Powszechna Kasa Oszczednosci Bk Plski : Report No. 10/2019 – Dismissal and appointment of Supervisory Board members by the Annual General Meeting of PKO Bank Polski S.A. on 6 May 2019

Legal grounds:

5 point 4 and point 5 of the Regulation of the Minister of Finance dated 29 March 2018 on current and periodic information published by issuers of securities and on the conditions under which such information may be recognized as being equivalent to information required by the regulations of law of a state which is not a member state

The report:

The Management Board of PKO Bank Polski SA ('Bank') hereby informs that on 6 May 2019, pursuant to Art. 385 §1 of the Commercial Companies Code, the Bank's Annual General Meeting ('AGM') dismissed the member of the Bank's Supervisory Board - Mr Janusz Ostaszewski.

Additionally the AGM - pursuant to Art. 385 § 1 of the Commercial Companies Code - appointed Mr Dariusz Górski as a member of the Bank's Supervisory Board.

The following information about the appointed Supervisory Board member:

Dariusz Górski (born 1968) graduated from the Warsaw School of Economics. During his professional career he participated in many courses/trainings in finance, financial analysis or management, including investment advisor course or corporate finance scholarship at the Erasmus University in Rotterdam.

He started his professional career in 1992 as a financial analyst at Caresbac-Polska, one of the first venture capital funds in Poland. In 1993-1996 he worked as a financial analyst at Business Management and Finance S.A. and since 1995 as a project manager and was involved in numerous strategic advisory, m&a, privatization and restructuring projects. In 1996 he moved to Robert Fleming & Co as an equity analyst covering companies from food/beverage sectors, subsequently extending coverage onto industrials, IT stocks and banks. Since 1998, a banking analyst for Poland and subsequently EMEA (covering Polish, Czech and Hungarian) banks. Since 2001 at ING Securities covering Polish market overall with a primary coverage of Polish banks, commodity and O&G names. Head of CEE research at Deutsche Bank Securities in Warsaw since 2004, responsible for the research team covering Central European equities while covering CEE banks. In 2008, he assumed a position of equity portfolio strategist at Opera TFI. Subsequently (2009-11) a head of Polish research at Wood & Co, covering CEE media, CEE banks and Poland's other financials and responsible for Polish equity strategy products. At BZ WBK Brokerage (renamed to Santander Brokerage in 2018) initially as a senior analyst, then deputy head of research and since 2015 a director of equity research department responsible for managing the team and team products, analysis of the financial sector and equity strategy.

Key accomplishments during his professional career include high rankings in institutional investor surveys. ING's Polish equity team was rated as the best Polish research in 2003 by Institutional Investor Magazine (II) and # 3 in 2004. DB's Polish team ranked #3 (up from #4) by II in 2006, while DB's EMEA banking team ranked # 2 (up from # 3). In 2007, Thomson Extel survey, DB Team ranked # 1 in Hungary/Czech Republic, # 2 in Poland and # 1 in EMEA Financials. Top rated in the annual Parkiet (investor daily) rankings - banking analyst #2/3/3 in 2017/16/15 respectively and equity strategist #5/2 in 2017/16.

Moreover, the Bank hereby informs that the new member of the Supervisory Board - Mr Dariusz Górski, declared that:

• he doesn't conduct any business competitive to the business of the Bank;
• he doesn't participate in any business competitive in respect of the Bank as a partner in a civil-law partnerships, a partnership or a capital company;
• he is not a member of any other governing body of legal person competing with the Bank;
• he is not registered in the Register of Insolvent Debtors.