VZ_EN_ :47 Stránka 1 Annual Report 2O13

Transcription

1 VZ_EN_ :47 Stráka 1 Aual Report 2O13

2 z z z Opeig Word of the CEO Dear Busiess Parters of Česká exportí baka, You have certaily oticed that the last year was aother oe that was ot easy for the Bak. However, I believe that most of us uderstad the actual substace of the processes that were goig o i the Bak. I already poited out i our Bak s 2012 Aual Report that it was ecessary to pay close attetio to the retur ad quality of our credit portfolio, ad that further steps eeded to be take to esure the iteral stabilisatio of the Bak. The thorough review of the credit portfolio that we performed i the secod quarter of last year showed that the historical burde is heavier tha we had supposed. A itesive dialogue with EGAP which isured most of the problematic loa trasactios idicated that the Bak would be carryig greater losses tha had bee historically aticipated ad hece the maagemet decided to recogise additioal provisios for these loa exposures. Had we ot take this rigorous step, our Bak would have started losig its ability to operate with prudece i lie with the regulatory requiremets ad subsequetly to effectively support the competitiveess of Czech exports, which goes had i had with employmets i the Czech Republic, which is the key missio of the Bak. Let me commet o two most importat ad pivotal poits icluded i the Bak s busiess strategy. Firstly, I would like to emphasise that our major source of fudig is the log-term ad medium-term bods that are issued by the Bak uder a irrevocable ad ucoditioal State guaratee. As such, this is ot a direct fudig from the State budget, as some may erroeously allege. I additio, I would like to highlight the fact that most our cliets are compaies that are able to deliver large-scale supplies ad execute projects ivolvig large capital goods. The operatios of these compaies are crucial for the Czech ecoomy ad for peetratig o-europea markets. It is very ofte these compaies that i their positio of a EPC cotractor participate i projects ad trasactios with great referetial value. However, there are ot may such compaies i our coutry. Moreover, they have to face strog iteratioal competitio o o-europea markets, where their competitors beefit from heavy support from their large atioal export-promotio systems. I am coviced that this fact is a good referece for us ad the best evidece that we fulfil our missio completely. Without our support, Czech exporters would simply ot be able to participate i a umber of major export opportuities, or they would be margialized to the role of sub-cotractors with lower profit margis, ad thus lower cotributios to the State budget ad a weaker effect o Czech employmet. Based o the above, it is obvious that a flawlessly operatig Česká exportí baka is importat for the Czech ecoomy. At the same time, the Bak must ot lose its capacity ad appetite to take up risk i cases where the risk is compesated for with uique opportuities for Czech exports ad whe the risks are professioally hedged agaist. O the other had, the territories offerig such opportuities require that the idividual busiess projects be treated with the utmost prudece possible. I am sure you will have oticed that we achieved a very positive operatig icome ad profit before tax last year. Aother importat positive achievemet is the sufficietly-high level of iterest icome. Thaks to this, we were ot forced to apply for the stadard subsidy arisig from iterest rate differeces last year. The State budget subsidy reflected therefore solely the coverage of provisioig costs. Now that we have maaged to stabilise the Bak, i 2014 we wish to work further o its trasformatio so that the Bak s iteral structure ad its role i the export promotio system correspods with moder challeges of export fiacig. We will expad the

3 Bak s credit portfolio to iclude ew products, which we would like to itroduce i the middle of the year. The Bak s ew maagemet will itesely develop the cocept for our future work. We will propose clear ad efficiet guidelies for the Bak s developmet i lie with the most-striget stadards ad best bakig practices. All these efforts will be udertake based o a detailed aalysis of the curret bakig market i the Czech Republic ad o a aalysis of the Czech exporters opportuities o iteratioal markets. Moreover, we will aalyse the Bak s structure, positio ad capitalisatio as such. We strogly believe that our Bak s activities are straightforward ad clearly-defied. I our view, the Bak s itervetio is ecessary solely where there is a gap or limitatio of commercial bakig services. There is o use for our supplemetig the private bakig sector ad cocludig trasactios that geerally are ad will be fiaced by private baks. Therefore, oly where Česká exportí baka s role caot be substituted, we eed to (realistically) clearly state what, whe ad how we ca hadle. Our aim is a moder, efficiet ad sustaiable fiacig of Czech exports i a absolutely trasparet eviromet. Jiří Klumpar Chairma of the Board of Directors ad CEO 2

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7 Table of Cotets Key Idicators 1. Profile of Česká exportí baka, a.s History ad Developmet of Česká exportí baka, a.s Registered Office ad Legal Status of the Issuer ad Legal Regulatios Goverig the Issuer s Activities 1.3. Disclosed Documets 1.4. Further Iformatio o Česká exportí baka, a.s Admiistrative, Maagemet ad Supervisory Bodies of ČEB ad Related Committees 1.6. Orgaisatioal Structure of Česká exportí baka, a.s Declaratio of No Coflicts of Iterest 2. Report of the Board of Directors o the Bak s Busiess Activities ad its Assets ad Liabilities for the Year Eded 31 December Overview of the Bak s Busiess Activities Busiess Activities Developmet of the Status ad Structure of the Loa Portfolio Key Markets o Which the Bak Operates Newly-Itroduced Products ad Activities Fiacial Results, Busiess Results, Assets ad Liabilities 2.2. Factors Ifluecig ČEB s Ecoomic ad Fiacial Positio i Narrative Part 3.1. Risks to which the Bak is Exposed, Objectives ad Methods of Risk Maagemet Credit Risk Market Risk Refiacig Risk Liquidity Risk Operatioal Risk Capital Adequacy ad Capital Requiremets 3.2. Risk Factors Potetially Impactig the Capacity of Issuers to Meet their Liabilities Uder Securities to Ivestors 3.3. Remueratio of Persos with Maagig Powers 3.4. Received Icome of Directors ad Members of ČEB s Bodies i Cash ad i Kid for Iformatio Regardig Codes 3.6. Decisio-Makig Process Descriptio with Regard to the Bak s Bodies ad Committees 3.7. Authorised Auditors 3.8. Court Proceedigs ad Arbitratio 3.9. Cotracts of Sigificace 4. Fiacial Part 5. Report o the Relatios betwee the Cotrollig ad Cotrolled Etity ad the Cotrolled Etity ad Other Etities Cotrolled by the Same Cotrollig Etity (hereiafter the Related Parties ) 5.1. Cotrolled Etity 5.2. Cotrollig Etity 5.3. Reportig Period 5.4. Related Party Trasactios 5.5. Other Legal Acts Effected i the Iterest or at the Iitiative of Related Parties 5.6. Other Performace Received 5.7. Performace Received ad Provided 5.8. Legal Disputes 5.9. Statemet o the Related Party Trasactios Report

