Legal grounds: Art. 56.1.1 of the Law of 29 July 2005 on Public Offers, Conditions for Introducing Financial Instruments to the Organised System of Trading and Public Companies The report: Following the notification to the Polish Financial Supervision Authority (the PFSA) of delay in publishing confidential information (current report No. 1/2008/OI), submitted on 15 July 2008 in accordance with Art. 57.1 of the Law of 29 July 2005 on Public Offering, Conditions for Introducing Financial Instruments to the Organised Trading System and Public Companies, the Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (the Bank) hereby informs that on 15 July 2008 it adopted a resolution consenting to the opening of the EMTN Programme by the Bank’s wholly-owned subsidiary PKO Finance AB (previously Aktiebolaget Grundsten 108756) with its registered office in Sweden (the Issuer). The Issuer is a related entity within the meaning of the Accounting Act. The EMTN Programme shall be conducted on the following terms:
- Programme value: EUR 3,000,000,000 or its equivalent in other currencies;
- Programme currencies: EUR, USD and CHF;
- maturity of individual tranches issued under the Programme: 1 to 15 years;
- proceeds of issue shall be used for the Bank’s general financing purposes, including ensuring the Bank’s liquidity and financing the Bank’s capital needs;
- interest rate: interest on the notes issued under the Programme shall be calculated on the basis of a fixed interest rate, a variable interest rate or interest rates linked to selected indices;
- interest periods: 1 month to 1 year;
- denomination: at least EUR 50,000 or its equivalent in other currencies;
- types of issue: senior notes, subordinated notes, public issues and private placements;
- Programme registration: the Luxembourg Stock Exchange (Bourse de Luxembourg);
- method of settlements between the Issuer and the Bank: the Issuer shall grant a loan to the Bank in the amount equal to the proceeds of issue at the interest rate applicable to the proceeds of issue. The settlements between the Issuer and the Bank shall be effected via a clearing agent, through dedicated accounts used solely for settling the issue and upon the Bank’s consent;
- the Issuer shall receive appropriate contractual remuneration for administrating the EMTN programme.
At the same time the Bank informs that under Art.15.1.12d) of the Bank’s Articles of Association on 16 July 2008 the Bank’s Supervisory Board consented to the conclusion of a loan agreement between the Bank and the Issuer which was a condition precedent to the opening of the EMTN Programme. The detailed information on the loan agreement between the Bank and the Issuer required under the applicable regulations shall be published upon the occurrence of the relevant event. Pursuant to the notification submitted to the PFSA the deadline for publication of information is 31 August 2008.