Press Release

The Bank of New York Selected by Allmerica Financial Corporation to Provide Custody and Securities Lending Services

NEW YORK, October 19, 2005 -- The Bank of New York, a global leader in securities servicing, has been appointed by Allmerica Financial to provide custody and securities lending services for $8 billion of insurance assets.

Louis DiFranco, Head of the global insurance division at The Bank of New York, said, "This appointment represents an expansion of our current mutual fund custody relationship with Allmerica Financial and its affiliate, Opus Investment Management. It highlights the value of our servicing model in which a dedicated client executive is accountable for leading a team of insurance experts who assess an individual client's needs and deliver the broad range of investment management, treasury management and securities services from across the entire bank."

John Kavanaugh, chief investment officer of Allmerica Financial, said, "After a thorough evaluation process, we selected The Bank of New York based on its advanced systems' capabilities, high level of client service and commitment to the securities servicing industry. Its proven experience and expertise were key components in the decision to expand our relationship."

Worcester, Mass-based Allmerica Financial is a diversified group of insurance companies headed by Allmerica Financial Corporation (NYSE: AFC). Allmerica markets a broad range of personal and commercial property and casualty products and services through The Hanover Insurance Company and The Citizens Insurance Company of America. Taken together, Howell, Michigan-based Citizens and Worcester, Mass.-based Hanover rank among the top 35 property and casualty insurers in the country, and write business primarily in the Northeast, Southeast, and Midwest.

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

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