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 21 August, 1997 (as amended). As Polish is the only official language in the Republic of Poland, PKO BP assumes only responsibility for the Polish language report. PKO BP assumes no responsibility for the report in its unofficial English translation. Legal basis: Article 81.1.1 of the Act – the Law on Public Trading in Securities (amended and restated: Dz. U. 2002, No. 9, item 447, as amended) The report: The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna hereby informs on the following change to the Polish Prospectus: In Chapter I, Section 2.3.3 at the end, the following paragraph shall be added: “Attention of investors is drawn to the fact that on 29 October 2004 the Management Board of the WSE adopted a resolution (No. 363/2004) pursuant to which it introduced special regulations relating to orders regarding the Shares. In particular, when such special regulations are in force, brokerage houses will not be able to place orders relating to more than 5,000 Shares. Orders will not be accepted between 9.30 am and the time of commencement of trading in the Shares on a given trading session. In addition, orders cannot be subject to withdrawal or modification during such time. In accordance with the information provided by the WSE, the commencement of trading in the Shares may be delayed and it is expected that trading will commence between 10.05 am and 10.30 am, with the exact time of the commencement of trading being announced at least five minutes in advance. Orders that refer to the market price (i.e., orders placed at any price, at the opening market price and at the market price) will not be accepted. The resolution does not specify the period during which these regulations will remain in force, however, the information provided by the WSE provides that such regulations will apply during the first several sessions of trading in the Shares until the trading in the Shares normalises.” Stabilisation/FSA THIS RELEASE DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SHARES OF PKO BANK POLSKI S.A. (THE “SHARES”), NOR SHALL IT (OR ANY PART OF IT) OR THE FACT OF ITS DISTRIBUTION, FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT THEREFOR. THE SHARES MAY NOT BE OFFERED, SOLD OR DELIVERED IN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS (AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") UNLESS REGISTERED UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM SUCH REGISTRATION. THE SHARES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT. THE SECURITIES ARE OFFERED IN THE UNITED STATES ONLY PURSUANT TO RULE 144A UNDER THE SECURITIES ACT. THIS RELEASE IS BEING DISTRIBUTED IN THE UNITED KINGDOM ONLY TO (A) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(1) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2001 (THE ORDER) AND TO (B) PERSONS TO WHOM IT WOULD OTHERWISE BE LAWFUL TO DISTRIBUTE IT (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS RELEVANT PERSONS). THIS RELEASE IS DIRECTED ONLY AT RELEVANT PERSONS AND MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS RELEASE RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS.
