Legal basis: Paragraph 5.1.26 of the Ordinance of the Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities and the conditions for regarding information required by the law of a non-member state as equivalent. The report: The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (“PKO Bank Polski”) hereby informs that the rating agency Moody’s Investors Service Ltd (“Moody’s”), on 28th June 2012 downgraded provisional subordinated debt rating of PKO Bank Polski MTN Programme. On 28th June 2012 Moody's downgraded to (P)Baa3 from (P)A3 the provisional subordinated debt rating of PKO Bank Polski’s MTN programme, following Moody’s removal of its assumptions for systemic support from this debt class. This action results from the review initiated in November 2011 in the context of reassessing systemic support assumptions for a number of European banks’ subordinated debt. The downgrade of the provisional subordinated debt rating to Baa3 is due to Moody’s conclusion on the removal of systemic support from this debt class. This reflects Moody's view that in Poland, similar to other European countries, systemic support for subordinated debt may no longer be sufficiently predictable for incorporating uplift into instruments that can be used for capital purposes. PKO Bank Polski also informs that there was no any issue of this kind of subordinated debt instruments comprised in MTN Programme.
