11.3. Investor Relations at mBank

The Investor Relations Team at mBank is responsible for communication with investors interested in mBank’s shares and debt securities, and with analysts.  Pursuant to the policy of transparency, the team is responsible for providing complete and relevant information about mBank Group to interested parties.

mBank has paid close attention to ensuring effective communication with its investors and analysts. In 2014 four direct and on-line conferences for analysts and investors were held to discuss the Bank’s results. For the viewers’ convenience, the meetings with the Management Board convened on this occasion were broadcast on-line in Polish and English, and made available on the official website of the Bank. In addition, after the publication of the Group's quarterly results, institutional investors were invited to participate in individual and group meetings with the President of the Management Board to discuss issues related to the Group and its results (more than 20 meetings with pension and investment fund managers).

Relationships with analysts, shareholders and potential investors are also strengthened by meetings at conferences held in Poland and abroad.  In 2014 mBank participated in 2 conferences in Warsaw, 7 conferences in Europe and USA and 4 roadshows in UK, Germany, Scandinavian countries and USA.

Furthermore, analysts and investors of mBank are kept informed about important events related to mBank Group via monthly newsletters and e-mails.

Like every year, two sessions were organised as part of regular meetings with the Bank’s rating agencies.

In 2014, a new, refreshed and more user-friendly website of the Bank’s investor relations was released (http://www.mbank.pl/relacje-inwestorskie/). The new Internet service was designed primarily for the recipients, both Polish and English speaking. Taking them into consideration, all information on mBank Group, including financial results, shareholding structure, Annual  Meetings, ratings, performance of mBank’s shares on the WSE, current reports, and details on consensus estimates for the Group was grouped thematically and in the order of their relevance to the recipients. What is more, a new, educational part of IR website called “For new investors” was launched. It is dedicated for new, potential investors.

11.3.1.   Recommendations

mBank Group and its performance are monitored by analysts representing various financial institutions, banks and brokers. mBank is on the watch list of several domestic and foreign banks whose analysts issue their recommendations for mBank shares.  These include the following: Citi Investment Research (DM Banku Handlowego), Deutsche Bank, Goldman Sachs International, Millennium DM, BoA Merrill Lynch, Raiffeisen Centrobank, Unicredit CAIB Polska, ING Securities, Espirito Santo Investment Bank Poland, Wood & Company, J.P. Morgan, Keefe, Bruyette & Woods, DM PKO BP, DM BZ WBK, DI Investors, Ipopema Securities, Noble Securities, Trigon DM, Erste Securities Polska and DM BOŚ. In 2014, Trigon DM joined the group of analysts monitoring mBank’s shares, while Morgan Stanley resigned from covering mBank.

As at the end of 2014, the structure of recommendations for mBank’s shares was as follows:

The current consensus of expected results of the Group for 2014-2015 is available at mBank’s website: http://www.mbank.pl/en/investor-relations/shares/consensus.html.