Current Report No. 39/2008 – Moody’s rating for the Loan Participation Note Programme Legal basis: Paragraph 5.1.26 of the Ordinance of the Minister of Finance on current and periodical information provided by issuers of securities dated 19 October 2005 The report: Further to the Current Report No. 35/2008, the Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (“PKO BP”) hereby informs that on 15 September 2008 the Moody’s Investors Service („Moody’s”) rated for the Loan Participation Note Programme in value EUR 3 billion established by PKO Finance AB for PKO BP. Senior unsecured debt issued under the programme will be rated at Aa2, subordinated debt at Aa3 and short-term debt at Prime-1. The outlook on all ratings is stable. The PKO BP is rated at C (BFSR) and Aa2/P-1 for local currency deposits, with a stable outlook. PKO BP’s financial strength rating (BFSR) of C maps to a baseline credit assessment of A3. PKO BP benefits from an uplift to its baseline credit assessment to factor in Moody's assessment of the very high probability of support from the Polish authorities in case of need. The main shareholder is the Polish State Treasury with 51.49% stake in the PKO BP.
