The Bank of New York to Provide Continuous Linked Settlement Services to Mashreqbank psc.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 4, 2004

The Bank of New York has been appointed by Mashreqbank psc to provide third party settlement services for Continuous Linked Settlement(TM) (CLS). CLS is a banking industry initiative designed to reduce risk, increase trading opportunities and reduce costly reconciliation from the settlement of foreign exchange trades.

The arrangement will promote the integration and optimization of Mashreqbank's treasury, trading, cash management and reporting functions with The Bank of New York's settlement operation. Mashreqbank will use SafeSettle(SM), The Bank of New York's proprietary Internet link to CLS, to monitor CLS settlement on a real-time basis.

Majid Husain, senior vice president and Head of the Financial Institutions Division at Mashreqbank, said, "We selected The Bank of New York as our CLS partner because of its ability to provide us with unique solutions that will enable us to offer third party payments capability to our clients. We have had a long and mutually beneficial relationship with the Bank, and we look forward to the continued expansion of our alliance."

William F. Williams, senior vice president and Head of The Bank of New York's Middle East, Eastern Europe and Africa Division, said, "Our third party CLS services will enable Mashreqbank to reduce its settlement risk and process its foreign exchange payments in a more efficient manner, and we look forward to working with Mashreqbank to enhance value for its customers."

Mashreqbank psc is the largest private bank in the United Arab Emirates (UAE). It is also the second oldest commercial bank in the UAE, having originally been established as Bank of Oman Ltd. in 1967 in Dubai. As of December 31, 2003, its total assets stood at AED 26.237 billion (US$7.143 billion). In 2003, Mashreqbank was named "Best Bank in the UAE" by both The Banker and Euromoney magazines. Recently, Moody's Investor's Service upgraded the foreign currency deposit ratings of Mashreqbank to A3/Prime-2 from Baa3/Prime-3. More information is available at www.mashreqbank.com.

The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.

CLS is a trademark of CLS Group Holding, incorporated as CLS Services Ltd. SafeSettle is a trademark of The Bank of New York.