Appointment of President of the Bank

UNOFFICIAL TRANSLATION

Report 17/2011: Appointment of President of the Management Board of Bank

The Management Board of Bank Polska Kasa Opieki Spółka Akcyjna ("Bank") informs, that according to the Supervisory Board's unanimous decision, which will enter into force on May 1st, 2011, Mr. Luigi Lovaglio, who currently holds the position of First Vice President, General Manager of the Bank, has been appointed as President of the Management Board of the Bank, CEO for the current common term of office of the Bank's Management Board. The appointment is effective at the moment of obtaining the approval of the Polish Financial Supervision Authority.

LUIGI LOVAGLIO, First Vice President of the Management Board and General Manager of Bank Pekao S.A.; joined the Management Board of the Bank in September 2003.

He graduated from University of Bologna with a degree in Economics and Commerce.

He has been working for UniCredit Group since 1973, progressing through a number of important positions, including ten years of senior executive managing market areas of increasing importance.

In 1997 he had been appointed Head of Strategic UniCredit Group Planning and was involved in several mergers of UniCredito with the newly acquired banks.

Since 1999 he has been cooperating with Bank Pekao S.A., with primary responsibility for the integration of Bank Pekao S.A. into the UniCredit Group. He was also Project Leader of the integration of Bank Pekao S.A. with Bank BPH SA, successfully completed in November 2007.

From 2000 up to 2003 he was Deputy Chairman of the Management Board and Executive Director of Bulbank AD, the largest Bulgarian bank.

Mr. Lovaglio was awarded the title of Italy's Commander of the Order of the Star of Italian Solidarity by the Italian President Giorgio Napolitano in March 2008, in recognition of his substantial input in the development of economic co-operation between Poland and Italy.

Positions held in governing bodies of companies:

Deputy Chairman of the Supervisory Board of Public Joint Stock Company UniCredit Bank in Ukraine, Member of the Supervisory Board of Pirelli Pekao Real Estate Sp. z o.o., Member of the Supervisory Board of Pekao Bank Hipoteczny S.A.

Mr. Luigi Lovaglio does not carry out the competitive activity to the activity of Bank Pekao S.A. and is not recorded in Insolvent Debtors Register kept in accordance with the Domestic Court Register Act.

Legal base: § 5 sect. 1 p. 22 of the Ordinance of the Minister of Finance of 19th February 2009 on current and periodic information published by issuers of securities and the conditions for regarding information required by the law of a non-member state as equivalent