Bank's ratings confirmed

UNOFFCIAL TRANSLATION

Report 35/2011: Bank's ratings confirmed by Fitch Ratings. Support rating under watch

Management Board of Bank Polska Kasa Opieki S.A. ("Bank") informs that its long-term, short-term and viability ratings are confirmed, therefore unaffected by rating actions taken on ratings of UniCredit S.p.A, Bank's parent company by Fitch Ratings rating agency ("Fitch Ratings"). At the same time, following actions on Bank's parent company ratings mentioned above, Fitch Ratings placed Bank's support rating on Rating Watch Negative.

On 11th of October 2011 Fitch Ratings downgraded support rating and placed

on Rating Watch Negative by on 13th of October 2011 has started revising ratings of UniCredit S.p.A.'s subsidiaries and confirmed Bank's ratings and placed Bank's on on Rating Watch Negative long-term and short-term ratings of UniCredit S.p.A.

Full text of information released is available on the Fitch Ratings website: www.fitchratings.com

The ratings of Bank Polska Kasa Opieki S.A.. in the result of these changes are as follows:

Long-term foreign currency IDR: 'A-'; Unaffected

Short-term foreign currency IDR: 'F2'; Unaffected

Viability Rating: 'a-'; Unaffected

Support Rating: affirmed at '1' placed on RWN

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