Legal grounds: Paragraph 5.1.3 of the Ordinance of the Council of Ministers of 25th March, 2005 on current and periodical information provided by issuers of securities. The report: The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna hereby informs that on 7 July 2005 the Bank concluded the credit agreements with one of the PKO BP SA clients (each the “Borrower”). The subject of the agreement is to grant to the Borrower a revolving credit in PLN for the amount of PLN 350 million. The maturity date is 6 July 2006. The credit will be delivered on Borrower request. Interest on the used part of the credit is calculated at a variable rate on an annual basis. The interest rate is equal to the reference WIBOR T/N rate from the working day before the day plus PKO BP SA margin. The claim under the credit granted was secured by a declaration of submission to enforcement under the Banking Act for a total of PLN 525 million and by an unconfirmed power of attorney in respect of a bank account with the National Bank of Poland. This agreement is to be deemed significant because during a period shorter than 12 months agreements were concluded with this Borrower the total value of which meets the criteria set out in paragraph 5.1.52 of the Ordinance of the Council of Ministers on current and periodical information provided by issuers of securities dated 25 March 2005. Total balance sheet value of the Borrower’s debt with the Bank as at 6 July 2005 is PLN 809,8 million. The value of open credit lines for Borrower on 7 July 2005 accounted for PLN 1,830 million. The agreement of the highest value concluded with the Creditor According to paragraph 9 point 8 Ordinance of the Council of Ministers mentioned above, Bank informs that the subject of the highest value agreement signed on 4 November 2004 is to grant to the Borrower a revolving credit in credit account in PLN for the amount of PLN 500 million. The maturity date is 3 November 2005. Interest on the used part of the credit is calculated at a variable rate on an annual basis. The interest rate is equal to the reference WIBOR T/N rate plus PKO BP SA margin. The claim under the credit granted was secured by a declaration of submission to enforcement under the Banking Act for a total of PLN 1,000 million and by a power of attorney in respect of a bank account with the National Bank of Poland. This is one of the agreements concluded with the Borrower during a period shorter than 12 months the total value of which meets the criteria set out in paragraph 5.1.52 of the Ordinance of the Council of Ministers on current and periodical information provided by issuers of securities dated 25 March 2005. No changes were made in this agreement. The information about this agreement was included in the current report 40/2004 on 8 December 2005.
