Current reports

The terms of the Buy-back Program are as follows:

1. The acquisition of the Company’s shares will be conducted pursuant to Commission Regulation (EC) No. 2273/2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards exemptions for buy-back programs and stabilization of financial instruments (the "Regulation").
   
2. The Company’s shares will be acquired for the purpose of redemption. The Management Board shall propose a resolution on the redemption of the shares acquired by the Company in the course of the Buy-back Program at the first General Meeting of the Company following the lapse of the term of the Buy-back Program.
   
3. The acquisition of the Company’s shares in the course of the Buy-back Program shall commence on 17 August 2011. The Buy-back Program shall last until all the Company’s shares authorized to be purchased in the course of the Buy-back Program are acquired by the Company or until all the funds assigned to the Buy-back Program are utilized, however not longer than until 2 June 2013. The Management, after obtaining the relevant consent from the Supervisory Board of the Company, may elect to shorten the term of the Buy-back Program.
   
4. The Company may acquire in the course of the Buy-back Program shares comprising up to 2.5% of the Company’s share capital as of the last day of the Buy-back Program.
   
5. The Company has allocated an amount of up to PLN 60,000,000 for the Buy-back Program.
   
6. The maximum price paid for the shares in the Company in the course of the Buy-back Program may not exceed the amount of PLN 8 and the greater of: (i) the last independent price of the Company’s shares; or (ii) the current independent offer, within the meaning of Art. 5.1 of the Regulation.
   
7. The minimum price paid for the Company’s shares may not be lower than PLN 3 per share.
   
8. The Company may not acquire the Company’s shares in block transactions or off market transactions.
   
9. On each day of the Buy-back Program the Company may acquire up 25% of the average daily volume of the Company’s shares within the 20 days preceding the date of the purchase. In the event of low liquidity of the shares, the Company may acquire up to 50% of the average daily volume of the Company’s shares on the regulated market following a notification to the Financial Supervisory Commission (KNF) and publication of a current report regarding the intention to acquire more than 25% of the average daily volume of the Company’s shares.
   
10. The Management may, after obtaining the relevant consent of the Supervisory Board, decide to change the terms of the Buy-back Program, in particular the method of acquiring the Company’s shares, the amount of shares to be acquired and funds allocated to the Buy-back Program within the scope of authorization granted by the Company’s shareholders meeting.
    
11. The Company shall publish current reports informing the public of the progress of the Buy-back Program (within the scope required under Art. 4.3 and 4.4. of the Regulation) or any information about changes to the terms of the Buy-back Program.
    
12. The Buy-back Program shall be conducted by Dom Inwestycyjny BRE Banku S.A., which shall make independent decisions regarding the acquisition of the Company’s shares in the course of the Buy-back Program.