Notice on reducing by UniCredit S.p.A. it's stake

UNOFFICIAL TRANSLATION

07.06.2017 - Report 31/2017: Receiving of a notice on reducing by UniCredit S.p.A. it's stake in the total number of votes at the General Meeting of Bank Polska Kasa Opieki S.A. to 6.26%.

The Management Board of Bank Polska Kasa Opieki Spółka Akcyjna ("Bank") hereby informs that on 7 June 2017 the Bank received from UniCredit S.p.A. the notice on reducing to 6.26% UniCredit S.p.A.'s stake in the total number of votes at the Bank's General Meeting from 39.06% hold previously, as a result of the execution of Bank's share purchase agreement dated 8 December 2016, concluded between UniCredit S.p.A., as the seller, and Powszechny Zakład Ubezpieczeń S.A. and Polski Fundusz Rozwoju S.A. as the buyers (together the "Buyers").

Before executed on 7 June 2017 disposal of 86 090 172 (eighty-six million ninety thousand one hundred and seventy-two) of the Bank's shares to the Buyers, UniCredit S.p.A. held 102 520 172 (one hundred and two million five hundred and twenty thousand, one hundred and seventy two) Bank's shares, representing 39.06% of the Bank's share capital and entitling to 102 520 172 (one hundred and two million five hundred and twenty thousand, one hundred and seventy two) votes, constituting 39.06% the total number of votes at the General Meeting of the Bank.

Following the sale of 86 090 172 (eighty six million ninety thousand one hundred and seventy two) of the Bank's shares, UniCredit S.p.A. holds 16 430 000 (sixteen million four hundred and thirty thousand) Bank shares, representing 6.26% of the Bank's share capital and entitling to 16 430 000 (sixteen million, four hundred and thirty thousand) votes, representing 6.26% of the total number of votes at the Bank's General Meeting.

UniCredit S.p.A. does not have any subsidiaries holding shares of the Bank.

The right to exercise the voting rights attached to shares in the Bank have not been transferred to any persons, as referred to in Article 87 Section 1 point 3 letter c) of the Act on Public Offering, the Conditions Governing the Introduction of Financial Instruments to Organized Trading and Public Companies of 29 July 2005.

Legal basis: Art. 70 pt 1 of the Act of 29 July 2005 on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organized Trading, and Public Companies (Journal of Laws of 2016, item 1639, as amended).