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1 Ecological Report 2011

2 Contents Intro...4 IDEA...4 ACTIVITY...7 EFFECTS...11 Timeline...14 Environmentally friendly loans...17 Environmental policy...21 List of ecologists...22 BOŚ Group...24 Investor testimonials...27 TABLES AND CHARTS

3 Dear Sir or Madam, It is my pleasure to invite you to read through the latest edition of our Ecological Report. This issue of the document is especially important because it is being published an even 20 year after BOŚ Bank was founded in The idea of environmental friendliness is becoming increasing widespread all over the world. Bank Ochrony Środowiska has been at the forefront of this green movement from the very day the company opened its doors for business. We continue to do everything in our power to benefit the people and world around us. Over the years we have granted over 49k loans toward investment projects that have benefited the environment. That translates into over 9.5bn PLN since One of the most dynamically developing areas of the green economy in Poland today is the utilization of renewable energy sources - in 2011 the value of loans granted by BOŚ Bank for projects involving this category of environmental protection increased by 80m PLN. I would also like to point out that while our environmentally friendly loans are an important part of the overall strategy being carried out by BOŚ Bank, they are just one of many green projects that the Bank is developing. In 2010 we began working on obtaining the Green Office Certificate, which was awarded to us in February of 2011 by The Environmental Partnership Foundation. Our BOŚ Foundation continues to grow and prosper promoting not only environmental friendliness but also sustainable development and a healthy lifestyle. The Actively Healthy program has gained great interest not only among the participating children but also the mass media. It is also worth mentioning one of the Foundation s newest projects an employee volunteer program that is part of the corporate social responsibility policy being put into action at BOŚ Bank. Mariusz Klimczak President, BOŚ S.A. 3

4 Ecological Report 2011 In 2011 Bank Ochrony Środowiska celebrates its 20th anniversary. Over the years the Bank has successfully bridged the world of supporting and financing investments that help protect the environment as well as benefit the general population with the necessity of making a profit. This year has been declared International Year of Forests by the United Nations an ideal opportunity to remind everyone of BOŚ Bank s mission as well as the principals on which it was founded. Throughout 2011 we will be retelling our current and potential customers the reasons for which BOŚ Bank exists as well as looking back on the ultimate fruits of our labor - the positive results of our various environmentally friendly business ventures over the years. IDEA Bank Ochrony Środowiska has been around for 20 years. While the bank was officially launched in 1991 the idea that inspired it s creation dates back to the Round Table of The bank was founded in response to a need for a commercial institution that would combine professional knowhow regarding the banking industry with a mission to protect the environment - this in an effort to facilitate the financing of environmentally friendly projects. Those ideas remain at the heart of everything the BOŚ Bank does to this day. All of its activities are focused not only on supporting business initiatives that help protect the environment but also allow Poland s sustainable development. BOŚ Bank creates products and services that help limit the damage done by big corporations, small businesses and individual people to the environment. Through the use of both local and international funding we create financing opportunities that encourage an environmentally friendly approach to business among both our current and potential clients. That is what BOŚ Bank is about and that is what it has successfully been doing for the past 20 years. Bank Ochrony Środowiska began doing business at the beginning of Poland s economical and political transformation. In those days, thanks to new legislation governing the financial services industry, many new commercial banks were created alongside the cooperative ones. Over the years BOŚ Bank has been persistently increasing it s share of the banking services market. According to the latest statistics published by the Polish daily paper Rzeczpospolita in June of 2011 BOŚ S.A. ranks 19 th in terms of equity. 4

