Legal grounds: Paragraph 5.1.22 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 regulations of law of a state which is not a member state The report: The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (the “Bank”) hereby informs that the Minister of the State Treasury, as the Authorised Shareholder, pursuant to Clause 11.1 of the Bank’s Articles of Association set the number of members of the Supervisory Board for 9 members. Moreover, the Bank hereby informs that the Bank’s Ordinary General Meeting convened for 30 June 2011 - pursuant to Art. 385§1 of the Companies and Partnerships Code, in connection with Clause 11.2 of the Bank’s Articles of Association - appointed:
- Cezary Banasiński,
- Tomasz Zganiacz,
- Jan Bossak,
- Mirosław Czekaj,
- Krzysztof Kilian,
- Ewa Miklaszewska,
- Piotr Marczak,
- Marek Mroczkowski,
- Ryszard Wierzba
as the members of the Bank’s Supervisory Board. Under the adopted resolutions Cezary Banasiński, Tomasz Zganiacz, Jan Bossak, Mirosław Czekaj, Krzysztof Kilian, Ewa Miklaszewska, Piotr Marczak, Marek Mroczkowski, Ryszard Wierzba were appointed with effect as of 30 June 2011. The State Treasury as the Authorised Shareholder, pursuant to paragraph 12.1 of the Bank’s Articles of Association, appointed: 1. Mr. Cezary Banasiński - for the position of the Chairman of the Supervisory Board. 2. Mr. Tomasz Zganiacz - for the position of the Deputy Chairman of the Supervisory Board. The following information about the appointed Supervisory Board members: Cezary Banasiński He is the doctor of laws, assistant professor at the Faculty of Law and Administration of the Warsaw University. Graduate of Faculty of Management and Faculty of Law and Administration of the Warsaw University. From 2001 to 2007 he was the President of the Office of Competition and Consumer Protection. He was responsible for the state of competition in the Polish market and the legal protection of consumers, as well as monitoring the provided public aid. From 2006 to 2007 he was a member of the Coordination Commission for Financial Conglomerates. From 2005 to 2006 he was a member of the Securities and Exchange Commission and the Insurance and Pension Fund Supervisory Commission. From 2002 to 2004 he was the head of the Negotiation Team for Poland's membership in the European Union responsible for the negotiation area "Competition policy". From 1999 to 2001 he held the position of the undersecretary of state at the Office of the Committee for European Integration, where he was responsible for harmonization of the Polish law with the EU law. From 1997 to 2000 he was a counsel at the Office of Jurisdiction at the Constitution Tribunal responsible for analysing the jurisdiction of the European Court of Justice. Scholar of, among others, the Faculty of Law at the University in Vienna, Humboldt Foundation at Universities in Konstanz and Munich. He is the author and co-author of many publications: books, articles, commentaries for acts and judgments of the Court of Justice in the scope of the administration and economic law and the European economic law. Tomasz Zganiacz An experienced manager; currently Director of the Capital Markets Department within the Ministry of the Treasury. Until June 2009, President of TRITON DEVELOPMENT SA., a development company listed on the stock exchange. Before that, his positions included that of Vice-President and Financial Director of ARKSTEEL SA (also listed), credit department manager at SOCIETE GENERALE, and member of the academic and teaching staff of the Institute of Production Systems Organisation of the Warsaw University of Technology. He took part in the National Investment Funds programme. Mr. Zganiacz has taken part in numerous projects implemented by business entities operating in various sectors by cooperating with commercial and investment banks, brokerage houses and other players on the capital markets. He has been responsible for managing finances and preparing and implementing investment projects, and has co-created development strategies. He has a wealth of experience in supervising commercial law companies, and is a member of the Supervisory Board of the Grupa PHN SA. He graduated as an engineer, and also completed MBA postgraduate studies. Jan Bossak Jan Bossak graduated from the Faculty of Foreign Trade at the Main School of Planning and Statistics in Warsaw (currently the Warsaw School of Economics). He was awarded a scholarship from the government of Japan and took his Ph.D. course at the University of Osaka (in 1972-1974). He was a guest speaker at universities in the United States (Seton Hall University), Japan (the Kyoto University 1980-1981 and the Ryukoku University 1985-1986), Great Britain (High Wycombe, Buckinghamshire - 1997) and Belgium (the University of Brussels - 1978). In 1983, he underwent academic training at the Vienna Institute for Comparative Economic Studies. He completed the Executive Corporate Finance course at the University of Minnesota (1991) and the International