Report No. 20/2015

Legal basis:

Paragraph 5.1.3 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities and the conditions for concerning information required by the law of a non-member state as equivalent (“the Regulation”).

The report:

The Management Board of PKO Bank Polski SA (“the Bank”) hereby informs that on 10 April 2015 the Bank concluded an agreement on opening letters of credit („the Agreement on Opening Letters of Credit”) with a client of the Bank (“the Client”).

The subject of the Agreement on Opening Letters of Credit is opening letters of credit to a total amount of USD 350,000,000 (i.e. approximately PLN 1,309,490,000 based on the average USD/PLN exchange rate as at 10 April 2015, as stated by the NBP) to finance the Client's activity.

The Agreement on Opening Letters of Credit was concluded for the period beginning from 10 April 2015, the latest possible validity date of the opened letters of credit, according to the Agreement on Opening Letters of Credit, cannot extend beyond 10 October 2016 .

Required monetary receivables deduction clause of current account of the Client and the Client's statement about being subjected to execution are established as collaterals in the Agreement on Opening Letters of Credit.

The Agreement on Opening Letters of Credit doesn’t contain contractual penalties.

Conclusion of the Agreement on Opening Letters of Credit constitutes the fulfilment of the requirement to disclose the entering by the Bank into a significant agreement, since the value of the service under the Agreement on Opening Letters of Credit meets the criteria referred to in Paragraph 2.1.44 letter a) in connection with Paragraph 2.2 of the Regulation.

Total value of the Bank's involvement related to the agreements concluded by the Bank with the Client and its subsidiaries within last 12 months – including the involvement resulting from the Agreement on Opening Letters of Credit – is PLN 3,326,786,000  (in words: three billion three hundred twenty six million seven hundred eighty six thousand zlotys).

The Agreement on Opening Letters of Credit is the agreement of the highest value out of all agreements concluded by the Bank with the Client within 12 months prior to the conclusion of the Agreement on Opening Letters of Credit.