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: Paragraph 5.1.3 of the Ordinance of the Council of Ministers on current and periodical information provided by issuers of securities dated 16 October 2001 The report: The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna hereby informs that on 7 December 2004 the Bank concluded two credit agreements with one of the PKO BP SA clients (each the “Borrower”).
The subject of the second agreement is to grant to the Borrower a credit-account credit in PLN for the amount of PLN 400 million. The maturity date is 6 July 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 800 million and by a power of attorney in respect of a bank account with the National Bank of Poland.
These agreements are 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 1.44 of the Ordinance of the Council of Ministers on current and periodical information provided by issuers of securities dated 16 October 2001. Total balance sheet value of the Borrower’s debt with the Bank as at 7 December 2004 is PLN 1,962,300,000. 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 is to grant to the Borrower a credit-account credit 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 1.44 of the Ordinance of the Council of Ministers on current and periodical information provided by issuers of securities dated 16 October 2001. No changes were made in this agreement. Stabilisation/FSA