Report No. 65/2013

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 legal regulations of a state which is not a EU member state

The report:

With reference to Current Report No. 39/2013 of 14 June 2013 the Management Board of Powszechna Kasa Oszczedności Bank Polski Spółka Akcyjna (the “Bank”) informs that the rating agency Standard & Poor's Ratings Services ("S&P") affirmed Bank's "A-" long term credit rating removing it from CreditWatch negative. The outlook for this rating  is negative.

As a consequences of S&P’ s analysis, in its view the conclusion the agreement concerning the acquisition of Nordea Group companies' shares (of which Bank informed in Current Report No. 37/2013 of 12 June 2013) - entirely financed by the Bank’s equity - will initially weaken Bank’s capitalization, the effect will be partially offset by the Bank’s high earning generation capacity.

The S&P informs that the negative outlook reflects the one-in-three chance that S&P would lower the long-term rating on the Bank if the less favorable domestic economic and operating environment is likely to weaken the Bank's financial performance and capitalization by more than S&P currently anticipates.