Result of Equity Issue

RNS Number:0717T
Bank Pekao SA
09 December 2003

UNOFFICIAL TRANSLATION

(9th December 2003)

Current report 138/2003

II Programme Series D Bonds issue became effective. The allocation and closing
of II Programme Series D Bonds subscription. Information on the of II Programme
Series D Bonds.

The Management Board of Bank Polska Kasa Opieki S.A. informs that on 9th of
December, 2003 it has adopted a resolution (no 194/XII/03 dated 9th of December
2003) that the issue of II Programme Series D Bonds of Bank Polska Kasa Opieki
S.A. has become effective and the resolution (no 193/XII/03 dated 9th of
December 2003) on the allocation of 2.000.000 (two million) Series D Bonds of
Bank Polska Kasa Opieki S.A., which had been issued on the base of Management
Board Resolution no. 185/XI/03 03 dated 18th of November 2003 and no 192/XII/03
dated 5th of December 2003 within the framework of II Programme of Bonds Issue.

Information on II Programme Series D Bonds Issue

1) The first day of subscription/sale and the last day of subscription/sale:
first day of subscription: 24th of November, 2003 and the last day of
subscription: 8th of December, 2003.

2) The day of Bonds allocation: 9th of December, 2003.

3) The number of Bonds in the offer: 2,000,000 (two million) II Programme Series
D Bonds, which are ordinary bearer bonds.

4) There were no reductions of the orders on Series D Bonds.

5) The number of Series D Bonds subscribed: 2,000,000 (two million) Series D
Bonds.

6) The Management Board of the Bank has allocated 2,000,000 (two million) Series
D Bonds.

7) The interest rate of IInd Programme Bearer Bonds Series D is fixed and
amounts to 5.45% annually and accruals will be calculated since the first day of
subscription for bonds till the day before Repurchase Day. The persons who have
a right to receive an interest on Bearer Bonds of Series D are the owners of
Bearer Bonds of the Series D in Day of Establishing the Rights.

The issue price of the Series D bonds is described by following formula:

100+100*5.45%*(q-1)/365, where "q" means the next day of period in which
accruals are calculated.


Per unit     The issue price for each day of 
             subscribing / receipts of Bank(in PLN)
2003-11-24     100,00
2003-11-25     100,01
2003-11-26     100,03
2003-11-27     100,04
2003-11-28     100,06
2003-12-01     100,10
2003-12-02     100,12
2003-12-03     100,13
2003-12-04     100,15
2003-12-05     100,16
2003-12-06     100,18
2003-12-07     100,19
2003-12-08     100,21
2003-12-09     100,22
2003-12-10     100,24


8) Within the subscription process of Series D Bonds 5,380 (five thousand three
hundred eighty) persons have submitted the orders and paid in accordance with
regulations.

9) Series D Bonds were allocated to 5,380 (five thousand three hundred eighty)
Bondholders.

10) The issuer has not signed the underwriting agreement.

11) The total value of Series D Bonds subscription/sale amounted to PLN
200,026,568.86 (two hundred million twenty six thousand five hundred sixty eight
86/100).

12) Owing to the fact that the Series D Bonds are issued within the frameworks
of the II Programme of Bonds Issue, it is not possible to evaluate costs tied
exclusively to the Series D Bonds issue. These costs will be published when the
total costs of the II Programme of Bonds Issue are calculated.

13) Owing to the fact that that Series D Bonds issue is executed within the
frameworks of the overall II Programme of Bonds Issue, it is not possible to
evaluate the average costs per one Series D Bonds issue and subscription. This
amount of average cost per one bond will be published when the costs of overall
II Programme of Bonds Issue are calculated.

Legal basis:

Section 42 of the Council of Ministers dated 16th of October, 2001 - Dz. U. Nr
139, poz. 1569 with later changes

Section 24 of the Trading Rules, Resolution No. 29/01 of Supervisory Board of
Centralna Tabela Ofert Joint Stock Company of October 30, 2001


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