The Bank of New York Completes Key Phase of Global Corporate Trust Conversion

NEW YORK, January 18, 2007 -- The Bank of New York has successfully completed the conversion of the corporate, municipal and global Americas business segments as part of its acquisition of JPMorgan Chase’s corporate trust business.

The conversion involved more than 40,000 client accounts with 90,000 securities and cash positions and the successful processing of more than $47 billion in principal and interest payments.

“We have made more than 40 acquisitions in the corporate trust arena since 1994, but the scope of this conversion truly highlights the experience and expertise we have for transitioning major acquisitions on behalf of our clients,” said Gerald L. Hassell, president of The Bank of New York.

Since closing on the acquisition in October 2006, the Bank has been systematically transitioning accounts, assets, systems and staff across all parts of its Global Corporate Trust business. The next phases of the conversion, which will involve the structured finance, CDO, international and loan agency business segments, are expected to be completed by the end of the second quarter of this year.

Through the acquisition, the Bank became the leading provider of corporate trust services worldwide. The acquisition enhanced the Bank’s ability to capitalize on the faster growing international and structured finance debt markets, as well as to strengthen its leadership in the municipal and corporate debt markets. The acquisition also diversifies the Bank’s growing revenue base by both geography and product and expands its global footprint with the addition of new offices in Europe, Asia and Latin America.

Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.

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 private 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.