Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (PKO) Earnings Call Transcript & Summary

[Foreign Language] Pass on to the second item of the agenda, electing the Chairperson of the Annual General Meeting. Please submit any candidacies you might make.

Stefan, [indiscernible] I'd like to put forward Mr. -- [ Counsel Kaczorowski ].

Thank you very much. Any other candidates? I don't see any. That being the case, let's pass on to casting our votes. Perhaps before we do that, may I ask for a couple of words on the technicalities of casting your votes. Well, ladies and gentlemen, let me only remind you how to use the tablets. The moment voting session is advised, on your tablets, you'll see the buttons: Yes, no, abstain. On the first screen, you make the decision you wish to make. Press the button. And on the next screen, you have a confirmation of your decision and underneath, there's a button confirm to confirm the button and cast the votes as you've chosen. I think you're very well aware of the technology and shouldn't cause any problems. Should any problem arise, we are here with you at all times at your disposal, if necessary. Thank you very much. Thank you. Is everything clear as far as the technicalities of voting is concerned, then I'm opening the voting session for the chairperson of the general meeting. It's going to be by secret ballot. Please cast your votes now. [Voting]

Cast your votes. Can we have the results? Thank you. Thank you very much. Let me inform you that a total of 834,577,415 valid votes were cast out of [ 835,500,000 ] and [ all the same ] number of shares, representing 66.7% of the share capital. In favor, 834,577,415 votes were cast, none against, no abstentions, a total of 834,577,415. And I wish to inform you that as a result of the voting the Chair of the general meeting will be counsel [ Rafal Kozlowski ]. And in conjunction with that, I'm giving the floor over to him. Thank you very much.

[ The [indiscernible] of the mic, we cannot hear and cannot interpret. ] Ladies and gentlemen, we're at item 3 of the agenda. And as part of the item, which is the acknowledgment of the -- that the general meeting has been correctly convened and has the authority to adopt binding solutions. Let me remind you that PKO BP is a public company. Therefore, it is bound by provisions on the convention of general meetings 26 days ahead of the planned date of the general meeting. And pursuant to Commercial Companies Code, the company published it both as a current report and on its website by convening the GM for today, June 7, 10 a.m. in its registered [indiscernible] in [ Pulawska 15 Street ]. And today, we have shareholders representing a total of 815,000,000 representing 66.67% of the share capital. To confirm that I have subscribed to the attendance list, which will be given as an attachment to [indiscernible], notary public, who will be taken minutes of today's meeting. The attendance list is at your disposal in the course of the general meeting, as well as thereafter you'll be able to receive a copy of the list. It's at the disposal of all the shareholders present. So over to the notary public. Please take care of them. And for the sake of formalities, I confirm that the General Meeting convened for today has been convened correctly and has the authority to adopt binding resolutions pursuant to the agenda. For technical reasons, let me remind you, additionally, that I will be submitting to vote, at the time necessary as required by the agenda, I'll be submitting the resolutions to vote pursuant to the content or in line with the content as published on the website. If there are any proposals of the items, then I will reading them out loud as suggested. Okay. Ladies and gentlemen, We're passing on to item 4, which is the adoption of the agenda. Any comments? Yes, please. Please use the mic. We cannot hear the comment.

Thank you very much. [indiscernible] representative of the [ Ministry of State ]. I'd like to submit a motion subscribed by the minister of 2 candidates to be included in the Supervisory Board and the bios of the candidates and their representations also are -- which have also been published on the website.

Yes, please. Thank you very much. Please submit those documents. But obviously, we will be proceeding -- okay. We'll be proceeding as -- is that all? Okay. So I'm putting these aside. But obviously, the item where we will be proceeding -- any items of the changes to the Supervisory Board composition is in item 9 unless any change is made as part of item 4. But as part of item 4, which is the adoption of the agenda, let me ask you if there are any proposals regarding the changes to the agenda as published in current report 60/'21. Would anyone like to propose any modification? If I don't see any such proposals, I will consider that the GM will be proceeding as published in the report because it's bound by the company Board's proposal. I don't see any. Thank you. Ladies and gentlemen, we have exhausted item 4, and we can pass on to the substantive items, being those connected with the financial reporting of the company for 2021. We will be summarizing that year. And as part of that summary, we have item 4 of the agenda, so consideration of financial statements of PKO S.A. for year ended December 31, 2020, and the proposal of the Management Board to cover the loss and to retain undistributed profits of PKO from previous years as undistributed profit. I will obviously be asking for a consideration as part of this item, but may suggest that we combine it with item 6, consideration of the Directors' Report. And with the Directors' Report on the representation expenses as well as expenses for legal marketing, public relations and social communication services, public relations as well as management consulting services for 2020 as well as the consolidated financial statements of PKO BP SA Group for the year ended 31st December 2020. May I ask the CEO to deliver a couple of words of comment, presentation and then consider the items. Over to you, sir.

