NEW YORK, May 8, 2008 — The Bank of New York Mellon, a global leader in asset management and securities servicing, has been selected by Palm Hills Developments S.A.E. ("Palm Hills") as depositary bank for its global depositary receipt (GDR) program. Each Palm Hills GDR represents five ordinary shares and trades on the London Stock Exchange under the symbol "PHDC." The ordinary shares trade locally on the Cairo and Alexandria Stock Exchange under the symbol "PHDC.CA." The Palm Hills GDRs and shares have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the U.S. absent registration or an applicable exemption from the registration requirements.

Palm Hills is a leading real estate developer in the Egyptian market, primarily developing high-end residential real estate and resort projects. "As Palm Hills focused on expanding its name recognition in the global markets, we chose The Bank of New York Mellon for its recognized depositary expertise," said Mohamed Fahmy, chief financial officer of Palm Hills. "We are confident in the bank's ability to help us maximize our program's visibility and performance."

"As the leading depositary bank in Egypt, supporting more Egyptian companies than all other depositaries combined, we have the expertise to meet the needs of Egyptian issuers," said Michael Cole-Fontayn, executive vice president and head of The Bank of New York Mellon's Depositary Receipt Division. "We welcome Palm Hills as a new client and look forward to helping the company increase its international profile."

The Bank of New York Mellon has been conducting business in the Middle East and Africa for nearly 100 years. The Company has representative offices in Abu Dhabi, Beirut, Cairo, Istanbul and Johannesburg, and works with a wide range of banks, governments and other financial institutions throughout the region.

The Bank of New York Mellon's Depositary Receipt business is conducted through The Bank of New York subsidiary, which acts as depositary for more than 1,300 American and global depositary receipt programs, acting in partnership with leading companies from 63 countries. With an unrivalled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the Company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Additional information is available at http://www.adrbnymellon.com/.

The Bank of New York Mellon Corporation (NYSE: BK) 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 $23 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $12 trillion in outstanding debt. Additional information is available at bnymellon.com.

This release is for informational purposes only. The Bank of New York Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.