Bank Przemyslowo - Handlowy PBK SA

Current report no. 79/2003

Bank Przemyslowo - Handlowy PBK SA (BPH PBK) kindly informs that it has been
notified that Fitch Rating Agency upgraded to positive from stable the Bank's
long-term ratings outlook. This upgrade follows change in outlook to positive
from stable for the sovereign's long-term foreign currency ratings.