BNY Jaywalk, Inc. Adds Argus Research To Network Of Independent Research Firms.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 14, 2002

The Bank of New York announced today that BNY Jaywalk, Inc., the Bank's independent equity research consultancy, has signed an agreement with Argus Research to offer independent research to the institutional investment community through BNY Jaywalk's research platform.

Argus Research focuses on the top 350 most widely held stocks in the U.S. equities market from a fundamental vantage point. In operation for over 70 years, Argus has developed a team of analysts from diverse backgrounds who provide clients with detailed analysis. Argus is a generalist firm that focuses on a variety of sectors and issues buy, sell, and hold recommendations on each stock in its coverage universe.

The addition of Argus Research increases the fundamental research offering through BNY Jaywalk. Other fundamental research firms provided through the BNY Jaywalk platform include Badger Consultants LLC, Brad Peery Research, Capital Analysts Network, JSA Research, Matterhorn Group, MGP Media Asset Management, McDep Associates, New Vernon Associates, RSI Research LLC, Shareholder Value Management, Spin-Off Advisors LLC, and Tier 1 Research. Fundamental analysis is combined with quantitative, technical and other analyses from these and other independent research firms through BNY Jaywalk.

Commenting on the agreement, John D. Meserve, president of BNY Jaywalk, said, "Argus has built a time-tested reputation for clarity and accuracy in its fundamental reporting. We are excited to have the opportunity to deliver this newest research product via the Jaywalk platform."

As a third-party aggregator of quality independent investment research, BNY Jaywalk brings together well-respected research providers on one platform to assist the buy-side community in identifying, analyzing, and executing unique and high-quality investment ideas. The consultancy now works with 37 research providers. BNY Jaywalk, Inc. is a subsidiary of The Bank of New York. Additional information is available at www.bnyjaywalk.com.

BNY Securities Group is a global agency brokerage and clearing sector 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, conglomerated, 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 $80 billion in total assets as of September 30, 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.