A n n u a l R e p o r t

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1 A n n u a l R e p o r t

2 C O N T E N T S The Mission A Letter by the Supervisory Board Chairman A Letter by the President of The Bank Management Board of BOŚ S.A Shareholders The Bank Governing Bodies Management Board Supervisory Board All for Clients Boś S.A. Dedication to Environmental Protection Sponsorship and Charity Activities in List of Outlets and Points of Service of Bank Ochrony Środowiska S.A Directors Report of Bank Ochrony Środowiska S.A. for Annual Financial Statements of Bank Ochrony Środowiska S.A Annual Report for 2007 on Compliance at Bank Ochrony Środowiska S.A. with the Corporate Governance Rules set out in Best Practices Of Wse Listed Companies Registered Auditor s Opinion Registered Auditor s Report

3 T H E M I S S I O N The supreme mission of the Bank shall be to provide financial services to projects and actions contributing to the protection of environment taken by municipalities, industries and households through the provision of specialized banking services in support of the development of production and services in environmental protection as well as the development of the market of goods and services connected with environmental protection. 4 5

4 A L E T T E R B Y T H E S U P E R V I - S O R Y B O A R D C H A I R M A N LADIES AND GENTLEMEN, SHAREHOLDERS, CLIENTS AND STAFF OF OUR BANK, In presenting the Annual Report of Bank Ochrony Środowiska S.A. for 2007 to you I have many reasons to be satisfied, even though last year was a time of revamping the organization and stabilization at the Bank. This notwithstanding our Bank posted a good result and strengthened its position on the market, as well as expanding its scope of activity. Step by step the Bank has climbed in ranking scales. The Bank expanded its offer and added several new outlets to its network. In a systematic effort the Bank succeeded in raising its image recognition rate and awareness of its offer. BOŚ is now easily recognised as a brand name among local government bodies, public sector services, getting good recognition rates among corporate as well as retail clients, and increasingly often among investors reaching for assistance funding from European Union sources. This shows we made good use of our time and successfully put in place the tasks the Bank set out for itself in its development strategy for the years This also testifies to the diligent work delivered by the Management Board and staff of the Bank, for which I wish to thank cordially all. In our Report we focus on accomplishments and financial results BOŚ S.A. posted in You will find the figures further on in this document. Last year brought with it tough competition in the banking sector, with demands and requirements increasingly stringent not only from Clients but from banking supervision authorities. On that tough market the Bank managed to hold its image, and it continues to serve its statutory mission of supporting environment-friendly undertakings, while offering its Clients a broad range of supporting bank services. The Bank took many actions at national, regional and local levels to live up to its image as an enterprise which is socially responsible and keeps to honest rules in the market game (set out in its Best Practices of the Bank and in the Corporate Governance Code in Public Companies). The Bank image finds incisive presentation, among other things, in its deposit products which it used wrote off a toll on from its own funds to support environmental causes. Beneficiaries of the charge-offs on products dubbed Stork Deposit, Plover Deposit and Lapwing Deposit, were a foundation called Green Lungs of Poland and an All-Poland Bird Protection Society. We also launched a credit card offered with a programme supporting natural ecosystems in Poland. I am positive that last year Bank Ochrony Środowiska S.A. took care well of funds entrusted to it and the Bank did all proper things to protect and multiply the interest of Shareholders and Clients. This is fully borne out in the auditor s report. The results posted in 2007, the Bank budget for 2008, the ambitious plans for the future set out in its Strategy paper all show there are good reasons to expect our Bank to grow further. The Supervisory Board I have the honour to speak for delivered all the tasks defined in its work plan. The professional and attentive attitudes of persons on our Council help push forward the development of our Bank. I am confident the work of the Supervisory Board contributed at least in part to the good results BOŚ S.A. posted in 2007 and that it marks the beginning of a new path of dynamic growth on what is a demanding financial market today. And I believe that effects of work of the two governing bodies of our Company are for the good not only of Shareholders but also of Clients of our Bank and for the natural environment in our country. No success will be achieved though without the dedication of our staff and the efficient work of the Management Board, who I strongly trust are going to deliver in The Chairman, Supervisory Board Andrzej Maria Herman 6 7

