
Share of profit/(los s ) of entities meas ured by the equity method	1 9 1 5 4	1 0 9 4 2	4 2 1 0	2 4 7 3
Prof it before tax	144 451	130 673	31 751	29 537
I nc ome tax expens e	(2 4 5 2 9 )	(2 5 9 8 9 )	(5 3 9 2 )	(5 8 7 5 )
Net prof it for the period	119 922	104 684	26 359	23 663
Bas ic /Diluted earnings per s hare[2 ] (P LN , E U R)	2 ,8 6	2 ,4 9	0 ,6 3	0 ,5 6
EBITDA [3]	160 031	160 254	35 176	36 224

[1] At the incremental average exchange rate EUR/PLN for nine months published by the National Bank of Poland (1 EUR = 4.5495 PLN in 2021 and 1 EUR = 4.4240 PLN in 2020).

[2] Based on net profit.

[3] EBITDA = operating profit + depreciation/amortisation.

Note: For some items, the sum of the amounts in the columns or lines of the tables presented in this Report may not be exactly equal to the sum presented for such columns or lines due to rounding off. Some percentages presented in the tables in this Report have also been rounded off and the sums in such tables may not be exactly equal to 100%. Percentage changes between comparable periods were calculated on the basis of the original amounts (not rounded off).

Data as at 31 December 2020 and as at and for the nine-month period ended 30 September 2020 presented in this interim report have been restated with corrections described in section 8 of this report.

Table 2: Consolidated statement of financial position

	As at
	30 September 2021 (unaudited)	31 December 2020	30 September 2021 (unaudited)	31 December 2020
	PLN '000		EUR'000[1]
Non-current assets:	597,562	592,110	128,982	128,307
Property, plant and equipment	90,469	97,333	19,528	21,091
Right-to-use assets	10,352	13,984	2,234	3,030
Intangible assets	257,154	253,200	55,506	54,867
Investment in entities measured by the equity method	231,630	220,395	49,997	47,758
Other non-current assets	7,958	7,198	1,718	1,560
Current assets:	736,318	773,362	158,932	167,583
Trade receivables and other receivables	149,897	55,229	32,355	11,968
Financial assets measured at amortised cost	256,081	305,131	55,274	66,120
Cash and cash equivalents	326,149	411,018	70,398	89,065
Other current assets	4,191	1,984	905	430
TOTAL ASSETS	1,333,880	1,365,472	287,915	295,890
Equity	932,271	918,129	201,228	198,953
Non-current liabilities:	168,621	288,947	36,396	62,613
Liabilities on bond issue	125,000	244,738	26,981	53,033
Lease liabilities	5,482	9,493	1,183	2,057
Other liabilities	38,139	34,716	8,232	7,523
Current liabilities:	232,988	158,396	50,290	34,323
Liabilities on bond issue	121,817	1,167	26,294	253
Lease liabilities	5,409	5,396	1,168	1,169
Other liabilities	105,762	151,833	22,829	32,901
TOTAL EQUITY AND LIABILITIES	1,333,880	1,365,472	287,915	295,890

[1] At the average exchange rate EUR/PLN of the National Bank of Poland as at 30.09.2021 (1 EUR = 4.6329 PLN) and as at 30.09.2020 (1 EUR = 4.6148 PLN).

Table 3: Selected financial indicators

	As at 30 September / nine-month period ended 30 September
	2021	2020
EBITDA margin (EBITDA/Sales revenue)	53.3%	55.7%
O perating profit margin (Operating profit/Sales revenue)	44.6%	46.2%
Return on equity (ROE) (Net profit for last 12 months/Average equity at the beginning and at the end of the 12-month period)	18.5%	13.4%
Debt to equity (Lease liabilities and liabilities under bond issue/Equity)	27.6%	30.1%
Cost / income (GPW Group operating expenses / GPW Group sales revenue (for a 9-month period))	55.4%	52.3%

3. Information about the GPW Group

3.1. Information about the Group

3.1.1. Background information about the Group

The parent entity of the Giełda Papierów Wartościowych w Warszawie S.A. Group ("the Group", "the GPW Group") is Giełda Papierów Wartościowych w Warszawie Spółka Akcyjna ("the Warsaw Stock Exchange", "the Exchange", "GPW", "the Company" or "the parent entity") with its registered office in Warsaw, ul. Książęca 4.

The Warsaw Stock Exchange is a leading financial instruments exchange in Central and Eastern Europe (CEE)³ as measured by the number of listed companies and the total capitalisation of domestic companies. GPW uses a state-of-the-art trading system and its listed companies meet the highest standards of corporate governance and disclosure requirements. The markets operated by GPW list stocks and bonds of over 900 local and international issuers. The Exchange also offers trade in derivatives and structured products, as well as information services. More than 30 years of experience, high safety of trading, operational excellence and a broad range of products make GPW one of the most recognised Polish financial institutions in the world.

The GPW Group conducts activity in the following segments:

organising trade in financial instruments and conducting activities related to such trade;
organising an alternative trading system;
operating the wholesale Treasury bond market Treasury Bondspot Poland;
operating a commodity exchange, including trade in electricity, gas, property rights in certificates of origin of electricity from renewable energy sources and energy efficiency, CO2 emission allowances, food and agricultural products;
operating a register of certificates of origin;
providing the services of trade operator and entity responsible for balancing;
operating a clearing house and settlement institution which performs the functions of an exchange clearing house for transactions in exchange commodities;
organising reference rate WIBID and WIBOR fixings;
providing and publishing non-interest rate benchmarks including the Exchange Indices, TBSP.Indeks and CEEplus;
conducting activities in capital market education, promotion and information.

Basic information about the parent entity:

³ CEE – Central and Eastern Europe: Poland, Czech Republic, Slovakia, Hungary, Austria, Bulgaria, Romania, Slovenia.

3.1.2. Organisation of the Group

As at 30 September 2021, the parent entity and nine direct and indirect subsidiaries comprised the Giełda Papierów Wartościowych w Warszawie S.A. Group. GPW held shares in companies measured by the equity method: two associates (one of which has a subsidiary) and one joint venture.

*Polska Agencja Ratingowa S.A. is a joint venture

Source: Company

Details of interest in other entities are presented below in section 8.

The Group does not hold any branches or establishments.

3.1.3. Ownership

As at the date of publication of this Report, the share capital of the Warsaw Stock Exchange was divided into 41,972,000 shares including 14,772,470 Series A preferred registered shares (one share gives two votes) and 27,199,530 Series B ordinary bearer shares.

As at the date of publication of this Report, according to the Company's best knowledge, the State Treasury holds 14,695,470 Series A preferred registered shares, which represent 35.01% of total shares and give 29,390,940 votes, which represents 51.80% of the total vote. The total number of votes from Series A and B shares is 56,744,470.

According to the Company's best knowledge, as at the date of publication of this Report, no shareholders other than the State Treasury held directly or indirectly at least 5% of the total vote in the parent entity. The ownership structure of material blocks of shares (i.e., more than 5%) did not change since the publication of the previous periodic report.

As at 30 September 2021, there were 25 shares held by the Company's and the Group's managing and supervising persons, all of which were held by GPW Management Board Member Dariusz Kułakowski.

3.2. Main risks and threats

The operation of the GPW Group is exposed to external risks related to the market, legal, and regulatory environment, as well as internal risks related to operating activities. With a view to its strategic objectives, the GPW Group actively manages its business risks in order to mitigate or eliminate their potential adverse impact on the Group's results to the best extent possible.

The Group considers the following risks in each category to be objectively the most material; however, the order in which they are presented does not reflect the materiality or scale of their impact on the activity of the Group. Additional risks, which are currently not identified or are considered to be immaterial, may in the future have an adverse impact on the activity of the Group, its financial standing and business results. Details of the risks listed below are presented in the annual report of the GPW Group for 2020; they have not changed materially as at 30 September 2021.

Business risk:
- Risk related to geopolitics and the global economic conditions;
- Risk of economic conditions in other countries;
- Risk of the economic situation in Poland;
- Risk of market and political events;
- Risk that the Company's majority shareholder may take steps which are not in the interest or go against the interest of the Company or its other shareholders;
- Risk of providing the WIBID and WIBOR Reference Rates;
- Risk of diminished benefits of the Company's investment in KDPW;
- Risk of variable amount of capital market supervision fees which the Group cannot control;
- Risks of TGE's participation in European electricity market projects;
- Risk of concentration of turnover and dependence of a large part of sales revenue of the Group on turnover in shares by a limited number of issuers and in futures by a limited number of Exchange Members;
- Risk of concentration of turnover due to dependence of a large part of revenue of the Group from derivatives on turnover in WIG20 futures;
- Risk of technological changes;
- Risk of non-implementation of the strategy by the Group;
- Risk of operating in the exchange and MTF sector;
- Risk of price competition;
- Risk of termination of the agreement under which TBSP has been appointed the reference market;
- Risk of the need to update GPW's trading system;
- Risk of provision of capital market indices and benchmarks;
- Project risk of projects carried out by GPW.

Operational risk:
- Risk of being capable of attracting and retaining qualified employees of the Group;
- Risk of industrial dispute;
- Risk of failure of the Group's trading systems;
- Risk of the Group's risk management methodologies;
- Risk of dependence of the Group's business on third parties which the Group cannot control or can control to a limited extent;
- Risk of insufficient insurance cover.
Legal risk:
- Risk of amendments to national laws;
- Regulatory risk due to amendments to European Union law;
- Risk of regulations governing open-ended pension funds in Poland;
- Risk of amendments and interpretations of tax regulations;
- Risk of inconsistency between Polish and EU tax regulations including VAT regulations;
- Risk of changes to Polish energy law concerning the mandatory public sale of electricity and natural gas and the introduction of a new support scheme for electricity and gas from renewable energy sources based on auctions;
- Risk of ineffective protection of intellectual property;
- Risk of potential litigation concerning infringements of intellectual property rights of third parties by the Exchange.
Compliance risk:
- Risk of failure to meet regulatory requirements and PFSA recommendations applicable to the activity of the Group;
- Risk of internal regulations of the Group;
- Risk of potential violation of competition regulations by the Group;
- Risk of the Benchmark Administrator;
- Risk of non-alignment or delayed alignment with sustainable investing requirements.
Reputation risk:
- Risk to the Group's reputation and clients' confidence in its ability to process exchange transactions.

