Re Agreement

RNS Number:4378Q
Bank Millennium S.A.
01 October 2003



Bank Millennium SA




                                                   Date of issue: 1 October 2003



                                 Current Report



Re: Agreement of the Bank with Banco Comercial Portugues S.A.



Bank Millennium informs that has entered into a swap agreement with BCP with the
aim to hedge the exposure of its financial results to the evolution of PZU
dividends and carrying cost of the participation. According to this agreement,
Bank Millennium will receive, in an annual basis, an amount equivalent to the
economic cost of carrying the investment in PZU S.A. based on three months WIBOR
rate (paid quarterly), in exchange for an amount equivalent to the dividends
received from PZU S.A..



The agreement also sets the conditions under which it will be early terminated
if the said participation is disposed of, in which case a settlement formula
defines the participation of BCP in the proceeds if the transaction price
exceeds PLN 1.6 billion.



Bank Millennium keeps full control over its participation in PZU S.A..



The agreement is valid for five years.






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