DUBAI, United Arab Emirates, February 11, 2008 — The Bank of New York Mellon has been appointed by Tamweel PJSC, the largest real estate finance provider in the United Arab Emirates (UAE), to provide multiple corporate trust services for a $300m exchangeable sukuk issue to finance the company's mortgage finance business in the region. Sukuk issues are securities that comply with Islamic law and its investment principles.

As corporate trustee, The Bank of New York Mellon will act as delegate trustee, principal paying agent, exchange agent, transfer agent, replacement agent, calculation agent and registrar.

Feras Kalthoum, head of investments at Tamweel, said: "The Bank of New York Mellon is developing a strong record in Islamic finance transactions. We were pleased to have its comprehensive support as corporate trustee for this important issue."

"Our work for Tamweel highlights the important role our company plays in supporting Islamic transactions and other complex structured finance deals globally," said Samir Pandiri, managing director and head of the International division for The Bank of New York Mellon's corporate trust business. "The sophistication of our technology platform, combined with the experience of our people, will distinguish us as the industry leader as we continue to expand our presence in the region."

Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.

Tamweel PJSC, the highest rated non-banking financial institution in the region (A by Fitch & A3 by Moody's) and the largest provider of real estate finance in the UAE, was established in March 2004 and became a public joint stock company in June 2006. A provider of a wide range of customer-service solutions and innovative home finance products, Tamweel works with 300 partners across country. The company, which aims to become the regional home finance leader, currently has branches in Dubai, Sharjah and Abu Dhabi. For more information, please visit http://www.tamweel.ae/.

The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has more than $20 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $11 trillion in outstanding debt. Additional information is available at bnymellon.com.