The Bank of New York Selected by Polski Koncern Naftowy S.A. (PKN) For Its Sponsored 144A and REG S GDR Programs

London (PROTEXT) - The Bank of New York today announced that it has been selected by Polski Koncern Naftowy S.A. (PKN) as depositary for its sponsored 144A and Reg S GDR programs. As part of the Republic of Poland's privatization of PKN, the GDRs are being privately placed in the United States to qualified institutional buyers under Rule 144A and are being placed outside the United States in reliance on Regulation S. The GDRs are being issued in conjunction with the offering of shares in Poland. Each GDR represents two ordinary shares and the Reg S GDRs trade on the London Stock Exchange. Polski Koncern Naftowy S.A. (PKN), a state-owned company, was created in 1999 through the merger of Centrala Productow Neftowych S.A., Poland's largest petroleum distributor, and Petrochemia Plock, the country's largest oil refinery. In addition to its oil refining and distributing businesses, PKN owns a 35% interest in Anwil, a major Polish chemical manufacturer, and a 19% interest in Polkomtel, a Polish cellular telephone company. PKN is one of the largest industrial enterprises in Central and Eastern Europe in terms of revenues. In 1998 consolidated revenue was PLN 11,304 million (approximately US$2.8 billion) and consolidated net profit was PLN 786 million (approximately US$197 million.) The Bank of New York is the world's largest depositary for American and global depositary receipts, allowing non-U.S. companies to offer dollar- denominated securities to investors. The Bank currently issues depositary receipts for more than 1,300 programs representing 69 countries and accounts for 64% of all public sponsored depositary receipt programs. This announcement is not an offer to sell or a solicitation of an offer to buy any securities. The offering is made only by means of the prospectus. The GDRs have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold except in reliance on Rule 144A or Regulation S under such Act. The Bank of New York was founded in 1784 by Alexander Hamilton and is the nation's oldest bank operating under its original name. It is the principal subsidiary of The Bank of New York Company, Inc. (NYSE: BK), one of the largest bank holding companies in the United States. With over $63 billion in total assets as of September 30, 1999, the Company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses: Securities and Cash Processing; Corporate Banking; Trust, Investment Management and Private Banking; Retail Banking; and Financial Market Services. Additional information on the Company is available at http://www.bankofny.com. ots Original Text Service: The Bank of New York Internet: http://www.newsaktuell.de Contact: Frank H. Scarangella, SVP, or Cary J. Giacalone, VP, both of The Bank of New York, (USA) 212-635-1590, or Depositary Receipts Division Contact of The Bank of New York - Kenneth A. Lopian, SVP, (USA) 212-815-2084 Web site: http://www.bankofny.com ---------+---------+---------+-------- -+---------+---------+--------- News Aktuell Tel.: +49 40 4113- 2866 ---------+---------+---------+---------+---------+--------- +--------- Subscribers please note that material bearing the slug "PROTEXT" is not part of CTK's news service and is not to be published under the "CTK" slug. Protext is a commercial service providing distribution of press releases from clients, who are identified in the text of Protext reports and who bear full responsibility for their contents. PROTEXT