Report No. 39/2010

Legal grounds:

Paragraph 38.1.10 of the Regulation of the Minister of Finance dated 19 February 2009 on current and periodic information published by issuers of securities and on the conditions under which such information may be recognized as being equivalent to information required by the laws of a state which is not a member state.

The report:

The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (the “Bank”) hereby informs that by judgment of 11 August 2010 the Circuit Court in Warsaw declared the invalidity of the resolution No. 1/2009 adopted by the Bank's Ordinary General Meeting of 30 June 2009, on the election of the Chairman of the Ordinary General Meeting. Other Ordinary General Meeting resolutions are remaining in force. The aforementioned judgment is not yet legally valid. After receiving the copy of the judgment with justification Bank will consider the grounds of lodging an appeal.