Report No. 46/2013

Legal basis:

Paragraph 5.1.26 of the Regulation of the Minister of Finance dated 19 February 2009 on  current and periodic information published by issuers of securities and on the conditions under which such information may be recognized 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 21 June 2013 the rating agency Moody’s Investors Service („Moody’s”), after the recent published by PKO Bank Polski information (current report No. 37/2013) about the conclusion of the agreement concerning the acquisition of the shares of Nordea group (“Transaction”), affirmed PKO Bank Polski long and short-term bank deposit ratings of A2 and Prime-1 respectively, and bank financial strength rating of C-. The outlook remains negative on PKO Bank Polski bank financial strength rating and long-term ratings.

“Moody’s considers that despite the negative capital impact and potential integration challenges, Transaction is unlikely to alter the PKO Bank Polski overall credit-profile and the rating drivers that influence the current PKO Bank Polski ratings.” As the consequence of the Transaction “the initial impact on the PKO Bank Polski capital is expected to be mitigated by PKO Bank Polski resilient profitability and strong risk-adjusted returns in light of the PKO Bank Polski’s intention to reduce its dividend pay-out ratio following the Transaction.”