The PFSA letter regarding retention of entire profit earned in previous years

Bank Polska Kasa Opieki Spółka Akcyjna (the “Bank”) hereby informs that the Bank received a letter on March 26, 2020 from the Polish Financial Supervision Authority (the “PFSA”) dated March 26, 2020 where PFSA pointed that:

1. taking into account current situation related to the state of the epidemic announced in Poland and possible further negative economic consequences of this state, as well as their expected impact on banks, the PFSA expects that banking sector - regardless of any actions already undertaken in this respect - will retain entire profit earned in previous years;

2. the PFSA expects that no other actions are undertaken without agreement with the PFSA, in particular those actions outside of the scope of ongoing business and operating activities, which may result in weakening of capital position.

Legal basis: Art. 17 of (1) MAR – inside information