Legal basis: Art. 56 item 1 point 2 of the Act of 29 July 2005 on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organized Trading and Public Companies in connection with § 5 Section 1.26 and § 32 r of the Regulation of the Minister of Finance dated 19 February 2009 on current and periodic information published by issuers of securities and on the conditions under which such information may be recognized as being equivalent to information required by the legal regulations of a state which is not a EU member state. The report: The Management Board of Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (the “Bank”) announces that on 18 June 2009 the rating agency Moody's Investors Service Ltd. (the ”Moody’s”) informed the Bank that the Moody’s had changed the ratings given to the Bank. Moody’s downgraded the Bank from C to C- with a negative outlook. The main reasons for this include concern relating to potential losses associated with the recent rapid growth rates in FX mortgages and the current funding position being less comfortable than that in the previous year. In addition, Moody’s took into account the potential impact of the proposed recapitalization of the Bank following the potential payout of a dividend equal to almost the entire net profit for 2008. As a result of the reassessment of the systemic support input, the long-term senior unsecured debt rating and local currency deposit rating were downgraded from Aa2 to A2 with stable outlook. The long-term subordinated debt rating was downgraded A3 with stable outlook from Aa3. The long-term foreign currency deposit rating of A2 and the short-term debt and deposit ratings of P-1 were confirmed at the current level.
