Legal grounds: Art. 56.1.1 of the Law of 29 July 2005 on Public Offers, the Conditions for Introducing Financial Instruments to an Organised System of Trading and Public Companies The report: The Management Board of Powszechna Kasa Oszczędności Banku Polskiego Spółka Akcyjna (the Bank) hereby announces that on September 25th, 2007, it has approved a resolution concerning the intention to issue 10-year bonds (the “Issue”) with an early buyout right for the Bank on all the bonds within 5 years from the issue date (the “Call Option”). The bonds shall be issued as bearer bonds, not having the form of printed document, non-convertible for shares, non-secured, and not entitling to any share in profits. The Bank has no intention to introduce the bonds to public trading. The bonds shall be issued in PLN or EUR. The value of the Bank’s liabilities as at the last day of the quarter preceding the approval of the Issue Resolution amounts to PLN 88,700,466,000. The purpose of the issue of bonds has not been specified. The bonds shall be issued pursuant to the Bonds Act and shall be allocated to increasing the Bank’s supplementary funds pursuant to Art. 127.3(b) of the Banking Act. The bonds shall be offered in a non-public issue, exclusively within the territory of the Republic of Poland. Other information concerning the detailed conditions of the bonds issue is delayed pursuant to Art. 57.1 of the Act of July 29th, 2005, on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies.