Dear Mr. Chair, dear shareholders, members of the Board and Supervisory Board of PKO BP, it's my great pleasure to represent the company's Board for the 11th year time and the last time at the Annual General Meeting. Before we summarize 2020, which was a difficult year abounding in unusual events, let me show you a couple of slides where I'd like to present to you the time of my presence at a bank, i.e., the years 2009 from October 1 until today's General Meeting by using the logical metaphor connected with aviation. Let me show you a slide. We are -- I'd like to present the latest 11 years at PKO BP, 2009 million represented by a hard copy traditional bank with processes based on paper technology, high copy technology, and to go to 2020, where we present our bank in a totally different format. Well, obviously, the slide is limited by its size to present all the good things that have happened over the 11 years, and that have made PKO BP to be an unquestioned leader in the banking sector in Poland. To make you realize all those details, it makes sense to take a look through the prism of people because the bank are obviously assets, equity and liabilities, deposits, loans, IT systems, branches, applications, but there are people behind all those solutions. The PKO BP staff that have made us arrive at this fantastic situation. From the shareholders' point of view, it's fantastic, because if we take a look at the simple slide showing a summary of -- I'm sorry, of the competition in the Polish market with the second runner-up bank, another great bank, PKO which used to be -- which used to belong to the Italian UniCredit Group. At the year -- at just 1 day before my coming to the bank, that's simple form of juxtaposition of those 2 institutions showed that the market capitalization of PKO BP represented PLN 33.6 billion and PKO is PLN 39.9 billion, i.e. PLN 6 billion of difference to the advantage of PKO as a competitor. I won't be mentioning all the other dimensions that show that the competitor of our bank was valued -- was not only valued higher by stock market analysts but also -- investors but also analysts, opinion leaders, that it was a much better bank. After the 11 banks, the perception of both institutions has strongly shifted to the advantage of my bank. A year before my resignation being announced, the market cap of our bank was valued about [ PLN 36.5 billion ], whereas our competitor at PHP 22.5 billion. The difference of PLN 24 billion difference explains everything. PLN 24 billion is the work of those hundreds and thousands of managers and rank and file staff of PKO BP Group, which has been competing in various fields with the external world. Very good banks, because the Polish banking sector is a very state-of-the-art sector, we've been able to build such a great and strong advantage. At this point, I'd like to thank the creators of -- the [ offers ] of the success managers and customers of the bank. And I'd like to take this advantage because I can see the representatives of the trade union of the bank, the so-called social side, I'd like to thank you for the [ Yorko ] operation over the 11 years for the discussions on what to do to make things better. We've made it. It is better. Now a couple of signals showing different dimensions of our bank's success story, starting with the left, the organic growth of the assets in [ 2009 ], 2020, you can see that not only was there an increase in the market cap, but also the asset base was the greatest one in the market. Also whether you look at through the formula of loans or the trust given to us by our customers by entrusting their deposits to us. Also, the entire bank group mentioned here on the right-hand side, shows that in every space aspect, we've been winning with our competition has grown and won new markets. When in 2019, we were presenting PKO BP's strategy for the next couple of years, we developed the strategy which we called PKO Bank of the Future. We also use the same slogans -- in English, it was a PKO banking platform to use the same -- the acronym of PKO BP. Why? Because we wanted to follow the logic. The platformization of customer services is something that's been going on for years. We embarked on this way in 2012, '13 when we build something which will probably be engraved in the history as a strong unique competence. We built a mobile application, IKO. Which is a strong -- a major strength of our organization. And hopefully, it will stay that way. Back then, when we developed the strategy in 2019, other than quantitative goals, we also defined qualitative and quantitative goals. The quantitative goals were [ tearing ] apart when in March 2020, a great global pandemic started, a huge unknown, not only from the point of view of people's health globally, our staff and customers' health, but also from the economic point of view, which might translate and is translating into the financial results of our bank. In 2020, we also made the decision to try and resolve the problem connected with mortgage loans denominated in foreign currency, especially in the Swiss franc. Hence, the result for 2020 is what you've been told about that was presented to you a couple of weeks ago. Over the last couple of years, we've been working on 2021. Coming back to the basics of our strategy from 2019, and we're convinced that not only in the qualitative layer, i.e., the acceleration of digitalization and the access -- the services used by the citizens in Poland, we're also capable of coming back to good financial results, continue them. And this is reflected by the good result for Q1 2021. It is not based on any special one-off events. We are strong in the 2 basic revenue lines. That's the revenue on interest and revenue on provisions. But we're convinced that we can cope with the results defined for 2022. We hope that the Board, managers and staff of the bank will make it and build a bank which, in 2022, will meet the strategic goals defined in front of the bank. 2020, that I'd like to pass on to, as I said, was a difficult year for our bank owing to the pandemic and owing to the attempt to resolve the CHF-related problems. I'd like to ask Rafal Kozlowski, the VP of the bank, our CFO, who was the project leader connected with the CHF problem at the Board level. And we will also present to you the financial results of the group for 2021 -- for 2020. Thank you very much. I'd like to say goodbye and inform you that I'm also a shareholder. I have kept 102 shares of the bank. Because this year, the bank has turned 102, so I'll be keeping them and give them over to my family successors. Thank you very much.

Thank you very much. We would also like to thank the President, Mr. President for -- and no, we would like to ask Mr. President to now announce the results.

This is a good starting point to present the results for the year 2020. I will concentrate on the corrected or adjusted result, which shows the result of the bank after the closure of the Swiss franc issue. And as the President said, we are on a good track to meet our goals for the year 2022. So how have we cleared the results to show this figure? Well, we just cleared it from the write-downs for the credit risk and the Swiss franc issue and also the -- all the securities related to the Swiss franc, the hedging. And hence, the result, which is minus PLN 2.6 billion, which in the financial result is over PLN 3 billion. However, this result has burdened also some write-downs for the pandemic issues. We will return to the figures in a minute, but I would like to tell you something about the banking platform. Our President mentioned the IKO app, which is a great success as far as the number of clients and usability. We've taken over our clients and our competitors in this regard, and we know that we have over 5.5 million users of the app. The second issue is the autonomous nature of the bank, robotization of processes, also automation, chatbot service. We believe this is the future for our bank, and it will slowly replace those channels of distributions that our clients use the most at present. As far as the involvement of our clients is concerned, we have established an auto market last year, a place where we go beyond traditional banking services and we offer a possibility to purchase or land a car. So we want to be something more than just a banking platform, a platform for financial services. Also, we've managed to add some more services to IKO. We've become a technological company, technology assets are now in our portfolio more visible than tangible assets. We have also decided to move our assets to the cloud so as to be able to develop faster. And now I would like to return to one more aspect concerning the ESG. For the last 2 years, we've been discussing the issue of responsible business also in environmental terms. We have launched a special project in this regard. We are limiting continuously the use of paper, the -- our CO2 emissions. And we are modifying our policy of financing the high emission sectors. We have decided there's going to be no new engagement in the coal mining sector. And also the environmental risk analysis has become a regular part of the credit risk analysis. Now I will move to the revenue figures, which have not changed much. The interest rate -- net interest income despite the interest rate risk, the interest income in annual terms has not changed, but the net fee and commission income increased and it became the main engine of our growth, and we see [ CDOE ] has been precisely what we predicted. So now the risk slide, the risk costs are under control. The write-downs for specific exposures were similar to what we noted in 2019. So it was over PLN 1.1 billion. But for methodological reasons, we created more write-downs for statistical results of the pandemic. So we did not assume that the financial shield was going to be so developed. So we decided to keep it as statistical provisions for future periods. And the biggest hit on our result, which was the write-down of risk on currency-denominated loans, it's over PLN 6.5 billion, which we recognized based on the decision on the 23rd of April, and this reflects the value of the loans properly, providing that the clients will use the settlements proposed by the bank despite the loss for last year and the PLN 6.5 billion costs recognized last year. We have completed the year 2020 with a capital surplus of over PLN 14 billion, and we also worked out a PLN 1.2 billion result, which is repeatable -- was repeated. So therefore, this financial surplus were going to -- is going to develop, and the bank is has a high liquidity position and the highest ever liquidity results. Thank you.

Ladies and gentlemen, As I informed you previously, we are going to move to item 5 and 6 jointly. And if you have any questions, then please raise your hand. And yes, I think we have one gentleman. So please present yourself and ask your question.

