The text below is an unofficial translation of the report disclosed by PKO BP pursuant to the Polish Act on Public Trading in Securities of 21st August, 1997 (as amended). As Polish is the only official language in the Republic of Poland, PKO BP assumes responsibility only for the Polish language report. PKO BP assumes no responsibility for the report in its unofficial English translation. The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna in hereby informs about the changes of the Offering Prospectus as specified below: in point 2.1.3 chapter I of the Prospectus after the third paragraph the following text is added: “In addition, there can be no assurance that the Bank, despite having used its best efforts, has satisfactorily identified or communicated its needs to its contractors for the creation and implementation of the new IT system or that the creation and implementation of the new system will occur on time and/or budget. Further, there can be no assurance that the new system, irrespective of the adequacy of the identification of the Bank's needs to its contractors, will succeed in addressing these needs and that there will be no adverse impact on the Bank's operations and financial results to the extent that the system is either not properly integrated or fails to meet the Bank's needs once it has been integrated”. in point 2.1.5 chapter I of the Prospectus after the second paragraph the following text is added: „In common with most Polish companies, the Bank's Statute makes no provision for the appointment of independent members of the supervisory board in relation to significant corporate matters.” Stabilisation/FSA
