The Bank of New York Appointed by State Oil Fund of Azerbaijan as Global Custodian

SOFAZ's increased assets under management created an opportunityfor the fund to rationalize its custody operations and a requirementfor more complex systems for efficient and effective management.

Arzu Huseynov, head of investment at SOFAZ, said, "We appointedThe Bank of New York as it stood head and shoulders above itscompetitors in meeting our complex brief. It was crucial for us torationalize our custody operations because of our considerable fundgrowth and the Bank demonstrated that it has the systems,infrastructure and team to make this possible. We are looking forwardto working with the team and utilizing the economies of scale thatthis new relationship will bring."

Avere Hill, managing director at The Bank of New York, said, "Thisappointment reflects our experience, success and proven track recordin the custody sector. We are committed to building on the Bank'sposition as a market leader and are looking forward to working withSOFAZ to assist in its long term growth."

The Bank of New York Company, Inc. (NYSE: BK) is a global leaderin providing a comprehensive array of services that enableinstitutions and individuals to move and manage their financial assetsin more than 100 markets worldwide. The Company has a long traditionof collaborating with clients to deliver innovative solutions throughits core competencies: institutional services, private banking, andasset management. The Company's extensive global client base includesa broad range of leading financial institutions, corporations,government entities, endowments and foundations. Its principalsubsidiary, The Bank of New York, founded in 1784, is the oldest bankin the United States and has consistently played a prominent role inthe evolution of financial markets worldwide. Additional informationis available at www.bankofny.com.