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. item 11. point 3 of the Ordinance Decree of the Council of Ministers on current and periodical information provided by issuers of securities datedof 16 October 2001 The report: The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna hereby informs that on 30 and 31 December 2004 the Bank concluded 16 agreements each of which meets the definition of a significant agreement contained in (defined in paragraph 2 item .2 of the Ordinance of the Council of Ministers on current and periodical information provided by issuers of securities dated 16 October 2001, Decree of the Council of Ministers on current and periodical information provided by issuers of securities of 16 October 2001) -i.e., two creditcredit agreements and two appendixes to the credit agreement concluded between the Bank and with one of the PKO BP SA clients (each the “CreditorBorrower”) Bankowy Fundusz Leasingowy SA which is linked entity (100% shares are owned by PKO BP SA) . The subject of the first agreement is to grant to the Borrower a credit in PLN or convertible currency (eur, chf, usd) for the amount of PLN 40 million .The maturity date is 29 December 2010. The amount of this credit will be used in trenches described (amount and currency) by the Borrower due to agreements concluded by the Borrower. In case of using this credit in convertible currency the amount of used credit in PLN will be defined using average NBP exchange rate in the day of trencher’s disbursement. 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 rate (interest rate offered by inter-bank market for currency this credit was used) 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 120 million and by a power of attorney in respect of a bank account, by assignment of claims from the Borrower agreements, by transfer of ownership, assignment of claim from insurance policies. The subject of the second agreement is to grant to the Borrower a credit in PLN or convertible currency (eur, chf, usd) for the amount of PLN 40 million .The maturity date is 29 December 2010. The amount of this credit will be used in trenches described (amount and currency) by the Borrower due to agreements concluded by the Borrower. In case of using this credit in convertible currency the amount of used credit in PLN will be defined using average NBP exchange rate in the day of trencher’s disbursement. 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 rate (interest rate used in inter-bank market in currency this credit was used) 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 120 million and by a power of attorney in respect of a bank account, by assignment of claims from the Borrower agreements, by transfer of ownership, assignment of claim from insurance policies. The subject of the third agreement (appendix to agreement dated 23 December 2003) is to grant to the Borrower a credit in PLN for the amount of PLN 20 million (5 million enlargement of the bank account limit from 15 million to 20 million). The maturity date is 29 December 2007. The amount of this credit will be used for financing current liabilities of the Borrower. 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 rate WIBOR 1M 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 40 million and by a power of attorney in respect of a bank account and blank bill of exchange. The subject of the forth agreement is to grant to the Borrower a credit in PLN for the amount of PLN 20 million. The maturity date is 29 December 2010. The amount of this credit will be used in trenches described by the Borrower based on agreements concluded by the Borrower. 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 1M 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 40 million and in some cases by mortgage or assignment of claim. The subject of the fifth agreement is to grant to the Borrower a credit in PLN or convertible currency (eur, usd) for the amount of PLN 30 million .The maturity date is 29 December 2014. The amount of this credit will be used in trenches described (amount and currency) by the Borrower due to agreements concluded by the Borrower. In case of using this credit in convertible currency the amount of used credit in PLN will be defined using average NBP exchange rate in the day of trencher’s disbursement. 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 rate (interest rate used in inter-bank market in currency this credit was used) 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 60 million and by a power of attorney in respect of a two bank accounts and in some cases by mortgage or assignment of claim. The subject of the sixth agreement is to grant to the Borrower a credit in PLN or convertible currency (eur, usd) for the amount of PLN 75 million .The maturity date is 29 December 2019. The amount of this credit will be used in trenches described (amount and currency) by the Borrower due to agreements concluded by the Borrower. In case of using this credit in convertible currency the amount of used credit in PLN will be defined using average NBP exchange rate in the day of trencher’s disbursement. 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 rate (interest rate offered by inter-bank market for currency this credit was used) 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 150 million and by a power of attorney in respect of a two bank accounts and in some cases by mortgage or assignment of claim. The subject of the seventh agreement is to grant to the Borrower a credit in PLN for the amount of PLN 25 million . The maturity date is 19 December 2010. The amount of this credit will be used in trenches described by the Borrower based on agreements concluded by the Borrower. 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 1M 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 50 million, by a power of attorney in respect of a bank account and in some cases by mortgage or assignment of claim. The subject of the eighth agreement is to grant to the Borrower a credit in PLN for the amount of PLN 80 million . The maturity date is 19 December 2014. The amount of this credit will be used in trenches described by the Borrower based on agreements concluded by the Borrower. 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 1M 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 160 million, by a power of attorney in respect of a bank account and in some cases by mortgage or assignment of claim. The subject of the ninth agreement is to grant to the Borrower a credit in PLN for the amount of PLN 20 million . The maturity date is 29 December 2010. The amount of this credit will be used in trenches described by the Borrower based on agreements concluded by the Borrower. 