The Bank of New York Becomes Listing Sponsor of the Channel Islands Stock Exchange; First Corporate Trust Provider to Offer Listing Services on CISX.

Business Editors

NEW YORK & LONDON--(BUSINESS WIRE)--Jan. 28, 2004

The Bank of New York is now a listing sponsor for the Channel Islands Stock Exchange (CISX) and will sponsor listings for all types of debt securities on the CISX through its London office. The Bank, which also services the stock exchanges in Luxembourg and Ireland, is the first corporate trust provider to offer listing services in the Channel Islands.

Tamara Menteshvili, chief executive of the Channel Islands Stock Exchange, said, "Having The Bank of New York as a listing sponsor enhances the international profile of the CISX. The listing services provided by the Bank will help attract issuers of specialist debt securities and quality names to the CISX Official List."

Steven Hodgetts, managing director of global trust services at The Bank of New York, said, "The Channel Islands continue to attract high-profile structured finance business. The CISX has the potential to become a premier offshore stock exchange for the international capital markets, and our clients will benefit from having access to this attractive listing alternative."

For the first nine months of 2003, The Bank of New York was ranked as the leading overall trustee provider for issues new to the U.S. taxable and long-term municipal debt markets, according to data compiled by Thomson Financial. The Bank of New York's top ranking was based on the amount of capital raised in the transactions in each of the two debt categories, which, on a combined basis, aggregated 1,076 issues, representing nearly $270 billion in principal, that were brought to market during this period.

Overall, The Bank of New York is one of the leading global providers of corporate trust and agency services. The Bank and its subsidiaries and affiliates administer a portfolio of more than 85,000 trustee and agency appointments, representing more than $1 trillion in outstanding securities for more than 30,000 clients around the world. The Bank is a recognized leader for trust services in several debt products, including mortgage-backed and asset-backed securities, corporate and municipal debt, derivative security services and international debt offerings.

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.