BNY Asset Solutions Names James D. Vincent President.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 13, 2003

BNY Asset Solutions LLC, a subsidiary of The Bank of New York, announced today that James D. Vincent has joined its management team as president.

Mr. Vincent brings more than 20 years of leadership experience in the capital markets, commercial real estate and financial services industries, with an emphasis on investment management, securitization and new product development. His responsibilities as president will include managing the operations, sales and product initiatives.

Before joining BNY Asset Solutions, he was senior vice president and managing director of GE Capital Corporation's Real Estate Group. In this role, he created the capital market and placement groups, as well as managed all the commercial real estate securitization transactions. Mr. Vincent also created and managed Nomura Securities International's commercial mortgage conduit program as the company's vice president of commercial mortgage finance. There, he co-developed the first direct lending program by an investment bank.

"Jim's extensive industry knowledge and new product development expertise is a perfect fit for BNY Asset Solutions as we continue to expand our array of financial solutions to meet the needs of our clients," said Brian G. Rogan, senior executive vice president and head of global issuer services at The Bank of New York. "Under his leadership, we expect to continue to gain momentum in our core competencies of commercial real estate, asset-backed securities, syndicated loan services and administrative agent services, as well as increase our opportunities in other appropriate markets."

BNY Asset Solutions provides administrative and operational support to the commercial mortgage and asset-backed lending markets from origination through securitization, as well as administrative agent services to the syndicated loan market. BNY Asset Solutions provides master, primary, special and back-up servicing on more than $16 billion in assets. Additional information on BNY Asset Solutions LLC is available at www.bankofny.com/assets.

The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.