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 1M 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 40 million, by a power of attorney in respect of a bank account and in some cases by mortgage or assignment of claim. The subject of the tenth agreement is to grant to the Borrower a credit in PLN for the amount of PLN 65 million . The maturity date is 29 December 2014. The amount of this credit will be used in trenches described by the Borrower based on agreements concluded by the Borrower. 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 1M 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 130 million, by a power of attorney in respect of a bank account and in some cases by mortgage or assignment of claim. The subject of the eleventh agreement is to grant to the Borrower a credit in PLN for the amount of PLN 5 380 000. The maturity date is 17 December 2010. The amount of this credit will be used in trenches described by the Borrower based on agreements concluded by the Borrower. 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 1M 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 10 760 000 and by a power of attorney in respect of two bank accounts, by assignment of claims from the Borrower agreements, by transfer of ownership, assignment of claim from insurance policies. The subject of the twelfth agreement is to grant to the Borrower a credit in PLN for the amount of PLN 80 million. The maturity date is 29 December 2014. The amount of this credit will be used in trenches described by the Borrower based on agreements concluded by the Borrower. 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 1M 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 160 million, by a power of attorney in respect of a bank account and in some case by mortgage or assignment of claim. The subject of the thirteenth agreement is to grant to the Borrower a credit in PLN for the amount of PLN 13 million. The maturity date is 29 December 2009. The amount of this credit will be used in trenches described by the Borrower based on agreements concluded by the Borrower. 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 1M 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 6 012 000, by a power of attorney in respect of a bank account and in some case by mortgage or assignment of claim. The subject of the fourteenth agreement is to grant to the Borrower a credit in PLN for the amount of PLN 3 006 000 million. The maturity date is 29 December 2014. The amount of this credit will be used in trenches described by the Borrower based on agreements concluded by the Borrower. 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 1M 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 160 million, by a power of attorney in respect of a bank account and by assignment of claims from the Borrower agreements, by transfer of ownership, assignment of claim from insurance policies. The subject of the fiftieth agreement (appendix) is to enlarge Borrower’s a credit in PLN from the amount of PLN 753 957,4 to 2 803 957,4. The maturity date is 30 December 2007. The amount of this credit will be used in trenches described by the Borrower based on agreements concluded by the Borrower. 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 1M 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 5 607 914,8, by a power of attorney in respect of a bank account and by assignment of claims from the Borrower agreements, by transfer of ownership, assignment of claim from insurance policies. The subject of the sixteenth agreement is to grant to the Borrower a working capital credit in credit bank account in convertible currency for the amount of 2.500 000 EUR .The maturity date is 30 December 2007. The amount of this credit will be used for day to day business finance of the Borrower. 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 rate EURIBOR 1M 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 20 755 500 PLN and by blank bill of exchange The subject of the seventeenth agreement is to grant to the Borrower a working capital credit in credit bank account in convertible currency for the amount of 3.500 000 CHF .The maturity date is 30 December 2007. The amount of this credit will be used for day to day business finance of the Borrower. 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 rate LIBOR (CHF) 1M 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 18 915 400 PLN and by blank bill of exchange Both agreements were concluded with one CreditorBorrower. These agreements are to be deemed significant because Dduring the a period shorter thean 12 months with this Creditor there agreements were concluded with this Borrower agreements, which the total value of which meets complies with the criteria set out referred to in paragraph item 1. par 44 of the Ordinance of the Council of Ministers on current and periodical information provided by issuers of securities dated 16 October 2001. These agreements are typical and routine transactions concluded in accordance with market rules.Decree of the Council of Ministers on current and periodical information provided by issuers of securities of 16 October 2001 The total balance sheet value of the Borrower’s indebtness of the Creditordebt with the Bank onas at 307 NovemberDecember 2004 is PLN 1, 962, 300, 000 PLN.351 193 thousand. 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 Tthe subject of the highest value agreement signed 21 December 2004, with the Creditor of of the highest value is to grant to the Borrower Bank the ordera credit-account credit in PLN for the amount of PLN 400 million to organize, proceed and service the non- public issue of bonds to bearer. The maturity date is 6 November 2005. total nominal value of bonds issued but not buyout should not reach amount higher then 95 million PLN. The agreement was concluded not longer then to 30 December 2006. 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 promissory blank bills of exchange and declaration of submission to enforcement under the Banking Act for a total of PLN 1901,000 million. 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 for the Creditor. The amount of this credit is 500 millions PLN. The maturity date is 3 November 2005. The interest of used quote of credit is counted per year, according to floating interest rate. The interest rate is equal as reference rate WIBOR T/N accumulated with PKO BP SA margin. For secure this debt liability Creditor issued, pursuant to banking law, a declaration of enforcement to a total amount of 800 millions PLN and granted Bank the power of attorney to bank account in National Bank of Poland. This agreement is one of agreements concluded with the Creditor during shorter then 12 months period and the total value of all the agreements with this Creditor value complies with the criteria referred to in item 1 par 44 of Decree of the Council of Ministers on current and periodical information provided by issuers of securities of 16 October 2001. There were made no changes in this agreement.