8 z z z Key Idicators Uit Fiacial results Net iterest icome CZK mil Net fee ad commissio icome CZK mil Net operatig icome icludig state subsidy CZK mil Impairmet losses o loas CZK mil Operatig costs CZK mil Icome tax expese CZK mil Net loss/profit for the year CZK mil Balace sheet Total assets CZK mil Loas ad other receivables to customers CZK mil Loas ad other receivables to baks CZK mil Deposits ad other fiacial liabilities at amortized costs due to cliets CZK mil Deposits ad other fiacial liabilities at amortized costs due to baks CZK mil Issued bods at amortized cost CZK mil Total equity CZK mil Ratios ROAE % 3,86 1,62 ROAA % 0,23 0,10 Capital adequacy (per ČNB) % 46,56 49,69 Assets per employee CZK mil. 538,55 461,29 Admiistrative expeses per employee CZK mil. 1,997 1,88 Net profit per employee CZK mil. 1,14 0,46 Other iformatio Average headcout employees Headcout (as of 31 December) employees Guaratees issued CZK mil Loa commitmets CZK mil Ratig log-term payables Moody s A1 A1 Stadard & Poor s AA AA 7

9 z z z 1. GENERAL DESCRIPTION OF ČESKÁ EXPORTNÍ BANKA, A.S History ad Developmet of Česká exportí baka, a.s. Česká exportí baka, a.s. (hereiafter ČEB or the Bak ) is registered i the Commercial Register maitaied by the Muicipal Court i Prague, Sectio B, File No The Bak is a issuer of securities uder the Agreemet o the Maiteace of Records Regardig the Issue of Securities i the Cetral Securities Record withi the Cetral Securities Depository Prague (Cetrálí depozitář ceých papírů, a.s.) with its registered office i Prague 1, Rybá 14, ; Issuer s Registratio No Based o a bakig licece 1 issued by the Czech Natioal Bak uder Ref. No. 2003/3966/520, dated 19 September 2003, which became effective o the same date, a chage i the bakig licece issued by the Czech Natioal Bak uder Ref. No. 2003/4067/520, dated 30 September 2003, which became effective o 2 October 2003, a chage i the bakig licece issued by the Czech Natioal Bak uder Ref. No. 2005/3982/530, dated 16 December 2005, which became effective o 10 Jauary 2006, a chage i the bakig licece issued by the Czech Natioal Bak uder Ref. No. 2011/141/570, dated 6 Jauary 2011, which became effective o 25 Jauary 2011, ad a chage i the bakig licece issued by the Czech Natioal Bak uder Ref. No. 2013/6197/570, dated 27 May 2013, which became effective o 7 Jue 2013, the pricipal busiess activities of Česká exportí baka, a.s. are defied as follows: Pursuat to Sectio 1 (1) of Act 21/1992 Coll., o Baks, as ameded: a) Acceptace of deposits made by geeral public; ad b) Provisio of loas. Pursuat to Sectio 1 (3) of Act 21/1992 Coll., as ameded a) Ivestig i securities o the Bak s ow accout to the extet of egotiable securities issued by the Czech Republic, the Czech Natioal Bak, ad foreig govermets, ivestig i foreig bods ad mortgage bods, ad ivestig i securities issued by legal etities with registered offices i the territory of the Czech Republic; c) Paymet systems ad clearig; e) Provisio of guaratees; f) Opeig of letters of credit; g) Collectio services; 1) Provisio of bakig iformatio; m) Tradig o the Bak s ow accout or o the cliet s accout i foreig currecies that are ot ivestmet istrumets ad i gold to the extet of the followig: Tradig o the Bak s ow accout i foreig bods; Tradig o the Bak s ow accout i fuds deomiated i foreig currecies; Tradig o the Bak s ow accout or o its cliets accout i egotiable securities issued by foreig govermets; Tradig o the Bak s ow accout or o its cliets accout i moetary rights ad obligatios derived from the above-metioed foreig currecies; Tradig o its cliets accout i fuds deomiated i foreig currecies; ad o) Activities directly related to the activities metioed i Česká exportí baka s bakig licece: Provisio of ivestmet services i lie with Act 256/2004 Coll., o Capital Market Udertakigs, as ameded (hereiafter the Act o Capital Market Udertakigs ); the services iclude the followig: Major ivestmet services I lie with Sectio 4 (2) (a) of the Act o Capital Market Udertakigs receivig ad givig istructios o ivestmet istrumets, specifically ivestmet istrumets pursuat to Sectio 3 (1) (d) of this Act; I lie with Sectio 4 (2) (b) of the Act o Capital Market Udertakigs implemetatio of istructios related to ivestmet istrumets o the accout of cliets, specifically ivestmet istrumets pursuat to Sectio 3 (1) (d) of this Act; I lie with Sectio 4 (2) (c) of the Act o Capital Market Udertakigs tradig of ivestmet istrumets, o the Bak s accout, specifically ivestmet istrumets pursuat to Sectio 3 (1) (a) of this Act, with the exceptio of shares ad low-value securities represetig a equity ivestmet i a compay or aother legal etity, specifically ivestmet istrumets pursuat to Sectio 3 (1) (c) ad (d) of the Act o Capital Market Udertakigs; I lie with Sectio 4 (2) (e) of the Act o Capital Market Udertakigs ivestmet advisory o ivestmet istrumets, specifically istrumets pursuat to Sectio 3 (1) (d) of this Act; ad 1 The bakig licece replaced the permit issued by the Czech Natioal Bak to Česká exportí baka, a.s., based o which ČEB was allowed to perform its activities as a bak; the permit was issued o 6 February 1995 ad the chage was made o 27 Jue

