02.08.2010 Current Report No. 70/2010Today, the supervisory Board of BRE Bank decided to revoke the appointment of Mr. Mariusz Grendowicz to the Management Board of BRE Bank SA and to the position of President of the Management Board and Chief Executive Officer of the Bank on August the 2nd, 2010 at 1:00 p.m. as per Art. 23 of the By-laws.The Supervisory Board therefore appointed Mr. Cezary Stypułkowski as the President of the Management Board of BRE Bank SA to act as of October 1, 2010. Mr. Cezary Stypułkowski must be duly approved by the Polish Financial Supervision Authority ("PFSA") in order to assume the position of President of the Management Board.Mr. Wiesław Thor, Vice President of the Management Board, will fulfill the functions of President of the Management Board until the assumption of the said position by Mr. Cezary Stypułkowski.Cezary Stypułkowski holds a Ph.D. in law from the University of Warsaw. He studied at Columbia University Business School in New York as a member of the Fulbright Program. He chaired the management board of Bank Handlowy S.A. for thirteen years, made it the leader of corporate and investment banking in Poland together with his team and successfully turned it into a public company. Mr. Stypułkowski was appointed as president of PZU Group in 2003. He successfully managed with his colleagues it for three years. The net result and the valuation of the group trebled as a consequence. In 2006, he became the Managing Director of J.P. Morgan Investment Bank in Central and Eastern Europe. Cezary Stypułkowski was also a member of the Deutsche Bank Board International Advisory Board, INSEAD International Advisory Board, Institute of International Finance in Washington and Geneva Association.He is married to Anna Majewska, journalist and author. Their son, Jan Stypułkowski (28) graduated from the Warsaw School of Economy and the Faculty of Law of the University of Warsaw. He is a second year student of Columbia University School of Business in New York.Mr. Cezary Stypułkowski has not been entered into the Register of Insolvent Debtors maintained pursuant to the Act on the National Court Register.To the best of our knowledge, Mr. Cezary Stypułkowski does not conduct any business competing with that of BRE Bank SA.