Financial risk is discussed in detail in the Consolidated Financial Statements of the GPW Group for 2020, Notes 2.2., 2.3., and 2.4. Risks arising from the COVID pandemic are discussed in Note 5.7 of the Consolidated Financial Statements for the nine months of 2021 and in Note 1.9 of the Consolidated Financial Statements of the GPW Group for the year ended 31 December 2020.

4. Financial position and assets

4.1. Summary of the GPW Group's results and the impact of the SARS-COV-2 pandemic on the Group's results

The GPW Group generated a consolidated net profit of PLN 119.9 million in 9M 2021 (+PLN 15.2 million i.e. +14.6% year on year), driven by an increase of sales revenue from PLN 287.6 million in 9M 2020 to PLN 300.1 million in 9M 2021 (+PLN 12.4 million i.e. +4.3%). The operating profit stood at PLN 134.0 million (+PLN 1.2 million i.e. +0.9% year on year). EBITDA stood at PLN 160.0 million (-PLN 0.2 million i.e. -0.1% year on year). The SARS-CoV-2 was a key factor driving the increase in revenue in 2021: on the one hand, it caused uncertainty and high volatility on the markets; on the other hand, macroeconomic conditions boosted investor interest in the capital markets and turnover volumes.

The GPW Group's results in 9M2021 were also driven by the following one-off (or cyclical) events:

revaluation of provisions concerning VAT in IRGiT see Note 5.9. to the Consolidated Financial Statements of the GPW Group for Q3 2021;
the COVID-19 pandemic see Note 5.7. to the Consolidated Financial Statements of the GPW Group for Q3 2021;
announcement in Q2 2021 of the Phantom Share Programme for employees see Note 3.2 to the Consolidated Financial Statements for Q3 2021.

Additional provisions of PLN 1.6 million were charged to financial expenses in the nine months ended 30 September 2021 against potential VAT interest payable at IRGiT. Provisions charged in the nine months ended 30 September 2020 stood at PLN 11.7 million. Total provisions set up against potential VAT interest payable stood at PLN 28.5 million as at 30 September 2021. Furthermore, gains on the share of profit of entities measured by the equity method in 2021 almost doubled year on year (PLN 19.2 million in 9M 2021 vs. PLN 10.9 million in 9M 2020).

Table 4: Consolidated statement of comprehensive income

PLN'000	Nine-month period ended 30 September		Change (9M 2021	Change (%) (9M 2021
	2021	2020	vs	vs
	(unaudited)	(unaudited)	9M 2020)	9M 2020)
Sales revenue	3 0 0 ,0 6 0	2 8 7 ,6 2 6	1 2 ,4 3 4	4 .3%
O perating expens es	(1 6 6 ,2 0 3 )	(1 5 0 ,3 0 5 )	(1 5 ,8 9 8 )	1 0 .6%
O ther revenue, other (expens es ), gains on revers al of impairment of rec eivables /(los s es ) on impairment of rec eivables	1 0 5	(4 ,5 2 9 )	4 ,6 3 4	(1 0 2 .3% )
Operat ing prof it	133,962	132,792	1,170	0.9%
Financ ial inc ome	3 8 1	5 ,9 1 3	(5 ,5 3 2 )	(9 3 .6% )
Financ ial expens es	(9 ,0 4 6 )	(1 8 ,9 7 4 )	9 ,9 2 8	(5 2 .3% )
Share of profit of entities meas ured by the equity method	1 9 ,1 5 4	1 0 ,9 4 2	8 ,2 1 2	7 5 .1%
Prof it before tax	144,451	130,673	13,778	10.5%
I nc ome tax expens e	(2 4 ,5 2 9 )	(2 5 ,9 8 9 )	1 ,4 6 0	(5 .6% )
Net prof it for the period	119,922	104,684	15,238	14.6%

The separate net profit of GPW in 9M 2021 stood at PLN 158.7 million (+PLN 15.7 million i.e. +11.0% year on year). The increase of the net profit was driven mainly by an increase of financial income by PLN 17.0 million i.e. +20.0% year on year in 9M 2021. GPW's higher financial income was due to a higher dividend received from subsidiaries: TGE at PLN 94.7 million, KDPW at PLN 6.6 million, and Centrum Giełdowe at PLN 0.4 million. Dividends do not impact the consolidated results as they are excluded through consolidation adjustments.

The net profit of TGE in 9M 2021 stood at PLN 85.3 million (+PLN 48.0 million i.e. +128.7% year on year). The significant increase of the net profit was driven by a higher dividend paid by the subsidiary IRGiT at PLN 58.7 million (+PLN 48.7 million i.e. +489.4% year on year). Dividends do not impact the Group's consolidated results as they are excluded through consolidation adjustments. The operating profit was

PLN 34.6 million, representing an increase of PLN 1.2 million i.e. +3.7% year on year. EBITDA stood at PLN 40.4 million (-PLN 0.1 million i.e. -0.2% year on year).

The net profit of IRGiT in 9M 2021 was PLN 16.7 million (+PLN 5.9 million i.e. +54.5% year on year). Provisions of PLN 1.6 million were charged against the profit of IRGiT in 9M 2021 following the revaluation of provisions against potential VAT interest payable. The operating profit was PLN 22.9 million (+PLN 0.6 million i.e. +2.6% year on year). EBITDA stood at PLN 25.1 million (+PLN 0.9 million i.e. +3.8 % year on year).

Table 5: Selected consolidated financial indicators

	As at / Nine-month period ended
	30 September 2021 (unaudited)	30 September 2020 (unaudited)
Debt and f inancing rat ios
N et debt / E BI T DA for 1 2 months	(0 .3 )	(1 .6 )
Debt to equity	2 7 .6%	3 0 .1%
Liquidity rat ios
C urrent liquidity	3 .2	4 .6
C overage ratio of interes t rate on bond is s ue	3 6 .7	2 7 .8
Prof itability rat ios
E BI T DA margin	5 3 .3%	5 5 .7%
O perating profit margin	4 4 .6%	4 6 .2%
N et profit margin	4 0 .0%	3 6 .4%
C os t / inc ome	5 5 .4%	5 2 .3%
RO E	1 8 .5%	1 3 .4%
RO A	1 2 .7%	9 .2%

Net debt = interest-bearing liabilities less liquid assets (as at the balance-sheet date) Liquid assets = financial assets measured at amortised cost and other financial assets + cash and cash equivalents

EBITDA = GPW Group operating profit plus depreciation/amortisation (for 9 months, net of the share of profit/loss of associates)

Debt to equity ratio = interest-bearing liabilities / equity (as at the balance-sheet date)

Current liquidity = current assets / current liabilities (as at the balance-sheet date)

Coverage ratio of interest costs on the bond issue = EBITDA / interest cost on bonds (interest paid and accrued for a 6-month period)

EBITDA margin = EBITDA / GPW Group sales revenue (for a 9-month period)

Operating profit margin = operating profit / GPW Group sales revenue (for a 9-month period)

Net profit margin = net profit / GPW Group sales revenue (for a 9-month period)

Cost / income = GPW Group operating expenses / GPW Group sales revenue (for a 9-month period)

ROE = GPW Group net profit (for a 12-month period) / average equity at the beginning and at the end of the 12-month period

ROA = GPW Group net profit (for a 12-month period) / average total assets at the beginning and at the end of the 12-month period

Net debt to EBITDA was negative as at 30 September 2021 as liquid assets significantly exceeded interestbearing liabilities. The debt to equity ratio decreased due to a decrease of interest-bearing liabilities while equity increased.

Current liquidity decreased year on year due to a strong increase of current liabilities while current assets grew only modestly. The coverage ratio of interest costs under the bond issue suggests that EBITDA was several times higher than interest costs on bonds as at 30 September 2021, similar to previous periods.

EBITDA decreased year on year. The net profit margin, in contrast with the operating profit margin, improved as net profit increased at a higher rate than sales revenue. The cost/income increased year on year as a result of rising expenses (mainly PFSA fees, external service charges, and employee costs).

ROE and ROA increased year on year driven by a higher net profit.

Impact of the SARS-CoV-2 pandemic on the Group's results

Despite the outbreak of the pandemic, the Group ensured smooth and effective execution of its core functions and processes. The Group's markets remained open and services continued to be provided under conditions of high market volatility, which had a positive impact on the Group's sales revenue and results.

According to the Group's risk management procedures, the potential adverse impact of the pandemic on the financial standing of the Exchange was analysed and the following risks were identified: decrease of the Exchange's revenue in the case of a long-term economic slow-down, discouraging investors from the capital market, and materialisation of credit risk if counterparties fail to pay amounts due.

No such risks materialised in 9M 2021. The Group's operating profit improved year on year, driven mainly by an increase of sales revenue thanks to growing turnover in financial instruments on the markets operated by the Exchange. That improvement was due to relatively high volatility on the financial markets correlated with strong investor activity, including retail investors.

In 9M 2021, the Group used no support schemes. External financing used by the Group included bonds in issue and leases as at 30 September 2021, the same as at 31 December 2020.

The identified operational risks and mitigating measures are described in Note 1.9 of the Consolidated Financial Statements of the GPW Group for the year ended 31 December 2020.

4.2. Consolidated statement of comprehensive income

4.2.1. Sales revenue – summary

The GPW Group's sales revenue in 9M 2021 stood at PLN 300.1 million (+PLN 12.4 million i.e. +4.3% year on year), driven by continued strong investor activity on the capital market due to uncertainty caused by the SARS-CoV-2 pandemic and macroeconomic conditions including low interest rates on deposits, forcing investors to look for alternative investment opportunities. Revenue from information services increased sharply in 9M 2021 and stood at PLN 41.4 million (+PLN 3.1 million i.e. +8.1% year on year) The commodity market segment generated modestly higher revenues in 9M 2021 (+PLN 2.2 million i.e. +2.0% year on year).

Figure 1: Structure and value of consolidated sales revenue

The main revenue streams in 9M 2021 included trading on the financial market (43.5%), trading on the commodity market (18.2%), and information services (13.8%). The share of those revenue streams in 9M 2020 was 44.0%, 18.8%, and 13.3%, respectively.

