Report No. 49/2006

Legal grounds:

Paragraph 5.1.1 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 Spółka Akcyjna (“Bnak”) hereby informs that on 31.10. 2006 a sale agreement was executed for the sale by Bank of 145,881 shares in Hotel Jan III Sobieski Sp. z o.o. with its seat in Warszawa, having the nominal value of PLN 540 each, to Europa Hawk S.a.r.l., a company not affiliated with Bank, with its seat in Luksemburg. The shares represent 50.436% of the share capital entitling to 50.436% of votes at the Meeting of Shareholders of Hotel Jan III Sobieski Sp. z o.o. Upon this transfer, Bank holds no shares in Hotel Jan III Sobieski Sp. z o.o. The total value of this transaction is PLN 46,514,266.92. The value of the sold shares of Hotel Jan III Sobieski Sp. z o.o. as shown in the Bank’s books is PLN 47,667,819.79. The assets sold constituted a short-term capital deposit of the payee. The assets sold are deemed significant because their value exceeds 20% of the share capital of Hotel Jan III Sobieski Sp. z o.o.