Issue of Debt

    Bank Przemyslowo - Handlowy PBK SA

Current report no. 3/2003

Bank Przemyslowo - Handlowy PBK SA (BPH PBK) informs that on 6 January, 2004 the
Bank's Management Board has adopted a resolution that the issue of the Series
A21 Bonds has become effective as well as a resolution on the allotment of the
Series A21 Bonds of BPH PBK, which had been issued within the Bonds Issue
Programme.

Information on the settlement of subscription of the Series A21 Bonds Issue
Programme:

1) The date of subscription opening - 15 December, 2003, the date of
subscription completion - 24 December, 2003.

2) The date of Bonds allotment: 6 January, 2003.

3) The number of Bonds within the subscription: the 1,500,000 Series A21 Bonds,
which are ordinary bearer bonds.

4) The orders for the Series A21 Bonds were not reduced.

5) The number of the Series A21 Bonds ordered in the course of the subscription:
the 123,701 Series A21 Bonds.

6) The Bank's Management Board allotted the 123,701 Series A21 Bonds within the
subscription.

7) The issue price of the Series A21 Bonds for each day of subscription was
equal to:

15 December, 2003 100.00 PLN
16 December, 2003 100.02 PLN
17 December, 2003 100.03 PLN
18 December, 2003 100.05 PLN
19 December, 2003 100.06 PLN
22 December, 2003 100.11 PLN
23 December, 2003 100.13 PLN
24 December, 2003 100.14 PLN

8) Within the subscription process of the Series A21 Bonds 304 persons have
subscribed for bonds and made payments correctly.

9) the Series A21 Bonds were allotted to 304 Bondholders.

10) The Issuer has not signed the underwriting agreement.

11) The total value of the Series A21 Bonds subscription amounted to PLN
    12,381,287.98.

12) Owing to the fact that the Series A21 Bonds were issued within the Bonds
Issue Programme, actually it is not possible to evaluate costs related
exclusively to the Series A21 Bonds issue. These costs will be disclosed when
total costs of the Bonds Issue Programme are calculated.

13) Owing to the fact that the Series A21 Bonds were issued within the Bonds
Issue Programme, actually it is not possible to evaluate the average costs of
subscription per one Series A21 Bond. The amount of average cost per one bond
will be published when overall costs Bonds Issue Programme are calculated.