Non-public Issue of Subordinated Bonds

UNOFFICIAL TRANSLATION

11.09.2018 - Report 20/2018: Expression of consent by the Management Board of Bank Polska Kasa Opieki Spółka Akcyjna to the non-public issue of subordinated bonds

Bank Polska Kasa Opieki S.A. ("Bank") hereby informs that on 11 September 2018, the Bank's Management Board adopted a resolution approving the issue of subordinated bonds by the Bank with a total nominal value not exceeding PLN 1,500,000,000 (in words: one billion, five hundred million zlotys) ("Bonds"). After obtaining the approval of the Polish Financial Supervision Authority, the Bonds will be classified as Tier 2 capital instruments.

The nominal value of one Bond will be PLN 500,000 (in words: five hundred thousand zlotys). The detailed terms of the issue and the exact size of the issue of Bonds will be determined at a later date, taking into account inter alia results of the book-building process among investors and the situation on the bond market.

The Bonds may be issued in one or more series. The offer of Bonds will be carried out exclusively on the territory of Poland. The Bonds will be issued in accordance with Article 33 point 2 of the Act of January 15, 2015 on bonds, and proposals for the purchase of Bonds will be directed to no more than 149 individually defined addressees.

The considered time of the Bonds issue is October 2018, subject to the reservation that it depends on the situation on the bond market.

Legal basis: Article 17.1 of MAR - confidential information