Issue of subordinated bonds

UNOFFICIAL TRANSLATION

6.11.2019 - Report 29/2019: Expression of consent by the Management Board of Bank Polska Kasa Opieki Spółka Akcyjna to the issue of subordinated bonds

Bank Polska Kasa Opieki S.A. (the "Bank") hereby informs that on 6th November 2019 the Bank's Management Board adopted a resolution approving the issue of subordinated bonds by the Bank (the "Bonds"). The total nominal value of the issued Bonds will be determined during the book-building process among investors and depends on the situation on the bond market. After obtaining the approval of the Polish Financial Supervision Authority, the Bonds will be classified as Tier II capital instruments.

The nominal value of one Bond will be PLN 500,000 (in words: five hundred thousand zlotys). The detailed terms and conditions of the Bond's issue i.e. maturity date, early redemption date, interest rate and the issue price will be the same as the terms and conditions of series D bonds issued by the Bank on 4th June 2019 ("Series D Bonds"). The Bank aims to assimilate the Bonds with the Series D Bonds.

The Bonds will be issued in one series. The offer of the Bonds will be carried out exclusively on the territory of Poland. The proposals to acquire Bonds will be directed to no more than 149 individually defined addressees.

The considered time of the Bonds issue commencement is November 2019, provided that it is subject to situation on the bond market.

Legal basis: Article 17 (1) of MAR - confidential information