10 Additioal Ivestmet Services I lie with Sectio 4 (3) (a) of the Act o Capital Market Udertakigs escrow ad admiistratio of ivestmet istrumets icludig the relatig services, specifically ivestmet istrumets pursuat to Sectio 3 (1) (a), (c) ad (d) of this Act; I lie with Sectio 4 (3) (c) of the Act o Capital Market Udertakigs advisory o the capital structure, idustrial strategies ad related issues, advisory ad services o compay trasformatios ad compay trasfers. Summary of Activities Performed by the Bak: a) Acceptace of deposits made by the geeral public; b) Provisio of loas; c) Ivestig i securities o the Bak s ow accout to the extet of egotiable securities issued by the Czech Republic, the Czech Natioal Bak, ad foreig govermets, ivestig i foreig bods ad mortgage bods, ad ivestig i securities issued by legal etities with registered offices i the territory of the Czech Republic; d) Paymet systems ad clearig; e) Provisio of guaratees; f) Opeig of letters of credit; g) Collectio services; h) Advisory activities related to capital structures, idustrial strategies ad related issues, as well as the provisio of advisory services ad services related to compay trasformatios ad trasfers; i) Provisio of bakig iformatio; j) Tradig o the Bak s ow accout or o the cliet s accout i foreig currecies ad i gold to the extet of: Tradig o its ow accout i foreig bods; Tradig o its ow accout i fuds deomiated i foreig currecies; Tradig o its ow accout or o its cliets accout i egotiable securities issued by foreig govermets; Tradig o its ow accout or o its cliets accout i moetary rights ad obligatios derived from the above-metioed foreig currecies; Tradig o its cliets accout i fuds deomiated i foreig currecies; ad k) Activities directly related to the activities metioed i Česká exportí baka s bakig licece. Summary of Activities the Performace or Provisio of which was Limited or Elimiated by the Czech Natioal Bak Durig 2013: No activities have bee limited or elimiated Registered Office ad Legal Status of the Issuer ad Legal Regulatios Goverig the Issuer s Activities Registered office: Prague 1, Vodičkova 34/701, (hereiafter ČEB or the Bak ) Legal status: Joit Stock Compay Corporate ID: Telephoe: Fax: ceb@ceb.cz Website: The pricipal Czech legal regulatios uder which Česká exportí baka performed its activities i 2013: Act 101/2000 Coll., o Persoal Data Protectio; Act 200/1990 Coll., o Offeces; Act 284/2009 Coll., o Paymets; Act 21/1992 Coll., o Baks; Act 280/2009 Coll., the Tax Code; Act 190/2004 Coll., o Bods; Act 235/2004 Coll., o Value Added Tax; Act 253/2008 Coll., o Certai Measures agaist Moey Lauderig ad Terrorism Fiacig; Act 254/2008 Coll., through which Certai Acts are Ameded i respect of the Adoptio of the Ati-moey Lauderig ad Terrorism Fiacig Act; 9

11 Act 69/2006 Coll., o the Implemetatio of Iteratioal Sactios; Act 256/2004 Coll., o Capital Market Udertakigs; Act 499/2004 Coll., o Archivig ad Record Maagemet; Act 563/1991 Coll., o Accoutig; Act 513/1991 Coll., the Commercial Code; Act 58/1995 Coll., o Isurig ad Fiacig of Exports with State Support; Act 229/2002 Coll., o the Fiacial Arbiter; Act 586/1992 Coll., o Icome Taxatio; Act 589/1992 Coll., o Social Security Cotributios ad Cotributios to the State Employmet Policy; Act 592/1992 Coll., o Public Health Isurace; Act 93/2009 Coll., o Auditors; Act 40/1964 Coll., the Civil Code; Act 304/2013 Coll., o Public Registers of Legal ad Natural Etities; Regulatio 307/2004 Coll., o Submittig Iformatio ad the Uderlyig Documets to the Czech Natioal Bak by Etities icluded i the Fiacial Istitutio Sector; Regulatio 123/2007 Coll., o Rules i the Prudetial Busiess of Baks, Savigs Baks ad Credit Associatios ad Securities Brokers; Regulatio 231/2009 Coll., o the Requisites ad Maer of Keepig the Trasactios ad Orders Books for Ivestmet Firms, ad o the Priciples for Keepig Records of Received ad Trasmitted Orders for Ivestmet Itermediaries; Regulatio 233/2009 Coll., o Applicatios, Approval of Persos ad the Maer of Provig Professioal Qualificatios, Trustworthiess ad Experiece of Persos; Regulatio 234/2009 Coll., o Ati-market Abuse Protectio ad Trasparecy; Regulatio 281/2008 Coll., o Certai Requiremets for the System of Iteral Priciples, Procedures ad Review Measures for Ati-moey Lauderig ad Terrorism Fiacig; Regulatio 303/2010 Coll., o Detailed Provisios for Certai Rules related to the Provisio of Ivestmet Services; Regulatio 276/2010 Coll., o the Submissio of Statemets ad Other Iformatio by Ivestmet Firms to the Czech Natioal Bak; Regulatio 143/2009 Coll., o the Professioalism of Idividuals Performig Activities related to Securities for Traders; Regulatio 58/2006 Coll., o Keepig Separate Records o Ivestmet Istrumets ad Records related to the Separate Records o Ivestmet Istrumets; ad Regulatio 71/2011 Coll., o the Form, Structure ad Method i Keepig ad Providig Data that is Compulsory for Baks ad Foreig Bak Braches to Report ad that is to be Provided to the Ivestmet Isurace Fud Disclosed Documets ČEB s Articles of Associatio i Czech are publicly available ad the hard-copy versio thereof ca be ispected i the Bak s registered office. The electroic versio of the Bak s Articles of Associatio i Czech is publicly available i the Collectio of Deeds of the Commercial Register file No. B 3042/SL 128 of the Muicipal Court i Prague. O the website of the Commercial Register Collectio of Deeds, the updated versio of ČEB s Articles of Associatio is available uder the followig address: I additio, ČEB s website makes publically available all documets ad iformatio o its activities, through which it meets its iformatioal obligatio arisig from the relevat legal regulatios that the Bak is to follow i performig its busiess. 10

