Powszechna Kasa Oszczednosci Bk Plski : Report No. 20/2017 – Appointment of the Members of PKO Bank Polski S.A. Management Board

Legal basis:

Paragraph 5.1.22 of the Regulation of the Minister of Finance dated 19 February 2009 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 ('Regulation')

The report:

The Management Board of PKO Bank Polski S.A. ('Bank') hereby informs that on 14 June 2017, the Bank's Supervisory Board adopted resolutions appointing as the members of the Bank's Management Board:

• Zbigniew Jagiełło for the position of the President of the Bank's Management Board,
• Rafał Antczak for the position of the Vice - President of the Bank's Management Board,
• Janusz Derda for the position of the Vice - President of the Bank's Management Board,
• Bartosz Drabikowski for the position of the Vice - President of the Bank's Management Board,
• Maks Kraczkowski for the position of the Vice - President of the Bank's Management Board,
• Mieczysław Król for the position of the Vice - President of the Bank's Management Board,
• Piotr Mazur for the position of the Vice - President of the Bank's Management Board,
• Jakub Papierski for the position of the Vice - President of the Bank's Management Board
• Jan Emeryk Rościszewski for the position of the Vice - President of the Bank's Management Board.

According to the adopted resolutions all above mentioned persons are appointed for the above positions for the next joint term of office of the Bank's Management Board which will commence on 2 July 2017.

Below the Bank presents information about appointed members of the Management Board:

Zbigniew Jagiełło

Zbigniew Jagiełło (born 1964), The President of the Bank's Management Board since October 2009, appointed for new terms in 2011 and 2014. Earlier, for nearly nine years he had been the President of Pioneer Pekao TFI S.A. Management Board. Also, within the global structure of Pioneer Investments he was responsible for the CEE region distribution. In the late 1990s he was, among others, active in establishing PKO/Credit Suisse TFI S.A. mutual funds company, in the function of its first Vice-President.

In his twenty-year long career in the financial markets he can be credited, among other things, with:

• Successfully steering PKO Bank Polski through the critical period of turmoil in the international financial markets, while strengthening the Bank's position of leadership in terms of assets, equity funds and earnings in Poland and the CEE region;
• Development and implementation of the PKO Bank Polski's strategies for the years 2010-2012 and 2013-2015, which resulted in strong assets growth and efficiency gains as well as in increased interest in the company among domestic and international investors;
• Adjustment of PKO Bank Polski to the requirements of the ever more competitive financial market through increased attractiveness of its product offer and quality of its customer service;
• Refocusing of the Bank Group's operational model toward its core activity of providing financial services.

Actively involved in development and promotion of the most demanding financial market standards in Poland. He is a member of the Council of the Polish Bank Association and of the prestigious Institut International D'Etudes Bancaires, which brings together the international banking community. His previous functions included, among others, that of the Chairman of the Chamber of Fund and Asset Management.

A graduate of the School of Computer Science and ManagementWrocław Technical University, , he also completed Postgraduate Management Studies at the Gdańsk Foundation for Management Development and the University of Gdańsk, with Executive MBA certified by the Rotterdam School of Management, Erasmus University.

The President of the Republic of Poland decorated him with the Officer's Cross of the Order of Rebirth of Poland , he was also awarded the Social Solidarity Medal for promoting the idea of corporate social responsibility. Chairman of the Programme Council of the PKO Bank Polski Foundation, an entity formed at his initiative in the year 2010.

Winner of numerous awards and honours. Chosen the CEO of the Year 2011 by Gazeta Giełdy Parkiet; the recipient of the Wektor 2011 award granted by the Polish Employers' Chapter and of the Golden Banker award in the Personality of the Year 2011 category.. Lauded the Manager of the Year 2011 and 2014 in a competition ran by Gazeta Bankowa. In 2012 Bloomberg Businessweek Polska singled him out as one of the 'Top 20 Managers in Crisis' and named him to the 'TOP 20 Best Managers in Polish Economy 2014'.

