Intended collective redundancies

 UNOFFICIAL TRANSLATION

20.02.2020 - Report 5/2020: Intended collective redundancies

Bank Polska Kasa Opieki Spółka Akcyjna (the "Bank") informs that on 20 February 2020, in accordance with the Act of 13 March 2003 on special rules of terminating employment contracts for reasons not attributable to the employees (unified text Journal of Laws 2018, position 1969), adopted a resolution on the intended collective redundancies and the start of the consultation procedure for collective redundancies.

The intention of the Bank is to terminate employment contracts with up to 1,200 employees and amend terms and conditions of employment with up to 1,350 employees, between 12 March 2020 and 31 October 2020.

On 20 February 2020, the Bank will inform company-level trade unions about the reason for the intended collective redundancies and ask them to join the consultation process. In addition, the Bank will inform the labour office of the intended collective redundancies at the Bank.

The Bank will publish another announcement on collective redundancies on completion of the consultations with the trade unions, as required by applicable laws, which will include information about the estimated provision to be raised for restructuring of employment at the Bank, which will be fully charged to the Bank's financial results. The final amount of the provision and the impact of the employment restructuring on the Bank's financial performance will be disclosed in the financial statements.

Legal basis:

Article 17 section 1 MAR (Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (European Union Journal of Laws dated 12 June 2014, no. L 173/1).