Bank Handlowy/BRE Merger Recommended by Institutional Shareholder Services - the Leading Proxy Advisory Service.

WARSAW, Poland--(BUSINESS WIRE)--Nov. 24, 1999--

Bank Handlowy w Warszawie SA (BHWZ PW) announced today that Institutional Shareholder Services Inc. (ISS), a leading voting advisory service, has recommended that its clients, primarily institutional investors, mutual funds and other fiduciaries, vote FOR Bank Handlowy's merger with BRE Bank SA (BRE PW).

ISS, in its November 23, 1999 report, concluded, "By all respects, the combination of these two leading, and growing banks, makes a good deal of sense, particularly in the face of increasing competition. The synergies, the expected cost savings, and the fact that the merger is anticipated to be accretive to earnings in its first year, are all reasons to support the combination."

ISS continued, "BH's disclosure surrounding this merger is to be commended. Its merger with BRE has produced several firsts for the Polish market and raises the bar for other public companies in terms of their corporate governance practices and openness with shareholders and analysts...BH's experience may serve as a model for other public companies in Poland with foreign shareholders."

In response to the ISS report, Bank Handlowy's President Cezary Stypulkowski, said, "We are pleased that ISS, with its reputation for advocacy for shareholders interests, supports Bank Handlowy's merger with BRE Bank. Our Management Board continues to believe that this merger represents a compelling financial opportunity that will deliver significant value to all Bank Handlowy shareholders. We urge our shareholders to consider ISS' recommendation and vote FOR the merger with BRE Bank on the GREEN proxy card today."

Bank Handlowy urges shareholders to attend the meeting to vote their shares personally or authorize the Power of Attorney (Proxy) to vote their shares in their name by completing the voting forms enclosed in the Shareholder Information Circular and returning them today. The Shareholder Information Circular is available on Bank Handlowy's Internet website at www.bh.com.pl. Holders of ordinary shares who wish to vote at the Meeting should direct their custodian banks to block their shares by November 25, 1999.

To obtain a hard copy of the Shareholder Information Circular, Power of Attorney (Proxy), Declaration to Block the Shares, or if shareholders have any questions or need any assistance in voting their shares or completing the appropriate paperwork, please contact Bank Handlowy's Investor Relations Department or Innisfree M&A Incorporated at the numbers provided.