This report has been prepared in connection with our audit of the consolidated financial statements of the Powszechna Kasa Oszczędności Bank Polski SA Group, of which Powszechna Kasa Oszczędności Bank Polski SA is the Parent Company with its registered office at 15 Puławska Street, in Warsaw. The consolidated financial statements were signed by the Management Board of the Parent Company on 23 February 2012.
This report should be read in conjunction with the Independent Registered Auditor’s unqualified Opinion to the General Shareholders’ Meeting and the Supervisory Board of Powszechna Kasa Oszczędnościowa Bank Polski SA dated 29 February 2012, concerning the said consolidated financial statements. The opinion on the financial statements expresses a general conclusion drawn from the audit. This assessment involves estimating the materiality of individual audit findings rather than being a sum of all the evaluations of individual consolidated financial statement components. This assessment takes account of the impact of the facts noted on the truth and fairness of the consolidated financial statements as a whole.
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
Warsaw, 29 February 2012