The Bank of New York Completes Outsourcing Transition with RCM (UK) Ltd

This latest announcement follows the successful transition ofRCM's San Francisco operation to the BNY SmartSource platform inSeptember 2004, resulting in one of the first successful migrations ofa global investment manager to a centralised strategic IT platform.

The Bank's new obligations with RCM UK has three major elements.Firstly, the oversight of global custody which was moved to The Bankof New York in 2004; secondly, the fund accounting behind a range ofRCM funds, investment trusts and OEICs; and finally, middle officesupport for the management of assets with a value of approximately$10.5bn. Servicing will be accomplished on a regional basis affordinglocal coverage to this global manager in the respective time zones.

RCM (UK) Ltd is also the first UK company to utilise The Bank ofNew York's new trade enrichment and confirmation offering.

Michael Hooper, chief financial and operating officer of RCM (UK)Ltd said, "The transition to the BNY SmartSource platform wasefficiently and effectively managed and kept to a tight budget andtimescale. The decision to outsource our middle office will allow usto concentrate on our core activities and continue our growth in thefuture."

Timothy Keaney, executive vice president and the head of the Bankof New York Europe said, "The completion of the RCM (UK) outsourcingmigration on time and on budget is a significant success for the BNYSmartSource team and RCM. We have spent significant time and resourceon our implementation process, and this transition underscores theBank's position as a leading and successful outsourcing partner."

RCM is part of the Allianz Dresdner Asset Management Group, amember of the Allianz group of companies with investment management,client servicing and operations functions in San Francisco, London,Hong Kong, and other world financial centers. RCM has approximately$48 billion in worldwide assets under management and advice. Thisincluded, as of December 31, 2003, the assets under management andadvice in San Francisco and approximately $16 billion under managementand advice by affiliates in London, Hong Kong and San Diego, CA.

The Bank of New York Company, Inc. (NYSE: BK) is a global leaderin providing a comprehensive array of services that enableinstitutions and individuals to move and manage their financial assetsin more than 100 markets worldwide. The Company has a long traditionof collaborating with clients to deliver innovative solutions throughits core competencies: securities servicing, treasury management,investment management, and individual & regional banking services. TheCompany's extensive global client base includes a broad range ofleading financial institutions, corporations, government entities,endowments and foundations. Its principal subsidiary, The Bank of NewYork, founded in 1784, is the oldest bank in the United States and hasconsistently played a prominent role in the evolution of financialmarkets worldwide. Additional information is available atwww.bankofny.com.