Bank Przemyslowo - Handlowy PBK SA

Current report no. 98/2003 

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 A18 Bonds has become effective and the resolution
on the allotment of Series A18 Bonds of BPH PBK, which had been issued
within the Bonds Issue Programme.

Information on the settlement of subscription of Series A18 Bonds
Issue Programme:

1)  The date of subscription opening  and 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 A18
Bonds, which are ordinary bearer bonds.

4)  The orders for Series A18 Bonds were not reduced. 

5) The number of Series A18 Bonds ordered in the course of the
subscription: 629,717 Series A18 Bonds.

6) The Bank's Management Board allotted 629,717 Series A18 Bonds
within the subscription.

7)  The issue price of the Series A18 Bonds was equal to PLN 100.00,

8) Within the subscription process of Series A18 Bonds 1747 persons
have subscribed for bonds and made payments correctly.

9)  Series A16 Bonds were allotted to 1747 Bondholders. 

10)  The Issuer has not signed the underwriting agreement. 

11) The total value of Series A18 Bonds subscription amounted to PLN
62,971,700.00.

12) Owing to the fact that the Series A18 Bonds were issued within the
Bonds Issue Programme, actually it is not possible to evaluate costs
related exclusively to the Series A18 Bonds issue. These costs will be
published when total costs of the Bonds Issue Programme are
calculated.

13) Owing to the fact that Series A18 Bonds were issued within the
Bonds Issue Programme, actually it is not possible to evaluate the
average costs of subscription per one Series A18 Bond. The amount of
average cost per one bond will be published when overall costs Bonds
Issue Programme are calculated.