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24 października 2017

7 MAY 2020

QI 2020 RESULTS PRESENTATION

AGENDA

2

Financial Data

Operational Data

Market Environment

Regulatory Environment

Appendix

FINANCIAL DATA

(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

Financial consolidated highlights

4

(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

FINANCIAL DATA

Quarterly consolidated financial and operational data

QI 2020 QIV 2019 QIII 2019 QII 2019 QI 2019 QIV 2018 QIII 2018 QII 2018

Total operating income(in PLN’000) 306 664 89 571 60 952 47 891 40 890 42 786 47 578 84 200

Transaction volume in CFD instrument in lots1 784 840 394 146 423 333 385 318 394 421 458 869 345 118 616 082

Profitability per lot (in PLN)2 391 227 144 124 104 93 138 137

5

(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

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 306,7million. The significant factors determining the level of revenues were: above-average volatility 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) anda profitability per lot increased by 276,9%.

FINANCIAL DATA continued

Result of operations on financial instruments by classes

6


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


Result of operations on financial instruments by classes

7

Revenue by class of instrument QI 2019

Revenue by class of instrument QI 2020

36,2%

11,1%

51,2%

1,5%

89,3%

1,1%6,8%

2,8%

Index CFD's

Currency CFD's

Commodity CFD's

Other


Revenue by geographical area and segments

8


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


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%.


Retail segment 253 014 80 145 172 869 37 605

Institutional segment (X Open Hub) 53 650 9 426 44 224 3 285



Operating expenses by type

9


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

53,5%

23,1%

10,7%

6,3%6,4%

Salaries and employeebenefitsMarketing

Other external services

Commission expenses

Other expenses

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

marketing costs, an increase of PLN 7,6 million mainly due to higher expenditures on marketingonline campaigns;

commission expenses, an increase of PLN 2,5 million as a result of larger amounts paid topayment 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) ITsupport service (an increase of PLN 1,6 million y/y); (ii) IT systems and licenses (an increase ofPLN 0,4 million y/y).

Operating expenses structure QI 2020


OPERATIONAL DATA


New clients 21 911 10 424 10 042 9 246 6 843 5 742 4 884 4 734

Average number of active clients1 45 660 26 582 25 171 23 688 22 245 21 279 21 515 22 135

Clients in total 170 290 149 304 139 949 128 266 122 645 116 517 111 401 107 214

New accounts 49 338 26 747 24 424 22 215 16 243 13 930 11 758 11 321

Average number of active accounts1 50 273 29 099 27 544 25 932 24 386 23 656 24 032 24 918

Accounts in total 372 355 323 315 297 981 274 867 253 978 238 980 225 784 215 237

Net deposits (in PLN’000) 454 360 119 278 95 259 102 564 92 320 78 702 75 619 91 617

Average operating income per active client (in PLN’000)2 6,7 9,0 5,9 3,7 1,8 13,5 11,4 8,9

Average operating income per active account (in PLN’000)2 6,1 8,2 5,4 3,4 1,7 12,2 10,2 7,9

Transaction volume in CFD instruments in lots 784 840 394 146 423 333 385 318 394 421 458 869 345 118 616 082

Profitability per lot (in PLN) 391 227 144 124 104 93 138 137

Consolidated KPIs

11

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.

6 843

22 24521 911

45 660

New clients Average number of activeclients

16 243

24 386

49 338 50 273

New accounts Average number of activeaccounts

QI 2019 QI 2020

92 320394 421

454 360

784 840

Net depo Transaction volume in CFDinstruments in lots

OPERATIONAL DATA

Marketing costs vs new clients

12

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 employeebenefits and higher by PLN 6,5 million marketing expenditures.

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

20 000

22 000

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000


Marketing costs

New clients

Mar

ketin

g co

sts

(in P

LN’0

00)

New

clie

nts


Total operating expenses(in PLN’000), including: 72 529 47 324 42 980 42 490 41 098 40 862 48 837 41 750

- 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

OPERATIONAL DATA continued

MARKET ENVIRONMENT

FX volatility on the market

14

Volatility of equity market1 Volatility of commodity market1

Source: Bloomberg, XTB1Volatility 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.

10,2%

8,1% 8,0% 7,6%

7,9% 7,7%

8,4% 8,4% 7,8%

6,7% 7,2% 6,3%

7,4%

299272

246

340

270 252

128 133

146 150 135 120 191

80120160200240280320360

5%6%7%8%9%

10%11%12%

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

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

10,6%10,5%11,5%

8,9%

15,1%14,7%

13,8%15,6% 16,2%

13,2% 14,6%12,1%

24,8%

139 142161

178

303266

153

230

177 168192

170

415

100140180220260300340380420

6%

9%

12%

15%

18%

21%

24%

27%

DAX volatility (avg., LHS)Index CFDs traded by XTB's retail clients (RHS) in thous. lots

10,7%

9,1% 9,8%

8,9% 9,1% 8,3%

11,7%

13,3%

11,2%

8,8%

12,5%

9,8%

14,0%

49 38 41 36 38

43

23 22 23 27

50 45

104

10

25

40

55

70

85

100

115

4%

6%

8%

10%

12%

14%

16%

Bloomberg Commodity Index volatility (avg., LHS)

