Powszechny Zaklad Ubezpieczen : Renewal of the engagement to review and audit financial statements

Date of preparation:	2020-05-28
Issuer's abbreviated name:	PZU SA
Current Report No. 23/2020
Subject:	Renewal of the engagement to review and audit financial
	statements
Legal basis:	Article 17(1) of MAR - inside information

Body of the report:

The Management Board of Powszechny Zakład Ubezpieczeń Spółka Akcyjna ("PZU SA", "Company"), acting pursuant to Article 17(1) of 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, hereby reports that on 28 May 2020 the Company's Supervisory Board adopted a resolution to renew the engagement for KPMG Audyt Spółka z ograniczoną odpowiedzialnością spółka komandytowa to review and audit standalone financial statements of PZU SA and consolidated financial statements of the PZU SA Group for years 2021-2022 with an extension option to 2023.

KPMG Audyt Spółka z ograniczoną odpowiedzialnością spółka komandytowa ("KPMG Audyt") with its registered office in Warsaw at ul. Inflancka 4A is entered by the National Chamber of Statutory Auditors in the list of audit firms under no. 3546.

In connection with Article 49 of the Act of 31 March 2020 amending the Act on special solutions connected with preventing, counteracting and combating COVID-19, other infectious diseases and crises caused by them and certain other acts ("Act"), which extended the maximum period of uninterrupted engagement to carry out statutory audit to ten years by abolishing the limit set forth in Article 134 sec. 1 of the Act of 11 May 2017 on Statutory Auditors, Audit Firms and Public Supervision, the PZU SA Supervisory Board gave its consent to renew the engagement for KPMG Audyt Spółka z ograniczoną odpowiedzialnością spółka komandytowa to review and audit standalone financial statements of PZU SA and consolidated financial statements of the PZU SA Group for years 2021-2022 with an extension option to 2023, i.e. to carry out in particular:

1. audit of the annual financial statements of PZU SA and the annual consolidated financial statements of the PZU SA Group,
2. review of the interim standalone financial statements of PZU SA and the interim consolidated financial statements of the PZU SA Group,
3. audit of the annual solvency and financial condition report of PZU SA and the consolidated annual solvency and financial condition report of the PZU SA Group.

The work referred to above will be performed for two successive financial years ending on 31 December 2021 and 31 December 2022, respectively, with an option to extend the cooperation for another financial year ending on 31 December 2023.

To enable performance of the work described above, relevant annexes to the previously signed agreements will be executed.

The existing cooperation with KPMG Audyt, pertaining to the audit of the annual standalone financial

statements of PZU SA and the annual consolidated financial statements of the PZU Group, the review of the interim standalone financial statements of PZU SA and the interim consolidated financial statements of the PZU Group as well as audits of the annual solvency and financial condition reports of PZU SA and the annual consolidated solvency and financial condition reports of the PZU Group, has continued without interruption since 2014.

Legal basis: Article 17(1) of the Market Abuse Regulation - inside information.