In 2013 honoured by Miesięcznik Finansowy Bank with the title of 'The Innovator of Banking Sector 2012'. Received the title of 'Man of the Year 2013' from Brief magazine and 'visionary of 2013' from Dziennik Gazeta Prawna. In 2014, chosen as one of the '25 Most Valuable Managers in Polish Finance Industry' by Gazeta Finansowa. In 2015 he was also recognized as the most pro- marketing CEO by the Mediarun website.

Rafał Antczak

Mr Rafał Antczak (born 1970) is an economist and manager with more than 20 years of experience in international and domestic projects for companies in financial and real economy sectors, governments and research institutions. He has graduated from the Department of Economic Sciences of the University of Warsaw and the Comprehensive Course in Market Economics at the Joint Vienna Institute (1997). From October 2008 till January 2017, with Deloitte Consulting S.A. as Management Board Member responsible for research, micro and macroeconomic projections, strategic and business consulting. In 2006-2008, Managing Director and Chief Economist of the PZU Group and Member of the Supervisory Boards of PZU Asset Management, PZU-Ukraina, PZU-Ukraina Ubezpieczenia na Życie and UFG. In 2006-2008, active lecturer at the Department of Management and the MBA Programme of the University of Warsaw. In 1994-2006, Economist with the Centre for Social and Economic Research CASE Science Foundation. He has published extensively on economics and market research.

Janusz Derda

Janusz Derda (born 1969) graduated from Mathematics, Physics and Chemistry Dept of Wroclaw University with the major in computer technology: numerical methods.

He has gained extensive experience in managing the IT projects in banking sector as well as development of the architecture of IT systems, creating IT solutions for scoring tools and automating the loan application processing.

In 1994/95 he worked in ZETO Opole as a developer and software designer. In 1997 he joined INEKOM Opole. In 1998-2000 he was an employee of Wielkopolski Bank Kredytowy in Opole and since 2000 in Bank Zachodni WBK, initially in the Loan Division and subsequently in the CRS Division. Then he moved on to the Central System Department, initially as an expert and later as a Manager for the Development and Process Centralisation Team and a Deputy Director for the Development Department. In 2008-2010 he worked as a Deputy Director of the IT Division for Operations. In 2010-2016 he was the CIO for Bank Zachodni WBK, being responsible for creating the strategy of development of IT systems architecture, supporting the business operations and creating the IT solutions for business. Moreover he supervised the investment and operational budget spending of IT Division, business continuity processes for IT and the operational security of IT systems. From June till November 2016 he worked as a Programme Director at Fiserv, being responsible for the implementation of the centralized IT system.

Bartosz Drabikowski

Bartosz Drabikowski (born1970) has been Deputy CEO, CFO of the Bank since 20th May 2008.

He is also Chairman of the Supervisory Board Association of Stock Exchange Issuers and Vice Chair of the Finance Task Force of the Business and Industry Advisory Committee to the OECD.

Between 2015 and 2016, Drabikowski served as member of Visa Europe Board of Directors and Member of the Risk, Audit and Finance Committee. Between 2005 and 2008, he was member of the Management Board of the National Clearing House (Krajowa Izba Rozliczeniowa S.A.) responsible for finances and new products in the area of electronic payments, safety and risk management.

He has a wealth of experience in managing financial institutions. He served as Chairman of Supervisory Board of the Bank Group: Inteligo Financial Services S.A, eService S.A., PKO BP Faktoring S.A; as member of the Supervisory Board of the National Depository for Securities, member of the Council of the Bank Guarantee Fund and member of the Supervisory Board of the Polish Security Printing Works.

His professional career began at the Ministry of Finance, where he was responsible, among others, for regulation of and supervision over financial market institutions, the banking sector and the capital market in the particular. He also prepared development strategies for the financial services sector both for Poland and the common European Union market. His duties at the Ministry of Finance included respectively those of Advisor to the Minister, Deputy Director and Director of Financial Institutions Department.

For several years he served as member of the Commission for Banking Supervision, member of the Securities and Exchange Commission and deputy member of the Payment System Board at the National Bank of Poland. He also served as member of many institutions of the European Union, including the Financial Services Committee (European Council), the European Banking Committee and the European Securities Committee (European Commission).

