Result of Equity Issue

RNS Number:3494T
Bank Pekao SA
16 December 2003

UNOFFICIAL TRANSLATION

(16th December, 2003)

Report 140/2003: II Programme Series E Bonds issue became effective. The
allocation and closing of II Programme Series E Bonds subscription. Information
on the of II Programme Series E Bonds.

The Management Board of Bank Polska Kasa Opieki S.A. informs that on 16th of
December, 2003 it has adopted a resolution (no 196/XII/03 dated 16th of December
2003) that the issue of II Programme Series E Bonds of Bank Polska Kasa Opieki
S.A. has become effective and the resolution (no 195/XII/03 dated 16th of
December 2003) on the allocation of 2.999.999 (two million nine hundred ninety
nine thousand nine hundred ninety nine) Series E Bonds of Bank Polska Kasa
Opieki S.A., which had been issued on the base of Management Board Resolution
no. 190/XI/03 dated 25th of November 2003 within the framework of II Programme
of Bonds Issue.

Information on II Programme Series E Bonds Issue

1) The first day of subscription/sale and the last day of subscription/sale:

- first day of subscription: 26th of November, 2003

- last day of subscription: 10th of December, 2003.

2) The day of Bonds allocation: 16th of December, 2003.

3) The number of Bonds in the offer: 3,000,000 (three million) II Programme
Series E Bonds.



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



5) The number of Series E Bonds subscribed: 2,999,999 (two million nine hundred
ninety nine thousand nine hundred ninety nine) Series E Bonds.



6) The Management Board of the Bank has allocated 2,999,999 (two million nine
hundred ninety nine thousand nine hundred ninety nine) Series E Bonds.



7) The interest rate of IInd Programme Bearer Bonds Series E 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 E are the owners of
Bearer Bonds of the Series E in Day of Establishing the Rights.

The issue price of the Series E 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)
          2003-11-26                               100,00
          2003-11-27                               100,01
          2003-11-28                               100,03
          2003-12-01                               100,07
          2003-12-02                               100,09
          2003-12-03                               100,10
          2003-12-04                               100,12
          2003-12-05                               100,13
          2003-12-08                               100,18
          2003-12-09                               100,19
          2003-12-10                               100,21





8) Within the subscription process of Series E Bonds 7,343 (seven thousand three
hundred forty three) persons have submitted the orders and paid in accordance
with regulations.



9) Series E Bonds were allocated to 7,343 (seven thousand three hundred forty
three) Bondholders.



10) The issuer has not signed the underwriting agreement.



11) The total value of Series E Bonds subscription/sale amounted to PLN
300,231,193.84 (three hundred million two hundred thirty one thousand one
hundred ninety three 84/100).



12) Owing to the fact that the Series E 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 E 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 E 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 E 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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