Auditor’s
opinion

Independent Registered Auditor’s Opinion To the General Meeting of Shareholders and the Supervisory Board of Powszechna Kasa Oszczędności Bank Polski SA

We have audited the accompanying consolidated financial statements of Powszechna Kasa Oszczędności Bank Polski SA Group (hereinafter called ‘the Group’), of which Powszechna Kasa Oszczędności Bank Polski SA is the parent company (hereinafter called ‘the Parent Company’), with its registered office in Warsaw, 15 Puławska Street, which comprise of the consolidated statement of financial position as at 31 December 2011, showing total assets and total equity and liabilities of PLN 190,748,037 thousand; the consolidated income statement for the financial year from 1 January to 31 December 2011, showing a net profit attributable to equity holders of the Parent Company of PLN 3,807,195 thousand; the consolidated statement of comprehensive income for the financial year from 1 January to 31 December 2011, showing a total comprehensive income of PLN 3,937,416 thousand; the consolidated statement of changes in equity, the consolidated statement of cash flows for the financial year and additional information on accounting policies and other relevant matters.

The Management Board of the Parent Company is responsible for preparing the consolidated financial statements and a Directors’ Report for the Group in accordance with the applicable regulations. The Management Board and Members of the Supervisory Board of the Parent Company are required to ensure that the consolidated financial statements and the Director’s Report for the Group meet the requirements set out in the Accounting Act of 29 September 1994 (uniform text, Journal of Laws of 2009, No. 152, item 1223 with further amendments, hereinafter referred to as ‘the Act’).

Our responsibility was to perform an audit of the accompanying consolidated financial statements and to express an opinion on whether in all material respects the consolidated financial statements comply with the applicable accounting policies and whether they present fairly the financial position and results of the Group.

We conducted our audit in accordance with the following:

  1. the provisions of Chapter 7 of the Act;
  2. national auditing standards as issued by the National Chamber of Registered Auditors;
  3. International Standards on Auditing.

Our audit was planned and performed to obtain reasonable assurance that the consolidated financial statements were free of material misstatements and omissions. The audit included examining, on a test basis, accounting documents and entries supporting the amounts and disclosures in the consolidated financial statements. The audit also included an assessment of the accounting policies applied by the Group and significant estimates made in the preparation of the consolidated financial statements as well as an evaluation of the overall presentation thereof. We believe that our audit provided a reasonable basis for our opinion.

In our opinion, and in all material respects, the accompanying consolidated financial statements:

  1. In our opinion, and in all material respects, the accompanying consolidated financial statements:
  2. comply in form and content with the relevant laws applicable to the Group;
  3. have been prepared on the basis of properly maintained consolidation documentation.

The information in the Directors’ Report for the Group for the year ended 31 December 2011 has been prepared in accordance with the provisions of the Decree of the Minister of Finance of 19 February 2009 concerning the publication of current and periodic information by issuers of securities and the conditions of acceptance as equivalent information required by the laws of another state not being a member state (‘the Decree’ – Journal of Laws of 2009, No. 33, item 259, with further amendments) and is consistent with the information presented in the audited consolidated financial statements.

Conducting the audit on behalf of PricewaterhouseCoopers Sp. z o.o., Registered Audit Firm No. 144:

Antoni F. Reczek
PricewaterhouseCoopers Sp. z o.o.

President of the Management Board
Principal Registered Auditor
No. 90011

Warsaw, 29 February 2012