Finance course at London School of Economics (1995). Jan Bossak works as Professor of Economics at the College of Economic Analyses and the Faculty of International Comparative Studies at Warsaw School of Economics. His academic interests lie in international economic relations, economic systems, finance, international competitiveness and European integration. Earlier, he worked as Academic Secretary at the Foreign Trade Research Institute (1983-1987) and Director of the Global Economy Institute at the Warsaw School of Economics (1990-1993). In the years 1991-1992 Prof. Bossak acted as Chairman of the Polish-American Enterprise Fund, in the years 1995-1997 he acted as President of the Second National Investment Fund and between 1999 and 2003 he acted as President of the investment bank Erste Securities Polska S.A. Founder (in 2000) and Deputy Chairman of the Poland-Japan Economic Committee. He serves as Chairman of Supervisory Boards of numerous companies, including Pierwszy Polsko-Amerykański Bank in Cracow, Stilton S.A. in Gorzów, Famur S.A., Tarbud S.A. and Milmet S.A. He also acts as investment advisor for Petrochemia Płock S.A., Techmex S.A., Jelfa S.A., Nippon Seiko Kaisha Polska S.A., Sumitomo, Mitsui and Nichimen Trading Companies among others. He has written a range of publications both in Poland and abroad. He is an author of a number of publications released by the World Bank, the Japanese government agency APO and the Silk Route Institute based in Xi'an in China. His latest publications include "International Competitive Capability of Poland and Enterprises. Challenges on the threshold of the 21st Century" (co-written with W. Bieńkowski), "Economic Systems Versus Global Competition" and "Institutions, Market and Competition in Contemporary World". Professor Bossak has also designed such computer programs as "Analysator" "Manager's Diagnosis" and "Strategic Plan". Moreover, he acts as supervisor of Ph.D. dissertations in the field of corporate governance, capital groups, financial systems, direct foreign investments as well as international competitiveness and investment attractiveness. Mirosław Czekaj PhD in Economics, a graduate of the Nicolaus Copernicus University in Toruń. Auditor. In January 2007, he was elected by the Council of the City of Warsaw to the position of City Treasurer. Between 2004 and 2006, he was Vice-President of Bank Gospodarstwa Krajowego, responsible for the commercial activities of the bank and for supervising its branches. Previously, he was responsible for public sector and corporate finances. From 1992 to 2009, he held positions on the supervisory boards of numerous companies, including as Chairman of the Supervisory Board of Remondis – Szczecin sp. z o.o., Chairman of the Supervisory Board of Fundusz Wspierania Rozwoju Gospodarczego Miasta Szczecina, Chairman of the Supervisory Board of Szczecińskie Centrum Renowacji sp. z o.o., Chairman of the Supervisory Board of MPT Sp. z o.o. in Warsaw. He was also a Supervisory Board Member of Pomorski Bank Kredytowy SA in Szczecin. He is the author and co-author of finance-related publications. Krzysztof Kilian He graduated from the Gdansk University of Technology where he obtained a higher technical education and a degree of MSc in mechanics. He started his professional career in the "Wisła" Shipyard in Gdansk. In 1991, he held position of the Head of the Minister's Office in the Ministry of Privatisation, and later he was a General Director at the Office of the Prime Minister and the Minster of Telecommunications. Later, he was an Advisor to the Chairman in Bank Handlowy and a Senior Adviser in Morgan Stanley (in London). In the years 1999–2008 he worked in his own consulting company cooperating with TDA Capital, Prokom Software, Asseco. Since 2008, he has been working as a First Executive Vice-President and CMO in Polkomtel S.A. He has experience in the field of supervisory bodies' activities – he was a member of the supervisory boards in the following entities: Pl 2012, PKO BP S.A., TFI PZU S.A., PGF S.A., Polish Post, Foundation for Banking Education, Privatisation Fund at the Ministry of Privatisation, KGHM S.A., and BPH S.A. Ewa Miklaszewska Dr hab., prof. at the Cracow University of Economics – in 1980, she graduated from the Cracow University of Economics, in 1986 at the Johns Hopkins University, School of Advanced International Studies, M.A. in International Affairs (Bologna Center), in 1989 she got PhD in economics, and in 2004 she got habilitation at the Cracow University of Economics. She started her professional career in 1980 at the Pedagogical University of Cracow, where she worked until 1983. In the years 1983–2000 she was a research fellow at the Jagiellonian University (Faculty of Law, Institute of Economics). In 1994, she worked in the Financial Institutions Department at Ministry of Finance as an advisor to the minister, and in 1995 in the National Bank of Poland in the Department of Research and Analysis. Currently, she