PZU's inf on the completion of the acquisition

UNOFFICIAL TRANSLATION

The Management Board of Bank Polska Kasa Opieki S.A. with its registered office in Warsaw, acting on the basis of Art. 17 sec. 1 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse 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 (Official Journal of the European Union L of 2014, No. 173, as amended, hereinafter referred to as the "MAR"), hereby informs that on 7 June, 2017 Powszechny Zakład Ubezpieczeń published the current report No 48/2017 with the following wording:

" Completion of the acquisition of a block of shares in Bank Pekao S.A.

Legal Basis: Art. 17 section 1 of MAR - confidential information

Body of the Report:

With reference to Current Report no. 82/2016 of 8 December 2016 and Current Report no. 28/2017 of 29 March 2017, the Management Board of Powszechny Zakład Ubezpieczeń Spółka Akcyjna with its registered office in Warsaw ("PZU S.A.", the "Company"), acting pursuant to Art. 17 sec. 1 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council on market abuse 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 (Official Journal of the EU of 2014, No. 173, p. 1, as amended, hereinafter referred to as the "MAR"), hereby informs you that on 7 June 2017 acquisition of a significant block of shares in Bank Polska Kasa Opieki S.A. (the "Bank") by PZU S.A. acting in a consortium with Polski Fundusz Rozwoju S.A. ("PFR") from UniCredit S.p.A. ("UniCredit") was completed on the basis of an agreement to purchase a block of shares in the Bank (the "Agreement"), about which Agreement PZU S.A. informed you in Current Report no. 82/2016 of 8 December 2016 and Current Report no. 28/2017 of 29 March 2017 (the "Transaction").

As part of the completion of the Transaction, PZU S.A. and PFR issued buy orders for shares in the Bank in of block trade transactions in a trading session with the settlement date for the same business day, i.e. 7 June 2017, and UniCredit submitted analogical sell orders. As a result of the settlement of the orders, PZU S.A. will acquire 52,494,007 shares in the Bank representing approximately 20% of the total number of votes, and PFR will acquire 33,596,165 shares in the Bank representing approximately 12.8% of the total number of votes. The price per share in the Bank being acquired was set in the Agreement and is PLN 123 (one hundred twenty three zloty) per share, which implies a total price of PLN 10 589 091 156 (ten billion five hundred eighty nine million ninety one thousand one hundred fifty six zloty) for the entire block of shares being acquired by PZU SA and PFR, including a price of PLN 6 456 762 861 (six billion four hundred fifty six million seven hundred sixty two thousand eight hundred sixty one zloty) for the block of shares being acquired by PZU SA.

Furthermore, in light of the completion of the Transaction, UniCredit granted PZU S.A. and PFR irrevocable powers of attorney under which PZU S.A. and PFR will be authorised to exercise voting rights under the above-mentioned shares in the Bank at the Extraordinary Shareholders' Meeting of the Bank convened for 8 June 2017."