Issue of Debt

    Bank Przemyslowo - Handlowy PBK SA

Current report no. 88/2003

Bank Przemyslowo - Handlowy PBK SA (BPH PBK) informs that on 2 December 2003 the
Bank's Management Board passed a resolution on the Bank's series A11, A12, A13,
A14, A15, A51 and B11 bonds purchase before the repurchase date aimed at
bond-redemption. The Bank intends to purchase and cancel all these bonds traded
on the Warsaw Stock Exchange (WSE). Purchase of the above mentioned bonds series
before the repurchase date will be effected according to the following rules:

a) each of the Series Bonds purchase will be carried out on the WSE;

b) the Bank will put the Series Bonds purchase offer during five consecutive
sessions at the WSE in order to allow their settlement on the Repurchase Right
Day as defined in current reports on issuing each series bonds previously
published by the Bank;

c) Series Bonds purchase offer will be placed at the price which equals to 99,9%
of each Series Bonds nominal value increased by accrued interests till the day
on which the transaction will be settled at the National Depositary for
Securities;

d) at the first session the Bank will put purchase offer for all bonds, while
during next 4 sessions the Bank will put purchase offers for the remaining bonds
being traded at the WSE;

e) Series Bonds holders will be enabled to put these bonds on sale through the
investment accounts as well as the Issue Sponsor Register;

f) bondholders will be charged with the fee of 0.2% transaction value (but not
less than PLN 5) by BPH PBK's Brokerage House.