[indiscernible], I'm a minority shareholder. This year, like last year, I will concentrate on issue related to climate. Climate change is the biggest challenge to the world economy and to our national economy in the coming years. The Secretary General of United Nations called for total resignation from coal mining. And we have made commitments for the year 2030. In the secretary's words, this is biggest step that we can take so as not to exceed the increase in temperature of 1.2 centigrade. And we have also -- we also know the report of the energy agency with a call for immediate halting of coal mining. But also in order to end -- but also the ending of any sort of investment until 2021 in fossil fuels extraction, the United States has committed to end fossil fuel extraction in this country. Also, the Dutch Shell company has to cut on the emissions figures. The German court verdict also stipulated that those sort of activities should cease. And also the European Union court decided to also stop the Turów brown coal mining activity. So now a series of my questions based on the Management Board report. In your management report, you included some sort of update on your emissions -- CO2 emissions policy. This policy covers the brown coal mining sector and other mining-related sectors, excluding areas and any other activities such as distribution of electricity. It assumes a reduction of high-emission sectors in the value of loans and back securities in the balance sheet figure and it also assumes finishing of financing of coal mine and coal-based power plants. But your -- but the policy and this update made in 2020 does not state the pace of implementation of this commitment. So are you planning until the 2030? And what sort of pace of limiting the loans for the high [ machine ] sector, do you foresee -- did you foresee it in 2019? Or whether the pace of reduction has slowed down or maybe was maintained in 2020? Your policy does not state whether you want to reduce the financing in absolute figures or in percentage figures. So I would like to ask about the absolute figures as far as the change and the reduction in this financing is concerned. Third question, last year, I asked the Management Board about the place of climate issues in the loan portfolio. And the Management Board responded that they are preparing for assessing the emission value of their investment portfolio. So I would like to ask about the progress, whether the bank has reassessed their loan portfolio. What are the conclusions? Have you also performed a climate assessment of your investment portfolio? And what is the share of high emission sector in your investment portfolio? Question five, how much did the financing of the emission sectors decreased and when? And if are you going to report on the reduction of your -- in your emission portfolio so as to enable the assessment of progress in order to meet the objectives set for 2050. So these questions were also sent in writing in order for the shareholders to be able to read them. So -- and also in what way, the emission policy is supposed -- affects its investment policy. Are you going to assess securities in -- also in terms of emission generation? And also, because I don't see any mention of the emission clause in your bonds policy. So do you intend to introduce such criteria? And so when you -- I mean the companies -- there are companies that plan to build mining to have mining operations and are you going to -- how about this, taking that into account in your investment policy? There is the issue of brown coal mining also. In order to limit the growth of Earth temperature, we not only have to limit the coal extraction or to stop the coal extraction, but we also have to stop exploiting gas and oil resources. So how do you intend to take this into account? And how do you intend to limit the risk related to that? The European court of -- Court of Justice committed Poland to stop extraction from the Turów brown coal plant, is there a risk of your high emission sector clients under assessing of risk, not taking into account this verdict of the European Court of Justice? And whether you intend for the companies to -- whether you intend to take into account that the companies are not going to obey the verdict of the European Court of Justice?

Well, you have -- perhaps you've made a mistake not -- you have not cheated, as you said at some point, and as far as the number of questions was concerned. So now the position of the Management Board. On behalf of the Management Board, I would like to inform that we will provide an answer in writing. So therefore, in accordance with the provision of the commercial companies called this -- the position of the bank will be published in writing. Now we will move to further questions. I can see a hand raised in the back of the room.

I'm also a minority shareholder. I have a question. How do you assess reserve for risk, whether it's -- I'm not sure if I...

We can't hear you, really. So please speak close to the mic.

How do you assess the claims for Swiss franc loans, whether is it assessed based on the court cases that are pending or any updated -- any updates? So if you lose one case from -- in a given type of loan, on what -- or a second type of loan, on what basis does the bank apply this experience to -- or the status to the other clients of the bank? If you realize that the -- there are going to be claims from Swiss franc clients, should you not project this sort of conclusion onto the other loans of Swiss franc clients or -- because there may be a risk of damage related to under assessment of these claims? Also, when establishing the financial results for 2020, what was the financial result in terms of one-off transaction of sales of tangible assets because you are decreasing the number of your outlets. For example, in Novogratz Street, so how much money did you -- how much money -- how much -- what was the results generated on the sales of those tangible assets such as your -- the real estate, the outlets?

Do you have your questions in writing so that we can follow them in...

I don't have them in writing. And one more question. This microphone is a bit faulty, but I have some trouble holding it properly, but I have a question. The bank is conducting some card cases against -- for damages against some members of the bank's authorities, because the matter is related to the Nordea bank. The PKO BP is a renowned institution historically, and currently, there is -- there is a OTP back in Hungary, which -- and you can compare the results of the OTP with PKO BP to see that the purchase of Nordea Banks just was fatal for the results of PKO OBP. And hence my question -- sorry, this is mic is not very good. As we compare the result of OTP Bank and PKO BP and the respective growth curves, it turns out OTP had a greater market cap than PKO BP, even though Hungary only has 10 million -- a population of 10 million. But I think the graph will be more informative. I just sent it to the Minister of State Assets in a report. How PKP OBP has failed to grow. And there are some graphs showing the comparison of the PK OBP and OTP. This is connected with the possible proceeding toward the Board of Directors and possibly the Supervisory Board members who approved the purchase of Nordea -- the [ position ] of Nordea Bank. So it's a question of whether someone would have looked into the transaction, the efficiency effectiveness and it turned out that it was built by a state-owned bank. And likewise, Alior Bank was a similar situation where it was basically sold to private investors in a private company. So it happens that private -- the private sector is more informed, but it would be worth looking into the motives. Can you say what connection of what you said with the financial reporting for 2021, which is the subject of our consideration, in particular items 5 and 6 that we are covering right now. That's, the financial reporting for 2020?

I'm sorry. I might go wrong, but the transaction you are mentioning here took place about 10 years ago, 8 or 5, whatever. But definitely not in 2020 or '19 or '18.

That's right. I don't see a connection. Can you please make me realize what the connection is?

Let me make you aware of it. The effects of this transaction are visible sometime later at the beginning of the transaction. It may have been evaluated positively. But today, we can see that from the perspective that the acquisition of that bank was a [ mistransaction ], and it is connected with the results for 2020. The question is whether any proceedings are being made towards the Board members who made that decision. And if so, it might be connected with the expectation to get some compensation from those board members. And it might have an impact on the valuation. At one point, the bank must decide whether you press your charges against those people or not. If it's too early, this question might be asked again going forward. But I believe this is the right moment because this might show how the acquisition of the bank has translated into the results and valuation.

Thank you. I'm sorry, but I don't see this connection. I mean we're talking about specifically about the reporting for 2020, financial and management reporting. And the transactions that took place 10 years ago don't cause for the financial statements for 2020 to have to be changed or be different. Also in the reading between the lines, a possible vote of approval might be considered.