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

MARKET ENVIRONMENT

REGULATORY ENVIRONMENT

16

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 offeringcontracts for difference to retail clients and to introduce the category of an experienced retail client who will be able to offerCFDs 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 ofinformation, advertising or promotion, as well as the distribution or sale of contracts for difference to retail clients, exceptwhen 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 percentagespecified 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-called stop-out) when the margin level reaches 50%;

the investment firm provides the retail client with protection against a negative balance, which shall be understood asa limitation of the total liabilities of the retail client in respect of all CFD positions related to the CFD trading account atthe 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 anyexcluded non-monetary benefit in connection with the marketing, distribution or sale of CFDs, except for realizedprofits from the CFDs provided, whereby a non-monetary benefit should be understood as any non-monetary benefitinformation and research tools to the extent that they relate to CFDs;

advertising or promotional information, including correspondence or messages, disseminated or directed to the retailclient or potential retail client directly or indirectly by the investment firm, in connection with the marketing, distributionor sale of CFDs, contains an appropriate risk warning.

entering the status of experienced retail client.

17

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 theopportunity 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 FinancialAnalyst, Financial Risk Manager, Professional Risk Manager, ACI Dealing Certificate, ACI Diploma, or relevant fieldeducation; or

a minimum of 50 hours of training on derivatives, including CFDs, confirmed by obtaining relevant certificates orconfirmations 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 orother contractual relationship on which the function is based, for at least a year in a position that requires professionalknowledge 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 daypreceding the date of submission of the application by the retail customer in which the exchange rate was announced.

18


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 ofknowledge about derivatives, confirmed by a certificate and necessary to submit an application for the status of an experiencedretail customer, XTB has introduced a new version of the EDUCATION section on the xStation transaction platform, in whichcustomers have the opportunity to learn over 50 hours of educational materials prepared by XTB’s experts, and then taking thetest 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 theCFD 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 selectedrandomly from the exam knowledge base, for which the client has 60 minutes to solve and must obtain a positive result setat 65% (26 points),

conditions to be met by the certificate issued to the client after successful completion of the educational training.

19


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 thefollowing two currencies: EUR, USD, JPY, CAD, GBP, CHF.

20:1

For CFDs in which the underlying instruments are: main stock indices (FTSE, CAC, DAX, DJIA, S&P, NASDAQ, Nikkei, ASX, EURO

STOXX); gold; currency pair, in which at least one currency is different than EUR, USD, JPY, CAD,

GBP or CHF.

10:1For 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 EUROSTOXX.

5:1 For CFDs in which the underlying instruments are stocks or other underlyinginstruments which are not mentioned in the table.

2:1 For CFDs in which the underlying instruments are cryptocurrencies (e.g. bitcoin).

20


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.

100:1

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);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.

10:1For 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 EUROSTOXX.

5:1 For CFDs in which the underlying instruments are stocks or other underlyinginstruments which are not mentioned in the table.

2:1 For CFDs in which the underlying instruments are cryptocurrencies (e.g. bitcoin).

21


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 toorganized trading, and on public companies. On November 5, 2019, the bill was signed by the President. Date of entry into forceof the provisions is divided - part of the law appeared within 14 days of the announcement, part on January 1, 2020, and part willcome 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 publiccompany by the general meeting at least every four years - the solutions adopted in the policy should contribute to theimplementation of the business strategy, long-term interests and stability of the company. The policy should includea description of fixed and variable components of remuneration, as well as bonuses and other monetary and non-monetarybenefits that may be granted to members of the management board and the supervisory board. The supervisory boardshould 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 thecompany's supervisory board or, if the articles of association provide so, a general meeting, while a significant transactionwithin the meaning of the amendment is a transaction concluded by the company with a related entity whose value exceeds5% of the total assets Act on Accounting of September 29, 1994, established on the basis of the last approved financialstatement of the company. If a significant transaction concerns the interests of a member of the supervisory board ora shareholder, respectively, he does not participate in making decisions to consent to the conclusion of this transaction. Thecompany publishes information on a significant transaction on its website at the time of conclusion of the transaction at thelatest. The information obligation excludes: (i) transactions concluded on market terms as part of the company's normaloperations, (ii) transactions concluded with a 100% subsidiary, and (iii) transactions related to the payment of remunerationto 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 forSecurities, brokerage house or bank keeping the account for information about shareholders.

APPENDIX

Consolidated statement of financial position

23

(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

APPENDIX

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) 786Change in balance of financial assets at fair value through P&L and financial liabilities held for trading (28 776) (5 891)

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

APPENDIX continued

25

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 tothe 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 oralpresentation (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 connectionwith 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 theCompany 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 theCompany 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 constitutea 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 madeas 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 underno 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 thePresentation 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 andjudgments 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 wasprepared 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 mostappropriate 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 (includingdevelopment 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 thatcould 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 numerousassumptions 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 andassumptions 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 obligationto 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 residentof, 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 anyauthorisation, registration, notification or licensing within such jurisdiction. Persons into whose possession any document or other information referred to herein comes should inform themselvesabout and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

X-Trade Brokers Dom Maklerski S.A.

ul. Ogrodowa 5800-876 Warszawa, Polskawww.xtb.pl

Relacje inwestorskie:[email protected]

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