Bartosz Drabikowski graduated from The Harvard Business School having completed the Advanced Management Programme, as well as the Executive MBA Programme at the University of Illinois at Urbana - Champaign, Warsaw School of Economics, Technical University of Łódź, Polish National School of Public Administration, Academy of Diplomacy (at the Polish Institute of International Affairs).

He benefited from multiple internships: at Deutsche Bundesbank, Deutsche Börse AG, Deutsche Ausgleichsbank and Rheinische Hypothekenbank. He received scholarship from the German Marshall Fund of the United States and participated in many training courses; organised, among others, by the European Commission and the International Monetary Fund.

Maks Kraczkowski

Mr. Maks Kraczkowski (born 1979) is a graduate of the Faculty of Law and Administration at the University of Warsaw.

Member of Parliament of the Republic of Poland (Sejm) during V, VI, VII, VIII term: Vice-Chairman of the Committee of Economy and Development - since 2015, Chairman of the Economic Committee - in 2005-2007, Member of the Legislative Committee, Chairman of the Standing Subcommittee of the Constitutional Tribunal.

He has many years of experience in legislation, as well as knowledge of domestic and international economic issues. As a member of the Sejm of the Republic of Poland during four terms Mr. Kraczkowski's activities were focused on the economy and financial markets.

Mieczysław Król

Banker, expert in finance, manager, (born1958), holding master degree in Economics, graduate of Warsaw School of Economics (Faculty of Finance and Statistics) and International School of Management. Graduate from doctoral studies at the Warsaw School of Economics (Collegium of Management and Finance).

He has been working in banking and finance for over thirty years. Among others, he worked at the National Bank of Poland. For years, he was director of the Bank. In 2006-2010, he was Director of the Audit Department at the Bank, then, between 2011 and 2015, he was Director of the Audit Department of Bank Ochrony Srodowiska SA in Warsaw. In 2006-2007, he was the Supervisory Board Member of Centrum Finansowo - Bankowe in Warsaw. In 2007, he was the Chairman of the Supervisory Board of Zakłady Chemiczne Organika Sarzyna in Nowa Sarzyna and Zaklad Konserwacji Zabytkow. He was teaching at Wyższa Szkoła Działalności Gospodarczej in Warsaw. He is author of many articles on banking and economic issues.
Between 1998 and 2002, he was member of the Warsaw District Council, where he also held positions of vice chairman of the Budget Committee and member of the Audit Committee. In 2002 - 2014, he was member of the Warsaw City Council, holding also positions of vice-chairman of the Budget and Finance Committee and member of the Health Committee. In his social activities he lead the Social Council of Father Jerzy Popieluszko (Bielański) Hospital.

Piotr Mazur

Piotr Mazur (born 1966) was appointed Vice President of the Management Board of PKO Bank Polski, responsible for Risk Management Area, upon approval of the Polish Financial Supervision Authority on January 8, 2013. He is a graduate of the Organisation and Management Faculty at the Academy of Economics in Wrocław (currently Wroclaw University of Economics). He has over 20 years of experience in banking, holding management positions since the year 2000, being mainly responsible for risk management, restructuring and loans. He worked with international financial groups operating in Europe, the USA and South America. He is member of supervisory boards, committees of creditors, member and a chairman of key risk management committees. He was took part in developing BZ WBK SA's strategy; he was directly responsible for credit risk management, optimization of debt collection and restructuring processes; he cooperated with market regulators in Poland and abroad.

Upon graduating in 1991, his professional career began in Bank BPH's loan area. In 1992, he joined Bank Zachodni SA and after the merger with Wielkopolski Bank Kredytowy SA, he worked with BZ WBK SA; Between 1992 and 2000, he worked in the Capital Investments Department and subsequently between 2000 and 2005 he held the position of Director of the Credit Quality Controlling Department. In 2005-2008, he was Director of the Business Intelligence and Risk Management Area, and Deputy Chief Risk Officer from 2008 to 2010. From January 2011 he held the position of Chief Credit Officer and from March 2012 also the position of Deputy Chief Risk Officer. Moreover, he was the Chairman of the Credit Committee at BZ WBK SA, Deputy Chairman of the Credit Risk Forum and Deputy Chairman of the Risk Model Forum.