5 BOŚ S.A. shareholders (as of ) The National Fund for Environmental Protection and Water Management 79,10% The State Forests National Forest Holding 5,98% 79,10% others 14,92% 14,92% 5,98% BOŚ S.A. is Polish-owned. It belongs predominantly to the National Fund for Environmental Protection and Water Management one of the organizations that founded the bank. The bank has always remained true to the mission of protecting the environment that is written in the company s by-laws. It has also consistently expanded it s network of branches across Poland (there were 99 at the end of 2010). Another indication of how far Bank Ochrony Środowiska has come is the amount of investment projects it has financed. Over the past 20 years (through the end of 2010) BOŚ has provided funding for over 34k projects aimed at protecting the environment. In doing so the Bank has clearly played a major role in environmental protection across Poland. Also part of BOŚ Capital Group is DM BOŚ S.A. and BOŚ Eko Profit S.A. In addition to those companies Fundacja Banku Ochrony Środowiska was created by the Management Board of BOŚ S.A. in December of DM BOŚ S.A. was founded in It is one of the oldest brokerages in Poland, The company has long been a leader on futures market having received awards from the Chairman of the Warsaw Stock Exchange that prove it s expertise in this area. This past year (2010) is another in a long stretch during which DM BOŚ S.A. was singled out by Forbes Magazine as one of the best brokerages in Poland. 5

6 BOŚ Eko Profit S.A., the sole stockholder of which is DM BOŚ S.A., was founded in The company is focused on investing in renewable energy sources and as such has expanded the services offered by BOŚ Capital Group. The company invests capital, manages investments, organizes financing and offers business management advice when needed. Fundacja Banku Ochrony Środowiska is a non-government organization focused on promoting environmental protection and sustainable development. It carries out it s own projects, organizes employee volunteering programs and also cooperates with other charities. This organization was formed as part of the corporate social responsibility (CSR) activities platform being implemented by BOŚ Bank. 6

7 ACTIVITY In 2010 Poland s Central Statistical Office (GUS) reported another (7.4%) increase in the amount invested in tangible assets related to environmental protection and water management. The value of tangible assets invested in environmental protection and water management has risen continuously since According to preliminary statistics the total value of these assets was equal to 14.5bn PLN of which nearly 11bn PLN was invested into environmental protection and over 3.5bn PLN into water management. A large amount of the funding for the above-mentioned projects came directly from investors (44.2% of funds for environmental protection and 43% of funds for water management). The second most popular source of financing were ecological funds and loans which constituted 27.7% of investments for environmental protection and 21,1% of investments for water management). It is also important to note that share of ecological funds as a source of financing has begun to fall with the share of bank loans rising in their place. An additional point of interest is the rise of foreign investment in environmentally friendly projects (from 18.3% in 2009 to over 22% in 2010). 2,46% Investment into environmental protection in 2010, by source of financing (based on material provided by the Central Statistical Office on ) 44,15% 13,81% 13,88% own resources 44,15% central budget 0,79% local government budget 2,83% international funds 22,08% ecological funds 13,88% national loans 13,81% 2,83% 0,79% 22,08% others 2,46% 42,96% 7,03% 7,64% 2,33% 8,43% 12,63% 18,98% Investment into water management in 2010 by source of financing (based on material provided by the Central Statistical Office on ) own resources 42,96% central budget 7,03% local government budget 7,64% international funds 18,98% ecological funds 12,63% national loans 8,43% others 2,33% 7

8 Bank Ochrony Środowiska continues to be vigorously involved in financing environmentally friendly projects - a fact best evidenced, by the amount of loans granted by the Bank for ecological investments. In 2010 there were 2722 such loans for a total value of 418m PLN including: preferential loans amounting to 178m PLN, commercial loans amounting to 240m PLN. In terms of value, a majority of the loans granted by the Bank for environmentally friendly projects were those that were related to air protection their total value amounted to 239m PLN.The range of loans offered by BOŚ S.A., which are tailored to the needs of investors who plan to undertake environmentally friendly projects, serve as evidence of the Bank s interest in supporting and protecting the natural environment as well as it s expertise and knowhow in attaining funds from sources outside the banking industry. A majority of the environmentally friendly products offered by the Bank include incentives for activities that make a given investment less harmful to the environment. The above-mentioned products are developed with the help of financial institutions that specialize in the management of resources for environmentally friendly projects. One example of such cooperation is the work BOŚ Bank does with the WFOŚiGW as well as NFOŚiGW, BGK and The European Fund for the Development of Polish Villages. In addition BOŚ Bank cooperates with numerous international financial institutions including the European Investment Bank (EIB), the Council of European Development Bank (CEB), KfW Bankengruppe and Nordic Investment Bank. Thanks to agreements signed with the above-mentioned institutions as well as a proactive stance on the subject by BOŚ Bank itself a wide range of products and services that support environmentally friendly behavior on both a regional and national level have been created. 8

