The Bank of New York Appointed by Abu Dhabi Power Bond Limited as Corp

The Bank of New York Appointed by Abu Dhabi Power Bond Limited as Corporate Trust Agent on Landmark Transaction

    Business Editors

    NEW YORK--(BUSINESS WIRE)--Jan. 20, 2005--

First asset-backed securitization for infrastructure related project in Gulf Cooperative Countries region
    The Bank of New York, a global leader in securities servicing, has been selected by Abu Dhabi Power Bond Limited to provide trustee, principal paying agent, transfer agent and registrar services to its US$23 million Floating Rate Loan Participation Notes due 2008, US$21.5 million Floating Rate Loan Participation Notes due 2011, and US$89.25 million Floating Rate Loan Participation Notes due 2014. The Bank of New York Europe Limited will provide Luxembourg listing services, and The Bank of New York (Luxembourg) S.A. will provide Luxembourg paying agent services.
    The transaction securitizes a long term project finance loan provided by National Bank of Abu Dhabi to the Emirates CMS Power Company for the purpose of financing the Al Taweelah A2 power and water project. This is the first asset-backed securitization executed for an infrastructure-related project in the Gulf Cooperative Countries region.
    Richard Amos, head of investment banking at the National Bank of Abu Dhabi, the lead arranger and lead manager for the issue, said, "We are proud to bring this innovative issue to market and provide a wide array of investors with the opportunity to participate in the financing of a key infrastructure project in the UAE. The Bank of New York's proven expertise and market leadership in trustee, paying and transfer agent and registrar services will ensure that the investors' interests are well served."
    Steven Hodgetts, managing director of global trust services at The Bank of New York, said, "As a leading provider of corporate trust services to the international structured finance market, our global professionals have the experience and local market expertise to deliver distinctive trust and agency solutions to issuers and their advisors. The Bank of New York is honored to support Abu Dhabi Power Bond Limited in achieving their financing objectives on this landmark issue."
    Abu Dhabi Power Bond Limited was incorporated in Jersey, Channel Islands as a company with limited liability for the sole purpose of issuing the Notes. Emirates CMS Power Company was incorporated as a special purpose company to construct, own and operate the AL Taweelah A2 Power and Desalination Plant. Emirates Power Company, a wholly-owned subsidiary of Abu Dhabi Water and Electricity Authority, holds 60 percent of the shares in Emirates CMS.
    The Bank of New York is a leading provider of corporate trust and agency services. The Bank and its subsidiaries and affiliates administer a portfolio of more than 90,000 trustee and agency appointments, representing more than $2.7 trillion in outstanding securities for more than 30,000 clients around the world. The Bank is a recognized leader for trust services in several debt products, including corporate and municipal debt, mortgage-backed and asset-backed securities, derivative securities services and international debt offerings.
    The Bank of New York Company, Inc. (NYSE: BK) 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 financial institutions, asset managers, governments, non-profit organizations, corporations, 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.
    This announcement is not an offer to sell or a solicitation of an offer to buy any securities. The offering is made only by means of the prospectus.

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CONTACT: The Bank of New York Ivan Royle, +44-20-7964-6119

KEYWORD: NEW YORK UNITED KINGDOM INTERNATIONAL EUROPE INDUSTRY KEYWORD: BANKING SOURCE: The Bank of New York

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