Bank's ratings placed on Watch byStandard & Poor's

UNOFFICIAL TRANSLATION

Report 40/2011: Bank's ratings placed on Watch by Standard & Poor's

Management Board of Bank Polska Kasa Opieki S.A. ("Bank") has received on 7th of December 2011 information that owing to placing ratings of UniCredit S.p.A Bank's parent company on Watch Negative in the result of placing ratings of Republic of Italy on Watch Negative by rating agency Standard & Poor's Ratings Services ("Standard & Poor's"), the long-term rating of the Bank has been placed also on the above mentioned list. At the same time the Bank's short-term rating has been affirmed.

On the resolution of the CreditWatch on the parent, Standard & Poor's could affirm Bank's lon-term rating, or downgrade it by one notch.

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.