This is not the valid question because the vote of approval for 2010 or '11 or '20 -- or '12, sorry, have been already given, and we will be talking about the vote approval again for 2020 rather than the previous years.

But you have presented your arguments twice. You know my point of view, but there are also 2 other questions asked by you. So may I ask you -- ask the Board to please take a position on further activities.

Yes, please.

Thank you very much for those 2 questions. As regards the mode of valuating the write-downs and reflecting them in our books, we have presented -- well, but let me just present it. For each individual loan, we assumed an individual probability of lawsuit as opposed to an amicable settlement. Let me just -- by way of simplification, we assume that 10% would sue us and about 70% would approve the amicable settlement put forward by the votes. But to address your question, every loan is equipped in an impairment charge of about 7%. And let me remind you that the portfolio of mortgage loans in foreign currencies is about PLN 20 billion worth. And the second question, as regards to the sales of tangible assets, there have been no significant transactions in excess of several million zlotys. Thank you.

Thank you very much. Any other questions?

[indiscernible] by way of complementing the CFO's answer. I'd like to ask about the nominal amount of the largest Swiss franc mortgage loan because relating to the size of the remaining portfolio might be misleading because people who have paid for mortgage totally might also press their charges or present their claims. Well, my question boils down to whether the bank was including the risk. If it should be losing court cases in light or stemming from a certain loan model, the question is whether it would address the customers with a solution whereby it would settle. In line with the legal status stemming from the court decisions, that would seem a reasonable way. Well, we have the legal status. We made our customers incur losses for many years, and we cannot just balance or just compensate to those who have sued us and are being dissed from this by the media. But the bank knows the legal status and knows very well that the customer is entitled to such money. So basically, whether the bank should not propose and settle based on this, based on the legal status stemming from the court proceedings, I think that then the amounts would be way higher and they would relate to the nominal highest portfolio amount rather than the leftover after the repayments.

Thank you very much. Is the Board capable or ready to provide an answer to such a detailed question?

Yes. Thank you very much for your question. As regards the totally repaid mortgage loans because that's what your question was. We are also creating adequate provisions for them. Thank you very much.

I don't see no -- any further questions. In that case, let's pass to the discussion on the next item of the agenda, that's item 7, consideration of the report of the Supervisory Board of Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna for 2020. Let me remind you that as part of the report also the bank published the report of the Supervisory Board, and the Supervisory Board members are present with us and at your disposal. Does anyone want to say anything about this item? I don't see any. So that being the case, I conclude that we should pass on to item 8. That's the Supervisory Board's presentation of the assessment of the functioning of the remuneration policy of PKO BP, opinion on PKO BP's application of the corporate governance rules supervised institutions, assessment of the manner in which PKO BP fulfills its information obligations concerning the corporate governance rules laid down the Warsaw Stock Exchange rules and in the regulations concerning current and periodical information provided on issues and securities, assessment of rationality and sponsorship and charity policy and similar policy pursued by PKO BP. Let me remind you that the adequate evaluation was also duly published. I'm opening the floor for the discussion. If you would like to say anything, the Supervisory Board members are at your disposal. I don't see any hands raised. So I'm passing on to item 9, adopting resolutions on several issues, and we have several subitems. And my proposal is as follows. We will be proceeding on the resolutions, resolution drafts, the matter has been discussed. But if you have any remarks or comments,on the content of the resolution, we will be taking on such discussion and addressing them in line with the content. As part of item 9, there are several resolutions to be adopted whose drafts have been put forward to you as part of the current report 60/'21. If there are no other proposals, that's the exact content of resolutions that will be submitting to vote. As part of item 8, we will be voting on the approval of financial statements of PKO BP S.A. for the year ended December 31, 2020. There is a resolution on the materials with an identical title. Does anyone have any comments on this draft agenda? I understand that everybody has had an opportunity to get acquainted with the draft resolution. Since we will be taking vote right now, let me ask you if the system is ready, I can see a confirmation from the supporting company on the technical side. So hopefully, we can pass through the voting sessions. The first one is on the approval of the financial statements of PKO BP for the year ended December 31, 2020. I'm opening the voting session. Please cast your votes now. [Voting]

Thank you very much. Yes, another moment, I understand. Thank you very much. More tablets. Ma'am? Okay. Thank you very much. I understand everybody has exercised their voting right. Voting session is closed. Please present the results. The results will be displayed on the screens. And I conclude that the resolution has been adopted with 830,350,145 in favor; none against; and 4,227,270 abstentions. As part of subitem B, we have the approval of the Directors' Report on the PKO BP Group's prepared jointly with the Directors' Report, together with the report on presenting representation expenses as well as expenses for legal, marketing, public relations, social communication and management consulting services for 2020. As part of this item, we have the corresponding draft resolution. Does anyone have any comments? Please prepare the system. The system is ready. It is. So I'm opening the voting session now. [Voting]

Thank you very much. I'm closing the voting session. Please present the results. Ladies and gentlemen, the resolution has been adopted with 830,350,145 votes in favor; 4,227,271 abstentions. Passing on to subitem C, approval of the consolidated financial statements of PKO BP Group for the year ended 31st December 2020, and the same draft resolution from the current report. Does anyone have any counterproposal? I don't see any. The system is ready. I'm opening the voting session, please cast your votes now. [Voting]

I'm closing voting session. Please present the results now. Thank you very much. I conclude that the resolution has been adopted with 830,350,145 in favor; none, against; and 4,227,270 abstentions. Okay. Ladies and gentlemen, let's pass on to subitem D, approval of the report of the Supervisory Board of PKO BP S.A. for 2020. As part of this item, we have a draft resolution also published under the same current report. Does anyone have any comments? I don't see any. The system is ready. I'm opening the voting session now. [Voting]

Thank you very much. I'm closing the voting session. Can we please present the results? I conclude that the resolution has been adopted with the same ratio of votes 830,350,144; none, against; 4,227,270 abstentions. Passing on to subitem E, covering the loss of PKO BP S.A. for 2020. As part of this item, an adequate resolution -- draft resolution has been put forward. Is there any -- are there any counterproposals? I don't see any. The system is ready, please cast your votes now. [Voting]

I'm closing the voting session. Please present the results. I conclude that resolution was adopted with 834,577,414 in favor; none, against; and 1 abstaining vote. Passing on to subitem F, refraining -- retaining the undistributed profit for PKO BP from previous years as undistributed profit. We also have a draft agenda put forward by the Board. Any comments from you? I don't see any. The system -- please prepare the system. The system is ready. I'll open the voting session. Please cast your votes now. [Voting]