The share of sales revenue from foreign clients in total sales revenue in 9M 2021 increased modestly to 31.0% of total sales (+6.4 pps year on year). The share of remote Exchange Members in turnover on the cash and derivatives markets has been rising for several years, resulting in their bigger share in the GPW Group's total revenue.

The Group's sales revenue shows no concentration: the share of single clients in total sales revenue did not exceed 10% in 9M 2021.

4.2.2. Sales revenue – financial market

The Group's sales revenue on the financial market in 9M 2021 stood at PLN 188.3 million (+PLN 10.2 million i.e. +5.7% year on year), representing 62.8% of total sales revenue. The biggest stream of sales revenue on the financial market was trading revenue (69.3%), in particular trading in shares and equity-related instruments (56.6%). The second biggest stream of consolidated sales revenue on the financial market were information services (21.6% of total revenue on the financial market).

Table 6: Revenue on the financial market

	Nine-month period ended 30 September				Change (9M 2021	Change (%) (9M 2021
PLN'000, %	2021 (unaudited)	%	2020 (unaudited)	%	vs 9M 2020)	vs 9M 2020)
Financial market	188,339	100.0%	178,130	100.0%	10,209	5.7%
T rading revenue	1 3 0 ,4 8 7	69.3%	1 2 6 ,4 3 0	71.0%	4 ,0 5 7	3.2%
E quities and equity-related ins truments	1 0 6 ,5 5 8	56.6%	1 0 0 ,9 1 3	56.7%	5 ,6 4 5	5.6%
Derivatives	1 0 ,0 7 1	5.3%	1 1 ,3 2 2	6.4%	(1 ,2 5 1 )	(11.0%)
O ther fees paid by market partic ipants	4 ,5 9 2	2.4%	5 ,6 5 9	3.2%	(1 ,0 6 7 )	(18.9%)
Debt ins truments	8 ,3 2 6	4.4%	7 ,6 0 5	4.3%	7 2 1	9.5%
O ther c as h ins truments	9 4 0	0.5%	9 3 1	0.5%	9	1.0%
Lis ting revenue	1 7 ,2 1 8	9.1%	1 4 ,1 0 5	7.9%	3 ,1 1 3	22.1%
Lis ting fees	1 2 ,9 3 9	6.9%	1 2 ,7 4 9	7.2%	1 9 0	1.5%
Fees for introduc tion and other fees	4 ,2 7 9	2.3%	1 ,3 5 6	0.8%	2 ,9 2 3	215.6%
I nformation s ervic es and revenue from the c alc ulation of referenc e rates	4 0 ,6 3 4	21.6%	3 7 ,5 9 5	21.1%	3 ,0 3 9	8.1%
Real- time data and revenue from the c alc ulation of referenc e rates	3 8 ,0 7 1	20.2%	3 5 ,2 0 4	19.8%	2 ,8 6 7	8.1%
His toric al and s tatis tic al data and indic es	2 ,5 6 3	1.4%	2 ,3 9 1	1.3%	1 7 2	7.2%

The Group's revenue from trading in equities and equity-related instruments stood at PLN 106.6 million in 9M 2021 (+PLN 5.6 million i.e. +5.6% year on year). The increase of the revenue from trading in equities was driven by an increase of the value of turnover on the Main Market, which stood at PLN 244.2 billion (+PLN 46.4 billion i.e. +23.5% year on year), including an increase of turnover value on the electronic order book by 18.0% year on year to PLN 229.5 billion and an increase of the value of block trades by 334.8% year on year to PLN 14.7 billion. The average daily turnover value on the Main Market was PLN 946.2 million in Q3 2021 compared to PLN 962.9 million in Q3 2020.

Table 7: Data for the markets in equities and equity-related instruments

	30 September	Nine-month period ended	Change (9M 2021	Change (%) (9M 2021 vs 9M 2020)
	2021 (unaudited)	2020 (unaudited)	vs 9M 2020)
Financial market , trading revenue: equit ies and equity-related instruments (PLN mn)	106.6	100.9	5.6	5.6%
Main Market:
T urnover value (P LN bn)	2 4 4 .2	1 9 7 .8	4 6 .4	23.5%
T urnover volume (bn s hares )	1 1 .6	1 2 .7	(1 .1 )	(8.6%)
NewConnect:
T urnover value (P LN bn)	5 .1	9 .4	(4 .3 )	(45.8%)
T urnover volume (bn s hares )	3 .9	5 .3	(1 .4 )	(26.5%)

The year-on-year increase of turnover in 9M 2021 was largely driven by higher volatility caused by the COVID-19 pandemic prevailing since March 2020. It generated much uncertainty on the market, resulting in:

sell-out of assets at the outset of the pandemic (equities, bonds, commodities, as well as cryptocurrencies);
remodelling of portfolios of large investment funds;
falling oil prices (West Texas Intermediate crude oil futures settled at negative prices for the first time ever);
Fed and ECB interventions and the Fed's assets purchase programme at a record-high USD 7 trillion;
interest rate cuts imposed by central banks including the National Bank of Poland;
mass-scale activity of retail investors on the exchange: there were 1,343,429 securities accounts operated by KDPW in Poland as at 30 September 2021, an increase of 13,920 accounts compared to 31 December 2020.

Those factors encouraged investors to return to the trading floor in Warsaw in 2020, boosting turnover on the Main Market in 2021 as well: the Main Market turnover was PLN 244.2 billion in 9M 2021 (+PLN 46.4 billion i.e. +23.5% year on year).

Due to the 2020 base effect, NewConnect reported a decrease of turnover in 9M 2021 to PLN 5.1 billion (-PLN 4.3 billion i.e. -45.8% year on year).

Revenue of the Group from trading in derivatives on the financial market (futures and options) stood at PLN 10.1 million in 9M 2021 (-PLN 1.3 million i.e. -11.0% year on year). The total volume of turnover in derivatives was 8.6 million contracts, representing a modest increase year on year (+0.4 million contracts i.e. +4.5%). The volume of turnover in WIG20 futures, which account for a major part of the revenue from trading in derivatives, was 4.0 million contracts (-0.5 million contracts i.e. -11.5% year on year). The volume of turnover in currency futures increased to 2.7 million contracts in 9M 2021 vs. 1.6 million contracts in 9M 2020.

Table 8: Data for the derivatives market

	Nine-month period ended 30 September	Change (9M 2021	Change (%) (9M 2021
	2021 (unaudited)	2020 (unaudited)	vs	vs
	10.1	11.3	9M 2020)	9M 2020)
Financial market , trading revenue: derivat ives (PLN mn)			(1.3)	(11.0%)
Derivatives turnover volume (mn ins truments ), inc l.:	8 .6	8 .2	0 .4	4.5%
WIG2 0 futures turnover volume (mn futures )	4 .0	4 .5	(0 .5 )	(11.5%)

Revenue of the Group from other fees paid by market participants stood at PLN 4.6 million in 9M 2021 (-PLN 1.1 million i.e. -18.9% year on year). The fees mainly included fees for access to and use of the trading system (among others, licence fees, connection fees, and maintenance fees). The decrease of the revenue in 9M 2021 was driven mainly by the Technology Development Support Programme, which was introduced in March 2019 in support of technological development of brokers. The Programme grants discount on annual listing fees to Exchange Members who meet criteria set in the Programme regulations. The total discount limit under the Programme is PLN 6 million (available within the term of the Programme, by the end of 2021). Discounts granted under the Programme recognised under IFRS 15 reduced the GPW Group's revenue by PLN 1,588.2 thousand in 9M 2021 (similar to 9M 2020).

Revenue of the Group from trading in debt instruments stood at PLN 8.3 million in 9M 2021 (+PLN 0.7 million i.e. +9.5% year on year). The majority of the Group's revenue from debt instruments was generated by Treasury BondSpot Poland ("TBSP"). The year-on-year increase of the revenue on TBSP was driven by an increase of turnover in the cash segment (+100.0%) and the conditional transaction segment (+269.4%). The value of turnover in Polish Treasury securities on TBSP was PLN 369.6 billion (+PLN 256.9 million i.e. +227.9% year on year). The increase of the value of transactions was reported mainly in the conditional transaction segment. The value of conditional transactions stood at PLN 314.4 billion (+PLN 229.3 billion i.e. +269.4% year on year) and the value of cash transactions stood at PLN 55.2 billion (+PLN 27.6 billion i.e. +100.0% year on year).

The value of turnover on Catalyst stood at PLN 2.3 billion in 9M 2021 (+PLN 0.2 billion i.e. +8.6% year on year), including turnover in non-Treasury instruments at PLN 1.3 billion (-PLN 0.1 billion i.e. -4.5% year on year).

Table 9: Data for the debt instruments market

	Nine-month period ended	Change	Change (%)
	30 September		(9M 2021	(9M 2021
	2021	2020	vs	vs
	(unaudited)	(unaudited)	9M 2020)	9M 2020)
Financial market , trading revenue: debt instruments (PLN mn)	8.3	7.6	0.7	9.5%
Catalyst , turnover value, incl.:	2 .3	2 .1	0 .2	8.6%
N on-T reas ury ins truments (P LN bn)	1 .3	1 .4	(0 .1 )	(4.5%)
Treasury BondSpot Poland, turnover value:
C onditional trans ac tions (P LN bn)	3 1 4 .4	8 5 .1	2 2 9 .3	269.4%
C as h trans ac tions (P LN bn)	5 5 .2	2 7 .6	2 7 .6	100.0%

The Group's revenue from trading in other cash market instruments stood at PLN 0.9 million, representing an increase of 1.0% year on year. The revenue includes fees for trading in structured products, investment certificates, ETF units, and warrants.

The Group's listing revenue on the financial market stood at PLN 17.2 million in 9M 2021 (+PLN 3.1 million i.e. +22.1% year on year) and included:

revenue from listing fees, which stood at PLN 12.9 million (+PLN 0.2 million i.e. 1.5%). The main driver of revenue from listing fees is the number of issuers listed on the GPW markets and their capitalisation at previous year's end;
revenues from fees for introduction and other fees, which increased to PLN 4.3 million (+PLN 2.9 million i.e. +215.6% year on year). The increase was driven mainly by the IPOs of 11 companies with a capitalisation of PLN 36.7 billion on the GPW markets and the value of shares and bonds introduced into trading (there was one IPOs in 9M 2020).

