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PRESS RELEASE January 24, 2001

World Bank Launches New Polish Zloty Benchmark

Washington, DC, January 24, 2001 — Today, the World Bank launched a benchmark Polish Zloty (PLN) global bond - the 10.625% PLN 1 billion due February 8, 2011. Morgan Stanley Dean Witter was the lead manager of the transaction.

This benchmark issue is the largest long-dated Polish Zloty deal launched in the international capital markets to date. Priced at a yield higher than government securities, this Polish Zloty issue met with strong demand from international institutional and retail investors seeking a high yield PLN bond from a triple-A rated borrower. In addition to the yield, this benchmark note offers a high degree of liquidity, and also allows investors to take a view on interest rate convergence (between PLN and the Euro currency).

This registered bond was structured in a global bond format and will clear through Euroclear and Clearstream in Europe and through the Depository Trust Company (DTC) in the United States.

In addition to the lead-manager, the transaction was widely syndicated. The syndicate members include Alpha Credit Bank, Bayerische Landesbank, Dresdner Bank, HypoVereinsbank, ING Barings/BBL, Kredietbank, RZB, TD Securities, Unicredito Italiano and WestLB.