No. 2228

JANUARY 12, 2001

JERRY I. SPEYER ELECTED TO NY FED BOARD OF DIRECTORS

NEW YORK - Jerry I. Speyer, president and chief executive officer of Tishman Speyer Properties, has been elected to the board of directors of the Federal Reserve Bank of New York, it was announced today.

Mr. Speyer begins a three-year term starting January 2001 and succeeds Eugene R. McGrath, chairman, president and chief executive officer of Consolidated Edison Company, as a class B director.

Prior to forming Tishman Speyer Properties in 1978, Mr. Speyer was senior vice president and director of Tishman Realty & Construction Co., Inc. from 1966 to 1978. In 1964, before joining Tishman Realty & Construction Co., Inc., he was an assistant to the vice president of Madison Square Garden.

Mr. Speyer is vice chairman of the Museum of Modern Art. His other board affiliations include YankeeNets, the Rand Corporation, the New York Presbyterian Foundation, Inc., the New York Presbyterian Hospital, the Real Estate Roundtable and the Urban Land Institute. He is also a member of the Council on Foreign Relations.

Mr. Speyer has served as chairman of the New York City Partnership, and chairman of the Board of Trustees of Columbia University, and the Real Estate Board of New York. He also was president of the Board of Trustees of the Dalton School of New York City.

He received a B.A. degree from Columbia College and an M.B.A. from the Columbia University Graduate School of Business in 1964.

The Board of Directors of the Federal Reserve Bank of New York is comprised of nine members, six of whom (three class A and three class B directors) are elected by depository institutions of the Federal Reserve’s Second District. The remaining three (class C directors) are appointed by the Board of Governors of the Federal Reserve System. Class A directors are drawn from among the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business and industry, agriculture, labor and consumers.