Report No. 34/2011

Legal grounds:

Paragraph 38.2 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities and the conditions for concerning information required by the law of a non-member state as equivalent.

The report:

The Management Board of PKO Bank Polski SA hereby announces that on 30 June 2011, the Ordinary General Meeting of PKO Bank Polski SA, as a result of PKO Bank Polski SA profit appropriation for financial year 2010, allocated PLN 2,475,000,000.00 as a shareholders dividend, representing PLN 1.98 per share.

The General Meeting set the following dates: - right to dividend date: 31 August 2011, - dividend payment date: 15 September 2011.

All of the shares of PKO Bank Polski SA, i.e. 1,250,000,000, are covered by the dividend.