5 A L E T T E R B Y T H E P R E S I D E N T O F T H E M A N A G E M E N T B O A R D O F B O Ś S.A. TO SHAREHOLDERS AND CLIENTS OF BANK OCHRONY ŚRODOWISKA S.A. LADIES AND GENTLEMEN, It is my pleasure to present, on behalf of the Management Board of Bank Ochrony Środowiska S.A. the accomplishments of this company in This was the best year yet in the past decade. It was a time of fast-paced technological and product mix changes which let the Bank catch up with the competition in certain areas. The Bank centralized its data-processing system and put in place a centralized enterprise resource planning system. A number of new bank products were launched, including a credit card product which turned out a great success, along with a broadened mix of electronic banking services. Last year, for a first time in ten years, the Bank launched a successful issue of shares. The biggest package, a total 1.4 million shares, was taken by the National Fund of Environmental Protection and Water Resource Management, the Main Shareholder of the Bank, with Lasy Państwowe national forest authority subscribing for 220 thousand and KGHM Ecoren S.A. for 110 thousand shares. Two of the Regional Funds of Environmental Protection and Water Resource Management those in Szczecin and Kraków took two packages, of 100 thousand and 10 thousand shares, respectively. The issue enabled the Bank to increase its share capital by PLN 170 mn. The funds provided by its Shareholders opened the way for the Bank to continue along a path of strong growth, while meeting all prudence standards required under the law now. In 2007, the Bank increased its deposit base substantially. Liabilities to clients, the basic portion of the Bank s deposit base, increased by 10.9%. Deposits taken from the environmental funds sector contributed most to the growth, increased by 99.6%, followed by public sector finance deposits (17.7%), and deposits from corporate clients (9.9% growth). Last year the Bank granted 15 thousand loans and cash advances to a total of PLN 2.8 bn, this topping the previous year figure by 31%. The biggest class of loans were capital expenditure loans, which accounted for more than 61% of total credits granted, 35% on the same figure posted in This item increased by a total 35%. Since inception the Bank has attached great importance to financing environment-friendly undertakings, and BOŚ S.A. considers it its mission to provide all-inclusive financial services to entities putting in place projects for the protection of the environment. In 2007, BOŚ S.A. granted a total of PLN 772 mn in environmental loans, and together with loans granted using funding provided to it under joint financing agreements by the National Fund for Environmental Protection and Water Resource Management and several of its regional arms, PLN mn. Of all loans extended, more than 50% were loans granted on preferential terms and conditions. A 56% increase in the amount of preferential environmental loans granted in 2007 on the 2006 figure could be posted because the Bank concluded transactions based on contracts with environmental funds for the joint financing of certain projects. This result was also partly due to the Bank s co-operation with regional environmental funds in subsidising part of the due interest on credit lines and in individual cases alike. The growing scale of banking activity translated into the financial results posted. The net profit figure the Bank posted last year was at PLN 70.8 mn, with profit before provisions at PLN 80.9 mn, 36.4% and 31.2%, respectively, on the 2006 figures. The year 2007 was certainly a good year. The Bank saw its financial result, and activity scale, grow substantially. As the Bank was enhancing its commitments in different areas of business it was becoming clear that organizational changes were needed. One major change to point out in this connection is the need of a streamline sales management system for the Bank s products. To this end, early in 2008 the Bank changed its organizational structure. The change essentially involves the separation of independent structures for corporate banking, the public sector finance, and retail banking, and Bank outlets focusing on sales targets set out in financial plans, on the basis of new information and banking service technology implemented at the Bank. The new solutions let the Bank Head Office take charge of almost all operations that are not directly linked to sales. Duties and responsibilities in the ecology dimension will be redefined for a more focused environmental mission for the Bank, to ensure efficient development of environmental products, closer co-operation with institutions responsible for preparing the state s environmental policies (the National Fund for Environmental Protection and Water Resource Management, its regional arms, the Environmental Protection Ministry), designing new activities of the Bank in environmental protection (climate convention, Kyoto protocol mechanisms), including activities related to EU structural funds. As Chief Ecologists of Branches are to report directly to the Head Office the Bank will be able to provide ecology counselling services on a more efficient basis to clients and to ensure active support of its advisers in selling environmental products and raise the quality of ecology-related services it provides in its offer. The measures taken are going to produce tangible results this year in a form of increasing sales of bank products. In managing the Bank activities the Management Board was guided in its actions by changing market conditions, in particular decisions taken by the Monetary Policy Council, which sought to slow the pace of inflation by reducing basic interest rates four time in the year. The continuing strong demand in the national economy, tension on the labour market, a substantial increase of current inflation, all combine to make further interest increases likely in this country. Rate increases find reflection in growing costs of deposits the Bank was buying. For that reasons, and mindful of the possible impact of the crisis in American mortgage markets on the monetary market in Poland, the Bank Management Board conducted, and is determined to continue to do so, a cautious and balanced lending policy, to shape the Bank s loan portfolio in volume and structure such as warrants attainment of business targets the Bank set itself for the year, at an acceptable risk level. Thanks to the measures it took in 2007, the Bank has a solid deposit base and maintains high liquidity. BOŚ S.A. closed last year with a very high capital adequacy ratio, at more than 15%. Fitch Ratings, the international ratings agency of London, reaffirmed their assessment of the Bank s stability as they raised their rating of Bank Ochrony Środowiska S.A. to BBB, from BBB. Meeting client expectations and seeking to provide them with modern standard products and services, Bank Ochrony Środowiska S.A. last year expanded its offer continually, adding to it, among other products, a package called Jantar Start addressed to micro businesses, a special offer of mortgage loans in PLN and CHF, investment insurance products for individual clients called Best of the Best, a medical insurance program together with PZU ŻYCIE S.A. life assurance provider for clients of BOŚ S.A., credit cards VISA Classic, Gold and Business, an Investment Deposit in co-operation with DWS Polska TFI S.A. and a Package called Arkadia for housing communities and administrators for efficient management of funds and fast and convenient financing of housing communities needs. Bank Ochrony Środowiska S.A. in the coming years is going to fulfil its continued mission to distinguish itself on the financial market with its financial support to projects serving the purpose of environmental protection and balanced development of the country. This implies continuous development of co-operation with environmental funds for the joint financing of environmentfriendly undertakings. That is a way for the Bank to consolidate the position of BOŚ S.A. as leader in the provision of banking services to undertakings in the area of environmental protection. The Bank will set itself the task of developing co-operation with local government entities as one of its priority challenges. The Bank will expand its offer of products addressed to select client groups in the corporate and retail segments. The Bank in the coming years will pursue its priority goal of steadily increasing BOŚ S.A. market shares in the banking sector s total balance sheet, total assets and total liabilities, and to increase steadily goodwill of the Bank for Shareholders. I wish to thank cordially all Clients using the services of the Bank, our employees for their contributions and dedication, and Shareholders for their trust and supporting our efforts. President of the Management Board Jerzy Witold Pietrewicz 8 9

