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Management Board Report on the Activity of Bank Millennium and Capital Group of Bank Millennium for 2020

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Management Board Report on the Activity of Bank Millennium and Capital Group of Bank Millennium for 2020 Management Board Report on the activity of Bank Millennium and Capital Group of Bank Millennium for 2020 This document is a translation from the original Polish version. In case of any discrepancies between the Polish and English versions, the Polish version shall prevail. Management Board Report on activity of Bank Millennium 2 and Capital Group of Bank Millennium Group for 2020 TABLE OF CONTENTS 1. BRIEF DESCRIPTION OF BANK MILLENNIUM GROUP .......................................................... 5 2. HIGHLIGHTS OF RESULTS AND ACHIEVEMENTS IN 2020 ..................................................... 8 2.1. SUMMARY OF CONSOLIDATED GROUP RESULTS IN 2020 ........................................................... 8 2.2. MAIN AWARDS AND ACHIEVEMENTS IN 2020 .................................................................... 10 4. INFORMATION FOR INVESTORS ............................................................................... 14 4.1. SHARE PRICE PERFORMANCE .................................................................................... 14 4.2. BANK MILLENNIUM’S RATINGS .................................................................................. 15 4.3. INVESTOR RELATIONS ........................................................................................... 15 4.4. DIVIDEND POLICY ............................................................................................... 17 5. MARKET CONDITIONS AND BUSINESS PROSPECTS .......................................................... 18 5.1. MACROECONOMIC ENVIRONMENT ............................................................................... 18 5.2. IMPACT OF COVID-19 PANDEMIC ON ACTIVITY OF BM GROUP .................................................. 19 5.3. POLISH BANKING SECTOR, BANK’S POSITION AND RISK FACTORS ................................................ 22 5.4. STRATEGY AND BUSINESS DEVELOPMENT PROSPECTS ............................................................ 28 6. FINANCIAL SITUATION ......................................................................................... 30 6.1. PROFIT AND LOSS ACCOUNT.................................................................................... 30 6.2. RESULTS OF BUSINESS SEGMENTS............................................................................... 34 6.3. BALANCE SHEET AND OFF - BALANCE SHEET ITEMS ............................................................. 37 7. PRESENTATION OF BUSINESS ACTIVITY ..................................................................... 46 7.1. INNOVATION AND HIGHEST QUALITY OF POSITIVE CUSTOMER EXPERIENCE ....................................... 46 7.2. RETAIL BANKING ............................................................................................... 47 7.3. CORPORATE BANKING .......................................................................................... 55 7.4. SUBSIDIARIES ACTIVITY ......................................................................................... 61 8. RISK MANAGEMENT ............................................................................................. 65 8.1. RISK MANAGEMENT ............................................................................................. 65 8.2. CAPITAL MANAGEMENT ......................................................................................... 68 8.3. CREDIT RISK .................................................................................................... 73 8.4. OTHER RISKS ................................................................................................... 75 9. HUMAN RESOURCES MANAGEMENT .......................................................................... 81 9.1. PERSONNEL POLICY............................................................................................. 81 9.2. EMPLOYMENT AND STAFF COSTS ................................................................................ 83 9.3. REMUNERATION POLICY ........................................................................................ 84 10. PRINCIPLES OF CORPORATE GOVERNANCE AT BANK MILLENNIUM ...................................... 88 10.1. STATEMENT ON THE PRINCIPLES OF CORPORATE GOVERNANCE APPLIED IN 2020. .............................. 88 10.2. SHAREHOLDERS AND GENERAL MEETING OF SHAREHOLDERS .................................................... 90 10.3. SUPERVISORY BOARD ........................................................................................... 92 10.4. MANAGEMENT BOARD ......................................................................................... 102 10.5. INTERNAL CONTROL SYSTEM AND EXTERNAL AUDITOR ......................................................... 107 11. THE BANK’S CORPORATE SOCIAL AND ENVIRONMENTAL RESPONSIBILITY ............................ 112 12. ADDITIONAL INFORMATION .................................................................................. 118 13. STATEMENTS OF MANAGEMENT BOARD .................................................................... 119 2 Management Board Report on activity of Bank Millennium 3 and Capital Group of Bank Millennium Group for 2020 Dear Sirs, For a person managing a bank every year is intense and unique. In this respect 2020 was absolutely surprising and unpredictable. The Bank was operating under difficult epidemic conditions, in an environment or significant economic slowdown and decrease of interest rates to historically low levels. The key elements were protection of life of employees and customers and business continuity. To maintain the operational capability of the entire sector, a guarantee of availability of funds, seamless payments done by customers and implementing forms of supporting clients in this stressful times. The banking sector passed the test colours flying. Bank Millennium has shown great flexibility and speed of operation. Experience of 2020 made me realise even more, how important in any organisation are the employees who make-up a great team. I want to thank all employees of Bank Millennium Group for great commitment, harmonious cooperation and for the ability to face- up to difficult situations. 2020 will be remembered by us as the year of the three-fold reduction of interest rates by the Monetary Policy Council to virtually zero level, which permanently lowered credit margins and changed the business model of the entire banking sector in Poland for a long time. In such difficult conditions, the Bank Millennium Group's consolidated net profit, taking into account the large burden of provisions, amounted to PLN 23 million and was much below our aspirations. Adjusted for extraordinary events (in particular, PLN 677 million of provisions for legal risk related to the portfolio of FX mortgage loans granted by Bank Millennium), the net profit would be PLN 709 million, and the adjusted ROE of 7.8%. However, we were distinguished by strong capital ratios - the consolidated TCR/T1 ratios were 19.5%/16.5% respectively, well above the regulatory requirements. The business results for 2020 were more positive than our expectations. The number of active retail clients exceeded 2.6 million. Mortgage loans achieved record sales of PLN 6.8 billion and increased by 57% compared to the previous year, and the market share reached 12.2%. The four quarters of 2020 also brought solid sales of cash loans worth PLN 4.62 billion. Electronic banking was actively used by over 2.05 million retail clients, and the mobile application was used by 1.7 million. In the third quarter, there was a noticeable start to a recovery in corporate banking activity, that demonstrate a fast reaction of companies to the new environment and a lower economic deterioration that forecasted. In 2020 many new functionalities were introduced in internet banking, mobile application and branches. As one of the first banks in Poland, Bank Millennium began offering services using the potential of open banking, based on the PSD2 directive. We have also enriched our offer with further non-banking services - we are consistently developing our electronic banking channels, perceiving them as a center for managing every day, not only financial, users’ affairs. Innovation is still one of the strategic elements of the Bank's development. The fact that we have been focusing on the development of remote channels for years was extremely important in the year when we had to quickly adapt our services to the new realities and when banking from home became an everyday reality for most of our clients. The year 2020 has shown even more the importance of the philosophy of running a business and achieving goals, with simultaneous great attention to ethics, responsibility, care for customers, employees, local community and the environment. The business goal of "banking without physical, infrastructural and digital barriers" became particularly important socially in 2020. Thanks to electronic banking, our clients could safely pursue their financial goals during the pandemic, without leaving home. The branch employees supported customers who had so far been less active using the application or online banking, as a result the number of customers using electronic banking increased by 12%, and the number of customers using the mobile application by 18%. Immediately after the outbreak of the pandemic, we launched aid measures by introducing, among others, credit holidays for people and companies experiencing problems with debt repayment, and we helped medium and large enterprises to maintain liquidity. Through the banking platform,
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