Press Release

The Bank of New York to Host Seminar on Risk Management

NEW YORK, October 24, 2006 -- The Bank of New York Company, Inc. announced today that it will hold an investor seminar focused on its comprehensive approach to risk management across key dimensions including credit, market and operational risk. The seminar will be held on Tuesday, November 7, 2006, beginning at 3:00 p.m. EST. Company President Gerald L. Hassell will host the seminar, which will include a presentation by Thomas P. (Todd) Gibbons, senior executive vice president and chief financial officer. The seminar will include information about the Company, its businesses and future outlook.

The presentation will be accessible on a listen-only basis from the Company's website at www.bankofny.com/presentations and also by telephone at 888-677-2456 within the United States or 517-623-4161 internationally. The passcode is "The Bank of New York." It is recommended that interested parties check the website at least 15 minutes beforehand to register and confirm software compatibility. A recorded replay of the presentation will also be available following the presentation on the Company's website at www.bankofny.com/presentations and by telephone at 866-395-1645 within the United States or 203-369-0466 internationally, after the presentation's conclusion through November 21, 2006.

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, asset management, and private banking. 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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