Press Release

The Bank of New York Trust Company, N.A. to Expand Wealth Management Capabilities with Boston Office Opening

New Office Builds on Bank’s Strong Boston Presence

NEW YORK, January 3, 2005 - The Bank of New York Company, Inc., through its subsidiary The Bank of New York Trust Company, N.A., announced today it will open a new office in Boston to serve affluent clients and investment advisors with a leading array of wealth management services.

William A. Flemer, Managing Director, has been named head of the Boston office of the Trust Company. For over 25 years, Flemer has lived in Boston and held senior positions at Bank of Boston and Fleet Boston with extensive experience in international, corporate and private banking. For the past three years Flemer has been in charge of business development for The Bank of New York’s Private Bank.

Mr. Flemer will oversee the local delivery of the Trust Company’s wealth management services to high net worth clients in the Boston area, including investment management, trust and fiduciary services, and family office custody and performance measurement services. He will also focus on delivering a wide range of solutions for financial advisors and family offices, including financial and tax planning, estate planning, lending and private brokerage, which will be offered either through The Bank of New York or one of its affiliates.

The new office location - 222 Berkeley Street - also serves as home to The Bank of New York’s Boston-based registered investment advisor, Gannett Welsh & Kotler, which manages approximately $7 billion in equity and fixed income investments for high-net-worth individuals and institutions. Beacon Fiduciary Advisors, a Bank affiliate and manager of more than $850 million for high-net-worth individuals, is also based at the location. As part of the new office opening, Beacon Fiduciary Advisors will be merged into The Bank of New York Trust Company, N.A.

"The expansion in Boston reflects our strong commitment to meeting the needs of the area’s high-net-worth individuals and the advisors who serve them," said Leslie Godridge, senior executive vice president who heads the investment, wealth management, consumer and commercial banking businesses for The Bank of New York. "With a well-established team leading our Boston efforts, we have an experienced foundation in the city that few wealth management providers can match."

Gannett Welsh & Kotler was founded in Boston more than 30 years ago. Beacon Fiduciary Advisors has origins in Boston that date back more than 15 years after being founded and led by Frederick W. Schultz.

The new office location will also house the Trust Company’s Corporate Trust team. In total, The Bank of New York Company, Inc. affiliates will now have approximately 100 employees in the Berkeley Street offices.

Through BNY Asset Management, The Bank of New York is one of the largest investment managers in the United States with more than $107 billion in assets under management. BNY Asset Management offers high-net-worth individuals and institutions a broad range of equity, fixed-income and alternative investment solutions, which are developed and managed using a disciplined investment process designed to meet the specific the investment objectives of 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 www.bankofny.com.

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