Maintaining Bank's ratings, change Outlook

Management Board of Bank Polska Kasa Opieki Spółka Akcyjna ("Bank") informs that on 30th of June 2015 rating agency Standard & Poor's Ratings Services ("Standard & Poor's") confirmed Bank's ratings at unchanged levels, changed Outlook to negative.

In the result, Bank's ratings are as follows:

long-term credit rating: 'BBB+'

short-term rating: 'A-2'

outlook: 'negative'

stand-alone rating: 'bbb+'

Standard & Poor's rating reflects their increased assessment of liquidity to "strong" maintained assessments of Pekao's "strong" liquidity and business position as "strong," capital and earnings as "strong," risk position as "adequate," funding as "average". In the result the Bank's stand-alone credit profile "SACP" has been sustained the highest of the banks being rated by Standard & Poor's in Poland.

The negative Outlook indicates their view of a one-in-three probability that implementation of EU Bank Recovery and Resolution "BRRD" in Poland could lead to an increased bail-in risk.

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