Current reports

Current Report No. 23 of 22 December 2008 on current and periodical information provided by issuers of securities

Legal basis: § 5 section 1 item 26 of the Ordinance of the Minister of Finance on current and periodical information provided by issuers of securities dated 19 October 2005 (Journal of Laws of 2005, No. 209, item 1744).

Bank Handlowy w Warszawie S.A. ("Bank") announces that on December 19, 2008 Moody's Investors Service Ltd downgraded the Bank’s long term local currency deposit rating to A2 from Aa3, with a stable outlook.
The rating action follows Moody’s decision to downgrade Citigroup Inc. and Citibank N.A. ratings on December 18, 2008. More information can be found in a press release "Moody's downgrades Citigroup senior debt to A2 from Aa3" available at http://www.moodys.com/.

At the same time Moody’s affirmed the Bank’s financial strength rating (BFSR) of C- and long term foreign currency deposit rating of A2 (the sixth best rating on a 21-point scale), both with a stable outlook. The Bank’s short term foreign and local currency deposit ratings of “Prime-1” (the best rating on a 4-point scale) were also affirmed.