M&T Bank Contemplates Subordinated Debt

Manufacturers and Traders Trust Company ("M&T Bank"), the principal bank subsidiary of M&T Bank Corporation ("M&T") , is contemplating offering $400 million of subordinated notes to certain institutional investors. The proceeds from the issuance would be used to provide funding to facilitate M&T's acquisition of Allfirst Financial, Inc.

The presentation materials pertaining to the offering that will be provided to prospective investors are accessible via M&T's website at http://ir.mandtbank.com/conference.cfm . Neither this press release nor these materials constitute an offer to sell or a solicitation of an offer to buy the subordinated notes. Any offering will be made only through an Offering Circular that will be provided to the potential investors.

M&T is headquartered in Buffalo, New York, and had consolidated assets of $33.2 billion as of December 31, 2002.



Michael S. Piemonte