9 Preferential loans are granted by Bank Ochrony Środowiska for investments that, among others, utilize renewable energy sources, improve thermal efficiency, employ effective waste management (including the removal of asbestos from buildings) or require the building of a modern sewage/ water treatment system. It is important to note that the above listed criteria are just examples and that, in general, preferential loans are granted to all investors who demonstrate that project will limit damage done to water, earth and soil as well as those that promote a rational use of natural resources and equally distributed economic growth. These preferential terms may include a submarket interest rate and extended payment schedule as well subsidies from various funds dedicated to protecting the environment. One advantage that the products and services offered by BOŚ Bank certainly have over their competition is the fact that they are tailored to a specific type of environmental investments i.e. the Bank s recently launch Good Energy Loan is designed specifically for projects that deal with renewable energy sources and similarly, the Energy Saving Loan has payment scheme which assumes paying off debt based on the amount of energy a given investment saves. While creating its range of products and services the Bank utilizes available sources of co-financing for environmentally friendly projects. The products and services offered by BOŚ Bank are created, among other, thanks to the Bank s involvement in a system that while supporting projects which improve thermal efficiency and renovation also assumes Joint Implantation - i.e. the Loan with a Climate which is designed to limit CO 2, emissions is part of the Heating Efficiency and Modernization in Buildings program. Both current legislation and consumer trends serve as an inspirational guideline for new product development i.e. the recently developed Environmentally Friendly Mortgage which promotes energy efficient housing. Structure of environmentally friendly loans granted by BOŚ S.A. in 2010 by type 33% 27% in cooperation with WFŚOiGW 33% in cooperation with NFOŚiGW 7% with the use of an international loans 30% 3% from sources provided by EFRWP 3% 7% commercial loans from BOŚ S.A. resources 27% 30% 9

10 13,08% Structure of environmentally friendly loans granted by BOŚ S.A. in 2010 by field 3,94% air protection 57,18% 57,18% 25,80% water protection 25,80% water management 3,94% protection of the earth s surface 13,08% In 2010 the Bank introduced a new type of loan, which was subsidized by the National Fund for Environmental Protection and Water Management. The Sunny EcoLoan is designed to promote solar collectors as source of energy among individual buyers and members of cooperatives. The above-mentioned loans are just a few of the preferential and commercial products offered at BOŚ Bank in an effort to promote renewable energy sources. An increased utilization of renewable energy sources is one of the environmentally friendly trends currently present in Poland. BOŚ Bank is taking full advantage of this fact the Bank granted a record number of loans promoting renewable energy sources in 2010 valued at over 81m PLN. The most dynamically developing form of RES are biogas plants. This new type of RES is becoming increasingly popular - which also translates into ever more priceless experience among investors. All loans that go toward investments which help protect both the environment and water management system serve as an excellent way for BOŚ Bank to not only meet it s sales goals but also realize it s mission. BOŚ Bank has employed an extensive team of experts specializing in the financing of environmentally friendly projects. Among them are 20 professionals dedicated to the subject of environmentally friendly investments at the Bank s Corporate Centers as well as the Financing and Ecology Department. The above-mentioned people are trained to access a given investment project s influence on the natural environment as well give our Clients a range of available financing sources for their particular endeavor those available directly from the Bank as well as through third parties. These experts help gauge the risk involved in each environmentally friendly project that is going to potentially be financed by BOŚ S.A. 10