Thank you very much. I'm closing the voting session. Can we please have the results? I conclude that the resolution was adopted unanimously. That means 834,577,415 in favor of the resolution. We're passing on to subitem G, expressing the opinion regarding the report on the remuneration of the members of the Management Board and Supervisory Board of PKO BP S.A. for the years 2019-'20 prepared by the Supervisory Board. As part of this item, we have a draft resolution published in the current report, 60/'21. Would anyone have any comments on this? I don't see any. That being the case, please present -- prepare the system. And I'm opening the voting session, please cast your votes now. [Voting]

Thank you very much. I'm closing the vote now. And please, I would like to ask for the results. The resolution has been adopted: for, 643,701,127; against, 137,833,006 votes; abstentions, 53,043,282 votes. And therefore, we now move to letter H, which is -- and now there is going to be a change in the voting rules. From now on, until further announced, all voting sessions are going to be by secret ballot because they concern personal matters. Also, there is going to be some exclusion of some persons from voting. Our notary has stepped aside, but he's coming back now to us. My proposal is as follows. Before we move to the individual voting sessions, I will submit the resolutions to vote one by one, but if there are any questions relating to these resolutions, then I would like to ask for them now. If not, then I will submit these resolutions to vote. In some of the cases, there are going to be some exclusions. But due to the length of the list, we are going to ask if someone is a shareholder or not because a Management Board member according to the Commercial Companies Code may not take part on -- in the voting on the -- concerning themselves. The first resolution concerns a vote of approval for the President Zbigniew Jagiello. I now open a vote by secret ballot. So now we are taking a vote on the vote of approval for President Zbigniew Jagiello. So please cast your votes now. [Voting]

Thank you. I now close the vote. Please present the results. I would now -- I would like to announce that grant -- the vote of approval was granted: in favor, 829,095,733 votes; against, 1,010,130 votes; abstentions, 4,471,452 votes. I would like to congratulate you, Mr. President, It's really sincere congratulations to you and special congratulations to you in our political thought -- if the political history, there was one king that has changed the sort of has -- has seen -- has changed the face of Poland, and I would like to say -- to use this comparison. Please accept my sincere congratulations and -- for your work. Now I would like to -- I'm really sorry, but this was a special -- this is a special moment for me, But of course, we have to vote on the coming resolutions for another member of the Management Board for Mr. Rafal Antczak. If Mr. Antczak is present, if he is, then please do not vote on this resolution. So please prepare the system. And now I would like to I would like to open the vote. [Voting]

Thank you very much. I now close the vote and I would like to state that the resolution has been adopted: in favor, 829,099,633 votes; against, 1,010,129 votes; abstentions, 4,465,454 votes. So congratulations, Mr. President, for obtaining the vote of approval. The next person is Mr. Rafal Kozlowski. If you have shares, then please do not vote out of these shares at this moment. And now I would like to ask you to cast your votes on the approval for Mr. Rafal Kozlowski. [Voting]

Thank you very much. I now close the vote. Please present the results. So the resolution has been passed. The approval was granted: in favor, 829,099,933; against, 1,010,229; abstentions 4,465,454 . So my congratulations to you. Another vote of approval concerns Mr. Maks Kraczkowski. I don't see -- as we are at present remotely. Thank you. Therefore, welcome to you in this remote phone. And now please prepare the voting equipment and please cast your votes now. [Voting]

Thank you. I now close the vote. Please present the results. I would now like to declare that this resolution has been adopted: in favor, [ 829,101,833 ] votes; against, 1,010,129; abstentions 4,465,454 votes. The approval was granted. Congratulations to you, President, for the vote of approval. Thank you. Now another vote of approval for Mr. Mieczyslaw Król. Please, if you have shares and do not vote out of these shares now. So please prepare the equipment, and I would like you to cast your votes. [Voting]

I now close the vote. I would like to ask for the results. I would like to declare that the approval was granted. The resolution was adopted, with the majority of 829,095,833 votes with; against, 1,010,129 votes; and abstentions, 4,465,454 votes. So again, I congratulate --I would like to congratulate you, Mr. President, for the vote of approval for the last year. And now I would like to ask Adam Marciniak whether he's with us now. If you have shares, then please do not vote now. And the rest of us, I would like to ask you to vote. [Voting]

Thank you very much. I am now closing the vote, and I would like to ask for the results. The resolution has been adopted. In favor, 829,833; against, 1,010,029; abstentions, 4,465,454. And the approval was granted for you, Mr. President. So again, congratulations for the confirmation of the performance of -- appropriate performance of duties. Now Mr. Piotr Mazur, again, a request to you not to vote out of your shares. At this moment, I would like to ask for the system to be prepared. And now I open the vote. [Voting]

Thank you. I would like to ask for the results. The resolution has been adopted: for, 829,101,833; against, 1,010,129; abstentions 4,465,454. The vote of approval was granted and the meeting has confirmed the proper performance of your duties, Mr. President, by you. And now another person. Next person is Mr. Jakub Papierski, who is with us here. So please do not vote now on -- this vote of approval. I would like to ask for the system to be prepared. And now, I open the vote. [Voting]

Thank you. I now close the vote. And I would like to present the results. [ 829,090,833 ] votes in favor; 1,010,129 against; 4,470,454 abstained. So this approval was granted to Mr. Papierski. I congratulate you on this. And now, we have one resolution. The last one in this item. The vote of approval for Mr. Jan Emeryk Rosciszewski, who does not have any registered shares at this annual meeting. Therefore, I would like for the system to be prepared. The system is ready. So I now open the vote. [Voting]

Thank you. I now close the vote. I would like to ask for the results. I declare this resolution to have been adopted. In favor, 829,101,833; against, 1,010,029; and abstentions, 4,465,454. Therefore, in this last vote, the meeting has approved the performance of duties by Mr. Jan Emeryk Rosciszewski. Congratulations to you. And so -- and again, I would like to congratulate all the members of the Management Board for the approval of the performance of their duties in the last financial year. And now I would like to move to Item I of Point 9 of the agenda. We are still in the secret ballot mode of vote. And from what I know, the Supervisory Board members do not have any registered shares for this meeting. So there are no exclusion, simple votes. So would you like to take the floor now as to the individual members of the Supervisory Board? If not, then in accordance with the sequence of the resolutions published, we have, first, Mr. Zbigniew Hajlasz, the Chairman of the Supervisory Board. And now I would like you to cast your votes. [Voting]

Thank you. I would like to ask for the results now. This resolution has been adopted: in favor, 786,363,115 votes; against, 43,738,847 votes; and abstentions, 4,465,454. Congratulations, Mr. Chairman, for this vote of approval for the performance of duties in the last financial year. And the next resolution is on granting a vote of approval for Mr. Marcin Izdebski. Please prepare the system. The system is ready, so let's vote now. [Voting]

