Letter from the Chairman of the Management Board

The very good results attained by the Bank in 2013 show that we are a sound, well-capitalised and rapidly developing institution. This has been appreciated by investors on the capital market.

Dear Sirs,

This was a good year for Bank Millennium Group. We finished it with the second best profit in our history, amounting to PLN 536 million – higher by 13.5% compared with 2012. This is a proof that we are well-prepared to reach the targets defined in the 2013-2015 medium-term strategy, also when operating under difficult macroeconomic circumstances – in an environment of very low interest rates and a highly competitive financial services market.

In 2013, the Group developed in a sustainable way, improving its core income (total of net interest and commission income) by 5% per annum, at the same time reducing operating costs and provisions for impairment of assets. We saw growth in below mentioned business lines: a high 24% annual growth of consumer loans’ volume; 12% growth of corporate loans and 11% growth of total Customers’ funds. The structure of deposits also improved markedly thanks to strong growth of savings and current accounts in the retail business area.

Maintaining strict cost discipline was the key to keeping high efficiency. Total expenses were down 3% in annual terms, which led to improvement of the cost/income ratio to the record low level of 54% at end of year. Bank Millennium Group also sustained its very good liquidity position, reaching a surplus of deposits over loans and scoring a loans/deposits ratio improvement to 91.5%.

2013 was another year, in which the Bank remained focused on maintaining very high service quality. Our efforts in this respect resulted in a number of prestigious awards. The Newsweek magazine gave Bank Millennium the title of “Friendliest bank for retail Customers in Poland”, while Global Finance awarded the Bank the title of “Best Consumer Internet Bank in Poland”. The culture of high service quality is one of the strategic principles, which the Bank intends to rely on in establishing and developing Customer relations.

The very good results attained by the Bank in 2013 show that we are a sound, well-capitalised and rapidly developing institution. This has been appreciated by investors on the capital market – Bank Millennium share price on the Warsaw Stock Exchange grew in 2013 by 63% - the biggest growth among largest banks quoted on this trading floor.

Detailed results of Bank Millennium Group in 2013 have been shown further in this Annual Report.

Optimistic forecasts for the Polish economy in 2014, especially those concerning growth of private consumption, growth of investments and improvement of GDP, permit us to be more optimistic about the business environment we will be operating in. The year 2014 will see our focus on increasing profitability, improving efficiency, at the same time maintaining a strong liquidity and capital position. We want to continue growth in all business areas, maintaining our position as the best bank in terms of quality of service as well as, one of the most innovative players of Polish financial industry.

I am confident that we will reach the 2014 targets, thus providing a strong foundation for further growth of Bank Millennium Group.

Joao Bras Jorge

Chairman of the Management Board of Bank Millennium