Table 10: Listing revenue on the Main Market

	Nine-month period ended 30 September		Change (9M 2021	Change (%) (9M 2021
	2021 (unaudited)	2020 (unaudited)	vs 9M 2020)	vs 9M 2020)
Main Market
List ing revenue (PLN mn)	13.2	11.3	1.9	16.5%
T otal c apitalis ation of lis ted c ompanies (P LN bn), inc l.:	1 ,3 0 4 .0	8 0 4 .6	4 9 9 .4	62.1%
Capitalis ation of lis ted domes tic companies	682.9	467.9	215.0	45.9%
Capitalis ation of lis ted foreign companies	621.2	336.7	284.5	84.5%
T otal number of lis ted c ompanies , inc l.:	4 2 6	4 3 6	(1 0 )	(2.3%)
Number of lis ted domes tic companies	379	388	(9)	(2.3%)
Number of lis ted foreign companies	47	48	(1)	(2.1%)
V alue of I P O s and SP O s (P LN bn)	4 .0	2 .7	1 .3	47.8%
N umber of newly lis ted c ompanies (in the period)	1 1	2	9	450.0%
C apitalis ation of newly lis ted c ompanies (P LN bn)	3 6 .7	0 .3	3 6 .4	12,143.7%
N umber of delis ted c ompanies	1 8	1 5	3	20.0%
C apitalis ation of delis ted c ompanies * (P LN bn)	5 6 .4	6 .7	4 9 .7	741.1%
*capitalisation as at delisting

Listing revenue on the GPW Main Market increased to PLN 13.2 million in 9M 2021 (+PLN 1.9 million i.e. +16.5% year on year). The table below presents the key financial and operating figures for the Main Market.

The value of IPOs on the Main Market was PLN 3.0 billion in 9M 2021 (+PLN 2.9 billion year on year) while the value of SPOs decreased from PLN 2.7 billion in 9M 2020 to PLN 1.0 billion in 9M 2021. 11 companies were newly listed on the Main Market and 18 companies were delisted. The capitalisation of the companies delisted on the Main Market was PLN 56.4 billion.

Table 11: Listing revenue on NewConnect

	Nine-month period ended 30 September		Change (9M 2021	Change (%) (9M 2021
	2021 (unaudited)	2020 (unaudited)	vs 9M 2020)	vs 9M 2020)
NewConnect
List ing revenue (PLN mn)	1.5	1.3	0.2	16.1%
T otal c apitalis ation of lis ted c ompanies (P LN bn), inc l.:	2 0 .9	2 0 .6	0 .3	1.4%
Capitalis ation of lis ted domes tic companies	20.7	19.6	1.1	5.4%
Capitalis ation of lis ted foreign companies	0.2	1.0	(0.8)	(76.6%)
T otal number of lis ted c ompanies , inc l.:	3 7 1	3 7 6	(5 )	(1.3%)
Number of lis ted domes tic companies	367	371	(4)	(1.1%)
Number of lis ted foreign companies	4	5	(1)	(20.0%)
V alue of I P O s and SP O s (P LN bn)	0 .4	0 .2	0 .2	100.3%
N umber of newly lis ted c ompanies (in the period)	2 2	1 1	1 1	100.0%
C apitalis ation of newly lis ted c ompanies (P LN bn)	1 .1	0 .3	0 .8	276.6%
N umber of delis ted c ompanies *	2 4	1 0	1 4	140.0%
C apitalis ation of delis ted c ompanies * * (P LN bn)	1 .7	0 .3	1 .4	482.0%

*including trans fers to the Main Market **capitalis ation as at delis ting

Listing revenue on NewConnect increased modestly to PLN 1.5 million in 9M 2021 (+PLN 0.2 million i.e. +16.1% year on year).

The value of IPOs on NewConnect was PLN 107 million in 9M 2021 (+PLN 69.0 million year on year) while the value of SPOs increased from PLN 116 million in 9M 2020 to PLN 293 million in 9M 2021.

In 9M 2021. 22 companies were newly listed and 24 companies were delisted. The capitalisation of the companies delisted on NewConnect was PLN 1.7 billion.

Table 12: Listing revenue on Catalyst

	Nine-month period ended 30 September		Change (9M 2021	Change (%) (9M 2021 vs 9M 2020)
	2021 (unaudited)	2020 (unaudited)	vs 9M 2020)
Catalyst
List ing revenue (PLN mn)	2.5	1.5	1.0	70.5%
N umber of is s uers	1 3 2	1 3 2	-	-
N umber of lis ted ins truments , inc l.:	5 4 7	5 2 4	2 3	4.4%
non-Treas ury ins truments	484	466	18	3.9%
V alue of lis ted ins truments (P LN bn), inc l.:	1 ,1 3 2 .3	1 ,0 4 7 .1	8 5 .2	8.1%
non-Treas ury ins truments	96.6	95.2	1.4	1.5%

Listing revenue on Catalyst stood at PLN 2.5 million in 9M 2021 (+PLN 1.0 million i.e. +70.5% year on year) while the number of issuers was stable year on year and the value of issued instruments increased (+PLN 85.2 billion i.e. +8.1% year on year).

Revenue from information services and calculation of reference rates on the financial market and the commodity market in aggregate stood at PLN 41.4 million in 9M 2021 (+PLN 3.1 million i.e. +8.0% year on year).

Table 13: Data for information services

	Nine-month period ended 30 September		Change (9M 2021	Change (%) (9M 2021
	2021 (unaudited)	2020 (unaudited)	vs 9M 2020)	vs 9M 2020)
Informat ion services and revenue f rom the calculat ion of reference rates* (PLN mn)	41.4	38.3	3.1	8.0%
N umber of data vendors	8 9 .0	8 7 .0	2 .0	2.3%
N umber of s ubs c ribers (thou.)	4 3 7 .4	3 5 0 .9	8 6 .5	24.7%

*Revenue from information services includes the financial market and the commodity market.

The year-on-year increase of revenue was driven by the following factors:

acquisition of new clients of GPW Group data (mainly non-display users and data vendors);
strong increase in the number of subscribers (up by 22.6% year on year in 9M 2021).

GPWB made a contribution to the increase of the revenue from information services and calculation of reference rates. GPWB generated revenue from the calculation of reference rates at PLN 6.1 million in 9M 2021 (+PLN 0.8 million i.e. +13.1% year on year).

4.2.3. Sales revenue – commodity market

Revenue of the Group on the commodity market stood at PLN 109.9 million in 9M 2021 (+PLN 2.2 million i.e. +2.0% year on year) accounting for 36.6% of the Group's total sales revenue. It included trading revenue (electricity, gas, property rights in certificates of origin, food and agricultural products, other fees paid by market participants), revenue from the operation of the Register of Certificates of Origin, revenue from clearing, and revenue from information services.

Table 14: Value and structure of revenue on the commodity market

	Nine-month period ended 30 September				Change (9M 2021	Change (%) (9M 2021
PLN'000, %	2021 (unaudited)	%	2020 (unaudited)	%	vs 9M 2020)	vs 9M 2020)
Commodity market	109,941	100.0%	107,768	100.0%	2,173	2.0%
T rading revenue	5 4 ,4 8 8	49.6%	5 4 ,1 7 9	50.3%	3 0 9	0.6%
T rans ac tions in elec tric ity	1 3 ,7 1 1	12.5%	1 3 ,6 7 3	12.7%	3 8	0.3%
Spot	4,090	3.7%	2,585	2.4%	1 ,5 0 5	58.2%
Forward	9,621	8.8%	11,088	10.3%	(1 ,4 6 7 )	(13.2%)
T rans ac tions in gas	1 1 ,3 6 1	10.3%	9 ,2 2 0	8.6%	2 ,1 4 1	23.2%
Spot	2,122	1.9%	1,606	1.5%	5 1 6	32.1%
Forward	9,239	8.4%	7,614	7.1%	1 ,6 2 5	21.3%
T rans ac tions in property rights to c ertific ates of origin	1 8 ,2 8 4	16.6%	2 1 ,1 0 5	19.6%	(2 ,8 2 1 )	(13.4%)
T rade in food and agric ultural produc ts	2 2	0.0%	-	-	2 2	100.0%
O ther fees paid by market partic ipants	1 1 ,1 1 0	10.1%	1 0 ,1 8 1	9.4%	9 2 9	9.1%
O peration of the regis ter of c ertific ates
of origin	1 8 ,2 0 3	16.6%	1 8 ,8 1 1	17.5%	(6 0 8 )	(3.2%)
C learing	3 6 ,5 0 7	33.2%	3 4 ,0 7 7	31.6%	2 ,4 3 0	7.1%
I nformation s ervic es	7 4 3	0.7%	7 0 1	0.7%	4 2	6.0%

Revenue on the commodity market includes the revenue of the TGE Group which includes TGE, Izba Rozliczeniowa Giełd Towarowych S.A. ("IRGiT"), and InfoEngine S.A. ("InfoEngine").

Revenue of the TGE Group is driven mainly by the volume of turnover in electricity, natural gas, and property rights; the volume of certificates of origin issued and cancelled by members of the Register of Certificates of Origin; and revenue from clearing and settlement of transactions in exchange-traded commodities in clearing operated by IRGiT.

The Group's trading revenue on the commodity market stood at PLN 54.5 million in 9M 2021 (+PLN 0.3 million i.e. +0.6% year on year).