12 1.4. Further Iformatio o Česká exportí baka, a.s. ČEB is ot a member of ay group. Act 58/1995 Coll., o Isurig ad Fiacig Exports with State Support, authorised the Bak to fiace exports with state support i lie with iteratioal rules of public support applied i fiacig export loas with maturity exceedig two years (predomiatly the OECD Cosesus ). Uder Sectio 8 (1) (b) of Act 58/1995 Coll., o Isurig ad Fiacig Exports with State Support, the state is held liable for the obligatios of ČEB arisig from paymets of fuds received by ČEB ad for obligatios arisig from other ČEB s operatios o the fiacial markets. No specific evet that could have a material impact o the evaluatio of ČEB s solvecy has occurred sice the last publicatio of the Aual Report of ČEB as a issuer of securities. Whe providig export loas with a maturity period of at least two years, ČEB complies with the rules for assessig the impacts the fiaced export projects may have o the eviromet of the export destiatio. ČEB complies with the procedures set out i OECD Coucil Recommedatio o Commo Approaches for Officially-Supported Export Credits ad Evirometal ad Social Due Diligece (2012) providig guidace o the applicatio of some rules i state-supported export credits. ČEB does ot perform ay evirometal activities o its ow. Represetative office of Česká exportí baka, a.s. abroad: Česká exportí baka, a.s. has a represetative office established i the Russia Federatio. The agecy is a idepedet office of the Bak ad has o legal persoality. The represetative office s activities are delieated by the statutes of the represetative office as ameded by the Cetral Bak of the Russia Federatio s Order No. RF dated 7 October Address: Mashi Poryvaevoy Moscow Russia Federatio Telephoe, fax: + 7 (495) Cotributios to the Deposit Guaratee Fud of the Ivestmet Firms I compliace with Sectio 41 (a) of Act 21/1992 Coll., o Baks, Česká exportí baka, a.s. cotributes to the system of isurace of receivables from deposits, amely to the Deposit Isurace Fud. The cotributios to the system amouted to CZK 1,459,534 i Česká exportí baka, a.s., as a authorized ivestmet firm, is obliged to cotribute to the Deposit Guaratee Fud of the Ivestmet Firms i compliace with Act 265/2004 Coll., o Capital Market Udertakigs. I compliace with Sectio 129 (2) of the Act, the cotributio of Česká exportí baka, a.s. amouted to CZK 10,000 i Admiistrative, Maagemet ad Supervisory Bodies of ČEB ad Related Committees Geeral Meetig the supreme bak body decides by meas of decrees. Geeral assemblies are atteded by the shareholders or by their represetatives based o a power of attorey. Supervisory Board supervisory bak body that supervises the performace of the Board of Directors activities ad the performace of the Bak s busiess activities; presets its opiios to the Geeral Meetig; ad grats permissios i lie with the Articles of Associatio of Česká exportí baka, a.s. Chairma Ig. Mila Hovorka Replacemet member sice 6 November 2010, Member sice 23 November 2010, Vice-chairma sice 29 Jauary 2011, Chairma sice 24 May 2012 Deputy Miister of Idustry ad Trade of the Czech Republic Politických vězňů 20, Prague 1 11

13 Vice-chairma Ig. Ja Gregor Member sice 26 April 2012, Vice-chairma sice 24 May 2012 Deputy Miister of Fiace of the Czech Republic Leteská 15, Prague 1 Malá Straa Members Elected by the Geeral Meetig Ig. Oldřich Čeroch, CSc. sice 3 September 2009, re-elected o 31 October Sice 2012 advisor to the CEO of the State Agricultural Itervetio Fud, sice September 2013 CEO of the Istitute of Agricultural Ecoomics ad Iformatio ad advisor to the Miister of Agriculture, Máesova 75, Prague 2 Ig. Tomáš Dub Replacemet member sice 6 September 2010, Member sice 23 November 2010 Deputy Miister of Foreig Affairs of the Czech Republic Loretáské áměstí 5, Prague 1 Ig. Tomáš Zídek Member from 28 April 2011 to 31 October 2013 Deputy Miister of Fiace of the Czech Republic Leteská 15, Prague 1 Ig. Vladimír Bártl, MBA Member sice 26 April 2012 Director of the Busiess Support Sectio at the Miistry of Idustry ad Trade of the Czech Republic Na Fratišku 32, Prague 1 Ig. Eva Aderová Member sice 31 October 2013 Deputy Miister of Fiace Leteská 15, Prague 1 Elected Employees Ig. Jaroslava Křížová sice 25 November 2010 Team Maager Export ad Project Fiacig Divisio Česká exportí baka, a.s. Vodičkova 34, Prague 1 Ig. Vladimír Šo sice 2 September 2010 Stad-Aloe Sectio Reportig, Compliace Officer Česká exportí baka, a.s. Vodičkova 34, Prague 1 Ig. Miloš Welser sice 1 March 2012 Corporate Sales Coordiator Česká exportí baka, a.s. Vodičkova 34, Prague 1 Iformatio o the Members of the Supervisory Board Ig. Mila Hovorka After graduatig from the Uiversity of Ecoomics i Prague, Departmet of Iteratioal Trade, Mila Hovorka worked at the Federal Miistry of Foreig Trade. From 1990 to 1996 he was a member of the Permaet Missio 12

14 of the Czech Republic to UN ad other iteratioal orgaisatios i Geeva. After his retur, he worked as a Seior Maager of the Departmet of Multilateral Busiess Policy, Relatios with the EU ad EFTA at the Miistry of Idustry ad Trade of the Czech Republic. From 1998 to 2004, he worked for the Miistry of Foreig Affairs, participatig i the Permaet Missio of the Czech Republic to the World Trade Orgaisatio (WTO), ad evetually as a Permaet Represetative, Missio Leader ad member of various elected bodies of the WTO, icludig the positio of the Chairma of the Coucil for Trade i Goods. As of 2004 Mr. Hovorka worked as the Head of the Departmet of Europea Coutries ad CIS coutries at the Miistry of Idustry ad Trade of the Czech Republic. Sice 1 September 2007, he has bee the Deputy Miister of Idustry ad Trade ad is the Head of the EU ad Foreig Trade Sectio. Curretly, he is ot a member of ay bodies of ay other compaies. Ig. Ja Gregor After graduatig from the Uiversity of Ecoomics i Prague, where he specialised i Iteratioal Trade ad Europea Ecoomic Itegratio, Ja Gregor joied the Miistry of Fiace i He focused o the screeig of legislatio i several egotiatio proceedigs ad from 2003, he was resposible for egotiatig fiacial ad budget issues o the Czech Republic s accessio to the EU. Betwee 2001 ad 2010, he was the Director of the Natioal Fud Departmet, which coordiates all fiacial relatios with the EU budget. I the years 2004 ad 2005, he egotiated the fiacial perspective for the period betwee 2007 ad 2013 ad evetually he became a member of the govermetal team for egotiatig Natioal Strategic Referece Framework. As a OECD ad EU expert, he participated i the preparatio of fiacial maagemet ad cotrol systems i Macedoia, Croatia ad Bulgaria. Sice 2010, Ja Gregor has bee the Deputy Miister of Fiace. He is the director of Public Budget Sectio. Curretly, he is ot a member of ay bodies of ay other compaies. Ig. Oldřich Čeroch, CSc. Oldřich Čeroch graduated from the Uiversity of Ecoomics i Prague, the Faculty of Trasport ad Telecommuicatios ad was awarded the advaced degree of the Cadidate of Ecoomic Scieces i I 1995 he participated i a specialised maagemet course MANAGEMENT I ad II at Gustav Käser Traiig Iteratioal. He also passed a special Europea Structural Fuds traiig course, courses of assertiveess ad maagemet, etc. After completig his studies he started to work as a officer i the Accoutig Departmet of the West-Bohemia Telecommuicatios Headquarters i Plzeň. Startig i 1974 he worked as a seior expert ad i 1977 became the Head of Labour Ecoomics Dept. of the Mai Telecommuicatios Headquarters i Prague. From 1992 to 2003 he was resposible for ecoomics as the Deputy Geeral Maager of the Czech Post, s.p. From December 2003 to May 2008 he was the CEO of the State Itervetio Fud for Agriculture (SZIF). I July 2008 he became the Deputy Geeral Maager of the Istitute of Ecoomics ad Iformatio i Agriculture. Util Jue 2011, he was Deputy Miister of Agriculture ad from 1 July 2011 to 29 February 2012, he was the Director of the State Agriculture Itervetio Fud. He has bee the Head of the Istitute of Agricultural Ecoomics ad Iformatio sice September 2013 ad at the same time, he is also a advisor to the miister of agriculture. He is ot a member of aother compay s bodies. Ig. Tomáš Dub After graduatig i 1992 from the Uiversity of Ecoomics i Prague, the Departmet of Iteratioal Trade, Tomáš Dub worked for the govermet as a advisor to the First Deputy Miister of the Ecoomy. From 1994 to 2002 he was mayor of the 7th Prague Muicipal District. From 2002 to 2006 he was a member of the Coucil of the Muicipality of Prague, where he was the Chairma of the Foreig Committee ad a member of the Legislative, Legal ad Security Committee. From 2002 to 2010 he was a deputy of the Chamber of Deputies of the Parliamet of the Czech Republic, where he was a member of the Foreig Committee, Chairma of the Subcommittee for Represetatio of the Czech Republic Abroad, a member of the Subcommittee for Aeroautics ad Astroautics ad a member of the Stadig Commissio for Bakig betwee 2002 ad Betwee 2006 ad 2010 he was a Vice-Chairma of the Foreig Committee ad a member of the Defece Committee. As a Deputy of the Parliamet of the Czech Republic, from 2006 to 2010, he was also Head of the Permaet Delegatio for the Parliamet Assembly of NATO, where he worked i the Stadig Commissio, i the Political Committee ad the Subcommittee for Trasatlatic Ecoomic Collaboratio. Sice August 2010 he has bee Deputy Miister of Foreig Affairs. Curretly, he is ot a member of ay bodies of ay other compaies. 13

