Press Release

Nordea and The Bank of New York Enter into Strategic Agreement in Global Custody

LONDON and STOCKHOLM, August 24, 2005 - The Bank of New York and Nordea -- the leading financial services provider in the Nordic region -- have entered into a strategic agreement to provide global custody and selected related services to Nordea’s institutional clients in the Nordic and Baltic Sea regions. This agreement means that Nordea, supported by The Bank of New York’s global leadership, will be the premier provider of securities services in these markets.

The scope of the agreement involves approximately  EUR 240 billion of assets which represent about half of Nordea’s EUR 500 billion assets under custody. Nordea will be the clients’ everyday contact in matters of the relationship, including being the contractual counterpart of the client. The Bank of New York will also provide the technology and servicing infrastructure to enhance Nordea’s position as the securities servicing provider of choice in the Nordic Region. Nordea is currently improving its sub custody product to facilitate further growth and improved services.

“By combining Nordea’s local presence and market expertise with The Bank of New York’s global leadership and product capabilities, the agreement will deliver industry leading securities services to Nordea’s institutional clients through a local network”, states Birger Gezelius, Head of Nordea’s Financial Institutions Division.

Tim Keaney, executive vice president and head of Europe, The Bank of New York, continues: “We are very pleased to be entering into a strategic agreement with an institution of the stature of Nordea. The Nordic market is an important and growing market for us as we develop our European business and build on our strong heritage in global securities servicing. Working together we will create a powerful new force in the region, providing an integrated global and local solution to clients.”

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 http://www.bankofny.com/

Nordea is the leading financial services group in the Nordic and Baltic Sea region and operates through three business areas: Retail Banking, Corporate and Institutional Banking and Asset Management & Life. The Nordea Group has almost 11 million Nordic customers and 1,150 branch offices. The Nordea Group is a world leader in Internet banking, with 4.1 million e-customers. The Nordea share is listed in Stockholm, Helsinki and Copenhagen. http://www.nordea.com/

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