2004-11-09

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: 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) Report: The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna informs of having received today information from The Brokerage House of BGŻ – the Offeror, that on 9 November 2004, i.e., within the deadline specified in Chapter III, Section 2.8.7.3 and 2.8.8.4 of the Prospectus relating to the shares of Powszechna Kasa Oszczędności Bank Polski SA:

(a) 132,000,000 shares of PKO BP which were offered in the Domestic Institutional Tranche;
(b) 85,000000 shares of PKO BP which were offered in the International Institutional Tranche,

were finally allotted. All the capitalised terms not otherwise defined herein shall have the meaning assigned to them in the Prospectus relating to the shares of Powszechna Kasa Oszczędności Bank Polski SA. 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