The Bank of New York Selected as Depositary by POSCO for Its Offering of ADRs in Japan; ADRs are first listed on the Tokyo Stock Exchange

Business Wire, Nov 22, 2005

NEW YORK -- The Bank of New York, a global leader in securities servicing, has been selected by POSCO as the depositary bank for its offering of American depositary receipts (ADRs) on the Tokyo Stock Exchange. The ADRs, which are the first listed on the Tokyo exchange, trade under the code "5412."

With the offering, POSCO becomes the first Korean company to be represented on the Tokyo Stock Exchange. POSCO's ADRs already trade on the New York Stock Exchange ("PKX") and the London Stock Exchange ("PIDD"), and its ordinary shares trade on the Korea Stock Exchange ("POSCO"). Four POSCO ADRs represent one ordinary share.

Christopher Sturdy, managing director and head of The Bank of New York's Depositary Receipt Division, said, "It is a pleasure to work with POSCO on this landmark transaction as it expands its global presence and brings depositary receipts to the Tokyo marketplace. As the leading depositary bank, we are able to use our innovative products and services to connect markets around the world."

Founded in 1968, POSCO produces and distributes steel-rolled products and plates in domestic and overseas markets. More information about the company is available at www.posco.co.kr.

The Bank of New York is depositary for more than 1,200 American and global depositary receipt programs, a 65% market share, acting in partnership with leading companies from 60 countries. With an unrivalled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the Bank delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Additional information is available at www.adrbny.com.

The Bank of New York has been conducting business in the Asia-Pacific region for over 50 years. The Company has 17 offices in 12 countries in the region, including full-service branches in Shanghai, Tokyo, Hong Kong, Singapore, Seoul, and Taipei, and employs over 1,500 staff.

The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.

The Bank of New York provides no advice nor recommendation or endorsement with respect to any company or security. Nothing herein shall be deemed to constitute an offer or solicitation of an offer to buy or sell securities.