RNS Number:2282S
Bank Pekao SA
18 November 2003

UNOFFICIAL TRANSLATION

(18th November 2003)

Current report 127/2003

The Issue of IInd Programme Series D Bearer Bonds of Bank Pekao S.A.

The Management Board of Bank Pekao S.A. informs that on 18th of November 2003
the Management Board has made a resolution No185/XI/03 on the issue of Series D
IInd Programme Ordinary Bearer Bonds Issue (IInd Programme).

Upon this resolution there will be issued 2,000,000 (two million) Series D IInd
Programme Ordinary Bearer Bonds with numbers from 1(one) to 2,000,000 (two
million). Each bond has a nominal value of PLN 100 (one hundred) with the total
value of the D Series amounting to 200,000,000 (two hundred million) zloty.

The bonds are not collateralised and they are not connected with any additional
privileges or benefits.

The target of the Series D Bonds issue is to finance operating activity of the
Bank.

The first day of the subscription of the Series D Bonds IInd Programme is 24th
of November 2003.

The last day of the subscription is 10th of December 2003.

The date of the issue of the Series D IInd Programme is the first day of the
subscription and it is 24th of November 2003.

The Series D Bonds will be repurchased on 23rd of November 2004, i.e. on the
Repurchase Day.

The interest rate of IInd Programme Ordinary Bearer Bonds Series D is fixed and
it amounts to 5.45% annually and interests will be calculated from the first day
of subscription for bonds to the day before the Repurchase Day.

The Issue Price of one Series D Bond for each subscription day is calculated in
accordance with the table below:


                  Series                         D II Programme
                  Interest                           5,45%

  Day of week          date          Interests day      price*      Subscription day
Monday             Nov 24th, 03                   1       100,00                     1
Tuesday            Nov 25th, 03                   2       100,01                     2
Wednesday          Nov 26th, 03                   3       100,03                     3
Thursday           Nov 27th, 03                   4       100,04                     4
Friday             Nov 28th, 03                   5       100,06                     5
Saturday           Nov 29th, 03                   6       100,07                     x
Sunday             Nov 30th, 03                   7       100,09                     x
Monday              Dec 1st, 03                   8       100,10                     6
Tuesday             Dec 2nd, 03                   9       100,12                     7
Wednesday           Dec 3rd, 03                  10       100,13                     8
Thursday            Dec 4th, 03                  11       100,15                     9
Friday              Dec 5th, 03                  12       100,16                    10
Saturday            Dec 6th, 03                  13       100,18                     x
Sunday              Dec 7th, 03                  14       100,19                     x
Monday              Dec 8th, 03                  15       100,21                    11
Tuesday             Dec 9th, 03                  16       100,22                    12
Wednesday          Dec 10th, 03                  17       100,24                    13

*-Rounded up from 0.5 gr.

Amount of subscription fee charged by the Offerer equals PLN 1 (one) on each
properly subscribed and charged Series D Bond.

The total value of Bank's liabilities amounts to PLN 53,011,961.00 (fifty three
billion eleven million and nine hundred sixty one thousand) as at the end of
third quarter 2003. The Bank does not foreseen any significant changes of the
value of liabilities till the Repurchase Day, excluding changes connected with
typical banking operations, which are run by the Bank, and which include
collecting deposits.

Legal basis:

Section 5 subsection 1 clause 18 of RRM GPW

Section 4 subsection 1 clause 1 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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