Legal basis: Paragraph 5.1.3 of the Regulation of the Minister of Finance dated 19 February 2009 on current and periodic information published by issuers of securities and on the conditions under which such information may be recognized as being equivalent to information required by the regulations of law of a state which is not a member state Contents of the report: The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (the “Bank”) hereby announces that on 5 July 2011 the Bank concluded a loan agreement with its subsidiary, PKO Finance AB seated in Sweden (the “Issuer”), pursuant to which the Bank will borrow from the Issuer certain funds representing proceeds from the issue of bonds by the Issuer (the “Loan Agreement”) issued under EMTN Program, about which Bank informed in current report No. 35/2008. The Bank is the sole shareholder of the Issuer. The Issuer is, within the meaning of the Polish Accounting Act, a subsidiary of the Bank. Under the Loan Agreement, the Issuer grants a loan of CHF 250,000,000 to the Bank, (i.e. approximately PLN 807,200,000, based on the average exchange rates as of the dates 5 July 2011, as stated by the National Bank of Poland, amount 1CHF= 3.2288PLN) , intended to be used for general financing purposes of the Bank. The loan bears interest at a fixed rate of 3.538% p.a. Interest is paid annually. The Loan Agreement was concluded for the term of five years. The loan is not secured. The Loan Agreement does not provide for any contractual penalties. The total value of the agreements concluded between the Bank and the Issuer during the last 12 months as at the date of execution of the Loan Agreement (including it) is PLN 3,966,160,000 (in words: three billion nine hundred sixty six million one hundred sixty thousand zlotys). The Bank is required to announce the conclusion of the Loan Agreement as qualifying as a material contract since the amount of the loan meets the criteria referred to in paragraph 2.1.44 in connection with 2.2 of the Regulation of the Minister of Finance dated 19 February 2009 on current and periodic information published by issuers of securities and on the conditions under which such information may be recognized as being equivalent to information required by the regulations of law of a state which is not a member state. The highest-value agreement entered into with the Issuer: The loan agreement described in current report No. 47/2010 dated 21 October 2010 is the highest-value agreement entered into between the Bank and the Issuer within a period of less than 12 months preceding the date of the above Loan Agreement, the total value of which meets the criteria referred to in Paragraph 2.1.44) of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities and the conditions for regarding information required by the law of a non-member state as equivalent.
