S&P maintained BBB+/A-2 rating and stable outlook

UNOFFICIAL TRANSLATION

Report 19/2012: Standard & Poor's confirmed Bank's long-term rating at the level 'BBB+' as well as stand-alone rating at bbb+, the highest in Poland. Outlook stable.

Management Board of Bank Polska Kasa Opieki Spółka Akcyjna ("Bank") has received on 7th of May 2012 information, that rating agency Standard & Poor's Ratings Services ("Standard & Poor's") has published report on Bank's financial credibility and confirmed all to date Bank's ratings.

The outlook for the ratings confirmed as stable, what among others is based on that Bank's business and financial profiles will remain unchanged in the next few years.

The Stand Alone Credit Profile has been sustained at the highest of the banks rated by Standard & Poor's rated in Poland.

In the result Bank's ratings are as follows:

stand-alone rating: 'bbb+'

long-term credit rating: 'BBB+'

short-term rating: 'A-2'

outlook: stable

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.