3.2 Highest-level parent entity of PZU

As at 31 December 2015 the State Treasury held 34.4427% of PZU shares giving the right to 34.4427% of votes at the General Meeting of Shareholders (based on the current report no. 3/2016 on the list of shareholder who hold at least 5% of all votes at the Extraordinary Shareholders' Meeting PZU on 7 January 2016). Therefore, there was no higher-level parent entity of PZU preparing its consolidated financial statements.