15 Ig. Tomáš Zídek /util 31 October 2013/ Tomáš Zídek graduated from the Uiversity of Ecoomics i Prague. From early 1990s he worked as a Director of the Evirometal Sectio ad later as the Deputy Miister of Agriculture of the Czech Republic where he was resposible for dealigs with the EU. Betwee 2002 ad 2006 he worked for the Istitute of Agricultural Ecoomics ad Iformatio. Betwee September 2006 ad Jue 2013 he was the Deputy Miister of Fiace ad maaged the Relatios with the EU ad Macroecoomic Aalysis. He is the Chairma of the Maagemet Board of the Czech Agricultural Uiversity i Prague. Ig. Vladimír Bártl Vladimír Bártl graduated from the Faculty of Textile ad Mechaical Egieerig of the Techical Uiversity of Liberec ad gaied further kowledge i the area of ecoomy ad trade while takig a MBA course at the Uiversity of Ecoomics (PIBS) i Prague. Betwee 1992 ad 1999, he was the CEO of Chemopetrol, the oil refiery ad petrochemical complex, i Litvíov. Later, as the director of a Uipetrol, a.s. subsidiary for roofig productio, he was resposible for the costructio ad lauchig of ew productio, icludig the itroductio of a sale system. Betwee 2007 ad 2011, he was the Director of the Road Trasport Departmet at the Miistry of Trasport of the Czech Republic; evetually, he became the Maagig Director. Sice 2011, he has bee the Director for the Busiess Support Sectio at the Miistry of Idustry ad Trade, where he focusses o busiess eviromet ad reducig admiistrative burde laid upo busiessme ad etrepreeurs. He was a member of umerous bodies of differet compaies, both as a member of the Supervisory Board ad the Board of Directors i the followig compaies: Chemopetrol, a.s., Most Techical Services, a.s., SVS North-Bohemia Waterworks Compay, a.s., Railway Ifrastructure Admiistratio where he was the Chairma of the Board of Directors. He is a member of the Supervisory Boards of OTE, a.s. ad the Czech-Moravia Guaratee ad Developmet Bak, a.s. Ig. Eva Aderová After graduatig from the Uiversity of Ecoomics i Bratislava, Eva Aderová worked for the Slovak Academy of Scieces as a scietist i the Macroecoomic Aalyses ad Socio-ecoomic Progoses Departmet. Betwee 1992 ad 2003 she cotiued to develop her top maagemet workig experiece i iteratioal compaies located i the Czech ad Slovak Republics (Jacobs Suchard Figaro Bratislava ad DHL Sloveská republika, Saoma Magazies Prague, Delvita a.s. ad Boehriger Igelheim, ČR). Before she moved to the Miistry of Fiace of the Czech Republic, she held several positios, such as the chief executive officer, publisher ad maagig director i the publishig house of Prague Post, s.r.o. Eva Aderová has worked for the Miistry of Fiace of the Czech Republic sice 2006, first i the Miister's Cabiet, ad sice 2007 as the Iteratioal Relatios Departmet Director. I July 2013, she was appoited Deputy to the Miister of Fiace resposible for Iteratioal Relatios ad Fiacial Policy Divisio. I this positio, she represets the Miistry i iteratioal fiacial istitutios. She is the alterate for the Miister of Fiace, the Goveror represetig the Czech Republic, at the World Bak ad the Head of the Czech Miistry of Fiace delegatio at the World Bak ad at the Iteratioal Moetary Fud. She is i charge of the Fiacial Mechaism of the EEA ad Norway Grats ad of the Swiss-Czech Programme i the role of the Natioal Cotact Poit, as well as a EU Natioal Aid Coordiator. She represets the Czech Republic at Bak Coucils of the IBEC ad the IIB. Eva Aderová is Chairma of the Supervisory Board of Vipap Krško, a.s. Ig. Jaroslava Křížová After graduatig from high school, Jaroslava Křížová joied PZO Polytecha, where she worked as a techical support officer i the departmet for tradig with coutries of the Coucil for Mutual Ecoomic Assistace for three years. After two years, she commeced her distace studies at the Uiversity of Ecoomics, Prague, Faculty of Trade, at the Departmet of Foreig Trade (completed i 1984). I 1978 she bega workig i the state-owed eterprise IMEX a.s., where she worked for 15 years; the purpose of the eterprise was to miimise the disproportios of the local market by exportig surplus goods ad importig commodities i short supply. Here she first worked as a trader, later she became head of the departmet focusig o the coutries of the Coucil for Mutual Ecoomic Assistace ad Yugoslavia. She was a member of the Supervisory Board for four years as the employee represetative. Betwee 1996 ad 1997 she worked as the Head of Logistics of SSI Schäfer. I August 1997 she joied ČEB as a loa maager ad curretly she is the head of the export fiacig team of ČEB s Export ad Project Fiacig Daviso. I November 2010, she was elected a member of the Supervisory Board by the employees. Curretly, she is ot a member of ay bodies of ay other compaies. 14