is a Head of Banking Unit, (Department of Finance, Faculty of Finance) at the Cracow University of Economics and has a second job in the Institute of Economics and Management at the Jagiellonian University. She is an author of numerous scientific papers, she participated in international traineeships, and her scientific interests focus on problems of Polish and global market development, in particular with regard to strategies of the financial institutions and regulatory policies. Piotr Marczak He is a graduate of the Warsaw School of Economics (formerly the Main School of Planning and Statistics). Since 1992, he has worked in the Ministry of Finance, where he started in the Financial Policy, Analyses and Statistics Department. At present, Mr Piotr Marczak holds position of the Director of the Public Debt Department, and his main responsibilities include, inter alia, preparation of the public debt management strategy in the public finance sector, participation in the management of the state budget liquidity, including foreign currency liquidity management. The candidate is the author of several dozen studies and articles on the public debt and treasury securities market in Poland. Also, he was a lecturer at the Lower Silesian School of Banking. Currently, he is a member of the Supervisory Board of the Polskie Koleje Linowe S.A. company. In the past, he was a member of supervisory boards of, among others, Bank Gospodarstwa Krajowego, Huta Będzin S.A., and Huta Stalowa Wola S.A. Marek Mroczkowski He graduated from the Warsaw School of Economics. He completed postgraduate studies on the Faculty of Law and Administration at the University of Wrocław, as well as postgraduate studies –Advanced Management Programme in INSEAD Fontainebleau, France. Since 2009, he has been providing services in the field of consultancy and management in MRM Finance. In the years 2007–2009 he was a President of the Management Board and General Director of MAŻEIKIU NAFTA AB in Lithuania. In the years 2005 - 2006 he was a Vice-President of the Management Board and Financial Director of UNIPETROL A.S. in Czech Republic (from September 2005 to April 2006 he was also a President of the Management Board and General Director). In the years 2003–2004 he was a President of the Management Board and General Director of ELANA S.A. in Toruń, Poland. In the years 2001–2002 he was a President of the Management Board and General Director of POLKOMTEL S.A., and from 1994 to 2001 he was a Vice-President of the Management Board and Financial Director of PKN ORLEN S.A. Also, he was a Member of the Management Board and Financial Director of Eda Poniatowa S.A. (1986–1994).He has experience in the field of supervisory bodies' activities – he was a member of the supervisory boards of the following companies: IMPEXMETAL S.A., ENERGOMONTAŻ PÓŁNOC S.A., POLKOMTEL S.A., ANWIL S.A., MOSTOSTAL Kraków S.A. Currently, he is a Chairman of the Supervisory Board of ZCH POLICE SA. Ryszard Wierzba Prof. dr hab., graduated from the Faculty of Finance and Statistics at the Warsaw School of Economics. In 1973, he got a PhD in economics at the Department of Production Economics at the University of Gdańsk, and in 1981 a PhD in economics at the Faculty of Finance and Statistics at the Warsaw School of Economics. In 1991, he became a professor of economics. He started his professional career in 1966 in Bank Inwestycyjny (Branch in Gdańsk), where he worked until 1969 as an Inspector. In the years 1970–1972 he pursued doctoral studies at the University of Gdańsk and since 1972 he has been working as a research fellow at that university, where he completed consecutive stages of scientific career: from senior assistant in the years 1972–1973, through adjunct in the years 1973–1982, docent (academic appointment below that of a professor) in the years 1982–1991, associate professor in the years 1991–1999, and full professor and head of Department of Finance since 1999 until now. Moreover, since 1993 he is a Deputy Director of Gdańsk Academy of Banking at the Institute of Market Economy Research in Gdańsk. He is an author of more than 180 scientific publications, member of scientific organisations, as well as he completed numerous international traineeships. Since 1991 he has been a member of the supervisory boards of several big companies, including Bank Gdański S.A. (1991–1996), Bank Handlowy w Warszawie S.A. (1998–2002), Polskie Sieci Elektro- Energetyczne S.A. in Warsaw (2005–2007), and PKO Bank Polski S.A. (2008–2009). None of the above supervising persons conducts any business competitive to the business of the Bank. None of the above supervising persons participates in any business competitive in respect of the Bank as a partner in a partnership. None of the above supervising persons is a member of a governing body of a company competing with the Bank or a member of any other legal person competing with the Bank None of the above supervising persons is registered in the Register of Insolvent Debtors.