6 S H A R E H O L D E R S At 31 December 2007, the percentage structure of the Bank share capital was as follows: Narodowy Fundusz Ochrony Środowiska i Gospodarki Wodnej [National Fund for Environmental Protection and Water Resource Management] 77.27% Państwowe Gospodarstwo Leśne Lasy Państwowe [National Forest Authority] 6.50% Others 16.23% The increase of share capital from the amount of PLN to PLN in a private placement of series N shares was registered by the District Court for the Capital City of Warsaw Commercial Department XII of the National Court Register on13 June The following shareholders participated in placement of series N shares: the State Treasury, represented by Państwowe Gospodarstwo Leśne Lasy Państwowe National Forest Authority, acquiring shares, Wojewódzki Fundusz Ochrony Środowiska i Gospodarki Wodnej [Regional Fund for Environmental Protection and Water Resource Management] in Szczecin, acquiring shares, Wojewódzki Fundusz Ochrony Środowiska i Gospodarki Wodnej [Regional Fund for Environmental Protection and Water Resource Management] in Kraków, acquiring shares, Narodowy Fundusz Ochrony Środowiska i Gospodarki Wodnej [National Fund for Environmental Protection and Water Resource Management], acquiring shares, KGHM Ecoren S.A., acquiring shares. As BOŚ S.A. seeks to get series N shares admitted to trading on a regulated market managed by the Warsaw Stock Exchange [Giełda Papierów Wartościowych w Warszawie S.A.], the Bank prepared an Issue Prospectus, which got approval from the Commission for Financial Supervision on 16 October The BOŚ S.A. series N shares were admitted to trading on the main market floor on 26 November

7 T H E B A N K G O V E R N I N G B O D I E S President of the Management Board Vice-President First Deputy President of the Management Board MANAGEMENT BOARD At 31 December 2007, the Management Board was as follows: 1) Jerzy Pietrewicz President of the Management Board, 2) Piotr Wiesiołek Vice-President First Deputy President of the Management Board, 3) Stanisław Kostrzewski Vice-President of the Management Board, 4) Marcin Romanowski Vice-President of the Management Board. The Management Board did not change in composition in On 24 January 2008, the Supervisory Board Chairman received a representation from Mr Piotr Wiesiołek, the Vice-President First Deputy President of the Management Board of BOŚ S.A., declaring his resignation as Member of the Management Board. He was resigning having been offered a position in the statutory bodies of another organization, and the resignation was presented on condition of, and with effect from, being appointed to the position in the organization. On 6 March 2008, the President of the Republic of Poland appointed, on a motion from the President of the National Bank of Poland, Mr Piotr Wiesiołek member of the Management Board of the National Bank of Poland and to the position of Vice-President First Deputy President of the National Bank of Poland. Accordingly, Mr Piotr Wiesiołek s mandate as Vice-President First Deputy President of the Management Board of BOŚ S.A. expired, following his previous representation, as of 6 March JERZY WITOLD PIETREWICZ Vice-President of the Management Board STANISŁAW KOSTRZEWSKI PIOTR ADAM WIESIOŁEK Vice-President of the Management Board MARCIN ZIEMOWIT ROMANOWSKI 12 13

8 SUPERVISORY BOARD The Supervisory Board in the period from 31 December 2006 to 28 June 2007, i.e., through to the close of the joint term in office was as follows: 1) Andrzej Herman Supervisory Board Chairman, 2) Janina Jóźwiak Supervisory Board Deputy Chair, 3) Wiesław Siwczak Supervisory Board Secretary. Supervisory Board Members: 4) Ryszard Bartkowiak, 5) Andrzej Matysiak, 6) Kazimierz Stanisław Kujda, 7) Agnieszka Zawartko. The Supervisory Board in its seventh term elected at a General Meeting on 28 June 2007: 1) Andrzej Herman Chairman, 2) Janina Jóźwiak Deputy Chair, 3) Ryszard Bartkowiak Secretary, Supervisory Board Members: 4) Marta Czyż, 5) Andrzej Matysiak, 6) Lech Płotkowski, 7) Agnieszka Zawartko. The Supervisory Board did not change in composition in the period from 28 June 2007 to 31 December

9 A L L F O R C L I E N T S LOCAL GOVERNMENT CO-OPERATION In 2007, the Bank continued its co-operation with local government entities, nearly 40% of them across Poland. The Bank provided all-inclusive budget management services to certain municipalities, in accordance with the Public Procurement Law Act, using the Bank s products and services and other instruments for efficient management of cash reserves. The Bank sells all standard deposit and loan products it has in its offer to entities operating in the public sector finance segment. A special line of products in the BOŚ S.A. offer are products financing environment-friendly projects (via loans granted on preferential or commercial terms), as is the Bank s European Offer, a package of products addressed to Businesses and Municipalities. The Bank offers the following cards, on accounts maintained for the public sector finance segment: Maestro Business, an international debit card, MasterCard Business, an international deferred payment card, MasterCard Business Gold, an international deferred payment card. The Bank offers top standard products also to employees of entities in the public finance sector. The public sector finance segment amounted to active clients at end 2007, 1.1% up from 1 923, the end June 2007 figure. At end 2007, the public sector finance segment accounted for: 29.63% of the Bank s total loans outstanding figure, 7.65% of the Bank s total deposit taken by branches. One major form of co-operation the Bank has in relations with local government units is the provision of all-embracing management of municipal bond issues, which involves the preparation of bond issues, maintenance of records and custody of bonds, and management of payments related to bond issues. In 2007, the Bank added 8 new programs municipal bond issues, to a total of PLN 34 mn. To date, the Bank has signed contracts for arrangement of 70 municipal bond issue programs (40 programs for towns and municipalities, and 30 programs for county-level powiats), of PLN mn total value. The Bank supported programs have an average value of PLN 6.74 mn. At 31 December 2007, the Bank had in management 54 municipal bond issue programs worth a total PLN mn, compared with: - 53 municipal bond issue programs of PLN mn total value at mid-year 2007; - 56 municipal bond issue programs of PLN mn total value at end BOŚ S.A. managed to hold its lead position among arrangers of municipal bond issues, ranking: - 4th player on the market in terms of the number of issue programs, - 5th in terms of issuer debt