16 Ig. Vladimír Šo Vladimír Šo graduated from the Czech Techical Uiversity i Prague i 1976, Departmet of Costructios ad Trasport Structures, specialisatio i railway structures. After completig his studies, he joied Czech Railways ad worked gradually as a track maiteace supervisor, cotroller ad railway trasport egieer i the Kralupy-ad- Vltavou track sectio. I 1979 he made a itra-compay trasfer to the Railway Project Cetre i Ústí ad Labem (Prague office), where he worked as a leadig plaig egieer for 13 years. Durig this time, he expaded his kowledge thaks to postgraduate studies at the Uiversity of Trasport ad Commuicatios i Žilia. I 1992 he started workig i state admiistratio ad was appoited the Director of the Office of the Miister of Idustry ad Trade. I 1999 he started workig i ČEB, specialisig i reportig. Betwee 2006 ad 2012, he was also a compliace officer, at preset he works i the Compliace Departmet. I September 2010 he was elected a member of the Supervisory Board by the employees. Curretly, he is ot a member of ay bodies of ay other compaies. Ig. Miloš Welser After completig his studies at the Departmet of Iteratioal Trade of the Uiversity of Ecoomics i Prague i 1987, Miloš Welser gaied experiece i foreig trade ad sice 1992 he has occupied various positios i the area of bakig ad fiace withi the followig compaies: Citibak a.s., Prague, Deutsche Bak AG, Prague office (Proxy), Bak of America Securities (Vice-Presidet for Cetral Europea Regio), Lodo, ad SpeglerFox Compay, Prague. I February 2008, he joied ČEB, a.s. At preset, he is the Corporate Sales Coordiator i the Trade Sectio. I March 2012, he was elected a member of the Supervisory Board by the employees. Curretly, he is ot a member of ay bodies of ay other compaies. Board of Directors is the Bak s statutory body, maages the operatios of the Bak, acts i its ame, esures the busiess maagemet icludig accoutig, ad takes decisios related to all bak issues uless otherwise stipulated by law or by regulatios defied as competeces of the Geeral Meetig or the Supervisory Board. The Board of Directors makes decisios that may be subject to the Supervisory Board s additioal approval i accordace with the Bak s Articles of Associatio. Chairma Ig. Jiří Klumpar Member of the Board of Directors sice 10 December 2012, Chairma sice 10 December 2012 From the perspective of the Executive Maagemet, Chief Executive Officer of ČEB sice 10 December 2012 Vice-Chairma Ig. Michal Bakajsa Member sice 1 February 2009, Vice-chairma sice 2 September 2010 From the perspective of the Executive Maagemet, Deputy CEO ad Head of the Trade Sectio Mgr. Luboš Vaěk Member sice 14 February 2011, Vice-chairma sice 15 February 2011 From the perspective of the Executive Maagemet, Deputy CEO ad Head of the IT ad Trade Admiistratio Sectio Member Ig. Miloslav Kubišta Member sice 26 April 2006, re-elected for a additioal term of office o 26 April 2011, Vice-Chairma from 26 April 2006 to 2 Jue 2008 ad from 1 Jauary 2009 to 14 February 2011, the member util 31 December 2013 Chairma of the Board of Directors from 5 October 2012 to 10 December 2012 Authorised to maage ČEB from 5 October 2012 to 10 December 2012 From the perspective of the Executive Maagemet, Deputy CEO ad Head of the Fiace Sectio Supervisory Board at its meetig o 24 October 2013 i accordace with 11 paragraph 3 of the Articles of Associatio removed Ig. Miloslav Kubišta, member of the Board, from office with effect from 31 December

17 Ig. Iva Duda Member sice 1 October 2013 From the perspective of the Executive Maagemet, Deputy CEO ad Head of the Risk Maagemet Sectio At its meetig o 24 October 2013, the Supervisory Board elected Karel Bureš as member of the Board of Directors with effect from 1 Jauary Iformatio o the Members of the Board of Directors Ig. Jiří Klumpar Jiří Klumpar graduated from the Faculty of Nuclear Scieces ad Physical Egieerig of the Czech Techical Uiversity i Prague i I the 1990s he studied macro-ecoomics at Georgetow Uiversity, Washigto D.C. He worked for the Czech Natioal Bak as the Director of Fiacial Market ad Free Market Trasactios ad, subsequetly, as the Director of Risk Maagemet ad Settlemet. I the late 1990s, he was the official receiver for Agrobaka, resposible for its restructurig ad stabilisatio. Later, he was active i GE Capital Bak as Vice-chairma of the Board of Directors ad as the Head of the Developmet of Busiess Activities ad Special Projects. He also worked for PricewaterhouseCoopers Czech Republic, where he was resposible for maagig o-audit projects ad advisory services i the field of fiacial services with a focus o risk maagemet ad risk credit receivables admiistratio. Curretly, he is ot a member of ay bodies of ay other compaies. Ig. Michal Bakajsa Michal Bakajsa graduated from the Uiversity of Ecoomics i Prague, i the field of system egieerig i Followig graduatio, he worked as a admiistrator of the Sparta Praha Sports Associatio. From 1992 to 1993 he was the Vice-Presidet for Ecoomics of the Sparta Praha Sports Associatio. Betwee 1994 ad 2001 he held various positios at Česká spořitela, a.s. From October 2001 to July 2006 he worked at Dresder Bak CZ/BAWAG Bak as the Head of a team resposible for structured fiace ad sydicated loas. After his egagemet with ČSOB a.s., where he held the positio of the Director of the Exports ad Structured Trade Fiacig departmet from 2006, he joied ČEB. Durig his professioal career he has bee a member of the supervisory boards of ECKG, a.s., Pegas DS, a.s. ad Pegas, a.s. ( ), Dresder Bak CZ, a.s. ( ) ad BAWAG Bak CZ, a.s. ( ). Curretly, he is ot a member of ay bodies of ay other compaies. Mgr. Luboš Vaěk Luboš Vaěk studied at a secodary school i Sokolov ad the graduated from the Faculty of Physical Educatio ad Sports of Charles Uiversity i Prague. I the 1990s, he was active i the capital market i bakig ivestmet fud ad after 1997 he was a member of the Supervisory Body of the Office for Securities ad later i the Commissio for Securities, i the positio of Head of the Departmet of Security Dealers ad Brokers. He has a brokerage licece. From 1999 to 2002 he worked at the Czech Natioal Property Fud as the Director of the Chairma s Office. Sice 2003, he worked as the Executive Director of the Czech Social Security Admiistratio, where he was resposible for implemetig process maagemet i the orgaisatio icludig ecoomic processes. O 1 February 2006, he was appoited Deputy Cetral Director ad startig 1 August 2006, he was etrusted with the maagemet of the Czech Social Security Admiistratio. From 1 March 2007 to 2010 he was the Deputy Miister of Idustry ad Trade resposible for the sectio of subordiate orgaisatios ad state-owed eterprises. From April 2009 to Jauary 2011, he was the Vice-chairma of the Supervisory Board of ČEB ad EGAP. Curretly, he is ot a member of ay bodies of ay other compaies. Ig. Miloslav Kubišta /util 31 December 2013/ Miloslav Kubišta graduated from the Uiversity of Ecoomics i Prague. From 1974 to 1978 he was employed i the Fiacial Departmet of ČKD DUKLA Praha, ad from 1978 to 1991 he worked i state admiistratio i the field of fiace. Later, he pursued his career i private bakig. From 1994 to 1995 he was employed with EGAP, a.s. He has worked i ČEB sice 1995, ad was appoited Deputy CEO resposible for the Fiace Sectio i Curretly, he is ot a member of ay bodies i ay other compaies. 16

