The Bank of New York Appointed by Telecom Egypt, S.A.E. as Depositary Bank

NEW YORK--The Bank of New York, a global leader in securities servicing, has been selected by Telecom Egypt, S.A.E. as depositary bank for its global depositary receipt (GDR) listing on the London Stock Exchange. Each Telecom Egypt GDR represents five ordinary shares. The ordinary shares trade on the Cairo and Alexandria Stock Exchanges.

Telecom Egypt is the largest provider of fixed-line services in the Middle East. Telecom Egypt is the only company in Egypt that is able to offer a full range of fixed-line and retail telecommunications services and is the sole provider of wholesale telecommunications services.

Christopher Sturdy, managing director and head of The Bank of New York's Depositary Receipt Division, said, "As the premier depositary bank for Egyptian companies and across the wider Middle Eastern markets, we look forward to working in partnership with Telecom Egypt."

The Bank of New York is depositary for more than 1,200 American and global depositary receipt programs, a 64% 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 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 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.

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.