Report No. 28/2016

Legal basis:

Art. 56 section 1 point 1 of the Act of 29 July 2005 on the Public Offering, the Conditions Governing the Introduction of Financial Instruments to Organised Trading, and on Public Companies in connection with Article 154 of the Act on Trading in Financial Instruments of 29 July 2005

Contents of the report:

Further to the report No. 26/2016 of 12 May 2016, the Management Board of PKO Bank Polski S.A. (the "Bank") hereby informs that the Bank will comply with the Polish Financial Supervision Authority recommendation - referred to in the above mentioned report – considering the binding dividend policy while also seeking to guarantee the adequate capital level and taking into account potential stressed situations, including any possible adverse changes in the exchange rate and the impact on capital adequacy.

The Bank maintains the current dividend policy adopted by the Bank Management Board and approved by the Supervisory Board. The policy addresses the PFSA position on the rules of dividend policy of banks, in particular with regard to minimum levels of capital ratios eligible for the dividend disbursement in the amount of up to 50% of the profit.