The Bank of New York Appointed by RCM -UK- Ltd to Provide a Full Service Outsourcing Solution.

LONDON -- The Bank of New York, a leading provider of integrated outsourcing solutions to financial institutions worldwide, announced today that it has been appointed by RCM (UK) Ltd, part of the Allianz Dresdner Asset Management Group, to offer a middle and back office outsourcing service in the UK. The agreement involves the complete conversion of the RCM (UK) Ltd business to The Bank of New York's BNY SmartSource(SM) strategic IT platform and outsourcing business model.

Whilst already selected to provide outsourcing services to RCM Capital Management LLC in San Francisco, a decision taken in 2003, The Bank of New York was appointed by RCM (UK) Ltd in a separate selection process. Both investment firms will use a common global platform through BNY SmartSource(SM).

The Bank of New York will assume responsibility for operational functions including trade support, asset servicing, data management, position keeping, client reporting, fund accounting and custody for UK assets and clients. Upon completion of the conversion to BNY SmartSource(SM), a number of senior RCM operational managers and staff will join The Bank of New York in its London offices. RCM (UK) has in excess of $8.75 billion of assets under management on behalf of financial institutions and fund vehicles.

Michael Hooper, chief financial and operating officer of RCM, said, "We hope to realize significant operational efficiencies across the board through this outsourcing partnership. Following a thorough review of the services available, we were confident that The Bank of New York would provide us with the strongest platform available in the market and thorough support for our business processes. The partnership provides us with a basis for future growth."

Timothy Keaney, executive vice president and Head of The Bank of New York Europe, said, "As the outsourcing trend continues to grow, we have demonstrated that we have a complete global capability to meet the needs of asset managers wherever they are located. This arrangement fits extremely well with our business model and further extends our leadership position in providing back office management services. Our single global platform can now be leveraged by RCM in both the U.S. and UK, enabling their businesses to benefit from consistent processing, reporting and pass the book operations. In summary, it shows we can provide the best infrastructure in the market across all geographies."

RCM (UK) Ltd is a division of Allianz, one of the world's largest asset manager groups and has assets in excess of $8.75 billion under management. Allianz Group is one of the world's largest asset management groups and employs more than 750 investment professionals in 27 locations across Europe, Asia and the U.S. It has $1.3 trillion of assets under management (6/30/04).

RCM (UK) Ltd represents products and services of RCM (UK) Ltd. and Allianz Dresdner Funds Ltd. Both companies are authorized and regulated by the Financial Services Authority and have their registered office at 155 Bishopsgate, London, EC2M 3AD telephone [phone], and are wholly owned subsidiaries of Allianz Group AG.

The Bank of New York provides outsourcing solutions through BNY SmartSource(SM), working in a consultative capacity to help investment managers evaluate their outsourcing options, maximize efficiency and mitigate risk whether they manage assets on behalf of institutions, private clients, managed accounts or fund vehicles. As an extension of an investor's front office, BNY SmartSource(SM) provides the operational processes, industry expertise and scalable technology necessary to support global investment decisions. The BNY SmartSource(SM) team is staffed in the U.S. and Europe with 500 highly experienced professionals. Additional information on BNY SmartSource(SM) is available at www.bnysmartsource.com.

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.