Current reports

Current Report No. 21 of 27 November 2008 on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organized Trading, and Public Companies

Legal basis: Art. 56 section 1 item 1 of the Law of 29 July 2005 on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organized Trading, and Public Companies

Bank Handlowy w Warszawie S.A. (hereinafter referred to as the „Bank”) announces that on November 28, 2008, as a result of the response to the public tender offer to acquire all of the outstanding shares of Polskie Towarzystwo Reasekuracji S.A. with its seat in Warsaw (hereinafter referred to as “PTR S.A.”), made on September 8, 2008 by Fairfax Financial Holdings Limited with its seat in Ontario, Canada (the Tender Offeror), the Bank placed with ING Securities S.A. with its seat in Warsaw, an intermediary authorized by the Public Tender Offer , an order to sell 17,500,000 Series A and B registered shares, constituting about 16.64% of the share capital of PTR S.A. and entitling to the same number of votes at the General Meeting of Shareholders of PTR S.A.

The price at which the Tender Offeror has undertaken to purchase PTR S.A. shares from all shareholders is 1.60 Polish zlotys (“PLN”) per share. The nominal value of Series A and B shares is PLN 1.00 per share. The value of the transaction for the Bank connected with the sale of 17,500,000 shares of PTR S.A is PLN 28,000,000. The deadline for placing orders to sell PTR S.A. shares is December 23, 2008. The transaction as a result of which the Tender Offeror acquires Shares is subject to the fulfillment of all legal conditions specified in the Tender Offer, however no later than three business days after the deadline for placing orders to sell shares. The aforesaid transaction shall be settled no later than within three business days from the transaction date.