Current Report of 21.12.2006

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”) hereby informs that on 21 December 2006 Bank entered into an agreement with one of Bank’s client (“Client”) to provide a guarantee of closing of an issue of Client’s notes on the following terms and conditions:

• the nominal value of the notes subscribed for by the Bank will be PLN 1,100 million,
  
• the notes will bear interest at the rate equal to WIBOR plus the Bank’s margin,
  
• the Client will have the right to redeem the notes prior to their maturity date,
  
• the notes will be unsecured,
  
• issued notes will not have a form of document,
  
• no contractual penalties are provided for under the agreement.