Table 15: Trading revenue on the commodity market

`	Nine-month period ended 30 September		Change	Change (%)
	2021 (unaudited)	2020 (unaudited)	(9M 2021 vs 9M 2020)	(9M 2021 vs 9M 2020)
Commodity market , trading revenue (PLN mn)	54.5	54.2	0.3	0.6%
E lec tric ity turnover volume:
Spot trans actions (TWh)	27.7	25.4	2.3	9.2%
Forward trans actions (TWh)	135.6	157.0	(21.4)	(13.6%)
Gas turnover volume:
Spot trans actions (TWh)	20.6	15.7	4.9	30.9%
Forward trans actions (TWh)	117.0	95.2	21.8	22.9%
T urnover volume in property rights (T GE ) (TWh)	1 9 .0	2 0 .8	(1 .8 )	(8.7%)

The Group's revenue from trading in electricity stood at PLN 13.7 million in 9M 2021 and was stable year on year. The total volume of turnover on the energy market operated by TGE was 163.3 TWh in 9M 2021 (-19.1 TWh i.e. -10.5% year on year). The decrease of electricity turnover in 9M 2021 was mainly driven by a decrease of the turnover volume on the forward market by 13.6% year on year to 135.6 TWh, which could be due to a change of the trade strategies of market participants and the announced lifting of the obligation to sell electricity on an exchange in 2021. It is important to note that the decrease in volumes did not entail

a decrease in revenue which increased by 0.3% year on year in 9M 2021 due to changes to the price list on the spot market made in late 2020.

The Group's revenue from trading in gas stood at PLN 11.4 million in 9M 2021 (+PLN 2.1 million i.e. +23.2% year on year). The turnover volume in natural gas on TGE was 137.6 TWh in 9M 2021 (+26.7 TWh i.e. +24.0%). The year-on-year increase of gas turnover was driven by an increase reported both on the spot and the forward market. The spot turnover increased by 30.9% year on year due to much lower temperatures in the early months of 2021 compared to 2020. Contracting in the early months of 2021 focused mainly on the current heating season. More recently, however, volumes contracted for the next two years and the next two winter seasons increased substantially. As a result, monthly turnover was the highest since 2014.

The Group's revenue from trading in property rights in certificates of origin stood at PLN 18.3 million in 9M 2021 (-PLN 2.8 million i.e. -13.4% year on year). The volume of turnover in property rights was 19.0 TWh in 9M 2021 (-1.8 TWh i.e. -8.7% year on year). The decrease in the volume of certificates of origin rights was driven by a lower number of certificates of origin issued, record-high prices of white certificates, and the termination as of 30 June 2021 of trade in certificates issued by the Energy Regulatory Office (URE) at auction.

Revenue of the Group from other fees paid by commodity market participants stood at PLN 11.1 million in 9M 2021 (+PLN 0.9 million i.e. +9.1% year on year). Other fees paid by commodity market participants included fees paid by TGE market participants at PLN 7.4 million, revenue of InfoEngine as a trade operator at PLN 1.6 million, and revenue of IRGiT at PLN 2.2 million in 9M 2021.

Revenue from the operation of the Register of Certificates of Origin stood at PLN 18.2 million in 9M 2021 (-PLN 0.6 million i.e. -3.2% year on year). The decrease of the revenue from the operation of the Register was driven by a decrease in the number of certificates of renewable energy sources issued in 9M 2021 combined with an increase of trade in guarantees of origin. Turnover in guarantees of origin increased by 55.3% year on year in 9M 2021 (21.4 TWh vs. 13.8 TWh). Turnover in guarantees of origin reached 4.8 TWh in March 2021, which was the highest monthly volume in the history of trade in guarantees of origin on TGE.

	Nine-month period ended 30 September		Change (9M 2021	Change (%) (9M 2021 vs 9M 2020)
	2021 (unaudited)	2020 (unaudited)	vs 9M 2020)
Commodity market , revenue f rom the operat ion of the Register of Cert if icates of Origin in electricity (PLN mn)	18.2	18.8	(0.6)	(3.2%)
I s s ued property rights (TWh)	1 5 .7	1 8 .3	(2 .6 )	(14.3%)
C anc elled property rights (TWh)	1 9 .1	1 7 .3	1 .8	10.5%

Table 16: Data for the Register of Certificates of Origin

The Group earns revenue from clearing operated by IRGiT. The revenue was PLN 36.5 million in 9M 2021 (+PLN 2.4 million i.e. +7.1% year on year). The revenue from clearing of transactions in electricity stood at PLN 10.3 million, the revenue from clearing of transactions in gas stood at PLN 18.9 million and the revenue from clearing of transactions in property rights stood at PLN 7.3 million.

4.2.4. Other sales revenue

The Group's other revenue stood at PLN 1.8 million in 9M 2021 compared to PLN 1.7 million in 9M 2020 (+PLN 0.1 million i.e. +2.9% year on year). The increase was driven by the revenue from the Model Quote System generated since May 2020. The Group's other revenue includes revenue from educational and PR activities, office space lease, and sponsorship.

4.2.5. Operating expenses

Operating expenses stood at PLN 166.2 million in 9M 2021 (+PLN 15.9 million i.e. +10.6% year on year). Salaries, other employee costs, and external service charges increased substantially.

Figure 2: Structure and value of consolidated operating expenses

Table 17: Operating expenses

	Nine-month period ended 30 September				Change	Change (%)
PLN'000, %	2021 (unaudited)	%	2020 (unaudited)	%	(9M 2021 vs 9M 2020)	(9M 2021 vs 9M 2020)
Deprec iation and amortis ation	2 6 ,0 6 9	15.7%	2 7 ,4 6 2	18.3%	(1 ,3 9 3 )	(5.1%)
Salaries	5 9 ,6 2 2	35.9%	5 1 ,8 6 7	34.5%	7 ,7 5 5	15.0%
O ther employee c os ts	1 7 ,7 4 9	10.7%	1 5 ,2 6 0	10.2%	2 ,4 8 9	16.3%
M aintenanc e fees	3 ,5 4 2	2.1%	3 ,2 8 3	2.2%	2 5 9	7.9%
Fees and c harges , inc l.	1 6 ,0 4 8	9.7%	1 4 ,7 3 4	9.8%	1 ,3 1 4	8.9%
PFSA fee	14,489	8.7%	13,789	9.2%	700	5.1%
E xternal s ervic e c harges	3 9 ,7 1 1	23.9%	3 4 ,5 0 1	23.0%	5 ,2 1 0	15.1%
O ther operating expens es	3 ,4 6 2	2.1%	3 ,1 9 9	2.1%	2 6 3	8.2%
Total	166,203	100.0%	150,305	100.0%	15,898	10.6%

The capital market supervision fee due to the Polish Financial Supervision Authority in the amount of PLN 14.5 million was the only expense line relating to a single vendor and represented 8.7% of the Group's operating expenses in 9M 2021.

Depreciation and amortisation charges decreased modestly year on year in 9M 2021 and stood at PLN 26.1 million (-PLN 1.4 million i.e. -5.1% year on year), including depreciation charges for property, plant and equipment at PLN 8.9 million, amortisation charges for intangible assets at PLN 13.1 million, and depreciation charges related to leases at PLN 4.1 million.

Salaries and other employee costs of the Group stood at PLN 77.4 million in 9M 2021 (+PLN 10.2 million i.e. +15.3% year on year), driven among others by an increase of GPW's costs by PLN 8.3 million, TGE's costs by PLN 1.1 million, IRGiT's costs by PLN 0.8 million, and GPW Benchmark's costs by PLN 0.3 million.

The increase in GPW's salaries was driven by gradual increase of the headcount required in view of a heavier workload in the implementation of initiatives under the Group's Strategy (+10 FTEs year on year in 9M 2021) as well as higher provisions against annual awards and bonuses.

In view of active development projects in GPW, a part of salaries are capitalised and will be recognised in depreciation charges after the projects are rolled out.

Table 18: GPW Group headcount

	As at 30 September
	2021	2020
GP W	2 5 9	2 4 9
Subs idiaries	1 8 2	1 7 7
Total	441	426

Maintenance fees stood at PLN 3.5 million in 9M 2021, representing a modest increase year on year (+PLN 0.3 million i.e. +7.9% year on year). Maintenance fees included mainly maintenance fees at the Centrum Giełdowe building.

Fees and charges stood at PLN 16.0 million in 9M 2021 (+PLN 1.3 million i.e. +8.9% year on year), including provisions for PFSA capital market supervision fees in 2021 at PLN 14.5 million (+PLN 0.7 million i.e. +5.1% year on year). The PFSA fees increased the most for GPW in 9M 2021 (+PLN 0.7 million i.e. +8.9% year on year) and remained stable year on year for the other companies of the Group. The amount recognised in each financial year represents the annual fee, which is not evenly distributed in time. The Group cannot control the amount of PFSA fees.

External service charges stood at PLN 39.7 million in 9M 2021 (+PLN 5.2 million i.e. +15.1% year on year).

Table 19: External service charges

	Nine-month period ended 30 September	Change (9M 2021	Change (%) (9M 2021
PLN'000, %	2021 (unaudited)	%	2020 (unaudited)	%	vs 9M 2020)	vs 9M 2020)
I T c os ts :	2 2 ,2 5 7	56.0%	1 9 ,7 2 5	57.2%	2 ,5 3 2	12.8%
I T infras tructure maintenance	17,243	43.4%	15,309	44.4%	1,935	12.6%
TBSP market maintenance s ervices	1,177	3.0%	1,176	3.4%	1	0.1%
Data transmis s ion lines	2,981	7.5%	2,954	8.6%	27	0.9%
Software modification	856	2.2%	287	0.8%	569	198.3%
Building and offic e equipment maintenanc e:	2 ,8 9 0	7.3%	2 ,6 6 0	7.7%	2 3 0	8.6%
Repair, maintenance, s ervice	526	1.3%	475	1.4%	51	10.7%
Security	1,533	3.9%	1,394	4.0%	139	10.0%
Cleaning	598	1.5%	587	1.7%	11	1.9%
Phone and mobile phone s ervices	233	0.6%	204	0.6%	29	14.2%
I nternational (energy) market s ervic es	-	-	1 ,1 9 7	3.5%	(1 ,1 9 7 )	(100.0%)
C ar leas es and maintenanc e	2 8 5	0.7%	2 7 2	0.8%	1 3	4.8%
T rans port s ervic es	1 6 2	0.4%	1 0 8	0.3%	5 4	50.0%
P romotion, educ ation, market development	3 ,4 1 1	8.6%	1 ,9 5 4	5.7%	1 ,4 5 7	74.6%
M arket liquidity s upport	6 9 3	1.7%	8 9 7	2.6%	(2 0 4 )	(22.7%)
A dvis ory (inc luding audit, legal, bus ines s c ons ulting)	5 ,7 4 0	14.5%	3 ,2 3 6	9.4%	2 ,5 0 4	77.4%
I nformation s ervic es	2 ,6 3 9	6.6%	2 ,2 8 5	6.6%	3 5 4	15.5%
T raining	3 8 5	1.0%	7 6 6	2.2%	(3 8 1 )	(49.7%)
M ail fees	7 3	0.2%	6 8	0.2%	5	7.4%
Bank fees	1 0 8	0.3%	1 6 0	0.5%	(5 2 )	(32.5%)
T rans lation	3 5 5	0.9%	2 9 9	0.9%	5 6	18.7%
O ther	7 1 2	1.8%	8 7 3	2.5%	(1 6 1 )	(18.4%)
Total	39,711	100.0%	34,501	100.0%	5,210	15.1%

The year-on-year increase of external service charges in 9M 2021 was due to the following cost categories:

IT costs an increase of PLN 2.5 million (+12.8%) due to a higher cost of IT hardware maintenance services, warranty services, and software modifications;
advisory an increase of PLN 2.5 million (+77.4%) due to higher cost of GPW's advisory services in connection with active projects including PCOL as well as higher costs of tax advisory;
promotion, education, market development an increase of PLN 1.5 million (+74.6), due to many promotional activities and campaigns in 2021 which were absent in 2020 due to the strict lockdown.

