We announce that the company ELBISCO COMMERCIAL S.A., subsidiary of ELBISCO HOLDING S.A., issued a bond of ?29,300,000 with view to refinance its obligations. The contract in question was signed on 23/12/2003 between the company and CITIBANK, who acted as a representative of the bank contractors, according to a decision issued on 15/12/2003 during the extraordinary General Meeting of shareholders of the company.