The history of representations on the application of Best Practices

The Supervisory Board and the Management Board of BRE Bank made a representation on 18 December 2002 regarding intentions and measures taken for the purpose of observing corporate governance standards in the company. On 21 May 2003 the Supervisory Board and the Management Board in their joint resolution declared the adoption of principles contained "Best Practices in Public Companies 2002" and conformance thereto.

In April 2004 the General Meeting adopted a resolution to introduce amendments to the existing comments of the Bank to principles no. 20, 41 and 43 of "Best Practices in 2002".

In relation to the introduction of the amended version of Best Practices by the Warsaw Stock Exchange, the Ordinary General Meeting of BRE Bank adopted a resolution to observe the corporate governance principles on 22 March 2005 contained in the document entitled "Best Practices in Public Companies 2005".

On 15 March 2006 the Ordinary General Meeting of the Bank adopted amended comments of the Bank to principles no. 10, 11, 20, 26 and 47 of “Best Practices in Public Companies 2005” pursuant to resolution no. 22. According to Bank's Declaration dated 28 February 2007, BRE Bank has obeyed 52 out of 53 principles of the "2005 Best Practices". Only in respect to the principle no. 20 that refers to the independence of the supervisory boards members,  the Bank has not made the relevant statement due to the fact that the BRE Bank’s By-laws do not include the requirement that the Chairman of the Audit Commission shall be the independent Supervisory Board member.

On 7 January 2008, the Management Board of BRE Bank adopted the resolution regarding "The Best Practices of WSE Listed Companies" and declared the will to obey the rules and recommendations contained therein. It was BRE Bank's response to the amended version of "The Best Practices" by the WSE, which came into force on 1 January 2008.