Other operating expenses stood at PLN 3.5 million in 9M 2021 (+PLN 0.3 million i.e. +8.2% year on year). They included mainly the cost of electricity and heat, industry organisation membership fees, insurance, and business travel.

4.2.6. Other income, other expenses, loss on impairment of receivables

Other income of the Group stood at PLN 1.2 million in 9M 2021 (-PLN 0.8 million i.e. -40.4% year on year) and included mainly grants received, which are distributed over time, at PLN 0.5 million (see the Consolidated Financial Statements, Note 5.4.).

Other expenses stood at PLN 1.7 million in 9M 2021 (-PLN 4.0 million i.e. -70.8% year on year) and included mainly donations and the annual VAT correction. The year-on-year decrease of other expenses was due to an impairment of the investment in the subsidiary BondSpot at PLN 3.5 million recognised in 2020.

As at the balance-sheet date, the Group's gains on reversal of impairment of receivables stood at PLN 0.5 million, compared to a loss of PLN 0.9 million in 9M 2020. The gains reported in 2021 were generated by the following companies: GPW (gains of PLN 0.2 million) and TGE (gains of PLN 0.3 million).

4.2.7. Financial income and expenses

Financial income of the Group stood at PLN 0.4 million in 9M 2021 (-PLN 5.5 million i.e. -93.6% year on year) and included mainly interest on bank deposits and financial instruments (corporate bonds, bank deposits, loans granted). Interest income decreased following the National Bank of Poland's decision to cut the market interest rates and due to a lower financial income on FX differences.

Financial expenses of the Group stood at PLN 9.0 million in 9M 2021 (-PLN 9.9 million i.e. -52.3% year on year). A key line of financial expenses is interest cost of series C, D and E bonds at PLN 4.4 million (-PLN 1.4 million i.e. -24.2% year on year). The decrease of the Group's financial expenses in 9M 2021 year on year was mainly due to provisions set up against potential VAT interest payable in IRGiT at PLN 1.6 million (PLN 11.7 million in 9M 2020). Financial expenses were strongly impacted by a surplus of negative over positive FX differences (PLN 1.7 million).

4.2.8. Share of profit of entities measured by the equity method

The Group's share of profit of entities measured by the equity method stood at PLN 19.2 million in 9M 2021 (+PLN 8.2 million i.e. +75.1% year on year). The higher share of profit of entities measured by equity method in 2021 was mainly driven by higher profits of the KDPW Group year on year.

	Nine-month period ended 30 September		Change (9M 2021	Change (%) (9M 2021
PLN'000	2021 (unaudited)	2020 (unaudited)	vs 9M 2020)	vs 9M 2020)
KDP W S.A . Group	1 8 ,9 2 6	1 0 ,5 4 7	8 ,3 7 9	79.4%
C entrum Giełdowe S.A .	2 2 8	3 9 4	(1 6 6 )	(42.2%)
Total	19,154	10,941	8,213	75.1%

Table 20: GPW's share of profit of entities measured by the equity method

4.2.9. Income tax

Income tax of the Group was PLN 24.5 million in 9M 2021, representing a decrease of PLN 1.5 million year on year. The effective income tax rate was 17.0% in 9M 2021 (19.9% in 9M 2020), as compared to the standard Polish corporate income tax rate of 19%. The difference was chiefly due to the exclusion of the share of profit of entities measured by the equity method from taxable income. Income tax paid by the Group was PLN 28.9 million (-PLN 5.6 million i.e. -24.2% year on year).

4.3. Consolidated statement of financial position

The structure of the Group's statement of financial position is very stable: equity had a predominant share in the Group's sources of financing and current assets had a predominant share in total assets as at 30 September 2021 and as at 30 September 2020. The company's net working capital, equal to the surplus of current assets over current liabilities or the surplus of non-current capital over non-current assets, was positive at PLN 503.3 million as at 30 September 2021 (-PLN 111.6 million i.e. -22.2% year to date and -PLN 72.2 million i.e. -12.6% year on year), which reflects the Group's safe capital position.

The balance-sheet total of the Group was PLN 1.3 billion as at 30 September 2021, representing an increase of PLN 20.8 million (+1.6%) year on year driven mainly by an increase of equity (+PLN 54.1 million i.e. +6.2%). The balance-sheet total of the Group decreased by PLN 31.6 million i.e. -2.3% year to date, mainly due to a decrease of financial assets measured at amortised cost (-PLN 49.1 million i.e. -16.1%).

Non-current assets stood at PLN 597.6 million as at 30 September 2021 (+PLN 5.5 million i.e. +0.9% year to date and +PLN 17.9 million i.e. +3.1% year on year) representing 44.8% of total assets as at 30 September 2021 compared to 44.4% as at 31 December 2020 and 43.5% as at 30 September 2020.

Current assets stood at PLN 736.3 million as at 30 September 2021 (-PLN 37.0 million i.e. -4.8% year to date and +PLN 2.9 million i.e. +0.4% year on year) representing 55.2% of total assets as at 30 September 2021 compared to 55.9% as at 31 December 2020 and 56.6% as at 30 September 2020. Trade receivables and other receivables reported the highest year-on-year increase as at 30 September 2021 (+PLN 106.0 million i.e. +241.2% year on year) due to a VAT refund receivable of PLN 97.7 million recorded by TGE. The increase of the VAT refund receivable was caused by a reversal of the direction of trade on the international energy market, where exports were greater than imports.

Equity stood at PLN 932.3 million as at 30 September 2021 (+PLN 14.1 million i.e. +1.5% year to date and +PLN 54.1 million i.e. +6.2% year on year) representing 69.9% of the Group's total equity and liabilities as at 30 September 2021 compared to 66.9% as at 31 December 2020 and 67.2% as at 30 September 2020. Non-controlling interests remained stable at PLN 0.6 million as at 30 September 2021.

Non-current liabilities stood at PLN 168.6 million as at 30 September 2021 (-PLN 120.3 million i.e. -41.6% year to date and -PLN 108.4 million i.e. -39.1% year on year) representing 12.6% of total equity and liabilities as at 30 September 2021 compared to 21.2% as at 31 December 2020 and 21.1% as at 30 September 2020.

The biggest lines of non-current liabilities include liabilities in respect of the bond issue as well as deferred income.

Liabilities in respect of the bond issue are GPW's liabilities under outstanding series C bonds maturing on 6 October 2022 and series D and E bonds maturing on 31 January 2022. For more information, see the Consolidated Financial Statements, Note 2.6.

Non-current deferred income included grants received in the PCR project (PLN 3.9 million), the Agricultural Market project (PLN 0.6 million), the New Trading Platform project (PLN 12.9 million), the GPW Data project (PLN 2.1 million), and the Private Market project (PLN 0.5 million). For details of grants, see the Consolidated Financial Statements, Note 2.8.

Current liabilities stood at PLN 233.0 million as at 30 September 2021 (+PLN 74.6 million i.e. +47.1% year to date and +PLN 75.2 million i.e. +47.6% year on year) representing 17.5% of total equity and liabilities as at 30 September 2021 compared to 11.6% as at 31 December 2020 and 12.0% as at 30 September 2020. The increase of current liabilities was driven mainly by an increase of liabilities in respect of the bond issue (moved from non-current liabilities).

4.4. Consolidated statement of cash flows

Table 21: Consolidated statement of cash flows

	Nine-month period ended 30 September
PLN'000	2021 (unaudited)	2020 (unaudited)
C as h flows from operating ac tivities	(6 ,1 4 5 )	1 8 7 ,5 4 4
C as h flows from inves ting ac tivities	3 2 ,6 4 1	5 0 ,4 4 4
C as h flows from financ ing ac tivities	(1 1 1 ,2 3 3 )	(1 0 2 ,2 1 0 )
Increase (decrease) of net cash	(84,737)	135,778
Impact of FX changes on balance of FX cas h	(132)	274
Cash and cash equivalents - opening balance	411,018	275,139
Cash and cash equivalents - closing balance	326,149	411,191

The Group generated negative cash flows from operating activities at -PLN 6.4 million (-PLN 194.0 million i.e. -103.4% year on year) driven among others by a decrease of trade receivables and current liabilities and a higher income tax paid.

Cash flows from investing activities were positive at PLN 32.6 million vs. positive cash flows at PLN 50.4 million in 9M 2020. The decrease of the cash flows was mainly due to lower cash flows relating to investments in assets measured at amortised cost (-PLN 45.1 million i.e. -5.9% year on year).

Cash flows from financing activities were negative at PLN 111.2 million vs. negative cash flows at PLN 102.2 thousand in 9M 2020, and included mainly the payment of dividend. Higher rants received in 2020 reduced the negative cash flows.

