Rejected the appeal

UNOFFICIAL TRANSLATION

Report 20/2012: Rejected the appeal against the sentence dismissing the claim for repealing the resolutions No. 5, 19, 20, 27 - 29 of the Ordinary Shareholders Meeting of the Bank dated May 5, 2009

The Management Board of Bank Polska Kasa Opieki S.A. ("Bank") hereby informs that by the decision of 23 May 2012 the Appeal Court in Warsaw rejected the appeal of the Bank's shareholder against the sentence of 30 May 2011 dismissing entirely the shareholder claim for repealing resolutions No 5, 19, 20, 27 - 29 of Ordinary General Meeting of the Bank dated May 5, 2009 on approving the Bank's financial statement for 2008, and granting the vote of approval to the Bank's Management Board Members to execution of obligations in 2008.

The objective decision is invalid.

Legal basis: § 38 section 1 point 10 of the 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.