Changes in the management board of PZU's asset management company, Towarzystwo Funduszy Inwestycyjnych PZU SA

The Supervisory Board of TFI PZU SA has adopted several changes to the management structure of the investment area. Dariusz LASK, former member of the board of Skarbiec TFI SA and Union Investment TFI SA, was appointed Chief Investment Officer.

Marcin ZOLTEK, former president of PZU PTE SA - the group's pensions company, will be the member of the management board of PZU TFI SA and will be responsible for the implementation of Employee Capital Programs. Robert KUBIN, the current managing director of PZU SA and PZU Zycie SA, supervising the investment division, will be the president of PZU TFI SA. Marcin ADAMCZYK, the current president of PZU TFI SA, will go to PZU SA and will report directly to the president of the board, supervising, among others, strategic projects in the field of investment and foreign expansion. Cezary IWANSKI will remain on the board of TFI PZU SA.

The term of office of the new management board will start on the first day after the general meeting of shareholders and will last for two full calendar years.

Tomasz KULIK, chairman of the supervisory board of TFI PZU SA, commented on changes in the management board: "I am convinced that the new composition of the entire investment area will significantly strengthen the implementation of the ambitious strategy of the PZU Group. We are committed to stable results that will translate into an increase in the confidence of Polish clients to save in investment funds and to attract foreign clients through new channels of access. Dariusz LASEK brings to the group vast experience and excellent achievements in asset management, strengthening our group as CIO PZU TFI SA. Robert KUBIN as the president of PZU TFI SA will have even greater opportunities to implement the investment strategy he has developed. The transition of Marcin ZOLTEK from PZU PTE SA to PZU TFI SA, the leading institution of the PZU group in the PPK program, confirms its strategic importance for the Group."He added: "I am also pleased with the transition of Marcin ADAMCZYK to the mother company - PZU SA - where he will be able to more effectively supervise the implementation of ambitious projects initiated by him from the level of PZU TFI - i.e. strategic partnership in the field of investment, foreign expansion and development of the www.inpzu.pl platform."

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Dariusz LASEK- vice president of the board of TFI PZU SA; has 20 years of professional experience in the area of finance and investment. For the last two years he has worked in Skarbiec TFI SA, in charge of the IT area, and his previous experience included work for over 15 years in Union Investment TFI SA, where he managed the funds and additionally acted as a proxy and chief economist. His previous professional experience also includes work for Commercial Union Investment Management (Polska) SA, Commercial Union Polska TUnZ (currently under the name Aviva), as well as Dom Maklerski Penetrator SA. Dariusz LASEK is a graduate of the Faculty of Management at the Maria Curie-Sklodowska University in Lublin. He holds a PhD in economics from the Warsaw School of Economics and a securities broker and investment adviser.

Robert KUBIN - president of the board of TFI PZU SA; has over 18 years of professional experience in the area of finance and investment, that he gained primarily by working in international insurance companies. From September 2018, he is the Managing Director of Investment at PZU SA and PZU Zycie SA and a member of the supervisory board of TFI PZU SA. Previously, for most of his career he was associated with MetLife (formerly AIG), where in 2003-2018 he was responsible for asset management in European markets, performing various responsible roles. During his professional life Robert lived in Poland, Slovakia, the Czech Republic, India, the USA, and more recently in London. He graduated from the University of Economics in Prague, holds a CFA title and is a member of the CFA Institute. Robert comes from the Czech Republic, he is married, has two children.

Marcin ZOLTEK - vice president of the board of TFI PZU SA; has over 20 years of professional experience in the area of finance and investment. Since the beginning of 2017, he has been the president of the management board of PTE PZU SA. Until 2017, he was the president of the board of Aviva PTE, managing 30 billion zlotys of assets and the second largest open pension fund in Poland. Previously, a board member, investment director and managing a portfolio of debt securities in the same company. His previous experience includes work for Commercial Union (1999-2008), where as head of the department he was responsible for investment strategy and management of fixed income securities with one of the largest portfolio in Poland worth PLN 13 billion and in Bank Pekao SA, where he held trading in loans and derivative loans and structural financing. He is a graduate of the Faculty of Mathematics at the University of Warsaw, he also worked as a researcher at this faculty. He also completed postgraduate studies for managers of financial services and insurance at the Warsaw School of Economics and doctoral studies at this university. He is also a graduate of the Harvard ManageMentor program organized by ICAN Institute. He has the Oxford Blockchain Strategy Program certificate.

Cezary IWANSKI- vice president of the board of TFI PZU SA. Has over 25 years of professional experience. A graduate of the Faculty of Technical Physics and Applied Mathematics at the Warsaw University of Technology. He holds a PhD in technical sciences from the Institute of Systemic Research of the Polish Academy of Sciences. Investment Advisor with the title of CFA. He has been associated with the financial market since 1994. He has extensive managerial experience gained in financial institutions and as a member of supervisory boards. In 1994-2001 he worked for CDM Pekao SA, where initially, as the deputy head of the Analysis Team, he participated in the creation and expansion of the first professional team of stock market and capital market analysis in Poland, and then as the Director he organized the Asset Management Department. In 2001, he assumed the position of Vice President of Pioneer Pekao Investment. He was responsible for the investment division. In 2009, he undertook the creation of TFI KGHM SA, which he managed until June 2011. In 2012, he joined the BPS Group as the Vice President of the Management Board and then the President of the Management Board of DM Bank BPS SA. From 2015, he was the President of the Management Board of BPS TFI SA. He has been associated with the PZU group since February 2017.

Marcin ADAMCZYK- graduate of the Faculty of Economics at the University of Economics in Krakow and managerial postgraduate studies at Executive Studies in Finance at the Warsaw School of Economics and Ernst & Young Academy of Business. He has been involved in the financial market for over 20 years. He started his professional career in 1998 at Bank BPH SA in Krakow as a Treasury Bond Dealer. From 2002 to 2004, he was the Senior Debt Dealer in BRE Bank SA. Later he worked in DZ Bank in London as Senior Emerging Market Trader and as Vice President, Head of Emerging Europe Bond Trading in the Nomura International Group. From 2008 to 2011, he was Senior Managing Senior and Emerging Market Markets in the Swiss private bank Lombard Odier Investment Managers in Amsterdam and Geneva. In the years 2011-2013 in the Dutch company MN was a Senior Fund Manager. Then, until 2017 at ING Investment Management (currently NN Investment Partners), he was the Head of the Local Markets Group responsible for investments on local markets and currencies of developing countries. He has been associated with the PZU Group since April 2017.

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Operating since 1999, Towarzystwo Funduszy Inwestycyjnych PZU SA (TFI PZU SA) is - one of the largest investment companies in Poland, managing assets worth almost PLN 20 billion. It is part of the PZU Group and uses its experience accumulated over 200 years of financial and insurance activity and creates a pillar of the investment division - PZU Inwestycje. TFI PZU offer includes 16 investment funds with diversified investment strategies: 4 open funds and 12 closed funds and other investment products.

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