Bank Przemyslowo - Handlowy PBK SA

Current report no. 81/2003

Bank Przemyslowo - Handlowy PBK SA (BPH PBK) informs that within the BPH PBK SA
Capital Group restructuring process, assuming the sale of stakes in favour of
PBK Inwestycje SA (the Bank's specialised subsidiary), on 18 November, 2003 the
Bank:

1) 2,830,000 shares of Towarzystwo Ubezpieczen na ycie Royal PBK SA, with a
nominal value of PLN 10 each, representing 20.11% of the share capital and
entitling to 2,830,000 votes at the General Meeting of Shareholders (20.11% of
all votes).

The price of these shares amounted to PLN 3,049,563.77 and equals to the value
of these shares in the Bank's book. The price was calculated according to the
net assets value method. The payment will be effected in tranches till the end
of 2005.

The shares purchased are a long-term investment for PBK Inwestycje SA, financed
by its own funds;

2) 151,000 shares of ATUT Finanse SA (formerly: PBK ATUT TFI SA), with a nominal
value of PLN 100 each, representing 97.79% of the share capital and entitling
to 151,000 votes at the General Meeting of Shareholders (97.79% of all votes).

The price of these shares amounted to PLN 1,019,228.64 and has been estimated by
an independent advisor specialising in the companies valuation. The value of
these shares in the Bank's book (as at 31.10.2003) was equal to PLN
1,278,906.87. The payment will be effected in tranches till the end of 2004.

The shares purchased are a long-term investment for PBK Inwestycje SA, financed
by its own funds.

Bank owns 99.99% shares of PBK Inwestycje SA.