Bank Przemyslowo - Handlowy PBK SA

Current Report No. 89/2003

Bank Przemyslowo - Handlowy PBK SA informs that on 4 December, 2003 the Bank's
Management Board adopted a resolution on the issue of Series A16 Bearer's Bonds
within the Bond Issue Programme.

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

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

Subscription for Series A16 Bonds will be open on 8 December, 2003 and closed on
8 December, 2003.

The Bonds will be repurchased on the Bonds Repurchase Day, i.e. 8 December,
2004.

The Bonds bear a fixed interest rate which amounts to 6.00% p.a.

Interests are accrued from the first day of subscription for Bonds until the day
before the Bonds Repurchase Day. People authorised to receive interests on Bonds
are the Bonds holders as on the day on which Interests Rights are defined, i.e.
24 November, 2004.

Bank will purchase Series A16 Bonds before the Repurchase Day aimed at
bond-redemption.

The bonds are not collateralised.

On the first day of subscription, the issue price equals the nominal price of
Series A16 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 1,499 Bonds - PLN 1.00

--  for subscription from 1,500 to 2,999 Bonds - PLN 0.85

--  for subscription from 3,000 to 4,999 Bonds - PLN 0.70

--  for subscription from 5000 and more Bonds - PLN 0.50

from each subscribed and duly paid Series A16 Bond.

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.