Conclusion of an agreement with trade unions

Legal basis: Article 17 section. 1 MAR - confidential information

The Management Board of Bank Polska Kasa Opieki Spółka Akcyjna with its registered seat in Warsaw (the "Bank") in relation to the current report no. 8/2019 dated 4 April 2019, informs that on 25 April 2019 the Bank concluded an agreement defining the principles of collective redundancies with all trade unions operating at the Bank.

The parties to the agreement agreed, among others selection criteria for employees whose employment contracts will be terminated and whose terms and conditions of employment will be amended as part of collective redundancies, severance pay conditions and additional compensation and the scope of the assistance program for dismissed employees. It was also agreed that collective redundancies will be carried out from 26 April 2019 to 31 October 2019 and will cover not more than 900 employees in case of termination of employment contracts and not more than 620 employees in case of amendment of terms and conditions of employment.

The Bank estimates all the costs amount of termination of employment contracts and amendment of terms and conditions of employment the Bank's employees related to the collective redundancies for approx. PLN 70-90 million and due to this the appropriate provision will be created in the Bank's accounting books.

Legal basis:

Article 17 section 1 MAR (Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (European Union Journal of Laws dated 12 June 2014, no. L 173/1).