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The strategy of the Group provides among other things for improved attractiveness of GPW for a growing group of market participants, development of GPW’s international activity, and reinforcement of its position as a regional financial hub, in particular by investing in state-of-the-art technologies, diversification and expansion of GPW’s activity by adding new products and services. The achievement of these goals depends on a range of factors which are beyond the Group’s control, in particular market conditions and the overall economic and regulatory environment. Furthermore, the Group may pay significant costs of new products or services which may not provide the Group with expected revenue in the final analysis. If the launch of such products or services fails to increase revenue, the resulting costs may be exceed the amount of revenue, reducing the Group’s working capital and profit on operations. The Group’s failure to achieve strategic targets could have a material adverse impact on the activity of the Group, its revenue, financial position and results.
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