Press Release

The Bank of New York Launches Tri-Party Deal Matching

Patent-pending application creates electronic deal matching for tri-party investors and dealers

NEW YORK, April 6, 2006 -- The Bank of New York, a global leader in securities servicing, has launched a unique electronic deal matching system that brings online automation to the buyers and sellers in the tri-party repo market.

The patent-pending application provides a platform for tri-party repo participants to match trades and monitor their activity via AccessEdge©, the Bank's web-based system for tri-party clients. This new application replaces the traditional, manually-intensive method of confirming tri-party transactions via phone or fax.

Art Certosimo, executive vice president and head of Broker Dealer Services at The Bank of New York, said, "The introduction of this unique application demonstrates our ability to offer clients innovative solutions that improve their efficiency and potential for success. The pending patent is further evidence of our success in using technology to transform historic market practices and create a distinct competitive advantage."

In a tri-party transaction, the Bank acts as an intermediary between a buyer and seller to ensure that each party receives cash or securities for the transaction. The Bank 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 is a proven innovator in the tri-party collateral management market. It recently surpassed the $1 trillion mark in its daily servicing of tri-party balances in the United States, making it the first tri-party collateral management provider to have reached that milestone. Assets serviced by the Bank have increased by more than $500 billion in the last five years.

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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