Issue of Debt

    Bank Przemyslowo - Handlowy PBK SA

Current report no. 96/2003

Bank Przemyslowo - Handlowy PBK SA (BPH PBK) informs that on 16 December, 2003
the Bank's Management Board adopted a resolution that the issue of Series A51
Bonds has become effective and the resolution on the allotment of Series A51
Bonds of BPH PBK, which had been issued within the Bonds Issue Programme.

Information on the settlement of subscription of Series A51 Bonds Issue
Programme:

1) The date of subscription opening - 3 November, 2003, the date of subscription
completion - 12 December, 2003.

2) The date of Bonds allotment: 16 December, 2003.

3) The number of Bonds within the subscription: 1,000,000 Series A51 Bonds,
which are ordinary bearer bonds.

4) The orders for Series A51 Bonds were not reduced.

5) The number of Series A51 Bonds ordered in the course of the subscription:
318,457 Series A51 Bonds.

6) The Bank's Management Board allotted 318,457 Series A51 Bonds within the
subscription.

7) The issue price of the Series A51 Bonds for each day of subscription was
equal to:

3 November, 2003                        100,00 PLN
4 November, 2003                        100,01 PLN
5 November, 2003                        100,03 PLN
6 November, 2003                        100,04 PLN
7 November, 2003                        100,06 PLN
10 November, 2003                       100,10 PLN
12 November, 2003                       100,13 PLN
13 November, 2003                       100,14 PLN
14 November, 2003                       100,16 PLN
17 November, 2003                       100,20 PLN
18 November, 2003                       100,22 PLN
19 November, 2003                       100,23 PLN
20 November, 2003                       100,25 PLN
21 November, 2003                       100,26 PLN
24 November, 2003                       100,30 PLN
25 November, 2003                       100,32 PLN
26 November, 2003                       100,33 PLN
27 November, 2003                       100,35 PLN
28 November, 2003                       100,36 PLN
1 December, 2003                        100,41 PLN
2 December, 2003                        100,42 PLN
3 December, 2003                        100,43 PLN
4 December, 2003                        100,45 PLN
5 December, 2003                        100,46 PLN
8 December, 2003                        100,51 PLN
9 December, 2003                        100,52 PLN
10 December, 2003                       100,54 PLN
11 December, 2003                       100,55 PLN
12 December, 2003                       100,56 PLN


8) Within the subscription process of Series A51 Bonds 1008 persons have
subscribed for bonds and made payments correctly.

9) Series A51 Bonds were allotted to 1008 Bondholders.

10) The Issuer has not signed the underwriting agreement.

11) The total value of Series A51 Bonds subscription amounted to PLN
31,935,837.82

12) Owing to the fact that the Series A51 Bonds were issued within the Bonds
Issue Programme, actually it is not possible to evaluate costs related
exclusively to the Series A51 Bonds issue. These costs will be published when
total costs of the Bonds Issue Programme are calculated.

13) Owing to the fact that Series A51 Bonds were issued within the Bonds Issue
Programme, actually it is not possible to evaluate the average costs of
subscription per one Series A51 Bond. The amount of average cost per one bond
will be published when overall costs Bonds Issue Programme are calculated.