Report No. 12/2015

Legal basis:

Paragraph 5.1.26 of the Ordinance of the Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities and on conditions under which such information may be recognised as being equivalent to information required by the regulations of law of a state which is not a member state.

The report:

The Management Board of PKO Bank Polski SA („Bank”) hereby announces that on 17 March 2015 Moody’s Investors Service (“Moody’s”) published the press release in which it informed that it had started rating review affecting banking entities due to a new methodology.

The new methodology was released by the agency on 16 March 2015.

The abovementioned rating review affects selected rated banking entities including the Bank.

Moody’s has been reviewing current Bank’s ratings.

The press release published by Moody’s and documents mentioned in it are available on Moody’s website: https://www.moodys.com/research/Moodys-reviews-global-bank-ratings--PR_321005# .

Moody’s informed that rating review related to methodology changes should be completed within six months of the release of the methodology.