Current Report of 12.12.2006

Legal grounds:
Paragraph 5.1.3 of the Ordinance of the Minister of Finance on current and periodical information provided by issuers of securities dated 19 October 2005

The report:
The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (“Bank”) – pursuant to information obtained on 12 December 2006 – hereby informs that Bankowy Fundusz Leasingowy SA („BFL”) a subsidiary of the Bank, over the recent 12 months concluded contracts for a total net amount of PLN 3.7 million with the Client - one of the PKO BP SA Borrower’s subsidiary.

The Bank hereby informs - pursuant to information obtained on 12 December 2006 – that on 6 December 2006 BFL entered ten agreements with the Client of the operation leasing.

The subject of the agreements is the lease of six lorries and four tanks trailer. The total value of lease fees according to these agreements is approx. PLN 2.78 million. Leasing period is 59 months. The agreements were concluded on market terms and became effective after a signature. The agreements contain no terms and conditions. The agreements provide no contractual penalties.

The execution of the above agreements constitutes grounds for the requirement to disclose the entering by the Bank into a significant agreement, since the total value of consideration under the agreements concluded by the Bank and its subsidiaries with the Borrower and Borrower’s subsidiaries meets the criteria referred to in Paragraph 2.1.51), in connection with Para. 2.2 of the Ordinance of the Minister of Finance on current and periodical information provided by issuers of securities dated 19 October 2005.

The total value of the agreements between the Bank and its subsidiary and the Borrower and Borrower’s subsidiary during 12 months till the date of execution of the abovementioned agreements is PLN 1,003.7 million.

The agreement of the highest value entered into with the Borrower:
The syndicated loan agreement, presented in current report nr 51/2005, is the agreement of the highest value among the agreements entered into between the Bank and the Borrower within the period of less than 12 months of the date of the above agreement, the total value of which meets the criteria referred to in Paragraph 2.1.51) of the ordinance of the Minister of Finance on current and periodical information provided by issuers of securities dated 19 October, 2005.