The Group's capital expenditure stood at PLN 28.0 million in 9M 2021, including expenditure for property, plant and equipment at PLN 7.3 million (PLN 7.0 million in 9M 2020) and expenditure for intangible assets at PLN 20.7 million (PLN 14.9 million in 9M 2020).

Capital expenditure for property, plant and equipment and intangible assets in 9M 2021 included the implementation of key projects: New Trading Platform, GPW Data, GRC System, New Index Calculator, New Billing System, as well as investments in Centrum Giełdowe and purchase of IT hardware.

Capital expenditure of GPW in 9M 2020 included mainly investments in the GRC System, GPW Data, and New Trading Platform projects, a new index calculator, a central data bus, as well as on-going hardware maintenance. Capital expenditure of TGE included investments in system maintenance and the projects: Agricultural Market, XBiD intra-day market, OTF, and Data Commercialisation.

5. Seasonality and cyclicity of operations

5.1. Trading on the financial market

Share prices and turnover value are significantly influenced by local, regional, and global trends impacting the capital markets, which determines the number and size of new issues of financial instruments and the activity of investors on GPW. As a result, the revenue of the Group is cyclical.

5.2. Trading on the commodity market

Trading in certificates of origin on TGE is subject to seasonality. The volume of turnover on the property rights market operated by TGE and the activity of participants of the Register of Certificates of Origin are largely determined by the obligation imposed on energy companies which sell electricity to final consumers and have to cancel a certain quantity of certificates of origin in relation to the volume of electricity sold in the year. The percentage of certificates of origin which must be cancelled is fixed for every year in laws and regulations of the Minister of Climate.

According to the Energy Law, the obligation has to be performed until 30 June. As a result, turnover in the first half of the year is relatively higher than in the second half of the year.

Trade in electricity on the Commodity Forward Instruments Market operated by TGE is not spread equally throughout the year. It is seasonal in that it depends on hedging strategies of large market players and it is typically lower in H1. However, seasonality may be distorted because the strategies of market players also depend on the financial standing of companies, regulatory changes, and current energy and gas prices.

6. Atypical factors and events impacting the GPW Group's results in 9M 2021

Atypical factors and events impacting the GPW Group's results in 9M 2021 included:

revaluation of provisions concerning VAT in IRGiT see Note 5.9. to the Consolidated Financial Statements of the GPW Group for Q3 2021;
the COVID-19 pandemic see Note 5.7. to the Consolidated Financial Statements of the GPW Group for Q3 2021;
announcement in Q2 2021 of the Phantom Share Programme for employees. The cost of the programme recognised in 9M 2021 is PLN 0.7 million – see Note 3.2. to the Consolidated Financial Statements of the GPW Group for Q3 2021.

7. Atypical factors and events impacting the GPW Group's results at least in the next quarter

7.1. External factors

The key factor impacting the activity and results of the GPW Group in the coming quarters is the COVID-19 pandemic. The Exchange Management Board and the Management Boards of the subsidiaries monitor the epidemiological situation in Poland and globally on an on-going basis and analyse its impact on the position of the Group companies. In the opinion of the Exchange Management Board, as an operator of Poland's capital market infrastructure, GPW is exposed to moderate operational and financial risk generated by the outbreak of the SARS-CoV-2 pandemic. The same assessment holds for all companies of the GPW Group.

The outbreak of the pandemic may potentially impact:

business continuity of GPW in the event of an increase in COVID-19 cases among GPW employees;
GPW Group employees: potential lower productivity, chronic fatigue syndrome, vulnerability to other diseases, and the psychological impact of long isolation of employees which is difficult to estimate;
investor activity: turbulences on the global capital markets combined with high volatility bolster investor activity on the exchange, which is a key driver of the Group's revenue;
concerns that the efficacy of Covid-19 vaccines may be below expectations and a new wave of the contagion may occur in Q4; a potential second wave of COVID-19 may have an adverse impact on stock prices and a positive impact on turnover;
significant increase of COVID-19 cases in Poland reviving risks and uncertainty about economic conditions, the impact of restrictions on business activity and the situation of households, generating a significantly higher risk of another economic lockdown.

Following the decision of the Exchange Management Board to reduce fees charged from issuers affected by the COVID-19 pandemic, 150 companies listed on both markets were granted discounts on annual fees in an aggregate amount of more than PLN 1 million (PLN 1,062,883), which will imply a lower revenue of GPW in 2021.

The measures taken to prevent and mitigate the impact of the SARS-COV-2 pandemic are presented in Note 1.9 to the Consolidated Financial Statements of the GPW Group for the year ended 31 December 2020.

Other factors and activities which may also impact the GPW Group's results in the coming quarters include:

growing numbers of new cases during the fourth wave of the COVID-19 pandemic and rising inflation may impact the economy with an adverse impact on stock prices and a positive impact on turnover;

October PMI readings in the eurozone and in Poland confirmed the strengths of the manufacturing industry despite problems affecting the global supply chains, which may have a positive impact on stock prices and on turnover,
fast spread of the Delta variant could result in new lockdowns in the economies or their selected sectors (adversely affecting stock valuations and boosting turnover);
investment funds' assets at PLN 314.2 billion (+PLN 1.9 billion in September driven by cash inflows and growing asset valuations);
pension fund assets increased to PLN 186.8 billion at 30 September 2021;
growing net asset value of Employee Capital Plans, exceeding PLN 6.58 billion as at 30 September 2021, which may drive demand for instruments listed on the GPW markets and further boost the valuation of assets listed on GPW;
potential lifting of the obligation to sell electricity and gas on exchanges;
rising inflation,
expected potential interest rate hikes.

7.2. Internal factors

Internal factors and activities which may impact the GPW Group's results in the coming quarters include:

capital market supervision fee charged to the GPW Group (see section 2.7.2. of the Management Board Report on the Activity of the GPW Group in 2020);
development of a proprietary Trading Platform (see Note 6.3. to the Consolidated Financial Statements for 2020 and section 2.3.1. of the Management Board Report on the Activity of the GPW Group in 2020);
implementation of the GPW Data project (see Note 6.3. to the Consolidated Financial Statements for 2020 and section 2.3.1. of the Management Board Report on the Activity of the GPW Group in 2020);
implementation of the Private Market project (see Note 6.3. to the Consolidated Financial Statements for 2020 and section 2.3.1. of the Management Board Report on the Activity of the GPW Group in 2020);
implementation of the cross-border energy market projects: Single Day Ahead Coupling SDAC and Single Intraday Coupling – SIDC by TGE (see section 2.6.5. of the Management Board Report on the Activity of the GPW Group in 2020);
implementation of co-operation with the Lithuanian gas exchange GET Baltic by IRGiT (see section 2.6.6. of the Management Board Report on the Activity of the GPW Group in 2020);
provisions for potential VAT interest payable in IRGiT (see Note 5.9. to the Consolidated Financial Statements for Q3 2021);
planned acquisition of the Armenia Stock Exchange;
co-operation between GPW Ventures and KOWR;
start of the Polish Digital Logistic Operator (PCOL) project see Note 5.11 to the Consolidated Financial Statements for Q3 2021;
announcement in Q2 2021 of a Phantom Share Programme for employees, described in section 6 of this report.

8. Other information

Contingent liabilities and assets

For details of contingent assets and liabilities, see the Consolidated Financial Statements, Note 5.8.

Pending litigation

According to the Company's best knowledge, there is no litigation pending against the parent entity or other companies of the Group before a court, an arbitration body or a public administration body concerning liabilities or debt with a value of at least 10% of the Group's equity.

Loans and advances

The Group neither granted nor terminated loans or advances.

The Group granted loans to its related party, PAR – see Note 5.1.2 to the Consolidated Financial Statements.

Investment in and relations with other entities

GPW has organisational and equity relations with members of the Group, associates, and joint ventures. For a description of the Group and the associates, see section 3.1. of this Report.

GPW neither invested nor divested in any entities other than its related parties in 9M 2021.

As at 30 September 2021, GPW Group held interest in the following entities:

Bucharest Stock Exchange (BVB) 0.06%,
INNEX PJSC 10%;
IDM 1.54% (acquired in a debt-to-equity conversion).

The carrying amount of GPW's interest in the Bucharest Stock Exchange stood at PLN 122 thousand as at 30 September 2021 (PLN 121 thousand as at 30 September 2020) and its interest in Innex and IDM at PLN 0.

An agreement was signed on 10 December 2020 concerning the acquisition of shares in the increased share capital of TransactionLink Sp. z o.o. No resolution approving a share capital increase was adopted as at the date of signing of this report. Following such resolution, the Group will hold 2.88% of TransactionLink.

In addition to interest in those companies, Group members, associates, and joint ventures, GPW's main local investments as at 30 September 2021 included bank deposits and corporate bonds.

For details of transactions of the Group with related parties, see the Consolidated Financial Statements, Note 5.1.

Investment in related parties

In June 2021, GPW bought 24,510 shares of BondSpot. As a result, GPW's interest in BondSpot increased from 96.98% to 97.23%. GPW acquired interest in GPW Tech and GPW Benchmark in H1 2021. Details of the share capital increase of GPW Tech and GPW Benchmark are presented in Note 1.4 to the Consolidated Financial Statements for Q3 2021.

Guarantees and sureties grants

For a description of guarantees received by the Group, see the Consolidated Financial Statements for Q3 2021, Note 5.8.2. The Group granted no guarantees or sureties to third parties in 9M 2021.

Related party transactions

GPW and members of the GPW Group did not enter into any transaction with related parties on terms other than at arm's length in the nine months of 2021.

On 8 September 2021, GPW and TGE signed a revolving loan agreement up to PLN 40.0 million which will be used to pay TGE's current liabilities arising from transactions in the international energy market. On 3 November 2021, GOW and TE signed a revolving loan agreement up to PLN 240.0 million which will be

used to pay TGE's current liabilities arising from transactions in the international energy market. The new agreement replaced the agreement of 8 September 2021. The loan will be granted in PLN at a floating interest rate equal to the reference rate WIBOR O/N plus a margin. The loan will be repaid on or before 30 June 2022 subject to an extension annex.

Feasibility of previously published forecasts

The Group did not publish any forecasts of results for the nine-month period ended 30 September 2021.

Dividend

For details of the dividend, see the Consolidated Financial Statements, Note 5.3.