11 EFFECTS From 1991 through the end of 2010 BOŚ S.A. has granted over 49k loans towards investment projects that have benefited the environment. That translates into over 9.5bn PLN. The positive impact of the above mentioned projects on the environment is best proved through numbers that show the reduction of harmful emissions into the air, water and soil as well as increased energy efficiency (including the implementation of renewable energy sources) and better waste management. One of the task s put before the environmental experts employed by the Bank is monitoring the effects of each investments in terms of environmental friendliness. The environmentally friendly investments financed with the help of BOŚ S.A. have successfully realized tasks which have had the following positive impact on the natural environment: in terms of air protection reduction in dust emissions 193 tons/year reduction in sulphur dioxide emissions 200 tons/year reduction in nitrogen oxide emissions 41 tons/year reduction in carbon dioxide emissions tons/year decrease in heat lose/usage GJ/year production of energy from RES MWh/year in terms of water protection and management increase in length of sewage network 1728 km increased throughput of water treatment plants m 3 /d in terms of protecting the earth s surface neutralizing waste and secondary materials reclamation tons/year 11

12 In 2010 four large-scale investments related to water management infrastructure were successfully completed. Thanks to subsidizes from the EU Structural Fund and loans granted by BOŚ S.A. the following projects were finished: a project improving water and wastewater management undertaken by Bytomskie Przedsiębiorstwo Komunalne in Bytom; a project improving water and wastewater management in Mysłowice undertaken by Miejskie Przedsiębiorstwo Wodociągów i Kanalizacji; a project improving water quality in Szczecin undertaken by Zakład Wodociągów i Kanalizacji; a project improving wastewater mangement in Zielona Góra and Świdnica undertaken by Zielonogórskie Wodociągi i Kanalizacje. The total cost of the above-listed projects amounts to nearly 2bn PLN of which ca. 25% was obtained by investors from BOŚ S.A. and it s partners. The above-mentioned investments resulted in the creation of 480 km of foul drains and 141 km of storm water drains as well as the modernization of 110 km of waterworks. The total throughput of the water management systems created or modernized during these project amounts to: 84k m 3 /d. While the loans offered by BOŚ Bank are an important part of the company s overall strategy they are just one of many green initiatives being undertaken by the Bank. To BOŚ S.A. being environmentally friendly is not only a question of the products offered to customer it is also an important part of the Bank s internal policies. In 2008, as part of the BOŚ Environmentally Friendly Bank program, BOŚ S.A. was the first financial institution in Poland to undergo an audit that examined the harm the company s various businesses do to the environment. The program began with an audit preformed by the Institute for Sustainable Development which defined and translated into carbon dioxide emissions the harmful effect that the Bank s various business dealings have on the environment. The audit also detailed inefficiencies in the Bank s electricity usage, thermal efficiency, waste management etc., in an effort to make good use of the audit s findings BOŚ S.A. planted 11ha of trees thus improving the ecosystem in Celestynów. In 2010 BOŚ S.A. began working on attaining the Green Office Certificate handed out by the Environmental Partnership Foundation. In order to receive this award an organization must undergo an environmental audit and agree to implement a variety of environmental protection policies aimed at rationalizing the usage of natural resources. BOŚ S.A. received the award in February of

13 In March of 2011 BOŚ S.A., the Green Bank acquired its first two fully electric cars. Each Mitsubishi i-miev is now hard at work helping employees do their day-to-day jobs. As is the customary BOŚ S.A. continues to take part in various events dealing with environmental protection. This includes formal debates and seminars as well as informal gathering, which are, aimed at educating the average citizen in matters of environmental friendliness. One example of such an informal gathering in 2011 were BOŚ Bank Eco Picnics which took place as part of Eko Mariny Cup in Mikołajki Wilkasy, Mrągowo, Ryn and Piaski. The Eko Mariny Cup is a campaign promoting the construction of environmentally friendly mini sailing docks in the Warmian-Masurian Voivodeship. Aside from projects strictly focused on protecting the environment the Bank is also often involved in project that benefit the general society. That is why the Bank s employees frequently participate in disaster relief efforts: Flood Aid as well as Holiday Food Drives. 13

