Press Release

The Bank of New York Tops $1 Trillion in Servicing of Tri-Party Balances Worldwide

NEW YORK, N.Y., April 11, 2005 - The Bank of New York, a global leader in securities servicing, has passed the $1 trillion mark in its daily servicing of tri-party balances worldwide, making it the first tri-party collateral management provider to reach that milestone.

In the past two years, the Bank has experienced an approximately 40% increase in tri-party balances, driven by strong demand for collateral management services from both broker dealers and institutional investors. As a result, it has significantly expanded its industry leading market share of the global collateral management market.

"We have been extremely successful at leading the growing use of tri-party services by providing clients with customized solutions that meet their collateral management needs," said Art Certosimo, executive vice president and head of broker dealer services at The Bank of New York. "Surpassing the $1 trillion mark illustrates the power and appeal of our client-focused service model, as well as the efficiency and flexibility of our on-line global collateral management platform."

In a global collateral management transaction, the tri-party custodian acts as an intermediary between the collateral provider and the secured party to ensure proper collateralization throughout the term of the transaction. As tri-party agent, The Bank of New York maintains cash and securities accounts for both parties, verifies collateral eligibility, marks to market securities pledged as collateral, processes income and provides daily reporting to both parties.

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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