PZU's information concerning the PFSA's decision

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 4 May, 2017 Powszechny Zakład Ubezpieczeń published the current report No 39/2017 with the following wording:

"Decision of the Polish Financial Supervision Authority - no objection to the acquisition 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 "Current Reports"), the Management Board of Powszechny Zakład Ubezpieczeń Spółka Akcyjna with its registered office in Warsaw ("PZU SA", 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 (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 (Official Journal of the EU of 2014, No. 173, p. 1, as amended, hereinafter referred to as the "MAR"), hereby informs you that on 4 May 2017 the Management Board of PZU SA obtained information that on 4 May 2017 the Polish Financial Supervision Authority issued unanimously a decision that there are no grounds for an objection to: (i) the intention of PZU SA and Polski Fundusz Rozwoju S.A. ("PFR"), as the entities acting in concert in order to acquire shares in a domestic bank - Bank Polska Kasa Opieki S.A. (the "Bank") in a number causing them to hold more than the threshold of 20% (but no more than the threshold of one third) of the total number of votes at the general shareholders' meeting of the Bank and share in its share capital, (ii) the intention of PZU SA to acquire directly shares in the Bank in a number causing it to hold more than the threshold of 20% (but no more than the threshold of one third) of the total number of votes at the general shareholders' meeting of the Bank and share in its share capital, and (iii) the intention of PFR to acquire directly shares in the Bank in a number causing it to hold more than the threshold of 10% (but no more than the threshold of 20%) of the total number of votes at the general shareholders' meeting of the Bank and share in its share capital."