10 SPECIAL PURPOSE ENVIRONMENTAL FUNDS The Bank maintains these as a separate segment of funds managing cash resources which finance undertakings related to environmental protection and provide financial support to actions taken by nongovernment organizations operating in the area of environmental protection. The Bank co-operates with environmental funds mostly by joint financing projects aimed to improve of the protection environment, on terms specified in bilateral contracts or directly in contracts with clients. Joint financing using funds merged from both sources, granting loans using the funds own cash resources, and subsidising interest loans taken out by clients are the standard form\s of co-operation. In co-operation with the National Fund for Environmental Protection and Water Resource Management the Bank proffered loans extended on individually negotiated terms, especially projects put in place with part EU funding. Such cash or subsidies to interest provided from Regional Funds for Environmental Protection and Water Resource Management were used to finance undertakings launched following regional priorities for renewable energy sources, building small sewage treatment facilities, sewage system installation, waste disposal, or heating system renovation. In its co-operation with environmental funds the Bank also provides all-embracing management of their accounts for several of them (the Bank offer having been chosen strictly in keeping with provisions laid down in the Public Procurement Law Act). At end 2007, the Bank had 28 active clients in its environmental funds segment, whose combined deposit value accounted for 16.8% of total deposit the Bank gained through its branches. CORPORATE CLIENTS In 2007, the Bank continued to concentrate its efforts on further developing its offer of products addressed to clients both present and new ones. BOŚ S.A. continued to view small and medium enterprises (SMEs) sector as a most important segment for the Bank. Co-operation with large corporate clients, with market leaders of national and local significance, on the other hand, was conducted in flexible individualised approaches to such services. The Bank offer was being developed through modifications of existing procedures to adapt to changing market conditions and client expectations. The idea promoted in the corporate clients segment was the individualization of the offer to cater to expectations of specific client groups. Each client had their individual offer adapted to their special needs based on the Bank s credit and deposit products. The basic criterion to apply in developing individualised offers is the forecast scope of co-operation with clients, a condition for the Bank s flexible approach to meeting clients price preferences. So the offer for corporate clients is strictly linked to their current accounts, as the functionality of the product is being adjusted temporarily to changing technologies warranting security and comfort of service at the same time. The Bank targeted clients in this sector as it launched several service-product solutions in The Bank added a new product, namely mortgage loans for businesses, to its loan offer. This proved to be a very competitive product on the banking market, driven by its simple approval procedure and no limits on amounts. The Bank s mortgage loan product has the added benefit of long loan periods, higher LTV for real property borrowers hold, an extended catalogue of accepted real property holdings, and increased acceptable aggregate age limits for borrowers. The modifications of approval procedures for all working capital loans and capital expense loans introduced last year pushed up the quality of service, in addition to shortening client service time and simplifying documentation requirements. With a view to businesses interested in financing current operations the Bank simplified its working capital loan in current account product. The product, giving credence to its designation, Credit Straight to Your Business, distinguishes itself by its simple approval procedure, its minimal number of formalities and required documents. It is approved on collateral solely of signed undated notes and client is not required to present financial forecasts. BOŚ S.A won a distinction for this product, as on 26 March 2007 the Bank was cited as winner in the 14th edition of a European Medal contest in the category services for its Credit Straight to Your Business. Along with developing its products the Bank kept building up its technology infrastructure, determined to streamline work through automation and data processing speed. The Bank started a mass payments service, called Virtual Accounts. Electronic mass payments modules let businesses quickly identify payments and so provides opportunities to save working time of their accounting services. The Bank is now busy preparing an extension of the functionality of Virtual Accounts which is going to add effective control of timely receipt of revenues and fully automatic identification of payers and data transfer from the Bank to clients own financial accounting systems. These solutions enable receipts of data indispensable to reconcile revenues fast and safely, systematic recording and documentation of revenues as well as fast identification of past due payments. It is understood that the electronic payments module cuts data processing cost dramatically. This service is addressed to entities with many payers, e.g., electric companies, housing co-operative and community administrators, town offices, telephone operators, Internet providers and cable television operators, municipal utilities (water system operators, public cleaning services, gas utilities etc.), schools. Internet banking services keep being improved in quality on a permanent basis. BOŚBank24-iBOSS (Internet banking for businesses) gives business managers opportunities to effect bank operations direct from their offices. Safety of transactions is warranted by token or safe digital signature, which are being offered optionally as legally equivalent to signatures in hand. BOŚBank24-iBOSS functionality enables businesses to perform a wide range of payment operations, starting with Cash Management through to getting information on currency rates and interest rates. Client can browse any accounts they have, make transfers domestic and international, or open time deposits. Since 2006 the Bank has maintained its Package iboss package as a priority item in its offer. In return for a standing monthly fee Clients are provided with current accounts operating with full functionality of Internet banking service, overdraft up to PLN , Maestro Business card, and automatic O/N deposits. BOŚ S.A. has consistently expanded its position as provider of guarantees, and to higher and higher values too. The Bank continued its co-operation with Lasy Państwowe state forest enterprise based on an agreement stipulating conditions of co-operation the Bank concluded with the Directorate General of Lasy Państwowe. Under the same agreement, counterparties of Lasy Państwowe are offered a profiled package called ilas. It comprises current account, Internet banking (with digital signature as an option), working capital loan in current account, revolving loan in credit account, and bank guarantees (the most popular product). Partners of Lasy Państwowe who choose financing under the ilas package can avail themselves of preferential loan conditions. Since 2006 the Bank has pursued its mission by joining activities conductive to the implementation of international climate policies, working as Settlement Bank for all transactions concluded on the carbon emission rights trading market, Towarowa Giełda Energii S.A. energy exchange. As the market for trading carbon emission rights keeps growing the Bank is winning new clients. RETAIL CLIENTS The Bank set itself improved service quality and enhanced client satisfaction and convenience in using the Bank offer as its basic goal in the retail banking area in

