Allied Irish Banks, p.l.c. and M&T Bank Corporation Announce Strategic Partnership; Allfirst Financial Inc. to be Merged Into M&T Bank

Business Wire, Sept 26, 2002

Following the Merger, Mr. Buckley will join the boards of M&T and M&T Bank and become a member of the M&T board's executive committee. In addition, Mr. Eugene Sheehy, currently Chairman and CEO of AIB's US Division will take the position of Chairman and CEO of M&T's Maryland and Pennsylvania divisions. Mr. Sheehy will join the Executive Management Committee of M&T, and will be nominated to the board of directors of both M&T and M&T Bank, along with two other AIB nominees. Mr. Wilmers will continue as chairman, president and CEO of M&T and chairman and CEO of M&T Bank. Mr. Wilmers will also join the AIB Group board of directors, as a non-executive director.

A number of statements we make in this document are not based on historical fact, but will be "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in the forward looking statements. Factors that could cause actual results to differ materially from those in the forward looking statements include, but are not limited to, global, national and regional economic conditions, levels of market interest rates, credit or other risks of lending and investment activities, competitive and regulatory factors and technology change.

ADDITIONAL INFORMATION

Information regarding the identity of the persons who may, under SEC rules, be deemed to be participants in the solicitation of shareholders of M&T in connection with the Merger, and their interests in the solicitation, is set forth with in a filing made by M&T on the date of this press release with the SEC.

M&T will be filing a proxy statement and other relevant documents concerning the transaction with the SEC. Investors are urged to read the proxy statement when it becomes available and any other relevant documents filed with the SEC because they will contain important information. Investors will be able to obtain the documents free of charge at the SEC's web site (www.sec.gov). In addition, documents filed with the SEC by M&T may be obtained free of charge at M&T's web site (www.mandtbank.com) or by contacting M&T Bank Corporation at One M&T Plaza, Buffalo, New York 14203, Attention: Investor Relations, (716) 842 5445.

INVESTORS SHOULD READ THE PROXY STATEMENT CAREFULLY WHEN IT BECOMES AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS.

A briefing for Investors and Analysts will take place as follows:

There will be a live video link to New York for a presentation by Robert Wilmers, Chairman, President & Chief Executive Officer, M&T, and Michael Buckley, Group Chief Executive, AIB, followed by a questions and answers session.

    Dublin      2:00pm, Main Conference Room, AIB Headquarters,
                Bankcentre, Ballsbridge, Dublin 4.

    London      2:00pm, City Presentation Centre, 4, Chiswell Street,
                London EC1Y 4UP.

    New York    9:00am, The Millennium Broadway Hotel, 145 West
                Street, New York (between Broadway and 6th Avenue).

    Webcast     Log on to http://www.mandtbank.com and click on the
                link to the webcast. The webcast will include the full
                presentation followed by the questions and answers
                session

    A conference call discussing the transaction will be held on
Thursday, September 26 at 9 a.m. EDT. The toll-free dial-in number is
1-888-335-6540. For all participants wishing to listen to the replay
of the conference call, the U.S. replay number is 1-877-519-4471 and
the access code is 3506960. The call will be available from 11 a.m.
EDT on September 26, 2002 to 12 a.m. EDT on October 3, 2002.
    Today's news release, transaction details and live audio webcast
of the call are available online at www.mandtbank.com,
www.allfirst.com, www.aib.ie.

    A briefing for all media will take place as follows:

    There will be a live video link to New York for a presentation by
Robert Wilmers, Chairman, President & Chief Executive Officer, M&T,
and Michael Buckley, Group Chief Executive, AIB, followed by a
questions and answers session.

    Dublin      4:00pm, Main Conference Room, AIB Headquarters,
                Bankcentre, Ballsbridge, Dublin 4.

    London      4:00pm, City Presentation Centre, 4, Chiswell Street,
                London EC1Y 4UP.