Bank Pekao S.A.

Capital/Financing Update • Jun 15, 2023

UNOFFICIAL TRANSLATION

15.06.2023- Report 18/2023: Expression of consent by the Management Board of BankPolska Kasa Opieki Spółka Akcyjna to the issue of MREL bonds

Bank Polska KasaOpieki S.A. (the "Bank") hereby informs that on 15 June2023 the Management Board of the Bank expressed consent to the issue ofsenior non-preferred bonds and senior preferred bonds with a totalnominal value not exceeding PLN 1,000,000,000 (in words: one billionzlotys) (the "Bonds").TheBonds will constitute eligible liabilities of the Bank within themeaning of Article 97a (1) pt. 2) of the Act on the Bank Guarantee Fund,Deposit Guarantee System and Forced Restructuring of June 10, 2016.

The nominal valueof one Bond will be PLN 500,000 (in words: five hundred thousandzlotys). The detailed terms of the issue and the exact size of eachissue of Bonds will be determined at a later date, taking into accountinteraliaresults of the book-building process among investors and thesituation on the bond market.

The Bonds may beissued in one or more series. The Bonds will be unsecured. The offer ofBonds will be carried out exclusively on the territory of Poland. TheBonds will be offered in a manner which shall not trigger the obligationto draw up a prospectus, because the Bonds will be issued in accordancewith Article 33 point 1) of the Act of 15 January 2015 on bonds, andproposals for the purchase of Bonds will be directed to qualifiedinvestors only within the meaning of art. 2 letter e of Regulation (EU)2017/1129 of the European Parliament and of the Council of 14 June 2017on the prospectus to be published when securities are offered to thepublic or admitted to trading on a regulated market and repealingDirective 2003/71/EC.

The consideredtime of the commencement of Bonds issue is June 2023, subject to thereservation that it_#160;depends on the situation on the bond market.

Legal basis:Article 17.1 of MAR - confidential information