11 Since 16 April 2007, the Bank Ochrony Środowiska S.A. has joined the group of issuers of international credit cards in the VISA system. VISA Classic, Gold and Business cards carry high credit limits and very convenient price conditions. These particular terms were very well received by the market and given positive marks by Clients, as was seen from top positions on credit card rankings prepared by independent financial advisers. Card are available both to individual clients and to the micro businesses segment, which appreciate the possibility of using quick loan in card. We also sought to guarantee Clients high safety levels in using cards, issuing the cards in latest micro chip technology. Further, clients choosing credit cards of our Bank actively support, via an affinity programme attached to the cards, natural ecosystems of nature in Poland. The program is a continuation of many years of activity of the Bank and Clients co-operating with us to contribute to the protection of environment. To ensure Clients the best possible profits from their investments the Bank also marketed a structured innovative product prepared together with TU na Życie EUROPA S.A. life insurance (sold in subscription), combining benefits functions of deposit bank, investment fund and life assurance underwriter. This unique plan investment catered well to Clients expectations because it combined the best investment possibilities, the highest guaranteed interest on the market with advantages emanating from the legal form of insurance. This high interest 6-month bank deposit was part of a deposit product with guaranteed standing interest rate of 10% net p.a., which corresponded to interest on taxable yearly bank deposit at 12.3% gross rate. The other part of the product, the investment part, consisted of three investment funds recommended by specialists as the best ones. In 2007, the Bank actively supported also the financing of individual Clients housing needs, offering them mortgage loans on promotional price conditions. Alongside with that, concerned about the health and safety of their Clients holding EKOKONTO packaged products, the Bank prepared, in co-operation with PZU Życie SA, a special offer of medical insurance providing them with comprehensive top quality medical care. With a view to micro businesses, BOŚ S.A. modified its offer, to propose to businesses a specially designed mix of bank products and services the Jantar Package and the Jantar Start Package. These are packages making it possible to provide full-scale servicing to newly established businesses as well as to businesses well established on the market. Clients thus are given a choice, depending on their needs, between two packages of very different services and price profiles. Clients holding Jantar or Jantar Start packages may also use many products, on preferential conditions, in the Bank offer. In the third quarter of 2007, the Bank released a new cash advance product, which is designed through its high loan limit, reduced formalities connected with the extension of loans, its long loan period, small instalments and loan payment insurance, to let even the most demanding Clients meet their needs. We also have a partner in creating an attractive loan offer in the Council of Europe Development Bank (CEB). Together from the lines from the two above-mentioned financial institutions in 2007 alone the Bank extended loans to amounts exceeding EUR 41.4 mn which co-financed 93 projects of municipalities and 29 projects of SMEs. BOŚ S.A. actively participates in the absorption of EU funds. Last year was a period of preparation to cofinance projects in the new period of programming in the years It should be observed that in the last round of Action in Sector Operational Program Raising Competitiveness, BOŚ S.A. issued promises and extended loans to a total of more than PLN 80 mn. RATING On 8 March 2007, Fitch Ratings, the London based rating agency, confirmed the Bank s creditworthiness following its annual rating survey, to uphold its previous ratings of Bank Ochrony Środowiska S.A. as follows: Long-term: Short-term: Individual rating: Support rating: 2 BBB F3 D BBB rating belongs in the category of investment level ratings and so translates into good creditworthiness. This rating means that credit risk is at present estimated to be at a low level. The Bank s capacity to meet financial obligations is deemed sufficient, yet adverse changes of driving factors or economic conditions are likely to undercut it. The support rating (2 on a scale of 1 to 5) concerns possibilities to get assistance from the government or from shareholders. CO-OPERATION WITH FINANCIAL INSTITUTIONS Owing to its extensive and active networking with commercial banks and international financial institutions BOŚ S.A. is in a position to offer its Clients long-term financing on excellent terms. In 2007, the Bank signed another loan facility agreement (KfW5) with Kreditanstalt für Wiederaufbau, the German government bank, under which BOŚ S.A. extends long-term loans to small and medium enterprises implementing projects in the area of environmental protection. This is the fifth KfW line for SMEs at Bank Ochrony Środowiska S.A, and the third one in an SME Finance Facility Program supported with a grant from the European Commission. In 2007, BOŚ S.A. added a new credit line loan to its offer, from the European Investment Bank (EBI2), granted for the purpose of financing investments of small and medium enterprises and infrastructural investments (mainly local roads, social and cultural services, sport facilities) for entities in the public finance sector, also in the Municipal Finance Facility Program supported by the European Commission