14 Bank Ochrony Środowiska S.A. over the past 20 years timeline 1990 the President of the National Bank of Poland decided to form Bank Ochrony Środowiska Spółka Akcyjna; 1991 BOŚ S.A. entered into the commercial register; the first ecologist is hired; BOŚ S.A. signs an agreement with the National Fund for Environmental Protection and Water Management regarding the granting loans on preferential terms when dealing with environmentally friendly projects; 1992 the Bank s headquarters, located by Al. Solidarności in Warsaw is officially opened in the presence of the President of the National Bank of Poland - Hanna Gronkiewicz-Waltz; the first agreement with a Voivodship Fund for Environmental Protection and Water Management is reached in Koszalin 1993 the def BANK Pro system is introduced at BOŚ S.A.; the Bank joins the Society for Worldwide Interbank Financial Telecommunication (SWIFT); 1994 an authentication deed of DM BOŚ S.A. is signed; the first consortium with the National Fund for Environmental Protection and Water Management for financing environmentally friendly projects is formed. BOŚ S.A. signs the Banking and the Environment UN Declaration which obligates banks to support environmental friendly investment projects; the first agreement with the European Fund for the Development of Polish Villages is signed (gasification of villages); 1995 the Bank signs an agreement with the Ministry of the Environment on the power of which it begins implementing the Replace coal heating with gas heating in Poland project; The Department of Ecological Projects is formed; an agreement is reached with the National Fund for Environmental Protection and Water Management granting the Bank the power to use the organizations resources for the financing of environmentally friendly projects; The first agreements with Bank Gospodarstwa Krajowego and Agency for Restructuring and Modernization of Agriculture are signed; 1996 At a General Meeting of Shareholders it is decided to offer BOŚ S.A. shares to the public for the very first time; the Bank also organizes the first offering of municipal bonds (for the town of Tarnobrzeg); the Maple designation is introduced as means of pointing out organizations that cooperate with BOŚ S.A. on projects that help the environment; 1997 The Supervisory Board of the Warsaw Stock Exchange clears BOŚ S.A. shares for trading; the position of Chief Ecologist is created in the Bank s Organizational Structure; an agreement is signed with the Polish Village 2000 Foundation (regarding distribution of gas from public facilities in villages); 14

15 1998 the Bank s new (and still current headquarters) is opened; BOŚ S.A. begins cooperation with the Ministry of the Environment in terms of utilizing the EU ISPA fund; 1999 BOŚ S.A. signs an agreement with Bank Gospodarstwa Krajowego, and as such becames an active supporter of promoting increased heating efficiency; 2000 a deposit offering customers the opportunity to contribute part of their profits to organization focused on aiding endangered species of animals is launched as result the Bank is able to give 155k PLN towards the reintroduction of the lynx into Kampinos National Park; the special loan designed for financing environmentally friendly machinery receives a Silver Safe award as the best banking product of the year; 2001 an agreement is reached with World Wildlife Fund International, which allows BOŚ S.A. to join the Business for Nature club; 2002 as part of it s cooperation with NFOŚiGW the Bank becomes party to a three-way agreement between NFOŚiGW, PSE S.A. and BOŚ S.A. created to help effectively finance project related to renewable sources of energy; 2003 BOŚ S.A. receives the Golden Leader of Polish Business award from Business Center Club for it s economic success; 2004 BOŚ S.A. receives the title of Patron of Environmental Protection 2004; an agreement is reached for the Bank to become part of the Cleaner Water in Szczecin project the largest environmentally friendly investment project realized through ISPA; BOŚ S.A. receives the Kazimierz Wielki Award in recognition of it s product range tailored to the needs of local governments; 2005 the Bank receives the Economic Award of the President of the Poland in the Financial Institution category for it s involvement in the economic development of the country and it s environmental protection; The range of environmentally friendly loans offered by BOŚ S.A. aimed at promoting efficient heating technologies earns the institution a European Medal; 2006 the Bank receives numerous awards including; Solid Employer from the Economic Review for its modern and ethical human resource polices, Company of the Year from the Polish Business Club for its modern and comprehensive range of banking products designed for local governments, European Medal from the Committee for European Integration and Business Centre Club for it s range of mortgages that meet European standards, Gold Branch Award in the Entrepreneur Friendly Bank contest awarded to two branches in Rzeszów and Wrocław, The Dolnośląskie Gryfy Economic Award for outstanding contributions to economic development in Lower Silesia; 15

