David W. Kilbride Joins The Bank of New York as Head of Its Putnam Trust Division.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 1, 2003

The Bank of New York announced today that David W. Kilbride, a former division head in the Bank's Private Client Services and Asset Management sector, has joined the Bank as managing director and president of its Greenwich-based Putnam Trust Division. In addition to his new role as president of the Putnam Trust Division, Mr. Kilbride will assume responsibility for all private client services activities in the Northern region.

Mr. Kilbride succeeds James W. Scanlan, who retired on June 30, 2003, after serving 39 years with The Bank of New York. Mr. Scanlan will remain active with The Bank of New York's Putnam Trust Division as an advisory board member.

Mr. Kilbride began his career in 1976 at Manufacturers Hanover Trust Company and later spent eleven years with The Bank of New York in various senior capacities in private banking and personal asset management. He joined U.S. Trust Company of Connecticut in 1996, where he established a private banking network throughout the state, opened the firm's Greenwich office and handled the largest private banking account client base in the region.

David Kilbride received his B.S. from Wake Forest University in North Carolina and his M.B.A. from New York University. He lives in New Canaan, Connecticut.

"David Kilbride is very familiar with the local markets and has a proven history of meeting client needs," said Scanlan. "We are pleased to have David join the Bank in this key leadership role, and we are confident that he will be integral in building our relationships in this very important marketplace."

The Bank of New York acquired Putnam Trust in the mid 1990's to expand distribution of its broad array of wealth management services to the Connecticut market. The Bank's Private Client Services division has successfully built upon the strong foundation of Putnam Trust, which was founded in the 1800's as a premier Private Bank in Connecticut, serving the state's most prominent individuals and families.

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.