Upgrade of Bank's Individual Rating & IDR Outlook

UNOFFICIAL TRANSLATION

Report 2/2011: Upgrade of Bank's Individual Rating and IDR Outlook by Fitch Ratings

Management Board of Bank Polska Kasa Opieki Spółka Akcyjna ('Bank') informs that on 3rd of February 2011, Bank was informed that Fitch Ratings has upgraded Outlook of Bank's Long-term Issuer Default Rating from Negative to Stable and the Bank`s Individual rating from C to B/C. Other Bank's ratings were affirmed unchanged, that is: Long-term and Short-term Issuer Default Rating ('IDR') and Support ratings of the Bank adequately on the following levels: A-, F2, and 1. The upgrade of Individual rating reflects Bank's stable and diversified funding sources, ample capitalisation and strong franchise as well as consistency in conservative credit and market risk management. In accordance with the above mentioned information Bank`s ratings from Fitch Ratings are as follows:

Long-term IDR: A-

- Rating the risk of unpaid long-term liabilities of the Bank. The gradation scale for investment level: AAA, AA, A, BBB, and for speculative level: BB, B, CCC, CC, C, DDD, DD, D. The highest rating 'AAA', the lowest rating 'D'.

Long-term IDR Outlook: Stable

Gradation scale: from Positive via Stable to Negative. Positive outlook means that there is possibility to upgrade the ratings in the future, Stable outlook means that the ratings will remain unchanged, and Negative outlook - that there is a possibility to downgrade the ratings.

Short-term IDR: F2

- Rating the risk of unpaid short-term liabilities of the Bank in gradation scale from the highest to the lowest: F1, F2, F3, B, C, D, with the possibility to add '+' or '-', depending on main rating category.

Individual rating: B/C

- Individual rating in gradation scale from the highest to the lowest: A, B, C, D, E, and additionally can be applied: A/B, B/C, C/D and D/E.

Support rating: 1

- The Support rating describes probability of external support for the bank - either by the state or by institutional owner, when the danger of being not able to meet liabilities by the bank is nearby. The gradation scale of Support rating is from the highest to the lowest: 1,2,3,4,5.

Legal ground: section 5 subsection 1 clause 26 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.