16 2007 VP of the Management Board at BOŚ S.A. is awarded the title Patron of Environmental Friendliness in Poland during the National Environmental Friendliness Contest organized under the patronage of the President of the Republic of Poland; 2008 the Zero emissions program is launched, As part of the program BOŚ S.A. becomes the first financial institution in Poland to undergo an environmental audit which examines the effects of it s various business activates on the natural environment and has performer tasks to compensate Bank s carbon footprint. BOŚ S.A. receives awards in both the Polish Leader in Environmental Friendliness and Pantheon of Environmental Friendliness in Poland contest both of these honors confirm the Bank s environmental responsibility; 2009 implementation of the BOŚaNew strategy begins: a new, fully dependent, entity is created by DM BOŚ S.A. - BOŚ Eko Profit S.A.; Fundacja Banku Ochrony Środowiska is created for the purpose of raising environmental awareness and promoting equally distributed economic growth; 2010 as part of it s cooperation with Germany s KfW bank a program promoting co-financing of investments that limit the emission of CO 2 across borders is launch ( Climate Loan ). The program functions on the principle of Joint Implementation; 2011 a formal document entitled The Environmental Policy of BOŚ S.A. is developed; BOŚ S.A. is awarded the Green Office Certificate. 16

17 Environmentally friendly loans Thermal modernization and renovation loans All loans are granted in accordance with the law regarding support of thermal modernization and renovation, which was passed on November 21st of Thermal modernization loan for investments: that decrease the amount of energy used to heat utility water in buildings, lead to a decrease in the loss of primary energy in local energy systems and sources, result in a connection to a centralized power sources, the outcome of which is a full or partial improvement in thermal efficiency; target: owners and managers of buildings (residential, multi-residential or used by and belonging to local government authorities) and local heating systems and sources (excluding budget entities); can cover: 100% of investment costs; preferential terms: a thermal efficiency bonus of up 20% of the value of the loan (although it can not exceed 16% of the total investment costs or double the amount of money saved annually on energy by the investment). Renovation loan for investments: that deal with the renovation of multi-residential buildings that were constructed and lived in before August 14th of 1961.; target: individual entities, common holds dominated by individual entities, housing cooperatives, social housing associations owners and managers of multi-residential buildings; can cover: 100% of investment costs; preferential terms: a renovation bonus of up 20% of the value of the loan (although it can not exceed 15% of the total investment costs). Sunny EcoLoan for investments: that deal with the purchase and installation of solar collectors (includes the possibility of NFEPWM subsidies); target: individual clients, housing cooperatives; can cover: 100% of investment costs; length of loan: up to 8 years for individual clients, up to 20 years for housing cooperatives; grace period: up to 6 months; preferential terms: subsidies of up to 45% of the qualified investment costs. 17

