Auditor’s
Report

The Powszechna Kasa Oszczędności Bank Polski SA Group

Report on the consolidated financial statements As at and for the year ended 31 December 2011

Independent registered auditor’s report on the consolidated financial statements to the General Shareholders’ Meeting and the Supervisory Board of Powszechna Kasa Oszczędności Bank Polski SA

This report contains 55 consecutively numbered pages and consists of:

I.General information about the Group
II.Information about the audit
III.The Group’s results and financial position
IV.Discussion of consolidated financial statement components
V.The independent registered auditor’s statement
VI.Final information and comments