Thank you very much. I would like to ask for the results. I would like to declare that this resolution has been adopted with: in favor, 786,636,115; against, 43,748,847; abstentions, 4,465,454. So I would like to congratulate Mr. Marcin Izdebski for obtaining the vote of approval. And now the vote of approval on Ms. Grazyna Ciurzynska, the Secretary of the Supervisory Board. So I would like to ask for the system to be prepared. The system is ready. I now open the vote. [Voting]

Thank you. I would like to ask for the results now. This approval has been granted: 786,338,115 votes in favor; against, 43,784,847 votes; abstentions 4,465,454. I would like to congratulate you. And now the next resolution concerns Mr. Mariusz Andrzejewski. I would like to ask for the system to be prepared. And I now open the vote. [Voting]

Thank you. I'm now closing the vote. And please present the results. Similarly to the last time, this resolution has been adopted: 786,358,115 votes; against, 43,748,847 votes; abstentions, 4,465,154 votes. I would like to congratulate you. The next person is Mr. Grzegorz Chlopek. We are going to vote now on vote of approval for this member of the Supervisory Board. So please cast your votes now. [Voting]

Thank you so much. Closing the voting session. Can we have the results, please? I conclude that the resolution has been adopted with 786,358,115 votes in favor; 43,748,847 against; and abstentions, 4,465,454. Congratulations. The next person is Mr. Wojciech Jasinski. Please prepare the system and cast your votes now. [Voting]

Thank you very much. I'm closing the voting session. Can we have the results, please? I conclude that the resolution has been adopted as presented with: 786,358,115, in favor; against, 43,748,847; 4,465,453, abstentions. Mr. Wojciech Jasinski has also been given the vote of acceptance for the performance of his duties. Congratulations. And the next person, Mr. Andrzej Kisielewicz. Please present the draft resolution and cast your votes now. [Voting]

Thank you. Closing the voting session. Can we have the results, please? We have the results: 786,363,115 in favor; 43,748,847 against; and 4,465,454 abstentions, which means that the vote of acceptance has been granted to Mr. Andrzej Kisielewicz. Congratulations, professor. And we can pass on to the next person, Mr. Rafal Kos. Please prepare the system and cast your votes now. [Voting]

Thank you very much. Can we have the results, please? 786,363,115 in favor; 43,748,847 against; and 4,465,454 abstentions, which means that Mr. Rafal Kos has been granted the vote of acceptance. Congratulations, sir. The next person is Mr. Krzysztof Michalski. Please prepare the system and cast your votes now. [Voting]

Closing the voting session. Can we please have the results? I conclude that the vote of acceptance has been granted with: 786,363,115 in favor; 43,748,847 votes against; 4,465,454 abstentions. Congratulations. The next person is Mr. Piotr Sadownik. Please prepare the system and cast your votes now. [Voting]

Thank you very much. I'm closing the voting session. And can we please have the results? 786,363,115 votes in favor; 43,748,847 votes against; 4,465,454 abstentions. Congratulations. Thank you. The next person to be voted on is Miroslaw Barszcz. Please prepare the system and cast your votes now. [Voting]

Thank you very much. I'm closing the voting session. Can we please have the results? I conclude that the resolution has been adopted with: 786,363,000 in favor; 43,748,847 against; 4,465,454 abstentions. Mr. Barszcz has also been given a vote of acceptance. Congratulations. The next person is Mr. Adam Budnikowski. Please cast your votes now. [Voting]

Thank you very much. Can we have the results, please? I conclude that the resolution has been adopted with: 786,363,115 in favor; 43,748,847 against; 4,465,454 abstentions. Mr. Budnikowski has also been given a grant -- a vote of acceptance. Congratulations. The penultimate, I think, resolution is on Mr. Dariusz Górski. Please cast your votes now. [Voting]

Thank you very much. Can we please have the results? 786,363,115 in favor; 43,748,847 against; 4,465,454 abstentions. Mr. Górski has also been given a vote of approval. Congratulations. And the last resolution relates to Ms. Elzbieta Maczynska-Ziemacka. Please cast your votes now. [Voting]

Thank you very much. I'm closing the voting session. Can we have the results? 786,363,116 votes in favor; 43,748,847 against; 4,465,453 abstentions. Ms. Maczynska-Ziemacka has been given a vote of approval. Thank you very much, and congratulations to everyone. And that means that we have wrapped up last year's -- last fiscal year, we have made all the resolutions connected to the 2020 events. Congratulations to the Board of Directors and the Supervisory Board on wrapping up last year. Let's pass on to Item J, adopting the Best Practice for WSE Listed Companies for 2021. And based on this, a resolution with an appropriate content has been presented. Before I submit it to vote, I'd like to ask whether anyone would like to take the floor, take any position on that? Let me remind you that the draft resolution has been published and the position was published as well. Since there are no questions on that, let me submit that draft resolution to a vote as presented in Current Report 16/21. And by the way, from now on, we're passing on to voting by open ballot. So please cast your votes by open ballot. Cast your votes now. [Voting]

Thank you very much. I'm closing the voting session. Can we please have the results? I conclude that the resolution has been adopted with: 834,577,414 votes in favor; 0 against; and 2 abstentions. I conclude that the resolution has been adopted. Passing on to sub-Item K of Item 9. That's amending the Resolution No. 50/2015 of the Annual General Meeting of PKO BP S.A. on June 25, 2015, on corporate governance rules for supervised institutions. And as part of that, an appropriate resolution has been adopted, which is a simple consequence of the resolution related to the best practices adopted just a moment ago. Would anyone like to take the floor? No? Then I'm opening the voting session. [Voting]

Thank you. I'm closing the voting session. Please present the results now. I conclude that the resolution has been adopted with: 834,570,304 in favor; 7,010 votes against; 1 abstention. We've exhausted Item K. And the consequences of the previous resolution is also the amending of the Resolution No. 34/2020 of Annual General Meeting of PKO BP of August 26, 2020, on approving the policy concerning the assessment of the suitability of candidates for members and the members of Supervisory Board of PKO BP. That's the -- also the draft resolution put forward. Would anyone like to take the floor? I don't see anyone. Please prepare the system. Can we have the system? And please cast your votes now. [Voting]

I'm closing the voting session. Can we have the results now? I conclude that the resolution has been adopted with: 834,570,304 votes in favor; 7,010 votes against; and 2 abstentions. Thank you very much. By the virtue of the same, we have exhausted Item 9 by taking the resolutions, adopting the resolution as part of this item of the agenda. And we can pass on to Item 10, changes in the composition of the Supervisory Board. Let's start with the technicalities, ladies and gentlemen. Please switch the system into the secret ballot mode because all these issues will be individual, personal-related issues, and they have to be voted on by secret ballot. Before we pass on to voting, let me just remind you that 3 candidacies have been submitted. I remember the sequence, 3 candidacies have been submitted to the composition of the Supervisory Board. That's Ms. Agnieszka Winnik-Kalemba, Mr. Maciej Lopinski and Mr. Dominik Kaczmarski. Let me remind you that -- but in line with the position presented at the GM on August 26, 2020, the Supervisory Board is -- shall be composed of 11 individuals, definitely 11, and pursuant to the rules of procedures, has been indicated. Let me also remind you that Mr. Izdebski has resigned from the function of Supervisory Board member. So at this moment, the Supervisory Board has 9 members only. Now as part of this item, in just a moment, I will be enacting a 10-minute break to present the presentations of candidates. But before I do so, let me ask you a few a question whether there are any proposals regarding the removals from the composition of the Supervisory Board membership. I can see your hand raised.

