BNY Jaywalk, Inc. Provides Latest Installment of Independent Research Conference Call Series.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 18, 2003

The Bank of New York announced today that BNY Jaywalk, Inc., the Bank's independent equity research consultancy subsidiary, will host the next of its regularly scheduled independent research analyst conference calls for professional money managers on Thursday, June 19, 2003, at 10:30 a.m. ET. Through a growing, proprietary network of more than 65 independent research firms, BNY Jaywalk creates customized research solutions for financial institutions. BNY Jaywalk is a member company of BNY Securities Group.

The BNY Jaywalk conference call will feature independent fundamental research provider Datamonitor, a leading strategic research and market analysis company covering the pharmaceutical and biotechnology industries.

The June 19 call will focus on insomnia therapies. Datamonitor analysts will be joined by key opinion leaders in sleep medicine to discuss and share their experiences with existing medications and their outlook for new agents. Topics to be discussed in the review of developmental treatments will include efficacy, side effects, safety, tolerance, labeling and marketing. Equities discussed will likely include Neurocrine Biosciences (NBIX), Pfizer (PFE), Sanofi-Synthelabo (SNY), Sepracor (SEPR), and Wyeth (WYE).

"Our clients are finding the ability to tap primary source intelligence to be invaluable in their investment decision-making process. Datamonitor adds value through both their knowledge of the products in the market and their close relationships with opinion leaders working in the space," said John D. Meserve, president of BNY Jaywalk, Inc.

For more information or to participate in BNY Jaywalk's independent research conference call, please call [phone].

As a third-party aggregator of quality soft dollar independent investment research, BNY Jaywalk brings together well-respected research providers on one platform to assist the buyside community in identifying and executing on unique and high quality investment ideas. Additional information on BNY Jaywalk is available at www.bnyjaywalk.com.

BNY Securities Group, a business unit composed of several broker-dealers and other companies, is the global agency brokerage and financial services outsourcing 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 27 New York Stock Exchange seats, and offers global execution, clearing and financial services outsourcing services in over 80 markets with offices in the U.S., Europe, Asia, and Australia.

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.