GENERAL MEETING DRAFT - Bankier.pl

Utility value is determined by discounting financial flows at a rate that accounts for current valuations of
the time value of money and the risks specific to the asset. For each CGU, given the varying levels of
risk of the respective fields of operation, specific, risk-differentiated premiums were used for each
individual entity or operational area. The discount rates include a country risk component.
Estimates used to determine cash flows and their growth rates are particularly complex because of the
uncertainties which surrounded and still surround the current and prospective macroeconomic scenario
and the situation of the financial markets and the real economy.
This scenario was defined with an appropriate level of caution on account of the continuing tensions in the
real economy and financial markets. In fact, the recession and extreme weakness of the major economies
in which the Group operates began in 2008 and continued throughout 2009. As for the CEE countries, the
economic environment remained difficult, with negative GDP growth rates in almost all countries of the
region.
From the second half of 2009 some positive signs, such as a lower foreign deficit, suggest that the most
critical situation is now over, even if conservative estimates lead us to believe that a return to significant
growth rates may only be possible from 2011.
The impact of the recession in the Euro Area on the credit market intensified during 2009. Bank lending
and borrowing rates declined sharply throughout 2009, reflecting the reduction of the official rates by the
ECB. The forecast is positive for direct deposits, reflecting the policy of the banks to strengthen their
liquidity profile and the persistence of high-risk aversion by households, while loans are expected to
weaken gradually (both in the private and business sectors).
Due to the instability that continued to affect the financial environment, the asset management and
custody sector, already under great pressure during 2008, recorded further declines though at a slower
pace than the negative peaks of the fourth quarter 2008.
The Board of Directors has approved the valuation procedure (impairment test) based on the financial
flow estimates and additional assumptions, developed by the Management.
2009 CONSOLIDATED REPORTS AND ACCOUNTS
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