Good morning, ladies and gentlemen. Wojciech Krysztofik, representative of the Minister of State Assets. Alluding to the declaration submitted at the beginning of the GM, I'd like to present 3 draft resolutions on the removal from the composition of Ms. Ciurzynska, appointment of Mr. Maciej Lopinski and Dominik Kaczmarski.

Thank you very much. Ladies and gentlemen, my proposal is as follows. First, I will have to be the sequence of votes. The resolution of removal of Ms. Grazyna Ciurzynska from the function of the Board of -- of the Supervisory Board member. And after that vote, notwithstanding the result, I will enact a 10-minute break to prepare the company's information on the candidates who have been submitted as Supervisory Board member candidates. So the first resolution to be voted on before the break is on the removal of Ms. Grazyna Ciurzynska from the Board. There's one more person wishing to say. I'm sorry. [indiscernible] open vote of PZU -- open pension fund, PZU. Before this vote, may I ask you for a technical break and a bio? Okay. So ladies and gentlemen, there's -- let me only read out the resolution on the removal and to make it clear, and then I'll just -- the resolution of the Annual General Meeting of PKO BP of June 7, 2021, on the removal of Supervisory Board member. Pursuant of Article 22 Banking Law, the AGM results as well, Ms. Grazyna Ciurzynska, shall be removed from the function of the Supervisory Board. Paragraph 2, the resolution shall become effective as of the date of its adoption and there's a rationale below it. And as regards the candidates, I have a question. Would you like to present brief information on the 2 submitted candidates? Or shall we do it after the break, whichever you prefer. Can I then have brief information of the candidacies, for Mr. Maciej Lopinski and Mr. Kaczmarski?

Thank you very much. Ladies and gentlemen, Mr. Maciej Lopinski is a graduate of the Gdansk University, the Editor-in-Chief of Gdansk [indiscernible], a member of the Parliament in 2008-'10 and a minister in President Kaczynski's Chancery and then Mr. Duda. He has plenty of experience on authorities, on boards of state-owned companies. Mr. Lopinski resigned from the function of the Supervisory Board Chairperson of PZU SA as presented here in the appropriate. Dominik Kaczmarski, he gathered his experience in the largest consulting companies, PwC and Deloitte, as an expert in corporate tax, also worked at the Ministry of Finance as Deputy Department Director. And then the Director of the Tax System, director right now is -- the Director of the Department of Taxation and Analysis of the State Assets Ministry, who was a Board member of WSE. And since June 2020, he is the chair of the Stock Exchange Council. Thank you very much.

Thank you very much. Ladies and gentlemen, we've heard the information on the candidates submitted as Supervisory Board members. Since it's 12 p.m., let me only enact a single break until 12:10 before -- after the break, hopefully, we can vote on everything, and we'll be taking the votes one-by-one. I'm enacting the technical break until 12:10. Thank you. [Break]

Please take your seats. I would like to now open again -- resume the meeting. It's 12:13 now. And I would like to ask for proposals for candidates of the Supervisory Board. We will start with the resolution on the removal of Grazyna Ciurzynska from the Supervisory Board. And all of these resolutions will be voted one after another. So now if the system is ready, Item 10, changes in the composition of the Supervisory Board. I would now like to submit to vote the resolution on the removal from the Supervisory Board of Ms. Grazyna Ciurzynska. The system is now ready for votes. So please cast your votes now. [Voting]

Thank you. I understand that everybody has voted. I would like to ask for the results. I declare that this resolution has been adopted: in favor, 557,927,559; against, [ 172,252,017 ] votes; abstentions, 104,389,539 votes. So this resolution has been adopted. Ladies and gentlemen, therefore, we -- I would now like to submit the candidates for the Supervisory Board to the vote. The first candidate, Agnieszka Winnik-Kalemba, we've received appropriate documents. I would like to the suitability -- individual suitability assessment to be put on screen now. So the form required by the Banking Law should be now in front of your eyes. And before we vote, those forms should be -- you should be able to see these forms filled out properly. And I would also like to ask for the system to be prepared. And now I open the vote on appointing Madam Agnieszka Winnik-Kalemba to the Supervisory Board. So I would like to ask for the system to be prepared. The system is ready. So I now open the vote. [Voting]

Thank you. Now I would like to see the results. The resolution has been adopted: in favor, 648,427,561; against, 172,253,117; abstentions, 13,894,537. Therefore, I would like to declare that Agnieszka Winnik-Kalemba has been elected to be the member -- a member of the Supervisory Board. Now Mr. Maciej Lopinski, we now can see the form of assessment of his individual suitability as a member of the Supervisory Board. The system is ready. Therefore, I now open the vote. [Voting]

Thank you. I'm closing the vote now. Can I have the results? This resolution has been adopted: in favor, 648,427,560; against, 172,253,117; abstentions, 13,892,338 votes. And the last candidate, last proposal for the last vacancy is Mr. Dominik Kaczmarski. We should now see the form of assessment of suitability of Mr. Dominik Kaczmarski as a member of the Supervisory Board. And now I would like to -- for the system to be prepared. So please cast the votes now. [Voting]

Thank you. I'm closing the vote now. I would like to have the results now. I declare this resolution to have been adopted: in favor, 648,427,560; against, 172,253,117; abstentions 13,892,338. Therefore, Mr. Dominik Kaczmarski was also -- has been also elected to be a member of the Supervisory Board of the company. I would like to congratulate all the 3 persons for their nominations. Mr. Chairman, I would like to ask for a 5-minute break to be announced before submission of statutory statements from the state treasury.

Yes, of course. Well, since we will have to have a break before a collective assessment of the supervisory -- of the members of Supervisory Board, therefore, we are 12:22 now and there is going to be an announced break, a 5-minute break now. [Break]

Ladies and gentlemen, if you could now return to your seats, that would be great.

[Foreign Language] We are now after the break. That was slightly prolonged. I resume our meeting, and I understand that you would like to take the floor relating to item 10 of the agenda.

