Bank's ratings affirmed by Fitch Ratings

UNOFFICIAL TRANSLATION

Report 24/2015: Bank's ratings affirmed by Fitch Ratings

Management Board of Bank Polska Kasa Opieki S.A. ("Bank") informs that on 23rd of November 2015 rating agency Fitch Ratings affirmed Bank's ratings at unchanged levels.

In the result of this decision Bank's ratings are as follows:

Long-term IDR: 'A-'; Outlook: Stable;

Short-term IDR: 'F2';

Viability Rating: 'a-';

Support Rating: '2'.

In justification it was stated that Bank's Long-term rating are based on its intrinsic strength, reflected in its Viability Rating of level 'a-'.

Viability Rating reflects mainly Bank's strong standalone credit profile, underpinned mainly by strong capitalization, solid franchise, rather resilient performance resulting in a healthy internal capital generation, sound asset quality, strong liquidity, stable funding base and low exposure to risks related to foreign currency mortgage loans.

Bank's Viability Rating at 'a-' is the highest one among commercial banks rated by Fitch in Poland.

Legal basis: section 5 subsection 1 clause 26 Finance Minister's Ordinance of 19 February 2009 re. current and periodic reports published by the issuers of securities and the rules of equal treatment of the information required by the laws of non-member states