Conclusion of a significant agreement

WARSAW, Poland--(BUSINESS WIRE)--

“) a subordinated loan agreement. Both GECIHC and BPH belong to the General Electric Company Group.”

Announcement No. 48/2009

Conclusion of a significant agreement

The Management Board of Bank BPH (the "Bank" or “BPH”) announces that on November 24^th, 2009 the Bank concluded with GE Capital International Holdings Corporation, with seat in Stamford, USA („GECIHC") a subordinated loan agreement. Both GECIHC and BPH belong to the General Electric Company Group.

Under this agreement GECIHC will lend to the Bank a 10-year loan in the amount of CHF 120,000,000 (equivalent of PLN 327.156.000 based on the average NBP rate dated November 24^th) in order to provide supplementary funds to the Bank in accordance with Article 127, section 3, point 2)b) of the Banking Law. The loan’s interest is based on the LIBOR rate plus a margin.

The proceeds from the loan will be subject of motion to the Financial Supervision Commission (“KNF”) for consent to include them into the supplementary funds of the Bank.

The value of the agreement exceeds 10% of the Bank’s own capital.