12 B O Ś S.A. D E D I C A T I O N T O E N V I R O N M E N T A L P R O T E C T I O N The Bank environmental offer comprises loans extended in co-operation with donors and own products. Loans extended in co-operation with the Bank s financial partners are offered to clients on preferential conditions, at interest below market rates. Loans the Bank extended on commercial terms had preferential elements in them, such as financing 100% of investment cost (loans to finance acquisition or assembly of facilities and goods used for environmental protection purposes); or debt reducing premiums (loans extended pursuant to the Heating Renovation Act in co-operation with BGK state bank). The BOŚ S.A. environmental loans offer is differentiated and tailored to needs of all client segments: businesses, municipalities, individual clients. Tasks such loans finance are both supraregional and local in character. From 1 January to 31 December 2007, in BOŚ S.A. extended a total of loans to finance environment-friendly undertakings. Of the total amount of PLN mn: PLN mn went into preferential loans extended in co-operation with the National Fund for Environmental Protection and Water Resource Management (NFOŚiGW) and Regional Funds for Environmental Protection and Water Resource Management (WFOŚiGW) (of which PLN mn is funding supplied by the NFOŚiGW and its regional arms under agreements for joint financing of environment-friendly projects); PLN 40.9 mn was used to finance 182 preferential loans extended inco-operation with the European Fund for the Development of Polish Villages Counterpart Fund (EFRWP); PLN mn was used to finance 580 commercial loans

13 In 2007, preferential loans financing environment-friendly projects increased by as much as 71-percent from Within this group of environment-friendly preferential loans, there were the specially important loans extended under agreements concluded with environmental funds on joint financing of certain projects as well as loans extended in co-operation with regional environmental protection funds for subsidising interest. in grupie environment-friendly loans commercial dominowały loans extended on conditions specified in the Heating Renovation Act. Of all environment-friendly projects credit-financed by BOŚ S.A., tasks of cost sheet value of PLN mn were completed and commissioned for use in Loans accounted for 59% of costs of realized investment projects. Environmental benefits resulting from the completion of such tasks: Air protection dust emission reduction t/year sulphur dioxide emission reduction t/year nitric oxide emission reduction 897 t/year carbon dioxide emission reduction t/year heating consumption and loss reduction and primary energy 400 GJ/ year production of energy from renewable sources MWh/ year Water resource protection sewage network length added 209 km sewage treatment capacity increase m 3 /d water treatment station throughput increase m 3 /h Earth surface protection waste treatment or recycling materials t/year waste deposal sites capacity m 3 Debt outstanding on environment-friendly loans amounted to PLN mn at end 2007, 22.2% of total credit of the Bank

14 S P O N S O R S H I P A N D C H A R I T Y A C T I V I T I E S I N In line with the adopted philosophy, the Bank took measures to be a socially responsible firm. Apart from taking care to maintain the highest standards in management, HR development and customer service, the Bank realized wide sponsorship and charity activities addressed not only to the local community but covering the whole country. The Bank s sponsorship and charity activities concentrated on supporting various social, including environmental, initiatives, cultural and sports events and providing aid for the poorest. The Bank sponsored ecological events and conferences such as the Ekologiczna Małopolska competition, EKOLAURY, conferences organized by the Zielone Płuca Polski Foundation, Meetings with Nature and Art Uroczysko, Maraton Recyklingu, the Recycling Cup Competition, the Cleaning the World campaign, Biebrzańskie Sianokosy (Haying), made contributions from the so-called eco-deposits, i.e. Lokata z boćkiem, Lokata z sieweczką Lokata z czajką to the Zielone Płuca Polski Foundation and the National Society for the Protection of Birds (Ogólnopolskie Towarzystwo Ochrony Ptaków), and co-financed the organization of the World Environmental Protection Day. Financial support was given to schools and organizations engaged in running the Ecological Knowledge Olympics, the Agro Serwis editorial office which has organized the competition Ecology every day for several years now, the Polish Journalists Association in the S. Myczkowski Competition for a publication about ecology, and school ecological circles. Bank Ochrony Środowiska S.A. funded scholarships for the best students in the Environmental Protection Departments and Banking Departments at 11 universities in Poland. Sponsoring theatre events had a significant place in the budget. e.g. Letnia Scena Teatru przy Pompie (Teatr Słowackiego w Krakowie), the performance of the Olga Siemaszkowa Theatre in Rzeszów and music festivals ( Hajnowskie Dni Muzyki Cerkiewnej, Chamber Music Festival). BOŚ S.A. gave financial support to sports activities, by granting support to the following clubs: Start Lublin, Orzeł Warsaw, Rybnicki Młodzieżowy Klub Sportowy, Klub Sportowy Wisła and sponsoring Bieg Żubra, Grand Prix of the World Cup in Wrestling. At the same time, the Bank was involved in charity activities on behalf of sick and underprivileged people, especially children. BOŚ S.A. granted donations for the purchase of medical devices for hospitals, Breviac catheters and insulin pumps, and the Get there before cancer campaign. The Bank provided financial support for children s summer and winter vacations, organizing Children s Day and buying Christmas presents for children from orphanages, underprivileged families and children with cancer. BOŚ S.A. sponsored two significant charity concerts organized by the Polish Red Cross and Gotowi Start Foundation. The Bank s provided financial support in the form of aid to private individuals who found themselves in particularly difficult circumstances