18 Loans granted in cooperation with WFOŚiGW terms: loans are granted based on the terms of specific agreements signed between BOŚ S.A. and individual WFOŚiGW. The terms of agreements vary based on variations in the individual policies governing each WFOŚiGW; preferential terms: a submarket interest rate; details: are available on the BOŚ S.A. website: Good Energy Loan for investments: that deal with the use of renewable energy sources (biogas plants, wind farms, biomass-to-energy conversion facilities) with a power output of 500 kw (for wind farms) and 200 kw (for all others); includes the possibility of financing VAT tax costs and working capital; target: local governments as well as small, medium and large enterprises; can cover: 80% of net investment costs, (up to 90% when the investment is co-financed by the EU); length of loan: up to 15 years; grace period: up to 18 months; key benefit: a product specifically tailored to the needs of investments in renewable energy sources. Energy Saving Loan for investments: that deal with limiting electric energy consumption including the replacement and/or modernization of: street lighting, internal and external lighting of public use facilities, industrial and service facilities, etc., industrial electric motors and elevators (including passenger elevators in residential buildings); target: local governments, entrepreneurs with companies of all sizes and housing cooperatives; can cover: 100% of investment costs for local governments (including a reimbursement of the costs of an energy consumption audit), 80% for all other investors; key benefit: possibility to pay for the loan with the use of money saved on electric energy thanks to the investment (no need to present a cash flow forecast at the Bank). Environmentally Friendly Device Loan for investments: that deal with the purchase and installation of devices and/or materials that help protect the environment (modern heating systems, renewable energy sources, preinsulated pipes, recuperators, onsite wastewater treatment systems etc.); target: customers from all segments; can cover: 100% of purchase and installation costs; length of loan: up to 8 years; key benefit: possibility of co-financing the investment (with the producer of the environmentally friendly device) resulting in a submarket interest rate as low as 1% annually. 18

19 Loan for Third Party investments for investments: realized by a third party in facilities owned by the investor (where the third party provides the technology and knowhow), that will eventually pay for themselves thanks to the decrease in operating costs which they achieve (an example of such a third party is ESCO a company specializing in energy efficiency); target: entrepreneurs; can cover: 80% of investment costs; key benefit: specialized product tailored to individual needs. Good Climate Loan granted in cooperation with KfW Bankengruppe (based on Joint Implementation). The Energy Efficiency in Building Program for investments: that deal with increasing energy efficiency in an effort to decrease CO2 emissions through: thermal modernization of residential, industrial and service facilities, installation of solar collectors, installation of heating pumps, modernization of independent heating systems, elimination of independent heating sources and connection of facilities to a shared municipal network; target: local governments (including municipal companies functioning in a cooperative), common holds, housing cooperatives, individual entities; can cover: 85% of investment costs (but no more than 500k EURO or it s equivalent in PLN); length of loan: up to 10 years; grace period: up to 24 months. Boiler modernization program for investments: that deal with the reduction of energy consumption and result in decreased CO2 emissions including: those that deal with the modernization and/or replacement of water or steam boilers that provide heating to areas, steam boilers used in industrial work, local sources of energy (up to 20 MW); target: municipal enterprises, private enterprises (also those functioning in a cooperative); can cover: 85% of the investment costs (but no more than 1m EURO or it s equivalent in PLN); length of loan: up to 10 years; key benefit: a grace period of up to 2 years. Eco Renewal Loan (from KfW Bankengruppe funds) for investments: that benefit the environment; target: small and medium sized entrepreneurs; can cover: 85% of the investment costs; length of loan: up to 10 years; key benefit: a grace period of up to 2 years. 19

20 International Financial Institution Loan (EBI, CEB, NIB) for investments: that benefit the environment (also in terms of infrastructure modernization); target: local governments, companies (including those belonging to municipal authorities), housing cooperatives (depending on agreements with various financial institutions); can cover: from 50% of the investment costs (NIB, CEB) to 85% (EBI); it is possible to finance the same project with a combination of funds EBI and CEB funds in that case up to 100% of the investment costs can be covered; length of loan: from 3 to 8 years (NIB), up to 12 years (EBI), up to 15 years (CEB); key benefit: a grace period of up to 2 years (NIB, EBI) and up to 5 years in the case of CEB. Enviromentally Friendly Mortgage for investments: that assume the building, expansion, completion, renovation, modernization or adaptation of a single or family household or or apartment in a multi-residential building (under the condition that the building uses renewable energy sources in the form of solar collectors, heating pumps, photovoltaic links as well as recuperators or the building has is categorized as being unfriendly to the environment or passive; target: individual clients; can cover: up to 80% of investment costs; key benefit: submarket profit margin. As of November Detailed information regarding products as well as terms and fees related to their use is available at Corporate Centers and BOŚ Bank branches. The above data is for informational purposes only and does not constitute an offer as the term is defined by article 66 of the Civil Code. 20

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