Report No. 16/2004

In connection with the decision of the Council of Ministers dated 2nd November, 2004 to increase the total number of the Offered Shares from 300,000,000 to 385,000,000 shares (i.e. from 30 percent to 38.5 percent of the total number of shares of the Bank), the Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna informs on the following changes to the Prospectus (to which the Securities and Exchanges Commission consented on 2nd November, 2004 by its decision no. DSP/E/4110/32/60/2004, upon examining the application of the Selling Shareholder, BGZ and the Issuer):