Legal basis: Article 56 par. 1 pt. 1 of the Act on Public Offerings and the Conditions for Introducing Financial Instruments to the Organised Trading System and on Public Companies of 29 July 2005, read together with Article 154 of the Act on Trading in Financial Instruments of 29 July 2005 Content of the report: The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (“PKO Bank Polski” or the “Bank”) hereby announces that on 4 April 2012 PKO Bank Polski approved a dividend policy with the following content: “The general assumption of the Bank’s dividend policy is to maintain a stable level of dividend payments in the long term, in compliance with the principles of prudent bank management and with consideration of the financial strength of the Bank and the Bank’s Capital Group as determined on the basis of the adopted criteria. The aim of the dividend policy is an optimization of the capital structure of the Bank and the Bank’s Capital Group, taking into account the return on capital and its cost, capital needs for development, while ensuring an appropriate level of capital adequacy ratios. It is the Management Board’s intention to recommend in the future to the Bank’s General Meeting to adopt resolutions on the payment of dividend in an amount ensuring that the capital adequacy ratios are maintained at the following levels:
- capital adequacy ratio of the Bank and the Bank’s Capital Group above 12 per cent while maintaining the necessary capital buffer,
- common equity Tier 1 ratio of the Bank and the Bank’s Capital Group above 9 per cent while maintaining the necessary capital buffer.
However, the dividend policy may be amended by the Management Board depending on circumstances and any decisions with this respect will be taken in consideration of a number of factors concerning the Bank and the Bank’s Capital Group, particularly the current and expected financial standing and regulatory requirements. According to applicable law, each resolution on the payment of a dividend will be considered by the General Meeting.” The dividend policy with the aforementioned content has been approved by the Bank’s Supervisory Board.