RNS Number:8439S
Bank Pekao SA
03 December 2003

UNOFFICIAL TRANSLATION

(3rd December 2003)

Current report 134/2003

Execution of the Agreement on Sale of Bank Pekao Tel-Aviv

In reference to report No 113/2003 dated 29th of September 2003 Management Board
of Bank Polska Kasa Opieki S.A. hereby informs that on 2nd December 2003, after
fulfilment of conditions set in the Agreement, Bank Polska Kasa Opieki S.A. sold
to Bank Hapoalim B.M., 50 Rothschild Blvd., Tel-Aviv, Israel 370,213 (three
hundred seventy thousand two hundred thirteen) ordinary shares par value NIS 100
(hundred) each of Bank's subsidiary Bank Polska Kasa Opieki Tel-Aviv (Bank
Pekao) Ltd. (Pekao Tel-Aviv) with registered office in Tel-Aviv, Israel, which
constitute 99.99% of share capital of Pekao Tel-Aviv and 99.99% of votes on
General Assembly of Pekao Tel-Aviv. The price amounts US $6.639.708 (six million
six hundred thirty nine thousand seven hundred eight) (exchange rate US $1= NIS
4.431), what constitute the total amount NIS 29,420,548 (twenty nine million
four hundred twenty thousand five hundred forty eight).

As a result of this agreement, Bank Polska Kasa Opieki S.A. doesn't possess any
shares of Pekao Tel-Aviv.

Legal basis:

Section 81, subsection 1, clause 2 of the Securities Act of 21st August 1997




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