Bank's ratings affirmed

UNOFFICIAL TRANSLATION

Report 16/2010: Bank's ratings affirmed

Management Board of Bank Polska Kasa Opieki S.A. ("Bank") received on February 23, 2010 information that Standard & Poor's Ratings Services has affirmed ratings of the Bank in the following way:

1) foreign currency long-term rating at "A-"

2) foreign currency short-term rating at "A-2"

3) local currency long-term rating at "A"

4) ) local currency short-term rating at "A-1"

Stable Outlook of Bank's ratings has been sustained.

The gradation scale of ratings applied by Standard & Poor's Ratings Services

Long-term ratings - Rating of capability to pay long-term liabilities of the Bank. The gradation scale for investment level: AAA, AA, A, BBB, and for speculative level: BB, B, CCC, CC, C, DDD, DD, D. ("AAA" is the highest rating, "D" is the lowest rating).

Gradation scale of Outlook from Positive via Stable to Negative. Positive outlook means that there is possibility to upgrade the ratings in the future, Stable outlook means that the ratings will remain unchanged, and Negative outlook - that there is a possibility to downgrade the ratings.

Short-term ratings - Rating of capability to pay short-term liabilities of the Bank. The gradation scale: A-1, A-2, A-3, B, C. ("A-1" is the highest and "C" is the lowest rating).

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