PKO BP Faktoring S.A.

PKO BP Faktoring is the newest addition to the PKO Bank Polski Capital Group; its main shareholder is Bankowe Towarzystwo Kapitałowe, itself a wholly-owned subsidiary of PKO Bank Polski.

The Company became operational in the first half of 2009. Its services complement the Bank's corporate banking offer. Its clients can avail themselves of such key service categories as: false domestic factoring (recourse); genuine domestic factoring (non-recourse); and export factoring, with acceptance of the foreign counterparty risk.

With its team of highly qualified and experienced professionals, PKO BP Faktoring provides highest quality services. Using state-of-the-art operating system, it manages its receivables in a highly effective manner and provides its client with comprehensive online information about their factoring accounts.

The Company benefits from indirect ownership by PKO Bank Polski, the largest Bank in Poland, in terms of access to capital, financial security and operational stability.

PKO BP Faktoring is a member of Polski Związek Faktorów (Polish Factors Association), federation of the largest operators of the sector in Poland.

The Company is in the process of building its market position on greenfield basis. In 2010 it acquired 85,000 invoices of total value exceeding PLN 1 billion, which represented a 14-fold y/y increase in turnover. As a result it advanced to the 10th position among its peers of the Polish Factors Association (ahead by three notches). PKO BP Faktoring was the most dynamically developing factor of the year 2010.