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 only assumes responsibility for the Polish language report. PKO BP assumes no responsibility for the report in its unofficial English translation. Legal basis: Art. 81.1.1 of the Law on Public Trading In Securities (restated: Dz. U. of 2002, No. 9, item 447, as amended) The report: The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna informs of having received information that on 8 November 2004, the Management Board of the WSE adopted resolution No. 371 concerning a change in the time of commencement of trading on the main and parallel markets and the acceptance of brokers' orders in respect of PKO BP SA shares. In said resolution, in respect of PKO BP SA shares, the WSE Management Board decided that from 10 November 2004 to and including 15 November 2004 (in accordance with the WSE press release dated 8 November 2004 that period may be extended or shortened depending on the market situation), orders for the fixing will be accepted between 7 and 9 a.m. At 9 a.m., the opening price will be fixed which will be followed by continuous trading. Furthermore, the WSE Management Board decided that from 10 November 2004 to and including 15 November 2004, a single sale or purchase order for PKO BP SA shares may only be placed for up to 20,000 shares. During the above mentioned period, 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. Upon adoption of the above resolution, resolution no. 363/2004 of the WSE Management Board on the acceptance of orders for PKO BP SA shares dated 29 October 2004 (the Bank informed of it in its Current Report No. 19/2004) became ineffective. 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 OF AMERICA 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. Stabilisation/FSA
