Issue of Debt

    Bank Przemyslowo - Handlowy PBK SA

Current report no. 97/2003

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 A16
Bonds has become effective and the resolution on the allotment of Series A16
Bonds of BPH PBK, which had been issued within the Bonds Issue Programme.

Information on the settlement of subscription of Series A16 Bonds Issue
Programme:

1) The date of subscription opening - 8 December, 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 A16 Bonds,
which are ordinary bearer bonds.

4) The orders for Series A16 Bonds were not reduced.

5) The number of Series A16 Bonds ordered in the course of the subscription:
995.501 Series A16 Bonds.

6) The Bank's Management Board allotted 995.501 Series A16 Bonds within the
subscription.

7) The issue price of the Series A16 Bonds for each day of subscription was
equal to:

8 December, 2003                        100,00 PLN
9 December, 2003                        100,02 PLN
10 December, 2003                       100,03 PLN
11 December, 2003                       100,05 PLN
12 December, 2003                       100,07 PLN


8) Within the subscription process of Series A16 Bonds 2787 persons have
subscribed for bonds and made payments correctly.

9) Series A16 Bonds were allotted to 2787 Bondholders.

10) The Issuer has not signed the underwriting agreement.

11) The total value of Series A16 Bonds subscription amounted to PLN
99,573,990.49.

12) Owing to the fact that the Series A16 Bonds were issued within the Bonds
Issue Programme, actually it is not possible to evaluate costs related
exclusively to the Series A16 Bonds issue. These costs will be published when
total costs of the Bonds Issue Programme are calculated.

13) Owing to the fact that Series A16 Bonds were issued within the Bonds Issue
Programme, actually it is not possible to evaluate the average costs of
subscription per one Series A16 Bond. The amount of average cost per one bond
will be published when overall costs Bonds Issue Programme are calculated.