Jakub Papierski

Jakub Papierski (born 1972) graduated from the Warsaw School of Economics. He is also a Chartered Financial Analyst (CFA). He commenced his professional career at a consulting company Pro-Invest International in 1993. Between 1995 and 1996, he worked for ProCapital Brokerage House and subsequently for Creditanstalt Investment Bank. In March 1996, he started working for Deutsche Morgan Grenfell/Deutsche Bank Research dealing with the banking sector in Central and Eastern Europe.

Between November 2001 and September 2003, he worked for Bank Pekao S.A. as Executive Director of the Financial Division, directly supervising financial and fiscal policy of the bank, managerial information systems, as well as the treasury and management of investment portfolios. Moreover, he was a member of the Asset and Liability Management Committee of that bank. In October 2003 he was appointed President of the Management Board of Centralny Dom Maklerski Pekao S.A.. In September 2006, he also took up the position of Deputy Chairman of the Supervisory Board of Pioneer Pekao TFI S.A. From May 2009, Mr. Papierski was acting President of the Management Board of Allianz Bank Polska S.A. and in October 2009 he was appointed President of the Management Board.

Between 2005 and 2009, Jakub Papierski chaired the Programme Council of the Capital Market Leaders Academy organised by the Lesław Paga Foundation and at present is a member of the Programme Council.

Jan Emeryk Rościszewski

Jan Emeryk Rościszewski (born 1965) - Polish entrepreneur, manager in the insurance industry. He obtained his master's degree in history from the Faculty of Humanities of the Catholic University of Lublin in 1988. In 1990 he earned his DEA diploma from Institut d'Etudes Politiques de Paris. He completed numerous training courses in the fields of finance, insurance and management in France, Great Britain and Poland. He earned his insurance broker licence in 1996. From the first half of the 90's he has been working for international banking and insurance institutions, among others for AXA and Azur. In 1990 - 1991 he worked for AXA Banque and AXA International in France, and in 1991 - 1993 for Groupe Azur. In 1993 - 1996 he was Management Board Member of TU Azur Ostoja SA and TUnŻ Azur Życie SA. He has been engaged with Paribas since 1996. In the years 1998 to 2016 he headed - as President of the Management Board - TUnŻ Cardif Polska SA, now belonging to the BNP Paribas Group. Simultaneously, in the years 2001 to 2016, he held the position of Director General of Cardif Assurance Risques Divers in Poland.

He has held multiple additional positions in the industry, such as Chairman of the Supervisory Board of Pocztylion-Arka Pension Fund Company (since 1999), Vice Chairman of the Supervisory Board of Postal Financial Services Agency SA (2000-2014), member of the Audit Committee of the Polish Insurance Association (2012-2016), member of the Supervisory Board of BBI Development NFI SA (since 2011).

In the years 1981 to 1983 he was active in the charity organization Primate's Committee for Help to People Deprived of Liberty. Since 2009, he is a Knight of Honour and Devotion of the Sovereign Military Order of Malta, and since December 2012, he has held the function of Hospitaller of the Polish Association of the Sovereign Military Order of Malta. He is Management Board Member of the Page of History Foundation (since 2007) and member of the Alpine Club of Warsaw, Polish Heraldic Society, Domus Polonorum. In 2010 he was decorated with the Officer's Cross of the Order of Polonia Restituta for outstanding achievements in the development of the insurance market in Poland. He is author and co-author of historical books and articles on finance and management.

Moreover, the Bank hereby informs that according to the submitted statements none of the appointed persons conducts:

• any business competitive to the business of the Bank;
• participates in any business competitive in respect of the Bank as a partner in a partnership;
• is a member of a governing body of a company competing with the Bank or a member of any other governing body of legal person competing with the Bank;
• is registered in the Register of Insolvent Debtors.