Revision of outlook

UNOFFICIAL TRLANSLATION

17.06.2019 - Report 17/2019: Revision of outlook to positive, upgrade of stand-alone credit profile to "bbb+" and affirmation of long-term and short-term ratings of Bank Pekao S.A. by S&P Global Ratings

Bank Polska Kasa Opieki Spółka Akcyjna ("Bank") informs that on 17 June 2019 rating agency S&P Global Ratings ("S&P") informed Bank that it has revised the outlook for the Bank's ratings up from "Stable" to "Positive", upgraded the stand-alone credit profile rating from "bbb" to "bbb+" and affirmed the long-term and short-term ratings of the Bank at the current level.

After this decision Bank's ratings are as follows:

Long-term rating: "BBB+"

Short-term rating: "A-2"

Stand-alone credit profile: "bbb+"

Outlook: "Positive"

The decision to upgrade the Bank's stand-alone credit profile is based on the S&P opinion that the Bank's capitalization has strengthened in the environment of lower economic risk in Poland.

The positive outlook of the Bank's ratings is a reflection of the same outlook for PZU S.A., the Bank's main shareholder.

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