15 L I S T O F O U T L E T S A N D P O I N T S O F S E R V I C E O F B A N K O C H R O N Y Ś R O D O W I S K A S.A. ( A T 3 1 D E C E M B E R ) 28 29

16 1. Branch in Białystok ul. Piękna 1 1) Operating Branch in Łomża ul. J. Piłsudskiego 75 2) Operating Branch in Białystok ul. Lipowa 6 2. Branch in Bydgoszcz ul. Bernardyńska 13 1) Operating Branch in Inowrocław ul. Dworcowa 37 2) Operating Branch in Bydgoszcz ul. Broniewskiego 4 3. Branch in Częstochowa ul. Jana Pawła II 54 1) Operating Branch 1 in Częstochowa Pl. I. Daszyńskiego 9/10 2) Operating Branch 2 in Częstochowa ul. Krakowska 26 3) Operating Branch 3 in Częstochowa ul. Wolności 18 4) Operating Branch 1 in Kielce ul. Warszawska 31 5) Operating Branch 2 in Kielce ul. Sienkiewicza 37 6) Operating Branch in Kłobuck ul. 11 Listopada 8 4. Branch in Gdańsk ul. Podwale Przedmiejskie 30 1) Operating Branch in Gdynia ul. 10 Lutego 32 2) Operating Branch in Słupsk ul. Szarych Szeregów 14 3) Operating Branch 1 in Gdańsk ul. Świętego Ducha 13/15/17 4) Operating Branch 2 in Gdańsk Al. Grunwaldzka 76/78 5) Operating Branch in Sopot ul. Kościuszki 5 5. Branch in Katowice ul. Warszawska 31 1) Operating Branch in Bielsko-Biała ul. Legionów 57 2) Operating Branch in Mysłowice ul. Wielka Skotnica 6 3) Operating Branch in Zawiercie ul. Gen. W. Sikorskiego 6 4) Operating Branch in Katowice ul. Kościuszki 43 5) Operating Branch in Sosnowiec ul. 3 Maja 27 6) Operating Branch in Rybnik ul. Chrobrego 6 7) Operating Branch in Gliwice ul. Zwycięstwa 32 8) Operating Branch in Tychy Al. Niepodległości Branch in Koszalin ul. Zwycięstwa 42 1) Operating Branch in Kołobrzeg ul. Piastowska Branch in Kraków ul. Piłsudskiego 23 1) Operating Branch in Krzeszowice ul. Walkowskiego 2 2) Operating Branch in Nowy Sącz ul. Dunajewskiego 3 3) Operating Branch in Nowy Targ ul. Krzywa 9 4) Operating Branch in Oświęcim ul. Mickiewicza 9 5) Operating Branch 1 in Kraków Al. Kijowska 14 6) Operating Branch 2 in Kraków ul. Szpitalna ) Operating Branch 3 in Kraków Plac Wolnica 4 8) Operating Branch 4 in Kraków ul. Kielecka 1 9) Point Of Service in Zakopane ul. Jagiellońska Branch in Lublin ul. Krakowskie Przedmieście 54 1) Operating Branch in Chełm ul. Lubelska 8 2) Operating Branch 1 in Lublin ul. S. Rzeckiego 21 3) Operating Branch 2 in Lublin Al. Kraśnicka 215 A 4) Operating Branch 3 in Lublin ul. Kameralna 1 5) Operating Branch 4 in Lublin ul. Nałkowskich 107 6) Operating Branch 5 in Lublin ul. Kunickiego 143 7) Operating Branch in Puławy ul. Lubelska 2b 8) Point Of Service in Lublin ul. Orkana 4 9. Branch in Łódz ul. Piotrkowska 166/168 1) Operating Branch 1 in Łódz ul. Matejki 16 2) Operating Branch 2 in Łódz ul. Piotrkowska 103/105 3) Operating Branch in Bełchatów ul. 1 Maja Branch in Olsztyn Pl. Konsulatu Polskiego 6 and ul. Partyzantów 3 1) Operating Branch in Ełk ul. Wojska Polskiego 65 2) Operating Branch in Elbląg ul. Pułkownika Dąbka 136/3 3) Operating Branch in Olsztyn ul. M. Wańkowicza 9 4) Operating Branch in Suwałki ul. T. Kościuszki

