"The Best Practices for WSE Listed Companies", adopted by the Board of Giełda Papierów Wartościowych w Warszawie S.A. (the Warsaw Stock Exchange) on 4 July 2007, have been worked out for the needs of the Polish capital market. They constitute a collection of corporate governance rules, which were formally introduced by the document entitled "Best Practices in Public Companies 2002". "The Best Practices for WSE Listed Companies" provide a set of detailed rules of conduct of public companies, addressed not only to company authorities and members of such authorities, but also to their majority and minority shareholders. The main purpose of the corporate governance rules is to regulate the relations between listed companies and their market environment and to ensure proper and diligent management of a company or enterprise, such management being loyal to shareholders.

The objective of the "Best Practices for WSE Listed Companies" is to enhance the transparency of listed companies, improve communication between companies and investors, and improve the protection of shareholders' rights including rights related to issues not regulated by law. At the same time, the "Best Practices" are supposed not to put burdens on the listed companies which would not be offset by benefits resulting from market needs. As a result, the "Best Practices" concern only those matters where their application may contribute to a rise in the market value of companies and, consequently, reduce the cost of raising capital.

Bank Handlowy w Warszawie S.A. declared adherence to the Best Practices from the very moment of their implementation in 2002. Since June 2003 Bank Handlowy w Warszawie S.A. has regularly submitted appropriate declarations at the Warsaw Stock Exchange. In 2005 as well as in 2006 Bank Handlowy w Warszawie S.A. declared adherence to all corporate governance rules, including the rule regarding the independence of Supervisory Board Members. In Bank Handlowy w Warszawie S.A. one half of the Supervisory Board Members are independent members, including the Chairperson of the Supervisory Board and the Chairperson of the Supervisory Board's Audit Committee operating in the Company. Pursuant to the Rules of the Warsaw Stock Exchange, starting from January 1, 2008, Bank Handlowy w Warszawie S.A. will attach a report on compliance with corporate governance rules to the annual report of the Company.

By declaring that it would observe the "Best Practices for WSE Listed Companies", Bank Handlowy w Warszawie S.A. undertook to make an effort to put its corporate practices in order and to carry out an internal dialogue on the subject. All this is aimed at ensuring transparency of relations and processes between all statutory bodies of the Company.