Thank you, Mr. Chairman. Ladies and gentlemen, I would like to submit to you, the Chairman, 3 statements of the [ Minister Andrzejewski ]: the first statement on dismissal of Zbigniew Hajlasz from the function of the Chairman of the Supervisory Board; to appoint Mr. Marcin Izdebski to this function; and also to appoint Mr. Wojciech Jasinski to the Chair position. The State Treasury, the shareholder, is represented by you and is represented by the Minister, by the respective Minister with whom you represent. Everything is according to the law. I would like to remind you that according to paragraph 12(1), the shareholder dismissed Mr. Hajlasz from the Chairman and appointed Mr. Marcin Izdebski in his position. And as his Vice Chair was appointed Mr. Wojciech Jasinski. So this will -- this is recorded now in the minutes, as per paragraph 12(1) of the statute of the bank. Therefore, I understand that I can now close item 10 on the agenda and now move to item 11 on the agenda, which is adopting the resolutions on the periodic assessment of the individual suitability of members of the Supervisory Board of PKO BP. We have to take a number of resolutions under this item. On the persons that used to be members of the Supervisory Board, I will now submit to vote a number of resolutions, the vote by secret ballot. I think these are matters -- personal matters. Therefore, I would like to switch the system. I would like to ask for you to switch the system to the secret ballot mode. And the text of the resolution is published in the current report on the periodic assessment of suitability of a member of Supervisory Board of PKO BP. I will only cite the last name of the person, and we will vote individually on each resolution. The first concerns Mr. Hajlasz's assessment of individual suitability. You will see -- similar to when we voted on the new members, you will see the form displayed on the screen on the assessment of suitability of a given member. So now I open the vote. [Voting]

Thank you. I now close the vote. Can I have the results, please? I would now like to announce that this resolution has been adopted. In favor, 648,730,270; against for, 172,209,425; abstentions, 13,635,620. Now Mr. Mariusz Andrzejewski, also a resolution concerning individual suitability of this member. If the system is ready, then I open the vote now. [Voting]

The vote -- can I have the vote results, please? Thank you. I declare this resolution to have been adopted. In favor, 648,730,270; against, 172,209,425; abstentions, 13,635,620. And the next resolution concerning assessment of individual suitability of Mr. Grzegorz Chlopek. Mr. Grzegorz Chlopek, the form with the assessment is displayed on the screen. You can read it. If the system is ready, then I open the vote now. [Voting]

Thank you. Could I have the results, please? I declare that this resolution has been adopted. In favor, 648,730,270; against, 172,209,425; abstained, 13,635,620. Therefore, Mr. Grzegorz Chlopek also received a positive assessment. And now Mr. Wojciech Jasinski, the form with the assessment is on the screen. Please prepare the system. And now I encourage you to cast your votes. [Voting]

Thank you. I close the vote now. Can I have the results, please? I declare this resolution has been adopted with 648,728,071 votes in favor; against, 172,209,425 votes against; abstentions, 13,635,619. The next resolution concerns Mr. Andrzej Kisielewicz. I would like for the form relating to Mr. Kisielewicz to be displayed on the screen. And now please cast your votes. [Voting]

Thank you. I am closing the vote, and I will -- can I have the results, please? This resolution has been adopted. In favor, 648,730,270; against, 172,209,425; abstentions, 13,635,620. The next resolution concerns Mr. Rafal Kos. Again, the form is on the screen. And I would like to ask you to cast your votes now. [Voting]

Thank you. I'm closing the vote. Could I have the results, please? I declare the resolution to have been adopted. In favor, 648,725,270; against, 172,209,425; and 13,635,620 abstentions. Mr. Krzysztof Michalski, and another form on the screen where the assessment of suitability of a member of the Supervisory Board. Please prepare the system. The system is ready. I now open the vote. [Voting]

Thank you. Could I have the results, please? I declare this resolution to have been adopted. In favor, 648,730,270; against, 172,209,425; abstentions 13,635,620 votes. And this was Mr. Krzysztof Michalski. Now Piotr Sadownik, and the last resolution under this item. The form is before your eyes, and I would like to ask for the system to be prepared. The system is ready, so I now open the vote. [Voting]

Thank you. I am closing the vote now. And I would like to ask for the results. I declare this resolution to have been adopted. In favor, 648,725,270; against 172,209,425 votes; abstentions, 13,635,620. Therefore, all members of the Supervisory Board have received a positive assessment of their individual suitability. And now we have exhaust -- and so we have exhausted item 11 of the agenda. And now we are in item 12, which is adopting the resolution on the assessment of the collective suitability of the Supervisory Board of PKO BP Bank. We need a break, right? Because -- so we need a break for -- to prepare the forms for collective suitability. Therefore, I now announce 5 minutes break until 12:48. And after the break, we are going to vote on the last resolution under item 12, unless you would like to take the floor, if you have any questions. I don't see any. Therefore, we reconvene 12:48 before the last vote. [Break]

Ladies and gentlemen, please take your seats. Can we please display the first page of the form, so we can start reviewing it. Ladies and gentlemen, we are -- let me remind you at the 12th item of the agenda, adopting the resolution of the assessment of the collective suitability of the Supervisory Board of PKO BP SA. And as part of this item, we have to take a resolution on the authority on the body. You have a form which is 2-page long -- 2 pages long. So take your time to read it out, and soon, the second page we'll be presenting to you. And after the presentation, I'll ask you if there's -- if there are any questions. If so, please raise your hand. And if there's no questions, I will submit the resolution to vote. That's the last resolution contained in the material online and in the current report, 16/21. I understand we can turn the page over leaf to the next page. And the question is whether you have any questions. If not, we will be voting. Well, it's the question of assessment of suitability of the entire Supervisory Board, no individuals. It's the body functioning on a collective basis. So it's going to be taken by open ballot. So please switch the system to that mode, unless any one of you requires otherwise. If there are no questions, please set the system at the ready. The system is ready, so I'm opening the voting session on the resolution put forward by the company Board. Please cast your votes now. [Voting]

[Foreign Language] I am closing the voting session. Can we please have the results? I conclude the resolution has been adopted with 648,727,270 in favor; 172,209,425 votes against; and 13,640,620 abstentions. The GM has adopted that resolution. By virtue of the same, we have adopt -- we have exhausted the agenda of today's general meeting. So all we have to do is close the meeting under item 16. Thank you very much for the preparation. Thank you very much for expressing your vote of approval. Thank you very much to the notary public for taking the minutes. He has to take all other time. Thanks to the technical staff, the interpreters, company staff who have prepared today's GM. And I'm officially pronouncing this general meeting closed for the minutes. Thank you very much, and see you next time. [Statements in English on this transcript were spoken by an interpreter present on the live call.]