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 thatit has been selected by Polski Koncern Naftowy S.A. (PKN) asdepositary for its sponsored 144A and Reg S GDR programs. As partof the Republic of Poland's privatization of PKN, the GDRs arebeing privately placed in the United States to qualifiedinstitutional buyers under Rule 144A and are being placed outsidethe United States in reliance on Regulation S. The GDRs are beingissued in conjunction with the offering of shares in Poland. EachGDR represents two ordinary shares and the Reg S GDRs trade onthe London Stock Exchange. Polski Koncern Naftowy S.A. (PKN), a state-owned company, wascreated in 1999 through the merger of Centrala ProductowNeftowych S.A., Poland's largest petroleum distributor, andPetrochemia Plock, the country's largest oil refinery. Inaddition to its oil refining and distributing businesses, PKNowns a 35% interest in Anwil, a major Polish chemicalmanufacturer, and a 19% interest in Polkomtel, a Polish cellulartelephone company. PKN is one of the largest industrialenterprises 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 wasPLN 786 million (approximately US$197 million.) The Bank of New York is the world's largest depositary forAmerican 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 1,300programs representing 69 countries and accounts for 64% of allpublic sponsored depositary receipt programs. This announcement is not an offer to sell or a solicitation ofan offer to buy any securities. The offering is made only bymeans of the prospectus. The GDRs have not been and will not beregistered under the U.S. Securities Act of 1933 and may not beoffered or sold except in reliance on Rule 144A or Regulation Sunder such Act. The Bank of New York was founded in 1784 by Alexander Hamiltonand is the nation's oldest bank operating under its originalname. It is the principal subsidiary of The Bank of New YorkCompany, Inc. (NYSE: BK), one of the largest bank holdingcompanies in the United States. With over $63 billion in totalassets as of September 30, 1999, the Company provides a completerange of banking and other financial services to corporations andindividuals worldwide through its basic businesses: Securitiesand Cash Processing; Corporate Banking; Trust, InvestmentManagement and Private Banking; Retail Banking; and FinancialMarket Services. Additional information on the Company isavailable at http://www.bankofny.com. ots Original Text Service:The Bank of New York Internet: http://www.newsaktuell.deContact: Frank H. Scarangella, SVP, or Cary J. Giacalone, VP,both of The Bank of New York, (USA) 212-635-1590, or DepositaryReceipts Division Contact of The Bank of New York - Kenneth A.Lopian, SVP, (USA) 212-815-2084 Web site:http://www.bankofny.com

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