The Bank of New York Selected as Depositary

The Bank of New York, a global leader in securities servicing, has been selected by BankMuscat (S.A.O.G) as depositary bank for its London Stock Exchange-listed listed global depositary receipt (GDR) program. This represents the first ever depositary receipt program for a company from Oman

Each BankMuscat GDR represents one ordinary share and trades on the London Stock Exchange under the symbol BKM. The ordinary shares are listed on the Muscat Securities Market and also trade under the symbol BKM.

Sheikh AbdulMalik bin Abdullah Al Khalili., chairman of BankMuscat, said, "The GDR program is an important step forward for us, both as an organization that is committed to providing superior returns to our stakeholders and as a leading Omani institution that is fast setting new benchmarks in the international banking arena. Our partnership with The Bank of New York will help us solidify our leadership position in the region."

Christopher Sturdy, managing director and Head of The Bank of New York's Depositary Receipt Division, said, "We are proud to be part of this landmark transaction with BankMuscat. As the leading sponsor of depositary receipt programs around the world, we have unrivaled experience in helping clients improve their visibility and grow their investor base."

The Bank of New York sponsors 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.

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.

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.

BankMuscat (SAOG) is the leading bank in the Sultanate of Oman and enjoyed a market share of approximately 37% by total loans and 36% by total assets as of 30 June 2005. In FY 2004, BankMuscat generated net profit of U.S.$88.6 million and as of 30 June 2005, had shareholders' equity of U.S.$527.5 million. The Bank plans to use the proceeds raised from its GDR issue to finance its aggressive international expansion plans and help strengthen its position in the domestic market.

The international financial and banking community has lauded BankMuscat's performance and pioneering efforts at setting new standards of excellence in the Banking industry in Oman and in the countries in which it operates across the region for several years now. BankMuscat holds the rare distinction of being voted the 'Best Bank in Oman' four times in a row by The Banker, FT London and five times in a row by Global Finance Inc and Euromoney magazine. The Bank was awarded the People Development Award at Oman Awards for Excellence, in 2003 and 2004. Earlier this year, the Bank also won the prestigious Gulf Excellence Award for Oman.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.