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Press Release

Appointments to New York Fed Board

October 14, 2003

NEW YORK - John E. Sexton has been designated chairman of the board of directors of the Federal Reserve Bank of New York for 2004 by the Board of Governors of the Federal Reserve System. Mr. Sexton, who is president of New York University and Dean Emeritus and Benjamin Butler Professor of Law at New York University School of Law has been serving as a class C director and deputy chairman since January 2003.

The Board of Governors has also designated Jerry I. Speyer deputy chairman for the year 2004. Mr. Speyer who is president and chief executive officer of Tishman Speyer Properties has been serving as a class B director since January 2001.

The board of directors of the Federal Reserve Bank of New York consists of nine members, three of whom are appointed by the Board of Governors of the Federal Reserve Systems as class C directors. The remaining six (three class A and three class B directors) are elected by member banks in the Second Federal Reserve District. 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, industry, agriculture, labor and consumers.

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