Report No. 34/2014

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 Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (“PKO Bank Polski”) hereby informs that on 29 April 2014 the rating agency Standard and Poor's („S&P”), after considering the upcoming Directive of the European Parliament and of the Council on Bank Recovery and Resolution Directive and assessment of potential extraordinary State Treasury support for PKO Bank Polski, affirmed PKO Bank Polski long-term counterparty credit rating to PKO Bank Polski of “A-“ with negative outlook and short-term counterparty credit rating to PKO Bank Polski of “A-2“ with stable outlook.