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 hereby informs that in an unofficial English translation of Polish current report no. 16/2004 in the first sentence of the translation and in the listed clauses of the translation i.e. Clause 1 of Chapter III of the Prospectus, Clause 2.3.1 of Chapter III of the Prospectus and Clause 3.1 of Chapter III of the Prospectus some wrong numbers were shown. In consequence the Bank presents the full text of the unofficial English translation of the Polish language report no. 16/2004 once again. Stabilisation/FSA