18 Ig. Iva Duda Iva Duda graduated from the Czech Techical Uiversity i Prague (ČVUT), Faculty of Electrotechical Egieerig, with a major i Techical Cyberetics, i I the 1990s, he added to his qualificatios durig several study trips focused o assets ad liabilities maagemet ad risk maagemet i baks. He has bee active i the bakig sector sice 1993, first workig for Komerčí baka, a.s. i the ALM Departmet ad later for Kosolidačí baka s.p.ú. as director of the Treasury Departmet, resposible for implemetatio of bakig stadards i busiess cotext, their settlemet i the fiacial ad capital market ad settig the stadards of the bak's fiacial risk maagemet. From 1998 he worked for Komerčí baka as the bak s ad fiacial group s Risk Maagemet Departmet Director. Durig the same period, he was also a member of the Supervisory Board of Komerčí baka Bratislava, ad i 2000, he became Chairma of its Board of Directors as well as its Chief Executive Officer. Betwee 2002 ad 2004, he served i the post-privatisatio team of Slovakia bak VÚB baka, a.s., a part of Italia group ItesaSapaolo. By virtue of his positio as Chairma of the Board of Directors ad Executive Director of Stavebí sporitela VUB Wuesterot, a.s., he was resposible for the bak's stabilisatio ad the subsequet sale of VÚB share to its Austria ad Germa co-owers. He the became director of the subsidiary of VÚB bak i the Czech Republic, ad remaied i the positio util mid Durig the last five years, he has devoted himself to cosultatio activities ad cooperatio with the fiacial ivestors cocerig their activities i the Czech market. Curretly, he is ot a member of ay bodies i ay other compaies. Audit Committee set up by a decisio of the Geeral Meetig of ČEB, held o 10 December 2009 ad effective as of 4 Jauary The Audit Committee focuses mostly o the process of preparig the Bak s fiacial statemets, evaluates the effectiveess of the iteral cotrols of the Bak, the iteral audit ad/or risk maagemet systems, moitors the procedure of obligatory audits of the fiacial statemets, recommeds the auditor, ad sets up the remueratio regulatios uder the capacity of the Head of the Iteral Audit Sectio. The Compositio of the Audit Committee i 2013 was as follows: Ig. Zdeěk Grygar Chairma, idepedet member of the Audit Committee sice 23 November 2010 Ig. Tomáš Zídek Member of the Audit Committee sice 28 April 2011 Ig. Vladimír Bártl, MBA Member of the Audit Committee sice 26 April 2012 Iformatio o the Members of the Audit Committee Ig. Zdeěk Grygar Zdeěk Grygar graduated from the Uiversity of Ecoomics i Prague, Faculty of Maagemet, with a specialisatio i Ecoomic ad Mathematical Calculatios (1980). He has worked as a auditor sice 1992, ad holds a certificate of the Chamber of Auditors of the Czech Republic (o. 1029). From 1980 to 1992 he worked as a subject specialist for pla ad budget cotrol i ecoomic ad fiacial istitutios at the Czech Miistry of Cotrol; he became a advisor to the Miister i Betwee 1992 ad 2002 he worked as a ecoomic aalyst ad director of the Bakig ad Ecoomic Cocepts ad Aalyses i Baka Bohemia a.s. Upo the bak s etry ito liquidatio i 1994, he was a Seior Director of the Ecoomic Divisio. From 2002 to 2005 he worked as a Deputy Liquidator of Agrobaka a.s. i liquidatio. I 2007 he was elected to the Executive Committee of the Chamber of Auditors of the Czech Republic; he is the Chairma of the Audit Examiatio Committee ad Examier of Accoutig withi the isolvecy admiistrator exams maaged by the Miistry of Justice. I the past, he worked as a member of the Supervisory Board of Ekoagrobaka a.s. Ústí ad Labem, i liquidatio, ad COOP baka a.s. Bro, i liquidatio, util the termiatio of liquidatio both memberships arose followig the authorisatio by the Czech Natioal Bak. Curretly, he works as a statutory auditor ad focuses o the audits of admiistrative self-govermet regios, istitutios uder the Academy of Scieces of the Czech Republic, ad research ad developmet subsidies from the EU. Ig. Tomáš Zídek Tomáš Zídek graduated from the Uiversity of Ecoomics i Prague. From the begiig of the 1990s he worked as a Director of the Evirometal Sectio ad later as the Deputy Miister of Agriculture of the Czech Republic where he was resposible for dealigs with the EU. Betwee 2002 ad 2006 he worked for the Istitute of Agricultural Ecoomics ad Iformatio. He has bee the Deputy Miister of Fiace sice 2006 ad he is resposible for the Czech Republic s relatioships with the EU, iteratioal cooperatio ad macroecoomic aalyses. He is the Chairma of the Maagemet Board of the Czech Agricultural Uiversity i Prague ad a member of the Ecoomic ad Fiacial 17