Corrections

In the preparation of the condensed consolidated interim financial statements for the nine-month period ended 30 September 2021, corrections were made to the accounting recognition of comparative data including:

revenue from fees for introduction of shares to trading;
right of perpetual usufruct of land at 4, Książęca St., Warsaw;
IRGiT clearing collateral;
revenue and expense relating to TGE's participation in the single European energy market in terms of their economic substance;
first consolidation of GPW Tech and GPW Ventures.

The corrections are described and presented in detail in the Consolidated Financial Statements, Note 5.10.

Events after the balance-sheet date which could significantly impact the future financial results of the issuer

For a description of events after the balance-sheet date, see the Consolidated Financial Statements, Note 5.11.

9. Quarterly financial information of Giełda Papierów Wartościowych w Warszawie S.A. for 9M 2021

The quarterly financial information of Giełda Papierów Wartościowych w Warszawie S.A. was prepared according to the same accounting principles that were followed in the preparation of the Consolidated Financial Statements for the year ended 31 December 2020 with the exception of modifications described in Note 5.10 to the Consolidated Financial Statements for Q3 2021 and modifications resulting from the application of new standards described in section 1.5 of the Consolidated Financial Statements for Q3 2021.

There were no significant changes of estimates in the nine-month period ended 30 September 2021. The Company issued no loan guarantees. A loan granted by the Company to PAR is described in Note 5.1.2 of the Consolidated Financial Statements for Q3 2021 and a loan granted to TGE is described in section 8 of this report.

Table 22: Separate statement of comprehensive income (PLN'000)

	Nine-month period ended 30 September		Three-month period ended 30 September
	2021 (unaudited)	2020 (unaudited)	2021 (unaudited)	2020 (unaudited)
Sales revenue	187 666	177 525	54 177	58 126
O perating expens es	(1 1 0 9 4 9 )	(9 7 2 8 1 )	(3 3 4 8 4 )	(3 2 8 0 5 )
Gains on revers ed impairment of rec eivables /(Los s es ) on impairment of rec eivables	2 2 4	(2 5 0 )	(7 5 1 )	(1 0 2 )
Los s on impairment of rec eivables	3 5 2	2 1 0 0	1 4 7	5 4 2
O ther expens es	(1 9 2 0 )	(2 3 8 2 )	(1 3 4 5 )	(3 2 6 )
Operat ing prof it	75 373	79 712	18 744	25 435
Financ ial inc ome	1 0 2 2 1 4	8 5 1 7 7	1 5 6	4 2 6
Financ ial c os ts	(5 4 3 5 )	(7 1 2 2 )	(1 3 6 7 )	(2 3 7 4 )
Prof it before tax	172 152	157 768	17 533	23 488
I nc ome tax	(1 3 4 3 4 )	(1 4 7 6 4 )	(3 3 7 5 )	(4 7 0 9 )
Net prof it for the period	158 718	143 004	14 158	18 779
Total comprehensive income	158 724	143 004	14 159	18 782
Basic/diluted earnings per share (PLN)	3,78	3,41	0,34	0,45

Table 23: Separate statement of financial position (PLN'000)

	As at
A SSETS	30 September 2021 (unaudited)	31 December 2020	30 September 2020 (unaudited)
Non-current assets	437 753	434 418	425 773
Property, plant and equipment	77 939	83 526	89 709
Right-to-use assets	5 631	7 491	12 175
Intangible assets	66 292	59 198	50 177
Investment property	8 350	8 564
Investment in associates and joint ventures	11 652	11 652	11 651
Investment in subsidiaries	260 633	256 585	255 885
Sublease receivable	2 367	4 096	4 684
Deferred tax asset	2 983	1 446
Financial assets measured at amortised cost			300
Assets measured at fair value through other comprehensive income	122	115	121
Prepayments	1 784	1 745	1 071
Current assets	498 302	439 521	421 141
Inventory	10	10	9
Trade receivables and other receivables	33 233	47 417	35 431
Sublease receivable	2 441	2 472	2 448
Contract assets	2 064	764	2 154
Financial assets measured at amortised cost	213 933	249 985	257 146
Assets measured at fair value through other comprehensive income			648
Other current assets			4 222
Cash and cash equivalents	246 621	138 873	119 083
TOTAL ASSETS	936 055	873 939	846 914

	As at
EQUITY AND LIABILITIES	30 September 2021 (unaudited)	31 December 2020	30 September 2020 (unaudited)
Equity	595 505	541 711	521 491
Share c apital	6 3 8 6 5	6 3 8 6 5	6 3 8 6 5
O ther res erves	(2 2 1 )	(2 2 7 )	(1 8 7 )
Retained earnings	5 3 1 8 6 1	4 7 8 0 7 3	4 5 7 8 1 3
Non-current liabilit ies	162 541	281 400	270 718
Liabilities under bond is s ue	1 2 5 0 0 0	2 4 4 7 3 9	2 4 4 6 4 2
Employee benefits payable	1 3 8 7	7 8 1	6 7 1
Leas e liabilities	5 4 6 3	9 1 4 7	1 2 0 7 9
C ontrac t liabilities	5 9 6 7	6 7 7 6	8 1 1
A c c ruals and deferred inc ome	1 5 5 0 0	7 4 9 5	5 3 2 8
Deferred tax liability	-	1 8 2 5	1 7 6
O ther liabilities	9 2 2 4	1 0 6 3 7	7 0 1 1
Current liabilit ies	178 009	50 827	54 706
Liabilities under bond is s ue	1 2 1 8 1 6	1 1 6 7	2 0 9 8
T rade payable	6 2 2 0	7 3 3 8	5 7 2 6
Employee benefits payable	1 4 6 7 5	1 4 7 2 5	1 0 3 8 8
Leas e liabilities	5 2 5 7	5 1 9 2	5 2 1 2
C orporate inc ome tax payable	6 4 9 5	6 4 7 4	5 7 5 9
C ontrac t liabilities	1 5 3 8 3	4 6 3 8	1 1 0 7 2
A c c ruals and deferred inc ome	3 8 3	2 2 0 5	1 8 3
O ther liabilities	7 7 8 0	9 0 8 8	1 4 2 6 8
TOTAL EQUITY AND LIABILITIES	936 055	873 939	846 914

Table 24: Separate statement of cash flows (PLN'000)

	Nine-month period ended 30 September
	20211 (unaudited)	2020 (unaudited)
Cash flows from operating activities	205,710	96,258
Cash inflows from operating activities	217,085	108,780
Advances received from related parties in TG	5,243	4,719
Income tax (paid)/refunded	(16,618)	(17,241)
Cash flows from investing activities:	13,267	80,139
un:	699,426	733,528
Sale of property, plant and equipment and intangible assets		30
Dividends received		80,766
Sale of financial assets measured at amortised cost	697,080	647,572
Interest on financial assets measured at amortised cost	313	3,216
Sublease payments (interest)	133	207
Sublease payments (principal)	1,900	1,737
Out:	(686,159)	(653,389)
Purchase of property, plant and equipment and advance payments for property, plant and equipment	(6,868)	(6,533)
Purchase of intangible assets and advance payments for intangible assets	(14,140)	(7,726)
Purchase of financial assets measured at amortised cost	(661,103)	(638,047)
Loan granted to a related party		(500)
Purchase of interest in subsidiaries	(4,048)	(583)
Cash flows from financing activities:	(111,104)	(105,518)
In:	4,425	4,787
Grants received	4,425	4,787
Out:	(115,529)	(110,305)
Dividends paid	(105,179)	(100,716)
Interest paid on bonds	(3,452)	(5,300)
Grants refunded	(2,564)
Lease payments (interest)	(298)	(463)
Lease payments (principal)	(4,036)	(3,826)
Net (decrease)/increase of cash and cash equivalents	107,873	70,879
Impact of FX changes on balance of FX cash	(126)	240
Cash and cash equivalents - opening balance	138,873	47,964
Cash and cash equivalents - closing balance	246,621	119,083

Table 25: Separate statement of changes in equity (PLN'000)

	Share capital	Retained earnings	Total equity
As at 1 January 2021	63,865	478,073	541,711
Dividend	-	(104,930)	(104,930)
Transact ions with owners recognised direct ly in equity	-	(104,930)	(104,930)
N et profit for the nine-month period ended 3 0 September 2 0 2 1	-	158,718	158,718
O ther c omprehens ive inc ome	-	-	6
Total comprehensive income for the nine-month period ended 30 September 2021	-	158,718	158,724
As at 30 September 2021 (unaudited)	63,865	531,861	595,505

As at 1 January 2020	63,865	416,165	479,843
Dividend	-	(1 0 0 ,7 3 3 )	(100,733)
Transact ions with owners recognised direct ly in equity	-	(100,733)	(100,733)
N et profit for 2 0 2 0	-	1 6 8 ,6 8 0	168,680
O ther c omprehens ive inc ome	-	-	(40)
Total comprehensive income for 2020	-	168,680	168,640
As at 31 December 2020 (unaudited)	63,865	484,111	547,749

As at 1 January 2020	63,865	416,165	479,843
Dividend	-	(1 0 0 ,7 3 3 )	(100,733)
Transact ions with owners recognised direct ly in equity	-	(100,733)	(100,733)
N et profit for the nine-month period ended 3 0 September 2 0 2 0	-	1 4 3 ,0 0 4	143,004
Total comprehensive income for the nine-month period ended 30 September 2020	-	143,004	143,004
As at 30 September 2020 (unaudited)	63,865	458,436	522,114

The Interim Report of the Giełda Papierów Wartościowych w Warszawie S.A. Group for the six-month period ended 30 September 2021 are presented by the GPW Management Board:

Marek Dietl – President of the Management Board ……………………………………… Piotr Borowski – Member of the Management Board ……………………………………… Dariusz Kułakowski – Member of the Management Board ……………………………………… Izabela Olszewska – Member of the Management Board ………………………………………

Warsaw, 8 November 2021

Appendix: Condensed Consolidated Interim Financial Statements for the nine-month period ended 30 September 2021

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GPW - Giełda Papierów Wartościowych w Warszawie S.A.

5624_rns_2021-11-09_3473eca1-5e33-44a4-a3a6-575745b7ce25.pdf