Current Report of 31.12.2008

Legal grounds:

Paragraph 5.1.1 and 5.1.9 of the Ordinance of the Minister of Finance dated 19 October 2005 on current and periodical information provided by issuers of securities

The report:

The Management Board of Powszechna Kasa Oszczędności Bank Polski S.A. (“PKO BP S.A.”) hereby informs that on 31 December 2008 PKO BP SA was informed that the District Court in Warsaw XII Commercial Department of the National Court Register on 11 December 2008 had registered capital increase of Finanse Agent Transferowy Sp. z o.o. with its seat in Warsaw (“Finat”) of total value amounts PLN 7,600,000.

The newly issued shares in increased capital were taken over by Inteligo Financial Services SA („Inteligo”) - Bank’s subsidiary (PKO BP S.A. owns 100% of shares in Inteligo).

Inteligo took over 76,000 shares in Finat’s capital of nominal value of PLN 100 each having a total nominal value of PLN 7,600,000 for PLN 7,600,000 acquisition price which is equal to nominal value of the shares.
After mentioned above registration the capital of Finat amounts to PLN 9,461,000 and is divided into 94,610 shares, with nominal value of PLN 100 each. Inteligo owns 76,000 shares of Finat, constituting 80.3% of the capital and entitling to 80.3% of votes at the Shareholders Meeting of this company.
The remaining shares in Finat amount of 18,610 constituting 19.7% of the capital and entitling to 19.7% of votes at the Shareholders Meeting are held by Powszechne Towarzystwo Emerytalne Bankowy S.A. (“PTE Bankowy”) - Bank’s subsidiary (PKO BP S.A. owns 100% of shares in PTE Bankowy).

The take-over is an investment with long-term duration and was financed with Inteligo own funds.
Finat is linked entity as defined in the Law of Accounting.
The assets taken over are considered significant because their value exceeds 20% of the share capital of Finat. The change in the amount of the Finat capital exceeds at one time equivalent of EUR 500,000 denominated in PLN.