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

Business Editors

NEW YORK--(BUSINESS WIRE)--March 7, 2003

The Bank of New York announced today that BNY Jaywalk, Inc., the Bank's independent equity research consultancy subsidiary, will host the latest installment of its independent research analyst conference call series for professionals on March 11, 2003.

BNY Jaywalk, a member company of BNY Securities Group, uses its proprietary network of independent research firms to create customized research solutions for institutions.

BNY Jaywalk's conference call program will feature Capitol Analysts Network, Inc. (CAN), which will address the topic "War, Economic Stimulus and Industry Uncertainty." CAN specializes in forecasting legislative and regulatory events that will impact specific industries and firms and influence the value of their securities.

CAN President Stuart Sweet will focus on the industries of defense, airlines and tourism; the prospect of the double dividend tax relief initiative; health care legislation affecting managed care, the pharmaceutical industry, nursing and home healthcare; asbestos litigation reform; and the possibility that U.S. corporations based in Bermuda and other tax havens will be examined by Congress.

"Institutions need to understand what's happening in Washington," said John D. Meserve, president of BNY Jaywalk, Inc. "The regulatory and legislative impact on the capital markets have historically been underappreciated. In these times, the impact of these issues on the equity and debt markets needs to be well understood."

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 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.