S&P: confirmation of long-term, short-term ratings

UNOFFICIAL TRANSLATION

22.06.2018 - Report 13/2018: Confirmation of long-term and short-term ratings of the Bank and their stable outlook by S&P Global Ratings. Change of stand-alone rating

Management Board of Bank Polska Kasa Opieki Spółka Akcyjna ("Bank") informs that on 21st of June 2018 rating agency S&P Global Ratings ("S&P") informed Bank it that has reviewed Bank's ratings and confirmed them at the following levels:

Long-term credit rating: "BBB+"

Short-term rating: "A-2"

Outlook: "stable"

And at the same time S&P changed the stand-alone rating: from "bbb+" to "bbb".

Affirming of the Bank's main ratings has been justified by S&P, among others, that if necessary, the Bank is likely potentially to receive support from PZU S.A., its largest investor.

S&P also indicated that rating assessment reflects also Bank's credit profile supported by its strong market position, broad access to retail funding, and stable market shares in both loans and deposits.

Additionally, S&P highlighted that Bank's residual stock of foreign currency-denominated mortgages was limited to below 3% of total loans, substantially below the market average.

Legal basis: Article 17 sec. 1 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC