BHF-BANK and The Bank of New York Establish Securities Servicing Joint Venture in Germany.

FRANKFURT & LONDON -- The Bank of New York, a global leader in securities servicing, and BHF-BANK announce that they have established BHF BNY Securities Services GmbH as a jointly held subsidiary. Based in Frankfurt am Main, this new company will market Global Custody (Depotbank) services for German investment companies, and securities custody and settlement services for the national and international direct investments of institutional investors. Clients will now have a single point of contact that will coordinate all services on their behalf.

BHF BNY Securities Services GmbH brings together BHF-BANK's expertise in the German market and The Bank of New York's international experience as the world's largest securities custodian. BHF-BANK and The Bank of New York will each hold a 50 % stake in the new company.

Dietmar Schmid, the member of BHF-BANK's Board of Managing Directors heading the Asset Management & Financial Services division, said, "Given each bank's expertise in its respective markets, BHF BNY Securities Services GmbH represents a perfect partnership. Our joint clients will benefit from tailor-made service packages."

Tim Keaney, Executive Vice President and Head of Europe at The Bank of New York, added, "The Bank of New York and BHF-BANK already have a well-functioning team selling custody services in Germany, and have been operating together for over a year. The time is now right to formalize this relationship and we are excited by the opportunities that this joint venture will provide both our clients and our growing business in Germany."

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.

BHF-BANK is one of Germany's most prestigious independent private banks. As an advisory, service and sales & trading bank, BHF-BANK focuses on advisory-intensive services and financing, as well as on trading in the major financial instruments. Its activities are grouped within the divisions Asset Management & Financial Services, Financial Markets & Corporates and Private Banking. The bank has around 1,800 employees.

The history of the present-day BHF-BANK goes back to the mid-19th century. BHF-BANK was formed in 1970 from the merger of Berliner Handels-Gesellschaft, established in 1856, and Frankfurter Bank, founded in 1854. Sal. Oppenheim became the sole shareholder of BHF-BANK on 1 January 2005. For more information on BHF-BANK, please visit www.bhf-bank.com.