Fitch Ratings based on Pekao's intrinsic strength

Report 5/2012: Bank's ratings confirmed by Fitch Ratings based on Pekao's intrinsic strength

Management Board of Bank Polska Kasa Opieki Spółka Akcyjna ("Bank") informs that on 31st January 2012 rating agency Fitch Ratings ("Fitch") informed about confirming Bank's ratings on unchanged levels.

 In the result ratings of the Bank are as follows:

Long-term foreign currency IDR: 'A-'; Outlook: StableShort-term foreign currency IDR: 'F2';Viability Rating: 'a-';Support Rating: '2'.

In justification among other it was stated that:

"Pekao's Long- and Short-term IDRs are based on Pekao's intrinsic strength, reflected in its Viability Rating (VR) of 'a-', and do not benefit from any potential support that it can expect to receive from its parent, UniCredit S.p.A.

Pekao's Long-term IDR and VR reflect the bank's stable and diversified funding base, ample capitalisation and strong franchise as well as consistency in conservative credit and market risk management. These factors have made Pekao more resilient to the deterioration in the operating environment during the crisis compared with peers, and in Fitch's view give the bank sufficient flexibility to accommodate any negative impact from the slowing Polish economy. Foreign currency mortgage lending is limited, asset quality deterioration has been contained and profitability has remained sound through the current cycle."

 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