19 Committee of the EU (EFC). He is a Alterate Goveror of the World Bak ad the Europea Bak for Recostructio ad Developmet ad is the leader of the Czech delegatio to Iteratioal Ivestmet Bak ad Iteratioal Developmet Bak. Sice May 2011 he has bee a member of the Supervisory Board of EGAP, a.s. Curretly, he is ot a member of ay bodies of ay other compaies. Ig. Vladimír Bártl, MBA refer to the iformatio o the members of the Supervisory Board Other Decisio-Makig Bodies of ČEB Withi the scope of its activities, the Board of Directors set up the followig decisio-makig bodies: Credit Committee - a permaet decisio-makig ad advisory body of the Board of Directors for decidig o ad evaluatig all issues related to selected trasactios ad credit risk maagemet, ad the advisory body of the leadig employees of ČEB. The Credit Committee is part of the maagemet ad cotrol system of the Bak. Compositio of the Credit Committee: Mgr. Luboš Vaěk Vice-Chairma of the Credit Committee sice 5. Jue 2012, authorised to maage the Committee util 1 November 2013 Ig. Iva Duda Chairma of the Credit Committee sice 1 November 2013 Ig. Michal Bakajsa Member of the Credit Committee, Vice-Chairma of the Credit Committee sice 1 November 2013 Ig. Petr Krupa Member of the Credit Committee, Head of the Credit Risk Maagemet Divisio util 12 Jauary 2012, authorised to maage the Risk Maagemet Divisio sice 5 Jue 2012 Ig. Marti Páek Member of the Credit Committee from 12 Jauary 2012, authorised to maage the Credit Risk Maagemet Divisio sice 1 Jauary 2012 Ig. Miloš Welser Member of the Credit Committee sice 9 February 2012 Assets ad Liabilities Maagemet Commissio (ALCO) permaet decisio-makig ad advisory body of the Board of Directors for decidig o ad evaluatig all issues related to assets ad liabilities maagemet ad miimisatio of market risks related to bak trasactios ad operatios of ČEB o fiacial markets; ad the advisory body of the other leadig departmets. ALCO is a part of the maagemet ad cotrol system of the Bak. Compositio of ALCO: Ig. Miloslav Kubišta Chairma of ALCO util 10 Jauary 2014 Ig. Michal Bakajsa Member of ALCO, Vice-Chairma of ALCO from 9 May 2013 to 1 November 2013, later a Member of ALCO Ig. Iva Duda Vice-chairma of ALCO sice 1 November 2013 Ig. David Frata Member of ALCO, Head of the Treasury Divisio Mgr. Reé Hayk Member of ALCO, Head of the Bakig Risk Maagemet Divisio Ig. Miloš Welser Member of ALCO Ig. Petr Krupa Member of ALCO from 9 May 2013 to 31October 2013 Iformatio Techologies Developmet Commissio (ITDC) permaet decisio-makig ad advisory body of the Board of Directors of ČEB dealig with issues i relatio to ICT maagemet. ITDC is part of the maagemet ad cotrol system of the Bak. Compositio of the Commissio: Mgr. Luboš Vaěk Ig. Petr Jidrák Chairma of ITDC Vice-chairma of ITDC, Head of the Bak Iformatio System Developmet Divisio 18

20 Ig. Pavel Kašpar Mgr. Reé Hayk Ig. Ja Bukovský Ig. Marcela Šrůtková Ig. Petr Križa Ig. Jiří Brudňák Member of ITDC, Head of the Bakig IS Operatios ad Iteral Admiistratio Divisio Member of ITDC, Head of the Bakig Risk Maagemet Divisio Member of ITDC, ICT Security Ispector Bakig IS Operatios ad Iteral Admiistratio Divisio Member of ITDC, workig for the Accoutig Divisio Member of ITDC, Deputy Director of the Legislatio ad Iteratioal Relatioships Sectio Member of ITDC, workig for the Exports ad Project Fiacig Divisio Operatioal Risk Maagemet Commissio (ORCO) permaet decisio-makig ad advisory body of the Board of Directors. Makes decisios ad evaluates operatioal risks icludig all areas related to the iformatio security maagemet of ČEB; ad advisory body of the leadig employees of the Bak. ORCO is part of the maagemet ad cotrol system of the Bak. Compositio of the Commissio: Mgr. Luboš Vaěk Vice-chairma of ORCO, sice 5 Jue 2012, authorised to maage the Commissio util 1 November 2013 Ig. Iva Duda Chairma sice 1 November 2013 Mgr. Reé Hayk Member of ORCO, Head of the Bakig Risk Maagemet Divisio Ig. Petr Jidrák Member of ORCO, Head of the Bak Iformatio System Developmet Divisio Ig. Pavel Kašpar Member of ORCO, Head of the Bakig IS Operatios ad Iteral Admiistratio Divisio Ig. Ja Bukovský Member of ORCO, ICT Security Ispector i Bakig IS Operatios ad Iteral Admiistratio Divisio Ig. Marcela Šrůtková Member of ORCO, workig i the Accoutig Divisio 19

21 1.6. Orgaisatioal Structure of Česká exportí baka, a.s. Audit Committe Supervisory Board Board of Directors 0500 Compliace officer Chief Executive Office 0400 Iteral Audit 0110 Workout 0101 CEO Office 9000 Represetative office i RF 0102 SA Huma Resources 0103 SA strategy, commuicatios ad marketig 5000 Legislatio ad Iteratioal Relatioships Sectio 4000 IT Trade Admiistratio Sectio 3000 Trade Sectio 2000 Risk Maagemet Sectio 1000 Fiace Sectio 5010 Legislatio ad Law Divisio 4010 Bak Iformatio System Developmet Divisio 3010 Exports ad Project Fiacig Divisio 2010 Bakig Risk Maagemet Divisio 1010 Fiace Cotrollig Divisio 5020 Iteratioal Relatios ad Strategies Divisio 4020 Bak If. System Operatios ad Iteral Admistratio Exports Fiacig Teams I. IV Credit Risk Maagemet Divisio 1020 Accoutig Divisio 4030 Trade Admiistratio Divisio 3020 SME Divisio Project Fiacig Team 1030 Treasury Divisio 4040 Paymets Divisio 3030 Project Fiacig Divisio Iteratioal Etities ad Fiace Istitutios Team 1001 SA Reportig 3040 Project Moitorig Divisio Natioal Etities ad SME Team SA Svodé iformace 3050 Sydicatios ad Acquisitios Divisio Orgaisatioal structure of ČEB, a.s. valid as of 1 August