BNY Jaywalk Hosts Conference Call Featuring Independent Research Firm Shareholder Value Management -SVM-.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 28, 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 professional money managers on Tuesday, April 29, 2003, at 2:00 p.m. EST. Through a proprietary network of more than 50 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 Shareholder Value Management (SVM). Topics will include current business strategies, execution, and operational condition of selected companies. SVM's coverage includes as many as 32 publicly traded companies, including Advent Software (ADVS), Apple (AAPL), BEA Systems (BEAS), Checkpoint software (CHKP), Intuit (INTU), JDA Software (JDAS) and Oracle Corp. (ORCL).

"Looking closely at company fundamentals and how businesses integrate strategy, finance and operations has proven to add tremendous value to institutional investors' decision-making," 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 212/457-3036.

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 80 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 $79 billion in total assets as of March 31, 2003, 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.