Bank Przemyslowo - Handlowy PBK SA

Current report no. 1/2004

Bank Przemyslowo-Handlowy PBK SA informs it has been notified that the Capital
Intelligence Rating Agency upgraded to BBB from BBB- the long-term foreign
currency rating and changed the outlook from stable to positive. All other
ratings: financial strength, short-term and support have been maintained at the
previous level and are the following: BB+, A2 and 2. The upgrade of BPH PBK's
long-term foreign currency rating was a result of the Agency's appreciation of
Bank Austria Creditanstalt AG's role in the Bank. The outlook was upgraded due
to the Bank's improved performance during first half of 2003.

The rating was prepared based on publicly available information.

Capital Intelligence uses the following ratings scale:

Financial strength - an eight-grade rating. ("AAA" - the highest rating, "D" -
the lowest rating; may be additionally modified by adding +/-)

Short-term liabilities - a six grade rating. ("A1" - the highest rating, "D" -
the lowest rating).

Long-term liabilities - an eight-grade rating. ("AAA" - the highest rating, "D"
- the lowest rating; may be additionally modified by adding +/-)

Rating outlook - described as: positive, stable or negative. This rating denotes
expectations as to an improvement, stability or deterioration of the rating over
a period exceeding 12 months.

Support rating - a five-grade rating. (1 - the highest rating, 5 - the lowest
rating)