Real Estate Central

NEW YORK, May 8 /PRNewswire-FirstCall/ — 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

3 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.



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Source: Real Estate Newswire