UNOFFICIAL TRANSLATIONReport 23/2016: Bank's ratings affirmed byS&P Global Ratings

Management Board of Bank Polska Kasa Opieki Spółka Akcyjna informs thaton 18th of October, 2016 rating agency S&P Global Ratings informed Bankon review Bank’s ratings and their confirmation at unchanged levels:long-termcredit rating: “BBB+”short-term rating: “A-2”outlook:“negative”stand-alone rating: “bbb+”Thereview of Bank’s ratings has been accomplished in the result ofassessment of prospects for extraordinary governmental support to thebanking sector after entering into force by the Act of 10 June 2016 onthe Bank Guarantee Fund, the deposit guarantee scheme and compulsoryresolution, implementing the Directive of the European Parliament and ofthe Council 2014/59 / EU of 15 May 2014, establishing a legal frameworkfor the conduct of corrective action and restructuring and an orderlyliquidation in relation to credit institutions and investment firms andamending the Council Directive 82/891 / EEC and the European Parliamentand the Council Directive 2001/24 / EC, 2002/47 / EC, 2004/25 / EC,2005/56 / EC, 2007/36 / EC, 2011/35 / EU , 2012/30 / EU and 2013/36 / EUand Regulation of the European Parliament and of the Council (EU) No1093/2010 and (EU) No 648/2012.Legal basis: Article 17 sec.1 of Regulation (EU) No 596/2014 of the European Parliament and of theCouncil of 16 April 2014 on market abuse (market abuse regulation) andrepealing Directive 2003/6/EC of the European Parliament and of theCouncil and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC