Legal grounds: Paragraph 5.1.3 of the Ordinance of the Council of Ministers of 25 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 30 August 2005 the Bank entered into 4 credit agreements with one of the PKO BP SA clients (the “Borrower”). The subject of the first agreement is to grant to the Borrower a revolving credit in PLN for the amount of PLN 150 million. The maturity date is 29 August 2007. The credit will be delivered on Borrower’s 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 preceding the given day plus PKO BP SA margin. The claim under the credit granted was secured by an unconfirmed power of attorney in respect of a bank account with the National Bank of Poland and a declaration of submission to enforcement under the Banking Act for a total of up to PLN 225 million. The subject of the second agreement is to grant to the Borrower a revolving credit in PLN for the amount of PLN 300 million. The maturity date is 29 August 2007. The credit will be delivered on Borrower’s 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 preceding the given day plus PKO BP SA margin. The claim under the credit granted was secured by an unconfirmed power of attorney in respect of a bank account with the National Bank of Poland and a declaration of submission to enforcement under the Banking Act for a total of up to PLN 450 million. The subject of the third agreement is to grant to the Borrower a revolving credit in PLN for the amount of PLN 350 million. The maturity date is 29 August 2007. The credit will be delivered on Borrower’s 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 preceding the given day plus PKO BP SA margin. The claim under the credit granted was secured by an unconfirmed power of attorney in respect of a bank account with the National Bank of Poland and a declaration of submission to enforcement under the Banking Act for a total of up to PLN 525 million. The subject of the fourth agreement is to grant to the Borrower a revolving credit in PLN for the amount of PLN 400 million. The maturity date is 29 August 2007. The credit will be delivered on Borrower’s 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 preceding the given day plus PKO BP SA margin. The claim under the credit granted was secured by an unconfirmed power of attorney in respect of a bank account with the National Bank of Poland and a declaration of submission to enforcement under the Banking Act for a total of up to PLN 600 million. The above agreements are to be deemed significant because they were concluded during a period shorter than 12 months and their total value meets the criteria set out in paragraph 2.1.52 of the Ordinance of the Council of Ministers on current and periodical information provided by issuers of securities dated 25 March 2005. The total balance sheet value of the Borrower’s debt with the Bank as at 29 August 2005 is PLN 2,358.2 million. The agreement of the highest value concluded with the Creditor In accordance with paragraph 9.8 of the Ordinance of the Council of Ministers referred to above, the Bank informs that the object of the highest value agreement signed on 4 November 2004 is to grant to the Borrower a revolving credit under its credit account in PLN for the amount of PLN 500 million. The maturity date is 3 November 2005. The claim under the credit granted was secured by a declaration of submission to enforcement under the Banking Act for a total of up to PLN 1,000 million and by an unconfirmed 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 2.1.52 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.
