BNY Jaywalk, Inc. to Provide Independent Research Analyst Conference Calls to Institutional Investors.

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 21, 2003

Series to provide institutional investment community

with customized research solutions

The Bank of New York announced today that BNY Jaywalk, Inc., the Bank's independent equity research consultancy, will launch the first of an ongoing conference call series designed to bring independent research analysts to the institutional investment community.

BNY Jaywalk, which is part of BNY Securities Group, uses its proprietary network of independent research firms to create customized research solutions for institutions.

BNY Jaywalk's independent research conference call program will begin on February 11, 2003, with Tiburon Research Group. Tiburon will offer insights into the retail industry sector, including a discussion on the recent "Worst Christmas in 30 Years" myth and how certain retail management teams are using the perception of a weak economy to cover for business model shortfalls.

"Independent research is rapidly becoming a must-have in the institutional market," said John D. Meserve, president of BNY Jaywalk, Inc. "The BNY Jaywalk independent research conference call series will elevate the marketing and distribution capabilities of our research analysts to the same level as those at full-service research houses."

For more information, or to participate in BNY Jaywalk's first 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 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.