Issue of Debt

    Bank Przemyslowo - Handlowy PBK SA

Current Report No. 94/2003

Bank Przemyslowo - Handlowy PBK SA informs that on 10 December, 2003 the Bank's
Management Board adopted a resolution on the issue of Series A21 Bearer's Bonds
within the Bond Issue Programme.

The 1,500,000 Bonds, with the nominal value of PLN 100 each, will be issued for
the total nominal value of PLN 150,000,000.

The issue is aimed at acquiring funds for the Bank's operations.

A subscription for Series A21 Bonds will be open on 15 December, 2003 and closed
on 24 December, 2003.

The Bonds will be repurchased on the Bonds Repurchase Day, i.e. 15 December,
2008.

The Bonds bear a fixed interest rate, the same in every 12-month interest period
and amounts to 5.75% p.a.

Dates of the first day of the interest periods, last days of the interest
periods, interest payment days and days of the rights to interest for each
interest period are stated below:

 Interest  First Day of       Last Day of        Interest Payment DayDay of the Rights to
 Period No. Interest Period    Interest Period                        Interest
-----------------------------------------------------------------------------------------
     I     15 December, 2003  14 December, 2004  15 December, 2004   1 December, 2004
-----------------------------------------------------------------------------------------
    II     15 December, 2004  14 December        15 December, 2005   1 December, 2005
                               November, 2005
-----------------------------------------------------------------------------------------


The bonds are not collateralised.

On the first day of subscription, the issue price equals to the nominal price of
Series A21 Bonds, while on following days of the subscription period the issue
price is higher by accrued interests.

Subscription fee will be charged in the following amount:

--  for subscription from 10 to 499 Bonds - PLN 0.99

--  for subscription from 500 to 1,999 Bonds - PLN 0.59

from each subscribed and duly paid Series A17 Bond.

For subscription 2,000 and more Bonds the fee will not be charged.

The value of the Bank's liabilities at the end of the third quarter 2003
amounted to PLN 38,114 Mio. Apart from the issue of Bonds within the Bond Issue
Programme of the nominal value of PLN 8,000,000,000, there are no plans to
introduce important changes in the structure and volume of the Bank's
liabilities by the Bonds Repurchase Day.