Standard & Poor's on Bank's ratings

UNOFFICIAL TRANSLATION

Report 7/2012: Standard & Poor's confirmed Bank's short-term rating at the level "A-2" and stand-alone rating bbb+, the highest in Poland, improved outlook from negative to stable, and lowered long-term Bank's rating to BBB+ after downgrading ratings of Republic of Italy and in consequence downgrading ratings of parent UniCredit S.p.A.

Management Board of Bank Polska Kasa Opieki Spółka Akcyjna ("Bank") has received on 14th of February 2012 information, that rating agency Standard & Poor's Ratings Services ("Standard & Poor's") confirmed Bank's short-term rating at the level "A-2" and the stand-alone rating at the level "bbb+", the highest one in the country. The outlook for the ratings was improved from negative to stable. The long-term rating of the Bank has been downgraded by one notch from "A-" to "BBB+" following prior downgrading ratings of Republic of Italy and in consequence the downgrade of the rating of parent company UniCredit S.p.A.

In the result Bank's ratings are as follows:

long-term credit rating: 'BBB+'

short-term rating: 'A-2'

outlook: stable

stand-alone rating: 'bbb+'

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.