General Meeting of Shareholders of Bank Millennium

- In 2017 Bank Millennium had very good financial results. Consolidated net profit was PLN 681m with growing operational efficiency: ROE reached 9.3% while Cost/Income ratio stood at 45.8%. The Bank announced its new strategy for 2018-2020 comprising measurable financial objectives and mass personalisation. This was appreciated by the Shareholders; the price of the Bank’s shares on the Warsaw Stock Exchange last year grew 72%. I think distribution of dividend is a fundamental thing for a joint stock company; this is why when the external circumstances permit, the Bank intends to return to a policy of paying dividend at 35-50% of net profit - Joao Bras Jorge, Chairman of the Management Board of the Bank, said.

Shareholders representing nearly 76.69% of the Bank’s equity, having heard information concerning activity of the Bank and the Bank’s Capital Group in the last financial year, presented by Mr. Joao Bras Jorge, Chairman of the Management Board of the Bank, considered and approved the financial report of the Bank and the Bank’s Capital Group as well as the 2017 Supervisory Board activity report comprising i.a. results of evaluation of Management Board reports on activity of the Bank and the Bank’s Capital Group in 2017 financial year as well as financial reports of the Bank and the Bank’s Capital Group on 2017 financial year.

Shareholders discharged members of the Management Board of the Bank and members of the Supervisory Board of the Bank from performance of their duties in 2017 financial year.

The General Meeting of Shareholders decided that the Bank’s Supervisory Board of the new three-year term (2018-2020) shall be comprised of 12 members and elected following persons to it: Mr. Nuno Manuel da Silva Amado, Mr. Miguel de Campos Pereira de Braganca, Ms. Agnieszka Hryniewicz-Bieniek, Ms. Anna Jakubowski, Mr. Grzegorz Jędrys, Mr. Bogusław Kott, Mr. Andrzej Koźmiński, Mr. Alojzy Zbigniew Nowak, Mr. José Miguel Bensliman Schorcht da Silva Pessanha, Mr. Miguel Maya Dias Pinheiro, Mr. Dariusza Rosatiego, Mr. Lingjiang Xu.

In connection with the position of the Polish Financial Supervision Authority on dividend policy of banks in 2018 and case-by-case recommendations of KNF defining the minimum level of capital ratios, the Management Board of the Bank recommended to the General Meeting of Shareholders that all of the 2017 profit be retained in the Bank. The Shareholders, in keeping with the Management Board recommendation and Supervisory Board opinion, decided that the Bank’s entire net profit amounting to PLN 649m shall be assigned to reserve capital, which will significantly further improve already high capital ratios of the Bank (21.9%) and the Capital Group (22%).

The Shareholders also amended the Articles of Association of the Bank as regards composition and powers of the Supervisory Board Audit Committee, units supervised by the Chairman of the Management Board as well as internal control system, with the intention to align the Articles of Association with valid legal regulations.

The full text of Resolutions of the General Meeting of Shareholders of Bank Millennium on the Bank’s website: https://www.bankmillennium.pl/about-the-bank/general-shareholders-meetings.