Report No. 18/2006

Legal grounds:

Paragraph 5.1.1 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 SA (the “Bank”) hereby informs that on 6 April 2006, in performance of the agreement entered into with Credit Suisse Asset Management Holding Europe (Luxembourg) S.A. on 24 January 2006, mentioned in reports nos. 2/2006, 13/2006, the Bank acquired 45,000 registered shares in PKO Towarzystwo Funduszy Inwestycyjnych S.A. with its seat in Warsaw (“TFI”), representing 25% of the share capital of TFI and 25% of votes at the general meeting of TFI. Currently, Bank owns 135,000 registered shares in TFI representing 75% of its share capital and 75% of votes at the general meeting of TFI.