17 11. Branch in Opole ul. Krakowska 53 1) Operating Branch in Kędzierzyn-Koźle ul. Wojska Polskiego 6 2) Operating Branch in Nysa ul. Rynek Branch in Ostrów Wielkopolski Al. Powstańców Wlkp. 14 1) Operating Branch in Kalisz ul. Majkowska 17A 2) Operating Branch in Ostrzeszów ul. Św. Mikołaja 9 3) Point Of Service in Ostrzeszów ul. Zamkowa 31 4) Point Of Service in Ostrów Wlkp. Al. Powstańców Wlkp Branch in Poznań ul. J. Dąbrowskiego 81/85 1) Operating Branch in Konin ul. Spółdzielców 3b 2) Operating Branch in Zielona Góra ul. Westerplatte 50 a 3) Operating Branch in Gniezno ul. Budowlanych 2 4) Operating Branch in Poznań ul. Wielka 14 5) Operating Branch in Gorzów Wlkp. ul. Sikorskiego 140A 6) Operating Branch in Swarzędz ul. Rynek 19 7) Point Of Service in Gniezno ul. Budowlanych Branch in Rzeszów ul. S. Moniuszki 8 1) Operating Branch in Leżajs ul. Mickiewicza 82 2) Operating Branch in Tarnobrzeg ul. Sandomierska 5a 3) Operating Branch in Rzeszówe ul. Okulickiego 6 4) Operating Branch in Mielec ul. Rynek Branch in Tarnów ul. J. Piłsudskiego Branch in Toruń ul. Dominikańska 9 1) Operating Branch in Toruń ul. Szosa Chełmińska 154 B 18. I Branch in Warsaw Al. Wilanowska 372 1) Operating Branch 1 in Warsaw ul. Grochowska 234/240 2) Operating Branch 2 in Warsaw ul. Gen. R. Abrahama 18 3) Operating Branch 4 in Warsaw ul. Kondratowicza 22/3 4) Operating Branch 6 in Warsaw ul. Kabacki Dukt 14/7 5) Operating Branch 8 in Warsaw Al. Jerozolimskie 179 6) Operating Branch in Płock ul. A. Gradowskiego 11 7) Operating Branch in Radom ul. Żeromskiego II Branch in Warsaw Al. Solidarności 104 1) Operating Branch 3 in Warsaw ul. Kijowska 11 2) Operating Branch 5 in Warsaw ul. Marszałkowska 78/80 3) Operating Branch 7 in Warsaw Al. Jana Pawła II 34 4) Operating Branch 9 in Warsaw ul. Wojciechowskiego 37 5) Operating Branch 10 in Warsaw Przy Agorze 28 6) Point Of Service in Warsaw ul. Przasnyska 6 a 7) Point Of Service in Warsaw ul. Wawelska 52/ III Branch in Warsaw Al. Jana Pawła II Branch in Szczecin ul. Św. Storrady 1 1) Operating Branch 1 in Szczecin al. Papieża Jana Pawła II 6 2) Operating Branch 2 in Szczecin al. Wyzwolenia 29 3) Operating Branch 3 in Szczecin ul. B. Krzywoustego 8 4) Operating Branch 4 in Szczecin ul. Leszczynowa Branch in Włocławek ul. T. Kościuszki Branch in Wrocław ul. G. Zapolskiej 1 1) Operating Branch in Jelenia Góra ul. Wolności 5 2) Operating Branch in Legnica ul. Złotoryjska 4 3) Operating Branch 1 in Wrocław ul. Dokerska 3 4) Operating Branch 2 in Wrocław ul. Horbaczewskiego

18 O U T L E T S A N D P O I N T S O F S E R V I C E O F B A N K O C H R O N Y Ś R O D O W I S K A S.A. ( A T 3 1 D E C E M B E R ) 34 35

19 D I R E C T O R S R E P O R T O F B A N K O C H R O N Y Ś R O D O W I S K A S.A. F O R W A R S A W, M A R C H

20 CONTENTS: I. THE BANK S ACTIVITIES FACTORS AND EVENTS AFFECTING THE BANK S FINANCIAL POSITION IN Macroeconomic situation Internal events affecting the financial position of the Bank BOŚ S.A. and the commercial banking sector CORE ACTIVITIES OF THE BANK THE BANK S CORE PRODUCTS, SERVICES AND AREAS OF ACTIVITIES General information Explanations regarding the seasonal or cyclical nature of the activities Pro-ecological activities Retail client services Corporate client services Servicing the public finances segment Services to ecological funds Money and capital market Relationships with foreign financial institutions Investment banking Investment portfolio of equity securities Organization of non-public issues of municipal bonds for local authorities Organization of non-public issues of corporate bonds Liabilities in respect of issuing debt securities or financial instruments MAIN MARKETS AND DEPENDENCY ON PARTNERS Distribution channels The Bank s branch network Alternative distribution channels Number of clients, accounts and payment cards serviced Dependency on partners Sector and geographical concentration ORGANIZATIONAL AND EQUITY RELATIONSHIPS OF THE BANK Organizational and equity relationships Key domestic and foreign investments Securities and financial instruments Realization of the capital expenditure plan Related-party transactions Description of transactions with the Bank s subsidiary, i.e. Dom Maklerski BOŚ S.A Description of transactions with the National Fund for Environmental Protection and Water Management Information on loans and deposits of Management Board and Supervisory Board members of the BOŚ S.A. Group and members of their families Remuneration of key management personnel of BOŚ S.A INFORMATION ON THE BANK S AGREEMENTS Insurance contracts The Bank s cooperation agreements Agreements with the Central Bank and the regulatory bodies Other agreements Agreements with the registered audit company Audit agreements Other contracts with the registered audit company Fee to the registered audit company II. THE BANK S RESULTS THE BANK S BALANCE SHEET The Bank s assets and liabilities from the perspective of liquidity The bank s total equity and liabilities Changes in the structure of the Bank s total equity and liabilities Sources of financing the Bank s operating activities Deposit base of the Bank Information on loans drawn and loan agreements, including their maturities, and on guarantees and warranties granted Information on loans drawn, loan, warranty and guarantee agreements concluded by the Bank, not relating to its operating activities Utilization of inflows from issue of securities

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