Kruk S.A.

Securitization of receivables is a modern tool enabling effective management of large debt portfolios including both retail and business debts. As a financial instrument, it is most often used in large structured finance projects by banks, leasing companies, telecoms and other commercial organizations. Creditors use securitization to quickly and easily dispose of their receivables and to transfer the risk associated with them. Securitization is also a source of capital for business activity and is used to improve balance sheets.

KRUK S.A. manages the receivables purchased by Prokura NS FIZ, Sekura NS FIZ and Prokulus NS FIZ securitization funds. Over the past couple of years the company has accepted several billion Polish zloty worth of receivables for servicing.

Prokura NS FIZ is currently the most profitable securitization fund in Poland. In 2007, the fund achieved the highest rate of return among other similar funds (172.85%). The results generated so far in 2008 make us believe that the high level of effectiveness will be maintained.