Citibank Establishes ADR Program for COPENE - Petroquimica do Nordeste, S.A.

NEW YORK--(BUSINESS WIRE)--December 21, 1998--Citibank, N.A. announced the establishment of a NYSE-listed ADR program for Copene, Brazil's largest petrochemical producer in terms of production volume.

The NYSE-listed ADR program for which Citibank acts as depositary, will trade under the symbol PNE (CUSIP NO. 217252105). Each ADR issued under the program represents 50 Preferred Shares, Class A.

Copene manufactures, sells, and distributes first generation petrochemicals including ethylene, of which COPENE is the largest producer in Latin America. The Company's manufacturing operations are conducted in the Northeastern Complex of Camacari, the largest of Brazil's three integrated petrochemical facilities. COPENE supplies raw materials to approximately 30 companies within the complex for the production of downstream second-generation petrochemicals. The Company is listed on the Rio de Janeiro and Sao Paulo stock exchanges. According to the Company's 20F, Copene's Total Assets, Net Sales, and Net Income were US$2,879 million, US$1,374 million and US$176.4 million respectively on December 31, 1997.

Copene's installed capacity is nearly 3.1 million metric tons per year of basic petrochemicals. Copene has the capacity to produce 1,200,000 tons per year of ethylene, and 230,000 tons per year of para-xylene.

Copene's strategy is to reinforce its position as a leading Brazilian petrochemical products manufacturer. According to Copene chairman Carlos Mariani Bittencourt, "Copene is well positioned for future strong growth, increase sales and reduce costs." Mr. Bittencourt also said the DR facility asserts Copene's commitment to diversify its shareholder base, increase liquidity and build share value.

"We are delighted to help Copene broaden its investor base by bringing international investors closer to this leading Brazilian issuer," said Gustavo Marin, Vice President, Citibank, Brazil.

Citibank is a leading depositary serving over 500 issuers worldwide. Citibank began offering depositary receipts services in 1928 and is known as a leading market innovator. With a local presence in 100 countries and unsurpassed strength in delivering on-line information, Citibank is uniquely qualified to support the funding needs of issuers around the world.

Citibank Worldwide Securities Services (WWSS) is a recognized world leader in depositary receipts, securities clearing, cross-border custody, corporate agency and trust and securities lending. Investment managers, broker-dealers and global custodians rely on Citibank for authoritative market intelligence, sophisticated global processing capabilities and responsive client service. The Bank's investment in state-of-the-art technology enables it to provide clients with global consistency and excellent execution along with the best possible customer service. Citibank currently provides securities services to more than 2,500 customers worldwide with $3.4 trillion in assets under custody.

The above material is provided for information purposes only and does not constitute a recommendation. Reference or endorsement by Citibank to invest in any country or in any securities. This information does not constitute a solicitation of offer to any person in any jurisdiction in which such a solicitation or offer would be unlawful.