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Changes in the Supervisory Board of BEST

By way of a decision of the General Meeting, Prof. Dariusz Filar and Prof. Pasquale Policastro have been appointed as members of the Supervisory Board of BEST. Additionally, the following persons have been appointed for another term of office: Sławomir Lachowski, Prof. Leszek Pawłowicz, Katarzyna Borusowska and Patrycja Kucner.

 

Dariusz Filar and Pasquale Policastro were appointed members of the Supervisory Board of BEST by the Company’s General Meeting held on Wednesday, 18 June. Dariusz Filar is a well-known Polish economist; he was as member of the Monetary Policy Council in 2004-2010 and earlier the chief economist of Bank Pekao (1999-2004). Presently he is an independent member in the Supervisory Boards of PZU and BGŻ, and participates in meetings of the Economic Council of the Prime Minister of the Republic of Poland. Pasquale Policastro is a professor at the University of Szczecin, a renowned specialist and author of many publications in the scope constitutional law and European integration. Prof. Policastro is also engaged in numerous social initiatives, including the restoration of forests in Africa. He has been involved with Poland for 27 years and is fluent in Polish.

 

I am delighted that two distinguished professors have agreed to join the Supervisory Board of BEST. Their knowledge and expertise will undoubtedly be a source of valuable opinions and discussions concerning the operations and growth of our group, said Krzysztof Borusowski, the CEO and main shareholder of BEST. On this occasion, I would like to wholeheartedly thank Bernd Holzapfel and Bartosz Krużewski, members of the Supervisory Board until now, for their huge contribution and commitment to the growth of the BEST Group over the past 12 years, added the CEO.

 

At the beginning of June Dr Bernd Holzapfel and Bartosz Krużewski announced that they would not stand as members of the Supervisory Board of BEST for another term indicating that in June, 2014 they would have served as members of the Company’s Supervisory Board for 12 years. This means that in the next term they would not meet the independence criteria referred to in the Code of Best Practices for WSE-Listed Companies, as defined in Annexe II to the Commission Recommendation of 15 February, 2005 (2005/162/EC).

 

Meanwhile, the General Meeting of Best appointed: Sławomir Lachowski, Prof. dr hab. Leszek Pawłowicz, Katarzyna Borusowska and Patrycja Kucner as members of the Supervisory Board for another term. Currently the Company’s Supervisory Board comprises six members, of whom four meet the independence criteria.

 

In addition, the Company’s General Meeting held on Wednesday approved the financial statements for 2013, granted an acknowledgement of duties to the members of the Management Board and the Supervisory Board of BEST, and decided that last year’s net profit would remain at the Company, which is consistent with the dividend policy and the terms and conditions of an issue of bonds issued by BEST.

 

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General information about BEST

BEST S.A. has been listed on the Warsaw Stock Exchange since 1997 and specialises in trading in and managing non-performing debt. The BEST Group actively invests in debt portfolios (mainly bank debt) using securitisation funds, and provides debt collection services for third parties, including banks, telecommunication operators and other mass service providers.

 

BEST is also the sole shareholder of BEST TFI, which obtained a business licence of the Polish Financial Supervision Authority (KNF) in 2008. By combining competence in debt collection and establishing and managing investment funds, the Company was able to integrate all business model elements within one capital group.

 

Currently BEST TFI manages three securitisation funds: BEST I NSFIZ, BEST II NSFIZ and BEST III NSFIZ, whose assets include debt portfolios with the total nominal value of PLN 7.8 billion (as of the end of February 2014).

 

In 2013 the operating revenues of the BEST Group amounted to approx. PLN 124 million, 61% more than in 2012. The net profit attributed to BEST shareholders amounted to PLN 69.7 million, which constitutes an increase of 166%, while the comprehensive income (comprehensive result) attributed to BEST shareholders totalled PLN 71.5 million (+162% y/y).

 

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To obtain additional information go to www.best.com.pl or contact us:

 

Krzysztof Woch

NBS Communications

tel. 22 826 74 18 / mobile 516 173 691

e-mail: kwoch@nbs.com.pl

Piotr Wojtaszek

NBS Communications

tel. 22 826 74 18 / mobile 500 202 355

e-mail: pwojtaszek@nbs.com.pl

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