Press Release

The Bank of New York Company, Inc. Expands Business Relationship with Japan’s Mizuho Group Companies

NEW YORK, April 26, 2005 – The Bank of New York Company, Inc. announced today that it has entered into an agreement with Mizuho Trust & Banking Co., Ltd. and Mizuho Bank, Ltd. to expand its current business in Japan through marketing and product development efforts in asset management and securities servicing.

The companies will work together to target institutional clients such as corporate pension funds, offering The Bank of New York's alternative investment products in the Japanese market, and The Bank will provide Mizuho Trust with execution capabilities. In addition, The Bank of New York will distribute a selection of its mutual funds through Mizuho's retail network and collaborate on the development and distribution of new asset management products in both markets.

"This collaborative effort combines asset management and securities servicing capabilities of The Bank of New York with the premier franchise and client base of Mizuho," said Kenneth A. Lopian, executive vice president for The Bank of New York's Asia-Pacific Group. "We are pleased to be expanding our longstanding relationship with Mizuho and to be working together to deliver product and service solutions to clients we both serve."

For over 30 years, The Bank of New York has provided a wide variety of products and services to local and international financial institutions in Japan, including commercial banks, trust banks, insurance companies, asset managers and broker-dealers.

Mizuho Trust & Banking Co., Ltd. is a group company of the Mizuho Financial Group, a leading financial services group in Japan. Mizuho Trust & Banking offers banking services, custody services, real estate brokerage services and other trust businesses which include pension trust services, ranging from actuarial and administrative services, pension consulting services to asset management. Mizuho Trust & Banking offers a variety of investment products to over 2,900 pension clients and major public sector institutions. Total assets under management as of March 2005 are 14.3 trillion JPY, which is the approximate equivalent of $136 billion USD. Additional information is available at www.mizuho-tb.co.jp.

Mizuho Bank, Ltd. is a group company of the Mizuho Financial Group. Mizuho Bank serves primarily individuals, small and medium-sized enterprises (SMEs), middle market corporations, and local governments in Japan. Mizuho Bank operates over 500 branches as of September 2004, and holds some 26 million personal accounts and approximately 90,000 borrowers among SMEs and middle market corporations. Additional information on Mizuho Bank is available at www.mizuhobank.co.jp.

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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