Current report No. 29/2012The Management Board of BRE Bank SA announces that BRE Bank SA issued D series registered bonds with the preemptive right | to acquire ordinary bearer shares of BRE Bank SA.1.The purpose of the issue is implementation of the incentive programme for key staff of BRE Bank SA launched pursuant to Resolution No. 2 and 3 of the XVI Extraordinary General Meeting of BRE Bank SA dated 27 October 2008 (the Programme").2.BRE Bank SA issued 700,000 (seven hundred thousand) registered D series bonds with nominal value of 1 (one) grosz each, with preemptive right to acquire ordinary bearer shares of BRE Bank SA (the "Bonds").3.The total value of the issue of the Bonds is PLN 7,000 (seven thousand zł|oty).4.The nominal value of each Bond is 1 (one) grosz.The issue price per Bond is 1 (one) grosz.The total nominal value of the Bonds is PLN 7,000 (seven thousand zł|oty).The Bonds were issued as dematerialised bonds.The Bonds are zero-coupon bonds.5.The Bonds for which the preemptive right to acquire shares was exercised will be redeemed by BRE Bank SA within 30 (thirty) days following the day on which the bondholder files a statement on shares acquisition. In the event the above defined Bond redemption date would fall after 31 December 2019, the Bonds will be redeemed on 31 December 2019.The redemption of the Bonds will be conducted on the redemption day through the payment of the Bond&apos|s nominal value for each Bond.The Bonds will be redeemed at maturity. On that date, the Trustee (Dom Inwestycyjny BRE Banku SA) will make relevant entries in the Register (the bond register referred to in Article 5a of the Act on Bonds of 29 June 1995 maintained by the Trustee) concerning the redemption and cancellation of the Bonds, provided that prior to that the payment towards the Bonds redemption is transferred to the account held by the Trustee. The Trustee will notify BRE Bank SA forthwith of any entries made in the Register.The Bonds which will not be disposed of by the Trustee to particular eligible persons in accordance with the Programme (the "Eligible Persons") will be redeemed by BRE Bank SA on 31 December 2019.In the case when BRE Bank SA is transformed or liquidated, all the Bonds will be redeemed immediately on the date on which the decision on registering the transformation of BRE Bank SA becomes final and valid or on which the liquidation of BRE Bank SA is commenced. Inn such a case, the right to take up shares expires on the date of transformation or liquidation of BRE Bank SA.Payments in respect of the Bonds redemption will be made only for the entity referred to in the Register as at the end of the day on which the decision on registering the transformation of BRE Bank SA becomes final and valid or on which the liquidation of BRE Bank SA is commenced.6.The Bonds are not secured. BRE Bank SA does not intend to establish security for the Bonds.7.On account of the fact that the total nominal value of the Bonds for which the Bonds are to be redeemed is an amount of no material importance for the operations of BRE Bank SA, taking into account the scale of operations of BRE Bank SA, the perspectives for development of liabilities of BRE Bank SA by the time the Bonds are redeemed in whole will not impact the redemption of the Bonds by BRE Bank SA. As at the last day of the quarter preceding the date on which the Acquisition Proposal was made available, the value of liabilities assumed amounted to PLN 82,983,255 thousand.8.Since the amount of the proceeds from the Bond Issue (the "Issue") will be of no material importance for BRE Bank SA, taking into account the scale of operation of BRE Bank SA, the undertaking to be financed by the proceeds from the Issue has not been specified.9.Each Bond entitles its holder to take up one share.10.The preemptive right to take up the shares will be exercised at the issue price of PLN 4 (four) per share, the same for each share.11.The participants of the Programme are entitled to exercise the right to take up shares under the Programme from the date of purchasing Bonds until the end of the Programme (until 31 December 2019) within the following set periods of time:a) from 2012 in Tranche 3 (in accordance with the resolutions of the Management Board of BRE Bank SA there was a shift to Tranche 2 of the Company Bonds which had not been acquired in Tranche 1, moreover, a shift to Tranche 3 of the Company Bonds which had not been acquired in Tranche 2),b) from 2013 in Tranche 4,c) from 2014 in Tranche 5,d) from 2015 in Tranche 6,e) from 2016 in Tranche 7,f) from 2017 in Tranche 8,g) from 2018 in Tranche 9,h) from 2019 in Tranche 10.12.The Bonds were acquired in whole by Dom Inwestycyjny BRE Banku SA with its registered office in Warsaw ("DI BRE"), a subsidiary of BRE Bank SA (BRE Bank hold 100% of shares in the share capital of DI BRE).The acquisition of the Bonds took place by allocation of the Bonds to DI BRE acting as the Trustee, pursuant to Resolution No. 49/2012 of the Management Board of BRE Bank SA due to effective acceptance by DI BRE of the proposal for Bonds acquisition put forward to DI BRE by BRE Bank SA in accordance with Article 9.3 of the Act on Bonds of 29 June 1995.DI BRE acquired the Bonds due to implementation of the Programme in order to offer them to the Eligible Persons.The Bonds were acquired by DI BRE at a price equal to the issue price of the Bonds (i.e. 1 (one) grosz per Bond). 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