Legal basis: Paragraph 5.1.3 of the Ordinance of the Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities and the conditions for regarding information required by the law of a non-member state as equivalent (the "Ordinance"). The report: The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna ("PKO BP S.A." or "the Bank") hereby informs that on 10 January 2012, the Bank concluded with a client of PKO BP S.A. (the "Client") an agreement on opening and keeping consolidated accounts and making bulk payments for a 4-year period. Under the agreement, the Bank shall make available an intraday debit to the amount of PLN 2,080,000,000 (in words: two billion eighty million zloty). If no repayment is made on a day on which a debit is made, the Bank is entitled to suspend the execution of the Client's orders until the debit is fully repaid. In such a case the Bank is entitled to the interest for the delay of payment in the amount of the statutory interest. The Bank's income from the fulfilment of the agreement is based on, among others, earnings from the Client's funds, funds remaining on third party accounts for which transaction are made as well as from F/X differences being a result of payment of funds abroad. In case of failure of the Bank to meet the deadlines for making the system fully operational within 90 days from the date of signing the agreement, as well as opening the accounts not later than within 30 days from the date of signing the agreement, the Bank shall pay the Client a contractual penalty in the amount of PLN 10,000 for each day of failure to meet any of the deadlines. In case of an unjustified withdrawal from the agreement by the Bank, the Bank shall pay the Client a contractual penalty in the amount of PLN 500,000. If, due to the Bank's fault, the agreement cannot be fulfilled, the Client may withdraw from the agreement, maintaining the right to calculation of the contractual penalty in the above-mentioned amount. The payment of the above-mentioned penalties may result in exceeding the amount of EUR 200,000, referred to in § 9(5) of the Ordinance. The payment of the contractual penalties shall not exclude the right to claim compensation in the amount exceeding the amount of these penalties. Conclusion of the agreement constitutes grounds for the requirement to disclose the entering by the Bank into a significant agreement, since the total value of the services under agreements concluded by the Bank with the Client of the Bank meets the criteria referred to in § 2(1)(44) letter a) in connection with § 2(2) of the Ordinance. Total value of the Bank's involvement related to the agreements concluded by the Bank with the Client and its subsidiaries within last 12 months is PLN 4,580,000,000 (in words: four billion five hundred eighty million zloty). Making the global intraday debit available under the above-mentioned agreement makes it an agreement of the highest value among agreements concluded by the Bank with the Client within 12 previous months.
