BNY Brokerage Introduces New Internet Service to Enhance Commission Management Practices.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 17, 2003

The Bank of New York announced today that BNY Brokerage Inc. has launched its Client Reporting Portal, a new Internet service designed to assist money managers and plan sponsors in managing their commission spending and directed brokerage practices more efficiently. BNY Brokerage is a leading agency brokerage firm with broad trade execution and commission management capabilities and is a member of BNY Securities Group.

The Client Reporting Portal is built on a secure, easy-to-use Internet platform. Through one centralized location, clients receive access to their BNY Brokerage account information, including commission statements and trading activity. In addition to the efficiencies of on-line account access and enhanced workflow, the portal offers support for client compliance efforts through its historical archive and its central source of important commission data.

The portal is supported by a committed team of client service managers and will provide access to additional services offered by BNY Brokerage, including account snapshots, a bill processing workflow module for tracking invoices and a centralized database of independent research and third-party service providers.

Carey S. Pack, president of BNY Brokerage, said, "We continue to respond to and anticipate institutional investors' needs for comprehensive commission management solutions. As the premier agency broker, BNY Brokerage offers clients the tools they need to be successful for trading, including electronic, program and direct access capabilities, as well as managing commissions for soft dollar and commission recapture programs. We will continue to enhance our capabilities and invest in technology to support our clients' diverse strategic objectives."

BNY Securities Group is the global agency brokerage, clearing and financial services outsourcing sector of The Bank of New York Company, Inc. It provides "The Power of Choice" through a broadly diversified suite of services to institutions, broker-dealers and corporations. BNY Securities Group offers innovative solutions in trade execution, commission management, independent research, securities clearing and financial services outsourcing. With offices in the U.S, Europe, Asia, and Australia, BNY Securities Group is the largest provider of commission management services, has 26 New York Stock Exchange seats, and offers global execution and clearing services in over 80 markets. BNY Securities Group is an organization consisting of several broker-dealers and other companies. BNY Brokerage Inc. is a member of NYSE/NASD/SIPC. Additional information on BNY Brokerage is available at www.bnybrokerage.com.

The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.