Washington, D.C. (April 25, 2005) - Promontory Financial Group, a premiere financial and regulatory consultancy for financial institutions throughout the world, announced today the appointment of three new officers with expertise in financial accounting controls, forensic accounting and Federal Reserve regulation and enforcement. Thomas P. Loughlin, Michael P. Joseph, and James J. Hilton join Promontory at a time when the banking industry is facing increased regulatory scrutiny as required by the Sarbanes Oxley Act, the Bank Secrecy Act, and the U.S.A. Patriot Act. "Promontory provides exceptional service to financial services companies, tailored to their particular needs. We do this by hiring top professionals such as Tom Loughlin, Michael Joseph and Jim Hilton, who bring high integrity, ability and energy to meet our client needs in all the control area disciplines," said Eugene A. Ludwig, Promontory Chief Executive Officer.

Thomas P. Loughlin, Managing Director
Mr. Loughlin is a Managing Director at Promontory Financial Group. From 1979 to 2001, Mr. Loughlin was at KPMG LLP and KPMG Consulting. At KPMG LLP he was a Partner, where he directed audit and assurance services for financial institution clients. He co-founded the firm's structured finance practice, leading its securitization and investor reporting services. At KPMG Consulting, he served as Managing Director, directing the operations of its financial services practice and leading the practice's risk management and quality assurance activities. Mr. Loughlin has advised on the development and implementation of accounting standards and has served as an instructor for Federal Financial Institutions Examination Council (FFIEC) programs. He joined Promontory from Clarient Group LLC, where he was a founder and Managing Director, serving audit committees and senior management with respect to the oversight of financial reporting, internal controls, regulatory compliance, internal audit, and external audit activities. He is a graduate of Fairfield University, and is a Certified Public Accountant.

Michael P. Joseph, Managing Director
Mr. Joseph is a Managing Director at Promontory Financial Group. He has served more than 30 audit committees in his career and was a major account partner at KPMG for 28 years, overseeing NYSE and NASDAQ accounts. At KPMG, he directed SEC reporting matters for the Mid-Atlantic region, and later, worked the national office advising on SEC reporting and technical issues. Mr. Joseph joined Promontory from Clarient Group LLC, where he was Co-founder and Managing Director. Clarient is an independent management consulting firm that supports Audit Committees and senior management on financial reporting and internal control risks, and internal and external audit activities. Mr. Joseph has a B.S. from King's College and is a Certified Public Accountant.

James J. Hilton, Director
Mr. Hilton is a Director at Promontory Financial Group. He served as Counsel at the Federal Reserve Bank of New York, where he worked on bank regulatory and enforcement matters. More recently, he was Head of Business Planning and Product Management at the Prebon Group, an inter-dealer broker of wholesale transactions for the world's largest financial institutions. Mr. Hilton earlier was General Counsel of Chicago Board Brokerage, established by the Chicago Board of Trade and Prebon Yamane as an electronic broker for the U.S. Treasury market. There he was responsible for regulatory issues involving the SEC and NASD as well as general corporate matters and litigation. Mr. Hilton earned an A.B. cum laude from Harvard University, and graduated magna cum laude from Boston University School of Law.

 

Promontory Financial Group, headquartered in Washington, DC, has offices in New
York, San Francisco, and Tokyo. It was founded by Mr. Ludwig, former U.S.
Comptroller of the Currency, with others, including Dr. Alan Blinder, former Vice
Chairman of the Board of Governors of the Federal Reserve System.

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