Report No. 11/2004

Legal basis:

Art. 81 section 1 point 2 of the Law on Public Trading in Securities

Warsaw, October 21, 2004 The Management Board of Powszechna Kasa Oszczędności Bank Polski SA (the "Bank") hereby announces that on 21 October 2004, the price range referred to in Art. 80 section 2 of the Law on Public Trading in Securities was set, within which the Offering Price shall be determined (the "Offer Price Range"). The Offer Price Range was set by the Selling Shareholder.

The Offer Price Range has been set at PLN 17.50 to PLN 20.50. Any terms not defined herein shall have the meanings assigned to them in the Bank's Prospectus.

ALL DETAILED INFORMATION CONCERNING THE PUBLIC OFFERING OF THE BANK AND THE SHARES ARE INCLUDED IN THE PROSPECTUS, WHICH IS THE ONLY LEGALLY BINDING DOCUMENT CONTAINING INFORMATION THEREON. THE PROSPECTUS IS AVAILABLE IN ALL BROKERAGE OFFICES WHICH ARE MEMBERS OF THE WARSAW STOCK EXCHANGE, IN SELECTED BRANCH OFFICES OF THE BANK AND IN THE WARSAW STOCK EXCHANGE'S PROMOTION CENTER. Stabilization/FSA