BNY Brokerage Establishes Over-The-Counter Trading Desk; Further Enhancing BNY Brokerage's Execution Capabilities.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 4, 2003

BNY Brokerage announced today the launch of its Over-The-Counter (OTC) trading desk, which further enhances BNY Brokerage's execution capabilities for its clients.

BNY Brokerage is part of BNY Securities Group, which comprises The Bank of New York's institutional agency brokerage and correspondent clearing businesses.

With over 25 years of experience trading listed and OTC issues, BNY Brokerage has created a specialized OTC trading desk to provide execution management with access to every major point of liquidity for OTC issues across multiple electronic communications networks and market makers. Experienced traders will seek best execution for clients while minimizing market impact for OTC block trades, regardless of the order size.

BNY Brokerage's OTC trading desk combines trading expertise with the latest in smart order-routing technology, providing access to the aggregated depth of book in the highly fragmented OTC market. Clients' order flow will be managed to their specific requirements through a dynamic routing matrix and a customized trading blotter that is fully integrated with BNY Brokerage's core order management technology platform.

"The OTC trading desk is another example of BNY Brokerage creating specialized trading teams to support our sales traders and our clients," said Carey S. Pack, president of BNY Brokerage. "This capability demonstrates our ability to deliver superior trade execution management and services that maximize each client's requirements and performance.

"This new service reflects The Bank of New York's commitment to deliver a broadly diversified suite of cost-effective and powerful trading tools and capabilities for our clients in today's rapidly changing marketplace," Mr. Pack added.

BNY Securities Group is the global agency brokerage and clearing sector of The Bank of New York that provides "The Power of Choice" through business models that offer innovative solutions in trade execution, securities clearance, commission management and independent research to institutions, broker-dealers and corporations. BNY Securities Group is the largest provider of commission management services, has 17 New York Stock Exchange seats, and offers global execution and clearing services in over 65 markets with offices in the U.S., Europe and Asia.

BNY Securities Group comprises BNY Brokerage Inc. (including its U.S. Division, BNY Global Transition Management); BNY Clearing Services LLC (including its U.S. Divisions, BNY Global Clearing Services, G-Trade and G-Port) and BNY Direct Execution Inc., a subsidiary of BNY Brokerage Inc., each company a member NYSE/SIPC; B-Trade Services LLC and Westminster Research Associates, Inc., each company a member NASD/SIPC; G-Trade Services Limited, member of the Bermuda Stock Exchange; and BNY Jaywalk, Inc.

The Bank of New York, founded in 1784 by Alexander Hamilton, is the United States' oldest bank and is the principal subsidiary of The Bank of New York Company, Inc. (NYSE: BK), a financial holding company. With over $77 billion in total assets as of December 31, 2002, the Company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses, namely, Securities Servicing and Global Payment Services, Corporate Banking, BNY Asset Management and Private Client Services, Retail Banking, and Global Market Services. Additional information on the Company is available at www.bankofny.com.